Yasin Erdem ÇEVİK, Furkan EMİRMAHMUTOGLU

Borsalarda Gelişimin Göstergesi Olarak İşleme Kapanma: Schumpeteryan Bir Bakış Açısı

Bu çalışmanın temelini, Schumpeteryan görüş oluşturmaktadır. Bu çalışmada işleme kapanma kavramı Schumpeteryan görüş kapsamında ‘gelişmişliğin bir göstergesi’ olarak ele alınmıştır. Yenilikçi ekonomilerin temelinde şirketlerin yaratıcı yıkımının bulunduğunu savunan çalışmada, ülkeler arasındaki hukuki farklılığın ve finansal gelişmişliğin borsalarda yaşanan işleme kapanmalar üzerine olan etkisi araştırılmıştır. Bu ilişkinin test edilerek ortaya konulması, işlem sırası kapanan şirketler ile bu şirketlerden diğer işletmelere aktarılan kaynakların iyi kavranması açısından önemlidir. Araştırma dönemi 2006-2016 yıllarıdır. 45 borsanın dahil edildiği analiz sonuçları, ülkeler arasındaki hukuki farklılığın işleme kapanmaya olan etkisini belirgin bir şekilde ortaya koyarken; büyük ve likit borsalarda daha fazla işleme kapanma yaşandığı görülmektedir. Konu, gelişmiş ve gelişmekte olan ülke ayrımında incelendiğinde, gelişmekte olan ülkelerdeki hukuki düzenleme ve uygulamaların genel kalitesi ve finansal gelişmişlik, işleme kapanma açısından önem arz ederken; gelişmiş ülkeler için küçük yatırımcının korunması, ülkenin daha yenilikçi bir ekonomiye sahip olması gibi detaylar önem kazanmaktadır. Çalışmadan elde edilen bulgular, yaratıcı yıkımın, borsaların gelişimi açısından da önemli olduğunu destekler nitelik taşımaktadır.

Anahtar Kelimeler:

İşlem Sırası Kapanma, Gönüllü İşleme Kapanma, Zorunlu İşleme Kapanma, Yaratıcı Yıkım

Delisting as an Indicator of Development in Stock Exchanges: A Schumpeterian Perspective

The basis of this study is the Schumpeterian perspective. In this study, the concept of delisting is considered as an 'indicator of development' within the scope of the Schumpeterian view. In the study, which argues that the creative destruction of companies is the basis of innovative economies, the effect of legal differences between countries and financial development on the delisting in stock markets has been investigated. Testing this relationship is important in terms of better understanding the companies that are delisted and the resources transferred from these companies to other businesses. The research period of the study is 2006-2016. While the results of the analysis, which included 45 exchanges, clearly reveal the effect of legal differences between countries on the delisting; it is seen that there are more delisting in large and liquid exchanges. When the subject is analyzed in terms of developed and developing countries, the general quality of legal regulations and practices in developing countries and financial development are important in delisting. For developed countries, details such as the protection of small investors and the country's having a more innovative economy gain importance. Findings support that creative destruction is also important for the development of stock markets.

Keywords:

Delisting, Involuntary Delisting, Voluntary Delisting, Creative Destruction,

PDF

___

Aggarwal, R. and Dahiya, S. (2006). Demutualization and public offerings of financial exchanges. Journal of Applied Corporate Finance, 18(3), 96-106. https://doi.org/10.1111/j.1745-6622.2006.00102.x
Aksoy, A. ve Tanrıöven, C. (2014). Sermaye piyasası yatırım araçları ve analizi (5. bs.). Ankara: Detay Yayıncılık.
Baker, G.P. and Kennedy, R.E. (2002). Survivorship and the economic grim reaper. The Journal of Law, Economics, and Organization, 18(2), 324-361. https://doi.org/10.1093/jleo/18.2.324
Bancel, F. and Mittoo, U.R. (2009). Why do European firms go public? European Financial Management, 15(4), 844-884. https://doi.org/10.1111/j.1468-036X.2009.00501.x
Beck, T., Demirgüç-Kunt, A. and Levine, R. (2001). Legal theories of financial development. Oxford Review of Economic Policy, 17(4), 483-501. https://doi.org/10.1093/oxrep/17.4.483
Bharath, S.T. and Dittmar, A.K. (2010). Why do firms use private equity to opt out of public markets? Review of Financial Studies, 23(5), 1771-1818. https://doi.org/10.1093/rfs/hhq016
Brealey, R., Leland, H.E. and Pyle, D.H. (1977). Informational asymmetries, financial structure, and financial intermediation. The Journal of Finance, 32(2), 371-387. https://doi.org/10.2307/2326770
Bris, A. and Cabolis, C. (2008). The value of investor protection: Firm evidence from cross-border mergers. The Review of Financial Studies, 21(2), 605-648. https://doi.org/10.1093/rfs/hhm089
Bruno, V.G. and Claessens, S. (2010). Corporate governance and regulation: Can there be too much of a good thing?sut Journal of Financial Intermediation, 19(4), 461-482. https://doi.org/10.1016/j.jfi.2009.10.001
Burkart, M., Gromb, D. and Panunzi, F. (1997). Large shareholders, monitoring, and the value of the firm. The Quarterly Journal of Economics, 112(3), 693-728. https://doi.org/10.1162/003355397555325
Claessens, S. and Yurtoglu, B. (2012). Corporate governance and development: An update (A Global Corporate Governance Forum Publication No. 67394). Retrieved from https://documents1.worldbank.org/curated/en/613011468336854015/pdf/673940WP00PUBL0cus100CG0Development.pdf
Coffee Jr, J.C. (1998). The future as history: The prospects for global convergence in corporate governance and its implications. Northwestern University Law Review, 93(3), 641-707. Retrieved from http://www.heinonline.org/
Coffee Jr, J.C. (2002). Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance. Columbia Law Review, 102, 1757-1831. Retrieved from http://www.heinonline.org/
Croci, E. and Giudice, A.D. (2014). Delistings, controlling shareholders and firm performance in Europe. European Financial Management, 20(2), 374-405. https://doi.org/10.1111/j.1468-036X.2011.00640.x
Çevik, Y.E. ve Aksoy, A. (2017). Mali başarısızlık nedeniyle Borsa İstanbul’da işlem sırası kapanan şirketlerin hisse senedi performanslarının incelenmesi. Ş. Sakarya (Ed.), 21. Finans Sempozyumu Bildiriler Kitabı içinde (s. 497-514). 21. Finans Sempozyumu’nda sunulan bildiri, Balıkesir. İstanbul: Nobel Akademik Yayıncılık.
DeAngelo, H., DeAngelo, L. and Rice, E.M. (1984). Going private: Minority freezeouts and stockholder wealth. The Journal of Law and Economics, 27(2), 367-401. Retrieved from https://www.journals.uchicago.edu/
Di Giovanni, J. (2005). What drives capital flows? The case of cross-border M&A activity and financial deepening. Journal of International Economics, 65(1), 127-149. https://doi.org/10.1016/j.jinteco.2003.11.007
Djankov, S., La Porta, R., Lopez-de-Silanes, F. and Shleifer, A. (2008). The law and economics of self-dealing. Journal of Financial Economics, 88(3), 430-465. https://doi.org/10.1016/j.jfineco.2007.02.007
Doidge, C. (2004). US cross-listings and the private benefits of control: Evidence from dual-class firms. Journal of Financial Economics, 72(3), 519-553. https://doi.org/10.1016/S0304-405X(03)00208-3
Doidge, C., Karolyi, G.A. and Stulz, R.M. (2017). The US listing gap. Journal of Financial Economics, 123(3), 464-487. https://doi.org/10.1016/j.jfineco.2016.12.002
Driscoll, J. and Kraay, A.C. (1998). Consistent covariance matrix estimation withspatially dependent data. Review of Economics and Statistics, 80(4), 549-560. https://doi.org/10.1162/003465398557825
Fama, E.F. and French, K.R. (2004). New lists: Fundamentals and survival rates. Journal of Financial Economics, 73(2), 229-269. https://doi.org/10.1016/j.jfineco.2003.04.001
Gelb, A.H. (1989). Financial policies, growth, and efficiency (World Bank Working Papers No. 202). Retrieved from https://econpapers.repec.org/paper/wbkwbrwps/202.htm
Gillian, S.L. and Starks, L.T. (2003). Institutional investors, corporate ownership and corporate governance: Global perspective. In L. Sun (Ed.), Ownership and governance of enterprices (pp. 36-68). New York: Pelgrave.
Hail, L. and Leuz, C. (2006). International differences in the cost of equity capital: Do legal institutions and securities regulation matter? Journal of Accounting Research, 44(3), 485-531. https://doi.org/10.1111/j.1475-679X.2006.00209.x
Harris, J.H., Panchapagesan, V. and Werner, I.M. (2008). Off but not gone: A study of Nasdaq delistings, (Fisher College of Business Working Paper Series No. 2008-6). Retrieved from https://files.fisher.osu.edu/department-finance/public/2008-06.pdf
Hicks, J. (1969). A theory of economic history. Oxford: Claredon Press.
Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. The Stata Journal, 7(3), 281-312. https://doi.org/10.1177/1536867X0700700301
Jensen, M.C. (1989). Eclipse of the public corporation. Harvard Business Review, 67(5), 61-74. https://dx.doi.org/10.2139/ssrn.146149
Kaplan, S. (1989). Management buyouts: Evidence on taxes as a source of value. The Journal of Finance, 44(3), 611-632. https://doi.org/10.1111/j.1540-6261.1989.tb04381.x
King, R.G. and Levine, R. (1993). Finance, entrepreneurship and growth. Journal of Monetary Economics, 32(3), 513-542. https://doi.org/10.1016/0304-3932(93)90028-E
La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A. and Vishny, R.W. (1997). Legal determinants of external finance. The Journal of Finance, 52(3), 1131-1150. https://doi.org/10.1111/j.1540-6261.1997.tb02727.x
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R.W. (1998). Law and finance. Journal of Political Economy, 106(6), 1113-1155. Retrieved from http:// www.journals.uchicago.edu/
La Porta, R., Lopez-de-Silanes, F., Shleifer, A. and Vishny, R. (2000). Investor protection and corporate governance. Journal of Financial Economics, 58(1-2), 3-27. https://doi.org/10.1016/S0304-405X(00)00065-9
Lehn, K. and Poulsen, A. (1989). Free cash flow and stockholder gains in going private transactions, The Journal of Finance, 44(3), 771-787. https://doi.org/10.1111/j.1540-6261.1989.tb04390.x
Levine, R. (1997). Financial development and economic growth: Views and agenda. Journal of Economic Literature, 35(2), 688-726. Retrieved from http://www.jstor.org/
Levine, R. (1999). Law, finance, and economic growth. Journal of Financial Intermediation, 8(1-2), 8-35. https://doi.org/10.1006/jfin.1998.0255
Levine, R., Demirgüç-Kunt, A. and Beck, T. (2001). Law, politics, and finance (Policy Research Working Paper No. 2585). Retrieved from https://openknowledge.worldbank.org/bitstream/handle/10986/19682/multi0page.pdf;sequence=1
Lowenstein, L. (1985). Management buyouts. Columbia Law Review, 85(4), 730-784. https://doi.org/10.2307/1122333
Macey, J.R. and O'Hara, M. (2002). The economics of stock exchange listing fees and listing requirements. Journal of Financial Intermediation, 11(3), 297-319. https://doi.org/10.1006/jfin.2002.0343
Macey, J.R., O’Hara, M. and Pompilio, D. (2008). Down and out in the stock market: The law and economics of the delisting process. The Journal of Law and Economics, 51(4), 683-713. https://doi.org/10.1086/593386
Martinez, I. and Serve, S. (2011). The delisting decision: The case of buyout offer with squeeze-out (BOSO). International Review of Law and Economics, 31(4), 228-239. https://doi.org/10.1016/j.irle.2011.07.001
Maume, P. (2015). The parting of the ways: Delisting under German and UK law. European Business Organization Law Review, 16(2), 255-279. https://doi.org/10.1007/s40804-015-0009-8
McKinnon, R.I. (1973). Money and capital in economic development. Washington, DC: Brookings Institution.
Mehran, H. and Peristiani, S. (2009). Financial visibility and the decision to go private. The Review of Financial Studies, 23(2), 519-547. https://doi.org/10.1093/rfs/hhp044
Newey, W.K. and West, K.D. (1986). A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix (NBER Technical Working Paper No. 55). Retrieved from https://www.nber.org/system/files/working_papers/t0055/t0055.pdf
O’Hara, M. (2004). Searching for a new center: US securities markets in transition. Economic Review, 89(Q4), 37-52. Retrieved from http://citeseerx.ist.psu.edu/
Pagano, M., Panetta, F. and Zingales, L. (1998). Why do companies go public? An empirical analysis, The Journal of Finance, 53(1), 27-64. https://doi.org/10.1111/0022-1082.25448
Pagano, M. and Volpin, P. (2006). Shareholder protection, stock market development, and politics. Journal of the European Economic Association, 4(2-3), 315-341. https://doi.org/10.1162/jeea.2006.4.2-3.315
Pour, E.K. and Lasfer, M. (2013). Why do companies delist voluntarily from the stock market? Journal of Banking & Finance, 37(12), 4850-4860. https://doi.org/10.1016/j.jbankfin.2013.08.022
Reese Jr, W.A. and Weisbach, M.S. (2002). Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics, 66(1), 65-104. https://doi.org/10.1016/S0304-405X(02)00151-4
Rioja, F. and Valev, N. (2004). Does one size fit all?: A reexamination of the finance and growth relationship. Journal of Development Economics, 74(2), 429-447. https://doi.org/10.1016/j.jdeveco.2003.06.006
Robinson, J. (1952). The rate of ınterest and other essays. London: Macmillan.
Roosenboom, P. and Van Dijk, M.A. (2009). The market reaction to cross-listings: Does the destination market matter? Journal of Banking & Finance, 33(10), 1898-1908. https://doi.org/10.1016/j.jbankfin.2009.04.010
Rossi, S. and Volpin, P.F. (2004). Cross-country determinants of mergers and acquisitions. Journal of Financial Economics, 74(2), 277-304. https://doi.org/10.1016/j.jfineco.2003.10.001
Sanger, G.C. and Peterson, J.D. (1990). An empirical analysis of common stock delistings. Journal of Financial and Quantitative Analysis, 25(2), 261-272. https://doi.org/10.2307/2330828
Schumpeter, J. (1942). Creative destruction-capitalism, socialism and democracy. New York City: Harper and Brothers.
Serrano, A. (2013). Two essays on regulation and transparency (Unpublished doctoral dissertation). Rutgers University Graduate School, Newark.
Stulz, R.M. (1999). Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance, 12(3), 8-25. https://doi.org/10.1111/jacf.12484
Thomsen, S. and Vinten, F. (2014). Delistings and the costs of governance: A study of European stock exchanges 1996–2004. Journal of Management & Governance, 18(3), 793-833. https://doi.org/10.1007/s10997-013-9256-7
Yafeh, Y., Ueda, K. and Claessens, S. (2010). Financial frictions, investment, and institutions (IMF Working Papers No. 10/231). Retrieved from https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Financial-Frictions-Investment-and-Institutions-24279