Gelişmekte olan piyasalarda sermaye yapısının belirleyicileri: Türkiye örneği

Bu çalışmanın amacı gelişmekte olan piyasalarda firmaya özgü sermaye yapısı belirleyicilerinin sermaye yapısı kararlarını açıklamada kullanılan teorileri destekleyip desteklemediğinin araştırılmasıdır. Bu amaç doğrultusunda 2000-2009 dönemine ilişkin 242 şirkete ait veriler altı farklı model kullanılarak panel regresyon yöntemi ile analiz edilmiştir. Çalışmada bağımlı değişken olarak kullanılan kaldıraç oranlarının hem defter değeri hem de piyasa değeri dikkate alınmıştır. Elde edilen bulgular, Türk şirketlerinin hedef bir borçlanma oranının olmadığını ve Türk şirketlerinin sermaye yapısı kararlarinda daha çok hiyerarşik bir yapıyı takip ettikleri sonucunu ortaya çıkarmiştır. Sonuç olarak, Türk şirketleri borçlanma davranışlarina yön vermede Finansal Hiyerarşi teorisini takip etmekte olduğu söylenebilir.

The determinants of capital structure in an emerging stock market: The case of Turkey

The purpose of this paper is to investigate whether firm-specific capital structure determinants in Turkey as an emerging market support the theories that are used to explain capital structure decisions. In parallel with this purpose, the data of 242 firms are analyzed by using six different models with panel data regression for the period of 2000-2009. This study considers both book value and market value-equity of measure of leverage as a dependent variable. Between the two alternative theories of capital structure, the pecking order theory and the tradeoff theory both seem to explain the decisions of Turkish firms. Consequentially, it is seen (found out) that Turkish firms do not have a target debt ratio and also they (Turkish Firms) generally follow a hierarchical path while having decisions on Capital Structure. It is reached the conclusion that, Pecking-order theory provides the best explanation for the capital structure of those firms listed in Istanbul Stock Exchange in Turkey.

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