Hisse Senedi Getirisi ve Borç Finansmanı İlişkisi: Yapısal Eşitlik Modeli
Bu çalışmada, hisse senedi getirisi ile borç finansmanı ilişkisi firmaya özgü fak- törler esas alınarak araştırılmıştır. Analiz sürecinde, içsel değişkenleri dikkate alan yapısal eşitlik modeli yönteminden yararlanılmıştır. Regresyon analizleri, 2005-2012 dönemini kapsayan dengeli panel veriler aracılığıyla gerçekleştiril- miştir. Elde edilen bulgular ışığında, hisse senedi getirisi ile borç finansmanı ara- sında istatistiksel açıdan anlamlı karşılıklı ilişki olduğu anlaşılmıştır. Bu ilişki, bor- cun vade yapısına göre değişiklik göstermektedir. Ayrıca, hisse senedi getirisi- nin, karlılık ve büyüme fırsatları faktörlerinden dolaylı olarak etkilendiği sonucu- na ulaşılmıştır.
The Relationship Between Stock Return and Leverage: Structural Equation Modeling
This paper investigates the relationship of leverage and stock return by using firm specific factors. Analyses are conducted by structural equation model, which can include endogenous variables. Regression analyses were estimated using balanced panel data from 2005 to 2012. According to results, there is a signifi- cantly recursive relationship between stock return and leverage. This relations- hip is affected by debt maturity. Additionally, profitability and growth opportunities have indirect effects on the stock returns.
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