İMKB'ye kayıtlı KOBİ şirketlerinde sermaye yapısını belirleyen faktörler ve 2008 yılı finansal krizi

Bu çalışmada Avrupa Birliği tanımına göre Türkiye İMKB'ye kayıtlı olarak faaliyet gösteren KOBİ'lerin sermaye yapılarını belirleyen faktörler panel veri analizi kullanılarak araştırılmaktadır. Bunun için önce 2005-2010 yılları arasındaki dönem genel olarak toplam borç, kısa vadeli borç ve uzun vadeli borç kullanma modelleri geliştirilerek incelenmiştir. Analizlerde borç kullanma ile aktifin ve öz sermayenin karlılıkları arasında negatif ilişkiler tespit edilmiştir. Ölçek olarak daha büyük, verimli ve başarılı şirketlerin özellikle krizin etkisiyle ortaya çıkan finansman ihtiyacını karşılamada daha rahat borç kullanabildikleri anlaşılmaktadır. Sonuç olarak KOBİ'lerin genelde finansal hiyerarşiye uygun olarak sermaye yapılarının belirlendiği ve kriz dönemlerinde sermaye yapısını belirleyen faktörlerin etkilerinde beklentilerden sapmalar olduğu anlaşılmıştır.

Factors of capital structure determinants of SME' s and financial crisis of 2008 year

The purpose of the paper is to study factors of capital structure determinants of SME's which are quoted firms on the Istanbul Stock Exchange Market (ISE) in Turkey for the period 2005-2010. Data required for analysis were obtained from the ISE according to SME's definition of European Union for the period 2005-2010. The author measured relationship between dependent and independent variables of firms using the panel data analysis. Three capital structure ratios: debt ratio, short term debts/total assets ratio and long term debts/total assets ratio were used as proxies. Debt ratio was found to be related negatively to profitability. The results obtained using panel data analysis support Pecking Order Theory and show that crisis have important effects on the capital structure of SME's.

___

AKHTAR, Shumi. (2005), The determinants of capital structure for Australiarı multinational and domestic corporations. The Australian Gradúate School of Management, 30, 321-341.

ALBAYRAK, Ali Sait ve Ramazan AKBULUT; (2008), "Karlılığı Etkileyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme", ZKÜ Sosyal Bilimler Dergisi, Cilt 4, Sayı 7, 2008, ss. 55-83.

AYGEN, Filiz; (2006), "AB'ye Giriş Sürecinde KOBİ'lerin Finansman Sorunları ve Alternatif Finansman Tekniklerinden Yararlanma Dereceleri Sakarya Örneği", 3. KOBİ'ler ve Verimlilik Kongresi 17-18 Kasım 2006 (AB'nin KOBİ Finansmanına Getirdiği Yenilikler), Kültür Üniversitesi, İstanbul

BERGER, Ailen N. and Emilia BONACCORSI DI PATTI; (2006), "Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and An Application to the Banking Industry", Journal of Banking & Finance, 30: 1065-1102

BRADLEY, Michael, JARRELL, Gregg A., E. HAN KIM; (1984), "On the Existence of an Optimal Capital Structure: Theory and Evidence", The Journal of Finance,39 (3):857-878

BOODHOO, Roshan; (2009), "Capital structure and ownership structure: a review of literature." The Journal of On line Education, January Edition, pp 1- 8.

BOOTH, Laurence; AİVAZİAN, Varouj; DEMIRGUC-KUNT, Asli and Vojislav MAKSIMOVIC; (2001). "Capital structure in developing countries". Journal of Finance, 56, 87-130.

CHEN, Long and Xinlei S. ZHAO,; (2005), Profitability, Mean Reversion of Leverage Ratios, and Capital Structure Choices, p. 1-46 Available at SSRN: http://ssrn.com/abstract=666992 (Erişim Tarihi: 17. 05. 2011).

CHITTENDEN, Francis, HALL, Graham and Patrick HUTCHINSON; (1996), "Small Firm Growth, Access to Capital Markets and Financial Structure: a Review of Issues and an Empirical Investigation, Small Business Economics, 8, pp. 59-67.

DEANGELO, Harry and Ronald W. MASULIS; (1980), "Optimal Capital Structure Under Corporate and Personal Taxation", Journal of Financial Economics, Volume 8, s.3-29

DASKALAKİS Nikolaos, Maria PSILLAKI; (2008), Do country or firm factors explain capital structure? Evidence from SMEs in France and Greece, Applied Financial Economics, 18, pp. 87-97.

DEĞİRMEN, Süleyman ve Yıldız GÜNDOĞDU; (2010), "Türkiye'de İhracat Yapan Firmaların Finansman Stratejileri". İsletme ve Ekonomi Araştırmaları Dergisi Cilt 1 . Sayı 4 . ss. 1-18

DEMİRHAN, Dilek; (2009), " Sermaye Yapısını Etkileyen Firmaya Özgü Faktörlerin Analizi: Imkb Hizmet Firmaları Üzerine Bir Uygulama". Ege Akademik Bakış. 9. (2). Ss. 677-697

DURUKAN, M. Banu; (1997), "Hisse Senetleri İMKB'de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma: 1990-1995", İMKB Dergisi, Cilt'1, Sayı 3, ss. 75-91.

EUROPE COMMİSİON: The new SME definition, http://ec.europa.eu/enterprise/ policies/ smefiles/sme_definition/ sme_user_guide_en.pdf, p. 5-16 (Erişim Tarih: 15 Nisan 2011)

FRANK, Murray Z. and Vidhan K. Goyal; (2003), Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics, 67(2): 217-248.

FRANK, Murray Z. and Vidhan K. Goyal; (2007). "Trade Off and Pecking Order Theories of Debt.". Erişim Tarihi: 20/05/2011. http://papers.ssrn. com/sol3/papers.cfm?abstractjd=670543.

GÜLER, Sevinç; (2010), 'İstanbul menkul kıymetler borsasına (İMKB) kayıtlı küçük ve orta büyüklükteki İşletmelerin (KOBİ) sermaye yapıları Üzerine bir uygulama" Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Y. C. 15, S.3 s.353-371.

GUISO, Luigi (2003) : "Small Business Finance in Italy", European Investment Bank Papers, Volume 7, No:2, 121-149

HALL, Graham C., HUTCHINSON, Patrick J. and Nicholas MICHAELAS; (2000) "Industry Effects on the Determinants of Unquoted SMEs' Capital Structure". International Journal of the Economics of Business, Vol. 7, No. 3, ss. 297- 312

HALL, Graham C., HUTCHINSON, Patrick J. and Nicholas MICHAELAS; (2004): "Determinants of the Capital Structures of Europian SME's", Journal of Business and Accounting, 31 (5) ve (6), ss.711-728

HARRIS, Milton and Artur RAVIV; (1991), "The theory of capital structure". The Journal of Finance, 46, 297-355.

HESHMATI, Almas (1999): "The Dynamics of Capital Structure: Evidence from Swedish Micro and Small Firms", Research in Banking and Finance, Volume 2, ss. 199-241

HOVAKIMIAN, Armen; HOVAKIMIAN, Gayane and Hassan TEHRANIAN; (2004), "Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues", Journal of Financial Economics, 71, pp. 517-540.

HOVAKIMIAN, Armen; OPLER, Tim and Sheridan TITMAN; (2001), "The debt-equity choice", Journal of Financial and Quantitative Analysis 36, 1, 1—24.

HUANG, Guihai and Frank M. Song (2006), "The Determinants of Capital Structure: Evidence from China", China Economic Review, Vol. 17, No. 1, pp. 14-36.

İstanbul Menkul Kıymetler Borsası, www.imkb.gov.tr (Erişim Tarih: 30 Nisan 2011)

JENSEN, Michael C. and William H. MECKLING; (1976), "Theory of the firm: managerial behaviour, agency costs, and capital structure" J. Finan. Econ., 3(4), 305-360.

JENSEN, Michael and Richard S. RUBACK; (1983), "The market for corporate control: the scientific evidence." Journal of Financial Economics, 11, pp 5- 50.

JENSEN, Michael; (1986):, "Agency costs of free cash flow, corporate finance and takeovers."America Economic Review, 76, pp 323- 329.

JENSEN, Michael; (1988), "Takeovers: their causes and consequences." Journal of Economic Perspectives, 2, ss. 21-48.

Kamuyu Aydınlatma Platformu, www.kap.gov.tr (Erişim Tarih: 30 Nisan 2011)

KORKMAZ, Turhan, YILDIZ, Berk, ve, R.,İlker GÖKBULUT; (2010). "FVFM'nin İMKB ulusal 100 endeksindeki geçerliliğinin panel veri analizi ile test edilmesi". İstanbul Üniversitesi İşletme Fakültesi Dergisi. Cilt/Vol:39, Sayı/No:1, 2010, 95-105

MICHAELAS, Nicos, CHITTENDEN, Francis and Panikkos POUTZIOURIS (1999): "Financial Policy and Capital Structure Choice in UK SMEs: Empirical Evidence from ompany Panel Data", Small Business Economics, Volume 12, s.113-130

MODIGLIANI, Franco and Merton H. MILLER; (1958), "The Cost of Capital, Corporation Finance and the Theory of Investment", The American Economic Review, Volume XLVIII, Number Three, 261-297

MODIGLIANI, Franco and Merton H. MILLER; (1963), "Corporate Income Taxes and the Cost of Capital: A Correction", The American Economic Review, Volume 53, 433-443

MYERS, Stewart C., Determinants of capital borrowing. J. Finan. Econ., 1977, 5, 147-175.

MYERS, Stewart (1984). The capital structure puzzle. The Journal of Finance, 39(3), 575-592 (July).

MYERS, Stewart C. and Nicholas S. Majluf; (1984),Corporate financing and investment decisions when firms have information that investors do not have. J. Finan. Econ., 13(2), 187-221.

Nl Jinlan and Miaomiao Yu; (2008), "Testing The Pecking-Or-der Theory: Evidence From Chinese Listed Companies". Chinese Economy, 41(1): 97-113.

OKUYAN H. Aydın ve H. Mehmet TAŞÇI; (2010), "Sermaye Yapısının Belirleyicileri: Türkiye'deki En Büyük 1000 Sanayi İşletmesinde Bir Uygulama". BDDK Bankacılıkk ve Finansal Piyasalar. Cilt:4, Sayr.1 s. 105-120

ONAOLAPO, Adekunle. A. ve Sunday O. KAJOLA; (2010), "Capital Structure and Firm Performance: Evidence from Nigeria" European Journal of Economics, Finance and Administrative Sciences. Issue 25

PADRON, Yaiza Garcia and Rosa Maria Caceres APOLINAR-10; (2005), "Determinants Factors of Leverage - An Emirical Analysis of Spanish Corporations", The Journal of Risk Finance, Volume 6/1, s.60-68

PETERSEN, Mitchell A. and Raghuram G. RAJAN,; (1994), "The benefits of lending relationships: evidence from small business data". Journal of Finance, 49(1), 3-37.

PINEGAR, J. Michael and Lisa WILBRICHT; (1989), "What managers think of capital structure theory: a survey", The Journal of the Financial Management Association, Winter, pp 82-91.

POZDENA, Randall Johnston; (1987), "Tax Policy and Corporate Capital Structure", Ecomomic Review, Fall, Number 4, 37-50

PSILLAKI, Maria and Nicholas DASKALAKIS; (2009), "Are the determinants of capital structure country or firmspecific?", Small Bus Econ 33:319-333

PSILLAKI, Maria, and G. MONDELLO, (1996). "Financing small and medium sized firms: Coordination and transaction costs", Cahiers Monnaie et Financement, 24, 47-70.

RAJAN Raghuram and Luigi ZINGALES; (1995). "What do we know about capital structure? .Some evidence from international data", Journal of Finance, 50, 1421-1460.

ROSS, Stephen A. (1977). The determinants of financial structure: The incentive signaling approach", The Bell Journal of Economics and Management Science, 8, 232-240.

RAMALHO, Joaquim J.S. ve Jacinto Vidigal DA SILVA.(2009). "A Two-Part Fractional Regression Model For The Financial Leverage Decisions Of Micro, Small, Medium And Large Firms", Quantitative Finance, Vol. 9, No. 5, August 2009, 621-636 ( Received 13 July 2006; in final form 28 July 2008

SEPPA, Raul (2010), "Implication of Inside-Debt among Small-and Medium-Size Enterprises", International Research Journal of Finance and Economics. Issue 44, p. 151

SOGORB-MIRA, Francisco (2005): "How SME Uniqueness Affects Capital Structure: Evidence From A 1994-1998 Swidish Data Panel", Small Business Economics, Volume 25, issue 5, s.447-457

STIGLITZ, J. £.. (1972). Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs, Bell Journal of Economics, 3(2): 458-482.

TITMAN, Sheridan (1984). The effect of capital structure on a firm's liquidation decision. Journal of Financial Economics, 13, 137-151.

WIJST, Nico Van Der and Roy THURİK; (1993), "Determinants of Small Firm Debt Ratios: an analysis of Retail Panel Data", Small Business Economics,, 5, pp. 55- 65.

WOOLDRIDGE, Jeffrey M.; (2002). Econometric Analysis of Cross Section and Panel Data. The MIT Press. Cambridge.

UZUNLAR, Evcan (1998), "İşletmelerin Sermaye Yapılarının Karlılık Üzerine Etkisi ", İktisat, İşletme ve Finans Dergisi, Cilt 13, Sayı 146, ss. 75-88.

ZEITUN, Rami and Gary TIAN; (2007), "Capital structure and corporate performance: evidence from Jordan", Australasian Accounting, Business & Finance Journal, 1(4), pp 40- 61