MUAMMER ERDOĞAN, DURMUŞ YILDIRIM, Bekir ELMAS

Sermaye yapısını etkileyen faktörlerin belirlenmesi: Türkiye ve Portekiz firmaları üzerine bir uygulama

Firmaların sermaye yapısı seçimi hakkında uzun süredir devam eden tartışmalara rağmen örnek bir optimal sermaye yapısının varlığı hakkında henüz bir ittifak yoktur. Ancak bu konuda yapılan araştırmaların büyük bir çoğunluğu, sermaye yapısı seçimini etkileyen bazı faktörlerin varlığında hemfikirdirler. Bu nedenle bu çalışmada optimal sermaye yapısının varoluş probleminden ziyade, sermaye yapısının oluşumunu etkileyen faktörlerin neler olabileceği araştırılmıştır. Analizlerde İstanbul Menkul Kıymetler Borsası ve Lizbon Menkul Kıymetler Borsası sanayi sektöründe faaliyet gösteren işletmelerin 2005-2009 dönemi ele alınmıştır. Panel veri analizinin kullanıldığı çalışmada, elde edilen sonuçlar sermaye yapısının dengeleme ve finansal hiyerarşi teorilerini desteklemektedir.

Determination of factors affecting capital structure: An application on firms in Turkey and Portugal

Despite the long debate in finance about the choice of the firm's capital structure, there is no agreement yet on the existence of several factors can determine the choice of a certain capital structure.by.companies. Therefore, in this paper, more than discuss the problematic of the existence of an optimal capital structure the relevance and validity of several factors considered in the literature as determinant of the companies capital structure was analysed. In this analysis covers companies organazing İstanbul Stock Exchange (İSE) and Lisbon Stock Exchange (LSE) in the period between 2005-2009. Panel Data Analysis was used in this paper. The results supports the trade off theory and the pecking order theory of capital structure.

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