Sermaye yapısının karlılık üzerine etkisi: İstanbul Menkul Kıymetler Borsası üzerine bir araştırma

Bu çalışmada İstanbul Menkul Kıymetler Borsasında (İMKB) işlem gören banka, yatırım ortaklıkları ve sigorta şirketleri dışındaki firmaların 1992–2009 yılları arasındaki verileri kullanılarak sermaye yapısının karlılık üzerindeki etkisi araştırılmıştır. Analizlerde En küçük Kareler Modeli (OLS), Sabit Etki Modeli (FEM) ve Rassal Etki Modeli (REM) kullanılmıştır. Yapılan analizler sonucunda karlılıkla kısa dönem borçlar arasında pozitif, uzun dönem borçlarla negatif ilişki içinde olduğu gözlenmiştir. Ayrıca toplam borçlarla karlılık arasında da pozitif bir ilişki vardır. Yapılan analizlerden firmaların sermaye yapısını oluştururken uzun vadeli kaynaktan çok kısa vadeli yabancı kaynaklardan faydalandığı ve Kısa vadeli borç (KVB) kullanımının firmanın karlılığını artırdığı sonucuna ulaşılmıştır. Ayrıca firma büyüklüğü ile karlıklı arasında negatif ilişki olduğu gözlenmiştir.

The impact of financial structure on profitability: A study of Istanbul Stock Exchange

This paper empirically investigates the influence of the capital structure on profitability of quoted companies in İstanbul Stock Exchange, by using unbalanced panel data extracted from the financial statement of the non-financial companies.The Pooled Ordinary Least Squares (OLS) model, Fixed Effect Model (FEM) and Random Effect Model (REM) were used in the analysis. It is found that a significant positive relationship exists between the short term debt and profitability and statistically significant negative relationship between long term debt and profitability. Furthermore the result shows a significant positive relationship between the total debt and profitability. The analysis of capital structure of firms was formed a large percentage of short-term foreign sources. Short-term debt (CVS) has been found to increase the profitability of the company’s use. Also observed that a negative relationship between firm size and profitability.

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