THE DETERMINANTS OF THE ADJUSTMENT SPEED TOWARDS TARGET LEVERAGE RATIO: EVIDENCE FROM TURKEY

Bu çalışmanın temel amacı, 2005 – 2020 döneminde BİST üzerinde işlem gören Türk firmalarının, sermaye yapılarını hedef sermaye yapısına ayarlama hızlarını hesaplamak ve ayarlama hızlarını belirleyen etmenleri incelemektir. Bu amaçla, çalışmada önce hedef sermaye yapısının belirleyicileri incelenerek kârlılık, varlık yapısı, ve büyüklüğün hedef kaldıraç oranının temel belirleyicileri olduğu bulunmuştur. Daha sonra, iki aşamalı Genelleştirilmiş Momentler Methodu kullanılarak ayarlama hızı hesaplanmış ve kaldıraç uzun vadeli borç ile ölçüldüğünde ayarlama hızı %31, kaldıraç toplam borç ile ölçüldüğünde ise ayarlama hızı %14 olarak bulunmuştur. Son olarak, ayarlama hızına etki eden firmaya özgü ve makroekonomik etmenler incelenmiştir. Firmaya özgü faktörlerden, büyüklük ve hedef orana olan mesafenin uyum hızı ile ters orantılı olduğu, karlılık ve büyümenin ise uyum hızı ile pozitif bir ilişkisi olduğu bulunmuştur. Makroekonomik faktörlerden ise kısa dönem faiz oranlarının ayarlama hızı ile negatif yönlü bir ilişkisi olduğu, getiri eğrisinin ise ayarlama hızı ile bir ilişkisi olmadığı gözlenmiştir.

THE DETERMINANTS OF THE ADJUSTMENT SPEED TOWARDS TARGET LEVERAGE RATIO: EVIDENCE FROM TURKEY

The main aim of this study is to estimate adjustment speed towards target capital structure and to examine the determinants of adjustment speed for Turkish firms traded on BIST during the 2005 – 2020 period. To this end, we first examine the determinants of the target capital structure and find that the profitability, tangibility, and size are key determinants of the target leverage ratio. Next, by using the two-step Generalized Methods of Moments, we estimate the adjustment speed as being approximately 31% when long-term debt is used as leverage proxy, and as being 14% when total-term debt is used as leverage proxy. Finally, we examine firm-specific and macroeconomic determinants of adjustment speed. Among firm-specific determinants, adjustment speed is negatively related with size and distance from the target ratio but positively related with profitability and growth. As for macroeconomic determinants, short-term interest rate is negatively related while term spread is not significantly related with adjustment speed.

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