ERDİNÇ KARADENİZ, SERKAN YILMAZ KANDIR, YILDIRIM BEYAZIT ÖNAL

Varlık yapısı ve sermaye yapısı kararları: Otel ve lokantalar sektörü ile inşaat sektörünün karşılaştırmalı analizi

Bu çalışmanın amacı varlık yapısındaki farklılıkların şirketlerin sermaye yapısı kararlarına etkisinin incelenmesidir. Bu bağlamda çalışmada Türkiye Cumhuriyet Merkez Bankası (TCMB) tarafından hazırlanan sektör bilançolarından yararlanılarak varlık yapısı farklı özelliklere sahip oteller ve lokantalar sektörü ile inşaat sektörünün 1990-2008 dönemine ait varlık ve kaynak yapısı incelenerek birbiriyle karşılaştırılmıştır. Yine şirketlere özgü bazı değişkenler ile borçlanma düzeyi arasındaki ilişki doğrusal regresyon analizi ile incelenmiştir. Böylece her iki sektördeki sermaye yapısı tercihleri dengeleme ve finansal hiyerarşi teorileri açısından test edilmiştir. Çalışma sonucunda varlık yapısındaki farklılıkların sermaye yapısı kararlarını etkilediği belirlenmiştir. Ayrıca ne finansal hiyerarşi teorisinin ve ne de dengeleme teorisinin iki sektördeki sermaye yapısı kararlarını tam olarak açıklamadığı saptanmıştır.

Asset structure and capital structure decisions: Comparative analysis of hotel and restaurant sector and construction sector

Aim of this study is to investigate the impact of differences in asset structures on capital structure decisions of companies. In this sense, asset and capital structures of hotel and restaurant sector and construction sector, which have separate characteristics, are compared for the period 1990-2008 by using the sector balance sheet data provided by Central Bank of the Republic of Turkey. Furthermore, validity of trade-off and pecking order theories are tested by employing linear regression model. In the regression model, relationship between several firm characteristics and debt levels are examined. Empirical findings reveal that differences in asset structure affect capital structure decisions. In addition, neither trade-off theory nor pecking order theory seems to explain the capital structure decisions in two sectors exactly.

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