Finansal Krizlerin Şirket Sermaye Yapıları Üzerindeki Etkileri: Türkiye Örneği

Finansal krizlerin şirket sermaye yapıları üzerindeki etkilerinin araştırıldığı çalışmada, 1989-2012 dönemini kapsayan geniş bir veri seti kullanılmıştır. Yapılan analizler sonucunda sistem Genelleştirilmiş Momentler Metodu (GMM) tahmincisi ve daraltılmış araç değişkenler kullanılarak elde edilen sonuçların daha tutarlı olduğu sonucuna varılmıştır. Krizlerin etkisinin yanında kârlılık, şirket büyüklüğü, büyüme fırsatları, varlık yapısı (maddilik) ve sektör kaldıraç medyanının, kaldıraç oranları üzerindeki etkisi incelenmiştir. 1994 ve 2001 krizlerinin kaldıraç oranları üzerinde kalıcı etkisi gözlemlenirken 2008 krizinin geçici etkisi gözlemlenmiştir.

Anahtar Kelimeler:

Finansal kriz, optimal sermaye yapısı, Genelleştirilmiş Momentler Metodu (GMM), Kısmi Ayarlama Modeli

Effects of Financial Crises on Capital Structures of Firms: The Case of Turkey

A broad data set which covers 1989-2012 period was used to investigate the effects of financial crisis on capital structures of firms. It was found that the results which were gained from the system GMM estimator and collapsed instrumental variables are more consistent. Besides the effects of financial crises, the effects of profitability, firm size, growth opportunities, asset structure (tangibility) and industry median on leverage ratios have been examined. It has been found that while the effects of 1994 and 2001 crises were permanent, the effects of 2008 crisis were temporary.

Keywords:

Financial crisis, optimal capital structure, Generalized Method of Moments (GMM), Partial Adjustment Model,

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