Sermaye yapısı, temsil maliyeti ve firma çeşitlendirmesi: Dinamik panel veri analizi

Bu çalışmada, firma çeşitlendirmesi, sermaye yapısı ve temsil maliyeti ilişkisi, Borsa İstanbul’a kayıtlı firmaların 2006-2012 dönemi verileriyle incelenmektedir. Statik ve dinamik panel modeller kullanılarak gerçekleştirilen analizler sonucunda, sermaye yapısı kararlarının endüstriyel çeşitlendirme yapan firmalar ve uzman firmalarda farklı olduğu tespit edilmiştir. Endüstriyel çeşitlendirme derecesi ile borç finansmanı arasında anlamlı pozitif ilişki elde edilmiştir. Ayrıca, çeşitlendirilmiş firmalarda borç finansmanı açısından optimal borçlanma seviyesine doğru bir düzeltme sürecinin yaşandığı ve bu sürecin borcun vade yapısından etkilendiği anlaşılmıştır.

Capital structure, agency cost and corporate diversification: A dynamic panel data analysis

This paper investigates the relationship of firm diversification, capital structure and agency cost among the Turkish firms listed in the Borsa Istanbul, using data from 2006 to 2012. According to results of static and dynamic panel data analysis, capital structure decisions of industrially diversified firms and single firms have shown difference from each other. Estimation results show that there is a positive relationship between industrial diversification and debt ratios. In additionally, findings indicated that industrially diversified firms have adjustment process of actual debt towards optimal debt level and this adjustment process is affected by debt maturity.

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