Berna DOĞAN BAŞAR

8540

Sermaye Yapısı ve Makroekonomik Göstergeler: Türk Bankalarında Bir Uygulama

Modern piyasa ekonomilerinin hızla gelişmesiyle birlikte şirketler, kapsamlı rekabet gücünü korumak için sermaye yapılarını dış ve iç ortamlara göre ayarlamaktadırlar. Bu nedenle, şirketlerin finansman politikalarının seçiminde, özellikle borç kararlarında, makroekonomik koşullar çok kritik bir noktadır. Dolayısıyla, bu çalışmanın amacı, makroekonomik koşulların BİST’de işlem gören bankaların sermaye yapısı kararları üzerindeki etkilerini incelemektir. Bu 13 banka için 2009'ten 2020'e kadar 12 yıllık bir dönemi kapsayan bir panel verisi olan Genelleştirilmiş Momentler Yöntemi (GMM) tahmin aracı kullanılmıştır. Ampirik sonuçlar, genel makroekonomik koşulların, Türk bankacılık sektöründe sermaye yapısı kararlarının belirlenmesinde önemli etkilere sahip olduğunu göstermektedir. Türk banka sektörü sermaye yapısı kararlarının belirlenmesinde döviz kuru gelişiminin önemli olduğu görülürken, sonuçlar ayrıca Türk banka sektörü sermaye yapısı seçiminde enflasyon ve faiz oranlarının önemsiz olduğunu göstermektedir.
Anahtar Kelimeler:

Sermaye Yapısı, Makroekonomik Göstergeler, Türk Bankaları

Capital Structure and Macroeconomic Indicators: An Application in Turkish Banks

With the rapid development of modern market economies, companies adjust their capital structures according to external and internal environments in order to maintain their comprehensive competitiveness. For this reason, macroeconomic conditions are a very critical point in the choice of companies' financing policies, especially in debt decisions. Therefore, the aim of this study is to examine the effects of macroeconomic conditions on the capital structure decisions of banks traded in the BIST. For these 13 banks, the Generalized Method of Moments (GMM) estimator, a panel data covering a 12-year period from 2009 to 2020, was used. The empirical results show that general macroeconomic conditions have important effects on the capital structure decisions in the Turkish banking sector. While it is seen that the exchange rate development is important in determining the capital structure decisions of the Turkish banking sector, the results also show that inflation and interest rates are unimportant in the capital structure selection of the Turkish banking sector.
Keywords:

Sermaye Yapısı, Makroekonomik Göstergeler, Türk Bankaları,

PDF

___

  • Acar, E., Vural, G., & Çetenak, E. H. (2020). Evidence for Financial Hierarchy Theory in Capital Structure Decisions: Data from BIST Companies. Bogazici Journal, Review of Social, Economic and Administrative Studies, 34(1), 29-50.
  • Arellano, M. and 0. Bover (1995), Another Look at the Instrumental-Variable Estimation of Error-Components Models, Journal of Econometrics, 68, 29-52.
  • Alber, N., & Youssef, I. (2020). Capital Structure Determinants: A Cross-Country Analysis. International Business Research, 13(5).
  • Baker, M., & Wurgler, J. (2002). Market timing and capital structure. The journal of finance, 57(1), 1-32.
  • Bastos, D. D., Nakamura, W. T., & Basso, L. F. C. (2009). Determinants of capital structure of publicly-traded companies in Latin America: the role of institutional and macroeconomic factors, Journal of international finance and economics, 9(3), 24–39
  • Berle, A. A. & Means, G. C. (1932). The Modern Corporation and private property. Macmillan, New York.
  • Bessler, W., Drobetz, W., & Pensa, P. (2008). Do managers adjust the capital structure to market value changes? Evidence from Europe. Zeitschrift für Betriebswirtschaft, 78(6),pp.113-145.
  • Béjaoui, R., and H. Bouzgarrou. (2014). Determinants of Tunisian bank proftability. The International Journal of Business and Finance Research 8 (4): 121–131.
  • Bokpin, G. A. (2009). Macroeconomic development and capital structure decisions of firms: evidence from emerging market economies, Studies in economics and finance, 26(2), 129–142. http://dx.doi.org/10.1108/10867370910963055
  • Camara, O. (2012). Capital structure adjustment speed and macroeconomic conditions: U.S. MNCs and DCs, International research journal of finance and economics, 84, 106–120
  • Çokluk, Ö., Şekercioğlu, G., & Büyüköztürk, Ş. (2012). Sosyal bilimler için çok değişkenli istatistik SPSS ve LİSREL uygulamaları (2.baskı). Ankara: Pegem Akademi Yayıncılık.
  • Daily, C. M., Dalton, D. R., & Canella, A. A. (2003). Corporate Governance: Decades of Dialogue and Data. Academy of Management Review, 28(3), 371–382.
  • Dincergok, B., & Yalciner, K. (2011). Capital structure decisions of manufacturing firms’ in developing countries, Middle Eastern finance and economics, 12, April, 2011, 86–100
  • Duan, H., Chik bin, A. R. & Liu, C (2012). Institutional environment and capital structure: evidence from private listed enterprises in China, International journal of financial research, 3(1), 15–21.
  • Durand, D. (1952, January). Costs of debt and equity funds for business: trends and problems of measurement. In Conference on research in business finance (pp. 215-262). NBER.
  • Fama, E. (2002). K. French E. Testing trade-off and pecking order theory about dividend and debt. Review of Financial Studies, 15(1), 1-33.
  • Fan, J. P., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and quantitative Analysis, 47(1), 23-56.
  • Frank, M. Z., & Goyal, V. K. (2008). Trade-off and pecking order theories of debt. Handbook of empirical corporate finance, 135-202.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important? Financial management, 38 (1), 1–37. http://dx.doi.org/10.1111/j.1755-053X.2009.01026.x
  • Graham, J. R., Leary, M. T., & Roberts, M. R. (2015). A century of capital structure: The leveraging of corporate America. Journal of financial economics, 118(3), 658-683.
  • Gajurel, D. P. (2006). Macroeconomic influences on corporate capital structure. Available at SSRN: http://ssrn.com/abstract=899049 or http://dx.doi.org/10.2139/ssrn.899049
  • Gezer, Y., & Kıngır, S. (2020). Expected of debt capital and gearing: Return, risk and impact on the value of the firm's equity. Aydın İktisat Fakültesi Dergisi, 5(1), 25-33.
  • Harris, M., & Raviv, A. (1990). Capital structure and the informational role of debt. The journal of finance, 45(2), 321-349.
  • Hanousek, J. & Shamshur, A. (2011). A stubborn persistence: Is the stability of leverage ratios determined by the stability of the economy? Journal of corporate finance, 17, 1360–1376. http://dx.doi.org/10.1016/j.jcorpfin.2011.07.004
  • Kraus, A., & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The journal of finance, 28(4), 911-922.
  • Kim, E. H. (1978). A mean‐variance theory of optimal capital structure and corporate debt capacity. The journal of Finance, 33(1), 45-63.
  • Kisgen, D. J. (2006). Credit Ratings and capital Structure, Journal of Finance, 61(3), pp.1035-1072. https://doi.org/10.1111/j.1540-6261.2006.00866.x
  • Korajczyk, R. A., & Levy, A. (2003). Capital structure choice: macroeconomic conditions and financial constrains, Journal of financial economics, 68(1), 75–109. http://dx.doi.org/10.1016/S0304-405X(02)00249-0
  • Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in international business and finance, 42, 710-726.
  • Mokhova, N., & Zinecker, M. (2014). Macroeconomic factors and corporate capital structure. Procedia-Social and Behavioral Sciences, 110, 530-540.
  • Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 261-296.
  • Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: a correction. The American Economic Review, 433-443.
  • Miller, M. H. (1989). The Modigliani‐Miller propositions after thirty years. Journal of Applied Corporate Finance, 2(1), 6-18.
  • Myers, S. C. (1984). The capital structure puzzle. The Journal of Finance, 34(3), 575-592.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
  • Mnasri, K. (2015). Ownership structure, board structure and performance in Tunisian banking industry. Asian Academy of Management Journal of Accounting and Finance 11 (2): 57–82.
  • Moussa, A.A. (2018). The impact of working capital management on frms’ performance and value: evidence from Egypt. Journal of Asset Management 19: 259–273.
  • Pandey, I. M. (2007). Financial management. (09 ed., pp. 1-10). New Delhi: VIKAS Publishing House
  • Perera, H. A. P. K. (2015). The effects of macroeconomic conditions on corporate capital structure: Evidence from manufacturing firms listed in Colombo Stock Exchange. International Journal of Science and Research, 4(10), 1492-1497.
  • Sett, K. & Sarkhel, J. (2010). Macroeconomic variables, financial sector development and capital structure of Indian private corporate sector during the period 1981–2007. The IUP journal of applied finance, 16(1), 40–56.
  • Solaman, Ezra. (1963). The Theory of Financial Management, University press, 1963. 92
  • Wasserman, N. (2006). Stewards, agents, and the founder discount: Executive compensation in new ventures. Academy of Management Journal, 49(5), 960-976.
  • Yapa Abeywardhana, D. (2017). Capital structure theory: An overview. Accounting and finance research, 6(1).
  • Yılmaz, E., & Aslan, T. (2020). Makroekonomik Göstergelerin Sermaye Yapısı Üzerindeki Etkisi: İmalat Dışı Sektörler Üzerinde Bir Araştırma. Muhasebe ve Finansman Dergisi, (85), 187-208.
Yeni Fikir Dergisi-Cover
  • ISSN: 1308-9412
  • Başlangıç: 2009
  • Yayıncı: Yeni Fikir Stratejik Araştırmalar Derneği
Arşiv
Sayıdaki Diğer Makaleler

Giysi Satın Alma Davranışını Etkileyen Değişkenler: Türk ve Alman Gençler Üzerine Hamburg’da bir Araştırma

Halil SAVAŞ, Nazan ÖZDEMİR- ÖZTÜRK

Dördüncü Sanayi Devrimi ve KOBİ'lerin Dijital Dönüşümü

Merve Vuslat AKSU, Soner TASLAK

Dijitalleşen Ekonomide Vergilendirme

Zeynep HÖBEL

Teorik Çerçevede İçerik Pazarlaması Ve Örneklerine İlişkin Bir İnceleme

Mustafa SOBA, Özlem TAŞTEPE

Bâbürlü Toplumundaki Dinî Hayata Dair Genel Bir Değerlendirme

Sadık AMBER

Sermaye Yapısı ve Makroekonomik Göstergeler: Türk Bankalarında Bir Uygulama

Berna DOĞAN BAŞAR