Araştırma Makalesi
BibTex RIS Kaynak Göster

DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM TRADITIONAL AIRLINES

Yıl 2018, Sayı: 21, 173 - 186, 04.04.2018
https://doi.org/10.18092/ulikidince.363126

Öz

The purpose of this study is to examine the factors that define
capital structure of airlines with traditional business model by taking into
account the capital structure theories. In line with this purpose, 31 airline
companies, which have continuous financial data during the 2004-2015 period,
were examined. Panel data analysis was used as a method in the study. Empirical
findings of the study show that traditional airlines operate in line with the
Trade-off Theory when determining their long-term debt ratio. In addition,
findings of the study indicate that traditional airlines operate in line with
the Pecking Order Theory when determining the total debt ratio, which also
means that they tend to increase total leverage level.

Kaynakça

  • Ahmad, F., Juniad-ul-Haq, Nasir, R. U., Ali, M., & Ullah, W. (2011). Extension of determinants of capital structure: Evidence from Pakistani non-financial firms. African Journal of Business Management, 5(28), s. 11375-11385. doi:10.5897/AJBM11.218
  • Ajanthan, A. (2013). Determinants of capital structure: Evidence from hotel and restaurant companies in Sri Lanka. International Journal of Scientific and Research Publications, 3(6), s. 1-8.
  • Antoniou, A., Guney, Y., & Paudyal, K. (2008). The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions. Journal of Financial and Quantitative Analysis, 43, s. 59-92.
  • Arsov, S., & Naumoski, A. (2016). Determinants of capital structure: An empirical study of companies from selected post-transition economies. Journal of Economics and Business, 34(1), s. 119-146. doi:10.18045/zbefri.2016.1.119
  • Bandyopadhyay, A., & Barua, N. M. (2016). Factors determining capital structure and corporate performancein India: Studying the business cycle effects. The Quarterly Review of Economics and Finance, 61, s. 1-13. doi:10.1016/j.qref.2016.01.004
  • Bauer, P. (2004). Determinants of capital structure: empirical evidence from the Czech Republic. Czech Journal of Economics and Finance, 54(1-2), s. 2-21.
  • Baxamusa, M., & Jalal, A. (2014). Does religion affect capital structure? Research in International Business and Finance, s. 112-131.
  • Bhaduri, S. N. (2002). Determinants of capital structure choice: a study of the Indian corporate sector. Applied Financial Economics, 12(1), s. 655-665. doi:10.1080/0960310001001770 5
  • Bhaird, C. m., & Lucey, B. (2010). Determinants of capital structure in Irish SMEs. Small Bus Econ, 35(1), s. 357–375. doi:10.1007/s11187-008-9162-6
  • Bontempi, M. E. (2002). The dynamic specification of the modified pecking order theory: its relevance to Italy. Empirical Economics, 27(1), s. 1-22.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structures in Developing Countries. The Journal of Finance, 56(1), s. 87-130.
  • Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(1), s. 295–314. doi:10.1016/j.ribaf.2010.02.001
  • Chen, J. J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 1341-1351.
  • Colombo, E. (2001). Determinants of corporate capital structure: evidence from Hungarian firms. Applied Economics, 33(1), s. 1689-1701. doi:10.1080/0003684001001505 7
  • Cotei, C., & Farhat, J. (2009). The trade-off theory and the pecking order theory: are they mutually exclusive? North American Journal of Finance and Banking Research, 3(3), s. 1-17.
  • Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of multinational financial management, 14(4), s. 387-405. doi:10.1016/j.mulfin.2004.03.001
  • Delcoure, N. (2007). The determinants of capital structure in transitional economies. International Review of Economics and Finance, 400-415.
  • Drake, P. P., & Fabozzi, F. J. (2010). The Basics of Finance: An Introduction to Financial Markets, Business Finance, and Portfolio Management. New Jersey: John Wiley & Sons.
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially-Dependent Panel Data. Review of Economics and Statistics, 80(4), s. 1-29.
  • Forte, D., Barros, L. A., & Nakamura, W. T. (2013). Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises. BAR-Brazilian Administration Review, 10(3), s. 47-369.
  • Fosu, S. (2013). Capital structure, product market competition and firm performance: Evidence from South Africa. The quarterly review of economics and finance, 53(2), s. 140-151.
  • Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), s. 217–248.
  • Frank, Z. M., & Goyal, V. K. (2008). Tradeoff and Pecking Order Theories of Debt. W. T. Ziemba içinde, Handbook of Empirical Corporate Finance Vol. 2 (s. 135-197). North-Holland: Elsevier.
  • Gropp, R., & Heinder, F. (2010). The Determinants of Bank Capital Structure. Review of Finance, 14(1), s. 587–622. doi:10.1093/rof/rfp030
  • Huang, G., & Song, F. M. (2006). The determinants of capital structure:Evidence from China. China Economic Review, 14-36.
  • Jõeveer, K. (2013). Firm, country and macroeconomic determinants of capital structure: Evidence from transition economies. Journal of Comparative Economics, 41(1), s. 294–308. doi:10.1016/j.jce.2012.05.001
  • Jong, A. d., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking & Finance, 1954-1969.
  • Jong, A. d., Verbeek, M., & Verwijmeren, P. (2011). Firms’ debt–equity decisions when the static tradeoff theory and the pecking order theory disagree. Journal of Banking & Finance, 35(1), s. 1303–1314. doi:10.1016/j.jbankfin.2010.10.006
  • Karadeniz, E., Kandir, S. Y., Balcilar, M., & Onal, Y. B. (2009). Determinants of capital structure: evidence from Turkish lodging companies. International Journal of Contemporary Hospitality Management, 21(5), s. 594-609. doi:10.1108/09596110910967827
  • Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(1), s. 358–371. doi:10.1016/j.jbankfin.2010.08.015
  • King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 2423-2432.
  • Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), s. 1575-1608.
  • López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), s. 117–136. doi:10.1007/s11187-007-9088-4
  • Mazur, K. (2007). The Determinants of Capital Structure Choice: Evidence from Polish Companies. International Advances in Economic Research, 13(4), s. 495-514. doi:10.1007/s11294-007-9114-y
  • Miguel, A. d., & Pindado, J. (2001). Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance, 7(1), s. 77–99.
  • Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), s. 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(1), s. 187-221.
  • Nunkoo, P. K., & Boateng, A. (2010). The empirical determinants of target capital structure and adjustment to long-run target: evidence from Canadian firms. Applied Economics Letters, 17(10), s. 983–990. doi:10.1080/17446540802599671
  • Ovtchinnikov, A. V. (2010). Capital structure decisions: Evidence from deregulated industries. Journal of Financial Economics, 95(2), s. 249–274. doi:10.1016/j.jfineco.2009.10.003
  • Ozkan, A. (2001). Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data. Journal of Business Finance & Accounting, 28(1), s. 175-198.
  • Öztekin, Ö., & Flannery, M. J. (2012). Institutional determinants of capital structure adjustment speeds. Journal of financial economics, 103(1), s. 88-112. doi:10.1016/j.jfineco.2011.08.014
  • Pacheco, L., & Tavares, F. A. (2015). Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data. Tékhne, 13(2), s. 145–157. doi:10.1016/j.tekhne.2016.04.002
  • Palacín-Sánchez, M.-J., & Pietro, F. d. (2016). The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs). Regional Studies, 50(7), s. 1232–1247. doi:10.1080/00343404.2014.1000290
  • Pattweekongka, S., & Napompech, K. (2014). Determinants of Capital Structure: Evidence from Thai Lodging Companies. International Journal of Arts & Sciences, 7(4), s. 45-52.
  • Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33(3), s. 319–333. doi:10.1007/s11187-008-9103-4
  • Seo, J., & Choi, W. (2016). What Determinants Affect the Capital Structure of Consumer Co‐Operatives? The Case of Icoop Korea. Annals of Public and Cooperative Economics, 87(1), s. 117-135.
  • Serrasqueiro, Z. S., Armada, M. R., & Nunes, P. M. (2011). Pecking Order Theory versus Trade-Off Theory: are service SMEs’ capital structure decisions different? Service Business, 5(4), s. 381–409. doi:10.1007/s11628-011-0119-5
  • Serrasqueiro, Z., & Nunes, P. M. (2014). Financing behaviour of Portuguese SMEs in hotel industry. International Journal of Hospitality Management(43), s. 98–107. doi:10.1016/j.ijhm.2014.09.001
  • Sheikh, N. A., & Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), s. 117-133. doi:10.1108/03074351111103668
  • Tang, C.-H. (., & Jang, S. (. (2007). Revisit to the determinants of capital structure: A comparison between lodging firms and software firms. Hospitality Management, 26(1), s. 175–187. doi:10.1016/j.ijhm.2005.08.002
  • Thippayana, P. (2014). Determinants of Capital Structure in Thailand. Procedia-Social and Behavioral Sciences, 1074–1077.
  • Umer, U. M. (2014). Determinants of Capital Structure: Empirical Evidence from Large Taxpayer Share Companies in Ethiopia. International Journal of Economics and Finance, 6(1), s. 53-65. doi:10.5539/ijef.v6n1p53
  • Vicente-Lorente, J. D. (2001). Specificity and opacity as resource-based determinants of capital structure: evidence for Spanish manufacturing firms. Strategic Management Journal, 22(2), s. 157-177.
  • Yerdelen Tatoğlu, F. (2016). Panel veri ekonometrisi Stat Uygulamalı. İstanbul: Beta Yayınevi .

DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM TRADITIONAL AIRLINES

Yıl 2018, Sayı: 21, 173 - 186, 04.04.2018
https://doi.org/10.18092/ulikidince.363126

Öz

Bu çalışmanın amacı geleneksel iş modeli uygulayan havayollarının
sermaye yapısını belirleyen faktörlerin sermaye yapısına ilişkin teoriler
dikkate alınarak incelenmesidir. Bu amaç doğrultusunda finansal verileri
2004-2015 döneminde süreklilik gösteren 31 havayolu şirketi incelenmiştir.
Çalışmada yöntem olarak panel veri analizi kullanılmıştır. Çalışmanın ampirik
bulguları geleneksel havayollarının uzun vadeli borç oranını belirlerken
Dengeleme Teorisine uygun olarak hareket ettiğini ortaya koymaktadır. Buna ek
olarak çalışmanın sonuçları, geleneksel havayollarının toplam borç oranlarının
belirlenmesinde Finansman Hiyerarşisi Teorisine uygun olarak hareket edildiğini
diğer bir ifadeyle toplam kaldıraç düzeyini arttırma eğiliminde olunduğunu
göstermektedir. 

Kaynakça

  • Ahmad, F., Juniad-ul-Haq, Nasir, R. U., Ali, M., & Ullah, W. (2011). Extension of determinants of capital structure: Evidence from Pakistani non-financial firms. African Journal of Business Management, 5(28), s. 11375-11385. doi:10.5897/AJBM11.218
  • Ajanthan, A. (2013). Determinants of capital structure: Evidence from hotel and restaurant companies in Sri Lanka. International Journal of Scientific and Research Publications, 3(6), s. 1-8.
  • Antoniou, A., Guney, Y., & Paudyal, K. (2008). The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions. Journal of Financial and Quantitative Analysis, 43, s. 59-92.
  • Arsov, S., & Naumoski, A. (2016). Determinants of capital structure: An empirical study of companies from selected post-transition economies. Journal of Economics and Business, 34(1), s. 119-146. doi:10.18045/zbefri.2016.1.119
  • Bandyopadhyay, A., & Barua, N. M. (2016). Factors determining capital structure and corporate performancein India: Studying the business cycle effects. The Quarterly Review of Economics and Finance, 61, s. 1-13. doi:10.1016/j.qref.2016.01.004
  • Bauer, P. (2004). Determinants of capital structure: empirical evidence from the Czech Republic. Czech Journal of Economics and Finance, 54(1-2), s. 2-21.
  • Baxamusa, M., & Jalal, A. (2014). Does religion affect capital structure? Research in International Business and Finance, s. 112-131.
  • Bhaduri, S. N. (2002). Determinants of capital structure choice: a study of the Indian corporate sector. Applied Financial Economics, 12(1), s. 655-665. doi:10.1080/0960310001001770 5
  • Bhaird, C. m., & Lucey, B. (2010). Determinants of capital structure in Irish SMEs. Small Bus Econ, 35(1), s. 357–375. doi:10.1007/s11187-008-9162-6
  • Bontempi, M. E. (2002). The dynamic specification of the modified pecking order theory: its relevance to Italy. Empirical Economics, 27(1), s. 1-22.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structures in Developing Countries. The Journal of Finance, 56(1), s. 87-130.
  • Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(1), s. 295–314. doi:10.1016/j.ribaf.2010.02.001
  • Chen, J. J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 1341-1351.
  • Colombo, E. (2001). Determinants of corporate capital structure: evidence from Hungarian firms. Applied Economics, 33(1), s. 1689-1701. doi:10.1080/0003684001001505 7
  • Cotei, C., & Farhat, J. (2009). The trade-off theory and the pecking order theory: are they mutually exclusive? North American Journal of Finance and Banking Research, 3(3), s. 1-17.
  • Deesomsak, R., Paudyal, K., & Pescetto, G. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of multinational financial management, 14(4), s. 387-405. doi:10.1016/j.mulfin.2004.03.001
  • Delcoure, N. (2007). The determinants of capital structure in transitional economies. International Review of Economics and Finance, 400-415.
  • Drake, P. P., & Fabozzi, F. J. (2010). The Basics of Finance: An Introduction to Financial Markets, Business Finance, and Portfolio Management. New Jersey: John Wiley & Sons.
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially-Dependent Panel Data. Review of Economics and Statistics, 80(4), s. 1-29.
  • Forte, D., Barros, L. A., & Nakamura, W. T. (2013). Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises. BAR-Brazilian Administration Review, 10(3), s. 47-369.
  • Fosu, S. (2013). Capital structure, product market competition and firm performance: Evidence from South Africa. The quarterly review of economics and finance, 53(2), s. 140-151.
  • Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), s. 217–248.
  • Frank, Z. M., & Goyal, V. K. (2008). Tradeoff and Pecking Order Theories of Debt. W. T. Ziemba içinde, Handbook of Empirical Corporate Finance Vol. 2 (s. 135-197). North-Holland: Elsevier.
  • Gropp, R., & Heinder, F. (2010). The Determinants of Bank Capital Structure. Review of Finance, 14(1), s. 587–622. doi:10.1093/rof/rfp030
  • Huang, G., & Song, F. M. (2006). The determinants of capital structure:Evidence from China. China Economic Review, 14-36.
  • Jõeveer, K. (2013). Firm, country and macroeconomic determinants of capital structure: Evidence from transition economies. Journal of Comparative Economics, 41(1), s. 294–308. doi:10.1016/j.jce.2012.05.001
  • Jong, A. d., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking & Finance, 1954-1969.
  • Jong, A. d., Verbeek, M., & Verwijmeren, P. (2011). Firms’ debt–equity decisions when the static tradeoff theory and the pecking order theory disagree. Journal of Banking & Finance, 35(1), s. 1303–1314. doi:10.1016/j.jbankfin.2010.10.006
  • Karadeniz, E., Kandir, S. Y., Balcilar, M., & Onal, Y. B. (2009). Determinants of capital structure: evidence from Turkish lodging companies. International Journal of Contemporary Hospitality Management, 21(5), s. 594-609. doi:10.1108/09596110910967827
  • Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(1), s. 358–371. doi:10.1016/j.jbankfin.2010.08.015
  • King, M. R., & Santor, E. (2008). Family values: Ownership structure, performance and capital structure of Canadian firms. Journal of Banking & Finance, 2423-2432.
  • Lemmon, M. L., Roberts, M. R., & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), s. 1575-1608.
  • López-Gracia, J., & Sogorb-Mira, F. (2008). Testing trade-off and pecking order theories financing SMEs. Small Business Economics, 31(2), s. 117–136. doi:10.1007/s11187-007-9088-4
  • Mazur, K. (2007). The Determinants of Capital Structure Choice: Evidence from Polish Companies. International Advances in Economic Research, 13(4), s. 495-514. doi:10.1007/s11294-007-9114-y
  • Miguel, A. d., & Pindado, J. (2001). Determinants of capital structure: new evidence from Spanish panel data. Journal of Corporate Finance, 7(1), s. 77–99.
  • Myers, S. C. (1984). The Capital Structure Puzzle. The Journal of Finance, 39(3), s. 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(1), s. 187-221.
  • Nunkoo, P. K., & Boateng, A. (2010). The empirical determinants of target capital structure and adjustment to long-run target: evidence from Canadian firms. Applied Economics Letters, 17(10), s. 983–990. doi:10.1080/17446540802599671
  • Ovtchinnikov, A. V. (2010). Capital structure decisions: Evidence from deregulated industries. Journal of Financial Economics, 95(2), s. 249–274. doi:10.1016/j.jfineco.2009.10.003
  • Ozkan, A. (2001). Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data. Journal of Business Finance & Accounting, 28(1), s. 175-198.
  • Öztekin, Ö., & Flannery, M. J. (2012). Institutional determinants of capital structure adjustment speeds. Journal of financial economics, 103(1), s. 88-112. doi:10.1016/j.jfineco.2011.08.014
  • Pacheco, L., & Tavares, F. A. (2015). Capital structure determinants of Portuguese footwear sector SMEs: Empirical evidence using a panel data. Tékhne, 13(2), s. 145–157. doi:10.1016/j.tekhne.2016.04.002
  • Palacín-Sánchez, M.-J., & Pietro, F. d. (2016). The Role of the Regional Financial Sector in the Capital Structure of Small and Medium-Sized Enterprises (SMEs). Regional Studies, 50(7), s. 1232–1247. doi:10.1080/00343404.2014.1000290
  • Pattweekongka, S., & Napompech, K. (2014). Determinants of Capital Structure: Evidence from Thai Lodging Companies. International Journal of Arts & Sciences, 7(4), s. 45-52.
  • Psillaki, M., & Daskalakis, N. (2009). Are the determinants of capital structure country or firm specific? Small Business Economics, 33(3), s. 319–333. doi:10.1007/s11187-008-9103-4
  • Seo, J., & Choi, W. (2016). What Determinants Affect the Capital Structure of Consumer Co‐Operatives? The Case of Icoop Korea. Annals of Public and Cooperative Economics, 87(1), s. 117-135.
  • Serrasqueiro, Z. S., Armada, M. R., & Nunes, P. M. (2011). Pecking Order Theory versus Trade-Off Theory: are service SMEs’ capital structure decisions different? Service Business, 5(4), s. 381–409. doi:10.1007/s11628-011-0119-5
  • Serrasqueiro, Z., & Nunes, P. M. (2014). Financing behaviour of Portuguese SMEs in hotel industry. International Journal of Hospitality Management(43), s. 98–107. doi:10.1016/j.ijhm.2014.09.001
  • Sheikh, N. A., & Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in manufacturing industry of Pakistan. Managerial Finance, 37(2), s. 117-133. doi:10.1108/03074351111103668
  • Tang, C.-H. (., & Jang, S. (. (2007). Revisit to the determinants of capital structure: A comparison between lodging firms and software firms. Hospitality Management, 26(1), s. 175–187. doi:10.1016/j.ijhm.2005.08.002
  • Thippayana, P. (2014). Determinants of Capital Structure in Thailand. Procedia-Social and Behavioral Sciences, 1074–1077.
  • Umer, U. M. (2014). Determinants of Capital Structure: Empirical Evidence from Large Taxpayer Share Companies in Ethiopia. International Journal of Economics and Finance, 6(1), s. 53-65. doi:10.5539/ijef.v6n1p53
  • Vicente-Lorente, J. D. (2001). Specificity and opacity as resource-based determinants of capital structure: evidence for Spanish manufacturing firms. Strategic Management Journal, 22(2), s. 157-177.
  • Yerdelen Tatoğlu, F. (2016). Panel veri ekonometrisi Stat Uygulamalı. İstanbul: Beta Yayınevi .
Toplam 54 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm MAKALELER
Yazarlar

Kasım Kiracı 0000-0002-2061-171X

Nurhan Aydın

Yayımlanma Tarihi 4 Nisan 2018
Yayımlandığı Sayı Yıl 2018 Sayı: 21

Kaynak Göster

APA Kiracı, K., & Aydın, N. (2018). DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM TRADITIONAL AIRLINES. Uluslararası İktisadi Ve İdari İncelemeler Dergisi(21), 173-186. https://doi.org/10.18092/ulikidince.363126


______________________________________________________

Adres: KTÜ-İİBF. Oda No:213    61080 TRABZON
e-mailuiiidergisi@gmail.com