Karar Ağaçları Sermaye Yapısı Temettü Modigliani-Miller Teorisi Holding Şirketleri
The purpose of the company, which was opened for discussion after the half of the twentieth century within the scope of the modern understanding of finance, has evolved into the direction of maximizing shareholder value. The theoretical orientation of finance since the beginning of the 1950s is based on decisions on the selection of the necessary assets and resources that will maximize shareholder value, as well as analytical studies on which these decisions are based. Shareholder value strategies basically focus on being able to see the company's growth opportunities and creating competitive advantage in its sector. Nowadays, with the realization that value creation is a strategic factor by the company's stakeholders, companies have entered into the process of managing their assets and resources with a value-oriented perspective. In line with this process, the capital structure of companies and their decisions on dividend distribution still hold a controversial position in the financial literature as the drivers of value creation. Merton Miller and Franco Modigliani ignited the fuse of these discussions with an article they wrote in 1958. Decision trees machine learning algorithms with the aim to contribute to the ongoing discussions with the Borsa Istanbul (BIST) and Investment Holding Company Index (XHOLD) the holding company quoted on the financial value associated with identified 12 factors that create value and Modigliani-Miller capital structure and dividend Irrelevance theory is tested. In the findings obtained, the highest financial ratio/asset impact on holding companies was determined as equity, liquid ratio, dividend rate per share and short-term debt/asset. Modigliani-Miller's theories that the capital structure and dividend distribution decisions do not have an impact on the company's market value have not been found to be valid for holding companies. The testing of Modigliani-Miller's theories with artificial intelligence/machine learning based algorithms contributes to the originality of this research.
Decision Trees Algorithm Capital Structure Dividend Modigliani-Miller Theory Holding Companies
Birincil Dil | Türkçe |
---|---|
Bölüm | Araştırma Makaleleri |
Yazarlar | |
Yayımlanma Tarihi | 30 Eylül 2022 |
Gönderilme Tarihi | 14 Haziran 2022 |
Yayımlandığı Sayı | Yıl 2022 Cilt: 6 Sayı: 21 |
Asya Studies dergisinde yer alan eserler Creative Commons Atıf 4.0 Uluslararası Lisansı ile lisanslanmıştır.