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KATILIM BANKALARI İLE GELENEKSEL BANKALARIN SERMAYE YAPILARININ KARŞILAŞTIRILMASI: TÜRK BANKACILIK SEKTÖRÜ ÜZERİNE BİR UYGULAMA

Year 2022, Volume: 13 Issue: 2, 479 - 504, 31.12.2022

Raif Parlakkaya Parlakkaya , Ümran Kahraman , Yasin Cihan

https://doi.org/10.54688/ayd.1109005

Abstract

Bu çalışmada Türk bankacılık sektöründe yer alan geleneksel bankalar ile katılım bankalarının sermaye yapılarına etki eden faktörler incelenmiştir.Bu kapsamda bankaların 2010-2020 yılları arasında yer alan yıllık finansal verileri kullanılarak panel veri regresyon modeli ve yapay sinir ağları modeli ile analiz gerçekleştirilmiştir.

Çalışmanın sonuçlarına göre geleneksel bankaların sermaye yapılarını; varlık yapısı, aktif kârlılık oranı, finansal gelişmişlik ve enflasyon oranı bağımlı değişkenlerinin negatif yönde etkilediği, banka büyüklüğü, büyüme oranı ve GSYİH’nin pozitif yönde etkilediği tespit edilmiştir. Ayrıca sabit etkiler söz konusu olduğundan bankaların ilgili değişkenlerinde meydana gelen bir değişimin diğer bankaları da etkilediği sonucuna ulaşılmıştır. Katılım bankaları açısından regresyon analizi sonuçları incelendiğinde; varlık yapısı ve banka büyüklüğünün kaldıraç oranını pozitif yönde etkilediği, kredi riskinin kaldıraç oranını negatif yönde etkilediği sonucuna ulaşılmıştır.

Keywords

Sermaye yapısı Katılım Bankacılığı Geleneksel Bankacılık

References

  • Ahmad, F. & Abbas, Z. (2011). Role of firm’s level characteristics in determining the capital structure of banks: evidence from the Pakistan banks, Interdisciplinary Journal of Contemporary Research in Business, 2(12), 201-216.
  • Al-Hunnayan, S. H. (2020). The capital structure decisions of Islamic banks in the GCC. Journal of Islamic Accounting and Business Research.
  • Al-Kayed, L. T., Zain, S. R. S. M., & Duasa, J. (2014). The relationship between capital structure and performance of Islamic banks. Journal of Islamic Accounting and Business Research.
  • Alsu, E. (2017). Sermaye Yapısının Kârlılık Üzerindeki Etkisi: BIST 100 Üzerine Panel Veri Analizi. Gaziantep University Journal of Social Sciences, 16(2).
  • Al-Suwaidi, N., Nobanee, H., & Jabeen, F. (2018). Estimating causes of cyber crime: evidence from panel data FGLS estimator.
  • Amidu, M. (2007). Determinants of capital structure of banks in Ghana: an empirical approach, Baltic Journal of Management. 2(1), 67-79.
  • Bai, J., Choi, S. H., & Liao, Y. (2021). Feasible generalized least squares for panel data with cross-sectional and serial correlations. Empirical Economics, 60(1), 309-326.
  • Baltacı, N., & Ayaydın, H. (2014). Firm, country and macroeconomic determinants of capital structure, Evidence from Turkish banking sector. EMAJ: Emerging Markets Journal, 3(3), 47-58.
  • Belanes, A. (2015). Islamic versus conventional banks: a comparative analysis on capital structure. Afro-Asian Journal of Finance and Accounting, 5(3), 248-264.
  • Booth, L., Varouj, A., Asli, D., & Vojislav, M. (2001). Capital structure in developing countries. Journal of Finance, 56(1), 87–130.
  • Bozkurt, İ. (2014). Dengeleme Teorisi’nin geçerliliğinin panel veri analizi ile test edilmesi: BİST’de ampirik bir uygulama. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21(2), 163-178.
  • Breusch, T. S. (1978). Testing for autocorrelation in dynamic linear models. Australian economic papers, 17(31), 334-355.
  • Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253.
  • Bukair, A. A. A. (2019). Factors influencing Islamic banks’ capital structure in developing economies. Journal of Islamic Accounting and Business Research.
  • Caglayan, E., & Sak, N. (2010). The determinants of capital structure: Evidence from the Turkish banks. Journal of Money, Investment and Banking, 15(1), 57–65.
  • Cerezo, P.A. (2018). Economic Analysis of Continuous Intraday Market in Spain From An Industrial Consumer’s Perspective, (Yayınlanmamış Yüksek Lisans Tezi), Universidad Pontificia Comillas.
  • Chang, L. Y. (2005). Analysis of freeway accident frequencies: negative binomial regression versus artificial neural network. Safety science, 43(8), 541-557.
  • Dizgil, E. (2019). Firmaların Sermaye Yapısı Kararları Üzerinde Etkili Olan Mikro Düzeyli Faktörler: BİST Tekstil ve Deri Endeksindeki Firmalar Üzerine Bir Araştırma. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 3(2), 11-37.
  • Gocmen, T., & Sahin, O. (2014). The determinants of bank capital structure and the global financial crisis: The case of Turkey. Journal of Applied Finance and Banking, 4(5), 55.
  • Gönen, İ., & Gökçen, G. (2017). Katılım bankalarının finans sektörü içindeki yeri ve katılım bankalarına yönelik müşteri algısı. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 2(1), 61-77.
  • Godfrey, L. G. (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica. Journal of the Econometric Society, 1293-1301.
  • Groop, H., Heider, F. 2010. The Determinants of Bank Capital Structure. Review of Finance, 14, 587–622.
  • Guizani, M., & Ajmi, A. N. (2021). The capital structure decision of Islamic and conventional banks: empirical evidence from Malaysia. Asia-Pacific Journal of Business Administration.
  • Gülşen, A. Z., & Ülkütaş, Ö. (2012). Sermaye yapisinin belirlenmesinde finansman hiyerarşisi teorisi ve ödünleşme teorisi: İMKB sanayi endeksinde yer alan firmalar üzerine bir uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 8(15), 49-59.
  • Hidayat, S. E., Sakti, M. R. P., & Al-Balushi, R. A. A. (2021). Risk, efficiency and financial performance in the GCC banking industry: Islamic versus conventional banks. Journal of Islamic Accounting and Business Research.
  • Jami, M., & Koloukhi, A. S. (2018). Determinants of capital structure and performance in listed companies of Tehran stock exchange. International Journal of Management, Accounting and Economics, 5(11), 849-860.
  • Karadeniz, E., Kaplan, F., & Günay, F. (2016). Sermaye yapısı kararlarının kârlılığa etkisi: Borsa İstanbul turizm şirketlerinde bir araştırma. Seyahat ve Otel İşletmeciliği Dergisi, 13(3), 38-55
  • Kayo, E. K., Kimura, H. 2011. Hierarchical Determinants Of Capital Structure. Journal of Banking and Finance, 35, 358–371.
  • Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial development and the cash flow sensitivity of cash. Journal of Financial and Quantitative Analysis, 41(4), 787-808.
  • Köksal, B., & Orman, C. (2015). Determinants of capital structure: evidence from a major developing economy. Small Business Economics, 44(2), 255-282.
  • Martinez, L. B., Scherger, V., & Guercio, M. B. (2018). SMEs capital structure: trade-off or pecking order theory: a systematic review. Journal of Small Business and Enterprise Development.
  • Mazur, K. (2007). The determinants of capital structure choice: evidence from Polish companies. International Advances in Economic Research, 13(4), 495-514.
  • Mokhova, N., & Zinecker, M. (2014). Macroeconomic factors and corporate capital structure. Procedia-Social and Behavioral Sciences, 110, 530-540.
  • Owolabi, S. A., & Inyang, U. E. (2013). International pragmatic review and assessment of capital structure determinants. Kuwait Chapter of the Arabian Journal of Business and Management Review, 2(6), 82.
  • Özkan, N., & Gökhan, I. Ş. I. L. (2016). İslami bankalarda kredi riskini belirleyen faktörler: panel veri analizi ile Türkiye’de katılım bankacılığı üzerine ampirik bir uygulama. Maliye ve Finans Yazıları, (105), 153-176.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels (IZA Discussion Paper No. 1240). Institute for the Study of Labor (IZA).
  • Sakti, M. R. P., Tareq, M. A., Saiti, B., & Akhtar, T. (2017). Capital structure of Islamic banks: a critical review of theoretical and empirical research. Qualitative Research in Financial Markets.
  • Sarioğlu, S. E., Kurun, E., & Güzeldere, H. (2013). Sermaye Yapısının Belirleyicileri: İMKB'de İşlem Gören Çimento, Otomotiv ve Bilişim Sektörlerinin Sermaye Yapısı Analizi. Ege Academic Review, 13(4). 481-496.
  • Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management.
  • Sheikh, N. A., & Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in the manufacturing industry of Pakistan. Managerial finance, 37(2), 117-133.
  • TKBB (2021). Katılım Bankacılığı Strateji Güncelleme Raporu. 15 Mart 2022, https://tkbb.org.tr/Documents/Yonetmelikler/EY_TKBB_Rapor_TR_v16_WEB_2021-2025.pdf
  • Toumi, K. (2019). Islamic ethics, capital structure, and profitability of banks; what makes Islamic banks different?. International Journal of Islamic and Middle Eastern Finance and Management.
  • Toumi, K., Louhichi, W., & Viviani, J. L. (2012). Alternative financial decision principles: Theoretical foundations of Islamic banks’ capital structure. In Recent developments in alternative finance: Empirical assessments and economic implications. Emerald Group Publishing Limited.
  • Warner, B. & Misra, M. (1996). Understanding neural networks as statistical tools. The American Statistician, 50(4), 284-293.
  • Wooldridge, J.M. (2002). Econometric Analysis of Cross Section and Panel Data. The MIT Press Cambridge.
  • Yılgör, A. G., & Yücel, E. (2007). Sermaye yapısı kararlarına ilişkin Mersin ve Adana illerinde bir uygulama. Muhasebe ve Finansman Dergisi, (35), 1-15.

COMPARISON OF CAPITAL STRUCTURES OF PARTICIPATION BANKS AND TRADITIONAL BANKS: AN EMPIRICAL RESEARCH IN TURKEY’S BANKING SECTOR

Year 2022, Volume: 13 Issue: 2, 479 - 504, 31.12.2022

Raif Parlakkaya Parlakkaya , Ümran Kahraman , Yasin Cihan

https://doi.org/10.54688/ayd.1109005

Abstract

In this study, the factors affecting the capital structures of traditional banks and participation banks in the Turkish banking sector were examined. In this context, the analyzes were carried out with the panel data regression model and artificial neural networks using the annual financial data of the banks between the years 2010-2020.
According to the results of the study, the capital structures of traditional banks; It has been determined that asset structure(tangibility), return on assets ratio, financial development and inflation rate variables affect negatively, while bank size, growth rate and GDP affect positively. In addition, since there are fixed effects, it has been concluded that a change in the relevant variables of the banks also affects other banks.
When the results of the regression analysis are examined in terms of participation banks; It has been concluded that asset structure (tangibility) and bank size have a positive effect on the leverage ratio, while credit risk has a negative effect on the leverage ratio.

Keywords

Capital structure Participation banks Conventional banks

References

  • Ahmad, F. & Abbas, Z. (2011). Role of firm’s level characteristics in determining the capital structure of banks: evidence from the Pakistan banks, Interdisciplinary Journal of Contemporary Research in Business, 2(12), 201-216.
  • Al-Hunnayan, S. H. (2020). The capital structure decisions of Islamic banks in the GCC. Journal of Islamic Accounting and Business Research.
  • Al-Kayed, L. T., Zain, S. R. S. M., & Duasa, J. (2014). The relationship between capital structure and performance of Islamic banks. Journal of Islamic Accounting and Business Research.
  • Alsu, E. (2017). Sermaye Yapısının Kârlılık Üzerindeki Etkisi: BIST 100 Üzerine Panel Veri Analizi. Gaziantep University Journal of Social Sciences, 16(2).
  • Al-Suwaidi, N., Nobanee, H., & Jabeen, F. (2018). Estimating causes of cyber crime: evidence from panel data FGLS estimator.
  • Amidu, M. (2007). Determinants of capital structure of banks in Ghana: an empirical approach, Baltic Journal of Management. 2(1), 67-79.
  • Bai, J., Choi, S. H., & Liao, Y. (2021). Feasible generalized least squares for panel data with cross-sectional and serial correlations. Empirical Economics, 60(1), 309-326.
  • Baltacı, N., & Ayaydın, H. (2014). Firm, country and macroeconomic determinants of capital structure, Evidence from Turkish banking sector. EMAJ: Emerging Markets Journal, 3(3), 47-58.
  • Belanes, A. (2015). Islamic versus conventional banks: a comparative analysis on capital structure. Afro-Asian Journal of Finance and Accounting, 5(3), 248-264.
  • Booth, L., Varouj, A., Asli, D., & Vojislav, M. (2001). Capital structure in developing countries. Journal of Finance, 56(1), 87–130.
  • Bozkurt, İ. (2014). Dengeleme Teorisi’nin geçerliliğinin panel veri analizi ile test edilmesi: BİST’de ampirik bir uygulama. Yönetim ve Ekonomi: Celal Bayar Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 21(2), 163-178.
  • Breusch, T. S. (1978). Testing for autocorrelation in dynamic linear models. Australian economic papers, 17(31), 334-355.
  • Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253.
  • Bukair, A. A. A. (2019). Factors influencing Islamic banks’ capital structure in developing economies. Journal of Islamic Accounting and Business Research.
  • Caglayan, E., & Sak, N. (2010). The determinants of capital structure: Evidence from the Turkish banks. Journal of Money, Investment and Banking, 15(1), 57–65.
  • Cerezo, P.A. (2018). Economic Analysis of Continuous Intraday Market in Spain From An Industrial Consumer’s Perspective, (Yayınlanmamış Yüksek Lisans Tezi), Universidad Pontificia Comillas.
  • Chang, L. Y. (2005). Analysis of freeway accident frequencies: negative binomial regression versus artificial neural network. Safety science, 43(8), 541-557.
  • Dizgil, E. (2019). Firmaların Sermaye Yapısı Kararları Üzerinde Etkili Olan Mikro Düzeyli Faktörler: BİST Tekstil ve Deri Endeksindeki Firmalar Üzerine Bir Araştırma. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 3(2), 11-37.
  • Gocmen, T., & Sahin, O. (2014). The determinants of bank capital structure and the global financial crisis: The case of Turkey. Journal of Applied Finance and Banking, 4(5), 55.
  • Gönen, İ., & Gökçen, G. (2017). Katılım bankalarının finans sektörü içindeki yeri ve katılım bankalarına yönelik müşteri algısı. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 2(1), 61-77.
  • Godfrey, L. G. (1978). Testing against general autoregressive and moving average error models when the regressors include lagged dependent variables. Econometrica. Journal of the Econometric Society, 1293-1301.
  • Groop, H., Heider, F. 2010. The Determinants of Bank Capital Structure. Review of Finance, 14, 587–622.
  • Guizani, M., & Ajmi, A. N. (2021). The capital structure decision of Islamic and conventional banks: empirical evidence from Malaysia. Asia-Pacific Journal of Business Administration.
  • Gülşen, A. Z., & Ülkütaş, Ö. (2012). Sermaye yapisinin belirlenmesinde finansman hiyerarşisi teorisi ve ödünleşme teorisi: İMKB sanayi endeksinde yer alan firmalar üzerine bir uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 8(15), 49-59.
  • Hidayat, S. E., Sakti, M. R. P., & Al-Balushi, R. A. A. (2021). Risk, efficiency and financial performance in the GCC banking industry: Islamic versus conventional banks. Journal of Islamic Accounting and Business Research.
  • Jami, M., & Koloukhi, A. S. (2018). Determinants of capital structure and performance in listed companies of Tehran stock exchange. International Journal of Management, Accounting and Economics, 5(11), 849-860.
  • Karadeniz, E., Kaplan, F., & Günay, F. (2016). Sermaye yapısı kararlarının kârlılığa etkisi: Borsa İstanbul turizm şirketlerinde bir araştırma. Seyahat ve Otel İşletmeciliği Dergisi, 13(3), 38-55
  • Kayo, E. K., Kimura, H. 2011. Hierarchical Determinants Of Capital Structure. Journal of Banking and Finance, 35, 358–371.
  • Khurana, I. K., Martin, X., & Pereira, R. (2006). Financial development and the cash flow sensitivity of cash. Journal of Financial and Quantitative Analysis, 41(4), 787-808.
  • Köksal, B., & Orman, C. (2015). Determinants of capital structure: evidence from a major developing economy. Small Business Economics, 44(2), 255-282.
  • Martinez, L. B., Scherger, V., & Guercio, M. B. (2018). SMEs capital structure: trade-off or pecking order theory: a systematic review. Journal of Small Business and Enterprise Development.
  • Mazur, K. (2007). The determinants of capital structure choice: evidence from Polish companies. International Advances in Economic Research, 13(4), 495-514.
  • Mokhova, N., & Zinecker, M. (2014). Macroeconomic factors and corporate capital structure. Procedia-Social and Behavioral Sciences, 110, 530-540.
  • Owolabi, S. A., & Inyang, U. E. (2013). International pragmatic review and assessment of capital structure determinants. Kuwait Chapter of the Arabian Journal of Business and Management Review, 2(6), 82.
  • Özkan, N., & Gökhan, I. Ş. I. L. (2016). İslami bankalarda kredi riskini belirleyen faktörler: panel veri analizi ile Türkiye’de katılım bankacılığı üzerine ampirik bir uygulama. Maliye ve Finans Yazıları, (105), 153-176.
  • Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels (IZA Discussion Paper No. 1240). Institute for the Study of Labor (IZA).
  • Sakti, M. R. P., Tareq, M. A., Saiti, B., & Akhtar, T. (2017). Capital structure of Islamic banks: a critical review of theoretical and empirical research. Qualitative Research in Financial Markets.
  • Sarioğlu, S. E., Kurun, E., & Güzeldere, H. (2013). Sermaye Yapısının Belirleyicileri: İMKB'de İşlem Gören Çimento, Otomotiv ve Bilişim Sektörlerinin Sermaye Yapısı Analizi. Ege Academic Review, 13(4). 481-496.
  • Sheikh, N. A., & Qureshi, M. A. (2017). Determinants of capital structure of Islamic and conventional commercial banks: Evidence from Pakistan. International Journal of Islamic and Middle Eastern Finance and Management.
  • Sheikh, N. A., & Wang, Z. (2011). Determinants of capital structure: An empirical study of firms in the manufacturing industry of Pakistan. Managerial finance, 37(2), 117-133.
  • TKBB (2021). Katılım Bankacılığı Strateji Güncelleme Raporu. 15 Mart 2022, https://tkbb.org.tr/Documents/Yonetmelikler/EY_TKBB_Rapor_TR_v16_WEB_2021-2025.pdf
  • Toumi, K. (2019). Islamic ethics, capital structure, and profitability of banks; what makes Islamic banks different?. International Journal of Islamic and Middle Eastern Finance and Management.
  • Toumi, K., Louhichi, W., & Viviani, J. L. (2012). Alternative financial decision principles: Theoretical foundations of Islamic banks’ capital structure. In Recent developments in alternative finance: Empirical assessments and economic implications. Emerald Group Publishing Limited.
  • Warner, B. & Misra, M. (1996). Understanding neural networks as statistical tools. The American Statistician, 50(4), 284-293.
  • Wooldridge, J.M. (2002). Econometric Analysis of Cross Section and Panel Data. The MIT Press Cambridge.
  • Yılgör, A. G., & Yücel, E. (2007). Sermaye yapısı kararlarına ilişkin Mersin ve Adana illerinde bir uygulama. Muhasebe ve Finansman Dergisi, (35), 1-15.
There are 46 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Makaleler
Authors

Raif Parlakkaya Parlakkaya 0000-0002-0961-1970

Ümran Kahraman 0000-0002-9840-0461

Yasin Cihan 0000-0002-8544-3382

Publication Date December 31, 2022
Submission Date April 26, 2022
Published in Issue Year 2022 Volume: 13 Issue: 2

Cite

APA Parlakkaya, R. P., Kahraman, Ü., & Cihan, Y. (2022). KATILIM BANKALARI İLE GELENEKSEL BANKALARIN SERMAYE YAPILARININ KARŞILAŞTIRILMASI: TÜRK BANKACILIK SEKTÖRÜ ÜZERİNE BİR UYGULAMA. Akademik Yaklaşımlar Dergisi, 13(2), 479-504. https://doi.org/10.54688/ayd.1109005
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