SERMAYE YAPISINI BELİRLEYEN FAKTÖRLER: İMKB SANAYİ VE HİZMET SEKTÖRLERİNDE İŞLEM GÖREN İŞLETMELER ÜZERİNE BİR İNCELEME

Year 2008, Issue: 22, - , 20.06.2015

Ali Sait Albayrak Ramazan Akbulut

Abstract

The purpose of this study is to search the most important factors that determine the capital structure of the firms in the industrial and service sectors of Istanbul Stock Exchange (ISE) by using CRT (Classification and Regression Trees) algorithm of data mining techniques. For this purpose 38 indicators are chosen from different financial fields such as profitability, liquidity, activity efficiency, market value, firm size, business risk, none-debt tax shield, tax level and growth rates. Empirical results of the study show that the most important factors affect capital structures of firms are liquidity, activity efficiency and business risk

Keywords

ISE, Capital Structure, Data Mining, Decision Trees, CRT

SERMAYE YAPISINI BELİRLEYEN FAKTÖRLER: İMKB SANAYİ VE HİZMET SEKTÖRLERİNDE İŞLEM GÖREN İŞLETMELER ÜZERİNE BİR İNCELEME

Abstract

Bu çalışmanın amacı, İstanbul Menkul Kıymetler Borsası (İMKB) sanayi ve hizmet sektörlerinde faaliyet gösteren firmaların sermaye yapılarını etkileyen en önemli faktörleri karar ağacı algoritmalarından CRT ile araştırmaktır. Bu amaçla karlılık, likidite, varlık kullanım etkinliği, pazar değeri, işletme büyüklüğü, işletme riski, borç dışı vergi kalkanı, vergi düzeyi ve büyüme oranları gibi farklı alanlardan 38 farklı finansal gösterge seçilmiştir. Araştırma sonuçları işletmelerin sermaye yapılarının en önemli belirleyicileri likidite, varlık kullanım etkinliği ve işletme riski göstergeleri olduğunu göstermektedir

Keywords

İMKB, Sermaye Yapısı, Veri Madenciliği, Karar Ağaçları, CRT

References

• Akgüç, Öztin ( 1998 ); Finansal Yönetim, Yenilenmiş 7. Baskı, Avcıol Ba- sım Yayım, İstanbul.
• Bevan, Alan A. and Jo Danbolt (2000); "Capital Structure and Its Determi- nants in The United Kingdom - A Decompositional Analysis,” Depart- ment of Accounting and Finance University of Glasgow Working Paper Series, vrimiçi)http://www.law.gla.ac.uk/dbase/Accfin/Department/Library/Wp2 000/200-2.PDF,18.07.2002. 2000, pp.1-31, (Çe
• Bradley, M., G. A. Jarrell and E. H. Kim (1984); “On the Existence of an Optimal Capital Structure: Theory and Evidence,” Journal of Finance, 39, pp. 857-880.
• Brealy, Richard A. and Stewart C. Myers (1991); “Principles of Corporate Finance,” Fourth edition, McGraw-Hill Inc., USA.
• Brigham, E.F., Houston J. F. (1996); “Fundamentals of Financial Manage- ment,” The Concise Edition, USA.
• Chaplinsky, S. and G. Niehaus (1993); “Do inside Ownership and Leverage Share Common Determinants?” Quarterly Journal of Business and Eco- nomics, 32(4), pp. 51-65.
• Chen, L. and Zhau, X. (2004); “Profitability, Mean Reversion of Leverage Ratios and Capital Structure Choices”, pp. 1-43.
• Durukan, M. Banu (1997); “Hisse Senetleri İMKB’de İşlem Gören Firmala- rın Sermaye Yapısı Üzerine Bir Araştırma 1990–1995,” IMKB Dergisi, Yıl: 1, Sayı: 3, s. 75–91.
• Graham, R. John and Campell R. Harvey (2001); “The Theory and Practice of Corporate Finance: Evidence from the Field”, Journal Of Financial Economics, Vol. LX, 2001, s.187-243.
• Graham, John R. (1999); “How Biga are the Tax Benefits of Debt?” http://citeseer.nj.nec.com/cache/papers2/cs/10519/http:zSzzSzwww .cob.ohio- state.eduzSz~finzSzjournalzSzarchive_paperszSzms6749.pdf/graha m99how.pdf S.1-56 (11.07.2001).
• Günçavdı, Öner, Haluk Levent ve Burç Ülengin (1999); “İstanbul Menkul Kıymetler Borsasına Kayıtlı Firmaların Finansal Yapılarını Belirleyen Faktörler,” Yayın No: 209, İstanbul, Türkiye Bankalar Birliği, İstanbul.
• Harris, Milton ve Arthur Raviv (1991); “The Theory of Capital Structure,” The Journal of Finance, Volume: 14, No: 1, pp. 297-355).
• Hovakimian, A., Hovakimian, G. and Tehranian, H. (2004); “Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues”, Journal of Financial Economics, 71, pp. 517–540.
• Huang, Guihai and Frank M. Song (2006); “The Determinants of Capital Structure: Evidence from China,” China Economic Review, 17, pp. 14-36.
• Jensen, M., W. H. Meckling (1976); “Theory of the Firm; Managerial Be- havior, Agency Costs, and Ownership Structure,” Journal of Financial Economics, Volume: 3, No: 4, pp. 305-360.
• Kale, Jayant R. Thomas H. Noe and Gabriel G. Ramirez (1996); "The Effect of Business Risk on Corporate Capital Structure: Theory and Evidence," The Journal of Finance, Vol. IVL, No. 5, pp. 1693-171.
• Kester, W. C. (1986); "Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations," Financial Management, pp. 5-16.
• Long, M. and I. Malitz (1985); "The Investment Patterns and Financial lev- erage," The University of Chicago Press, pp. 325-351
• Mackay, Peter and Gordon M. Phillips (2001); “Is There an Optimal Indus- March try http://www.gsu.edu/∼fncjtg /AFFAFW/ Phillips.pdf.13.08.2001. 27, pp. 1-33. (Çevrimiçi)
• MacKie-Mason, J. K. (1990); “Do Tax Effect Corporate Financing Deci- sion?” Journal of Finance, 45, pp. 1471-1493.
• Marsh, P. (1982); “The Choice between Equity and Debt: An Empirical Study,” Journal of Finance, 37, pp. 12-144.
• Michaelas, Nicos, Francis Chittenden, Panikkos Poutziouris (1999); “Finan- cial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evi- dence from Company Panel Data,” Small Business Economics, 12, pp. 113-130.
• Mocnik, Dijana. (2001); "Asset Specificity And A Firm's Borrowing Ability: An Empirical Analysis Of Manufacturing Firms," Journal of Economic Behavior & Organization, Vol. VL, 2001, pp. .69-81.
• Modigliani, F., Miller, M. (1963); "Corporate Income Taxes and the Cost of Capital a Correction," The American Economic Review, 53, pp. 433-443.
• Morellec, Erwan (2001); “Asset Liquidity, Capital Structure and Secured Debt," Journal of Financial Economics, Vol. LXI, 2001, pp. 77-99.
• Myers, Stewart C. and Nicholas S. Majluf (1984); "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have," Journal of Financial Economics, Volume: 13, No: 2, pp. 187- 221.
• Prasad, Dev , Prakash L. Dheeriya and Criss Woodruff. (2002); “A Com- parative Study of the Capital Structure of Indian Firms with the Firms of Developing www.sbaer.uca.edu/research/1999/WDS/99wds (18.12.2002). and Asian Countries,” 196.htm
• Poitevin (1989); Michel, “Financial Signaling and Deep–Pocket Argument,” Rand Journal of Economics, Volume: 20, pp. 26-40.
• Rajan, Raghuram G. and Luigi Zingales (1995); "What Do We Know about Capital Structure? Some Evidence from International Data", The Journal of Finance, Vol. L, No. 5, pp. 1421-1460.
• Requejo, J. Saa (1996); “Financing Decisions: Lessons from the Spanish Experience” Financial Management, Vol. 25, No. 3, Special Issue: Euro- pean Corporate Finance, s. 44-56.
• Shuetrim, Geoffrey, Philip Lowe and Steve Morling. (1993); “The Determi- nants of Corporate Leverage: A Panel Data Analysis,” Research Discus- sion Paper, Reserve Bank of Australia, December, pp. 1-48. (Çevrimiçi) http://www.rba.gov.au/rdp/rdp 9313.pdf. 13.08.2001.
• Sogorb-Mira, Francisco (2005); “How SME Uniqueness Affects Capital Structure: Evidence form a 1994-998 Spanish Data Panel,” Small Busi- ness Economics, 25, pp. 447-457.
• Stulz, Rene M. (1990); “Managerial Discretion and Optimal Financing Poli- cies,” Journal of Financial Economics, Volume: 26, No: 1, pp. 3–27.
• Titman, S., Wessels, R. (1988); “The Determinants of Capital Structure Choice,” The Journal of Finance, Volume: 43, No: 1, pp. 1-19.
• Tekbaş, Mehmet Şükrü. (1977); "Finansal Yapıya Etkide Bulunan Faktörle- rin Pamuklu Tekstil Endüstrisindeki İşletmeler Üzerinde Analizi," İstan- bul Üniversitesi İşletme Fakültesi, Yayınlanmamış Doçentlik Tezi, İstan- bul.
• Toy, N., Stonehill, A., Remmers, L., Wright, R. and Beekhuisen, T. (1974); “A Comparative International Study of Growth, Profitability, and Risk as Determinants of Corporate Debt Ratios in the Manufacturing Sector,” Journal of Financial and Quantitative Analysis, November, pp. 875-886.
• Wald, John K. (1999); "How Firm Characteristics Affect Capital Structure: An International Comparison," Journal of Financial Research, Vol. XXII, No. 2, pp. 161-187.