Examining Panel Causality Between Capital Structure and Firm Performance

Abstract

This study examines the relationship between capital structure and the performance of 109 companies operating in Borsa Istanbul's manufacturing sector over the period 2010-2023. The study measured company performance using both accounting (return on assets and operating profitability) and market-based (Tobin Q) variables. To measure capital structure, total, short-term, and long-term debt ratios were used. In addition, some variables that may affect the relationship between capital structure and company performance were used as control variables. The results suggest that there is a negative and significant relationship between capital structure and financial performance and an insignificant relationship between capital structure and market performance, using two-stage GMM and DCCE. In addition, the causality results show that there is a bidirectional causality relationship between return on assets and total debt, and between Tobin's Q and total debt.

Keywords

• Capital Structure
• Firm Performance
• Causality
• GMM
• DCCE

Sermaye Yapısı ile Firma Performansı Arasındaki Nedenselliğin İncelenmesi

Abstract

Bu çalışma, 2010-2023 yılları arasında Borsa İstanbul’da imalat sektöründe faaliyet gösteren 109 firmanın sermaye yapıları ile performansları arasındaki ilişkiyi incelemektedir. Çalışmada firma performansını ölçmek için hem muhasebe hem de piyasa tabanlı değişkenler kullanılmıştır. Muhasebe tabanlı değişkenler, aktif ve faaliyet karlılığı oranları iken piyasa tabanlı değişken ise Tobin Q oranıdır. Sermaye yapısını ölçmek için toplam, kısa vadeli ve uzun vadeli kaldıraç oranları kullanılmıştır. Ayrıca sermaye yapısı ve firma performansı arasındaki ilişkiyi etkileyebilecek bazı değişkenler de kontrol değişkenler olarak kullanılmıştır. Sermaye yapısı ile firma performansı arasındaki ilişkinin ortaya konulması için iki aşamalı sistem genelleştirilmiş momentler yöntem ve dinamik ortak ilişkili etkiler tahmincileri kullanılmış ve panel nedensellik testleri uygulanmıştır. Bulgular, sermaye yapısı ile finansal performans (aktif ve faaliyet karlılığı) arasında negatif ve anlamlı, piyasa performansı (Tobin Q) arasında anlamsız bir ilişki olduğunu ortaya koymaktadır. Ayrıca nedensellik bulguları, toplam kaldıraç ile aktif karlılığı ve Tobin Q arasında çift taraflı, faaliyet karlılığı ile tek taraflı bir nedensellik ilişkisi olduğunu göstermektedir.

Keywords

• Sermaye Yapısı
• Firma Performansı
• Nedensellik
• GMM
• DCCE

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