The Impact of Corporate Governance Practices on the Capital Structure in Manifacturing Industry Enterprises: A Case of Turkey
Abstract
In this study, Debt / Total Assets and Debt / Equity ratios of manufacturing industry enterprises included in BIST corporate governance index are examined annually between the years 2005-2013. In the study, where the relevant ratios have been examined over the years, the direction of change in the capital structure by utilizing corporate governance index with the help of panel and dynamic panel methods has been tried to be explicated. In analyses performed on manufacturing industry enterprises reveal that there is a significant increase both in Debt / Total Assets and Debt / Equity ratios following the inclusion of those enterprises in the corporate governance index. The results of the study indicate a statistically significant increase in the indebtedness of the manufacturing industry enterprises included in the corporate governance index.
References
- AHN, Seung C. and Peter SCHMIDT; (1995), “Efficient Estimation of Models for Dynamic Panel Data”, Journal of Econometrics, 68(1), pp. 5–28.
- AJANTHAN, Alagathurai; (2013), “The Relationship between Dividend Payout and Firm Profitability: A Study of Listed Hotels and Restaurant Companies in Sri Lanka”, International Journal of Scientific and Research Publications, 3 (6), pp. 1-6.
- ANDERSON, Theodore W. and Cheng HSIAO; (1981), “Estimation of Dynamic Panel Models with Error Components”, Journal of the American Statistical Association, 76(375), pp. 74–82.
- ARELLANO, Manuel and Stephen BOND; (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, Review of Economic Studies, 58(2), pp. 277–297.
- BALTAGI, Badi H.; (2001). Econometric Analysis of Panel Data, 2. Edition, UK: John Wiley &Sons.
- BOKPIN, Godfred A. and Anastacia C. ARKO; (2009), “Ownership Structure, Corporate Governance and Capital Structure Decisions of Firms: Empirical Evidence from Ghana”, Studies in Economics and Finance, 26 (4), pp. 246-256.
- BOND, Stephan; (2002), Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice. Portuguese Economic Journal, 1(1), pp. 141-162.
- BREALEY, Richard A; Stewart C. MYERS and Alan J. MARCUS; (2007), İşletme Finansının Temelleri, 5. Baskı, (Çev.Ünal Bozkurt, Türkan Arıkan ve Hatice Doğukanlı), İstanbul: Literatür Yayıncılık.
- BÜYÜKMERT, Naim; (2015), İşletmelerde Sahiplik Yapısının Kârlılık Ve Sermaye Yapısı Üzerine Etkileri: Borsa İstanbul’da Ampirik Bir Uygulama. Yayımlanmamış Yüksek Lisans Tezi, Balıkesir: Balıkesir Üniversitesi, Sosyal Bilimler Enstitüsü.
- DIMA, Bogdan; Alin IONESCU and Petru TUDOREANU; (2013), “Corporate Governance And Fınancıal Structures Of Companıes In Developing Countries”, Annales Universitatis Apulensis Series Oeconomica, 15(1), pp. 162-172
- DİRİM, Hasan Atınç; (2008), Kurumsal Yönetimin Sermaye Yapısı Kararına Etkisi, Yayınlanmış Yüksek Lisans Tezi, İzmir: Dokuz Eylül Üniversitesi, Sosyal Bilimler Enstitüsü.
- DURAND, David; (1952), “Costs of Debt and Equıty Funds for Busıness: Trends and Problems of Measurement”, Conference on Research in Business Finance. http://www.nber.org/chapters/c4790.pdf, Erişim Tarihi: 10.05.2017
- ESER, Ayşe; (2011), Kurumsal Yönetim ve Sermaye Yapısı Arasındaki İlişki: İMKB’de Bir Uygulama. Yayımlanmamış Yüksek Lisans Tezi. Kahramanmaraş: Sütçü İmam Üniversitesi, Sosyal Bilimler Enstitüsü.
- GANIYU, Yinusa O. and Babalola Y. ABIODUN; (2012), “The Impact of Corporate Governance on Capital Structure Decision of Nigerian Firms”, Research Journal in Organizational Psychology & Educational Studies, 1(2), pp. 121-128.
- GREENE, William H; (2000), Econometric Analysis, 4. Edition, USA: Prentice Hall.
- GREENE, William H; (2003), Econometric Analysis, 5 th Edition, USA: Prentice Hall.
- GUJRATI, Damador N; (2004), Basic Econometrics. USA: Military Academy, McGraw Hill Publications.
- HAQUE, Faizul; Thankum G. ARUN and Colin KIRKPATRICK; (2011), “Corporate Governance and Capital Structure in Developing Countries: A Case Study of Bangladesh”, Applied Economics, 43, pp. 673–681.
- İSKENDEROĞLU, Ömer; Serkan Y. KANDIR ve Yıldırım B. ÖNAL; (2008), Finansal Gelişme ve Ekonomik Büyüme, Adana: Nobel Kitabevi.
- JENSEN, Micheal C. and William H. MECKLING; (1976), “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics, 1(1), pp. 163-231.
- KAJANANTHAN, Rajendran; (2012), “Effect of Corporate Governance on Capital Structure, Case of the SriLankan Listed Manufacturing Companies” Journal of Arts. Sciences & Commerce, 3(4), pp. 63-71.
- KARADENİZ, Erdinç; (2008), Türk Konaklama İşletmelerinde Sermaye Yapısını Etkileyen Faktörlerin Analizi, Yayımlanmamış Doktora Tezi, Adana: Çukurova Üniversitesi, Sosyal Bilimler Enstitüsü.
- KEANE, Micheal P. and David E. RUNKLE; (1992), “On the Estimation of Panel Data Models with Serial Correlation when Instruments are Predetermined but not Strictly Exogenous”, Journal of Business and Economic Statistics, 10(1), pp. 1-9.
- MILLER, Merton; (1977), “Debt and Taxes”, Journal of Finance, 32(2): 261-275.
- MODIGLIANI, Franco and Merton H. MILLER; (1958), “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review. 48(3), pp. 261-297.
- MODIGLIANI, Franco and Merton H. MILLER; (1963), “Corporate Income Taxes and The Cost of Capital: A Correction”, The American Economic Review. 53(3), pp. 433-443.
- MORELLEC, Erwan; Boris NIKOLOV and Norman SCHURHOFF; (2010), “Corporate Governance and Capital Structure Dynamics: Evidence from A Structural Estimation”, The Journal of Finance. 67(3), pp. 803-848.
- MOUSAVI, Zahra; Azam JARI and Saied ALIAHMADI; (2012), “The Evaluation of Corporate Governance Monitoring Mechanisms on Capital Structure in Tehran Stock Exchange”, International Journal of Business and Social Science, 3(1), pp. 192-197.
- MYERS, Stewart C; (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics 5(2), pp. 147–175.
- MYERS, Stewart C; (1984), “The Capital Structure Puzzle”, Journal of Finance, 39(3), pp. 574-592.
- MYERS, Stewart C. and Nicholas S. MAJLUF; (1984), “Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have”, Journal of Financial Economics, 13(2), pp. 187-221.
- NASEEM, Muhammad A; Fizzah MALIK; Huanping ZHANG and Ramiz Ur-REHMAN; (2017), “Capital Structure and Corporate Governance”, Journal of Developing Areas, 51(1), pp. 33-47.
- SAAD, Noriza M; (2010), “Corporate Governance Compliance and the Effects to Capital Structure in Malaysia”, Journal of Economics and Finance, 2(1), pp. 105-114.
- SAYMAN, Yahya; (2012), Sahiplik Yapısının Firma Performansı ve Sermaye Yapısı Üzerine Etkileri: İMKB’de İşlem Gören Üretim Firmalarında Bir Uygulama. Yayımlanmamış Doktora Tezi. Ankara: Ankara Üniversitesi Sosyal Bilimler Enstitüsü.
- SHEIKH, Nadeem A. and Zongjun WANG; (2012), “Effects of Corporate Governance on Capital Structure: Empirical Evidence from Pakistan”, Corporate Governance: The Internatıonal Journal Of Business in Society, 12(5), pp. 629-641.
- UWUIGBE, Uwalomwa; Uwuigbe O. RANTI and Daramola P. SUNDAY; (2014), “Corporate Governance and Capital Structure: Evidence from listed firms in Nigeria Stock Exchange”, Advances In Management, 7(2), pp. 44-49.
- VAKILIFARD, Hamid R; Mahdi S. GERAYLI; Abolfazl M. YANESARI and Ali R. MA'ATOOFI; (2011), “Effect of Corporate Governance on Capital Structure: Case of the Iranian Listed Firms”, European Journal of Economics, Finance and Administrative Sciences. 35. pp. 165-172.
- WEN, Yu; Kami RWEGASIRA and Jan BILDERBEEK; (2002), “Corporate Govemance and Capital Structure Decisions of Chinese Listed Firms”, Corporate Governance: An Intemational Review, 10(2), pp. 75-83.
İmalat Sanayi İşletmelerinde Kurumsal Yönetim Uygulamasının Sermaye Yapısı Üzerine Etkisi: Türkiye Örneği
Abstract
Bu çalışmada BİST kurumsal yönetim endeksine dâhil olan
imalat sanayi işletmelerinin Borç/Toplam Aktif ve Borç/Özkaynak oranları 2005 –
2013 dönemleri arasında yıllık olarak incelenmiştir. İlgili oranların yıllar
itibariyle incelendiği çalışmada, panel ve dinamik panel yöntemleri
kullanılarak, kurumsal yönetim uygulamaları gerçekleştirerek, kurumsal yönetim
endeksinde bulunmanın sermaye yapısını ne yönde değiştirdiği incelenmeye
çalışılmıştır. İmalat sanayi işletmeleri üzerine gerçekleştirilen analizlerde
bu işletmelerin kurumsal yönetim endeksine dâhil olduktan sonra hem Borç/Toplam
Aktif hem de Borç/Özkaynak oranlarında önemli bir artış olduğunu ortaya
koymaktadır. Çalışmadan elde edilen sonuçlar kurumsal yönetim endeksine dâhil
edilen imalat sanayi işletmelerinin borçlanmalarında istatistiksel olarak
önemli bir artış oluştuğunu göstermektedir.
Keywords
References
- AHN, Seung C. and Peter SCHMIDT; (1995), “Efficient Estimation of Models for Dynamic Panel Data”, Journal of Econometrics, 68(1), pp. 5–28.
- AJANTHAN, Alagathurai; (2013), “The Relationship between Dividend Payout and Firm Profitability: A Study of Listed Hotels and Restaurant Companies in Sri Lanka”, International Journal of Scientific and Research Publications, 3 (6), pp. 1-6.
- ANDERSON, Theodore W. and Cheng HSIAO; (1981), “Estimation of Dynamic Panel Models with Error Components”, Journal of the American Statistical Association, 76(375), pp. 74–82.
- ARELLANO, Manuel and Stephen BOND; (1991), “Some Tests of Specification for Panel Data: Monte Carlo Evidence and An Application to Employment Equations”, Review of Economic Studies, 58(2), pp. 277–297.
- BALTAGI, Badi H.; (2001). Econometric Analysis of Panel Data, 2. Edition, UK: John Wiley &Sons.
- BOKPIN, Godfred A. and Anastacia C. ARKO; (2009), “Ownership Structure, Corporate Governance and Capital Structure Decisions of Firms: Empirical Evidence from Ghana”, Studies in Economics and Finance, 26 (4), pp. 246-256.
- BOND, Stephan; (2002), Dynamic Panel Data Models: A Guide to Micro Data Methods and Practice. Portuguese Economic Journal, 1(1), pp. 141-162.
- BREALEY, Richard A; Stewart C. MYERS and Alan J. MARCUS; (2007), İşletme Finansının Temelleri, 5. Baskı, (Çev.Ünal Bozkurt, Türkan Arıkan ve Hatice Doğukanlı), İstanbul: Literatür Yayıncılık.
- BÜYÜKMERT, Naim; (2015), İşletmelerde Sahiplik Yapısının Kârlılık Ve Sermaye Yapısı Üzerine Etkileri: Borsa İstanbul’da Ampirik Bir Uygulama. Yayımlanmamış Yüksek Lisans Tezi, Balıkesir: Balıkesir Üniversitesi, Sosyal Bilimler Enstitüsü.
- DIMA, Bogdan; Alin IONESCU and Petru TUDOREANU; (2013), “Corporate Governance And Fınancıal Structures Of Companıes In Developing Countries”, Annales Universitatis Apulensis Series Oeconomica, 15(1), pp. 162-172
- DİRİM, Hasan Atınç; (2008), Kurumsal Yönetimin Sermaye Yapısı Kararına Etkisi, Yayınlanmış Yüksek Lisans Tezi, İzmir: Dokuz Eylül Üniversitesi, Sosyal Bilimler Enstitüsü.
- DURAND, David; (1952), “Costs of Debt and Equıty Funds for Busıness: Trends and Problems of Measurement”, Conference on Research in Business Finance. http://www.nber.org/chapters/c4790.pdf, Erişim Tarihi: 10.05.2017
- ESER, Ayşe; (2011), Kurumsal Yönetim ve Sermaye Yapısı Arasındaki İlişki: İMKB’de Bir Uygulama. Yayımlanmamış Yüksek Lisans Tezi. Kahramanmaraş: Sütçü İmam Üniversitesi, Sosyal Bilimler Enstitüsü.
- GANIYU, Yinusa O. and Babalola Y. ABIODUN; (2012), “The Impact of Corporate Governance on Capital Structure Decision of Nigerian Firms”, Research Journal in Organizational Psychology & Educational Studies, 1(2), pp. 121-128.
- GREENE, William H; (2000), Econometric Analysis, 4. Edition, USA: Prentice Hall.
- GREENE, William H; (2003), Econometric Analysis, 5 th Edition, USA: Prentice Hall.
- GUJRATI, Damador N; (2004), Basic Econometrics. USA: Military Academy, McGraw Hill Publications.
- HAQUE, Faizul; Thankum G. ARUN and Colin KIRKPATRICK; (2011), “Corporate Governance and Capital Structure in Developing Countries: A Case Study of Bangladesh”, Applied Economics, 43, pp. 673–681.
- İSKENDEROĞLU, Ömer; Serkan Y. KANDIR ve Yıldırım B. ÖNAL; (2008), Finansal Gelişme ve Ekonomik Büyüme, Adana: Nobel Kitabevi.
- JENSEN, Micheal C. and William H. MECKLING; (1976), “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure”, Journal of Financial Economics, 1(1), pp. 163-231.
- KAJANANTHAN, Rajendran; (2012), “Effect of Corporate Governance on Capital Structure, Case of the SriLankan Listed Manufacturing Companies” Journal of Arts. Sciences & Commerce, 3(4), pp. 63-71.
- KARADENİZ, Erdinç; (2008), Türk Konaklama İşletmelerinde Sermaye Yapısını Etkileyen Faktörlerin Analizi, Yayımlanmamış Doktora Tezi, Adana: Çukurova Üniversitesi, Sosyal Bilimler Enstitüsü.
- KEANE, Micheal P. and David E. RUNKLE; (1992), “On the Estimation of Panel Data Models with Serial Correlation when Instruments are Predetermined but not Strictly Exogenous”, Journal of Business and Economic Statistics, 10(1), pp. 1-9.
- MILLER, Merton; (1977), “Debt and Taxes”, Journal of Finance, 32(2): 261-275.
- MODIGLIANI, Franco and Merton H. MILLER; (1958), “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review. 48(3), pp. 261-297.
- MODIGLIANI, Franco and Merton H. MILLER; (1963), “Corporate Income Taxes and The Cost of Capital: A Correction”, The American Economic Review. 53(3), pp. 433-443.
- MORELLEC, Erwan; Boris NIKOLOV and Norman SCHURHOFF; (2010), “Corporate Governance and Capital Structure Dynamics: Evidence from A Structural Estimation”, The Journal of Finance. 67(3), pp. 803-848.
- MOUSAVI, Zahra; Azam JARI and Saied ALIAHMADI; (2012), “The Evaluation of Corporate Governance Monitoring Mechanisms on Capital Structure in Tehran Stock Exchange”, International Journal of Business and Social Science, 3(1), pp. 192-197.
- MYERS, Stewart C; (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics 5(2), pp. 147–175.
- MYERS, Stewart C; (1984), “The Capital Structure Puzzle”, Journal of Finance, 39(3), pp. 574-592.
- MYERS, Stewart C. and Nicholas S. MAJLUF; (1984), “Corporate Financing and Investment Decisions When Firms Have InformationThat Investors Do Not Have”, Journal of Financial Economics, 13(2), pp. 187-221.
- NASEEM, Muhammad A; Fizzah MALIK; Huanping ZHANG and Ramiz Ur-REHMAN; (2017), “Capital Structure and Corporate Governance”, Journal of Developing Areas, 51(1), pp. 33-47.
- SAAD, Noriza M; (2010), “Corporate Governance Compliance and the Effects to Capital Structure in Malaysia”, Journal of Economics and Finance, 2(1), pp. 105-114.
- SAYMAN, Yahya; (2012), Sahiplik Yapısının Firma Performansı ve Sermaye Yapısı Üzerine Etkileri: İMKB’de İşlem Gören Üretim Firmalarında Bir Uygulama. Yayımlanmamış Doktora Tezi. Ankara: Ankara Üniversitesi Sosyal Bilimler Enstitüsü.
- SHEIKH, Nadeem A. and Zongjun WANG; (2012), “Effects of Corporate Governance on Capital Structure: Empirical Evidence from Pakistan”, Corporate Governance: The Internatıonal Journal Of Business in Society, 12(5), pp. 629-641.
- UWUIGBE, Uwalomwa; Uwuigbe O. RANTI and Daramola P. SUNDAY; (2014), “Corporate Governance and Capital Structure: Evidence from listed firms in Nigeria Stock Exchange”, Advances In Management, 7(2), pp. 44-49.
- VAKILIFARD, Hamid R; Mahdi S. GERAYLI; Abolfazl M. YANESARI and Ali R. MA'ATOOFI; (2011), “Effect of Corporate Governance on Capital Structure: Case of the Iranian Listed Firms”, European Journal of Economics, Finance and Administrative Sciences. 35. pp. 165-172.
- WEN, Yu; Kami RWEGASIRA and Jan BILDERBEEK; (2002), “Corporate Govemance and Capital Structure Decisions of Chinese Listed Firms”, Corporate Governance: An Intemational Review, 10(2), pp. 75-83.
Details
| Journal Section | Makaleler |
|---|---|
| Authors | |
| Publication Date | December 28, 2018 |
| Acceptance Date | July 27, 2018 |
| Published in Issue | Year 2018 Issue: 52 |
Cited By
Investigation of the Relationship between Corporate Governance and Capital Structure in Insurance Companies with Panel Regression Analysis
BDDK Bankacılık ve Finansal Piyasalar Dergisi
https://doi.org/10.46520/bddkdergisi.1348118
KURUMSAL YÖNETİMİN SERMAYE YAPISINA ETKİSİ: BİST KURUMSAL YÖNETİM ENDEKSİ ÜZERİNE BİR ARAŞTIRMA
Pamukkale University Journal of Social Sciences Institute
Şükriye Gül REİS
https://doi.org/10.30794/pausbed.644110
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