The Impact of Corporate Governance Practices on the Capital Structure in Manifacturing Industry Enterprises: A Case of Turkey

Year 2018, Issue: 52, 1 - 16, 28.12.2018

Ömer İskenderoğlu Saffet Akdağ Oğuz Saygın

https://doi.org/10.18070/erciyesiibd.329418

Cited By: 2

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.

Keywords

Corporate Governance, Capital Structure, Manufacturing Industry

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

Kurumsal Yönetim, Sermaye Yapısı, İmalat Sanayi

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