Abstract
Bu çalışmada 2003-2017 yılları arasında Türkiye’deki firmalar için kısa vadeli borçların
düzeltme hızındaki değişim dinamik bir model kullanarak incelenmiştir. Küresel Finansal Krizin
firmaların borç vade yapısını nasıl etkilediğini anlamak için çalışmamızda analizimiz iki alt döneme
ayrılarak bu dönemler arasındaki farka odaklanılmıştır. Küresel kriz, finansal istikrarsızlığın reel
ekonomi üzerindeki etkisini, özellikle firmaların borç vade yapısı üzerindeki etkisini anlamak için
önemli bir doğal deney imkânı sunmaktadır. En küçük kareler kukla değişken düzeltme (LSDVC)
metodu kullanarak Türkiye firmaları için 2003-2017 döneminde optimal borç vadesinin kısaldığı
gösterilmiştir. Şirketler Küresel Finansal Krizden sonra kısa vadeli borç ayarlama hızlarını
azaltmaktadır. Bu sonuç, Küresel Finansal Kriz sırasında borç verme iştahının azalması neticesinde,
kredi arzındaki azalmaya bağlı olabilmektedir. Arz etkisini destekleyen bir diğer sebep de uzun vadeli
borçların finansal kriz sırasında ve sonrasında pahalı hale gelmesi nedeniyle, firmaların kısa vadeli borç
taleplerini arttırmasıdır. Bu çalışma, Türk firmalarına, kredi arzının daralması ve uzun vadeli kredi
talebinin azalması nedeniyle finansal krizlerin optimal borç vadesini kısalttığına dair kanıt sunan ilk
çalışmadır. Sonuçlarımız krizin firmaların borçlanma davranışlarını nasıl etkilediğini göstermesi ve
kredi kanallarının kullanımı açısından firmaların borç vadesi kararlarını verirken kriz ortamlarını
dikkate almaları gerektiğini göstermektedir.
References
- Alves, P ve Francisco, P (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146.
- Arioglu, E ve Tuan, K. (2014). Speed of adjustment: evidence from borsa Istanbul. Borsa Istanbul Review, 14(2), 126-131.
- Blundell, R ve Bond, S (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
- Campello, M., Graham, J. R., ve Harvey, C. R. (2010). The real effects of financial constraints: evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487.
- Coldbeck, B ve Ozkan, A (2018). Comparison of adjustment speeds in target research and development and capital investment: what did the financial crisis of 2007 change. Journal of Business Research, 84, 1-10.
- D’Amato, A (2019). Capital structure debt maturity and financial crisis: empirical evidence from SMEs. Small Business Economics, 1-23.
- Dang, TL, Dang, VA, Moshirian, F, Nguyen, LH ve Zhang, B (2019). News media coverage and corporate leverage adjustments. Available at SSRN: https://ssrncom/abstract=3109477 Accessed 08 October 2019.
- Dang, VA, Kim, M ve Shin, Y (2015). In search of robust methods for dynamic panel data models in empirical corporate finance. Journal of Banking & Finance, 53, 84-98.
- DeAngelo, H ve Roll, R (2015). How stable are corporate capital structures? The Journal of Finance, 70, 373-418.
- Demirguc-Kunt, A, Peria, MSM ve Tressel, T (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60, 101514.
- Duchin, R, Ozbas, O ve Sensoy, BA (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.
- Fischer, EO, Heinkel, R ve Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
- Flannery, MJ ve Hankins, KW (2013). Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19, 1-19.
- Flannery, MJ ve Rangan, KP (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79, 469-506.
- Freund, RJ, Wilson, WJ ve Sa, P (2006). The analysis of means. In Altland H.W. Regression analysis: statistical modelling of a response variable. 2nd edition, Academic Press: USA 17-26.
- Gonzalez, VM (2015). The financial crisis and corporate debt maturity: the role of banking structure. Journal of Corporate Finance, 35, 310-328.
- Gürkaynak, R. S., ve Wright, J. H. (2012). Macroeconomics and the term structure. Journal of Economic Literature, 50(2), 331-67.
- Ivashina, V., ve Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319-338 .
- Kraus, A ve Litzenberger, RH (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
- Mimouni, K Temimi, A Goaied, M ve Zeitun, R (2019). The impact of liquidity on debt maturity after a financial crisis: evidence from the Gulf Cooperation Council region. Emerging Markets Finance and Trade, 55(1), 181-200.
- Modigliani, F ve Miller, MH (1958). The cost of capital, corporate finance and theory of investment. The American Economic Review, 48(4), 261-97.
- Ozkan, A (2000). An empirical analysis of corporate debt maturity structure. European Financial Management, 6, 197-212.
- Tsoy, L ve Heshmati, A (2019). Impact of financial crises on the dynamics of capital structure: evidence from Korean listed companies. The Singapore Economic Review, 1950049.
- Van Hoang, TH Gurău, C Lahiani, A ve Seran, TL (2018). Do crises impact capital structure? A study of French micro-enterprises. Small Business Economics, 50(1), 181-199.
- Yildiz, Y (2018). Adjustment to Target Capital Structure and Global Financial Crisis: Evidence from Turkey. Business and Economics Research Journal, 9(3), 543-557.
- Zeitun, R, Temimi, A ve Mimouni, K (2017). Do financial crises alter the dynamics of corporate capital structure? evidence from GCC countries. The Quarterly Review of Economics and Finance, 63, 21-33
Abstract
In this study we examine changes in the adjustment speed of short-term debt for firms in
Turkey between the years 2003-2017. In order to understand how the global financial crisis (GFC)
affected the debt maturity structure of firms, we focus on the difference between two sub-periods;
before and after the crisis. GFC provides an important natural experiment opportunity to understand the
impact of financial instability on the real economy, especially on firms' debt maturity structure. Using
Least squares dummy variable correction (LSDVC) method and a dynamic adjustment model, we show
that the optimal debt maturity shortens over the period 2003-2017 for Turkish companies. Firms reduce
their speed of adjustment after the global financial crisis. This result may be related to the decrease in
credit supply as a result of the decrease in lending appetite during the global financial crisis. Another
reason that supports the supply effect is that companies increase their short-term debt demand since
long-term borrowing becomes expensive during and after the financial crisis. This is the first study to
provide evidence on Turkish firms that financial crisis shortens the optimal debt maturity due to a
shortage in loan supply and reduced long-term loan demand. Our results suggest that firms should
consider the crisis conditions and availability of credit while making their debt maturity decisions.
References
- Alves, P ve Francisco, P (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146.
- Arioglu, E ve Tuan, K. (2014). Speed of adjustment: evidence from borsa Istanbul. Borsa Istanbul Review, 14(2), 126-131.
- Blundell, R ve Bond, S (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
- Campello, M., Graham, J. R., ve Harvey, C. R. (2010). The real effects of financial constraints: evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487.
- Coldbeck, B ve Ozkan, A (2018). Comparison of adjustment speeds in target research and development and capital investment: what did the financial crisis of 2007 change. Journal of Business Research, 84, 1-10.
- D’Amato, A (2019). Capital structure debt maturity and financial crisis: empirical evidence from SMEs. Small Business Economics, 1-23.
- Dang, TL, Dang, VA, Moshirian, F, Nguyen, LH ve Zhang, B (2019). News media coverage and corporate leverage adjustments. Available at SSRN: https://ssrncom/abstract=3109477 Accessed 08 October 2019.
- Dang, VA, Kim, M ve Shin, Y (2015). In search of robust methods for dynamic panel data models in empirical corporate finance. Journal of Banking & Finance, 53, 84-98.
- DeAngelo, H ve Roll, R (2015). How stable are corporate capital structures? The Journal of Finance, 70, 373-418.
- Demirguc-Kunt, A, Peria, MSM ve Tressel, T (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60, 101514.
- Duchin, R, Ozbas, O ve Sensoy, BA (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.
- Fischer, EO, Heinkel, R ve Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
- Flannery, MJ ve Hankins, KW (2013). Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19, 1-19.
- Flannery, MJ ve Rangan, KP (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79, 469-506.
- Freund, RJ, Wilson, WJ ve Sa, P (2006). The analysis of means. In Altland H.W. Regression analysis: statistical modelling of a response variable. 2nd edition, Academic Press: USA 17-26.
- Gonzalez, VM (2015). The financial crisis and corporate debt maturity: the role of banking structure. Journal of Corporate Finance, 35, 310-328.
- Gürkaynak, R. S., ve Wright, J. H. (2012). Macroeconomics and the term structure. Journal of Economic Literature, 50(2), 331-67.
- Ivashina, V., ve Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial Economics, 97(3), 319-338 .
- Kraus, A ve Litzenberger, RH (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
- Mimouni, K Temimi, A Goaied, M ve Zeitun, R (2019). The impact of liquidity on debt maturity after a financial crisis: evidence from the Gulf Cooperation Council region. Emerging Markets Finance and Trade, 55(1), 181-200.
- Modigliani, F ve Miller, MH (1958). The cost of capital, corporate finance and theory of investment. The American Economic Review, 48(4), 261-97.
- Ozkan, A (2000). An empirical analysis of corporate debt maturity structure. European Financial Management, 6, 197-212.
- Tsoy, L ve Heshmati, A (2019). Impact of financial crises on the dynamics of capital structure: evidence from Korean listed companies. The Singapore Economic Review, 1950049.
- Van Hoang, TH Gurău, C Lahiani, A ve Seran, TL (2018). Do crises impact capital structure? A study of French micro-enterprises. Small Business Economics, 50(1), 181-199.
- Yildiz, Y (2018). Adjustment to Target Capital Structure and Global Financial Crisis: Evidence from Turkey. Business and Economics Research Journal, 9(3), 543-557.
- Zeitun, R, Temimi, A ve Mimouni, K (2017). Do financial crises alter the dynamics of corporate capital structure? evidence from GCC countries. The Quarterly Review of Economics and Finance, 63, 21-33
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Makaleler |
| Authors | |
| Publication Date | December 25, 2020 |
| Published in Issue | Year 2020 Issue: 1 - 19th International Business Congress Special Issue |
Cited By
Küresel Finansal Kriz ve Nakit Tutma Ayarlama Hızı
Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi
Hasan TEKİN
https://doi.org/10.18506/anemon.888504
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