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Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama

Year 2018, Issue: 640, 763 - 800, 01.06.2018

Abstract

Çalışmada, Kurumsal Yönetim Endeksi’nde 2007-2015 döneminde faaliyet gösteren firmaların sermaye yapılarına etki eden firmaya özgü faktörlerin belirlenmesi hedeflenmiştir. Sermaye yapısı, finansal kaldıraç oranı ile temsil edilirken, firmaya özgü faktörler ise aktif karlılık oranı, firma büyüklüğü, likidite oranı, borç dışı vergi kalkanı, Tobin’s q, büyüme fırsatı, varlık yapısı ve faaliyet kaldıracı oranı ile temsil edilmiştir. Sermaye yapısına etki eden faktörlerin tespit edilmesinde panel veri analiz yöntemlerinden faydalanılmıştır. Analiz sonucunda, likidite oranı, varlık yapısı ve aktif karlılık oranı ile finansal kaldıraç arasında anlamlı ve negatif yönlü ilişki belirlenirken, firma büyüklüğü ile pozitif yönlü ilişki belirlenmiştir. Diğer taraftan borç dışı vergi kalkanı, büyüme fırsatı, faaliyet kaldıracı ve Tobin’s q ile finansal kaldıraç arasında istatistiksel olarak anlamlı herhangi bir ilişki tespit edilememiştir

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Determination of the Firm Specific Factors Affecting Capital Structure Using Panel Data Analysis: An Application upon the Corporate Governance Index

Year 2018, Issue: 640, 763 - 800, 01.06.2018

Abstract

In the study, it is aimed to determine the firm characteristic factors that affect the capital structure of firms operating in the Corporate Governance Index between 2007-2015 period. Capital structure is represented by the financial leverage ratio while the firm specific factors are represented by the return on assets, firm size, liquidity ratio, non-debt tax shield, Tobin’s q, growth opportunity, asset tangibility and operating leverage ratio. Panel data analysis were used to determine the factors affecting capital structure. At the end of the analysis, a statistically significant and negative relationship was observed between liquidity ratio, asset tangibility and return on assets and the financial leverage ratio while a statistically significant and positive relationship was observed between firm size and the financial leverage ratio. On the other hand, no statistically significant relationship was found between non-debt tax shield, growth opportunity, operating leverage ratio and Tobin’s q and the financial leverage ratio

References

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  • ARSOV, S. ve NAUMOSKI, A.; (2016), “Determinants of Capital Structure: An Empirical Study Of
  • Companies From Selected Post-Transition Economies”, Zb. rad. Ekon. fak. Rij, 34 (1), pp. 119-146. ATA, A. ve AĞ, Y.; (2010), “Firma Karakteristiğinin Sermaye Yapısı Üzerindeki Etkisinin Analizi”
  • Ekonometri ve İstatistik, (11), ss. 45–60. BAI, J. ve NG, S.; (2004), “A PANIC Attack on Unit Roots and Cointegration”, 72 (4), pp. 1127–1177.
  • BIÖRCK, J. ve LAGERCRANTZ, A.; (2011), “The Determinants of Capital Structure An Empirical
  • Study of Differences Between Swedish SMEs and Large Firms”, Stockholm School of Economıcs Bachelor Thesis in Finance, Spring, pp. 1-29. BORSA İSTANBUL (Erişim Tarihi: 29.11.2016). www.borsaistanbul.com, http://www.borsaistanbul.com/veriler/verileralt/mali-tablolar-arsiv
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  • CHOWDHURY, M. U.; (2004), “Capital Structure Determinants: Evidence from Japan &
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  • Evidence from Japanese Manufacturing Companies”, Journal of International Business Research, 11 (3), pp. 121-134. DEMİRHAN, D.; (2009), “Sermaye Yapısını Etkileyen İşletmeye Özgü Faktörlerin Analizi: İMKB
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  • HUANG, G. ve SONG, F. M.; (2006), “The Determinants of Capital Structure: Evidence From
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  • Journal of Econometrics, 115, pp. 53 – 74. IMTIAZ, F., MAHMUD, K. ve MALLIK, A.; (2016), “Determinants of Capital Structure and Testing of Applicable Theories: Evidence from Pharmaceutical Firms of Bangladesh”, International Journal of Economics and Finance, 8 (3), pp. 23-32.
  • JAHANZEB, A., BAJURİ, N. H. ve GHORİ, A.; (2015), “Market Power Versus Capital Structure
  • Determinants: Do They İmpact Leverage?”, Cogent Economics & Finance, 3 (1017948), pp. 1-9.
  • JENSEN, M. C. ve MECKLING, W. H.; ( 1976), “Theory of The Firm: Managerial Behavior
  • Agency Costs And Ownership Structure”, Journal of Financial Economics, 3, pp. 305-306. KAKILLI ACARAVCI, S.; (2015), “The Determinants of Capital Structure: Evidence From The Turkish Manufacturing Sector”, International Journal of Economics and Financial Issues, 5 (1), pp.158-171.
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  • MADDALA, G. S. ve WU, S.; (1999), “A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test”, 61 (S1), pp. 631–652.
  • MATIAS, F. ve SERRASQUEIRO, Z.; (2017), “Are There Reliable Determinant Factors of Capital
  • Structure Decisions? Empirical Study of SMEs in Different Regions of Portugal”, Research in International Business and Finance, 40, pp. 19–33. MODIGLIANI, F. ve MILLER, M.; (1958), “The Cost of Capital, Corporation Finance and the Theory of Investment”, Economic Review, 48, pp. 261-297.
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  • Correction”, The American Economic Review, 53 (3), pp. 433-443. MOHAMMAD, A. ve GHARAIBEH, O.; (2015), “The Determinants of Capital Structure: Empirical
  • Evidence From Kuwait”, European Journal of Business, Economics and Accountancy, 3 (6), pp. 1-25. MYERS, S. C.; (1984), “Capital Structure Puzzle”, Journal of Finance, 39 (3), pp. 575 – 592.
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  • Panel Data Analysis”, The Service Industries Journal, 27 (5), pp. 550-551. OGIRIKI, T. ve WERIGBELEGHA, A. P.; (2015), “Determinants of Capital Structure and Firm’s
  • Performance in Nigeria (1989-2014): An Empirical Investigation Approach”, International Journal of
  • Management and Economics İnvention, 1 (10), pp. 471-479. OKUYAN, H. A. ve TAŞÇI, H. M.; (2010a), “Sermaye Yapısının Belirleyicileri: Türkiye’deki En Büyük
  • Sanayi işletmesinde Bir Uygulama”, BDDK Bankacılık ve Finansal Piyasalar, 4 (1), ss. 105-120. OKUYAN, H. A. ve TAŞÇI, H. M.; (2010b), “İMKB’de İşlem Gören Reel Sektör İşletmelerinde
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  • Cambridge Working Papers in Economics Working Paper, (435), pp. 1-39. PESARAN, M. H. ve YAMAGATA, T.; (2008), “Testing Slope Homogeneity in Large Panels”
  • Journal of Econometrics 142, pp. 50–93. PONTOH, W. ve ILAT, V. (2013). Determinant Capital Structure and Profitability Impact (Study of Listed Company in Indonesian Stock Exchange). Research Journal of Finance and Accounting, 4 (15), 43-49.
  • PRATHEEPAN, T. ve WEERAKOON BANDA, Y. K.; (2016), “The Determinants of Capital
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There are 76 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Emre Esat Topaloğlu

Publication Date June 1, 2018
Published in Issue Year 2018 Issue: 640

Cite

APA Topaloğlu, E. E. (2018). Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama. Finans Politik Ve Ekonomik Yorumlar(640), 763-800.
AMA Topaloğlu EE. Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama. FPEYD. June 2018;(640):763-800.
Chicago Topaloğlu, Emre Esat. “Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri Ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama”. Finans Politik Ve Ekonomik Yorumlar, no. 640 (June 2018): 763-800.
EndNote Topaloğlu EE (June 1, 2018) Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama. Finans Politik ve Ekonomik Yorumlar 640 763–800.
IEEE E. E. Topaloğlu, “Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama”, FPEYD, no. 640, pp. 763–800, June 2018.
ISNAD Topaloğlu, Emre Esat. “Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri Ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama”. Finans Politik ve Ekonomik Yorumlar 640 (June 2018), 763-800.
JAMA Topaloğlu EE. Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama. FPEYD. 2018;:763–800.
MLA Topaloğlu, Emre Esat. “Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri Ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama”. Finans Politik Ve Ekonomik Yorumlar, no. 640, 2018, pp. 763-00.
Vancouver Topaloğlu EE. Sermaye Yapısına Etki Eden Firmaya Özgü Faktörlerin Panel Veri Analizleri ile Belirlenmesi: Kurumsal Yönetim Endeksi Üzerine Bir Uygulama. FPEYD. 2018(640):763-800.