Borsa Sermaye Yapısı Kararlarında Yönetsel İrrasyonalite Açılımı: Geleneksel Teorilerden Farklılaşan Davranışsal Bir Bakış Açısı

Year 2016, Issue: 617, 55 - 71, 01.07.2016

Semra Bank

Abstract

“Firmaların sermaye yapısı kararlarını etkileyen faktörlerin neler olduğu” modern sermaye yapısı teorisinin başlangıcından itibaren finans literatürünün netleştiremediği bir konudur. Bununla birlikte, son yıllarda yapılmış olan bazı çalışmaların geleneksel bakış açısından farklılaşarak konuya davranışsal kurumsal finansman altında yeni bir yaklaşım getirmeye çalıştıkları görülmektedir. Sınırlı sayıda olan bu çalışmaların elde ettikleri bulgular bizleri sermaye yapısı kararları açısından yönetsel irrasyonalitenin varlığına ve yeni yönetsel-psikolojik ön yargıların araştırılması ihtiyacına götürmektedir. Bu amaçla mevcut çalışma, sermaye yapısı literatürüne ve en yeni yaklaşımlara ait sıralı ve toparlayıcı bir değerlendirme sunarak bir taraftan söz konusu yeni çalışmaların elde ettikleri sonuçlara ilişkin farkındalık sağlamayı; diğer taraftan, sermaye yapısı kararları alanında yapılacak gelecek araştırmalarda yönetsel irrasyonaliteye ilgiyi artırmayı amaçlamaktadır

Keywords

Sermaye Yapısı Kararları, Davranışsal Kurumsal Finans

Insight on Managerial Irrationality in Capital Structure Decisions: A Behavioral Viewpoint Differentiating from Traditional Theories

Abstract

In finance literature, there is no consensus on the factors affecting the capital structure decisions of firms from modern capital structure theory on. However, we see that that some recent studies have endeavoured to bring a new approach differentiating from the traditional viewpoint, under the field of behavioural corporate finance. The findings of those studies, despite their limited number, lead us to the existence of managerial irrationality in terms of capital structure decisions and to the necessity of investigation for new managerial-psychological biases. Presenting a serial and collective evaluation related to the capital structure literature and the latest approaches, this study aims, on the one hand, to provide awareness in relation to the results of the mentioned latest studies, and on the other hand, to raise interest of researchers for future investigations on managerial irrationality in capital structure decisions

Keywords

Capital Structure Decisions, Behavioural Corporate Finance, Mana

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