Hisse Senedi Getirisi ve Borç Finansmanı İlişkisi: Yapısal Eşitlik Modeli

Year 2015, Issue: 605, 61 - 74, 01.07.2015

Emel Yücel

Abstract

Bu çalışmada, hisse senedi getirisi ile borç finansmanı ilişkisi firmaya özgü faktörler esas alınarak araştırılmıştır. Analiz sürecinde, içsel değişkenleri dikkate alan yapısal eşitlik modeli yönteminden yararlanılmıştır. Regresyon analizleri, 2005-2012 dönemini kapsayan dengeli panel veriler aracılığıyla gerçekleştirilmiştir. Elde edilen bulgular ışığında, hisse senedi getirisi ile borç finansmanı arasında istatistiksel açıdan anlamlı karşılıklı ilişki olduğu anlaşılmıştır. Bu ilişki, borcun vade yapısına göre değişiklik göstermektedir. Ayrıca, hisse senedi getirisinin, karlılık ve büyüme fırsatları faktörlerinden dolaylı olarak etkilendiği sonucuna ulaşılmıştır

Keywords

Hisse senedi getirisi, borç finansmanı, piyasa zamanlaması, yapısal eşitlik modeli, direkt ve dolaylı etkiler, içsellik problemi, Türkiye

The Relationship Between Stock Return and Leverage: Structural Equation Modeling

Abstract

This paper investigates the relationship of leverage and stock return by using firm specific factors. Analyses are conducted by structural equation model, which can include endogenous variables. Regression analyses were estimated using balanced panel data from 2005 to 2012. According to results, there is a significantly recursive relationship between stock return and leverage. This relationship is affected by debt maturity. Additionally, profitability and growth opportunities have indirect effects on the stock returns

Keywords

Stock return, leverage, market timing, structural equation modeling, direct and indirect effect, endogenous problem, Turkey

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