Reel sektör firmalarında borçlanma dinamiklerinin belirlenmesi: BİST sanayi firmaları üzerine bir panel veri uygulaması

Abstract

Bu çalışmada, BİST Sınai Endeksindeki (XUSIN) firmaların borçlanma dinamiklerine etki eden firmaya özgü, sektöre özgü ve makroekonomik faktörlerin belirlenmesi amaçlanmıştır. Borçlanma göstergesi olarak finansal borçların esas alındığı üç finansal kaldıraç oranı belirlenmiştir. Analiz dönemi olarak 2010Ç1-2019Ç4 dönemi belirlenmiş olup, çalışmada panel veri analizi yöntemi kullanılmıştır. Çalışma sonucunda şu bulgular elde edilmiştir: Birincisi, sektörün finansal borç ortalamaları, her üç, kısa – uzun ve toplam, finansal borç oranında da etkilidir. İkincisi, kısa vadeli ve toplam finansal borç oranları açısından hem firmaya özgü faktörler hem de farklı makroekonomik faktörler etkili iken; uzun vadeli finansal borç oranı üzerinde makroekonomik faktörlerin etkili olmadığı belirlenmiştir. Kısa vadeli finansal borç oranı ile bankacılık sektörü ve tüketici güven endeksi arasındaki ve toplam finansal borç oranı ile borsa arasındaki ilişkilerin varlığı, çalışmayı diğer çalışmalardan farklılaştıran bulgulardır. Finansal gelişmişliğin birer göstergesi olarak bankacılık sektörü ve sermaye piyasalarının ekonomideki etkinliklerinin ve finansal birimlerin ekonomik beklentilerinin dikkate alınması, çalışmanın temel katkıları olarak sıralanabilir.

Keywords

• BİST Sınai Endeksi
• Borçlanma Dinamikleri
• Panel Veri Analizi

Determining borrowing dynamics in non-financial sector firms: A panel data study on industrial firms listed in BİST

Abstract

This study aims to determine the firm-specific, sector-specific, and macroeconomic factors that affect the leverage dynamics of the firms listed in the BİST Industrial Index (XUSIN). Three financial leverage ratios based on financial debt are determined as debt indicators. For the period 2010Q1 - 2019Q4, panel data analysis method is used in the study. As a result of the study, the following findings are obtained. Firstly, the financial debt averages of the sector are effective in all three determined financial debt ratios. Secondly, while both firm-specific factors and different macroeconomic factors are effective in terms of short-term financial debt ratio and total financial debt ratio, it is determined that macroeconomic factors are not effective on the long-term financial debt ratio. The findings on the relationship between the short-term financial debt ratio and the banking sector and consumer confidence index and between the total financial debt ratio and the stock market distinguish the study from other studies. The main contributions of this study are considering the activities of the banking sector and capital markets in the economy as an indicator of financial development and considering the economic expectations of financial units.

Keywords

• BİST Industrial Index
• Leverage Dynamics
• Panel Data Analysis

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