CAPITAL STRUCTURE DETERMINANTS IN DEVELOPING COUNTRIES: HIERARCHICAL LINEAR MODEL APPROACH

Year 2018, Volume: 36 Issue: 3, 1 - 27, 27.09.2018

Rümeysa Bilgin

https://doi.org/10.17065/huniibf.321465

Cited By: 2

Abstract

In
this paper, capital structure determinants in developing countries are analyzed
using the Hierarchical Linear Model (HLM) approach. A panel data set organized
as a hierarchical structure consisting of country, sector, firm and time levels
and the variance of leverage ratio is analyzed using a variance components
model. The paper finds that most of the leverage variability in developing
countries is due to firm and time levels. Random intercept and random slope
models are used to examine the direct and indirect effects of a number of firm
and country specific factors on capital structure. The results confirm that the
firm-specific determinants are much more important than the country-specific
factors on capital structure decisions of public companies in developing
countries. Country-specific factors, on the other hand, have indirect effects
on the firm-specific capital structure determinants as well as having direct
effects on the leverage ratio.

GELİŞMEKTE OLAN ÜLKELERDE SERMAYE YAPISI BELİRLEYİCİLERİ: HİYERARŞİK LİNEER MODEL YAKLAŞIMI

Abstract

Bu çalışmada
gelişmekte olan ülkelerde sermaye yapısı belirleyicileri Hiyerarşik Lineer
Model (HLM) yaklaşımı kullanılarak analiz edilmiştir. Oluşturulan panel veri
seti ülke, sektör, firma ve zaman düzeylerinden oluşan hiyerarşik bir yapı
olarak düzenlenmiş ve kaldıraç oranındaki değişkenlik varyans bileşenleri
modeli ile incelenmiştir. Sonuçta gelişmekte olan ülkelerde kaldıraç oranındaki
değişkenliğin büyük kısmının firma ve zaman düzeylerinden kaynaklandığı gözlemlenmiştir.
Ülkeye ve firmaya özgü bir dizi faktörün sermaye yapısı üzerindeki doğrudan ve
dolaylı etkilerini incelemek için ise rassal sabit ve rassal eğim modelleri kullanılmıştır.
Gelişmekte olan ülkelerde, firmaya özgü faktörlerin halka açık firmaların
sermaye yapısı kararları üzerinde ülkeye özgü faktörlere kıyasla çok daha
önemli olduğu bulgulanmıştır. Ülkeye özgü faktörlerin ise sermaye yapısı
üzerindeki doğrudan etkilerinin yanında firmaya özgü sermaye yapısı
belirleyicileri üzerinden dolaylı etkilerinin de  olduğu söylenebilir.

Keywords

Sermaye Yapısı, Sermaye Yapısı Belirleyicileri, Gelişmekte Olan Ülkeler, Panel Veri

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