BibTex RIS Cite

FACTORS THAT AFFECT PROFITABILITY: THE ANALYSIS ON THE FIRMS REGISTERED IN INDUSTRIAL AND SERVICE SECTOR OF ISE

Year 2008, Volume: 4 Issue: 7, 55 - 82, 01.06.2008

Abstract

The purpose of this study is to search the most important factors that determine the profitability indicators of the firms in the industrial and service sectors of Istanbul Stock Exchange. In order to determine the profitability structure of the firms eighteen profitability indicators are chosen from different financial fields such as liquidity, activity efficiency, capital structure, market value and firm size. Empirical results of the study show that different financial indicators are significant in explaining profitability levels

References

  • Abor, J. (2005), “The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Ghana”, The Journal of Risk Finance, Vol. 6, No. 5, pp. 438–445.
  • Akhtar, S. (2005), “The Determinants of Capital Structure for Australian Multinational and Domestic Corporations”, Australian Journal of Management, Vol. 30, No. 2, pp. 321-341.
  • Akkum, F. (1998), Firmaların Uzun Dönemli Finansman Tercihlerinde Uygulayabilecekleri Finansman Hiyerarşisi (Pecking Order) Modeli ve Türkiye Üzerine Bir Araştırma, İstanbul Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Albayrak, A. S. (2006), Uygulamalı Çok Değişkenli İstatistik Teknikleri, Asil Yayın Dağıtım, Ankara.
  • Allen, D. E. (1991), “The Determinants of the Capital Structure of Listed Australian Companies: The Financial Manager’s Perspective”, Australian Journal of Management, pp. Vol. 16, pp. 103-127.
  • Allen, D. E. and Mizuno, H. (1989), “The Determinants of Corporate Capital Structure: Japanese Evidence”, Applied Economics, Vol. 21, No. 5, pp. 569-586.
  • Bevan, A. A. and Danbolt, J. (2002), “Capital Structure and its determinants in The United Kingdom: A Decompositional Analysis”, Applied Financial Economics, Vol. 12, No. 3, pp. 159 – 170.
  • Chen, L. and Zhau, X. (2005), Why Do More Profitable Firms How Lower Leverage Rations?, pp. 1-36. http://www.fma.org/Chicago/Papers/ChenZhao_Profit. pdf, (Erişim Tarihi: 16. 07. 2007).
  • Chen, L. and Zhau, X. (2004), Profitability, Mean Reversion of Leverage Ratios and Capital Structure Choices, pp. 1-43.
  • Durukan, M. B. (1997), “Hisse Senetleri İMKB'de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma: 1990–1995”, İMKB Dergisi, Cilt 1, Sayı 3, ss. 75–91.
  • Fischer, E., Heinkel, R. and Zechner, J. (1989), “Dynamic Capital Structure Choice: Theory and Tests”, Journal of Finance, Vol. 44, No. 1, pp. 19-40.
  • Hennessy, C. and Whited, T. (2005), “Debt Dynamics”, Journal of Finance, Vol. 60, pp.1129-1165.
  • Hovakimian, A., Hovakimian, G. and Tehranian, H. (2004), “Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues”, Journal of Financial Economics, Vol. 71, pp. 517–540.
  • Hovakimian, A., Opler, T. and Titman, S. (2001), “The Debt-Equity Choice”, Journal of Financial and Quantitative Analysis, Vol. 36, No. 1, pp. 1-24.
  • Huang, G. and Song, F. M. (2006), “The Determinants of Capital Structure: Evidence from China”, China Economic Review, Vol. 17, No. 1, pp. 14-36.
  • Kester, W. C. (1986), “Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations”, Financial Management, Spring, pp. 5-16.
  • Korkmaz, T., Albayrak, A. S. ve Karataş, A. (2007), “Hisse Senetleri İMKB’de İşlem Gören KOBİ’lerin Sermaye Yapısının İncelenmesi: 1997–2004 Dönemi”, İktisat İşletme ve Finans Dergisi, Cilt 22, Sayı 253, ss. 79–96.
  • Megginson, W. L. (1997), Corporate Finance Theory, Addison-Wesley Educational Publisher Inc., New York.
  • Modigliani, F. and Miller, M. (1958), “The Cost of Corporate Finance, and the Theory of Investment”, The American Economic Review, Vol. 48, pp. 261-275.
  • Myers, S. C. (2001), “Capital Structure”, Journal of Economic Perspectives, Vol. 15, No. 2, pp. 81-102.
  • Rajan, R. G. and Zingales, L. (1995), “What Do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, Vol. 50, No. 5, pp. 1421-1460.
  • Sueyoshi, T. (2005 ), “Financial Ratio Analysis of the Electric Power Industry”, Asia - Pacific Journal of Operational Research,Vol. 22, No.3, pp. 349-376.
  • Tekbaş, M. Ş. (1977), Finansal Yapıya Etkide Bulunan Faktörlerin Pamuklu Tekstil Endüstrisindeki İşletmeler Üzerinde Analizi, Yayınlanmamış Doçentlik Tezi, İstanbul Üniversitesi İşletme Fakültesi, İstanbul.
  • Titman, S. and Wessels, R. (1988), “The Determinants of Capital Structure Choice, The Journal of Finance”, Vol. 55, No. 1, pp. 1-19.
  • Tong, G. and Green, C. J. (2005), “Pecking Order or Trade-off Hypothesis? Evidence on the Capital Structure of Chinese Companies”, Applied Economics, Vol. 37, No. 19, pp. 2179-2181.
  • Toy, N., Stonehill, A., Remmers, L., Wright, R. and Beekhuisen, T. (1974), “A Comparative International Study of Growth, Profitability, and Risk as Determinants of Corporate Debt Ratios in the Manufacturing Sector”, Journal of Financial and Quantitative Analysis, pp. 875-886.
  • Uzunlar, E. (1998), “İşletmelerin Sermaye Yapılarının Karlılık Üzerine Etkisi”, İktisat, İşletme ve Finans Dergisi, Cilt 13, Sayı 146, ss. 75–88.
  • Wald, J. K. (1999), “How Firm Characteristics Affect Capital Structure: An International Comparison”, Journal of Financial Research, Vol. 22, No. 2, pp. 161-187.

Kârlılığı Etkileyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme

Year 2008, Volume: 4 Issue: 7, 55 - 82, 01.06.2008

Abstract

Bu çalışmanın amacı İMKB sanayi ve hizmet sektöründe faaliyet gösteren firmaların karlılık düzeyi değişkenlerini etkileyen en önemli finansal faktörleri araştırmaktır. Bu amaçla işletmelerin likidite, varlık kullanım etkinliği, sermaye yapısı, pazar değeri ve işletme büyüklüğü gibi farklı finansal alanlardaki 18 gösterge arasından seçilen en önemli değişkenlerle karlılık göstergeleri açıklanmaktadır. Araştırmanın ampirik bulguları işletmelerin karlılık düzeylerini açıklamada farklı finansal göstergelerin anlamlı olduklarını göstermektedir.

References

  • Abor, J. (2005), “The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Ghana”, The Journal of Risk Finance, Vol. 6, No. 5, pp. 438–445.
  • Akhtar, S. (2005), “The Determinants of Capital Structure for Australian Multinational and Domestic Corporations”, Australian Journal of Management, Vol. 30, No. 2, pp. 321-341.
  • Akkum, F. (1998), Firmaların Uzun Dönemli Finansman Tercihlerinde Uygulayabilecekleri Finansman Hiyerarşisi (Pecking Order) Modeli ve Türkiye Üzerine Bir Araştırma, İstanbul Üniversitesi Sosyal Bilimler Enstitüsü, İstanbul.
  • Albayrak, A. S. (2006), Uygulamalı Çok Değişkenli İstatistik Teknikleri, Asil Yayın Dağıtım, Ankara.
  • Allen, D. E. (1991), “The Determinants of the Capital Structure of Listed Australian Companies: The Financial Manager’s Perspective”, Australian Journal of Management, pp. Vol. 16, pp. 103-127.
  • Allen, D. E. and Mizuno, H. (1989), “The Determinants of Corporate Capital Structure: Japanese Evidence”, Applied Economics, Vol. 21, No. 5, pp. 569-586.
  • Bevan, A. A. and Danbolt, J. (2002), “Capital Structure and its determinants in The United Kingdom: A Decompositional Analysis”, Applied Financial Economics, Vol. 12, No. 3, pp. 159 – 170.
  • Chen, L. and Zhau, X. (2005), Why Do More Profitable Firms How Lower Leverage Rations?, pp. 1-36. http://www.fma.org/Chicago/Papers/ChenZhao_Profit. pdf, (Erişim Tarihi: 16. 07. 2007).
  • Chen, L. and Zhau, X. (2004), Profitability, Mean Reversion of Leverage Ratios and Capital Structure Choices, pp. 1-43.
  • Durukan, M. B. (1997), “Hisse Senetleri İMKB'de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma: 1990–1995”, İMKB Dergisi, Cilt 1, Sayı 3, ss. 75–91.
  • Fischer, E., Heinkel, R. and Zechner, J. (1989), “Dynamic Capital Structure Choice: Theory and Tests”, Journal of Finance, Vol. 44, No. 1, pp. 19-40.
  • Hennessy, C. and Whited, T. (2005), “Debt Dynamics”, Journal of Finance, Vol. 60, pp.1129-1165.
  • Hovakimian, A., Hovakimian, G. and Tehranian, H. (2004), “Determinants of Target Capital Structure: The Case of Dual Debt and Equity Issues”, Journal of Financial Economics, Vol. 71, pp. 517–540.
  • Hovakimian, A., Opler, T. and Titman, S. (2001), “The Debt-Equity Choice”, Journal of Financial and Quantitative Analysis, Vol. 36, No. 1, pp. 1-24.
  • Huang, G. and Song, F. M. (2006), “The Determinants of Capital Structure: Evidence from China”, China Economic Review, Vol. 17, No. 1, pp. 14-36.
  • Kester, W. C. (1986), “Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations”, Financial Management, Spring, pp. 5-16.
  • Korkmaz, T., Albayrak, A. S. ve Karataş, A. (2007), “Hisse Senetleri İMKB’de İşlem Gören KOBİ’lerin Sermaye Yapısının İncelenmesi: 1997–2004 Dönemi”, İktisat İşletme ve Finans Dergisi, Cilt 22, Sayı 253, ss. 79–96.
  • Megginson, W. L. (1997), Corporate Finance Theory, Addison-Wesley Educational Publisher Inc., New York.
  • Modigliani, F. and Miller, M. (1958), “The Cost of Corporate Finance, and the Theory of Investment”, The American Economic Review, Vol. 48, pp. 261-275.
  • Myers, S. C. (2001), “Capital Structure”, Journal of Economic Perspectives, Vol. 15, No. 2, pp. 81-102.
  • Rajan, R. G. and Zingales, L. (1995), “What Do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, Vol. 50, No. 5, pp. 1421-1460.
  • Sueyoshi, T. (2005 ), “Financial Ratio Analysis of the Electric Power Industry”, Asia - Pacific Journal of Operational Research,Vol. 22, No.3, pp. 349-376.
  • Tekbaş, M. Ş. (1977), Finansal Yapıya Etkide Bulunan Faktörlerin Pamuklu Tekstil Endüstrisindeki İşletmeler Üzerinde Analizi, Yayınlanmamış Doçentlik Tezi, İstanbul Üniversitesi İşletme Fakültesi, İstanbul.
  • Titman, S. and Wessels, R. (1988), “The Determinants of Capital Structure Choice, The Journal of Finance”, Vol. 55, No. 1, pp. 1-19.
  • Tong, G. and Green, C. J. (2005), “Pecking Order or Trade-off Hypothesis? Evidence on the Capital Structure of Chinese Companies”, Applied Economics, Vol. 37, No. 19, pp. 2179-2181.
  • Toy, N., Stonehill, A., Remmers, L., Wright, R. and Beekhuisen, T. (1974), “A Comparative International Study of Growth, Profitability, and Risk as Determinants of Corporate Debt Ratios in the Manufacturing Sector”, Journal of Financial and Quantitative Analysis, pp. 875-886.
  • Uzunlar, E. (1998), “İşletmelerin Sermaye Yapılarının Karlılık Üzerine Etkisi”, İktisat, İşletme ve Finans Dergisi, Cilt 13, Sayı 146, ss. 75–88.
  • Wald, J. K. (1999), “How Firm Characteristics Affect Capital Structure: An International Comparison”, Journal of Financial Research, Vol. 22, No. 2, pp. 161-187.
There are 28 citations in total.

Details

Primary Language Turkish
Journal Section Research Article
Authors

Ali Sait Albayrak This is me

Ramazan Akbulut This is me

Publication Date June 1, 2008
Published in Issue Year 2008 Volume: 4 Issue: 7

Cite

APA Albayrak, A. S., & Akbulut, R. (2008). Kârlılığı Etkileyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme. Uluslararası Yönetim İktisat Ve İşletme Dergisi, 4(7), 55-82.