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TÜREV FİNANSAL ARAÇLARIN SERMAYE YAPISINA ETKİSİ: TÜRKİYE’DEKİ BANKALAR ÖRNEĞİ

Year 2021, Volume: 8 Issue: 3, 1582 - 1599, 30.11.2021
https://doi.org/10.30798/makuiibf.911724

Abstract

Bu makalenin amacı türev finansal araç kullanımının bankaların sermaye yapısı üzerine etkisinin araştırılmasıdır. Bu amaçla 2012 ve 2017 yılları arasında Türkiye’de faaliyet gösteren ve düzenli olarak türev ürün kullanan bankalar analiz edilmiştir. Çalışmada panel veri analizi yöntemi kullanılmıştır. Bağımlı değişken olarak sermaye yapısı değişkenleri, bağımsız değişken olarak aktifteki türev kullanımı ve pasifteki türev kullanımı, varlık yapısı, karlılık, büyüklük, risk, büyüme olanakları ve likidite değişkenleri kullanılmıştır. Aktifteki ve pasifteki türev kullanımlarının sermaye yapısı üzerine etkisinin analiz edilmesi için toplam 4 model kurulmuştur. Analiz sonucunda türev ürün kullanımının borçlanmaya etkisi tüm modellerde istatistiksel olarak anlamlı ve pozitif ilişkili bulunmuştur. Ayrıca türev ürün kullanan bankalarda, karlılık ve likidite değişkenleri borçlanma ile negatif ilişkili, varlık yapısı, büyüklük, risk ve büyüme olanakları değişkenleri ise borçlanma ile pozitif ilişkili bulunmuştur

References

  • Abdioğlu, N. ve Deniz D. (2015). Borsa İstanbul’da İşlem Gören İmalat Sanayi Şirketlerinin Sermaye Yapılarının Firmaya Özgü Belirleyicileri. Sosyoekonomi, 23(26), 1195-213.
  • Achy, L. (2009). Corporate Capital Structure Choices in Mena: Empirical Evidence from Nonlisted Firms in Morocco. Middle East Development Journal, 1(2), 255-273.
  • Albayrak, A. S. ve Akbulut R. (2008). Sermaye Yapısını Belirleyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 22, 425-446.
  • Alper, A. E. ve Oransay, G. (2015). Cari Açık ve Finansal Gelişmişlik İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi. Uluslararası Ekonomi ve Yenilik Dergisi, 1(2), 73-85.
  • Basnet, A. (2015). Capital Structure Choice of Financial Firms: Evidence from Nepalese Commercial Banks. Department of Finance and Statistics Hanken School of Economics. https://helda.helsinki.fi/bitstream/handle/10138/153151/basnet.pdf?sequence=4 (Erişim Tarihi 14.04.2019)
  • Ban, M. S., Girardone, C. ve Sarkisyan A. (2016). The Determinants of Bank Capital Structure: A European Study, CASS Business School London, (Erişim tarihi 15.04.2019) https://pdfs.semanticscholar.org/910e/1581f10083f26a10ed57be5116c4dedab263.pdf
  • Ben, K. ve Folus, D. (2009). Hedging and Financing Decisions: a Simultaneous Equatons Model. Banquers, Markets &Investors, 98, 28-38.
  • Benito, A. (2003). The Capital Structure Decisions of Firms: Is There a Pecking Order?, Documentos de Trabajo/Banco de Espana, 0310, (Erişim Tarihi: 05.04.2019) https://repositorio.bde.es/bitstream/123456789/6776/1/dt0310e.pdf
  • Burucu, H. ve Öndeş, T. (2016). Türk İmalat Sanayi Firmalarının Sermaye Yapısını Etkileyen Faktörlerin Analizi. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 201-225.
  • Carter, D.A. ve Sinkey, J.E. (1998). The Use of Interest Rate Derivatives by End Users: The Case of Large Community Banks. Journal of Financial Services Research, 14(1), 17-34.
  • Chang, C. C., Ho, K. ve Hsiao Y. (2018). Derivatives usage for banking industry: evidence from the European markets. Review of Quantitative Finance and Accounting, 51(4), 921-941.
  • Cortez, M. ve Susanto, S. (2012). The Determinants of Corporate Capital Structure: Evidence from Japanese Manufacturing Companies. Journal of International Business Research, 10(3), 121-134.
  • Cuong, N. T. ve Canh, N. T. (2012). The Factors Affecting Capital Structure for Eazch Group of Enterprises in Each Debt Ratio Threshold: Evidence from Vietnam’s, International Research Journal of Finance and Economics, 94, 23-37.
  • Degryse, H., Goeıj, P. D. ve Kappert, P. (2012). The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure. Smaal Business Economics, 38(4), 431-447.
  • Demirhan, D. (2009). Sermaye Yapısını Etkileyen Firmaya Özgü Faktörlerin Analizi: İMKB Hizmet Firmaları Üzerine Bir Uygulama. Ege Akademik Bakış, 9(2), 677-697.
  • Durukan, B. M. (1997). Hisse Senetleri İMKB’de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma. İMKB Dergisi, 1(3), 75-91.
  • Eriotis, N., Vasiliou, D. ve Neokosmidi, Z. V. (2007). How Firm Characteristics affect Capital Structure: An Empirical Study. Managerial Finance, 33(5), 321-331.
  • Fauziah, F. ve Iskandar, R. (2015). Determinants of Capital Structure in Indonesian Banking Sector. International Journal of Business and Management Invention, 4(12), 36-44.
  • Frank, M. Z. ve Goyal, V. K. (2005). Trade off and Pecking Order Theories of Debt, Handbook of Empisical Corporate Finanse Elsevier, 135-202.https://ssrn.com/abstract=670543 (Erişim Tarihi: 10.04.2019).
  • Graham, J.R. ve Rogers, D.A. (2002). Do Firms Hedge in Response to Tax Incentives? The Journal of Finance, 57(2), 815-839.
  • Goh, C. F., Tai, W. Y., Rasli A., Tan, O. ve Zakuan N. (2018). The Determinants of Capital Structure: Evidence From Malaysian Companies. Internationa Joural of Suply Chain Management, 7(3), 225-230.
  • Haris, M. ve Raviv, A. (1991). The Theory of Capital Structure. Journal of Finance, 46(1), 297-355.
  • Hart, O. (1995). Firms, Contracts and Financial Structure. USA: Oxford University Press.
  • Kim, H., Heshmati, A. ve Aoun, D. (2006). Dynamics of Capital Structure: The Case of Korean Listed Manufacturing Companies. Asian Economic Journal, 20(3), 1-37.
  • Liu, Y., Ren, J. ve Zhuang, Y. (2009). An Empirical Analysis on the Capital Structure of Chinese. International Journal of Business and Management, 4(8), 46-51.
  • Marsh, P. (1982). The Choice Between Equity and Debt: An Empirical Study. The Journal of Finance, 37(1,) 121-144.
  • Moh, F. Y. ve Lin, B. H. (2006). An Empirical Study of the Relationship between Derivatives Use and the Financial Characteristics of Domestic Banks in Taiwan, http://ir.lib.ntust.edu.tw/handle/987654321/13806 (Erişim Tarihi: 01.04.2019).
  • Myres, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, (5), 147-175.
  • Myers, S. C. ve Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information the Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
  • Nguyen, H. ve Kayani, Z. (2013). Determinants of Banks’ Capital Structure in Asia a Comparison Among Developed and Developing Countries, School of Economics and Management Department of Business Administration, (Erişim Tarihi: 05.04.2019) https://core.ac.uk/download/pdf/289951612.pdf
  • Nunes, M. P. J. ve Serrasqueiro, Z. M. (2007). Capital Structure of Portuguese Service Industries: A Panel Data Analysis. The Service Industries Journal, 27(5), 549-562.
  • Padron, Y. G., Apolinario, R. M. C., Santana, O. M., Martel, M. C. V. ve Sales, L. J. (2005). Determinants Factors of Leverage: An Empirical Analysis of Spanish Corporations. The Journal of Risk Finance, 6(1), 60-68.
  • Pandey, I. M. (2001). Capital Structure and the Firm Characteristics: Evidence from an Emerging Market, Indian Institute of Management Ahmedabad, Working Paper no.20011004, 1-17.
  • Rajan, R. G. ve Zingales, L. (1995). What Do We Know About Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421-1460.
  • Rivas, A., Ozuna, T. ve Policastro, F. (2006). Does the Use of Derivatives Increase Bank Efficiency? Evidence From Latin American Banks. International Business&Economics Research Journal, 5(11), 47-56.
  • Schinasi, G.J., Craig, R.S., Drees, B. ve Kramer, C. (2000). Modern Banking and OTC Derivatives Markets. Washington: IMF Graphics. Scott, J. H. (1977). Bankruptcy, Secured Debt and Optimal Capital Structure. The Journal of Finance, 32(1), 1-19.
  • Simons, K. (1995). Interest Rate Derivatives and Asset Liability Management by Commercial Banks. New England Economic Review, (Jan), 17-29.
  • Sheikh, N. A. ve Wang, Z. (2011). Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan. Managerial Finance, 37(2), 117-133.
  • Swai, T. A., Lwiza, D. V. B. ve Ndanshau, M. O. (2016). Determinants of Bank Capital Structure Does Bank Ownership Matter? Evidence From Tanzania. Business Management Review, 19(1), 34-45.
  • Şen, A. (2004). Yatırım Bankacılığı ve Sermaye Piyasası. İstanbul: SPK Yeterlilik Etüdü.
  • Tatoğlu, F. Y. (2013). Panel Veri Ekonometrisi. İstanbul: Beta Basım Yayın.
  • Tatoğlu, F. Y. (2018). İleri Panel Veri Analizi. İstanbul: Beta Basım Yayın.
  • Thies, C. F. ve Klock, M. S. (1992). Determinants od Capital Structure. Review fo Financial Economics, 1(2), 40-53.
  • Titman, S. ve Wessels, R. (1988). The Determinants of Capital Structure Choice, The Journal of Finance, 43(1), 1-19.
  • Ullah, W. ve Nishat, M. (2008). Capital Structure Choice in an Emerging Market: Evidence from Listed Firms in Pakistan, 21st Australasian Finance and Banking Conference, SSRN: https://ssrn.com/abstract=1265447 (Erişim Tarihi, 25.03.2019).
  • Verbruggen, S. (2016). The Impact of Interest Rate Derivative Usage on Capital Structure Decisions in Captial Intensive Industries. Erasmus University Rotterdam Erasmus School of Economics, Non Public Master Thesis.
  • Warner, J. B. (1977). Bankruptcy Cost: Some Evidence. The Journal of Finance. 32(2), 337-347.
  • Wolf, D.F., Boulter, T ve Bhattacharya, S. (2017). Hedging and Capital Structure Decision – Is There an Optimal Mix for Australian Firms? Available SSRN 3021481.
  • Yang, J., Davis, G. C. ve Leatham, David J. (2001). Impact of Interest Rate Swaps on Corporate Capital Structure: An Empirical Investigation, Applied Financial Economics, 11(1), 75-81.

THE EFFECT OF DERIVATIVE FINANCIAL ASSETS ON CAPITAL STRUCTURE: THE BANK EVIDENCE ON TURKEY

Year 2021, Volume: 8 Issue: 3, 1582 - 1599, 30.11.2021
https://doi.org/10.30798/makuiibf.911724

Abstract

The purpose of this article is to investigate the effect of derivative financial instruments on banks’ capital structure. For this purpose, between 2012 and 2017, banks operating in Turkey and analyzed regularly using derivative products. Panel data analysis method was used in the study. Capital structure variables were used as dependent variables, the use of derivatives on assets and liabilities, tangibility, profitability, size, risk, growth opportunities and liquidity variables were used as an independent variable. A total of 4 models have been established in order to analyze the effect of derivative use on assets and liabilities on capital structure. As a result of the analysis, the effect of derivative product on borrowing was found to be statistically significant and positive in all models. In addition, liquidity and profitability variables were negatively corelated with borrowing and risk, tangibility, growth opportunities and size variables were positively corelated with borrowing..

References

  • Abdioğlu, N. ve Deniz D. (2015). Borsa İstanbul’da İşlem Gören İmalat Sanayi Şirketlerinin Sermaye Yapılarının Firmaya Özgü Belirleyicileri. Sosyoekonomi, 23(26), 1195-213.
  • Achy, L. (2009). Corporate Capital Structure Choices in Mena: Empirical Evidence from Nonlisted Firms in Morocco. Middle East Development Journal, 1(2), 255-273.
  • Albayrak, A. S. ve Akbulut R. (2008). Sermaye Yapısını Belirleyen Faktörler: İMKB Sanayi ve Hizmet Sektörlerinde İşlem Gören İşletmeler Üzerine Bir İnceleme. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 22, 425-446.
  • Alper, A. E. ve Oransay, G. (2015). Cari Açık ve Finansal Gelişmişlik İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi. Uluslararası Ekonomi ve Yenilik Dergisi, 1(2), 73-85.
  • Basnet, A. (2015). Capital Structure Choice of Financial Firms: Evidence from Nepalese Commercial Banks. Department of Finance and Statistics Hanken School of Economics. https://helda.helsinki.fi/bitstream/handle/10138/153151/basnet.pdf?sequence=4 (Erişim Tarihi 14.04.2019)
  • Ban, M. S., Girardone, C. ve Sarkisyan A. (2016). The Determinants of Bank Capital Structure: A European Study, CASS Business School London, (Erişim tarihi 15.04.2019) https://pdfs.semanticscholar.org/910e/1581f10083f26a10ed57be5116c4dedab263.pdf
  • Ben, K. ve Folus, D. (2009). Hedging and Financing Decisions: a Simultaneous Equatons Model. Banquers, Markets &Investors, 98, 28-38.
  • Benito, A. (2003). The Capital Structure Decisions of Firms: Is There a Pecking Order?, Documentos de Trabajo/Banco de Espana, 0310, (Erişim Tarihi: 05.04.2019) https://repositorio.bde.es/bitstream/123456789/6776/1/dt0310e.pdf
  • Burucu, H. ve Öndeş, T. (2016). Türk İmalat Sanayi Firmalarının Sermaye Yapısını Etkileyen Faktörlerin Analizi. Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 201-225.
  • Carter, D.A. ve Sinkey, J.E. (1998). The Use of Interest Rate Derivatives by End Users: The Case of Large Community Banks. Journal of Financial Services Research, 14(1), 17-34.
  • Chang, C. C., Ho, K. ve Hsiao Y. (2018). Derivatives usage for banking industry: evidence from the European markets. Review of Quantitative Finance and Accounting, 51(4), 921-941.
  • Cortez, M. ve Susanto, S. (2012). The Determinants of Corporate Capital Structure: Evidence from Japanese Manufacturing Companies. Journal of International Business Research, 10(3), 121-134.
  • Cuong, N. T. ve Canh, N. T. (2012). The Factors Affecting Capital Structure for Eazch Group of Enterprises in Each Debt Ratio Threshold: Evidence from Vietnam’s, International Research Journal of Finance and Economics, 94, 23-37.
  • Degryse, H., Goeıj, P. D. ve Kappert, P. (2012). The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure. Smaal Business Economics, 38(4), 431-447.
  • Demirhan, D. (2009). Sermaye Yapısını Etkileyen Firmaya Özgü Faktörlerin Analizi: İMKB Hizmet Firmaları Üzerine Bir Uygulama. Ege Akademik Bakış, 9(2), 677-697.
  • Durukan, B. M. (1997). Hisse Senetleri İMKB’de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma. İMKB Dergisi, 1(3), 75-91.
  • Eriotis, N., Vasiliou, D. ve Neokosmidi, Z. V. (2007). How Firm Characteristics affect Capital Structure: An Empirical Study. Managerial Finance, 33(5), 321-331.
  • Fauziah, F. ve Iskandar, R. (2015). Determinants of Capital Structure in Indonesian Banking Sector. International Journal of Business and Management Invention, 4(12), 36-44.
  • Frank, M. Z. ve Goyal, V. K. (2005). Trade off and Pecking Order Theories of Debt, Handbook of Empisical Corporate Finanse Elsevier, 135-202.https://ssrn.com/abstract=670543 (Erişim Tarihi: 10.04.2019).
  • Graham, J.R. ve Rogers, D.A. (2002). Do Firms Hedge in Response to Tax Incentives? The Journal of Finance, 57(2), 815-839.
  • Goh, C. F., Tai, W. Y., Rasli A., Tan, O. ve Zakuan N. (2018). The Determinants of Capital Structure: Evidence From Malaysian Companies. Internationa Joural of Suply Chain Management, 7(3), 225-230.
  • Haris, M. ve Raviv, A. (1991). The Theory of Capital Structure. Journal of Finance, 46(1), 297-355.
  • Hart, O. (1995). Firms, Contracts and Financial Structure. USA: Oxford University Press.
  • Kim, H., Heshmati, A. ve Aoun, D. (2006). Dynamics of Capital Structure: The Case of Korean Listed Manufacturing Companies. Asian Economic Journal, 20(3), 1-37.
  • Liu, Y., Ren, J. ve Zhuang, Y. (2009). An Empirical Analysis on the Capital Structure of Chinese. International Journal of Business and Management, 4(8), 46-51.
  • Marsh, P. (1982). The Choice Between Equity and Debt: An Empirical Study. The Journal of Finance, 37(1,) 121-144.
  • Moh, F. Y. ve Lin, B. H. (2006). An Empirical Study of the Relationship between Derivatives Use and the Financial Characteristics of Domestic Banks in Taiwan, http://ir.lib.ntust.edu.tw/handle/987654321/13806 (Erişim Tarihi: 01.04.2019).
  • Myres, S. C. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, (5), 147-175.
  • Myers, S. C. ve Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information the Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
  • Nguyen, H. ve Kayani, Z. (2013). Determinants of Banks’ Capital Structure in Asia a Comparison Among Developed and Developing Countries, School of Economics and Management Department of Business Administration, (Erişim Tarihi: 05.04.2019) https://core.ac.uk/download/pdf/289951612.pdf
  • Nunes, M. P. J. ve Serrasqueiro, Z. M. (2007). Capital Structure of Portuguese Service Industries: A Panel Data Analysis. The Service Industries Journal, 27(5), 549-562.
  • Padron, Y. G., Apolinario, R. M. C., Santana, O. M., Martel, M. C. V. ve Sales, L. J. (2005). Determinants Factors of Leverage: An Empirical Analysis of Spanish Corporations. The Journal of Risk Finance, 6(1), 60-68.
  • Pandey, I. M. (2001). Capital Structure and the Firm Characteristics: Evidence from an Emerging Market, Indian Institute of Management Ahmedabad, Working Paper no.20011004, 1-17.
  • Rajan, R. G. ve Zingales, L. (1995). What Do We Know About Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421-1460.
  • Rivas, A., Ozuna, T. ve Policastro, F. (2006). Does the Use of Derivatives Increase Bank Efficiency? Evidence From Latin American Banks. International Business&Economics Research Journal, 5(11), 47-56.
  • Schinasi, G.J., Craig, R.S., Drees, B. ve Kramer, C. (2000). Modern Banking and OTC Derivatives Markets. Washington: IMF Graphics. Scott, J. H. (1977). Bankruptcy, Secured Debt and Optimal Capital Structure. The Journal of Finance, 32(1), 1-19.
  • Simons, K. (1995). Interest Rate Derivatives and Asset Liability Management by Commercial Banks. New England Economic Review, (Jan), 17-29.
  • Sheikh, N. A. ve Wang, Z. (2011). Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan. Managerial Finance, 37(2), 117-133.
  • Swai, T. A., Lwiza, D. V. B. ve Ndanshau, M. O. (2016). Determinants of Bank Capital Structure Does Bank Ownership Matter? Evidence From Tanzania. Business Management Review, 19(1), 34-45.
  • Şen, A. (2004). Yatırım Bankacılığı ve Sermaye Piyasası. İstanbul: SPK Yeterlilik Etüdü.
  • Tatoğlu, F. Y. (2013). Panel Veri Ekonometrisi. İstanbul: Beta Basım Yayın.
  • Tatoğlu, F. Y. (2018). İleri Panel Veri Analizi. İstanbul: Beta Basım Yayın.
  • Thies, C. F. ve Klock, M. S. (1992). Determinants od Capital Structure. Review fo Financial Economics, 1(2), 40-53.
  • Titman, S. ve Wessels, R. (1988). The Determinants of Capital Structure Choice, The Journal of Finance, 43(1), 1-19.
  • Ullah, W. ve Nishat, M. (2008). Capital Structure Choice in an Emerging Market: Evidence from Listed Firms in Pakistan, 21st Australasian Finance and Banking Conference, SSRN: https://ssrn.com/abstract=1265447 (Erişim Tarihi, 25.03.2019).
  • Verbruggen, S. (2016). The Impact of Interest Rate Derivative Usage on Capital Structure Decisions in Captial Intensive Industries. Erasmus University Rotterdam Erasmus School of Economics, Non Public Master Thesis.
  • Warner, J. B. (1977). Bankruptcy Cost: Some Evidence. The Journal of Finance. 32(2), 337-347.
  • Wolf, D.F., Boulter, T ve Bhattacharya, S. (2017). Hedging and Capital Structure Decision – Is There an Optimal Mix for Australian Firms? Available SSRN 3021481.
  • Yang, J., Davis, G. C. ve Leatham, David J. (2001). Impact of Interest Rate Swaps on Corporate Capital Structure: An Empirical Investigation, Applied Financial Economics, 11(1), 75-81.
There are 49 citations in total.

Details

Primary Language Turkish
Journal Section Research Articles
Authors

Bilal Akkaynak 0000-0003-1300-2112

Suat Yıldırım 0000-0001-9665-863X

Publication Date November 30, 2021
Submission Date April 8, 2021
Published in Issue Year 2021 Volume: 8 Issue: 3

Cite

APA Akkaynak, B., & Yıldırım, S. (2021). TÜREV FİNANSAL ARAÇLARIN SERMAYE YAPISINA ETKİSİ: TÜRKİYE’DEKİ BANKALAR ÖRNEĞİ. Journal of Mehmet Akif Ersoy University Economics and Administrative Sciences Faculty, 8(3), 1582-1599. https://doi.org/10.30798/makuiibf.911724