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Finansal Krizlerin Şirket Sermaye Yapıları Üzerindeki Etkileri: Türkiye Örneği

Year 2017, , 189 - 222, 01.10.2017
https://doi.org/10.33203/mfy.357678

Abstract



Finansal krizlerin şirket sermaye yapıları
üzerindeki etkilerinin araştırıldığı çalışmada,       1989-2012 dönemini kapsayan geniş bir
veri seti kullanılmıştır. Yapılan analizler sonucunda sistem Genelleştirilmiş
Momentler Metodu (GMM) tahmincisi ve daraltılmış araç değişkenler kullanılarak
elde edilen sonuçların daha tutarlı olduğu sonucuna varılmıştır. Krizlerin
etkisinin yanında kârlılık, şirket büyüklüğü, büyüme fırsatları, varlık yapısı
(maddilik) ve sektör kaldıraç medyanının, kaldıraç oranları üzerindeki etkisi
incelenmiştir.



1994 ve 2001 krizlerinin kaldıraç oranları
üzerinde kalıcı etkisi gözlemlenirken 2008 krizinin geçici etkisi
gözlemlenmiştir.


References

  • Akgüç, Ö. 2010. Finansal Yönetim (8. bs.). İstanbul: Avcıol Basım Yayın.
  • Aktan, C. C., ve Şen, H. 2002. Ekonomik kriz: Nedenler ve çözüm önerileri. Yeni Türkiye Dergisi, 42, 1225-1230.
  • Akyüz, Y., ve Boratav, K. 2002. Türkiye’de finansal krizin oluşumu. İktisat İşletme ve Finans, 17(197), 14-46.
  • Almeida, H., Campello, M., Laranjeira, B., ve Weisbenner, S. 2009. Corporate debt maturity and the real effects of the 2007 credit crisis: National Bureau of Economic Research.
  • Ariff, M., Taufiq, H., ve Shamsher, M. 2008. How capital structure adjusts dynamically during financial crises. Corporate Finance Review, 13(3), 11-24.
  • Balsari, C. K., ve Kirkulak, B. 2008. Effect of financial crises on the capital structure choice: Evidence from Istanbul Stock Exchange (ISE). Paper presented at the 5th Conference of the Portuguese Finance Network, Combria, Portugal.
  • Bastı, E. 2006. Kriz Teorileri Çerçevesinde 2001 Türkiye Finansal Krizi. Ankara: Sermaye Piyasası Kurulu Yayınları.
  • Bliss, B. A., Cheng, Y., ve Denis, D. J. 2015. Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis. Journal of Financial Economics, 115(3), 521-540.
  • Bond, S. R. 2002. Dynamic panel data models: A guide to micro data methods and practice. Portuguese Economic Journal, 1(2), 141-162.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A., ve Maksimovic, V. 2001. Capital structures in developing countries. Journal of Finance, 87-130.
  • Brealey, R. A., Myers, S. C., ve Allen, F. 2011. Principles of Corporate Finance (10. bs.). Singapore: McGraw-Hill Irwin.
  • Campello, M., Graham, J. R., ve Harvey, C. R. 2010. The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.
  • Claessens, S., ve Kose, A. 2013. Financial crises: Explanations, types, and implications (pp. 1-65): International Monetary Fund.
  • Denis, D. J. 2012. The persistent puzzle of corporate capital structure: Current challenges and new directions. Financial Review, 47(4), 631-643.
  • Donaldson, G. 1961. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Boston.
  • Duchin, R., Ozbas, O., ve Sensoy, B. A. 2010. Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.
  • Fama, E. F., ve French, K. R. 2002. Testing trade‐off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
  • Flannery, M. J., ve Hankins, K. W. 2013. Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19(1), 1-19.
  • Frank, M. Z., ve Goyal, V. K. 2008. Tradeoff and Pecking Order Theories of Debt. In B. E. Eckbo (Ed.), Handbook of Corporate Finance: Empirical Corporate Finance (pp. 135-202): North-Holland.
  • Hovakimian, A., Opler, T., ve Titman, S. 2001. The debt-equity choice. Journal of Financial and Quantitative Analysis, 36(1), 1-24.
  • Jensen, M. C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
  • Judson, R. A., ve Owen, A. L. 1999. Estimating dynamic panel data models: a guide for macroeconomists. Economics Letters, 65(1), 9-15.
  • Kim, H., Heshmati, A., ve Aoun, D. 2006. Dynamics of capital structure: The case of Korean listed manufacturing companies. Asian Economic Journal, 20(3), 275-302.
  • Lemmon, M. L., Roberts, M. R., ve Zender, J. F. 2008. Back to the beginning: Persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
  • Maddala, G. S., ve Wu, S. 1999. A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(1), 631-652.
  • Miller, M. H. 1977. Debt and taxes. The Journal of Finance, 32(2), 261-275.
  • Mishkin, F. S. 1996. Understanding financial crises: A developing country perspective. National Bureau of Economic Research.
  • Modigliani, F., ve Miller, M. H. 1958. The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
  • Modigliani, F., ve Miller, M. H. 1963. Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433-443.
  • Myers, S. C. 1984. The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
  • Nickell, S. 1981. Biases in dynamic models with fixed effects. Econometrica: Journal of the Econometric Society, 49(6), 1417-1426.
  • 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.
  • Rodrik, D. 2012. The Turkish economy after the global financial crisis. Ekonomi-tek, 1(1), 41-61.
  • Roodman, D. 2009. How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136.
  • Roodman, D. 2009a. A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135-158.
  • Sargent, T. J., ve Wallace, N. 1981. Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
  • Uygur, E. 2001. Enflasyon, para ve mali baskı: İktisat politikasında geri kalmışlık. İktisat İşletme ve Finans, 16(189), 7-23.
  • Wintoki, M. B., Linck, J. S., ve Netter, J. M. 2012. Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581-606.

Effects of Financial Crises on Capital Structures of Firms: The Case of Turkey

Year 2017, , 189 - 222, 01.10.2017
https://doi.org/10.33203/mfy.357678

Abstract



A broad data set which covers 1989-2012 period
was used to investigate the effects of financial crisis on capital structures
of firms. It was found that the results which were gained from the system GMM
estimator and collapsed instrumental variables are more consistent. Besides the
effects of financial crises, the effects of profitability, firm size, growth
opportunities, asset structure (tangibility) and industry median on leverage
ratios have been examined.



It has been found that while
the effects of 1994 and 2001 crises were permanent, the effects of 2008 crisis
were temporary.

References

  • Akgüç, Ö. 2010. Finansal Yönetim (8. bs.). İstanbul: Avcıol Basım Yayın.
  • Aktan, C. C., ve Şen, H. 2002. Ekonomik kriz: Nedenler ve çözüm önerileri. Yeni Türkiye Dergisi, 42, 1225-1230.
  • Akyüz, Y., ve Boratav, K. 2002. Türkiye’de finansal krizin oluşumu. İktisat İşletme ve Finans, 17(197), 14-46.
  • Almeida, H., Campello, M., Laranjeira, B., ve Weisbenner, S. 2009. Corporate debt maturity and the real effects of the 2007 credit crisis: National Bureau of Economic Research.
  • Ariff, M., Taufiq, H., ve Shamsher, M. 2008. How capital structure adjusts dynamically during financial crises. Corporate Finance Review, 13(3), 11-24.
  • Balsari, C. K., ve Kirkulak, B. 2008. Effect of financial crises on the capital structure choice: Evidence from Istanbul Stock Exchange (ISE). Paper presented at the 5th Conference of the Portuguese Finance Network, Combria, Portugal.
  • Bastı, E. 2006. Kriz Teorileri Çerçevesinde 2001 Türkiye Finansal Krizi. Ankara: Sermaye Piyasası Kurulu Yayınları.
  • Bliss, B. A., Cheng, Y., ve Denis, D. J. 2015. Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis. Journal of Financial Economics, 115(3), 521-540.
  • Bond, S. R. 2002. Dynamic panel data models: A guide to micro data methods and practice. Portuguese Economic Journal, 1(2), 141-162.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A., ve Maksimovic, V. 2001. Capital structures in developing countries. Journal of Finance, 87-130.
  • Brealey, R. A., Myers, S. C., ve Allen, F. 2011. Principles of Corporate Finance (10. bs.). Singapore: McGraw-Hill Irwin.
  • Campello, M., Graham, J. R., ve Harvey, C. R. 2010. The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.
  • Claessens, S., ve Kose, A. 2013. Financial crises: Explanations, types, and implications (pp. 1-65): International Monetary Fund.
  • Denis, D. J. 2012. The persistent puzzle of corporate capital structure: Current challenges and new directions. Financial Review, 47(4), 631-643.
  • Donaldson, G. 1961. Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Boston.
  • Duchin, R., Ozbas, O., ve Sensoy, B. A. 2010. Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.
  • Fama, E. F., ve French, K. R. 2002. Testing trade‐off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
  • Flannery, M. J., ve Hankins, K. W. 2013. Estimating dynamic panel models in corporate finance. Journal of Corporate Finance, 19(1), 1-19.
  • Frank, M. Z., ve Goyal, V. K. 2008. Tradeoff and Pecking Order Theories of Debt. In B. E. Eckbo (Ed.), Handbook of Corporate Finance: Empirical Corporate Finance (pp. 135-202): North-Holland.
  • Hovakimian, A., Opler, T., ve Titman, S. 2001. The debt-equity choice. Journal of Financial and Quantitative Analysis, 36(1), 1-24.
  • Jensen, M. C. 1986. Agency cost of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
  • Judson, R. A., ve Owen, A. L. 1999. Estimating dynamic panel data models: a guide for macroeconomists. Economics Letters, 65(1), 9-15.
  • Kim, H., Heshmati, A., ve Aoun, D. 2006. Dynamics of capital structure: The case of Korean listed manufacturing companies. Asian Economic Journal, 20(3), 275-302.
  • Lemmon, M. L., Roberts, M. R., ve Zender, J. F. 2008. Back to the beginning: Persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
  • Maddala, G. S., ve Wu, S. 1999. A comparative study of unit root tests with panel data and a new simple test. Oxford Bulletin of Economics and Statistics, 61(1), 631-652.
  • Miller, M. H. 1977. Debt and taxes. The Journal of Finance, 32(2), 261-275.
  • Mishkin, F. S. 1996. Understanding financial crises: A developing country perspective. National Bureau of Economic Research.
  • Modigliani, F., ve Miller, M. H. 1958. The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
  • Modigliani, F., ve Miller, M. H. 1963. Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53(3), 433-443.
  • Myers, S. C. 1984. The capital structure puzzle. The Journal of Finance, 39(3), 574-592.
  • Nickell, S. 1981. Biases in dynamic models with fixed effects. Econometrica: Journal of the Econometric Society, 49(6), 1417-1426.
  • 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.
  • Rodrik, D. 2012. The Turkish economy after the global financial crisis. Ekonomi-tek, 1(1), 41-61.
  • Roodman, D. 2009. How to do xtabond2: An introduction to difference and system GMM in Stata. The Stata Journal, 9(1), 86-136.
  • Roodman, D. 2009a. A note on the theme of too many instruments. Oxford Bulletin of Economics and Statistics, 71(1), 135-158.
  • Sargent, T. J., ve Wallace, N. 1981. Some unpleasant monetarist arithmetic. Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), 1-17.
  • Uygur, E. 2001. Enflasyon, para ve mali baskı: İktisat politikasında geri kalmışlık. İktisat İşletme ve Finans, 16(189), 7-23.
  • Wintoki, M. B., Linck, J. S., ve Netter, J. M. 2012. Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105(3), 581-606.
There are 38 citations in total.

Details

Journal Section Articles
Authors

Fatih Yiğit

Publication Date October 1, 2017
Submission Date June 1, 2017
Published in Issue Year 2017

Cite

APA Yiğit, F. (2017). Finansal Krizlerin Şirket Sermaye Yapıları Üzerindeki Etkileri: Türkiye Örneği. Maliye Ve Finans Yazıları(108), 189-222. https://doi.org/10.33203/mfy.357678

Dergi özellikle maliye, finans ve bankacılık alanlarında faaliyet göstermektedir.