Finansal Krizlerin Şirket Sermaye Yapıları Üzerindeki Etkileri: Türkiye Örneği

Year 2017, Issue: 108, 189 - 222, 01.10.2017

Fatih Yiğit

https://doi.org/10.33203/mfy.357678

Cited By: 2

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.

Keywords

Finansal kriz, optimal sermaye yapısı, Genelleştirilmiş Momentler Metodu (GMM), Kısmi Ayarlama Modeli

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

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.

Keywords

Financial crisis, optimal capital structure, Generalized Method of Moments (GMM), Partial Adjustment Model

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