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KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ

Year 2017, Volume: 1 Issue: 2, 155 - 170, 20.11.2017

Abstract

Bu çalışma, kurumsal yatırımcıların Borsa Istanbul’da (BIST) yer alan firmaların sermaye yapısını nasıl etkilediğini incelemektedir. 2005 ile 2013 yılları arasında 150 firma için data toplanmıştır. 2005 yılından önce enflasyon muhasebesi uygulaması yapıldığı için veriyi saptırmamak adına daha önceki dönem dataları kullanılmamıştır. Veri için Bloomberg ve Merkezi Kayıt Kuruluşu veritabanlarından bilgi alınmıştır. Örneklem kümesi finansal alanda olmayan ve tüm datası mevcut 150 firmadan oluşmaktadır. Panel veri analizi ile 1,350 şirket-yıl gözlemi analiz edilmiştir. Veri, kurumsal sahiplik ile finansal kaldıraç arasındaki ilişki için incelenmiştir. Modelde, finansal kaldıraç bağımlı değişken ve kurumsal sahiplik açıklayıcı değişken olarak tasarlanmıştır. Tutulabilirlik, büyüklük, vergi, kar, likidite ve piyasa değeri / defter değeri kontrol değişkenleri olarak yer almıştır. Modelin sonucunda kurumsal sahiplik ile finansal kaldıraç arasında anlamlı ve negatif bir ilişki görülmüştür.

References

  • Arslan, Ö. and Karan, M.B. (2006). Ownership and Control Structure as Determinants of Corporate Debt Maturity: a Panel Study of an Emerging Market. Corporate Governance: An International Review, 14(4), 312-324. Aguilar, L.A. (2013). Institutional Investors: Power and Responsibility. Securities and Exchange Commission, Speech (19 April): www. sec. gov/News/Speech/Detail/Speech/1365171515808. Baltagi, B. (2005). Econometric Analysis of Panel Data. Chichester: John Wiley and Sons. Baker, M. and Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1): 1-32. Breusch, T.S. and Pagan, A.R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1): 239-253. Çelik, S. and Isaksson M. (2014). Institutional Investors and Ownership Engagement. OECD Journal: Financial Market Trends, 2013(2): 93-114. Cespedes, J., Gonzalez, M. and Molina, C.A. (2010). Ownership and Capital Structure in Latin America. Journal of Business Research, 63(3): 248-254. Crutchley, C.E., Jensen, M.R., Jahera, J.S. and Raymond, J.E. (1999). Agency Problems and the Simultaneity of Financial Decision Making: The Role of Institutional Ownership. International Review of Financial Analysis, 8(2): 177-197. Dahlquist, M. and Robertsson, G. (2001). Direct Foreign Ownership, Institutional Investors, and Firm Characteristics. Journal of Financial Economics, 59(3): 413-440. Davis, E.P. and Steil, B. (2004). Institutional Investors. Cambridge, MA: MIT press. De Jong, A., Kabir, R. and Nguyen, T.T. (2008). Capital Structure Around the World: The Roles of Firm-and Country-Specific Determinants. Journal of Banking and Finance, 32(9): 1954-1969. Gonenc, H. (2003). Capital Structure Decisions under Micro Institutional Settings: the Case of Turkey. Journal of Emerging Market Finance, 2(1): 57-82. Green, W.H. (2008). Econometric Analysis. New Persey: Pearson Prentice Hall. Gregoriou, G.N. (Ed.) (2012). Reconsidering Funds of Hedge Funds: The Financial Crisis and Best Practices in UCITS, Tail Risk, Performance, and Due Diligence. Academic Press. Gujarati, D.M, and Porter, D.C. (20099. Basic Econometrics. New York: McGraw-Hill Companies. Gurunlu, M. and Gursoy, G. (2010). The Influence of Foreign Ownership on Capital Structure of Non- Financial Firms: Evidence from Istanbul Stock Exchange. IUP Journal of Corporate Governance, 9(4): 21. Hasan, A. and Butt, S.A. (2009). Impact of Ownership Structure and Corporate Governance on Capital Structure of Pakistani Listed Companies. International Journal of Business and Management, 4(2): 50-57. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305-360. Kraus, A. and Litzenberger, R.H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4): 911-922. Li, K., Yue, H. and Zhao, L. (2009). Ownership, Institutions, and Capital Structure: Evidence from China. Journal of Comparative Economics, 37(3): 471-490. Michaely, R. and Vincent, C. (2012). Do Institutional Investors Influence Capital Structure Decisions?. Johnson School Research Paper Series. Miller, M.H. (1988). The Modigliani-Miller Propositions After Thirty Years. The Journal of Economic Perspectives, 2(4): 99-120. Modigliani, F. and Miller, M.H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3): 261-297. Myers, S.C. and Majluf, N.S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors do not Have. Journal of Financial Economics, 13(2): 187-221. Park, H. M. (2011). Practical Guides to Panel Data Modeling: a Step-by-Step Analysis Using Stata. Public Management and Policy Analysis Program, Graduate School of International Relations, International University of Japan. Pöyry, S. and Maury, B. (2010). Influential Ownership and Capital Structure. Managerial and Decision Economics, 31(5): 311-324. Ross, S.A. (1977). The Determination of Financial Structure: the Incentive-Signalling Approach. The Bell Journal of Economics, 8(1): 23-40. Sayılgan, G., Karabacak, H. and Küçükkocaoğlu, G. (2006). The Firm-Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data. Investment Management and Financial Innovations, 3(3): 125-139. Tong, S. and Ning, Y. (2004). Does Capital Structure Affect Institutional Investor Choices?. The Journal of Investing, 13(4): 53-66. Xuan-Quang, D. and Zhong-Xin, W. (2013). Impact of Ownership Structure and Corporate Governance on Capital Structure: The Case of Vietnamese Firms. Australian Journal of Business and Management Research, 3(3): 11. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT press.
Year 2017, Volume: 1 Issue: 2, 155 - 170, 20.11.2017

Abstract

References

  • Arslan, Ö. and Karan, M.B. (2006). Ownership and Control Structure as Determinants of Corporate Debt Maturity: a Panel Study of an Emerging Market. Corporate Governance: An International Review, 14(4), 312-324. Aguilar, L.A. (2013). Institutional Investors: Power and Responsibility. Securities and Exchange Commission, Speech (19 April): www. sec. gov/News/Speech/Detail/Speech/1365171515808. Baltagi, B. (2005). Econometric Analysis of Panel Data. Chichester: John Wiley and Sons. Baker, M. and Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1): 1-32. Breusch, T.S. and Pagan, A.R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1): 239-253. Çelik, S. and Isaksson M. (2014). Institutional Investors and Ownership Engagement. OECD Journal: Financial Market Trends, 2013(2): 93-114. Cespedes, J., Gonzalez, M. and Molina, C.A. (2010). Ownership and Capital Structure in Latin America. Journal of Business Research, 63(3): 248-254. Crutchley, C.E., Jensen, M.R., Jahera, J.S. and Raymond, J.E. (1999). Agency Problems and the Simultaneity of Financial Decision Making: The Role of Institutional Ownership. International Review of Financial Analysis, 8(2): 177-197. Dahlquist, M. and Robertsson, G. (2001). Direct Foreign Ownership, Institutional Investors, and Firm Characteristics. Journal of Financial Economics, 59(3): 413-440. Davis, E.P. and Steil, B. (2004). Institutional Investors. Cambridge, MA: MIT press. De Jong, A., Kabir, R. and Nguyen, T.T. (2008). Capital Structure Around the World: The Roles of Firm-and Country-Specific Determinants. Journal of Banking and Finance, 32(9): 1954-1969. Gonenc, H. (2003). Capital Structure Decisions under Micro Institutional Settings: the Case of Turkey. Journal of Emerging Market Finance, 2(1): 57-82. Green, W.H. (2008). Econometric Analysis. New Persey: Pearson Prentice Hall. Gregoriou, G.N. (Ed.) (2012). Reconsidering Funds of Hedge Funds: The Financial Crisis and Best Practices in UCITS, Tail Risk, Performance, and Due Diligence. Academic Press. Gujarati, D.M, and Porter, D.C. (20099. Basic Econometrics. New York: McGraw-Hill Companies. Gurunlu, M. and Gursoy, G. (2010). The Influence of Foreign Ownership on Capital Structure of Non- Financial Firms: Evidence from Istanbul Stock Exchange. IUP Journal of Corporate Governance, 9(4): 21. Hasan, A. and Butt, S.A. (2009). Impact of Ownership Structure and Corporate Governance on Capital Structure of Pakistani Listed Companies. International Journal of Business and Management, 4(2): 50-57. Jensen, M.C. and Meckling, W.H. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305-360. Kraus, A. and Litzenberger, R.H. (1973). A State-Preference Model of Optimal Financial Leverage. The Journal of Finance, 28(4): 911-922. Li, K., Yue, H. and Zhao, L. (2009). Ownership, Institutions, and Capital Structure: Evidence from China. Journal of Comparative Economics, 37(3): 471-490. Michaely, R. and Vincent, C. (2012). Do Institutional Investors Influence Capital Structure Decisions?. Johnson School Research Paper Series. Miller, M.H. (1988). The Modigliani-Miller Propositions After Thirty Years. The Journal of Economic Perspectives, 2(4): 99-120. Modigliani, F. and Miller, M.H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3): 261-297. Myers, S.C. and Majluf, N.S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors do not Have. Journal of Financial Economics, 13(2): 187-221. Park, H. M. (2011). Practical Guides to Panel Data Modeling: a Step-by-Step Analysis Using Stata. Public Management and Policy Analysis Program, Graduate School of International Relations, International University of Japan. Pöyry, S. and Maury, B. (2010). Influential Ownership and Capital Structure. Managerial and Decision Economics, 31(5): 311-324. Ross, S.A. (1977). The Determination of Financial Structure: the Incentive-Signalling Approach. The Bell Journal of Economics, 8(1): 23-40. Sayılgan, G., Karabacak, H. and Küçükkocaoğlu, G. (2006). The Firm-Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data. Investment Management and Financial Innovations, 3(3): 125-139. Tong, S. and Ning, Y. (2004). Does Capital Structure Affect Institutional Investor Choices?. The Journal of Investing, 13(4): 53-66. Xuan-Quang, D. and Zhong-Xin, W. (2013). Impact of Ownership Structure and Corporate Governance on Capital Structure: The Case of Vietnamese Firms. Australian Journal of Business and Management Research, 3(3): 11. Wooldridge, J. M. (2010). Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT press.
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Details

Journal Section Makaleler
Authors

Murat Çinko

Oytun Tansel Kasaboğlu This is me

Publication Date November 20, 2017
Published in Issue Year 2017 Volume: 1 Issue: 2

Cite

APA Çinko, M., & Kasaboğlu, O. T. (2017). KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ. Marmara İktisat Dergisi, 1(2), 155-170.
AMA Çinko M, Kasaboğlu OT. KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ. mje. November 2017;1(2):155-170.
Chicago Çinko, Murat, and Oytun Tansel Kasaboğlu. “KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ”. Marmara İktisat Dergisi 1, no. 2 (November 2017): 155-70.
EndNote Çinko M, Kasaboğlu OT (November 1, 2017) KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ. Marmara İktisat Dergisi 1 2 155–170.
IEEE M. Çinko and O. T. Kasaboğlu, “KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ”, mje, vol. 1, no. 2, pp. 155–170, 2017.
ISNAD Çinko, Murat - Kasaboğlu, Oytun Tansel. “KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ”. Marmara İktisat Dergisi 1/2 (November 2017), 155-170.
JAMA Çinko M, Kasaboğlu OT. KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ. mje. 2017;1:155–170.
MLA Çinko, Murat and Oytun Tansel Kasaboğlu. “KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ”. Marmara İktisat Dergisi, vol. 1, no. 2, 2017, pp. 155-70.
Vancouver Çinko M, Kasaboğlu OT. KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ. mje. 2017;1(2):155-70.