Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama

Abstract

Bu çalışmada, Türkiye’de faaliyet gösteren ulaştırma işletmelerinin sermaye yapısı kararlarını etkileyen faktörler incelenmektedir. Borsa Istanbul Ulaştırma Endeksinde işlem gören 11 adet ulaştırma işletmesi, 2002-2013 yıllarını kapsayacak şekilde panel veri analizi ile incelenmiştir. Çalışmanın bulgularına göre, “Varlık Yapısı” ve “İşletme Büyüklüğü” ile “Uzun Vadeli Borçlanma Oranı” arasında anlamlı ve pozitif bir ilişki bulunmuştur. Bu sonuç “Dengeleme Teorisini” desteklemektedir. Ayrıca elde edilen sonuçlar, kurumsal yönetim uygulamalarının, özellikle yönetim kurulu büyüklüğü, yönetim kurulu bağımsız üye sayısı ve kurumsal sahiplik oranının sermaye yapısı kararlarında anlamlı bir etkisi olduğunu göstermektedir.

Keywords

• Sermaye Yapısı,Kurumsal Yönetim,Ulaştırma Endeksi,Türkiye

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