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CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY

Year 2016, , 15 - 30, 01.06.2016

Emin Avcı

https://doi.org/10.14780/iibd.81334
Cited By: 8

Abstract

Capital structure and its possible effects on the firms’ financial and real decisions have been one of the most debated concepts in finance literature. This paper investigates the relation between firms’ financial and real decisions, in terms of capital structure and firm performance. Such possible relation is analyzed for the manufacturing firms, which are traded in Borsa Istanbul during the period of 2003- 2015. Return on equity and return on assets are used as measures of firm performance; and short-term debt to total assets, long-term debt to total assets and debt to equity is used as explanatory variables; the total assets are control variables.The findings of the study presented that for both short-term debt and long-term debt have a negative and statistically significant effect on both return

References

  • ALBAYRAK, A.S. and Akbulut, R., “Karlılığı etkileyen faktörler: İMKB sanayi ve hizmet sektörlerinde işlem gören işletmeler üzerine bir inceleme”, ZKÜ Sosyal Bilimler Dergisi, 4(7), 2008, pp. 55-83.
  • ASGHARIAN, H., “Are highly leveraged firms more sensitive to an economic downturn?”, The European Journal of Finance, 9(3), 2003, pp. 219-241.
  • AYRIÇAY, Y. and Türk, V. E., “Finansal oranlar ve firma değeri ilişkisi: BİST’de bir uygulama”, Muhasebe ve Finansman Dergisi, Ekim 2014, pp. 53-70.
  • BERENS, J.L. and Cuny, C.J., “The capital structure puzzle revisited”, The Review of Financial Studies, 8(4), 1995, pp. 1185-1208.
  • BERGER, A.N. and Patti, B., “Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry”, Journal of Banking & Finance, 30, 2006, pp. 1065–1102.
  • BRADLEY, M., Jarrel, G.A. and Kim, E. H., “On the existence of an optimal capital structure: theory and evidence”, The Journal of Finance, 39(3), 1984, pp. 857.
  • BİRGİLİ, E. and Düzer, M., “Finansal analizde kullanılan oranlar ve firma değeri ilişkisi: İMKB’de bir uygulama”, Muhasebe ve Finansman Dergisi, 46, 2010, pp. 74-83.
  • BOOTH, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V., “Capital structures in developing countries”, The Journal of Finance, 56(1), 2001, pp. 87-130.
  • BÜYÜKŞALVARCI, A., “Finansal oranlar ile hisse senedi getirileri arasındaki ilişkinin analizi: İMKB imalat sektörü üzerine bir araştırma”, Muhasebe ve Finansman Dergisi, 48, 2010, pp. 130-141.
  • CHADHA, S. and Sharma, A.K., “Capital structure and firm performance: Empirical evidence from India”, The Journal of Business Perspective, 19(4), 2015, pp. 295–302.
  • ÇATAL, M. F., “Küresel finansal krizin BİST’de işlem gören otomotiv sektörünün sermaye yapısı üzerindeki etkileri”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28(2), 2014, pp. 179-197.
  • DAWAR, V., “Agency theory, capital structure and firm performance: Some Indian evidence”, Managerial Finance, 40(12), 2014, pp. 1190 – 1206.
  • DURUKAN, M.B., “Hisse senetleri İMKB’de İşlem gören firmaların sermaye yapısı”, İMKB Dergisi, 1(3), 1997, pp. 75-87.
  • EBAID, I. E., “The impact of capital-structure choice on firm performance: empirical evidence from Egypt”, The Journal of Risk Finance, 10(5), 2009, pp. 477 – 487.
  • FAMA, E. F. and French, K. R., “Testing trade-off and pecking order predictions about dividends and debt”, The Review of Financial Studies, 15(1), 2002, pp. 1–33.
  • FRANK, M. Z. and Goyal, V.K., “Testing the pecking order theory of capital structure”, Journal of Financial Economics, 67, 2003, pp. 217–248
  • GLEASON, K.C., Mathur, L.K. and Mathur, I., “The interrelationship between culture, capital structure, and performance: Evidence from European retailers”, Journal of Business Research, 50, 2000, pp. 185–191.
  • GODDARD, J.,Tavakoli, M. and Wilson, J.O.S., “Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model”, Applied Financial Economics, 15, 2005, pp. 1269–1282.
  • GONZÁLEZ, V.M., “Leverage and corporate performance: international evidence”, International Review of Economics and Finance, 25, 2013, pp. 169–184.
  • GROSSMAN S.J. and Hart, O.D., “Corporate financial structure and managerial incentives”, In “The Economics of Information and Uncertainty”, McCall, J.J. (ed.), NBER, 1982, pp. 107-140.
  • GÜLŞEN, A.Z. and Ülkütaş, Ö., “Sermaye yapısının belirlenmesinde finansman hiyerarşisi teorisi ve ödünleşme teorisi: İMKB sanayi endeksinde yer alan firmalar üzerine bir uygulama”, ZKÜ Sosyal Bilimler Dergisi, 8(15), 2012, pp. 49-59.
  • HARRIS, M. and Raviv, A., “The theory of capital structure”, The Journal of Finance, 46(1), 1991, pp. 297- 355
  • ISLAM, S.Z. and Khandaker, S., “Firm leverage decisions: does industry matter?”, North American Journal of Economics and Finance, 31, 2015, pp. 94–107.
  • JENSEN, M. C., “Agency costs of free cash flow, corporate finance and takeovers”, American Economic Review, 76(2), 1986, pp. 323–339.
  • JENSEN, M. C. and Meckling, W., “Theory of the firm: Managerial behavior, agency costs, and capital Structure”, Journal of Financial Economics, 3, 1976, pp.305–360.
  • KALAYCI, Ş. and Karataş, A., “Hisse senedi getirileri ve finansal oranlar ilişkisi: İMKB’de bir temel analiz araştırması”, Muhasebe Finansman Dergisi, 9, 2005, pp. 146-157.
  • KARA, E. and Erdur, D.A., “Determinants of capital structure: a research on sectors that contribute to exports in Turkey”, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 44(2), 2015, pp.27-38.
  • KISAKÜREK, M.M. and Aydın, Y., “İşletmelerde sermaye yapısı ile kârlılık arasındaki ilişkinin analizi: 1992-2011 yılları arası finansal krizler odaklı BİST’te bir uygulama”, Ç.Ü. İktisadi Ve İdari Bilimler Dergisi, 14(2), 2013, pp. 97-121.
  • MARGARITIS, D. and Psillaki, M., “Capital structure and firm efficiency”, Journal of Business Finance & Accounting, 34(9-10), 2007, pp.1447–1469.
  • MILLER, M.H., “Debt and Taxes”, The Journal of Finance, 32(2), 1977, pp. 261-275.
  • MODIGLIANI, F. and Miller, M. H., “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3), 1958, pp. 261-297.
  • MODIGLIANI, F. and Miller, M. H., “Corporate Income Taxes and the Cost of Capital: A Correction”, The American Economic Review, 53(3), 1963, pp. 433-443.
  • MYERS, S.C., “Determinants of corporate borrowing”, Journal of Financial Economics, 5, 1977, pp. 147– 175.
  • MYERS, S.C., “The capital structure puzzle”, Journal of Finance, 39, 1984, 575–592.
  • MYERS, S.C. and Majluf, N., “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13, 1984, pp. 187–221.
  • OKUYAN, H. A. and Taşcı, H.M., “Sermaye yapısının belirleyicileri:Türkiye’deki en büyük 1000 sanayi işletmesinde bir uygulama”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 4(1), 2010, pp. 105- 120.
  • OPLER, T.C. and Titman, S., “Financial distress and corporate performance”, The Journal of Finance, 49(3), 1994, pp. 1015-1040.
  • RAJAN, R.G. and Zingales, L., “What do we know about capital structure? Some evidence from international data”, The Journal of Finance, 50(5), 1995, pp. 1421-1460.
  • SALIM, M., and Yadav, R., “Capital structure and firm performance: evidence from Malaysian listed companies”, Procedia - Social and Behavioral Sciences, 65, 2012, pp. 156 – 166.
  • SHEIKH, N. A. and Wang, Z., “The impact of capital structure on performance”, International Journal of Commerce and Management, 23(4), 2013, pp. 354 – 368.
  • STIGLITZ, J.E., “On the irrelevance of corporate financial policy”, The American Economic Review, 64(6), 1974, pp. 851-866.
  • ŞAHIN, O., ”İMKB’ye kayıtlı kobi şirketlerinde sermaye yapısını belirleyen faktörler ve 2008 yılı finansal krizi, Finans Politik & Ekonomik Yorumlar, 48(560), 2011, pp. 5-16.
  • TAUB, A. J., “Determinants of the Firm’s Capital Structure”, The Review of Economics and Statistics, 57(4), 1975, pp. 410-416.
  • TITMAN, S. and Wessels, R., “The determinants of capital structure”, The Journal of Finance, 43(1), 1988, pp. 1-19.
  • TONG, G. and Green, C.J., “Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies”, Applied Economics, 37, 2005, pp. 2179–2189.
  • TOPAL, Y., “İMKB’ye kayıtlı işletmelerin sermaye yapıları ve finansal kaldıraç oranlarının karlılıklarına etkisi”, Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 27, Temmuz-Aralık 2006, pp. 45-70.
  • TSURUTA, D., “Leverage and firm performance of small businesses: evidence from Japan”, Small Business Economics, 44, 2015, pp. 385–410.
  • VITHESSONTHIA, C. and Tonguraib, J., “The effect of firm size on the leverage–performance relationship during the financial crisis of 2007–2009”, Journal of Multinational Financial Management, 29, 2015a, pp. 1–29.
  • VITHESSONTHI, C. and Tongurai, J., “The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms”, Research in International Business and Finance, 34, 2015b, pp. 265–280.

CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY

Year 2016, , 15 - 30, 01.06.2016

Emin Avcı

https://doi.org/10.14780/iibd.81334
Cited By: 8

Abstract

Capital structure and its possible effects on the firms’ financial and real decisions have been one of the most debated concepts in finance literature. This paper investigates the relation between firms’ financial and real decisions, in terms of capital structure and firm performance. Such possible relation is analyzed for the manufacturing firms, which are traded in Borsa Istanbul during the period of 2003- 2015. Return on equity and return on assets are used as measures of firm performance; and short-term debt to total assets, long-term debt to total assets and debt to equity is used as explanatory variables; the total assets are control variables.The findings of the study presented that for both short-term debt and long-term debt have a negative and statistically significant effect on both return

Keywords

Sermaye yapısı Firma performansı Öz kaynak karlılığı Aktif karlılık

References

  • ALBAYRAK, A.S. and Akbulut, R., “Karlılığı etkileyen faktörler: İMKB sanayi ve hizmet sektörlerinde işlem gören işletmeler üzerine bir inceleme”, ZKÜ Sosyal Bilimler Dergisi, 4(7), 2008, pp. 55-83.
  • ASGHARIAN, H., “Are highly leveraged firms more sensitive to an economic downturn?”, The European Journal of Finance, 9(3), 2003, pp. 219-241.
  • AYRIÇAY, Y. and Türk, V. E., “Finansal oranlar ve firma değeri ilişkisi: BİST’de bir uygulama”, Muhasebe ve Finansman Dergisi, Ekim 2014, pp. 53-70.
  • BERENS, J.L. and Cuny, C.J., “The capital structure puzzle revisited”, The Review of Financial Studies, 8(4), 1995, pp. 1185-1208.
  • BERGER, A.N. and Patti, B., “Capital structure and firm performance: A new approach to testing agency theory and an application to the banking industry”, Journal of Banking & Finance, 30, 2006, pp. 1065–1102.
  • BRADLEY, M., Jarrel, G.A. and Kim, E. H., “On the existence of an optimal capital structure: theory and evidence”, The Journal of Finance, 39(3), 1984, pp. 857.
  • BİRGİLİ, E. and Düzer, M., “Finansal analizde kullanılan oranlar ve firma değeri ilişkisi: İMKB’de bir uygulama”, Muhasebe ve Finansman Dergisi, 46, 2010, pp. 74-83.
  • BOOTH, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V., “Capital structures in developing countries”, The Journal of Finance, 56(1), 2001, pp. 87-130.
  • BÜYÜKŞALVARCI, A., “Finansal oranlar ile hisse senedi getirileri arasındaki ilişkinin analizi: İMKB imalat sektörü üzerine bir araştırma”, Muhasebe ve Finansman Dergisi, 48, 2010, pp. 130-141.
  • CHADHA, S. and Sharma, A.K., “Capital structure and firm performance: Empirical evidence from India”, The Journal of Business Perspective, 19(4), 2015, pp. 295–302.
  • ÇATAL, M. F., “Küresel finansal krizin BİST’de işlem gören otomotiv sektörünün sermaye yapısı üzerindeki etkileri”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 28(2), 2014, pp. 179-197.
  • DAWAR, V., “Agency theory, capital structure and firm performance: Some Indian evidence”, Managerial Finance, 40(12), 2014, pp. 1190 – 1206.
  • DURUKAN, M.B., “Hisse senetleri İMKB’de İşlem gören firmaların sermaye yapısı”, İMKB Dergisi, 1(3), 1997, pp. 75-87.
  • EBAID, I. E., “The impact of capital-structure choice on firm performance: empirical evidence from Egypt”, The Journal of Risk Finance, 10(5), 2009, pp. 477 – 487.
  • FAMA, E. F. and French, K. R., “Testing trade-off and pecking order predictions about dividends and debt”, The Review of Financial Studies, 15(1), 2002, pp. 1–33.
  • FRANK, M. Z. and Goyal, V.K., “Testing the pecking order theory of capital structure”, Journal of Financial Economics, 67, 2003, pp. 217–248
  • GLEASON, K.C., Mathur, L.K. and Mathur, I., “The interrelationship between culture, capital structure, and performance: Evidence from European retailers”, Journal of Business Research, 50, 2000, pp. 185–191.
  • GODDARD, J.,Tavakoli, M. and Wilson, J.O.S., “Determinants of profitability in European manufacturing and services: evidence from a dynamic panel model”, Applied Financial Economics, 15, 2005, pp. 1269–1282.
  • GONZÁLEZ, V.M., “Leverage and corporate performance: international evidence”, International Review of Economics and Finance, 25, 2013, pp. 169–184.
  • GROSSMAN S.J. and Hart, O.D., “Corporate financial structure and managerial incentives”, In “The Economics of Information and Uncertainty”, McCall, J.J. (ed.), NBER, 1982, pp. 107-140.
  • GÜLŞEN, A.Z. and Ülkütaş, Ö., “Sermaye yapısının belirlenmesinde finansman hiyerarşisi teorisi ve ödünleşme teorisi: İMKB sanayi endeksinde yer alan firmalar üzerine bir uygulama”, ZKÜ Sosyal Bilimler Dergisi, 8(15), 2012, pp. 49-59.
  • HARRIS, M. and Raviv, A., “The theory of capital structure”, The Journal of Finance, 46(1), 1991, pp. 297- 355
  • ISLAM, S.Z. and Khandaker, S., “Firm leverage decisions: does industry matter?”, North American Journal of Economics and Finance, 31, 2015, pp. 94–107.
  • JENSEN, M. C., “Agency costs of free cash flow, corporate finance and takeovers”, American Economic Review, 76(2), 1986, pp. 323–339.
  • JENSEN, M. C. and Meckling, W., “Theory of the firm: Managerial behavior, agency costs, and capital Structure”, Journal of Financial Economics, 3, 1976, pp.305–360.
  • KALAYCI, Ş. and Karataş, A., “Hisse senedi getirileri ve finansal oranlar ilişkisi: İMKB’de bir temel analiz araştırması”, Muhasebe Finansman Dergisi, 9, 2005, pp. 146-157.
  • KARA, E. and Erdur, D.A., “Determinants of capital structure: a research on sectors that contribute to exports in Turkey”, İstanbul Üniversitesi İşletme Fakültesi Dergisi, 44(2), 2015, pp.27-38.
  • KISAKÜREK, M.M. and Aydın, Y., “İşletmelerde sermaye yapısı ile kârlılık arasındaki ilişkinin analizi: 1992-2011 yılları arası finansal krizler odaklı BİST’te bir uygulama”, Ç.Ü. İktisadi Ve İdari Bilimler Dergisi, 14(2), 2013, pp. 97-121.
  • MARGARITIS, D. and Psillaki, M., “Capital structure and firm efficiency”, Journal of Business Finance & Accounting, 34(9-10), 2007, pp.1447–1469.
  • MILLER, M.H., “Debt and Taxes”, The Journal of Finance, 32(2), 1977, pp. 261-275.
  • MODIGLIANI, F. and Miller, M. H., “The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3), 1958, pp. 261-297.
  • MODIGLIANI, F. and Miller, M. H., “Corporate Income Taxes and the Cost of Capital: A Correction”, The American Economic Review, 53(3), 1963, pp. 433-443.
  • MYERS, S.C., “Determinants of corporate borrowing”, Journal of Financial Economics, 5, 1977, pp. 147– 175.
  • MYERS, S.C., “The capital structure puzzle”, Journal of Finance, 39, 1984, 575–592.
  • MYERS, S.C. and Majluf, N., “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13, 1984, pp. 187–221.
  • OKUYAN, H. A. and Taşcı, H.M., “Sermaye yapısının belirleyicileri:Türkiye’deki en büyük 1000 sanayi işletmesinde bir uygulama”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 4(1), 2010, pp. 105- 120.
  • OPLER, T.C. and Titman, S., “Financial distress and corporate performance”, The Journal of Finance, 49(3), 1994, pp. 1015-1040.
  • RAJAN, R.G. and Zingales, L., “What do we know about capital structure? Some evidence from international data”, The Journal of Finance, 50(5), 1995, pp. 1421-1460.
  • SALIM, M., and Yadav, R., “Capital structure and firm performance: evidence from Malaysian listed companies”, Procedia - Social and Behavioral Sciences, 65, 2012, pp. 156 – 166.
  • SHEIKH, N. A. and Wang, Z., “The impact of capital structure on performance”, International Journal of Commerce and Management, 23(4), 2013, pp. 354 – 368.
  • STIGLITZ, J.E., “On the irrelevance of corporate financial policy”, The American Economic Review, 64(6), 1974, pp. 851-866.
  • ŞAHIN, O., ”İMKB’ye kayıtlı kobi şirketlerinde sermaye yapısını belirleyen faktörler ve 2008 yılı finansal krizi, Finans Politik & Ekonomik Yorumlar, 48(560), 2011, pp. 5-16.
  • TAUB, A. J., “Determinants of the Firm’s Capital Structure”, The Review of Economics and Statistics, 57(4), 1975, pp. 410-416.
  • TITMAN, S. and Wessels, R., “The determinants of capital structure”, The Journal of Finance, 43(1), 1988, pp. 1-19.
  • TONG, G. and Green, C.J., “Pecking order or trade-off hypothesis? Evidence on the capital structure of Chinese companies”, Applied Economics, 37, 2005, pp. 2179–2189.
  • TOPAL, Y., “İMKB’ye kayıtlı işletmelerin sermaye yapıları ve finansal kaldıraç oranlarının karlılıklarına etkisi”, Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 27, Temmuz-Aralık 2006, pp. 45-70.
  • TSURUTA, D., “Leverage and firm performance of small businesses: evidence from Japan”, Small Business Economics, 44, 2015, pp. 385–410.
  • VITHESSONTHIA, C. and Tonguraib, J., “The effect of firm size on the leverage–performance relationship during the financial crisis of 2007–2009”, Journal of Multinational Financial Management, 29, 2015a, pp. 1–29.
  • VITHESSONTHI, C. and Tongurai, J., “The effect of leverage on performance: Domestically-oriented versus internationally-oriented firms”, Research in International Business and Finance, 34, 2015b, pp. 265–280.
There are 49 citations in total.

Details

Subjects Economics
Other ID JA35DG45UP
Journal Section Makaleler
Authors

Emin Avcı This is me

Publication Date June 1, 2016
Submission Date June 1, 2016
Published in Issue Year 2016

Cite

APA Avcı, E. (2016). CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 38(1), 15-30. https://doi.org/10.14780/iibd.81334
AMA Avcı E. CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. June 2016;38(1):15-30. doi:10.14780/iibd.81334
Chicago Avcı, Emin. “CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi 38, no. 1 (June 2016): 15-30. https://doi.org/10.14780/iibd.81334.
EndNote Avcı E (June 1, 2016) CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 38 1 15–30.
IEEE E. Avcı, “CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY”, Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, vol. 38, no. 1, pp. 15–30, 2016, doi: 10.14780/iibd.81334.
ISNAD Avcı, Emin. “CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY”. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi 38/1 (June 2016), 15-30. https://doi.org/10.14780/iibd.81334.
JAMA Avcı E. CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2016;38:15–30.
MLA Avcı, Emin. “CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY”. Marmara Üniversitesi İktisadi Ve İdari Bilimler Dergisi, vol. 38, no. 1, 2016, pp. 15-30, doi:10.14780/iibd.81334.
Vancouver Avcı E. CAPITAL STRUCTURE AND FIRM PERFORMANCE: AN APPLICATION ON MANUFACTURING INDUSTRY. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi. 2016;38(1):15-30.

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