SAHİPLİK YAPISININ SERMAYE YAPISINA ETKİLERİ: BORSA İSTANBUL’DA BİR ARAŞTIRMA

Year 2022, , 281 - 319, 01.07.2022

Sevda Atesoglu Coskun , Hakan Aracı

https://doi.org/10.29067/muvu.1031968

Abstract

Bu çalışmada, sahiplik yapısının sermaye yapısına etkileri incelenmektir. Araştırmanın sonuçları, sermaye yapısı ve sahiplik yapısı kararlarını uyumlu hale getirebilmek için yöneticilere faydalı bilgiler sunmaktadır. Analizler, Borsa İstanbul sanayi sektöründe yüksek firma sayısına sahip üç alt sektörden yirmişer firmanın 2012-2017 dönemini kapsamaktadır. (1) Metal eşya, gereç ve makine yapımı; (2) Kimya, petrol, plastik ve kauçuk ürünleri; (3) Taş ve toprağa dayalı imalat sanayii sektörleri örnekleme dahil edilmiştir.
Panel veri analizi sonuçlarına göre yabancı sahiplik finansal kaldıracı azaltmaktadır. Yüksek kurumsal sahiplik payı veya yüksek halka açıklık oranı olan firmalar daha fazla kaldıraç kullanmaktadır. İkinci ve üçüncü ortakların sermaye payları; en büyük ortağın sermaye payına yakınlaştığında, borç kullanımı artmaktadır. Ancak, hakim hissedar payının sermaye yapısına istatistiki bir etkisi olduğuna yönelik kanıt elde edilememiştir. Çalışmada elde edilen bulgular sahiplik yapısının dolaylı veya direkt olarak, sermaye yapısına bazı etkileri olduğunu desteklemektedir.

Keywords

Sahiplik Yapısı, Sermaye Yapısı, Finansal Kaldıraç, Borç

THE EFFECTS OF OWNERSHIP STRUCTURE ON CAPITAL STRUCTURE: A STUDY ON BORSA ISTANBUL

Abstract

The study examines the effects of ownership structure on capital structure. Results of this research provide useful information for managers to align their capital structure and ownership structure decisions. The research covered the period of 2012-2017 for twenty companies selected from three sub-sectors with the largest numbers of companies in Borsa İstanbul Manufacturing Industry. (1) Metal products, equipment and machinery; (2) Chemical, rubber, petroleum and plastic products; (3) Non-metallic mineral products sectors are included in the sample.
According to the results of the panel data analysis, foreign ownership reduces financial leverage. Firms with high corporate ownership or high free-float rate use have higher leverage. When the stakes of the second and third largest shareholders get closer to the largest shareholder's level, the debt ratio decreases. However, there is no evidence about a significant effect of the largest shareholder’s stake on capital structure. The findings obtained in the study support that the ownership structure has some influence on the capital structure either directly or indirectly.

Keywords

Ownership Structure, Capital Structure, Financial Leverage, Debt

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