Sectoral Differences in Fixed Asset Financing: Evidence from Turkish Manufacturing Sub-sectors

Year 2024, Volume: 19 Issue: 3, 685 - 712

Serdar Yaman

Abstract

This paper aims to identify the differences in fixed asset financing across Turkish manufacturing sub-sectors using data from 123 firms traded on the Borsa Istanbul (BIST) during the period 2010-2022. A five-stage panel regression methodology is followed. Employing panel regression models separately built for each manufacturing sub-sector the study examines the impact of short-term borrowing decisions, long-term financing options, and financial performance on fixed asset investments. The findings reveal a significant dampening effect of short-term borrowing decisions on fixed asset investments across all manufacturing sub-sectors. Moreover, the study underscores significant variations in the effects of long-term financing options and financial performance on fixed asset investments across manufacturing sub-sectors. The findings emphasize that sectoral characteristics play an important role in fixed asset finance planning and that the principle of maturity matching is a determining approach in financing strategies.

Keywords

Financing Policy, Fixed Asset Investments, Manufacturing Sector, Borsa Istanbul, Panel Data Analysis

Ethical Statement

This study has been prepared under scientific research and publication ethics rules.

Duran Varlık Finansmanında Sektörel Farklılıklar: Türkiye İmalat Alt Sektörlerinden Kanıtlar

Abstract

Bu çalışma, 2010-2022 döneminde Borsa İstanbul'da (BIST) işlem gören 123 firmanın verilerini kullanarak duran varlık finansmanında imalat alt sektörleri arasındaki farklılıkları belirlemeyi amaçlamaktadır. Çalışmada beş aşamalı bir panel regresyon metodolojisi takip edilmiştir. İmalat alt sektörleri için ayrı ayrı oluşturulan panel regresyon modelleri kullanılarak kısa vadeli borçlanma kararları, uzun vadeli finansman seçenekleri ve finansal performansın duran varlık yatırımları üzerindeki etkileri incelenmiştir. Bulgular, tüm imalat alt sektörlerinde kısa vadeli borçlanma kararlarının duran varlık yatırımları üzerinde önemli bir azaltıcı etki yarattığını göstermektedir. Ayrıca, uzun vadeli finansman seçenekleri ve finansal performansın duran varlık yatırımları üzerindeki etkilerinin imalat alt sektörleri arasında önemli farklılıklar gösterdiği ortaya konulmuştur. Bulgular, sektörel karakteristiklerin duran varlık finansmanı planlamasında önemli bir rol oynadığını ve vade uyumu ilkesinin finansman stratejilerinde belirleyici bir yaklaşım olduğunu göstermektedir.

Keywords

Finansman Politikası, Duran Varlık Yatırımları, İmalat Sektörü, Borsa İstanbul, Panel Veri Analizi

Ethical Statement

Bu çalışma bilimsel araştırma ve yayın etiği kurallarına uygun olarak hazırlanmıştır.

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