The Existence of Debt Market Timing and Determinants of the Existence of Debt Market Timing: Evidence from Türkiye

Year 2025, Volume: 20 Issue: 3, 839 - 869

Fazlı Irmak , Fatih Konak

Abstract

The study aims to identify the existence and determinants of debt market timing in Türkiye. As a result of the analysis, debt market timing is identified. The analysis to identify the factors affecting the existence of market timing reveals that interest rates, inflation, ownership and board structure are the determinants of the existence of market timing. The results are among the rare studies that identify the impact of ownership and governance structure on debt market timing. The findings are particularly novel for Türkiye. Our findings suggest that firms can take advantage of borrowing opportunities at appropriate times by carefully monitoring economic conditions. Investors, on the other hand, are provided with empirical information to make informed investment decisions by not ignoring the possibility that firms may have timed the market and issued debt.

Keywords

Debt Market Timing, Ownership Structure, Board Structure, Motivation to Spend Money

Borç Piyasa Zamanlamasının Varlığı ve Borç Piyasa Zamanlamasının Varlığının Belirleyicileri: Türkiye’den Kanıtlar

Abstract

Çalışmada, Türkiye’de borç piyasa zamanlamasının varlığı ve belirleyicilerine tespit etmeyi amaçlanmıştır. Yapılan analizler sonucunda, borç piyasa zamanlaması tespit edilmiştir. Piyasa zamanlamasının varlığına etki eden faktörleri belirlemek için yapılan analiz sonucunda; faiz oranları, enflasyon, mülkiyet ve yönetim kurulu yapısının piyasa zamanlamasının varlığının belirleyicisi oldukları tespit edilmiştir. Sonuçlar, mülkiyet ve yönetim yapısının borç piyasa zamanlamasındaki etkisini belirleyen ender çalışmalardandır. Özellikle Türkiye ölçeğinde elde edilen bulguların yeni olduğu söylenebilir. Bulgularımız, firmaların ekonomik koşulları dikkatle takip ederek uygun zamanlarda borçlanma fırsatını değerlendirebileceğini göstermektedir. Yatırımcılar ise firmaların piyasayı zamanlayarak borç ihracı gerçekleştirmiş olma ihtimalini göz ardı etmeyerek bilinçli yatırım kararları almaları konusunda ampirik bilgiler sunmaktadır.

Keywords

Borç Piyasa Zamanlaması, Mülkiyet Yapısı, Yönetim Kurulu Yapısı, Para Harcama Motivasyonu

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