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Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector

Year 2018, Volume: 5 Issue: 2, 193 - 204, 15.07.2018
https://doi.org/10.17541/optimum.429240

Abstract

This study aims to determine the effects of the listed deposit banks’
ownership concentration on capital structures. In this context; ten deposit
banks listed on Borsa Istanbul have been evaluated for the period of 2005-2015
and panel data analysis has been used. As the ownership structure variables;
major shareholders and free float rate have been used and the ratios particular
to banking sector have been analysed as capital structure variables. In
conclusion, the findings have shown that major shareholder, free float rate,
return on assets and bank size variables have a statistically significant
impact on the banks’ capital structures.

References

  • Al-Amarneh, A. (2014). Corporate governance, ownership structure and bank performance in Jordan. International Journal of Economics and Finance, 6 (6), 192-202.
  • Al-Fayoumi, N. A., & Abuzayed, B. M. (2009). Ownership structure and corporate financing. Applied Financial Economics, 19, 1975-1986.
  • Altunbas, Y., Evans, L., & Molyneux. P. (2001). Bank ownership and efficiency. Journal of Money, Credit and Banking, 33 (4), 926-954.
  • Brailsford, T. J., Oliver, B. R., & Pua, S. L. (2002). On the relation between ownership structure and capital structure. Journal of Accounting and Finance, 42, 1-26.
  • Breusch, T.S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47 (1), 239-253.
  • Céspedes, J., González, M., & Molina, C. A. (2010). Ownership concentration and the determinants of capital structure in Latin America. Journal of Business Research, 63 (3), 1-29.
  • Demirhan, D. (2010). Turkiye’deki mevduat bankalarinin finansal yapiya iliskin kararlarinin kârlilik uzerine etkileri. Journal of Accounting & Finance, 45, 157-168.
  • Dogan, M. (2007). Kurumsal Yönetim. Siyasal Kitabevi, Ankara.
  • Dogan, M. (2016). Mulkiyet yapisinin finansman kararlari uzerindeki etkisi. Journal of Accounting and Finance, April, 157-170.
  • Driffield, N., Mahambre, V., & Pal, S. (2005). How ownership structure affects capital structure and firm performance? Recent Evidence from East Asia, Econwpa, 1-44.
  • Ehsan, S., & Javid, A. Y. (2015). Ownership structure and bank performance: A case of banking industry in Pakistan. Journal of Business and Economics, 7 (1), 1-27.
  • Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26 (2), 301-325.
  • Greene, W. (2010). Testing hypotheses about interaction terms in nonlinear models. Economics Letters, 107 (2), 291-296.
  • Guris, S. (2015). Stata ile panel veri modelleri. Der Publications.
  • Hasan, A., & Butt, S. A. (2009). Impact of ownership structure and corporate governance on capital structure of Pakistani listed companies. International Journal of Business and Management, 4 (2), 50-57.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7 (3), 281-312.
  • Hsiao, C. (2003). Analysis of panel data. (Second Edition). United Kingdom: Cambridge University Press.
  • Iannotta, G., Nocera, G., & Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance, 31 (1), 2127-2149.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76 (2), 323-329.
  • Levine, R. (2004). The corporate governance of banks: concise discussion of concepts and evidence. World Bank Policy Research Working Paper, 3404, 1-19.
  • Liu, Q., Tian, G., & Wang, X. (2011). The effect of ownership structure on leverage decision: new evidence from Chinese listed firms. Journal of the Asia Pacific Economy, 16 (2), 254-276.
  • Santos, M. S., Moreira, A. C., & Vieira, E. S. (2014). Ownership concentration, contestability, family firms, and capital structure. Journal of Management & Governance, 18 (4), 1063-1107.
  • Sarkar, Jayati, Sarkar, S., & Bhaumik, K. S. (1998). Does Ownership always matter? - Evidence from the Indian banking industry. Journal of Comparative Economics, 26, 262-281.
  • Sayilgan, G., & Sayman, G. (2012). Imalat Sirketlerinin Ortaklik Yapilarinin Finansman Kararlari Uzerindeki Etkisi: IMKB Uygulamasi (1998-2009), IMKB Journal, 12 (48), 1-15.
  • Stančić, P., Čupić, M., & Obradović, V. (2014). Influence of Board and Ownership Structure on Bank Profitability: Evidence from South East Europe, Economic Research, 27 (1), 573-589.
  • Sun, J., Ding, L., Guo, J. M., & Li, Y. (2015). Ownership, Capital Structure and Financing Decision: Evidence from the UK, British Accounting Review, 1-16.
  • Taskin, D.F., & Coskun, S. (2015). Ortaklik Yapilarinin Finansman Kararlari Uzerine Etkisi: BIST Enerji Firmalari Incelemesi, Dokuz Eylul Üniversitesi Sosyal Bilimler Enstitusu Dergisi, 17(1), 105-118.

Mülkiyet Yoğunlaşmasının Sermaye Yapısı Üzerindeki Etkisi: Türk Bankacılık Sektörü Örneği

Year 2018, Volume: 5 Issue: 2, 193 - 204, 15.07.2018
https://doi.org/10.17541/optimum.429240

Abstract

Bu çalışmada Borsa İstanbul’da işlem gören bankalardaki
mülkiyet yoğunlaşması ile bankaların sermaye yapısı arasındaki ilişkinin
belirlenmesi amaçlanmıştır. Bu kapsamda, Borsa İstanbul’a kayıtlı on mevduat
bankası 2005-2015 yılları arasında değerlendirmeye alınmış olup, panel veri
analizi tekniğinden yararlanılmıştır. Mülkiyet yoğunluğunun belirlenmesinde; en
büyük ortağın sermaye payı ve halka açıklık oranları dikkate alınırken, sermaye
yapısı değişkenleri olarak ise bankaya özgü oranlar değerlendirmeye alınmıştır.
Çalışmanın sonucunda elde edilen bulgular en büyük hissedarın sermaye payı,
halka açıklık oranı, aktif karlılığı ve banka büyüklüğünün bankaların sermaye
yapısı kararları üzerinde istatistikî olarak anlamlı bir etkiye sahip olduğunu
göstermiştir.

References

  • Al-Amarneh, A. (2014). Corporate governance, ownership structure and bank performance in Jordan. International Journal of Economics and Finance, 6 (6), 192-202.
  • Al-Fayoumi, N. A., & Abuzayed, B. M. (2009). Ownership structure and corporate financing. Applied Financial Economics, 19, 1975-1986.
  • Altunbas, Y., Evans, L., & Molyneux. P. (2001). Bank ownership and efficiency. Journal of Money, Credit and Banking, 33 (4), 926-954.
  • Brailsford, T. J., Oliver, B. R., & Pua, S. L. (2002). On the relation between ownership structure and capital structure. Journal of Accounting and Finance, 42, 1-26.
  • Breusch, T.S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. Review of Economic Studies, 47 (1), 239-253.
  • Céspedes, J., González, M., & Molina, C. A. (2010). Ownership concentration and the determinants of capital structure in Latin America. Journal of Business Research, 63 (3), 1-29.
  • Demirhan, D. (2010). Turkiye’deki mevduat bankalarinin finansal yapiya iliskin kararlarinin kârlilik uzerine etkileri. Journal of Accounting & Finance, 45, 157-168.
  • Dogan, M. (2007). Kurumsal Yönetim. Siyasal Kitabevi, Ankara.
  • Dogan, M. (2016). Mulkiyet yapisinin finansman kararlari uzerindeki etkisi. Journal of Accounting and Finance, April, 157-170.
  • Driffield, N., Mahambre, V., & Pal, S. (2005). How ownership structure affects capital structure and firm performance? Recent Evidence from East Asia, Econwpa, 1-44.
  • Ehsan, S., & Javid, A. Y. (2015). Ownership structure and bank performance: A case of banking industry in Pakistan. Journal of Business and Economics, 7 (1), 1-27.
  • Fama, E. F., & Jensen, M. C. (1983). Separation of ownership and control. Journal of Law and Economics, 26 (2), 301-325.
  • Greene, W. (2010). Testing hypotheses about interaction terms in nonlinear models. Economics Letters, 107 (2), 291-296.
  • Guris, S. (2015). Stata ile panel veri modelleri. Der Publications.
  • Hasan, A., & Butt, S. A. (2009). Impact of ownership structure and corporate governance on capital structure of Pakistani listed companies. International Journal of Business and Management, 4 (2), 50-57.
  • Hoechle, D. (2007). Robust standard errors for panel regressions with cross-sectional dependence. Stata Journal, 7 (3), 281-312.
  • Hsiao, C. (2003). Analysis of panel data. (Second Edition). United Kingdom: Cambridge University Press.
  • Iannotta, G., Nocera, G., & Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance, 31 (1), 2127-2149.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: managerial behaviour, agency costs and ownership structure. Journal of Financial Economics, 3 (4), 305-360.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review, 76 (2), 323-329.
  • Levine, R. (2004). The corporate governance of banks: concise discussion of concepts and evidence. World Bank Policy Research Working Paper, 3404, 1-19.
  • Liu, Q., Tian, G., & Wang, X. (2011). The effect of ownership structure on leverage decision: new evidence from Chinese listed firms. Journal of the Asia Pacific Economy, 16 (2), 254-276.
  • Santos, M. S., Moreira, A. C., & Vieira, E. S. (2014). Ownership concentration, contestability, family firms, and capital structure. Journal of Management & Governance, 18 (4), 1063-1107.
  • Sarkar, Jayati, Sarkar, S., & Bhaumik, K. S. (1998). Does Ownership always matter? - Evidence from the Indian banking industry. Journal of Comparative Economics, 26, 262-281.
  • Sayilgan, G., & Sayman, G. (2012). Imalat Sirketlerinin Ortaklik Yapilarinin Finansman Kararlari Uzerindeki Etkisi: IMKB Uygulamasi (1998-2009), IMKB Journal, 12 (48), 1-15.
  • Stančić, P., Čupić, M., & Obradović, V. (2014). Influence of Board and Ownership Structure on Bank Profitability: Evidence from South East Europe, Economic Research, 27 (1), 573-589.
  • Sun, J., Ding, L., Guo, J. M., & Li, Y. (2015). Ownership, Capital Structure and Financing Decision: Evidence from the UK, British Accounting Review, 1-16.
  • Taskin, D.F., & Coskun, S. (2015). Ortaklik Yapilarinin Finansman Kararlari Uzerine Etkisi: BIST Enerji Firmalari Incelemesi, Dokuz Eylul Üniversitesi Sosyal Bilimler Enstitusu Dergisi, 17(1), 105-118.
There are 28 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Işıl Erem Ceylan 0000-0001-6825-8495

Publication Date July 15, 2018
Submission Date May 31, 2018
Published in Issue Year 2018 Volume: 5 Issue: 2

Cite

APA Erem Ceylan, I. (2018). Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, 5(2), 193-204. https://doi.org/10.17541/optimum.429240
AMA Erem Ceylan I. Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector. OJEMS. July 2018;5(2):193-204. doi:10.17541/optimum.429240
Chicago Erem Ceylan, Işıl. “Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi 5, no. 2 (July 2018): 193-204. https://doi.org/10.17541/optimum.429240.
EndNote Erem Ceylan I (July 1, 2018) Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 5 2 193–204.
IEEE I. Erem Ceylan, “Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector”, OJEMS, vol. 5, no. 2, pp. 193–204, 2018, doi: 10.17541/optimum.429240.
ISNAD Erem Ceylan, Işıl. “Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector”. Optimum Ekonomi ve Yönetim Bilimleri Dergisi 5/2 (July 2018), 193-204. https://doi.org/10.17541/optimum.429240.
JAMA Erem Ceylan I. Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector. OJEMS. 2018;5:193–204.
MLA Erem Ceylan, Işıl. “Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector”. Optimum Ekonomi Ve Yönetim Bilimleri Dergisi, vol. 5, no. 2, 2018, pp. 193-04, doi:10.17541/optimum.429240.
Vancouver Erem Ceylan I. Impact of Ownership Concentration on Capital Structures: A Case of Turkish Banking Sector. OJEMS. 2018;5(2):193-204.

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