Research Article
BibTex RIS Cite

SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ

Year 2022, Volume: 15 Issue: 1, 84 - 88, 30.07.2022
https://doi.org/10.17261/Pressacademia.2022.1582

Abstract

Amaç- Bu çalışma ile, BIST (Borsa İstanbul) tekstil sektöründe faaliyet gösteren firmaların sermaye yapılarının veya borç kaldıraç oranlarının
sermaye getirileri üzerindeki etkisini incelemek amaçlanmaktadır.
Metodoloji- Çalışmada, BIST tekstil sektöründe faaliyet gösteren 15 firmanın 2010Q4-2021Q3 dönemine ait süreklilik gösteren veriler
kullanılmıştır. İnceleme kapsamındaki firmaların 44 çeyrek dönemini kapsayan veriler kullanılarak, sermaye yapılarının sermaye getirileri
üzerindeki etkisi analiz edilmiş ve bunun için Kanonik Korelasyon metodolojisinden yararlanılmıştır. Kanonik korelasyon metodolojisinde
firmaların sermaye getiri değişkenleri bağımlı, sermaye yapısı değişkenleri ise bağımsız değişken olarak alınmıştır.
Bulgular- Kanonik korelasyon analizi sonucunda elde edilen bulgularda, tekstil firmalarına ait örneklemde sermaye yapısının sermaye
getirisini çok düşük düzeyde açıkladığı görülmüştür.
Sonuç- Örneklemde yer alan firmaların verileri kullanarak yapılan Kanonik korelasyon analizde elde edilen sonuçlarda sermaye yapısının
sermaye getirisini açıklama oranı çok düşük olsa da, firmaların sermaye yapısı oranlarını dikkate almalı ve bulgular genellenmemelidir.

References

  • Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance,6(5): 438-445.
  • Aras, G., Kutlu Furtuna, Ö., Mutlu Yıldırım, F. (2017). Yatırım ve finansman kararlarının piyasa değerine etkisi. İşletme Araştırmaları Dergisi, 9(4): 120-138.
  • Cincinelli, P., Pellini, E., Urga, G. (2021). Leverage and systemic risk pro-cyclicality in the Chinese financial system. International Review of Financial Analysis, 78: 101895.
  • Corporate Finance Institute (CFI) (2022). Leverage Ratios. https://corporatefinanceinstitute.com/resources/knowledge/finance/leverageratios/, (Erişim Tarihi: 10.06.2022).
  • D’Mello, L., & Sivaprasad, S. (2015). An investment strategy based on leverage: Evidence from BSE 500. Journal of Emerging Market Finance, 14(3): 210-238.
  • Dalnial, H., Kamaluddin, A., Sanusi, Z.M., Khairuddin, K. S. (2014). Accountability in financial reporting: detecting fraudulent firms. ProcediaSocial and Behavioral Sciences, 145: 61-69
  • Ebaid, I.E.S. (2009). The impact of capital‐structure choice on firm performance: empirical evidence from Egypt. The journal of risk Finance, 10(5): 477-487.
  • Gill, A., Biger, N., Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4): 1-16.
  • Gupta, N.K., Gupta, H. (2014). Impact of capital structure on financial performance in Indian construction companies. International Journal of Economics, Commerce and Management United Kingdom, 2(5): 1-14.
  • Hamada, R.S. (1972). The effect of the firm's capital structure on the systematic risk of common stocks. The Journal of Finance, 27(2): 435- 452.
  • Hayes, A., Anderson, S., Schmitt, K.R. (2022). Leverage. https://www.investopedia.com/terms/l/leverage.asp (Erişim Tarihi: 12.06.2022).
  • Istiak, K., Serletis, A. (2020). Risk, uncertainty, and leverage. Economic Modelling, 91: 257-273.
  • Kalantonis, P., Kallandranis, C., Sotiropoulos, M. (2021). Leverage and firm performance: new evidence on the role of economic sentiment using accounting information. Journal of Capital Markets Studies, 5(1): 96-107.
  • Karadeniz, E., Kaplan, F., Günay, F. (2016). Sermaye yapısı kararlarının kârlılığa etkisi: Borsa İstanbul turizm şirketlerinde bir araştırma. Seyahat ve Otel İşletmeciliği Dergisi, 13(3): 38-55.
  • Konak, F., Türkoğlu, D. (2022). Sermaye ve sahiplik yapısının firma performansına etkisi: Borsa İstanbul Turizm Endeksi Uygulaması. Alanya Akademik Bakış, 6(1): 1571-1586.
  • Memon, Z.A., Chen, Y., Tauni, M. Z., Ali, H. (2018). The impact of cash flow volatility on firm leverage and debt maturity structure: evidence from China. China finance review international, 8(1), 69-91.
  • Muradoğlu, Y. G., & Sivaprasad, S. (2012). Capital structure and abnormal returns. International Business Review, 21(3): 328-341.
  • Myers, S. C. (1984). Capital structure puzzle. NBER working paper series, Working Paper No. 1393: 1-32.
  • Pan, W. F., Wang, X., Wu, G., Xu, W. (2021). The COVID-19 pandemic and sovereign credit risk. China Finance Review International, 11(3), 287-301.
  • Schwarz, L.A.D., Dalmácio, F.Z. (2021). The relationship between economic policy uncertainty and corporate leverage: Evidence from Brazil. Finance Research Letters, 40: 101676.
  • Shubita, M. F., & Alsawalhah, J. M. (2012). The relationship between capital structure and profitability. International Journal of Business and Social Science, 3(16): 104-112.
  • Tong, H., Wei, S.J. (2021). Endogenous corporate leverage response to a safer macro environment: The case of foreign exchange reserve accumulation. Journal of International Economics, 132: 103499.
  • Tretiakova, V.V., Shalneva, M.S., Lvov, A.S. (2021). The Relationship between capital structure and financial performance of the company. In SHS Web of Conferences (Vol. 91, p. 01002). EDP Sciences, 1-9.
  • Wang, Y., Yu, Z., Yi, X. (2021). Financing liabilities and inefficient investment of listed companies: Based on the adjustment effect of different financial structures. Australian Econonmics Papers, 1-28.
  • Yılmaz, H. (2017). Sermaye yapısının firma değeri ve firma performansına etkisi: Ampirik bir analiz. Uluslararası Sosyal Araştırmalar Dergisi, 10(53): 826-838.

THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND RETURN ON CAPITAL: A CANONIC CORRELATION ANALYSIS ON TEXTILE INDUSTRY

Year 2022, Volume: 15 Issue: 1, 84 - 88, 30.07.2022
https://doi.org/10.17261/Pressacademia.2022.1582

Abstract

Purpose- With this study, it is aimed to examine the effect of capital structures or debt leverage ratios of companies operating in the textile
sector of BIST (Borsa Istanbul) on capital returns.
Methodology- In the study, continuous data for the period 2010Q4-2021Q3 of 15 companies operating in the BIST textile sector were used.
Using the data covering 44 quarters of the companies within the scope of the study, the effect of capital structures on capital returns was
analyzed and Canonical Correlation methodology was used for this. In the canonical correlation methodology, the capital return variables of
the firms are taken as the dependent variable and the capital structure variables as the independent variable.
Findings- In the findings obtained as a result of the canonical correlation analysis, it was observed that the capital structure in the sample of
textile companies explained the return on capital at a very low level.
Conclusion- Although the ratio of capital structure to return on capital is very low in the results obtained in the Canonical Correlation analysis
using the data of the companies in the sample, the capital structure ratios of the companies should be taken into account and the findings
should not be generalized.

References

  • Abor, J. (2005). The effect of capital structure on profitability: an empirical analysis of listed firms in Ghana. The Journal of Risk Finance,6(5): 438-445.
  • Aras, G., Kutlu Furtuna, Ö., Mutlu Yıldırım, F. (2017). Yatırım ve finansman kararlarının piyasa değerine etkisi. İşletme Araştırmaları Dergisi, 9(4): 120-138.
  • Cincinelli, P., Pellini, E., Urga, G. (2021). Leverage and systemic risk pro-cyclicality in the Chinese financial system. International Review of Financial Analysis, 78: 101895.
  • Corporate Finance Institute (CFI) (2022). Leverage Ratios. https://corporatefinanceinstitute.com/resources/knowledge/finance/leverageratios/, (Erişim Tarihi: 10.06.2022).
  • D’Mello, L., & Sivaprasad, S. (2015). An investment strategy based on leverage: Evidence from BSE 500. Journal of Emerging Market Finance, 14(3): 210-238.
  • Dalnial, H., Kamaluddin, A., Sanusi, Z.M., Khairuddin, K. S. (2014). Accountability in financial reporting: detecting fraudulent firms. ProcediaSocial and Behavioral Sciences, 145: 61-69
  • Ebaid, I.E.S. (2009). The impact of capital‐structure choice on firm performance: empirical evidence from Egypt. The journal of risk Finance, 10(5): 477-487.
  • Gill, A., Biger, N., Mathur, N. (2011). The effect of capital structure on profitability: Evidence from the United States. International Journal of Management, 28(4): 1-16.
  • Gupta, N.K., Gupta, H. (2014). Impact of capital structure on financial performance in Indian construction companies. International Journal of Economics, Commerce and Management United Kingdom, 2(5): 1-14.
  • Hamada, R.S. (1972). The effect of the firm's capital structure on the systematic risk of common stocks. The Journal of Finance, 27(2): 435- 452.
  • Hayes, A., Anderson, S., Schmitt, K.R. (2022). Leverage. https://www.investopedia.com/terms/l/leverage.asp (Erişim Tarihi: 12.06.2022).
  • Istiak, K., Serletis, A. (2020). Risk, uncertainty, and leverage. Economic Modelling, 91: 257-273.
  • Kalantonis, P., Kallandranis, C., Sotiropoulos, M. (2021). Leverage and firm performance: new evidence on the role of economic sentiment using accounting information. Journal of Capital Markets Studies, 5(1): 96-107.
  • Karadeniz, E., Kaplan, F., Günay, F. (2016). Sermaye yapısı kararlarının kârlılığa etkisi: Borsa İstanbul turizm şirketlerinde bir araştırma. Seyahat ve Otel İşletmeciliği Dergisi, 13(3): 38-55.
  • Konak, F., Türkoğlu, D. (2022). Sermaye ve sahiplik yapısının firma performansına etkisi: Borsa İstanbul Turizm Endeksi Uygulaması. Alanya Akademik Bakış, 6(1): 1571-1586.
  • Memon, Z.A., Chen, Y., Tauni, M. Z., Ali, H. (2018). The impact of cash flow volatility on firm leverage and debt maturity structure: evidence from China. China finance review international, 8(1), 69-91.
  • Muradoğlu, Y. G., & Sivaprasad, S. (2012). Capital structure and abnormal returns. International Business Review, 21(3): 328-341.
  • Myers, S. C. (1984). Capital structure puzzle. NBER working paper series, Working Paper No. 1393: 1-32.
  • Pan, W. F., Wang, X., Wu, G., Xu, W. (2021). The COVID-19 pandemic and sovereign credit risk. China Finance Review International, 11(3), 287-301.
  • Schwarz, L.A.D., Dalmácio, F.Z. (2021). The relationship between economic policy uncertainty and corporate leverage: Evidence from Brazil. Finance Research Letters, 40: 101676.
  • Shubita, M. F., & Alsawalhah, J. M. (2012). The relationship between capital structure and profitability. International Journal of Business and Social Science, 3(16): 104-112.
  • Tong, H., Wei, S.J. (2021). Endogenous corporate leverage response to a safer macro environment: The case of foreign exchange reserve accumulation. Journal of International Economics, 132: 103499.
  • Tretiakova, V.V., Shalneva, M.S., Lvov, A.S. (2021). The Relationship between capital structure and financial performance of the company. In SHS Web of Conferences (Vol. 91, p. 01002). EDP Sciences, 1-9.
  • Wang, Y., Yu, Z., Yi, X. (2021). Financing liabilities and inefficient investment of listed companies: Based on the adjustment effect of different financial structures. Australian Econonmics Papers, 1-28.
  • Yılmaz, H. (2017). Sermaye yapısının firma değeri ve firma performansına etkisi: Ampirik bir analiz. Uluslararası Sosyal Araştırmalar Dergisi, 10(53): 826-838.
There are 25 citations in total.

Details

Primary Language Turkish
Subjects Finance, Business Administration
Journal Section Articles
Authors

Tuncer Yılmaz

Publication Date July 30, 2022
Published in Issue Year 2022 Volume: 15 Issue: 1

Cite

APA Yılmaz, T. (2022). SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ. PressAcademia Procedia, 15(1), 84-88. https://doi.org/10.17261/Pressacademia.2022.1582
AMA Yılmaz T. SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ. PAP. July 2022;15(1):84-88. doi:10.17261/Pressacademia.2022.1582
Chicago Yılmaz, Tuncer. “SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ”. PressAcademia Procedia 15, no. 1 (July 2022): 84-88. https://doi.org/10.17261/Pressacademia.2022.1582.
EndNote Yılmaz T (July 1, 2022) SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ. PressAcademia Procedia 15 1 84–88.
IEEE T. Yılmaz, “SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ”, PAP, vol. 15, no. 1, pp. 84–88, 2022, doi: 10.17261/Pressacademia.2022.1582.
ISNAD Yılmaz, Tuncer. “SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ”. PressAcademia Procedia 15/1 (July 2022), 84-88. https://doi.org/10.17261/Pressacademia.2022.1582.
JAMA Yılmaz T. SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ. PAP. 2022;15:84–88.
MLA Yılmaz, Tuncer. “SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ”. PressAcademia Procedia, vol. 15, no. 1, 2022, pp. 84-88, doi:10.17261/Pressacademia.2022.1582.
Vancouver Yılmaz T. SERMAYE YAPISI İLE SERMAYE GETİRİSİ ARASINDAKİ İLİŞKİ: TEKSTİL SEKTÖRÜ ÜZERİNE KANONİK KORELASYON ANALİZİ. PAP. 2022;15(1):84-8.

PressAcademia Procedia (PAP) publishes proceedings of conferences, seminars and symposiums. PressAcademia Procedia aims to provide a source for academic researchers, practitioners and policy makers in the area of social and behavioral sciences, and engineering.

PressAcademia Procedia invites academic conferences for publishing their proceedings with a review of editorial board. Since PressAcademia Procedia is an double blind peer-reviewed open-access book, the manuscripts presented in the conferences can easily be reached by numerous researchers. Hence, PressAcademia Procedia increases the value of your conference for your participants. 

PressAcademia Procedia provides an ISBN for each Conference Proceeding Book and a DOI number for each manuscript published in this book.

PressAcademia Procedia is currently indexed by DRJI, J-Gate, International Scientific Indexing, ISRA, Root Indexing, SOBIAD, Scope, EuroPub, Journal Factor Indexing and InfoBase Indexing. 

Please contact to procedia@pressacademia.org for your conference proceedings.