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Bankaya Özgü ve Makroekonomik Faktörlerin Bankaların Sermaye Yapısı Üzerine Etkisi

Year 2022, , 225 - 242, 25.10.2022

Semira Hassen Alı , Hüseyin Dagli , Sara Faedfar , Ayten Turan Kurtaran

https://doi.org/10.17233/sosyoekonomi.2022.04.12
Cited By: 1

Abstract

Bu çalışma, bankaların sermaye yapısını etkileyen bankaya özgü ve makroekonomik faktörleri incelemeyi amaçlamaktadır. Çalışmada, Türkiye'de 2003-2017 yılları arasında faaliyet gösteren 42 bankanın panel verileri kullanılmıştır. Analizde, toplam borç, uzun vadeli ve kısa vadeli borç oranları sermaye yapısının göstergesi olarak kullanılmıştır. Araştırma bulguları, banka büyüklüğü, büyüme fırsatı, faiz oranı ve döviz kurunun kaldıraç oranlarını olumlu yönde etkilediğini, kârlılığın ise olumsuz yönde etkilediğini göstermektedir. Bu çalışmanın bulgularının çoğunluğu finansman hiyerarşisi teorisinin beklentileriyle uyumludur.

Keywords

Banka Sermaye Yapısı Kaldıraç Panel Veri Analizi

References

  • Akdal, S. (2011), “How do Firm Characteristics Affect Capital Structure? Some UK Evidence”, SSRN Papers, <https://dx.doi.org/10.2139/ssrn.1775706>, 01.02.2020.
  • Akyol, A. & P. Verwijmeren (2013), “Human capital costs, firm leverage, and unemployment rates”, Journal of Financial Intermediation, 22(3), 464-81.
  • Anderson, R. (2002), “Capital structure, firm liquidity, and growth”, NBB Working Paper No. 27.
  • Baglioni, A. et al. (2013), “Is the Leverage of European Banks Procyclical?”, Empirical Economics, 45(3), 1251-66.
  • Bas, T. et al. (2009), Determinants of Capital Structure in Developing Countries, Cass Business School, London, EC1Y 8TZ, UK.
  • Bokpin, G.A. (2009), “Macroeconomic Development and Capital Structure Decisions of Firms: Evidence from Emerging Market Economies”, Studies in Economics and Finance, 26(2), 129-42.
  • Booth, L. et al. (2001), “Capital Structures in Developing Countries”, The Journal of Finance, 56(1), 87-130.
  • Busch, R. & C. Memmel (2016), “Quantifying the Components of the Banks’ Net Interest Margin”, Financial Markets and Portfolio Management, 30(4), 371-396.
  • Chakraborty, I. (2013), “Does Capital Structure Depend on Group Affiliation? An Analysis of Indian Firms”, Journal of Policy Modeling, 35(1), 110-120.
  • Chow, G.C. (1960), “Tests of equality between sets of coefficients in two linear regressions”, Econometrica, 28(3), 591-605.
  • Dammon, R.M. (1988), “A Security Market and Capital Structure Equilibrium Under Uncertainty with Progressive Personal Taxes”, Research in Finance, 7, 53-74.
  • Degryse, H. et al. (2012), “The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure”, Small Business Economics, 38(4), 431-47.
  • DellʼAriccia, G. et al. (2014), “Real Interest Rates, Leverage, and Bank Risk-Taking”, Journal of Economic Theory, 149(C), 65-99.
  • Drobetz, W. & R. Fix (2003), “What are the Determinants of the Capital Structure? Some Evidence for Switzerland”, University of Basel, Working Paper, 4(3), 51-75.
  • Flannery, M. & K. Rangan (2008), “What Caused the Bank Capital Build-up of the 1990s?”, Review of Finance, 12(2), 391-429.
  • Francis, B. & D. Hunter (2012), Exchange Rate Exposure and the Cost of Debt: Evidence from Bank Loans, <https://www.bcb.gov.br/pec/depep/Seminarios/2012_VIISemRiscosBCB/Arquivos/ 2012_VIISemRiscosBCB_Bill_Francis.pdf>, 29.04.2020.
  • Frank, M. & V. Goyal (2009), “Capital Structure Decisions: Which Factors are Reliably Important?”, Financial Management, 38(1), 1-37.
  • Gaud, P. et al. (2005), “The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data”, European Financial Management, 11(1), 51-69.
  • Gordon, R. & J. Shoven (1982), “Interest Rates, Inflation and Corporate Financial Policy”, Brookings Papers on Economic Activity, 1982(2), 461-91.
  • Goyal, V.K. et al. (2002), “Growth Opportunities and Corporate Debt Policy: The Case of the US Defense Industry”, Journal of Financial Economics, 64(1), 35-59.
  • Gropp, R. & F. Heider (2010), “The Determinants of Bank Capital Structure”, Review of Finance, 14(4), 587-622.
  • Gungoraydinoglu, A. & Ö. Öztekin (2011), “Firm-and Country-Level Determinants of Corporate Leverage: Some New International Evidence”, Journal of Corporate Finance, 17(5), 1457-74.
  • Hailu, A. (2015), “The Impact of Capital Structure on Profitability of Commercial Banks in Ethiopia”, Master’s Thesis, Addis Ababa University, Ethiopia.
  • Hanousek, J. & A. Shamshur (2011), “A Stubborn Persistence: Is the Stability of Leverage Ratios Determined by the Stability of the Economy?”, Journal of Corporate Finance, 17(5), 1360-76.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, 7(3), 281-312.
  • Hortlund, P. (2005), “Do Inflation and High Taxes Increase Bank Leverage?”, SSE/EFI Working Paper Series in Economics and Finance, No: 612.
  • Kalaleh, S. et al. (2015), “Investigating the Relationship Between Financial Leverage and Unemployment Rate with Human Capital Cost of Companies’ Listed Tehran Stock Exchange”, Research Journal of Fisheries and Hydrobiology, 10(10), 427-32.
  • Kalemli-Ozcan, S. et al. (2012), “Leverage Across Firms, Banks and Countries”, Journal of International Economics, 88(2), 284-98.
  • Khalil, A. (2017), “Determinants of Net Interest Margins: A Comparative Study of Emerging Markets Pakistan, India and Bangladesh”, Master’s Thesis, Capital University of Science and Technology (CUST), Pakistan.
  • Köksal, B. & C. Orman (2015), “Determinants of Capital Structure: Evidence from a Major Developing Economy”, Small Business Economics, 44(2), 255-282.
  • M Zein, A. & P. Ångström (2016), “Can Macroeconomic Factors Explain the Choice of Capital Structure? -A Study of Listed Non-Financial Firms in Sweden”, Master’s Thesis, Department of Business Studies, Uppsala University.
  • Magwai, M. (2014), “Effect of macroeconomic conditions on capital structure choice for listed South African firms”, Doctoral Dissertation, University of Pretoria, South Africa.
  • Maksimovic, V. & S. Titman (1991), “Financial Policy and Reputation for Product Quality”, The Review of Financial Studies, 4(1), 175-200.
  • Michaelas, N. et al. (1999), “Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data”, Small Business Economics, 12(2), 113-30.
  • Modigliani, F. & M.H. Miller (1958), “ The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3), 261-97.
  • Mohsin, A. (2016), “Capital Structure Determinants-Capital Structure Determinants for Large Listed Norwegian and Foreign Public Firms”, Master's Thesis, Oslo and Akershus University College of Applied Sciences, Norway.
  • Mokhova, N. & M. Zinecker (2014), “Macroeconomic Factors and Corporate Capital Structure”, Procedia-Social and Behavioral Sciences, 110, 530-40.
  • Muthama, C. et al. (2013), “An Empirical Analysis of Macro-Economic Influences on Corporate Capital Structure of Listed Companies in Kenya”, Journal of Finance and Investment Analysis, 2(2), 41-62.
  • Myers, S. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2), 147-75.
  • Noguera, J. (2001), “Inflation and Capital Structure”, CERGE-EI Working Paper, No: 180.
  • Pedrono, J. & A. Violon (2017), “Banks' Leverage Procyclicality: Does Currency Diversification Matter?”, CEP II Working Paper, No: 2017-09.
  • Pontoh, W. (2017), “The Capital Structure: Is debt just a policy or requirement?”, European Research Studies, 20(2), 128-139.
  • Rajan, R. & L. Zingales (1995), “What do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), 1421-60.
  • Robert, A. & Jr. Taggart (1985), “Secular Patterns in the Financing of US Corporations”, in: B.M. Friedman (ed.), Corporate Capital Structures in the United States (13-80), National Bureau of Economic Research, University of Chicago Press.
  • Šarlija, N. & M. Harc (2012), “The Impact of Liquidity on the Capital Structure: A Case Study of Croatian Firms”, Business Systems Research, 3(1), 30-6.
  • Shleifer, A. & R. Vishny (1992), “Liquidation Values and Debt Capacity: A Market Equilibrium Approach”, The Journal of Finance, 47(4), 1343-66.
  • Sibilkov, V. (2009), “Asset Liquidity and Capital Structure”, Journal of Financial and Quantitative Analysis, 44(5), 1173-96.
  • Tekin, B. (2019), “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”, Sosyoekonomi, 27(42), 145-162.
  • Titman, S. & R. Wessels (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Weisberg, S. (2005), Applied linear regression (Vol. 528), John Wiley & Sons, New Jersey.
  • Williamson, O. (1988), “Corporate Finance and Corporate Governance”, The Journal of Finance, 43(3), 567-91.
  • Wooldridge, J. (2002), Econometric Analysis of Cross-Section and Panel Data, Cambridge, MA: MIT Press.
  • Zare, R. et al. (2013), “A Survey on the Effects of the Exchange Rate Changes and Financial Flexibility on the Usage of Financial Leverage in Accepted Companies of the Tehran Stock Exchange”, International Journal of Finance and Banking Studies, 2(2), 32-40.

The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks

Year 2022, , 225 - 242, 25.10.2022

Semira Hassen Alı , Hüseyin Dagli , Sara Faedfar , Ayten Turan Kurtaran

https://doi.org/10.17233/sosyoekonomi.2022.04.12
Cited By: 1

Abstract

This study aims to investigate the bank-specific and macroeconomic factors that affect the capital structure of banks. The study used panel data from 42 banks operating in Turkey from year 2003 to 2017. In the analysis, total, long-term and short-term debt ratios are used as a proxy for capital structure. The findings show that bank size, growth opportunity, interest rate and exchange rate positively affect the three leverages, while profitability has a negative effect. Most of this study findings are related to the expectations of pecking order theory.

Keywords

Bank Capital Structure Leverage Panel Data Analysis

References

  • Akdal, S. (2011), “How do Firm Characteristics Affect Capital Structure? Some UK Evidence”, SSRN Papers, <https://dx.doi.org/10.2139/ssrn.1775706>, 01.02.2020.
  • Akyol, A. & P. Verwijmeren (2013), “Human capital costs, firm leverage, and unemployment rates”, Journal of Financial Intermediation, 22(3), 464-81.
  • Anderson, R. (2002), “Capital structure, firm liquidity, and growth”, NBB Working Paper No. 27.
  • Baglioni, A. et al. (2013), “Is the Leverage of European Banks Procyclical?”, Empirical Economics, 45(3), 1251-66.
  • Bas, T. et al. (2009), Determinants of Capital Structure in Developing Countries, Cass Business School, London, EC1Y 8TZ, UK.
  • Bokpin, G.A. (2009), “Macroeconomic Development and Capital Structure Decisions of Firms: Evidence from Emerging Market Economies”, Studies in Economics and Finance, 26(2), 129-42.
  • Booth, L. et al. (2001), “Capital Structures in Developing Countries”, The Journal of Finance, 56(1), 87-130.
  • Busch, R. & C. Memmel (2016), “Quantifying the Components of the Banks’ Net Interest Margin”, Financial Markets and Portfolio Management, 30(4), 371-396.
  • Chakraborty, I. (2013), “Does Capital Structure Depend on Group Affiliation? An Analysis of Indian Firms”, Journal of Policy Modeling, 35(1), 110-120.
  • Chow, G.C. (1960), “Tests of equality between sets of coefficients in two linear regressions”, Econometrica, 28(3), 591-605.
  • Dammon, R.M. (1988), “A Security Market and Capital Structure Equilibrium Under Uncertainty with Progressive Personal Taxes”, Research in Finance, 7, 53-74.
  • Degryse, H. et al. (2012), “The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure”, Small Business Economics, 38(4), 431-47.
  • DellʼAriccia, G. et al. (2014), “Real Interest Rates, Leverage, and Bank Risk-Taking”, Journal of Economic Theory, 149(C), 65-99.
  • Drobetz, W. & R. Fix (2003), “What are the Determinants of the Capital Structure? Some Evidence for Switzerland”, University of Basel, Working Paper, 4(3), 51-75.
  • Flannery, M. & K. Rangan (2008), “What Caused the Bank Capital Build-up of the 1990s?”, Review of Finance, 12(2), 391-429.
  • Francis, B. & D. Hunter (2012), Exchange Rate Exposure and the Cost of Debt: Evidence from Bank Loans, <https://www.bcb.gov.br/pec/depep/Seminarios/2012_VIISemRiscosBCB/Arquivos/ 2012_VIISemRiscosBCB_Bill_Francis.pdf>, 29.04.2020.
  • Frank, M. & V. Goyal (2009), “Capital Structure Decisions: Which Factors are Reliably Important?”, Financial Management, 38(1), 1-37.
  • Gaud, P. et al. (2005), “The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data”, European Financial Management, 11(1), 51-69.
  • Gordon, R. & J. Shoven (1982), “Interest Rates, Inflation and Corporate Financial Policy”, Brookings Papers on Economic Activity, 1982(2), 461-91.
  • Goyal, V.K. et al. (2002), “Growth Opportunities and Corporate Debt Policy: The Case of the US Defense Industry”, Journal of Financial Economics, 64(1), 35-59.
  • Gropp, R. & F. Heider (2010), “The Determinants of Bank Capital Structure”, Review of Finance, 14(4), 587-622.
  • Gungoraydinoglu, A. & Ö. Öztekin (2011), “Firm-and Country-Level Determinants of Corporate Leverage: Some New International Evidence”, Journal of Corporate Finance, 17(5), 1457-74.
  • Hailu, A. (2015), “The Impact of Capital Structure on Profitability of Commercial Banks in Ethiopia”, Master’s Thesis, Addis Ababa University, Ethiopia.
  • Hanousek, J. & A. Shamshur (2011), “A Stubborn Persistence: Is the Stability of Leverage Ratios Determined by the Stability of the Economy?”, Journal of Corporate Finance, 17(5), 1360-76.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, 7(3), 281-312.
  • Hortlund, P. (2005), “Do Inflation and High Taxes Increase Bank Leverage?”, SSE/EFI Working Paper Series in Economics and Finance, No: 612.
  • Kalaleh, S. et al. (2015), “Investigating the Relationship Between Financial Leverage and Unemployment Rate with Human Capital Cost of Companies’ Listed Tehran Stock Exchange”, Research Journal of Fisheries and Hydrobiology, 10(10), 427-32.
  • Kalemli-Ozcan, S. et al. (2012), “Leverage Across Firms, Banks and Countries”, Journal of International Economics, 88(2), 284-98.
  • Khalil, A. (2017), “Determinants of Net Interest Margins: A Comparative Study of Emerging Markets Pakistan, India and Bangladesh”, Master’s Thesis, Capital University of Science and Technology (CUST), Pakistan.
  • Köksal, B. & C. Orman (2015), “Determinants of Capital Structure: Evidence from a Major Developing Economy”, Small Business Economics, 44(2), 255-282.
  • M Zein, A. & P. Ångström (2016), “Can Macroeconomic Factors Explain the Choice of Capital Structure? -A Study of Listed Non-Financial Firms in Sweden”, Master’s Thesis, Department of Business Studies, Uppsala University.
  • Magwai, M. (2014), “Effect of macroeconomic conditions on capital structure choice for listed South African firms”, Doctoral Dissertation, University of Pretoria, South Africa.
  • Maksimovic, V. & S. Titman (1991), “Financial Policy and Reputation for Product Quality”, The Review of Financial Studies, 4(1), 175-200.
  • Michaelas, N. et al. (1999), “Financial policy and capital structure choice in UK SMEs: Empirical evidence from company panel data”, Small Business Economics, 12(2), 113-30.
  • Modigliani, F. & M.H. Miller (1958), “ The Cost of Capital, Corporation Finance and the Theory of Investment”, The American Economic Review, 48(3), 261-97.
  • Mohsin, A. (2016), “Capital Structure Determinants-Capital Structure Determinants for Large Listed Norwegian and Foreign Public Firms”, Master's Thesis, Oslo and Akershus University College of Applied Sciences, Norway.
  • Mokhova, N. & M. Zinecker (2014), “Macroeconomic Factors and Corporate Capital Structure”, Procedia-Social and Behavioral Sciences, 110, 530-40.
  • Muthama, C. et al. (2013), “An Empirical Analysis of Macro-Economic Influences on Corporate Capital Structure of Listed Companies in Kenya”, Journal of Finance and Investment Analysis, 2(2), 41-62.
  • Myers, S. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, 5(2), 147-75.
  • Noguera, J. (2001), “Inflation and Capital Structure”, CERGE-EI Working Paper, No: 180.
  • Pedrono, J. & A. Violon (2017), “Banks' Leverage Procyclicality: Does Currency Diversification Matter?”, CEP II Working Paper, No: 2017-09.
  • Pontoh, W. (2017), “The Capital Structure: Is debt just a policy or requirement?”, European Research Studies, 20(2), 128-139.
  • Rajan, R. & L. Zingales (1995), “What do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), 1421-60.
  • Robert, A. & Jr. Taggart (1985), “Secular Patterns in the Financing of US Corporations”, in: B.M. Friedman (ed.), Corporate Capital Structures in the United States (13-80), National Bureau of Economic Research, University of Chicago Press.
  • Šarlija, N. & M. Harc (2012), “The Impact of Liquidity on the Capital Structure: A Case Study of Croatian Firms”, Business Systems Research, 3(1), 30-6.
  • Shleifer, A. & R. Vishny (1992), “Liquidation Values and Debt Capacity: A Market Equilibrium Approach”, The Journal of Finance, 47(4), 1343-66.
  • Sibilkov, V. (2009), “Asset Liquidity and Capital Structure”, Journal of Financial and Quantitative Analysis, 44(5), 1173-96.
  • Tekin, B. (2019), “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”, Sosyoekonomi, 27(42), 145-162.
  • Titman, S. & R. Wessels (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Weisberg, S. (2005), Applied linear regression (Vol. 528), John Wiley & Sons, New Jersey.
  • Williamson, O. (1988), “Corporate Finance and Corporate Governance”, The Journal of Finance, 43(3), 567-91.
  • Wooldridge, J. (2002), Econometric Analysis of Cross-Section and Panel Data, Cambridge, MA: MIT Press.
  • Zare, R. et al. (2013), “A Survey on the Effects of the Exchange Rate Changes and Financial Flexibility on the Usage of Financial Leverage in Accepted Companies of the Tehran Stock Exchange”, International Journal of Finance and Banking Studies, 2(2), 32-40.
There are 53 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Semira Hassen Alı 0000-0002-3224-6633

Hüseyin Dagli 0000-0002-2416-9340

Sara Faedfar 0000-0002-5237-7948

Ayten Turan Kurtaran 0000-0001-6116-6467

Publication Date October 25, 2022
Submission Date February 1, 2022
Published in Issue Year 2022

Cite

APA Alı, S. H., Dagli, H., Faedfar, S., Turan Kurtaran, A. (2022). The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks. Sosyoekonomi, 30(54), 225-242. https://doi.org/10.17233/sosyoekonomi.2022.04.12
AMA Alı SH, Dagli H, Faedfar S, Turan Kurtaran A. The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks. Sosyoekonomi. October 2022;30(54):225-242. doi:10.17233/sosyoekonomi.2022.04.12
Chicago Alı, Semira Hassen, Hüseyin Dagli, Sara Faedfar, and Ayten Turan Kurtaran. “The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks”. Sosyoekonomi 30, no. 54 (October 2022): 225-42. https://doi.org/10.17233/sosyoekonomi.2022.04.12.
EndNote Alı SH, Dagli H, Faedfar S, Turan Kurtaran A (October 1, 2022) The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks. Sosyoekonomi 30 54 225–242.
IEEE S. H. Alı, H. Dagli, S. Faedfar, and A. Turan Kurtaran, “The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks”, Sosyoekonomi, vol. 30, no. 54, pp. 225–242, 2022, doi: 10.17233/sosyoekonomi.2022.04.12.
ISNAD Alı, Semira Hassen et al. “The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks”. Sosyoekonomi 30/54 (October 2022), 225-242. https://doi.org/10.17233/sosyoekonomi.2022.04.12.
JAMA Alı SH, Dagli H, Faedfar S, Turan Kurtaran A. The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks. Sosyoekonomi. 2022;30:225–242.
MLA Alı, Semira Hassen et al. “The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks”. Sosyoekonomi, vol. 30, no. 54, 2022, pp. 225-42, doi:10.17233/sosyoekonomi.2022.04.12.
Vancouver Alı SH, Dagli H, Faedfar S, Turan Kurtaran A. The Impact of Bank-Specific and Macroeconomic Factors on the Capital Structure of Banks. Sosyoekonomi. 2022;30(54):225-42.

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