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Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi

Year 2019, , 145 - 162, 31.10.2019

Bilgehan Tekin

https://doi.org/10.17233/sosyoekonomi.2019.04.08
Cited By: 5

Abstract

Bu çalışmada firmaya özgü ve makroekonomik faktörlerin yanı sıra “Reel Kesim Güven Endeksinin” sermaye yapısı üzerindeki etkisi araştırılmıştır. Reel kesim güven endeks verileri davranışsal kurumsal finans çerçevesinde yapılan çalışmalara paralel olarak yöneticilerin kendine aşırı güvenlerinin bir ölçüsü kabul edilmiştir. Çalışmada dikkate alınan diğer değişkenler net satışlar, aktiflerdeki değişim, aktif kârlılığı, gayri safi yurtiçi hâsıla ve enflasyondur. Çalışmada sermaye yapısı değişkeni olarak kaldıraç oranı kullanılmıştır. BIST SINAİ endeksi firmaları üzerine yapılan çalışmada panel veri analizi yöntemi kullanılmıştır. Çalışma sonucunda Reel Kesim Güven Endeksinin sermaye yapısı üzerinde bir etkisi tespit edilememiş bununla birlikte diğer değişkenlerin sermaye yapısı üzerinde belirli düzeylerde etkisi tespit edilmiştir.

Keywords

Reel Kesim Güven Endeksi Kendine Aşırı Güven Sermaye Yapısı

References

  • Abdeldayem, M.M. & D.S. Sedeek (2018), “Managerial Behavior and Capital Structure Decisions; Do Overconfidence, Optimism and Risk Aversion Matter?”, Asian Economic and Financial Review, 8(7), 925-945.
  • Albayrak, A.S. & R. Akbulut (2012), “Kârlılığı etkileyen faktörler: İMKB sanayi ve hizmet sektörlerinde işlem gören işletmeler üzerine bir inceleme”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 4(7), 55-82.
  • Alkaçar, B. (2016), Verilerin Dili: Ekonomiyi Nasıl Okumalıyız?, İstanbul: Türkiye Bankalar Birliği Yayınları, G.M. Matbaacılık ve Ticaret A.Ş.
  • Antonczyk, R.C. & A.J. Salzmann (2014), “Overconfidence and optimism: The effect of national culture on capital structure”, Research in International Business and Finance, 31, 132151.
  • Arısoy, İ. (2012), “Türkiye ekonomisinde iktisadi güven endeksleri ve seçilmiş makro değişkenler arasındaki ilişkilerin VAR analizi”, Maliye Dergisi, 162, 304-315.
  • Bae, K.H. & J.K. Kang & J. Wang (2011), “Employee treatment and firm leverage: A test of the stakeholder theory of capital structure”, Journal of Financial Economics, 100(1), 130153.
  • Barros, L.A.B.D.C. & A.D.M. Da Silveira (2007), Overconfidence, managerial optimism and the determinants of capital structure, Available at SSRN 953273.
  • Ben-David, I. & J.R. Graham & C.R. Harvey (2007), “Managerial overconfidence and corporate policies”, No. w13711, National Bureau of Economic Research.
  • Bharath, S.T. & P. Pasquariello & G. Wu (2008), “Does asymmetric information drive capital structure decisions?”, The Review of Financial Studies, 22(8), 3211-3243.
  • Chen, A.H. & E.H. Kim (1979), “Theories of corporate debt policy: A synthesis”, Journal of Finance, 34, 371-384.
  • Da Silveira, A.D.M. & L.A.B.D.C. Barros (2008), “Overconfidence, Managerial Optimism, and the Determinants of Capital Structure”, Revista Brasileira de Finanças, 6(3), 293-334.
  • Datta, D. & B. Agarwal (2009), Determinants of Capital Structure of Indian Corporate Sector in the Period of Bull Run 2003-2007-An Econometric Study, Available at SSRN 1376064.
  • De Bondt, W.F. & R.H. Thaler (1995), “Financial decision-making in markets and firms: A behavioral perspective”, Handbooks in operations research and management science, 9, 385-410.
  • Deangelo, H. & R.W. Masulis (1980), “Optimal capital structure under corporate and personal taxation”, Journal of Financial Economics, 8(1), 3-29.
  • Demirhan, D. (2009), “Analysis of firm specific factors affecting capital structure: Application on ISE service firms”, Ege Akademik Bakış Dergisi, 9(2), 677-697.
  • Doğukanli, H. & S. Acaravci (2004), “Türkiye’’de Sermaye Yapısını Etkileyen Faktörlerin İmalat Sanayiinde Sınanması”, İktisat İşletme ve Finans, 19(225), 43-57.
  • Eriotis, N.P. & Z. Frangouli & Z. Ventoura-Neokosmides (2002), “Profit margin and capital structure: an empirical relationship”, Journal of Applied Business Research, 18(2), 85-88.
  • Esghaier, R. (2017), “Capital Structure Choices and Behavioral Biases: An Application to a Panel of US Industrial Companies”, International Journal of Economics and Financial Issues, 7(4), 608-622.
  • Fairchild, R. (2009), “Managerial overconfidence, moral hazard problems, and excessive life cycle debt sensitivity”, Investment Management and Financial Innovations, 6(3), 35-42.
  • Fairchild, R. (2007), “Managing overconfidence, agency problems, financing decisions and firm performance”, Working Paper, <http://opus.bath.ac.uk/285/>, 21.09.2018.
  • Fauver, L. & M.B. McDonald (2015), “Culture, agency costs, and governance: International evidence on capital structure”, Pacific-Basin Finance Journal, 34, 1-23.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital structure decisions: which factors are reliably important?”, Financial Management, 38(1), 1-37.
  • Friend, I. & L.H. Lang (1988), “An empirical test of the impact of managerial self‐interest on corporate capital structure”, The Journal of Finance, 43(2), 271-281.
  • Gervais, S. & J.B. Heaton & T. Odean (2002), “The positive role of overconfidence and optimism in investment policy”, Rodney L. White Center for Financial Research, Working Paper, <http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.7755&rep=rep1&type=p df>, 21.09.2018.
  • Gervais, S. & J.B. Heaton & T. Odean (2003), “Overconfidence, investment policy, and executive stock options”, Rodney L. White Center for Financial Research, Working Paper, 15-02.
  • Goel, A.M. & A.V. Thakor (2008), “Overconfidence, CEO selection and corporate governance”, The Journal of Finance, 63(6), 2737-2784.
  • Graham, J. & C. Harvey (2002), “How do CFOs make capital budgeting and capital structure decisions?”, Journal of Applied Corporate Finance, 15(1), 8-23.
  • Hackbarth, D. (2002), “Managerial optimism, overconfidence, and capital structure decisions”, in: European Finance Association Annual Meeting, Maastricht, The Netherlands.
  • Hackbarth, D. (2008), “Managerial traits and capital structure decisions”, Journal of Financial and Quantitative Analysis, 43(4), 843-881.
  • Hackbarth, D. (2009), “Determinants of corporate borrowing: A behavioral perspective”, Journal of Corporate Finance, 15(4), 389-411.
  • Hackbarth, D. (2004), “Managerial Traits and Capital Structure Decisions”, Working Paper, Finance Department, Kelley School of Business, Indiana University, USA.
  • Heaton, J.B. (2002), “Managerial optimism and corporate finance”, Financial management, 31(2), 33-45.
  • Huang, R. & K.J.K. Tan & R.W. Faff (2016), “CEO overconfidence and corporate debt maturity”, Journal of Corporate Finance, 36, 93-110.
  • Jensen, M.C. & W.H. Meckling (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3(4), 305-360.
  • Kabakci, Y. (2008), Sermaye Yapısı ile İşletme Performansı Arasındaki İlişki: Gıda Sektöründe Bir Uygulama, Ege Akademik Bakış, 8(1), 167-182.
  • Kahneman, D. & D. Lovallo (1993), “Timid choices and bold forecasts: A cognitive perspective on risk taking”, Management Science, 39(1), 17-31.
  • Kahneman, D. & A. Tversky (1979), “Prospect theory: An analysis of decisions under risk”, Econometrica, 46, 171-185.
  • Kim, E.H. (1978), “A Mean‐variance theory of optimal capital structure and corporate debt capacity”, The Journal of Finance, 33(1), 45-63.
  • Köksal, B. & C. Orman (2015), “Determinants of capital structure: evidence from a major developing economy”, Small Business Economics, 44(2), 255-282.
  • Kraus, A. & R.H. Litzenberger (1973), “A state‐preference model of optimal financial leverage”, The Journal of Finance, 28(4), 911-922.
  • Malmendier, U. & G. Tate (2005a), “CEO overconfidence and corporate investment”, The Journal of Finance, 60(6), 2661-2700.
  • Malmendier, U. & G. Tate (2005b), “Does overconfidence affect corporate investment? CEO overconfidence measures revisited”, European Financial Management, 11(5), 649-659.
  • Malmendier, U. & G. Tate (2008), “Who makes acquisitions? CEO overconfidence and the market’s reaction”, Journal of financial Economics, 89(1), 20-43.
  • Malmendier, U. & G. Tate & J. Yan (2011), “Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies”, The Journal of Finance, 66(5), 1687-1733.
  • Malmendier, U. & G. Tate (2005), “Does overconfidence affect corporate investment? CEO overconfidence measures revisited”, European Financial Management, 11(5), 649-659.
  • Malmendier, U. & G. Tate (2015), “Behavioral CEOs: The role of managerial overconfidence”, Journal of Economic Perspectives, 29(4), 37-60.
  • Marwan, M. & D.S. Sedeek (2018), “Managerial Behavior and Capital Structure Decisions; Do Overconfidence, Optimism and Risk Aversion Matter?”, Asian Economic and Financial Review, 8(7), 925-945.
  • Mefteh, S. & B.R. Oliver (2007), “Capital structure choice: the influence of confidence in France”, French Finance Association Conference, Bordeaux, France.
  • Mesquita, J.M.C. & J.E. Lara (2003), “Capital Structure and Profitability: The Brazilian Case”, Academy of Business and Administration Sciences Conference, Vancouver, July, 11-13.
  • Modigliani, F. & M. Miller (1958), “The cost of capital, corporation finance and the theory of investment”, American Economic Review, 53, 261-97.
  • Myers, S.C. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, (5), 147-175.
  • Myers, S.C. & N.S. Majluf (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13(2), 187-221.
  • Myers, S.C. (1984), “The capital structure puzzle”, The Journal of Finance, 39(3), 574-592.
  • Myers, S.C. (2001), “Capital structure”, Journal of Economic Perspectives, 15(2), 81-102.
  • Nofsinger, J.R. (2005b), “Social mood and financial economics”, The Journal of Behavioral Finance, 6(3), 144-160.
  • Nofsinger, J. (2005a), The Psychology of Investing, Pearson Education-Prentice Hall, New Jersey, USA.
  • Okuyan, H.A. (2013), “Türkiye’deki En Büyük 1000 Sanayi İşletmesinin Kârlılık Analizi”, Business and Economics Research Journal, 4(2), 23-36.
  • Oliver, B.R. (2005), The Impact of Management Confidence on Capital Structure, <https://ssrn.com/abstract=791924> or <http://dx.doi.org/10.2139/ssrn.791924>, 21.09.2018.
  • Ooi, J. (1999), “The determinants of capital structure evidence on UK property companies”, Journal of Property Investment & Finance, 17(5), 464-480.
  • Öztekin, Ö. (2015), “Capital structure decisions around the world: which factors are reliably important?”, Journal of Financial and Quantitative Analysis, 50(3), 301-323.
  • Puri, M. & D.T. Robinson (2007), “Optimism and economic choice”, Journal of Financial Economics, 86(1), 71-99.
  • Robb, A.M. & D.T. Robinson (2014), “The capital structure decisions of new firms”, The Review of Financial Studies, 27(1), 153-179.
  • Ross, S.A. (1977), “The determination of financial structure: the incentive-signalling approach”, The Bell Journal of Economics, 8(1), 23-40.
  • Scott Jr, J. (1976), “A theory of optimal capital structure”, The Bell Journal of Economics, 7(1), 33- 54.
  • Shefrin, H. (1999), “Irrational exuberance and option smiles”, Financial Analysts Journal, 55(6), 91- 103.
  • Shivdasani, A. & I. Stefanescu (2009), “How do pensions affect corporate capital structure decisions?”, The Review of Financial Studies, 23(3), 1287-1323.
  • Statman, M. & D. Caldwell (1987), “Applying behavioral finance to capital budgeting: project terminations”, Financial Management, 16(4), 7-15.
  • Stein, J.C. (1996), “Rational capital budgeting in an irrational World”, Journal of Business, 69(4), 429-455.
  • Tomak, S. (2013), “The impact of overconfidence on capital structure in Turkey”, International Journal of Economics and Financial Issues, 3(2), 512-518.
  • Yalçınkaya, Ö. (2016), “G-20 Ülkelerinde Satın Alma Gücü Paritesi Teorisinin Geçerliliği: Panel Birim Kök Testinden Kanıtlar (1994: Q1-2015: Q4)”, Bitlis Eren Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 5(3), 145-162.

The Factors Affecting Capital Structure: A Panel Data Analysis in the Context of Behavioural Corporate Finance

Year 2019, , 145 - 162, 31.10.2019

Bilgehan Tekin

https://doi.org/10.17233/sosyoekonomi.2019.04.08
Cited By: 5

Abstract

In this study, the effects of “Real Sector Confidence Index” as well as the effects of firmspecific and macroeconomic factors on the capital structure were investigated. In line with the studies conducted in behavioral corporate finance, Real Sector Confidence Index has been considered as a measure of the overconfidence of managers. Other variables considered in the study are net sales, change in assets, return on assets, gross domestic product and inflation. In the study, leverage ratio is used as the variable capturing the capital structure. Fims listed in the BIST Industry Index were examined using panel data analysis. According to the results of the study, no evidence could be found towards an effect of Real Sector Confidence Index on capital structure. However, the effect of other variables on capital structure has been determined at certain levels of confidence.

Keywords

Real Sector Confidence Index Overconfidence Capital Structure

References

  • Abdeldayem, M.M. & D.S. Sedeek (2018), “Managerial Behavior and Capital Structure Decisions; Do Overconfidence, Optimism and Risk Aversion Matter?”, Asian Economic and Financial Review, 8(7), 925-945.
  • Albayrak, A.S. & R. Akbulut (2012), “Kârlılığı etkileyen faktörler: İMKB sanayi ve hizmet sektörlerinde işlem gören işletmeler üzerine bir inceleme”, Uluslararası Yönetim İktisat ve İşletme Dergisi, 4(7), 55-82.
  • Alkaçar, B. (2016), Verilerin Dili: Ekonomiyi Nasıl Okumalıyız?, İstanbul: Türkiye Bankalar Birliği Yayınları, G.M. Matbaacılık ve Ticaret A.Ş.
  • Antonczyk, R.C. & A.J. Salzmann (2014), “Overconfidence and optimism: The effect of national culture on capital structure”, Research in International Business and Finance, 31, 132151.
  • Arısoy, İ. (2012), “Türkiye ekonomisinde iktisadi güven endeksleri ve seçilmiş makro değişkenler arasındaki ilişkilerin VAR analizi”, Maliye Dergisi, 162, 304-315.
  • Bae, K.H. & J.K. Kang & J. Wang (2011), “Employee treatment and firm leverage: A test of the stakeholder theory of capital structure”, Journal of Financial Economics, 100(1), 130153.
  • Barros, L.A.B.D.C. & A.D.M. Da Silveira (2007), Overconfidence, managerial optimism and the determinants of capital structure, Available at SSRN 953273.
  • Ben-David, I. & J.R. Graham & C.R. Harvey (2007), “Managerial overconfidence and corporate policies”, No. w13711, National Bureau of Economic Research.
  • Bharath, S.T. & P. Pasquariello & G. Wu (2008), “Does asymmetric information drive capital structure decisions?”, The Review of Financial Studies, 22(8), 3211-3243.
  • Chen, A.H. & E.H. Kim (1979), “Theories of corporate debt policy: A synthesis”, Journal of Finance, 34, 371-384.
  • Da Silveira, A.D.M. & L.A.B.D.C. Barros (2008), “Overconfidence, Managerial Optimism, and the Determinants of Capital Structure”, Revista Brasileira de Finanças, 6(3), 293-334.
  • Datta, D. & B. Agarwal (2009), Determinants of Capital Structure of Indian Corporate Sector in the Period of Bull Run 2003-2007-An Econometric Study, Available at SSRN 1376064.
  • De Bondt, W.F. & R.H. Thaler (1995), “Financial decision-making in markets and firms: A behavioral perspective”, Handbooks in operations research and management science, 9, 385-410.
  • Deangelo, H. & R.W. Masulis (1980), “Optimal capital structure under corporate and personal taxation”, Journal of Financial Economics, 8(1), 3-29.
  • Demirhan, D. (2009), “Analysis of firm specific factors affecting capital structure: Application on ISE service firms”, Ege Akademik Bakış Dergisi, 9(2), 677-697.
  • Doğukanli, H. & S. Acaravci (2004), “Türkiye’’de Sermaye Yapısını Etkileyen Faktörlerin İmalat Sanayiinde Sınanması”, İktisat İşletme ve Finans, 19(225), 43-57.
  • Eriotis, N.P. & Z. Frangouli & Z. Ventoura-Neokosmides (2002), “Profit margin and capital structure: an empirical relationship”, Journal of Applied Business Research, 18(2), 85-88.
  • Esghaier, R. (2017), “Capital Structure Choices and Behavioral Biases: An Application to a Panel of US Industrial Companies”, International Journal of Economics and Financial Issues, 7(4), 608-622.
  • Fairchild, R. (2009), “Managerial overconfidence, moral hazard problems, and excessive life cycle debt sensitivity”, Investment Management and Financial Innovations, 6(3), 35-42.
  • Fairchild, R. (2007), “Managing overconfidence, agency problems, financing decisions and firm performance”, Working Paper, <http://opus.bath.ac.uk/285/>, 21.09.2018.
  • Fauver, L. & M.B. McDonald (2015), “Culture, agency costs, and governance: International evidence on capital structure”, Pacific-Basin Finance Journal, 34, 1-23.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital structure decisions: which factors are reliably important?”, Financial Management, 38(1), 1-37.
  • Friend, I. & L.H. Lang (1988), “An empirical test of the impact of managerial self‐interest on corporate capital structure”, The Journal of Finance, 43(2), 271-281.
  • Gervais, S. & J.B. Heaton & T. Odean (2002), “The positive role of overconfidence and optimism in investment policy”, Rodney L. White Center for Financial Research, Working Paper, <http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.195.7755&rep=rep1&type=p df>, 21.09.2018.
  • Gervais, S. & J.B. Heaton & T. Odean (2003), “Overconfidence, investment policy, and executive stock options”, Rodney L. White Center for Financial Research, Working Paper, 15-02.
  • Goel, A.M. & A.V. Thakor (2008), “Overconfidence, CEO selection and corporate governance”, The Journal of Finance, 63(6), 2737-2784.
  • Graham, J. & C. Harvey (2002), “How do CFOs make capital budgeting and capital structure decisions?”, Journal of Applied Corporate Finance, 15(1), 8-23.
  • Hackbarth, D. (2002), “Managerial optimism, overconfidence, and capital structure decisions”, in: European Finance Association Annual Meeting, Maastricht, The Netherlands.
  • Hackbarth, D. (2008), “Managerial traits and capital structure decisions”, Journal of Financial and Quantitative Analysis, 43(4), 843-881.
  • Hackbarth, D. (2009), “Determinants of corporate borrowing: A behavioral perspective”, Journal of Corporate Finance, 15(4), 389-411.
  • Hackbarth, D. (2004), “Managerial Traits and Capital Structure Decisions”, Working Paper, Finance Department, Kelley School of Business, Indiana University, USA.
  • Heaton, J.B. (2002), “Managerial optimism and corporate finance”, Financial management, 31(2), 33-45.
  • Huang, R. & K.J.K. Tan & R.W. Faff (2016), “CEO overconfidence and corporate debt maturity”, Journal of Corporate Finance, 36, 93-110.
  • Jensen, M.C. & W.H. Meckling (1976), “Theory of the firm: Managerial behavior, agency costs and ownership structure”, Journal of Financial Economics, 3(4), 305-360.
  • Kabakci, Y. (2008), Sermaye Yapısı ile İşletme Performansı Arasındaki İlişki: Gıda Sektöründe Bir Uygulama, Ege Akademik Bakış, 8(1), 167-182.
  • Kahneman, D. & D. Lovallo (1993), “Timid choices and bold forecasts: A cognitive perspective on risk taking”, Management Science, 39(1), 17-31.
  • Kahneman, D. & A. Tversky (1979), “Prospect theory: An analysis of decisions under risk”, Econometrica, 46, 171-185.
  • Kim, E.H. (1978), “A Mean‐variance theory of optimal capital structure and corporate debt capacity”, The Journal of Finance, 33(1), 45-63.
  • Köksal, B. & C. Orman (2015), “Determinants of capital structure: evidence from a major developing economy”, Small Business Economics, 44(2), 255-282.
  • Kraus, A. & R.H. Litzenberger (1973), “A state‐preference model of optimal financial leverage”, The Journal of Finance, 28(4), 911-922.
  • Malmendier, U. & G. Tate (2005a), “CEO overconfidence and corporate investment”, The Journal of Finance, 60(6), 2661-2700.
  • Malmendier, U. & G. Tate (2005b), “Does overconfidence affect corporate investment? CEO overconfidence measures revisited”, European Financial Management, 11(5), 649-659.
  • Malmendier, U. & G. Tate (2008), “Who makes acquisitions? CEO overconfidence and the market’s reaction”, Journal of financial Economics, 89(1), 20-43.
  • Malmendier, U. & G. Tate & J. Yan (2011), “Overconfidence and early‐life experiences: the effect of managerial traits on corporate financial policies”, The Journal of Finance, 66(5), 1687-1733.
  • Malmendier, U. & G. Tate (2005), “Does overconfidence affect corporate investment? CEO overconfidence measures revisited”, European Financial Management, 11(5), 649-659.
  • Malmendier, U. & G. Tate (2015), “Behavioral CEOs: The role of managerial overconfidence”, Journal of Economic Perspectives, 29(4), 37-60.
  • Marwan, M. & D.S. Sedeek (2018), “Managerial Behavior and Capital Structure Decisions; Do Overconfidence, Optimism and Risk Aversion Matter?”, Asian Economic and Financial Review, 8(7), 925-945.
  • Mefteh, S. & B.R. Oliver (2007), “Capital structure choice: the influence of confidence in France”, French Finance Association Conference, Bordeaux, France.
  • Mesquita, J.M.C. & J.E. Lara (2003), “Capital Structure and Profitability: The Brazilian Case”, Academy of Business and Administration Sciences Conference, Vancouver, July, 11-13.
  • Modigliani, F. & M. Miller (1958), “The cost of capital, corporation finance and the theory of investment”, American Economic Review, 53, 261-97.
  • Myers, S.C. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics, (5), 147-175.
  • Myers, S.C. & N.S. Majluf (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13(2), 187-221.
  • Myers, S.C. (1984), “The capital structure puzzle”, The Journal of Finance, 39(3), 574-592.
  • Myers, S.C. (2001), “Capital structure”, Journal of Economic Perspectives, 15(2), 81-102.
  • Nofsinger, J.R. (2005b), “Social mood and financial economics”, The Journal of Behavioral Finance, 6(3), 144-160.
  • Nofsinger, J. (2005a), The Psychology of Investing, Pearson Education-Prentice Hall, New Jersey, USA.
  • Okuyan, H.A. (2013), “Türkiye’deki En Büyük 1000 Sanayi İşletmesinin Kârlılık Analizi”, Business and Economics Research Journal, 4(2), 23-36.
  • Oliver, B.R. (2005), The Impact of Management Confidence on Capital Structure, <https://ssrn.com/abstract=791924> or <http://dx.doi.org/10.2139/ssrn.791924>, 21.09.2018.
  • Ooi, J. (1999), “The determinants of capital structure evidence on UK property companies”, Journal of Property Investment & Finance, 17(5), 464-480.
  • Öztekin, Ö. (2015), “Capital structure decisions around the world: which factors are reliably important?”, Journal of Financial and Quantitative Analysis, 50(3), 301-323.
  • Puri, M. & D.T. Robinson (2007), “Optimism and economic choice”, Journal of Financial Economics, 86(1), 71-99.
  • Robb, A.M. & D.T. Robinson (2014), “The capital structure decisions of new firms”, The Review of Financial Studies, 27(1), 153-179.
  • Ross, S.A. (1977), “The determination of financial structure: the incentive-signalling approach”, The Bell Journal of Economics, 8(1), 23-40.
  • Scott Jr, J. (1976), “A theory of optimal capital structure”, The Bell Journal of Economics, 7(1), 33- 54.
  • Shefrin, H. (1999), “Irrational exuberance and option smiles”, Financial Analysts Journal, 55(6), 91- 103.
  • Shivdasani, A. & I. Stefanescu (2009), “How do pensions affect corporate capital structure decisions?”, The Review of Financial Studies, 23(3), 1287-1323.
  • Statman, M. & D. Caldwell (1987), “Applying behavioral finance to capital budgeting: project terminations”, Financial Management, 16(4), 7-15.
  • Stein, J.C. (1996), “Rational capital budgeting in an irrational World”, Journal of Business, 69(4), 429-455.
  • Tomak, S. (2013), “The impact of overconfidence on capital structure in Turkey”, International Journal of Economics and Financial Issues, 3(2), 512-518.
  • Yalçınkaya, Ö. (2016), “G-20 Ülkelerinde Satın Alma Gücü Paritesi Teorisinin Geçerliliği: Panel Birim Kök Testinden Kanıtlar (1994: Q1-2015: Q4)”, Bitlis Eren Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 5(3), 145-162.
There are 70 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Bilgehan Tekin 0000-0002-4926-3317

Publication Date October 31, 2019
Submission Date November 10, 2018
Published in Issue Year 2019

Cite

APA Tekin, B. (2019). Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi. Sosyoekonomi, 27(42), 145-162. https://doi.org/10.17233/sosyoekonomi.2019.04.08
AMA Tekin B. Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi. Sosyoekonomi. October 2019;27(42):145-162. doi:10.17233/sosyoekonomi.2019.04.08
Chicago Tekin, Bilgehan. “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”. Sosyoekonomi 27, no. 42 (October 2019): 145-62. https://doi.org/10.17233/sosyoekonomi.2019.04.08.
EndNote Tekin B (October 1, 2019) Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi. Sosyoekonomi 27 42 145–162.
IEEE B. Tekin, “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”, Sosyoekonomi, vol. 27, no. 42, pp. 145–162, 2019, doi: 10.17233/sosyoekonomi.2019.04.08.
ISNAD Tekin, Bilgehan. “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”. Sosyoekonomi 27/42 (October 2019), 145-162. https://doi.org/10.17233/sosyoekonomi.2019.04.08.
JAMA Tekin B. Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi. Sosyoekonomi. 2019;27:145–162.
MLA Tekin, Bilgehan. “Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi”. Sosyoekonomi, vol. 27, no. 42, 2019, pp. 145-62, doi:10.17233/sosyoekonomi.2019.04.08.
Vancouver Tekin B. Sermaye Yapısı Üzerinde Etkili Faktörler: Davranışsal Kurumsal Finans Bağlamında Bir Panel Veri Analizi. Sosyoekonomi. 2019;27(42):145-62.

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