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Dönemsel Halka Arzlar Firma Finansal Performansı Üzerinde Ne Tür Bir Döngü Yaratır? Panel Hata Doğrulama Modelli BIST Uygulaması

Year 2024, Volume: 32 Issue: 61, 191 - 212, 30.07.2024
https://doi.org/10.17233/sosyoekonomi.2024.03.10

Abstract

Bu çalışmanın amacı, dönemsel halka arz firmalarında temel halka arz göstergelerinin, uzun ve kısa dönemde cari oran, öz sermaye karlılığı ve finansal kaldıraç oranı üzerindeki etkilerini incelemektir. Bu sebeple 2005-2022 yılları arasındaki 40 hissenin verilerinden yararlanılarak Panel ARDL hata düzeltme modeli uygulanmıştır. Analiz sonuçları literatür ile uyumlu olup, halka arz sonrası finansal kaldıraç derecesinin düştüğü, likiditenin yükseldiği; uzun vadede ise bu finansal iyileşmenin gerilediği vurgulanmıştır. Bu kapsamda çalışmanın amacı ile dönemsel halka arz firmalarında temel halka arz göstergelerinin, uzun ve kısa dönemde cari oran, öz sermaye karlılığı ve finansal kaldıraç oranı üzerindeki etkilerine bu yelpaze içerisinde literatürü destekler nitelikte bir bakış açısı sunulabilmiştir.

Project Number

-

References

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  • Mahrt-Smith, J. (2005), “The Interaction of Capital Structure and Ownership Structure”, The Journal of Business, 78(3), 787-816.
  • Mateev, M. et al. (2013), “On The Determinants of SME Capital Structure in Central and Eastern Europe: A Dynamic Panel Analysis”, Research in International Business and Finance, 27(1), 28-51.
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  • Mehran, H. (1992), “Executive Incentive Plans, Corporate Control and Capital Structure”, The Journal of Financial and Quantitative Analysis, 27(4), 539-560.
  • Mehrotra, V. et al. (2005), “Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs”, Journal of Applied Corporate Finance, 17(1), 18-26.
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  • Narayan, P.K. et al. (2015), “Some Hypotheses on Commonality in Liquidity: New Evidence from The Chinese Stock Market”, Emerging Markets Finance and Trade, 51(5), 915-944.
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  • Ogabo, B. et al. (2021), “Ownership Structure and Firm Performance: The Role of Managerial and Institutional Ownership-Evidence from the UK”, American Journal of Industrial and Business Management, 11, 859-886.
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  • Sayılgan, G. & Y. Sayman (2012), “The Impact of Ownership Structure on Capital Structure of Manufacturing Firms: Evidence from The ISE (1998-2009)”, Istanbul Stock Exchange Review, 12(48), 1-12.
  • Sheikh, N.A. & Z. Wang (2011), “Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan”, Managerial Finance, 37, 117-133.
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What Kind of Cycle Do Seasoned Equity Offerings Create on The Company's Financial Structure? BIST Application with Panel ARDL Error Correction Model

Year 2024, Volume: 32 Issue: 61, 191 - 212, 30.07.2024
https://doi.org/10.17233/sosyoekonomi.2024.03.10

Abstract

This study examines the effects of fundamental public offering indicators in seasoned public offering companies on current ratio, return on equity and financial leverage ratio in the long and short term. For this reason, the Panel ARDL error correction model was applied by using the data of 40 stocks between 2005-2022. The analysis results are consistent with the literature, and it is found that the degree of financial leverage decreased and liquidity increased after the public offering; it was emphasised that this financial recovery has regressed in the long term. In this context, a perspective supporting the literature within this spectrum could be presented about the effects of fundamental public offering indicators on the current ratio, return on equity and financial leverage ratio in seasoned public offering companies in the long and short term.

Supporting Institution

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Project Number

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Thanks

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References

  • Adebiyi, A.J. & K.O. Sunday (2011), “Ownership Structure and Firm Performance: Evidence from Nigerian Listed Companies”, Corporate Ownership&Control, 8(4), 391-400.
  • Al-Shboul, M. et al. (2022), “The Moderating Influence of Corporate Debt on the Relationship Between Free-Floating Shares and Market Liquidity: Is the Effect Asymmetric?”, SSRN Electronic Journal, <https://ssrn.com/abstract=4192984>.
  • Andres, C. et al. (2014) “Do Markets Anticipate Capital Structure Decisions? Feedback Effects in Equity Liquidity”, Journal of Corporate Finance, 27, 133-156.
  • Antao, P. & D. Bonfim (2014), “The Dynamics of Capital Structure Decisions”, S&P Global Market Intelligence, SSRN Electronic Journal, <https://ssrn.com/abstract=2512249>.
  • Babu, N.S. & V.G. Chalam (2014), “Determinants of Capital Structure of Indian Textile Industry-An Empirical Analysis”, International Journal of Advance Research, <https://api.semanticscholar.org/CorpusID:201626640>.
  • Baker, M. & & W. Jeffrey (2002), “Market Timing and Capital Structure”, The Journal of Finance, 57(1), 1-32.
  • Bradley, M. et al. (1984), “On The Existence of An Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3), 857-878.
  • Brau, J.C. & S.E. Fawcett (2006), “Evidence on What CFOs Think About the IPO Process: Practice, Theory, and Managerial Implications”, Journal of Applied Corporate Finance, 18(3), 107-117.
  • Brockman, P. et al. (2009), “Block Ownership, Trading Activity and Market Liquidity”, The Journal of Financial and Quantitative Analysis, 44(6), 1403-1426.
  • Carpenter, R.E. & B.C. Petersen (2002), “Capital Market Imperfections, High-Tech Investment and New Equity Financing”, The Economic Journal, 112(477), 54-72.
  • Chakraborty, I. (2010), “Capital Structure in An Emerging Stock Market: The Case of India”, Research in International Business and Finance, 24, 295-314.
  • Chen, Y.C. & J.T. Liu (2022), “Seasoned Equity Offerings, Return of Capital and Agency Problem: Empirical Evidence from Taiwan”, Asia Pacific Management Review, 27(2), 92-105.
  • Chipeta, C. (2016), “Post IPO Dynamics of Capital Structure on The Johannesburg Stock Exchange”, South African Journal of Business Management, 47(2), 23-31.
  • Chordia, T. et al. (2000), “Commonality in Liquidity”, Journal of Financial Economics, 56(1), 3-28.
  • Christensen, J. et al. (2013), “Do Corporate Governance Recommendations Improve the Performance and Accountability of Small Listed Companies?”, Accounting&Finance, 55(1), 133-164.
  • Cole, R.A. (2013), “What Do We Know About The Capital Structure of Privately Held US Firms? Evidence from The Surveys of Small Business Finance”, Financial Management, 42(4), 777-813.
  • Deesomsak, R. et al. (2004), “The Determinants of Capital Structure: Evidence from The Asia Pacific Region”, Journal of Multinational Financial Management, 14(4-5), 387-405.
  • Ding, X.S. et al. (2016), “Free Float and Market Liquidity Around The World”, Journal of Empirical Finance, 38(A), 236-257.
  • Drobetz, W. & R. Fix (2003), “What Are The Determinants of The Capital Structure? Some Evidence for Switzerland”, University of Basel, WWZ/ Department of Finance, Working Paper, 4(03).
  • Dudley, E. & C. James (2018), “Capital Structure Changes Around IPOs”, Critical Finance Review, 7(1), 55-79.
  • Eckbo, B.E. et al. (1999), “Seasoned Public Offerings: Resolution of The New Issues Puzzle”, Journal of Financial Economics, 56(2), 251-291.
  • El-Nader, G. (2018), “Stock Liquidity and Free Float: Evidence from the UK”, Managerial Finance, 44(10), 1227-1236.
  • Frank, M.Z. & V.K. Goyal (2003), “Testing The Pecking Order Theory of Capital Structure”, Journal of Financial Economics, 67(2), 217-248.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1), 1-37.
  • Frieder, L. & R. Martell (2006), “On Capital Structure and the Liquidity of a Firm’s Stock”, Working Paper at Purdue University.
  • Fu, F. & C.W. Smith (2021), “Strategic Financial Management: Lessons from Seasoned Equity Offerings”, Journal of Applied Corporate Finance, 33(1), 22-35.
  • Ginglinger, E. & J. Hamon (2012), “Ownership, Control and Market Liquidity”, Finance, 33(2), 61-99.
  • Hang, M. et al. (2018), “Measurement Matters-A Meta Study of The Determinants of Corporate Capital Structure”, The Quarterly Review of Economics and Finance, 68, 211-225.
  • Harjoto, M. & J. Garen (2003), “Why Do IPO Firms Conduct Primary Seasoned Equity Offerings?”, The Financial Review, 38, 103-125.
  • Hausman, J. (1978), “Specification Tests in Econometrics”, Econometrica, 46(6), 1251-1271.
  • Huang, G. & F.M. Song (2006), “The Determinants of Capital Structure: Evidence from China”, China Economic Review, 17(1), 14-36.
  • Jegadeesh, N. & S. Titman (1993), “Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency”, The Journal of Finance, 48(1), 65-91.
  • 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.
  • Jiang, Yi et al. (2013), “Do Firms Time Seasoned Equity Offerings? Evidence from SEOs Issued Shortly After IPOs”, SSRN Electronic Journal, <https://ssrn.com/abstract=1117281>.
  • Johansson, E. & J.Y. Yutaka-Lundblad (2011), “Financing Growth: Pecking Order and Determinants of Capital Structure”, Master’s Thesis, University of Gothenburg.
  • Kiracı, K. & N. Aydın (2018), “Determinants of Capital Structure: Empirical Evidence from Traditional Airlines”, International Journal of Economic and Administrative Studies, 21, 173-186.
  • Koçdemir, B. & R.A. Küçükçolak (2021), “Analysis of The Financial Performances of Companies Traded on The BIST Emerging Companies Market (XPGIP): A Comparison Before and After IPO”, Journal of Kahramanmaraş Sütçü İmam University Faculty of Economics and Administrative Sciences, 11(1), 125-141.
  • Lemmon, M.L. et al. (2008), “Back to The Beginning: Persistence and The Cross-Section of Corporate Capital Structure”, The Journal of Finance, 63(4), 1575-1608.
  • Lukose, J. & N.R. Sapar (2003), “Operating Performance of The Firms Issuing Equity Through Rights Offer”, SSRN Electronic Journal, <https://ssrn.com/abstract=428102>.
  • Mahrt-Smith, J. (2005), “The Interaction of Capital Structure and Ownership Structure”, The Journal of Business, 78(3), 787-816.
  • Mateev, M. et al. (2013), “On The Determinants of SME Capital Structure in Central and Eastern Europe: A Dynamic Panel Analysis”, Research in International Business and Finance, 27(1), 28-51.
  • Mazur, K. (2007), “The Determinants of Capital Structure Choice: Evidence from Polish Companies”, International Advances In Economic Research, 13, 495-514.
  • Mehran, H. (1992), “Executive Incentive Plans, Corporate Control and Capital Structure”, The Journal of Financial and Quantitative Analysis, 27(4), 539-560.
  • Mehrotra, V. et al. (2005), “Do Managers Have Capital Structure Targets? Evidence from Corporate Spinoffs”, Journal of Applied Corporate Finance, 17(1), 18-26.
  • Modigliani, F. & M.H. Miller (1958), “The Cost of Capital, Corporation Finance and The Theory of Investment”, The American Economic Review, 48(3), 261-297.
  • Modigliani, F. & M.H. Miller (1963), “Corporate Income Taxes and The Cost of Capital: A Correction”, The American Economic Review, 53(3), 433-443.
  • Mohamed, A. & S.L. Seelanatha (2014), “The Global Financial Crisis (GFC), Equity Market Liquidity & Capital Structure: Evidence from Australia”, Journal of Applied Research in Accounting and Finance (JARAF), 9(1), 13-26.
  • Mohammed, A.A.Z. & H.H.B. Fadzil (2018), “The Impact of Ownership Structure on Firm Performance: Evidence from Jordan”, International Journal of Accounting, Finance and Risk Management, 3(1), 1-4.
  • 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), 575-592.
  • Nadarajah, S. et al. (2018), “Stock Liquidity, Corporate Governance and Leverage: New Panel Evidence”, Pacific-Basin Finance Journal, 50, 216-234.
  • Narayan, P.K. et al. (2015), “Some Hypotheses on Commonality in Liquidity: New Evidence from The Chinese Stock Market”, Emerging Markets Finance and Trade, 51(5), 915-944.
  • Netiniyom, P. (2016), “Does Free Float Affect Shareholder Wealth? New Evidence from The Stock Exchange of Thailand”, The Review of Finance and Banking, 8(2), 43-53.
  • Ogabo, B. et al. (2021), “Ownership Structure and Firm Performance: The Role of Managerial and Institutional Ownership-Evidence from the UK”, American Journal of Industrial and Business Management, 11, 859-886.
  • Oino, I. & B. Ukaegbu (2015), “The Impact of Profitability on Capital Structure and Speed of Adjustment: An Empirical Examination of Selected Firms in Nigerian Stock Exchange”, Research in International Business and Finance, 35, 111-121.
  • Özcan, İ.Ç. (2023), “The Determinant of Capital Structure Choice in The Global Rail Industry”, Journal of Social Sciences Institute of Nevşehir Hacı Bektaş Veli University, 13(3). 1905-1914.
  • Pesaran, M. & R. Smith (1995), “Estimating Long-Run Relationships from Dynamic Heterogeneous Panels”, Journal of Econometrics, 68(1), 79-113.
  • Pesaran, M. & T. Yamagata (2008), “Testing Slope Homogeneity in Large Panels”, Journal of Econometrics, 142(1), 50-93.
  • Pesaran, M. et al. (1999), “Pooled Mean Group Estimation of Dynamic Heterogeneous Panels”, Journal of the American Statistical Association, 94, 621-634.
  • Pesaran, M.H. (2015), “Testing Weak Cross-Sectional Dependence in Large Panels”, Econometric Reviews, 34, 1089-1117.
  • Prommin, P. et al. (2016), “Liquidity, Ownership Concentration, Corporate Governance and Firm Value: Evidence from Thailand”, Global Finance Journal, 31, 73-87.
  • Rajan, R.G. & L. Zingales (1995), “What Do We Know About Capital Structure? Some Evidence From International Data”, The Journal of Finance, 50(5), 1421-1460.
  • Rezaei, E. & A. Tahernia (2013), “The Relationship between The Percentages of Free Float Shares and Liquidity of Shares in The Companies Accepted in Tehran Stock Exchange”, African Journal of Business Management, 7(37), 3790-3798.
  • Rubin, A. (2007), “Ownership Level, Ownership Concentration and Liquidity”, Journal of Financial Markets, 10(3), 219-248.
  • Ruutu, K. (2010), “Ownership Structure and Choice of Issue Method in Seasoned Equity Offerings - European Evidence”, Master’s Thesis, Helsinki School of Economics.
  • Sailendra, S. et al. (2019), “The Influence of Free Float Shares and Audit Quality on Company Performance: Evidence from Indonesia”, Audit Financiar, 17(2), 274-282.
  • Salawu, R.O. (2009), “The Effect of Capital Structure on Profitability: An Empirical Analysis of Listed Firms in Nigeria”, International Journal of Business and Finance Research, 3(2), 121-129.
  • Sayılgan, G. & Y. Sayman (2012), “The Impact of Ownership Structure on Capital Structure of Manufacturing Firms: Evidence from The ISE (1998-2009)”, Istanbul Stock Exchange Review, 12(48), 1-12.
  • Sheikh, N.A. & Z. Wang (2011), “Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan”, Managerial Finance, 37, 117-133.
  • Sivathaasan, N. (2016), “Corporate Governance and Leverage in Australia: A Pitch”, Journal of Accounting and Management Information Systems, 15(4), 819-825.
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There are 81 citations in total.

Details

Primary Language English
Subjects Capital Market, Financial Economy
Journal Section Articles
Authors

Zeynep Kalaycıoğlu 0000-0001-9635-8469

Ahmet Kurtaran 0000-0003-1780-2491

Project Number -
Early Pub Date July 21, 2024
Publication Date July 30, 2024
Submission Date December 12, 2023
Acceptance Date June 26, 2024
Published in Issue Year 2024 Volume: 32 Issue: 61

Cite

APA Kalaycıoğlu, Z., & Kurtaran, A. (2024). What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application with Panel ARDL Error Correction Model. Sosyoekonomi, 32(61), 191-212. https://doi.org/10.17233/sosyoekonomi.2024.03.10
AMA Kalaycıoğlu Z, Kurtaran A. What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application with Panel ARDL Error Correction Model. Sosyoekonomi. July 2024;32(61):191-212. doi:10.17233/sosyoekonomi.2024.03.10
Chicago Kalaycıoğlu, Zeynep, and Ahmet Kurtaran. “What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application With Panel ARDL Error Correction Model”. Sosyoekonomi 32, no. 61 (July 2024): 191-212. https://doi.org/10.17233/sosyoekonomi.2024.03.10.
EndNote Kalaycıoğlu Z, Kurtaran A (July 1, 2024) What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application with Panel ARDL Error Correction Model. Sosyoekonomi 32 61 191–212.
IEEE Z. Kalaycıoğlu and A. Kurtaran, “What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application with Panel ARDL Error Correction Model”, Sosyoekonomi, vol. 32, no. 61, pp. 191–212, 2024, doi: 10.17233/sosyoekonomi.2024.03.10.
ISNAD Kalaycıoğlu, Zeynep - Kurtaran, Ahmet. “What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application With Panel ARDL Error Correction Model”. Sosyoekonomi 32/61 (July 2024), 191-212. https://doi.org/10.17233/sosyoekonomi.2024.03.10.
JAMA Kalaycıoğlu Z, Kurtaran A. What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application with Panel ARDL Error Correction Model. Sosyoekonomi. 2024;32:191–212.
MLA Kalaycıoğlu, Zeynep and Ahmet Kurtaran. “What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application With Panel ARDL Error Correction Model”. Sosyoekonomi, vol. 32, no. 61, 2024, pp. 191-12, doi:10.17233/sosyoekonomi.2024.03.10.
Vancouver Kalaycıoğlu Z, Kurtaran A. What Kind of Cycle Do Seasoned Equity Offerings Create on The Company’s Financial Structure? BIST Application with Panel ARDL Error Correction Model. Sosyoekonomi. 2024;32(61):191-212.