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Factors determining the debt structure of firms included in the ise-100 index

Year 2013, Issue: 1, 25 - 42, 01.02.2013

Abstract

In this study, it is aimed to put forward factors determining the debt structure of firms included in the ISE-100 Index. In this context, basic variables having explanatory power for capital and debt structure for different time periods and various samples are tested on firms listed in the Istanbul Stock Exchange-100 index for the year 2008. The fact that the year 2008 is the year in which impacts of the global crisis began to affect firms deeply makes the study interesting. The relationships between linear regression models, defined to introduce the determinants of debt structure, and variables are investigated and three separate models are estimated for short term indebtness, long term indebtness and total indebtness. Consequently, a significant positive relationship between total debt ratio and market-to-book ratio is found. A significant negative relationship between short term debt ratio and fixed assets to total assets ratio, and a significant positive relationship between short term debt ratio and market-to-book ratio are found. A meaningful model cannot be established by the variables related to long term debt ratio. These results are tried to be explained in relation with the global financial crisis.

References

  • 1. ALMAZAN, A., C. MOLINA, “Intra-Industry Capital Structure Dispersion”, Journal of Economics & Management Strategy, Volume: 14, No:2, Summer 2005, s.263-297
  • 2. American Psycological Association, “Publication Manual of the American Psycological Association”, Fifth Addition, Washington D.C., 2001
  • 3. ANTONIOU, Antonios, Yılmaz GÜNEY, Krishna PAUDYAL, “The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions”, Journal of Financial and Qantitative Analysis, Vol.43,No:1, March 2008, s.59-92
  • 4. BANCEL, Franck, Usha R. MITTOO, “Cross-Country Determinants of Capital Structure Choise: A Survey of European Firms”, Financial Management, Vol.33, No.4, Winter 2004, s.103-132
  • 5. BHADURI, Saumitra N., “Determinants of Corporate Borrowing: Some Evidence from the Indian Corporate Structure”, Journal of Economics and Finance, Vol.26,No:2, Summer 2002, s.200-215
  • 6. BOOTH, L., V. AIVAZIAN, A. DEMİRGÜÇ-KUNT, V. MAKSIMOVIC., “Capital Structures in Developing Countries”, The Journal of Finance, Vol.56, No:1, February 2001, s.87-130
  • 7. BROOKS, Chris, Introductory Econometrics for Finance, Second Edition, Cambridge University Press, 2008
  • 8. CHEN, Jean J., “Determinants of Capital Structure of Chineese-Listed Companies”, Journal of Business Research, 57(2004), s.1314-1351
  • 9. CHUNG, K., “Asset Characteristics and Corporate Debt Policy”, Journal of Business Finace & Accounting, 20 (1), 1993, s.84-98
  • 10. CHUNG, Kee H., “Asset Characteristics and Corporate Debt Policy”, Journal of Business Finance & Accounting, 20 (1), January 1993, s.83-98
  • 11. CRNIGOJ, M., D. MRAMOR, “Determinants of Capital Structure in Emerging European Economies: Evidence fron Slovenian Firms”, Emerging Markets Finance & Trade, January- February 2009, Vol.45, No:1, s.72-89
  • 12. DASKALAKIS, Nikolas, Maria PSILLAKI, “Do Country or Firm Factors Explain Capital Structure? Evidence from SME s in France and Greece”, Applied Financial Economics, 2008, 18, s.87-97
  • 13. DE MIGUEL, Alberto, Julio PINDADO, “Determinants of Capital Structure: New Evidence from Spanish Panel Data”, Journal of Corporate Finance, 7/1 (2001), s.77-99
  • 14. FRANK, Murray Z, Vidhan K. GOYAL, “Capital Structure Decisions: Which Factors are Reliably Important?”, Journal of Financial Management, Spring 2009, s.1-37
  • 15. FRANK, Murray, Vidhan K. GOYAL, “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics, 67 (2003), s.217- 248
  • 16. HOVAKIMIAN, Armen, Tim OPLER, Sheridan TITMAN, “The Debt-Equity Choise”, Journal of Financial and Quantitative Analysis, Vol.36, No:1, March 2001, s.1-24
  • 17. JONG, Abe de, Chris VELD, “An Emprical Analysis of Incremental Capital Structure Decisions Under Managerial Entrenchment”, Journal of Banking & Finance, 25 (2001), s.1857-1895
  • 18. KARADENİZ, Erdinç, Serkan Yılmaz KANDIR, Mehmet BALCILAR, Yıldırım Beyazıt ÖNAL, “Determinants of Capital Structure: Evidence from Turkish Lodging Companies”, International Journal of Contemporary Hospitality Management”, Vol.21, No:5, 2009, s.594-609
  • 19. KAYHAN, Ayla, Sheridan TITMAN, “Firms’ Histories and Their Capital Structures”, Journal of Financial Economics, 83 (2007),s.1-32
  • 20. MODIGLIANI, F., M. MILLER, “The Cost of Capital, Corporation Finance and Theory of Investment”, The American Economic Review, 3(53), (1958)
  • 21. MONTGOMERY, Douglas C., Elizabeth A. PECK, G. Geoffrey VINING, Introduction to Linear Regression Analysis, Third Edition, Wiley Series in Probability and Statistics, 2001
  • 22. MORRI, Giacomo, Christian BERETTA, “The Capital Structure Determinants of REITs. Is It a Peculiar Industry?”, Journal of European Real Estate Research, Vol.1, No:1, 2008, s.6-57
  • 23. MYERS, Stewart C., “The Capital Structure Puzzle”, Journal of Finance, July 1984, Vol.39 Issue 3, s.575-592
  • 24. RAJAN, Raghuram G., Luigi ZINGALES, “What Do We Know about Capital Structure? Some Evidence from International Data”, The Journal of Finance, Vol.L, No:5, December 1995, s.1421-1460
  • 25. ŞEN, Mehmet and Eda ORUÇ, “Testing of Pecking Order Theory in ISE”, International Research Journal of Finance and Economics, Issue 21 (2008), s.19- 26
  • 26. TEKER, D., Ö. TAŞSEVEN, A. TUKEL, “Determinants of Capital Structure for Turkish Firms: A Panel Data Analysis”, International Journal of Finance and Economics, 29 (2009), s.180-187

İMKB-100 endeksinde yer alan şirketlerin borç yapısını belirleyen faktörler 1

Year 2013, Issue: 1, 25 - 42, 01.02.2013

Abstract

Bu çalışmada İstanbul Menkul Kıymetler Borsası (İMKB) İMKB-100 endeksinde yer alan şirketlerin borç yapısını belirleyen faktörlerin ortaya konulması amaç- lanmıştır. Bu bağlamda literatürde farklı zaman dilimi ve farklı örneklemler için sermaye ve borç yapısını açıklama gücü bulunan bazı faktörler 2008 yılı için İMKB-100 endeksinde listelenmiş şirketlerde test edilmiştir. 2008 yılının, şirketle- ri derinden etkileyen küresel krizin etkilerinin yaşanmaya başlandığı yıl olması çalışmayı ilginç kılmaktadır. Çalışmada borç yapısını belirleyen faktörleri orta- ya koymak amacıyla tanımlanan doğrusal regresyon modelleri ile değişkenler arasındaki ilişkiler incelenmiş ve kısa vadeli borçluluk, uzun vadeli borçluluk ve toplam borçluluk için üç ayrı regresyon modeli tahmin edilmiştir. Sonuç olarak, toplam borç oranı ile piyasa değeri/defter değeri (PD/DD) arasında anlamlı po- zitif ilişki bulunmuştur. Kısa vadeli borç oranı ile sabit varlıkların toplam varlık- lar içindeki payı arasında anlamlı negatif ilişki ve kısa vadeli borç oranı ile PD/ DD arasında anlamlı pozitif ilişki bulunmuştur. Uzun vadeli borç oranı ile ilgili değişkenler ile anlamlı bir model kurulamamıştır. Bu sonuçlar küresel finans krizi ile ilişkilendirilerek yorumlanmaya çalışılmıştır.

References

  • 1. ALMAZAN, A., C. MOLINA, “Intra-Industry Capital Structure Dispersion”, Journal of Economics & Management Strategy, Volume: 14, No:2, Summer 2005, s.263-297
  • 2. American Psycological Association, “Publication Manual of the American Psycological Association”, Fifth Addition, Washington D.C., 2001
  • 3. ANTONIOU, Antonios, Yılmaz GÜNEY, Krishna PAUDYAL, “The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions”, Journal of Financial and Qantitative Analysis, Vol.43,No:1, March 2008, s.59-92
  • 4. BANCEL, Franck, Usha R. MITTOO, “Cross-Country Determinants of Capital Structure Choise: A Survey of European Firms”, Financial Management, Vol.33, No.4, Winter 2004, s.103-132
  • 5. BHADURI, Saumitra N., “Determinants of Corporate Borrowing: Some Evidence from the Indian Corporate Structure”, Journal of Economics and Finance, Vol.26,No:2, Summer 2002, s.200-215
  • 6. BOOTH, L., V. AIVAZIAN, A. DEMİRGÜÇ-KUNT, V. MAKSIMOVIC., “Capital Structures in Developing Countries”, The Journal of Finance, Vol.56, No:1, February 2001, s.87-130
  • 7. BROOKS, Chris, Introductory Econometrics for Finance, Second Edition, Cambridge University Press, 2008
  • 8. CHEN, Jean J., “Determinants of Capital Structure of Chineese-Listed Companies”, Journal of Business Research, 57(2004), s.1314-1351
  • 9. CHUNG, K., “Asset Characteristics and Corporate Debt Policy”, Journal of Business Finace & Accounting, 20 (1), 1993, s.84-98
  • 10. CHUNG, Kee H., “Asset Characteristics and Corporate Debt Policy”, Journal of Business Finance & Accounting, 20 (1), January 1993, s.83-98
  • 11. CRNIGOJ, M., D. MRAMOR, “Determinants of Capital Structure in Emerging European Economies: Evidence fron Slovenian Firms”, Emerging Markets Finance & Trade, January- February 2009, Vol.45, No:1, s.72-89
  • 12. DASKALAKIS, Nikolas, Maria PSILLAKI, “Do Country or Firm Factors Explain Capital Structure? Evidence from SME s in France and Greece”, Applied Financial Economics, 2008, 18, s.87-97
  • 13. DE MIGUEL, Alberto, Julio PINDADO, “Determinants of Capital Structure: New Evidence from Spanish Panel Data”, Journal of Corporate Finance, 7/1 (2001), s.77-99
  • 14. FRANK, Murray Z, Vidhan K. GOYAL, “Capital Structure Decisions: Which Factors are Reliably Important?”, Journal of Financial Management, Spring 2009, s.1-37
  • 15. FRANK, Murray, Vidhan K. GOYAL, “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Economics, 67 (2003), s.217- 248
  • 16. HOVAKIMIAN, Armen, Tim OPLER, Sheridan TITMAN, “The Debt-Equity Choise”, Journal of Financial and Quantitative Analysis, Vol.36, No:1, March 2001, s.1-24
  • 17. JONG, Abe de, Chris VELD, “An Emprical Analysis of Incremental Capital Structure Decisions Under Managerial Entrenchment”, Journal of Banking & Finance, 25 (2001), s.1857-1895
  • 18. KARADENİZ, Erdinç, Serkan Yılmaz KANDIR, Mehmet BALCILAR, Yıldırım Beyazıt ÖNAL, “Determinants of Capital Structure: Evidence from Turkish Lodging Companies”, International Journal of Contemporary Hospitality Management”, Vol.21, No:5, 2009, s.594-609
  • 19. KAYHAN, Ayla, Sheridan TITMAN, “Firms’ Histories and Their Capital Structures”, Journal of Financial Economics, 83 (2007),s.1-32
  • 20. MODIGLIANI, F., M. MILLER, “The Cost of Capital, Corporation Finance and Theory of Investment”, The American Economic Review, 3(53), (1958)
  • 21. MONTGOMERY, Douglas C., Elizabeth A. PECK, G. Geoffrey VINING, Introduction to Linear Regression Analysis, Third Edition, Wiley Series in Probability and Statistics, 2001
  • 22. MORRI, Giacomo, Christian BERETTA, “The Capital Structure Determinants of REITs. Is It a Peculiar Industry?”, Journal of European Real Estate Research, Vol.1, No:1, 2008, s.6-57
  • 23. MYERS, Stewart C., “The Capital Structure Puzzle”, Journal of Finance, July 1984, Vol.39 Issue 3, s.575-592
  • 24. RAJAN, Raghuram G., Luigi ZINGALES, “What Do We Know about Capital Structure? Some Evidence from International Data”, The Journal of Finance, Vol.L, No:5, December 1995, s.1421-1460
  • 25. ŞEN, Mehmet and Eda ORUÇ, “Testing of Pecking Order Theory in ISE”, International Research Journal of Finance and Economics, Issue 21 (2008), s.19- 26
  • 26. TEKER, D., Ö. TAŞSEVEN, A. TUKEL, “Determinants of Capital Structure for Turkish Firms: A Panel Data Analysis”, International Journal of Finance and Economics, 29 (2009), s.180-187
There are 26 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Nurhan Aydın This is me

Gülşah Kulalı

Publication Date February 1, 2013
Submission Date August 16, 2014
Published in Issue Year 2013 Issue: 1

Cite

APA Aydın, N., & Kulalı, G. (2013). İMKB-100 endeksinde yer alan şirketlerin borç yapısını belirleyen faktörler 1. Verimlilik Dergisi(1), 25-42.

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