GELİŞMEKTE OLAN ÜLKELERDE BORÇ VADE YAPILARININ BELİRLEYİCİLERİ

Year 2020, Volume: 11 Issue: 27, 466 - 479, 10.06.2020

Rümeysa Bilgin

https://doi.org/10.21076/vizyoner.671199

Abstract

Bu çalışma, gelişmekte olan ülkelerdeki firmaların borç vade yapılarının firma ve ülkeye özgü belirleyicilerini inceleyerek literatüre katkıda bulunmaktadır. Kullanılan panel veri seti, 2011'den 2018'e kadar 8 yıl boyunca 30 ülkeden 3981 firmayı kapsamaktadır. Çalışma kapsamına alınan ülkeler, verilerin ulaşılabilirliğine bağlı olarak gelişmekte olan ekonomiler ve geçiş ekonomileri arasından seçilmiştir. Borç vade yapılarının ülkeye ve firmaya özgü belirleyicilerini ayrıştırmak için çok düzeyli (hiyerarşik) bir modelleme yöntemi kullanılmıştır. Varyans bileşenleri analizi sonucunda borç vade yapılarındaki toplam değişkenliğin sırasıyla% 15 ve% 50'sinin ülke ve firma düzeyindeki faktörlerden kaynaklandığı bulgulanmıştır. Aktif vade yapısı, firma kalitesi, firma büyüklüğü, kaldıraç oranı ve büyüme imkânı değişkenleri, borç vade yapısının firmaya özel belirleyicileri olarak tespit edilmiştir. Bunlara ek olarak banka yoğunlaşması ve borsa gelişmişliğinin de firmaların borç vade yapılarını etkilediği gözlemlenmiştir.

Keywords

Borç Vade Yapısı, Borç Vade Yapısının Belirleyicileri, Gelişmekte Olan Ülkeler, Panel Veri Analizi, Çok Düzeyli Modelleme

THE DETERMINANTS OF DEBT MATURITY STRUCTURES IN DEVELOPING COUNTRIES

Abstract

The study contributes to the literature by examining the firm- and country-specific determinants of the debt maturity structures in developing countries. The sample panel data set comprises of 3981 firms from 30 countries for 8 years from 2011 to 2018. Countries are selected among developing and transition economies based on data availability. A multilevel modelling methodology is employed in order to decompose the determinants of debt maturity. Variance components analysis revealed that country-level and firm-level are the causes of 15% and 50% of the total variability in debt maturity structures, respectively. Asset maturity, firm quality, firm size, leverage and growth opportunity are detected as firm-specific determinants of debt maturity. Besides, it is found that bank concentration and stock market development are also effective on the debt maturity structures of firms. 

Keywords

Debt Maturity Structure, Determinants of Debt Maturity, Developing Countries, Panel Data Analysis, Multilevel Modelling

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