THE EFFECT OF FIRM LIFE CYCLE ON THE CAPITAL STRUCTURE OF BUSINESSES: AN INVESTIGATION ON BORSA ISTANBUL

Abstract

Firm life cycle theory is a non-deterministic concept derived from the product life cycle of marketing and microeconomics and expressed by the understanding that the firm has certain life stages like a living organism. The concept of company life cycle, which emerged in the 1960s, has been a subject on which a significant number of studies have been carried out in recent years. The main purpose of this study is to examine the effect of firm life cycle on the capital structure of enterprises. In order to achieve this aim, the data of 294 companies in different sectors registered in Borsa Istanbul for the years 2013-2020 were used. In the study, the model developed by Dickinson (2011) was used as a firm life cycle indicator. Short-Term Liabilities (STL), Long-Term Liabilities (LTL) and Equity (E) are used as capital structure indicators. Correlation and regression analyzes were used in empirical analysis. As a result of the analysis, the relationship between life cycle stages in terms of ownership structure is positive with the entry stage of STL and negative with all other stages, entry and growth stage of LTL and positive, maturity, stagnation and decline stages and negative, E entry and growth period. negative with maturity, stagnation and decline phases, it is positive. In terms of firm characteristics, the profitability and size of the entry-stage firms are negative, whereas Cost of Good Sold (COGS) is positive and significant. In the growth phase, profitability and size are positive, COGS is negative and significant. In the maturity stage, profitability, size and sales are positive, while COGS is negative and significant. In the recession phase, profitability is positive, size, sales and COGS are negative. In the decline stage, profitability, size and sales are negative, while COGS is positive and significant.

Keywords

• Firm Life Cycle
• Capital Structure
• Product Life Cycle

İşletmelerin Sermaye Yapısı Üzerinde Firma Yaşam Döngüsünün Etkisi: Borsa İstanbul Üzerine Bir İnceleme

Abstract

Firma yaşam döngüsü teorisi pazarlama ve mikroekonominin ürün yaşam eğrisinden türetilen ve firmanın canlı bir organizma gibi belirli yaşam evrelerine sahip olduğu anlayışından hareket edilerek ifade edilen deterministik olmayan bir kavramdır. 1960’lı yıllarda ortaya çıkan firma yaşam döngüsü kavramı son yıllarda üzerinde önemli sayıda çalışmanın yapıldığı bir konu olmuştur. Bu çalışmanın temel amacı işletmelerin sermaye yapısı üzerinde firma yaşam döngüsünün etkisini incelemektedir. Bu amacı gerçekleştirmek üzere Borsa İstanbul’a kayıtlı farklı sektörlerde yer alan 294 firmanın 2013-2020 yıllarına ait verilerinden yararlanılmıştır. Çalışmada firma yaşam döngüsü göstergesi olarak Dickinson (2011) tarafından geliştirilmiş olan modelden yararlanılmıştır. Sermaye yapısı göstergeleri olarak da Kısa Vadeli Yabancı Kaynaklar (KVYK), Uzun Vadeli Yabancı Kaynaklar (UVYK) ve Öz Kaynaklar (ÖK) kullanılmıştır. Ampirik analizlerde korelasyon ve regresyon analizlerinden yararlanılmıştır. Yapılan analiz sonucunda, sahiplik yapısı açısından yaşam döngüsü aşamaları arasındaki ilişki, KVYK’ın giriş aşaması ile pozitif diğer tüm aşamalar ile negatif, UVYK’ın giriş ve büyüme aşaması ile pozitif, olgunluk, durgunluk ve düşüş aşamaları ile negatif, ÖK giriş ve büyüme dönemi ile negatif, olgunluk, durgunluk ve düşüş aşamaları ile pozitif olduğu sonucu elde edilmiştir. Firma karakteristiği bakımından, giriş aşamasındaki firmaların karlılık ve büyüklüğünün negatif, buna karşın Satılan Ticari Malın Maliyeti (STMM) pozitif ve anlamlıdır. Büyüme aşamasında karlılık ve büyüklüğün pozitif, STMM negatif ve anlamlıdır. Olgunluk aşamasında karlılık, büyüklük ve satışlar pozitif, STMM ise negatif ve anlamlıdır. Durgunluk aşamasında karlılık pozitif, büyüklük, satış ve STMM negatiftir. Düşüş aşamasında karlılık, büyüklük ve satışlar negatif, SMM ise pozitif ve anlamlıdır.

Keywords

• Firma Yaşam Döngüsü
• Sermaye Yapısı
• Ürün Yaşam Döngüsü

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