Capital Structure Theories and Determinants of Capital Structure of the Turkish Banking System

Öz

This study aims to determine the capital structure theories that the sector is related to by examing the capital structure determinants of the banking sector in Turkey. In this context, the data set covering the years 2002 and 2020 of 14 banks operating in Turkey was organized and analyzed by panel data analysis method. In the study, capital adequacy ratio, leverage ratios and deposits/total assets ratios were used as dependent variables, asset structure, liquidity, size, growth opportunities, return on equity, return on assets, exchange rate risk, credit risk and interest risk variables were used as independent variables. As a result of the research, size, ROA and interest rate risk variables were found to be positively coorelated with capital adequacy ratio. Liquidity, growth opportunities and ROE variables were found to be negatively correlated with capital adequacy ratio. Asset structure, ROA, credit risk and interest rate risk variables were found to be positively related to leverage. Growth opportunities, size and ROE variables were found to be negatively correlated with leverage. In addition, it has been observed that the capital structure of the Turkish banking sector is generally compatible with the pecking order theory.

Anahtar Kelimeler

• Capital Structure Theory
• Capital Structure Determinants
• Banking
• Panel Data Analysis

Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri

Öz

Bu çalışma Türkiye’de bankacılık sektörünün sermaye yapısı belirleyicilerinin incelenerek sektörün ilişkili olduğu sermaye yapısı teorilerinin belirlenmesini amaçlamaktadır. Bu amaçla Türkiye’de faaliyet gösteren 14 bankanın 2002 ve 2020 yıllarını kapsayan veri seti düzenlenerek panel veri analizi yöntemi ile analiz edilmiştir. Çalışmada sermaye yeterlilik oranı, kaldıraç ve mevduat/toplam kaynak oranları bağımlı değişken olarak, büyüme olanakları, varlık yapısı, likidite, büyüklük, aktif karlılık, öz kaynak karlılığı kur riski, kredi riski ve faiz riski değişkenleri bağımsız değişken olarak kullanılmıştır. Araştırma neticesinde SYO büyüklük, ROA ve faiz riski değişkenleri ile pozitif ilişkili, likidite, büyüme olanakları ve ROE ile negatif ilişkili olarak bulunmuştur. Kaldıraç oranları ise varlık yapısı, ROA, kredi riski ve faiz riski değişkenleri ile pozitif ilişkili, büyüme olanakları, büyüklük ve ROE ile negatif ilişikli olarak bulunmuştur. Ayrıca Türk bankacılık sektörünün sermaye yapısının genel itibariyle finansman hiyerarşisi teorileri ile uyumlu olduğu gözlemlenmiştir.

Anahtar Kelimeler

• Sermaye Yapısı Teorileri
• Sermaye Yapısı Belirleyicileri
• Bankacılık
• Panel veri Analizi

Kaynakça

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