Sermaye Yapısının Belirleyicileri: Türkiye’deki En Büyük 1000 Sanayi İşletmesinde Bir Uygulama

Yıl 2010, Cilt: 4 Sayı: 1, 105 - 120, 01.06.2010

H. Aydın Okuyan H. Mehmet Taşçı

Öz

Anahtar Kelimeler

Sermaye Yapısı, Panel Modeller

Determinants of Capital Structure: An Analysis on the Largest 1000 Industrial Firms in Turkey

Öz

This study aims to explain the determinants of capital structure and find out if static tradeoff or pecking order is more successful in explaining the debt behaviour of industrial firmsin Turkey. For this purpose, the data set of largest 500 and following largest 500 industrialfirms determined by İstanbul Chamber of Industry have been used. The data set on thesefirms covers the period of 1993 and 2007. Our findings show that, even though firms thatuse debt to create more added value, prefer to use internal funds primarily. This findingindicates that pecking order theory is more succesful to explain the debt behaviour ofindustrial firms in Turkey

Anahtar Kelimeler

Capital Structure, Panel Models

Kaynakça

• Breusch, T. S. ve Pagan, A. R.. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. Review of Economic Studies, 47(1): 239-253.
• Byoun, S.. (2008). How and When Do Firms Adjust Their Capital Structures Toward Targets?. Journal of Finance, 63(6): 3069-3096.
• Byoun, S. ve Rhim, J.. (2005). Tests of the Pecking Order Theory and the Tradeoff Theory of Optimal Capital Structure. Global Business and Finance Review, 10:1-16
• Chang, H., Koski, H. ve Majumdar, S. K.. (2003). Regulation and Investment Journal of Financial Economics, 79(3): 469-506.
• Frank, M. Z. ve Goyal, V. K.. (2003). Testing the Pecking Order Theory of Capital Structure. Journal of Financial Economics, 67(2): 217-248.
• Gaud, P., Jani, E., Hoesli, M. ve Bender, A.. (2005). The Capital Structure of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data. European Financial Management, 11(1): 51-69.
• Ghazalian, P. L. ve Furtan, W. H.. (2007). The Effect of Innovation on Agricultural and Agri-food Exports in OECD Countries. Journal of Agricultural and Resource Economics, 32(3): 448-461.
• Ghosh, C., Nag, R. ve Sirmans, C.. (1999). An Analysis of Seasoned Equity Offerings by Equity REITs. Journal of Real Estate Finance and Economics, 13(3): 175-192.
• Graham, J.. (1996). Debt and the Marginal Tax Rate. Journal of Financial Economics, 41(1): 41-73.
• Graham, J.. (2000). How Big Are the Tax Benefits of Debt?. Journal of Finance, 55(5): 1901-1940.
• Güloğlu, B. ve Bekçioğlu S.. (2002). İMKB’deki Geliflmelerin fiirketlerin Sermaye Yapısına Etkileri: İmalat Sanayinde Faaliyet Gösteren İflletmeler Üzerine Bir Uygulama, Atatürk Üniversitesi İ.İ.B.F Dergisi, 16: 107-128.
• Hennessy, C. ve Whited, T.. (2005). Debt Dynamics. Journal of Finance, 60(3):1129-1165.
• Hovakimian, A., Opler, T. ve Titman, S.. (2001). The Debt – Equity Choice. Journal of Financial and Quantitative Analysis, 36(1): 1-24.
• Huang, G. ve Song, F.. (2006). The Determinants of Capital Structure: Evidence From China.
• Huang, R. ve Ritter, J. R.. (2009). Testing Theories of Capital Structure and Estimating the Speed of Adjustment. Journal of Financial and Quantitative Analysis, 44(02): 237-271.
• Ismail, M. A. ve Eldomiaty, T. I.. (2004). Bayesian Identification of the Predictors for Capital Structure in Egypt. Advances and Applications in Statistics, 4(2): 193-212.
• Jensen, M. C. ve Meckling, W. H.. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3(4): 305-360.
• Jensen, M. C.. (1986). Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.
• Jorgenson, A. K.. (2009). Political-Economic Integration, Industrial Pollution and Human Health: A Panel Study of Less-Developed Countries 1980 – 2000. International Sociology, 24(1): 115-143.
• Kim, A. ve Jennings, E. T.. (2009). Effects of U.S. States’ Social Welfare Systems on Population Health.
• Kim, E. H.. (1978). A Mean-Variance Theory of Optimal Capital Structure and Corporate Debt Capacity.
• Kraus, A. ve Litzenberger, R. H.. (1973). A State-Preference Model of Optimal Financial Leverage.
• Kumar, J.. (2004). Debt vs. Equity: Role of Corporate Governance. Indian Journal of Finance, 28(4): 911-922.
• Institute of Capital Markets, 8th Capital Markets Conference, Mumbai, India.
• Leary, M.T. ve Roberts, M. R.. (2005). Do Firms Rebalance Their Capital Structures?. Journal of Finance, 60(6): 2575-2619.
• Lööf, H.. (2003). Dynamic Optimal Capital Structure and Technological Change.
• Center for European Economic Research Discussion Paper, No: 03-06.
• Mayer, C. ve Sussman, O.. (2004). A New Test of Capital Structure. CEPR Discussion Papers, No: 4239.
• Miller, M. H.. (1977). Debt and Taxes. Journal of Finance, 32(2): 261-275.
• Modigliani, F. ve Miller M. H.. (1963). Corporation Income Taxes and the Cost of Capital: a Correction. American Economic Review, 53(3): 433-443.
• Modigliani, F. ve Miller M. H..(1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3): 261-297.
• Myers, S. C. ve Majluf, N.. (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.. (1977). Determinants of Corporate Borrowing. Journal of Financial Economics, 5(2): 147-175.
• Myers, S. C.. (1984). Capital Structure Puzzle. Journal of Finance, 39(3): 575- 592.
• Ni, J. ve Yu, M.. (2008). Testing The Pecking-Order Theory: Evidence From Chinese Listed Companies. Chinese Economy, 41(1): 97-113.
• Opler, T. ve Titman, S.. (2001). The Determinants of Leveraged Buyout Activity: Free Cash Flows vs. Financial Distress Costs. Journal of Finance, 48(5): 1985- 1999.
• Pandey, M. (2001). Capital Structure and the Firm Characteristics: Evidence From an Emerging Market. Indian Institute of Management Working Paper Series, No: 2001-10-04.
• Qureshi, M. A.. (2009). Does Pecking Order Theory Explain Leverage Behaviour in Pakistan?. Rajan, R. ve Zingales, L.. (1995). What Do We Know About Capital Structure? Some Evidence from International Data.
• Rudra, N.. (2005). Are Workers in Developing World Winners or Losers in the Current Era of Globalization?. Development, 40(3): 29-64. Journal of Finance, 50(5): 1421-1460.
• Studies in Comperative International Shyam-Sunder, L. ve Myers S.C.. (1999). Testing Static Tradeoff Against Pecking Order Models of Capital Structure. Journal of Financial Economics. 51: 219-44.
• Sorensen, B. E., Wu, L. ve Yosha, O.. (2001). Output Fluctuations and Fiscal Policy: U.S. State and Local Governments 1978-1994. European Economic Review, 45(7): 1271-1310.
• Stiglitz, J. E.. (1972). Some Aspects of the Pure Theory of Corporate Finance: Bankruptcies and Take-Overs, Bell Journal of Economics, 3(2): 458-482.
• Stulz, R. M.. (1990). Managerial Discretion and Optimal Financing Policies. Journal of Financial Economics, 26(1): 3-27.
• Tarı, R.. (2008). Ekonometri. 5. Baskı, İstanbul: Avcı.
• Titman, S.. (1984). The Effect of Capital Structure on a Firm’s Liquidation Decision. Journal of Financial Economics, 13(1):137-151.
• Titman, S. ve Wessels, R.. (1988). The Determinants of Capital Structure Choice, Wiwattanakantang, Y.. (1999). An Empirical Study on the Determinants of the Capital Structure of Thai Firms. Pasific – Basin Finance Journal, 7(3-4): 371-403.
• Wooldridge, J. M.. (2000). Introductory Econometrics: A Modern Approach, Ohio: South Western College Pub.
• York, R.. (2007). Structural Influences on Energy Production in South and East Asia 1971 – 2002. Sociological Forum, 22(4): 532-554.