THE EFFECT OF FINANCIAL SYSTEM ON CAPITAL STRUCTURE DURING 2008 GLOBAL FINANCIAL CRISIS PERIOD

Öz

This paper analyses the impact of financial systems on the capital structures of firms operating in developing countries during the 2008 global financial crisis. Traditionally, financial systems are classified according to their orientation as bank-oriented and market-oriented. The bank-oriented financial systems are characterized with an efficient banking sector and a relatively less-developed stock market. On the other hand, stock market is much more effective than the banking sector in a market-oriented system. It is reasonable to expect that the financial system orientation of a country is an important macroeconomic determinant of the external financing mix choices of firms operating in this country. The results indicate that leverage ratios are higher for firms operating in countries with market oriented and developed financial systems during the 2008 global financial crisis. Besides, it is found out that there is an indirect effect of financial system development level on capital structures of firms through the firm-specific factors. These factors that are generally accepted in the literature as determinants of capital structure are effective only in countries with a relatively developed financial system while they are not helpful to explain capital structure decisions of firms in financially undeveloped countries during the 2008 global financial crisis.

Anahtar Kelimeler

• Developing Countries,Financial System Orientation,Determinants of Capital Structure,Dynamic Panel Data Analysis

2008 KÜRESEL MALİ KRİZ DÖNEMİNDE FİNANSAL SİSTEMİN SERMAYE YAPISINA ETKİSİ

Öz

Bu makale, 2008 küresel mali krizi sırasında finansal sistem yöneliminin gelişmekte olan ülkelerde faaliyet gösteren firmaların sermaye yapıları üzerindeki etkisini analiz etmektedir. Geleneksel olarak, finansal sistemler banka-ağırlıklı ve sermaye piyasası-ağırlıklı olarak sınıflandırılmaktadır. Banka ağırlıklı finansal sistemler, etkin bir bankacılık sektörü ve nispeten daha az gelişmiş bir borsa ile karakterize edilebilir. Diğer taraftan, sermaye piyasası-ağırlıklı bir sistemde borsa bankacılık sektöründen çok daha etkilidir. Bir ülkenin finansal sistem yöneliminin, bu ülkede faaliyet gösteren firmaların dışsal finansman seçimlerinin önemli bir makroekonomik belirleyicisi olmasını beklenebilir. Bu çalışma sonucunda, 2008 küresel mali krizi sırasında sermaye piyasası-ağırlıklı ve gelişmiş finansal sistemlere sahip ülkelerde faaliyet gösteren firmalar için kaldıraç oranlarının daha yüksek olduğu bulgulanmıştır. Ayrıca, finansal sistem gelişme düzeyinin, firmaya özgü faktörler aracılığıyla firmaların sermaye yapıları üzerinde dolaylı bir etkisinin olduğu bulunmuştur. Literatürde genellikle sermaye yapısının belirleyicileri olarak kabul edilen bu faktörler yalnızca göreceli olarak gelişmiş finansal sisteme sahip ülkelerde etkilidirler. Ancak 2008 küresel finansal krizi sırasında finansal olarak gelişmemiş ülkelerdeki firmaların sermaye yapısı kararlarını açıklayamamaktadır.

Anahtar Kelimeler

• Finansal Sistem,Sermaye Yapısı Belirleyicileri,Gelişmekte Olan Ülkeler,Dinamik Panel Veri Analizi

Kaynakça

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