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

Yıl 2019, Cilt: 14 Sayı: 2, 179 - 197, 31.12.2019

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.

Kaynakça

  • Alves, P. F. P., & Ferreira, M. A. (2011). Capital structure and law around the world. Journal of Multinational Financial Management, 21(3), 119-150.
  • Ayyagari, M., Demirguc-Kunt, A., & Maksimovic, V. (2012). Financing of firms in developing countries: Lessons from research. The World Bank.
  • Bancel, F., & Mittoo, U. R. (2004). Cross-country determinants of capital structure choice: a survey of European firms. Financial Management, 103-132.
  • Beck, T., & Levine, R. (2002). Industry growth and capital allocation:: does having a market-or bank-based system matter?. Journal of financial economics, 64(2), 147-180.
  • Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different?. Journal of Financial Economics, 89(3), 467-487.
  • Belkhir, M., Maghyereh, A., & Awartani, B. (2016). Institutions and corporate capital structure in the MENA region. Emerging Markets Review, 26, 99-129.
  • Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The journal of finance, 56(1), 87-130.
  • Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. The journal of Finance, 39(3), 857-878.
  • Chen, L., & Zhao, X. S. (2005). Profitability, mean reversion of leverage ratios, and capital structure choices.
  • Cheng, S. R., & Shiu, C. Y. (2007). Investor protection and capital structure: International evidence. Journal of Multinational Financial Management, 17(1), 30-44.
  • Čihák, M., Demirgüč-Kunt, A., Feyen, E., & Levine, R. (2013). Financial development in 205 economies, 1960 to 2010 (No. w18946). National Bureau of Economic Research.
  • Danso, A., & Adomako, S. (2014). The financing behaviour of firms and financial crisis. Managerial Finance, 40(12), 1159-1174.
  • De Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm-and country-specific determinants. Journal of Banking & Finance, 32(9), 1954-1969.
  • Demirgüç-Kunt, A., & Levine, R. (Eds.). (2004). Financial structure and economic growth: A cross-country comparison of banks, markets, and development. MIT press.
  • Demirgüç-Kunt, A., & Maksimovic, V. (1996). Stock market development and financing choices of firms. The World Bank Economic Review, 10(2), 341-369.
  • Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The review of financial studies, 15(1), 1-33.
  • Fan, J. P., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and quantitative Analysis, 47(1), 23-56.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial management, 38(1), 1-37.
  • Giannetti, M. (2003). Do better institutions mitigate agency problems? Evidence from corporate finance choices. Journal of Financial and Quantitative Analysis, 38(1), 185-212.
  • González, V. M., & González, F. (2008). Influence of bank concentration and institutions on capital structure: New international evidence. Journal of Corporate Finance, 14(4), 363-375.
  • Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of financial economics, 60(2-3), 187-243.
  • Haq, M., Hu, D., Faff, R., & Pathan, S. (2017). New evidence on national culture and bank capital structure. Pacific-Basin Finance Journal. Harris, M., & Raviv, A. (1991). The theory of capital structure. the Journal of Finance, 46(1), 297-355.
  • Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial economics, 97(3), 319-338.
  • Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371.
  • La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The journal of finance, 52(3), 1131-1150.
  • La Porta, R. Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155.
  • La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33.
  • Levine, R. (2002). Bank-based or market-based financial systems: which is better? (No. w9138). National Bureau of Economic Research.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
  • Proença, P., Laureano, R. M., & Laureano, L. M. (2014). Determinants of capital structure and the 2008 financial crisis: evidence from Portuguese SMEs. Procedia-Social and Behavioral Sciences, 150, 182-191.
  • Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460.
  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The STATA Journal, 9(1), 86-136.
  • Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19.
  • Utrero-González, N. (2007). Banking regulation, institutional framework and capital structure: International evidence from industry data. The Quarterly Review of Economics and Finance, 47(4), 481-506.
  • Venanzi, D. (2017). How Country Affects the Capital Structure Choice: Literature Review and Criticism. International Journal of Economics and Finance, 9(4), 1.
  • Venanzi, D., & Naccarato, A. (2017). The Capital Structure Choice of European Firms: The Role of Financial System and Institutional Setting. International Business Research, 10(12), 22.
  • Veronesi, P., & Zingales, L. (2010). Paulson's gift. Journal of Financial Economics, 97(3), 339-368.
  • Welch, I. (2011). Two common problems in capital structure research: The financial‐debt‐to‐asset ratio and issuing activity versus leverage changes. International Review of Finance, 11(1), 1-17.
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of econometrics, 126(1), 25-51.
  • Xu, J. (2012). Profitability and capital structure: Evidence from import penetration. Journal of Financial Economics, 106(2), 427-446.

2008 KÜRESEL MALİ KRİZ DÖNEMİNDE FİNANSAL SİSTEMİN SERMAYE YAPISINA ETKİSİ

Yıl 2019, Cilt: 14 Sayı: 2, 179 - 197, 31.12.2019

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.

Kaynakça

  • Alves, P. F. P., & Ferreira, M. A. (2011). Capital structure and law around the world. Journal of Multinational Financial Management, 21(3), 119-150.
  • Ayyagari, M., Demirguc-Kunt, A., & Maksimovic, V. (2012). Financing of firms in developing countries: Lessons from research. The World Bank.
  • Bancel, F., & Mittoo, U. R. (2004). Cross-country determinants of capital structure choice: a survey of European firms. Financial Management, 103-132.
  • Beck, T., & Levine, R. (2002). Industry growth and capital allocation:: does having a market-or bank-based system matter?. Journal of financial economics, 64(2), 147-180.
  • Beck, T., Demirgüç-Kunt, A., & Maksimovic, V. (2008). Financing patterns around the world: Are small firms different?. Journal of Financial Economics, 89(3), 467-487.
  • Belkhir, M., Maghyereh, A., & Awartani, B. (2016). Institutions and corporate capital structure in the MENA region. Emerging Markets Review, 26, 99-129.
  • Booth, L., Aivazian, V., Demirguc‐Kunt, A., & Maksimovic, V. (2001). Capital structures in developing countries. The journal of finance, 56(1), 87-130.
  • Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. The journal of Finance, 39(3), 857-878.
  • Chen, L., & Zhao, X. S. (2005). Profitability, mean reversion of leverage ratios, and capital structure choices.
  • Cheng, S. R., & Shiu, C. Y. (2007). Investor protection and capital structure: International evidence. Journal of Multinational Financial Management, 17(1), 30-44.
  • Čihák, M., Demirgüč-Kunt, A., Feyen, E., & Levine, R. (2013). Financial development in 205 economies, 1960 to 2010 (No. w18946). National Bureau of Economic Research.
  • Danso, A., & Adomako, S. (2014). The financing behaviour of firms and financial crisis. Managerial Finance, 40(12), 1159-1174.
  • De Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm-and country-specific determinants. Journal of Banking & Finance, 32(9), 1954-1969.
  • Demirgüç-Kunt, A., & Levine, R. (Eds.). (2004). Financial structure and economic growth: A cross-country comparison of banks, markets, and development. MIT press.
  • Demirgüç-Kunt, A., & Maksimovic, V. (1996). Stock market development and financing choices of firms. The World Bank Economic Review, 10(2), 341-369.
  • Fama, E. F., & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The review of financial studies, 15(1), 1-33.
  • Fan, J. P., Titman, S., & Twite, G. (2012). An international comparison of capital structure and debt maturity choices. Journal of Financial and quantitative Analysis, 47(1), 23-56.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important?. Financial management, 38(1), 1-37.
  • Giannetti, M. (2003). Do better institutions mitigate agency problems? Evidence from corporate finance choices. Journal of Financial and Quantitative Analysis, 38(1), 185-212.
  • González, V. M., & González, F. (2008). Influence of bank concentration and institutions on capital structure: New international evidence. Journal of Corporate Finance, 14(4), 363-375.
  • Graham, J. R., & Harvey, C. R. (2001). The theory and practice of corporate finance: Evidence from the field. Journal of financial economics, 60(2-3), 187-243.
  • Haq, M., Hu, D., Faff, R., & Pathan, S. (2017). New evidence on national culture and bank capital structure. Pacific-Basin Finance Journal. Harris, M., & Raviv, A. (1991). The theory of capital structure. the Journal of Finance, 46(1), 297-355.
  • Ivashina, V., & Scharfstein, D. (2010). Bank lending during the financial crisis of 2008. Journal of Financial economics, 97(3), 319-338.
  • Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371.
  • La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (1997). Legal determinants of external finance. The journal of finance, 52(3), 1131-1150.
  • La Porta, R. Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. W. (1998). Law and finance. Journal of political economy, 106(6), 1113-1155.
  • La Porta, R., Lopez‐de‐Silanes, F., Shleifer, A., & Vishny, R. W. (2000). Agency problems and dividend policies around the world. The journal of finance, 55(1), 1-33.
  • Levine, R. (2002). Bank-based or market-based financial systems: which is better? (No. w9138). National Bureau of Economic Research.
  • Myers, S. C., & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of financial economics, 13(2), 187-221.
  • Proença, P., Laureano, R. M., & Laureano, L. M. (2014). Determinants of capital structure and the 2008 financial crisis: evidence from Portuguese SMEs. Procedia-Social and Behavioral Sciences, 150, 182-191.
  • Rajan, R. G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The journal of Finance, 50(5), 1421-1460.
  • Roodman, D. (2009). How to do xtabond2: An introduction to difference and system GMM in Stata. The STATA Journal, 9(1), 86-136.
  • Titman, S., & Wessels, R. (1988). The determinants of capital structure choice. The Journal of finance, 43(1), 1-19.
  • Utrero-González, N. (2007). Banking regulation, institutional framework and capital structure: International evidence from industry data. The Quarterly Review of Economics and Finance, 47(4), 481-506.
  • Venanzi, D. (2017). How Country Affects the Capital Structure Choice: Literature Review and Criticism. International Journal of Economics and Finance, 9(4), 1.
  • Venanzi, D., & Naccarato, A. (2017). The Capital Structure Choice of European Firms: The Role of Financial System and Institutional Setting. International Business Research, 10(12), 22.
  • Veronesi, P., & Zingales, L. (2010). Paulson's gift. Journal of Financial Economics, 97(3), 339-368.
  • Welch, I. (2011). Two common problems in capital structure research: The financial‐debt‐to‐asset ratio and issuing activity versus leverage changes. International Review of Finance, 11(1), 1-17.
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of econometrics, 126(1), 25-51.
  • Xu, J. (2012). Profitability and capital structure: Evidence from import penetration. Journal of Financial Economics, 106(2), 427-446.
Toplam 40 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Rümeysa Bilgin 0000-0002-5919-0035

Yayımlanma Tarihi 31 Aralık 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 14 Sayı: 2

Kaynak Göster

APA Bilgin, R. (2019). THE EFFECT OF FINANCIAL SYSTEM ON CAPITAL STRUCTURE DURING 2008 GLOBAL FINANCIAL CRISIS PERIOD. Bilgi Ekonomisi Ve Yönetimi Dergisi, 14(2), 179-197.