SERMAYE YAPISINI BELİRLEYEN FAKTÖRLER: İMKB SANAYİ VE HİZMET SEKTÖRLERİNDE İŞLEM GÖREN İŞLETMELER ÜZERİNE BİR İNCELEME

Öz

The purpose of this study is to search the most important factors that determine the capital structure of the firms in the industrial and service sectors of Istanbul Stock Exchange (ISE) by using CRT (Classification and Regression Trees) algorithm of data mining techniques. For this purpose 38 indicators are chosen from different financial fields such as profitability, liquidity, activity efficiency, market value, firm size, business risk, none-debt tax shield, tax level and growth rates. Empirical results of the study show that the most important factors affect capital structures of firms are liquidity, activity efficiency and business risk

Anahtar Kelimeler

• ISE, Capital Structure, Data Mining, Decision Trees, CRT

SERMAYE YAPISINI BELİRLEYEN FAKTÖRLER: İMKB SANAYİ VE HİZMET SEKTÖRLERİNDE İŞLEM GÖREN İŞLETMELER ÜZERİNE BİR İNCELEME

Öz

Bu çalışmanın amacı, İstanbul Menkul Kıymetler Borsası (İMKB) sanayi ve hizmet sektörlerinde faaliyet gösteren firmaların sermaye yapılarını etkileyen en önemli faktörleri karar ağacı algoritmalarından CRT ile araştırmaktır. Bu amaçla karlılık, likidite, varlık kullanım etkinliği, pazar değeri, işletme büyüklüğü, işletme riski, borç dışı vergi kalkanı, vergi düzeyi ve büyüme oranları gibi farklı alanlardan 38 farklı finansal gösterge seçilmiştir. Araştırma sonuçları işletmelerin sermaye yapılarının en önemli belirleyicileri likidite, varlık kullanım etkinliği ve işletme riski göstergeleri olduğunu göstermektedir

Anahtar Kelimeler

• İMKB, Sermaye Yapısı, Veri Madenciliği, Karar Ağaçları, CRT

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