Sermaye Yapısı ve PersonelGiderleri: Mevduat Bankaları ÜzerineBir Araştırma

Öz

Bu çalışma, 2003-2015 yılları arasında Türkiye’de faaliyet gösteren yirmi dokuz mevduat bankasının, sermaye yapısı ile emek yoğunluğu arasındaki ilişkiyi ampirik olarak araştırmaktadır. Bankaların sermaye yapısı ölçütü olarak, özkaynak rasyosu ve sermaye yeterliliği standart oranı kullanılırken, bankaların emek yoğunluğu, personel giderlerinin toplam aktiflere bölünmesiyle hesaplanmaktadır. Çalışmada ayrıca, banka büyüklüğü, net faiz marjı, faiz dışı etkinlik, aktif kalitesi ve özkaynak karlılığı gibi kontrol değişkenlerinin de emek yoğunluğu üzerindeki etkileri incelenmektedir. Sermaye yapısı değişkenlerinin ve kontrol değişkenlerinin emek yoğunluğu üzerindeki etkileri panel veri regresyon analizi yöntemi kullanılarak test edilmektedir. Çalışma sonuçlarına göre, bankalarının sermaye yapısı değişkenleri ile emek yoğunluğu arasında pozitif bir ilişki söz konusudur. Bu durum, iyi sermayelendirilmiş mevduat bankalarının, daha yüksek personel giderlerine sahip olduğu anlamına gelmekte ve Bertay ve Uras (2016)’nın bulgularını desteklemektedir

Anahtar Kelimeler

• İşgücü Maliyetleri,İflas Maliyetleri,Finansal Yapı

Capital Structure and Employee Expenses: An Investigation on Deposit Banks

Öz

This study empirically investigates the relationship between capital structure and labor intensity of twenty nine deposit banks operating in Turkey between the years 2003 to 2015. The equity ratio and the capital adequacy ratio are used as measure of the capital structure of banks while the labor intensity of banks is calculated by dividing personnel expenses to total assets. The study also examines the impact of control variables such as size of bank, net interest margin, non-interest income, asset quality, and return on equity on the labor intensity. The impact of capital structure variables and control variables on banks’ labor intensity are tested by using panel data regression analysis. According to the study results, there is a positive relationship between the capital structure variables and labor intensity of banks. This means that well-capitalized banks have higher personnel expenses and the findings of Bertay and Uras (2016) are supported

Anahtar Kelimeler

• Labor Costs,Bankruptcy costs,Financial Structure

Kaynakça

1. AGRAWAL, Ashwini K. and David A. MATSA; (2013), “Labor
2. Unemployment Risk and Corporate Financing Decisions”, Journal of Financial Economics, 108, pp. 449-470. AKYOL, Ali and Patrick VERWIJMEREN; (2013), “Hu- man Capital Costs, Firm Leverage, and Unemployment
3. Rates”, Journal of Financial Intermediation, 22, pp. 464-481. ASHORZADEH, Safura and Ghodratollah BARZEGAR; (2014)
4. “The Examination of Relation between Human Capital, Capital Structure and Employee Pay of the Listed Companies in Teh- ran Stock Exchange”, International Research Journal of Man- agement Sciences, 2(10), pp. 284-288. AVRUPA MERKEZ BANKASI; (2010), “Banka Performansının
5. Ölçümüne İlişkin Yeni Yaklaşımlar”, Bankacılar Dergisi, 75, ss. 128. AYDIN, Demet ve M. Bahar BAŞKIR; (2013), “Bankaların 2012
6. Yılı Sermaye Yeterlilik Rasyolarına Göre Kümeleme Analizi ve Çok Boyutlu Ölçekleme Sonucu Sınıflandırılma Yapıları”, Bankacılık ve Sigortacılık Araştırmaları Dergisi, 1(5-6), ss. 29- BECK, Nathaniel and Jonathan N. KATZ; (1995), “What to do
7. (and not to do) with Time-Series Cross-Section Data”, The American Political Science Review, 89(3), pp. 634-647. BERK, Jonathan B., Richard STANTON, and Josef ZECH- NER; (2010), “Human Capital, Bankruptcy, and Capital Struc- ture”, Journal of Finance, 65(3), pp. 891-926.
8. BERTAY, Ata and Burak URAS; (2016), “Leverage, Bank Em- ployee Compensation and Institutions”, (CentER Discussion Paper; Vol. 2016-004). Tilburg: CentER, Center for Economic

9. Research, http://ssrn.com/abstract=2718184, 04.05.2016.
10. BOLTON, Patrick, Xavier FREIXAS, and Leonardo GAMBA- CORTA; (2016), “Relationship and Transaction Lending in a Crisis”, The Review of Financial Studies, doi:10.1093/rfs/ hhw041, 12.06.2016.
11. BRIGHAM, Eugene F. ve Joel F. HOUSTON; (2014), Finansal
12. Yönetimin Temelleri - Fundamentals of Financial Management (Nevzat Aypek, Çev.), 7. Basımdan Çeviri, Nobel Akademik Yayıncılık, Ankara. CHEMMANUR, Thomas J., Yingmei CHENG, and Tianming ZHANG; (2013), “Human Capital, Capital Structure, and Em- ployee Pay: An Empirical Analysis”, Journal of Financial Eco- nomics, 110, pp. 478-502.
13. ERLAT, Haluk; (2011), Panel Data: A Selective Survey. Unpub- lished Lecture Notes, Department of Economics, Middle East
14. Technical University. Ankara. HAUSMAN, Jerry A.; (1978), “Specification Tests in Economet- rics”, Econometrica, 46(6), pp. 1251-1271.
15. HOLMSTROM, Bengt and Jean TIROLE; (1997), “Financial In- termediation, Loanable Funds, and the Real Sector”, Quarterly
16. Journal of Economics, 112 (3), pp. 663-691. HOVAKIMIAN Armen and Guangzhong LI; (2011), “Large
17. Sample Evidence on Capital Structure and Employee Wag- es”, http://www.crpe.cn/06crpe/index/tribune/lunwen/138.pdf, 06.2016.
18. MAKSIMOVIC, Vojislav and Sheridan TITMAN; (1991), “Finan- cial Policy and Reputation for Product Quality”, The Review
19. Financial Studies, 4(1), pp. 175-200. PRATT, Ryan; (2013), “A Structural Model of Human Capi- tal and Leverage”, http://papers.ssrn.com/sol3/papers. cfm?abstract_id=2784518, 12.06.2016.
20. SUFIAN, Fadzlan and Muzafar S. HABIBULLAH; (2009), “Bank Specific and Macroeconomic Determinants of Bank Profitabil- ity: Empirical Evidence from the China Banking Sector”, Fron- tiers of Economics in China, 4(2), pp. 274-291.
21. TAHIR, Tahir and Ahmad FRAZ; (2015), “Human Capital, Capi- tal Structure, Employee Pay: Empirical Evidence from Paki- stan”, Global Journal of Management and Business Research: C Finance, 15(9), pp. 18-41.
22. TITMAN, Sheridan; (1984), “The Effect of Capital Structure on a Firm’s Liquidation Decision”, Journal Financial Economics, (1), pp. 137-151.
23. UZUNOĞLU, Sadi; (2014), Bankacılığa Giriş, Literatür Yayınları, İstanbul.
24. VERWIJMEREN, Patrick and Jeroen DERWALL; (2010), “Em- ployee Well-Being, Firm Leverage, and Bankruptcy Risk”, Jour- nal of Banking and Finance, 34(5), pp. 956–964.
25. YALAMA, Abdullah; (2013), “The Relationship between Intel- lectual Capital and Banking Performance in Turkey: Evidence from Panel Data”, International Journal of Learning and Intel- lectual Capital, 10(1), pp. 71-87. www.tbb.org.tr/tr/bankacilik/banka-ve-sektor-bilgileri/istatistiki- raporlar/59, 04.05.2016.