Borsa Sermaye Yapısı Kararlarında Yönetsel İrrasyonalite Açılımı: Geleneksel Teorilerden Farklılaşan Davranışsal Bir Bakış Açısı

Yıl 2016, Sayı: 617, 55 - 71, 01.07.2016

Semra Bank

Öz

“Firmaların sermaye yapısı kararlarını etkileyen faktörlerin neler olduğu” modern sermaye yapısı teorisinin başlangıcından itibaren finans literatürünün netleştiremediği bir konudur. Bununla birlikte, son yıllarda yapılmış olan bazı çalışmaların geleneksel bakış açısından farklılaşarak konuya davranışsal kurumsal finansman altında yeni bir yaklaşım getirmeye çalıştıkları görülmektedir. Sınırlı sayıda olan bu çalışmaların elde ettikleri bulgular bizleri sermaye yapısı kararları açısından yönetsel irrasyonalitenin varlığına ve yeni yönetsel-psikolojik ön yargıların araştırılması ihtiyacına götürmektedir. Bu amaçla mevcut çalışma, sermaye yapısı literatürüne ve en yeni yaklaşımlara ait sıralı ve toparlayıcı bir değerlendirme sunarak bir taraftan söz konusu yeni çalışmaların elde ettikleri sonuçlara ilişkin farkındalık sağlamayı; diğer taraftan, sermaye yapısı kararları alanında yapılacak gelecek araştırmalarda yönetsel irrasyonaliteye ilgiyi artırmayı amaçlamaktadır

Anahtar Kelimeler

Sermaye Yapısı Kararları, Davranışsal Kurumsal Finans

Insight on Managerial Irrationality in Capital Structure Decisions: A Behavioral Viewpoint Differentiating from Traditional Theories

Öz

In finance literature, there is no consensus on the factors affecting the capital structure decisions of firms from modern capital structure theory on. However, we see that that some recent studies have endeavoured to bring a new approach differentiating from the traditional viewpoint, under the field of behavioural corporate finance. The findings of those studies, despite their limited number, lead us to the existence of managerial irrationality in terms of capital structure decisions and to the necessity of investigation for new managerial-psychological biases. Presenting a serial and collective evaluation related to the capital structure literature and the latest approaches, this study aims, on the one hand, to provide awareness in relation to the results of the mentioned latest studies, and on the other hand, to raise interest of researchers for future investigations on managerial irrationality in capital structure decisions

Anahtar Kelimeler

Capital Structure Decisions, Behavioural Corporate Finance, Mana

Kaynakça

• AZOUZI, Mohamed A. andAnis JARBOUI; (2012),“Ceo Emo- tional Bias and Capital Structure Choice. Bayesian Network
• Method”,Business Excellence and Management, 2(2), pp. 47- BAKER, Malcolm and Jeffrey WURGLER; (2002),“Market Tim- ing and Capital Structure”,The Journal of Finance, 57(1), pp. 32.
• BAKER, Malcolm, Richard S. RUBACK and Jeffrey WUR- GLER; (2004, October),Behavioral Corporate Finance: A
• Survey,NBER Working Paper Series 10863, http://www.nber. org/papers/w10863, 05.04.2013.
• BAKER, Malcolm and Jeffrey WURGLER; (2011, August),Behavioral Corporate Finance: An Updated
• Survey,NBER Working Paper Series, 17333, http://www.nber. org/papers/w17333, 01.04.2013.
• BARROS, Lucas A. B. D. C.and Alexandre D. M. D. SILVEIRA; (2007, February),Overconfidence, Managerial Optimism and The Determinants of Capital Structure,SSRN Working Paper
• Series, http:// ssrn.com/abstract=953273, 01.04.2013.
• BEN-DAVID, Itzhak,John R. GRAHAM and Campbell R. HAR- VEY; (2010),Managerial Miscalibration,SSRN Accepted Paper
• Series,http://ssrn.com/abstract=1640552, 23.05.2013.
• CHEN, Yinghong andKlaus HAMMES; (2004),Capital Structure Theories and Empirical Results - a panel data analysis,SSRN Working 04.2013.
• DEANGELO, Harry andRonald W. MASULIS; (1980),“Op- timal Capital Structure under Corporate and Personal
• Taxation”,Journal of Financial Economics, 8, pp.3-29. EVERTS, T.;(2007), CFO, Optimism, And Overconfidence, http://arnop.unimaas.nl/show.cgi?fid =12378, 22.05.2013.
• FAIRCHILD, Richard J.; (2007),Behavioural Corporate Finance
• Existing Research and Future Directions,SSRN Working Paper Series,http://ssrn.com/abstract=1011976, 01.04.2013.
• FAMA, Eugene F. and KennethR. FRENCH; (2002),“Testing
• Trade-Off and Pecking Order Predictions about Dividends and Debt”,The Review of Financial Studies, 15(1), pp. 1-33. FRANK, Murray Z. and Vidhan K. GOYAL; (2003),Capital
• Structure Decisions,SSRN Working Paper Series,http://ssrn. com/abstract=396020, 11.01.2013.
• FRANK, Murray Z. and Vidhan K. GOYAL; (2009),Capital Struc- ture Decisions: Which Factors are Reliably Important?,Munich
• Personal RePEc Archive Paper, 22525, http://mpra.ub.uni- muenchen.de/22525/, 11.04.2013.
• GERVAIS, Simon, J.B.HEATON and Terrance ODEAN; (2003),Overconfidence, Investment Policy, and Executive
• Stock Options,SSRN Working Paper Series,http://ssrn.com/ abstract=36120, 22.05.2013.
• GERVAIS, Simon; (2010),Behavioral Finance: Capital Bud- geting and Other Investment Decisions,In H. K. Baker & J. R.
• Nofsinger (Eds.),Behavioral Finance: Investors, Corporations, and Markets(pp.413-434), Hoboken: New Jersey. JENSEN, Michael C. and William H. MECKLING; (1976),“The- ory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, 3(4), pp.305-360.
• JUREVICIENÉ, Daiva ve Olga IVANOVA; (2013), “Behavioural
• Finance: Theory and Survey”, Science-Future of Lithuania, (1), pp.53-58. HACKBARTH, Dirk; (2008); “Managerial Traits and Capital
• Structure Decisions”,Journal of Financial and Quantitative Analysis, 43(4), pp. 843-882. HARRIS, Milton andArtur RAVIV; (1991), “The Theory of Capi- tal Structure”,The Journal of Finance, 46(1), pp. 297-355.
• HEATON, J.B.; (2002),“Managerial Optimism and Corporate
• Finance”,Financial Management, 31(2), pp. 33-45. HELLIAR, C.V.,D.M. POWER and C.D.SINCLAIR; (2005),“Man- agerial “Irrationality” in Financial Decision Making”, Managerial Finance, 31(4), pp. 1-11.
• HUANG, Samuel G. H. and Frank M. SONG; (2006),“The De- terminants of Capital Structure: Evidence from China”,China Economic Review, 17, pp. 14-36.
• HUANG,Chia-Hsing,Prasad PADMANABHAN and Wenqing- ZHANG; (2012),Mitigating the Impact of Managerial Anchoring
• The Case for Management by Committee for Major Corporate Financial Decisions,SSRN Working Paper Series, http://ssrn. com/abstract=2226080, 13.06.2013.
• KARAA, İbrahim E; (2011),“Impact of Anchoring Bias on Corpo- rate Profits and Shareholders Wealth”,International Journal of
• Economics and Finance Studies, 3(2), pp. 105-115. KAHNEMAN, Daniel and Amos TVERSKY; (1979), “Prospect
• Theory: An Analysis of Decision under Risk”, Econometrica, (2), pp. 263-291. LUIGI, Popescu and Visinescu SORIN; (2009), “A Review of
• The Capital Structure Theories”,Annals of Faculty of Econom- ics, 3(1), pp. 315-320. MALMENDIER, Ulrike andGeoffrey TATE; (2004),CEO Over- confidence and Corporate Investment,NBER Working Pa- per Series, 10807, http://www.nber.org/papers/w10807, 05.2013.
• MEFTEH, Salma and Barry R. OLIVER; (2007),Capital Struc- ture Choice: The Influence of Confidence in France,http://www. researchgate.net/publication/228621972 _Capital_structure_ choice_the_influence_of_confidence_in_France, 01.04.2013.
• MODIGLIANI, Franco andMerton H. MILLER; (1958),“The
• Cost of Capital, Corporation Finance and the Theory of Investment”,American Economic Review, 53, pp. 261-297. MONDHER, Kouki; (2011),“A Re-examination of the MM
• Capital Structure Irrelevance Theorem: A Partial Payout Approach”,International Journal of Business and Management, (10), pp. 193-204. MYERS, Stewart C.; (1984),“The Capital Structure
• Puzzle”,Journal of Finance, 39(3), pp.575-592. MYERS, Stewart C. and Nicholas S. MAJLUF; (1984),“Cor- porate Financing and Investment Decisions When Firms have
• Information that Investors do not have”,Journal of Financial Economics, 13, pp. 187-221. MYERS, Stewart C.; (2003),Financing of Corporations, InG.
• Constantinides, M. Harris & R. Stulz(Eds.), Handbook of the Economics of Finance:Corporate Finance, (Vol. 1A, pp.215- ),Amsterdam:Elsevier. NGUYEN, Tristan and AlexanderSCHUßLER; (2013),“How to Make Better Decisions? Lessons Learned from Behavioral
• Corporate Finance”,International Business Research, 6(1), pp. 198. NIU, Xiaoyan; (2008),“Theoretical and Practical Review of
• Capital Structure and its Determinants”, International Journal of Business and Management, 3(3), pp. 133-139. PAGANO, Marco; (2005),The Modigliani-Miller Theorems: A
• Cornerstone of Finance,Centre for Studies in Economics and Finance Working Paper, 139, http://www.csef.it/WP/wp139.pdf, 04.2013.
• PARK, Hyoyoun and Wook SOHN; (2013), “Behavioral Fi- nance: A Survey of the Literature and Recent Development”
• Seoul Journal of Business, 19(1), pp. 3-42. RAJAN, Raghuram G. and Luigi ZINGALES; (1995),“What do
• We Know about Capital Structure? Some Evidence from Inter- national Data”, The Journal of Finance, 50(5), pp.1421-1460.
• RICCIARDI, Victor and Helen K. SIMON; (2000), “What is Be- havioral Finance?”, The Business, Education and Technology Journal, 2, pp. 26-34.
• SERFAS, Sebastian; (2011),“The Impact of Cognitive Biases on Capital Investments Empirical Evidence Regarding the Anchoring Heuristic”,Z Plan Unternehmenssteuerung, 21, pp. –446.
• SHILLER, Robert J.; (2006), “Tools for Financial Innovation
• Neoclassical versus BehavioralFinance”, The Financial Re- view, 41, pp. 1-8. SOUFANI, Khaled, Terence TSE,Othman Cole andAn- as Aboulamer; (2012,June),Do Behavioural Biases Ex- plain Capital Structure Decisions?, http://www.efmae- f m . o r g / 0 E F M A M E E T I N G S / E F M A % 2 0 A N N U A L % 2 0
• MEETINGS/2012-Barcelona/papers/EFMA2012_0229_fullpa- per.pdf, 02.04.2013.
• STATMAN, Meir and DavidCALDWELL; (1987),“Apply- ing Behavioral Finance to Capital Budgeting: Project
• Terminations”,Financial Management, 16(4), pp. 7-15. SHEFRIN, Hersh; (2000),“Beyond Greed and Fear: Under- standing Behavioral Finance and the Psychology of Investing”.
• Boston, Massachusetts:Harvard Business School Press. SHEFRİN, Hersh; (2001),Behavioral Corporate Finance,SSRN
• Accepted Paper Series, http://ssrn.com/abstract=288257, 04.2013.
• TITMAN,Sheridan and RobertoWESSELS; (1988), “The Deter- minants of Capital Structure Choice”,The Journal of Finance, (1), pp.1-19.
• TVERSKY, Amos and Daniel KAHNEMAN; (1974), “Judgment under Uncertainty:Heuristics and Biases,” Science, 185(4157), pp. 1124-1131.
• WILKE, Andreas and Rui MATA; (2012), “Cognitive Bias”, The Encyclopedia of Human Behavior,1, pp. 531-535, Academic Press.