Araştırma Makalesi
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Yıl 2020, Cilt: 4 Sayı: 3, 641 - 660, 20.09.2020
https://doi.org/10.25295/fsecon.792411

Öz

Kaynakça

  • Al-Iriani, Mahmoud, (2007) “Foreign Direct Investment and Economic Growth in the GCC Countries: A Causality Investigation Using Heterogeneous Panel Analysis”. Topics in Middle Eastern and North African Economies, electronic journal, 9, Middle East Economic Association and Loyola University Chicago. http://ecommons.luc.edu/cgi/viewcontent.cgi?article=1090&context=meea
  • Anderson, R. C., Mansi, S. A. & Reeb, D. M. (2004), “Board characteristics, accounting report integrity, and the cost of debt”, Journal of Accounting and Economics, 37, 315–342. http://dx.doi.org/10.1016/j.jacceco.2004.01.004
  • Aren, S., Kayagil, S. Ö. & Aydemir, S. D., (2014) “Kurumsal Yönetim Düzeyinin Belirleyicileri ve Etkileri Üzerine İmkb'de Bir Uygulama (The Determinants and Effects Of Corporate Governance Level: Evidence From Istanbul Stock Exchange)”, Akademik Araştırmalar Dergisi (Journal of Academic Research), 60, 111-136 http://search.ebscohost.com/login.aspx?direct=true&db=asn&AN=95380261&lang=tr&site=eds-live&authtype=ip,uid
  • Ata, A. & Ağ, Y. (2010) “Firma Karakteristiğinin Sermaye Yapisi Üzerindeki Etkisinin Analizi”, Ekoist: Journal of Econometrics and Statistics, 11, 45-60 http://search.ebscohost.com/login.aspx?direct=true&db=obo&AN=57632410&lang=tr&site=eds-live&authtype=ip,uid
  • Ballesta, J. P. S. & Meca, E. G. (2011) “Ownership Structure and the Cost of Debt”, European Accounting Review, 20:2, 389-416. https://doi.org/10.1080/09638180903487834
  • Borensztein, E., Gregorio, J. D., & Lee, J. W (1998) “How does foreign direct investment affect economic growth”, Journal of International Economics, 45. 115–13 https://doi.org/10.1016/S0022-1996(97)00033-0
  • Bruslerie, H. L. & Latrous, I. (2012) “Ownership structure and debt leverage: Empirical test of a trade-off hypothesis on French firms”, Journal of Multinational Financial Management, 22, 111–130. http://dx.doi.org/10.1016/j.mulfin.2012.06.001
  • Ceylan, İ. F., & Demirci, F. (2017), “MULTIMOORA Yöntemiyle Finansal Performans Ölçümü: Leasing Şirketlerinde Bir Uygulama (Measurement of Financial Performance with MULTİMOORA Method: A Study at Leasing Companies)”, Bartın University, Journal of Faculty and Administrative, 8 (15), 277-296. https://dergipark.org.tr/tr/pub/bartiniibf/issue/30498/329992
  • Chen, D. (2012), “Classified boards, the cost of debt, and firm performance”, Journal of Banking & Finance, 36, 3346-3365, http://dx.doi.org/10.1016/j.jbankfin.2012.07.015
  • Chen, T, J. & Ku, Y.H., (2000), “The effect of foreign direct investment on Firm growth: the case of Taiwan's manufacturers”, Japan and the World Economy, 12, 153-172 https://doi.org/10.1016/S0922-1425(99)00035-3
  • Chen, W. (2011) “The effect of investor origin on firm performance: Domestic and foreign direct investment in the United States”, Journal of International Economics, 83, 219–228. http://dx.doi.org/10.1016/j.jinteco.2010.11.005
  • Choi, J. J. Park, S. W. & Yoo, S. S. (2007), “The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea”, Journal of Financial and Ouantitative Analysis, 42 (4), 941-962. http://www.jstor.org/stable/27647330
  • Dağlı, H. Eyüboglu, K. & Sevim, U. (2013) “Yurtdişinda Sermaye Bütçelemesi Uygulamalari: Türk İnşaat Firmalari Örneği”, Atatürk Ünivesity Journal of Economics and Administrative Sciences, 27 (2), 93-108. https://dergipark.org.tr/en/pub/atauniiibd/issue/2709/35769
  • Demirbag, M., Glaister, K. W., & Tatoglu, E. (2007) “Institutional and transaction cost influences on MNEs’ ownership strategies of their affiliates: Evidence from an emerging market” Journal of World Business, 42(4), 418–434. https://doi.org/10.1016/j.jwb.2007.06.004
  • Demirbag, M., Tatoglu, E., & Glaister, K. W. (2008) “Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of Western FDI in an emerging market” Management International Review, 48(1), 5–38. http://refhub.elsevier.com/S1090-9516(17)30399-1/sbref0220
  • Demirbag, M., Tatoglu, E., & Glaister, K. W. (2009) “Equity-based entry modes of emerging country multinationals: Lessons from Turkey” Journal of World Business, 44(4), https://doi.org/10.1016/j.jwb.2008.11.009
  • Demirhan, D. (2009) “Sermaye Yapisini Etkileyen Firmaya Özgü Faktörlerin Analizi: İmkb Hizmet Firmalari Üzerine Bir Uygulama (Analysis of Firm Specific Factors Affecting Capital Structure: Application On ISE Service Firms)”, Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, 9 (2). 677-697. https://dergipark.org.tr/tr/pub/eab/issue/39857/472645
  • Do, T. K., Laic, T. N. &,. Tran, T. T. C. (2019) “Foreign ownership and capital structure Dynamics”, Finance Research Letters, https://doi.org/10.1016/j.frl.2019.101337
  • Doğan, M. & Topal, Y. (2016) “Yönetim Kurulundaki Yabancı Üye Sayısının ve Yabancı Sahipliğinin Finansal Performans Üzerindeki Etkisi (The Impact of Foreign Directors and Foreign Ownership on Financial Performance)”, Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, 16, 31-48. https://dergipark.org.tr/tr/pub/eab/issue/39985/475254
  • Doukas, J. A. & Lang L. (2003) “Foreign direct investment, diversification and firm performance”, Journal of International Business Studies, 34, 153–172. https://doi.org/10.1057/palgrave.jibs.8400014
  • Duce, M. (2003). Definitions of Foreign Direct Investment (FDI ): a methodological note. https://www.bis.org/publ/cgfs22bde3.pdf [Accessed 30.08.2020]
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  • Ege, I, & Topaloglu, T. N. (2017) “Sahiplik Yapısının Sermaye Yapısı Kararlarına Etkisi: Borsa İstanbul’da Bir Uygulama (The Impact of Ownership Structure on Capital Structure Decisions: An Application in Istanbul Stock Exchange)”, Journal of Social Sciences of Muş Alparslan University, 5 (2). 471-492. https://doi.org/10.18506/anemon.285974
  • Forssbæck, J. & Oxelheim, L. (2011) “Corporate Financial Determinants of Foreign Direct İnvestment”, The Quarterly Review of Economics and Finance, 51, 269-282. https://doi.org/10.1016/j.qref.2011.05.002
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The Effect of Changes in The Ownership and Board of Directors of Companies Due to Foreign Direct Investments on the Cost of Debt: Application on BIST Manufacturing

Yıl 2020, Cilt: 4 Sayı: 3, 641 - 660, 20.09.2020
https://doi.org/10.25295/fsecon.792411

Öz

In this study, the effect of changes in the ownership and board structure of companies due to direct foreign investments on the cost of debt is examined. Manufacturing companies in Borsa Istanbul are included within the scope of the research. In this context, 43 companies have foreign shares in the ownership structure are included in the analysis. The data of the companies determined for the research between 2016-2019 were collected. In the research, the effect of foreign partnership shares, and the ratios of foreign members in the boards of directors on firms' cost of debt have been examined. According to the obtained results, a negative relationship is detected between the companies’ foreign ownership share and the cost of debt. In addition, a negative relationship was found between the ratio of foreign board members and the cost of debt of companies too. Accordingly, the increase in the foreign ownership share or the ratio of foreign board members of the companies decreases the cost of debt. Furthermore, a positive relationship is found between the cost of debt and the short-term debt percentage, whereas a negative relationship between the cost of debt and the firm size.

Kaynakça

  • Al-Iriani, Mahmoud, (2007) “Foreign Direct Investment and Economic Growth in the GCC Countries: A Causality Investigation Using Heterogeneous Panel Analysis”. Topics in Middle Eastern and North African Economies, electronic journal, 9, Middle East Economic Association and Loyola University Chicago. http://ecommons.luc.edu/cgi/viewcontent.cgi?article=1090&context=meea
  • Anderson, R. C., Mansi, S. A. & Reeb, D. M. (2004), “Board characteristics, accounting report integrity, and the cost of debt”, Journal of Accounting and Economics, 37, 315–342. http://dx.doi.org/10.1016/j.jacceco.2004.01.004
  • Aren, S., Kayagil, S. Ö. & Aydemir, S. D., (2014) “Kurumsal Yönetim Düzeyinin Belirleyicileri ve Etkileri Üzerine İmkb'de Bir Uygulama (The Determinants and Effects Of Corporate Governance Level: Evidence From Istanbul Stock Exchange)”, Akademik Araştırmalar Dergisi (Journal of Academic Research), 60, 111-136 http://search.ebscohost.com/login.aspx?direct=true&db=asn&AN=95380261&lang=tr&site=eds-live&authtype=ip,uid
  • Ata, A. & Ağ, Y. (2010) “Firma Karakteristiğinin Sermaye Yapisi Üzerindeki Etkisinin Analizi”, Ekoist: Journal of Econometrics and Statistics, 11, 45-60 http://search.ebscohost.com/login.aspx?direct=true&db=obo&AN=57632410&lang=tr&site=eds-live&authtype=ip,uid
  • Ballesta, J. P. S. & Meca, E. G. (2011) “Ownership Structure and the Cost of Debt”, European Accounting Review, 20:2, 389-416. https://doi.org/10.1080/09638180903487834
  • Borensztein, E., Gregorio, J. D., & Lee, J. W (1998) “How does foreign direct investment affect economic growth”, Journal of International Economics, 45. 115–13 https://doi.org/10.1016/S0022-1996(97)00033-0
  • Bruslerie, H. L. & Latrous, I. (2012) “Ownership structure and debt leverage: Empirical test of a trade-off hypothesis on French firms”, Journal of Multinational Financial Management, 22, 111–130. http://dx.doi.org/10.1016/j.mulfin.2012.06.001
  • Ceylan, İ. F., & Demirci, F. (2017), “MULTIMOORA Yöntemiyle Finansal Performans Ölçümü: Leasing Şirketlerinde Bir Uygulama (Measurement of Financial Performance with MULTİMOORA Method: A Study at Leasing Companies)”, Bartın University, Journal of Faculty and Administrative, 8 (15), 277-296. https://dergipark.org.tr/tr/pub/bartiniibf/issue/30498/329992
  • Chen, D. (2012), “Classified boards, the cost of debt, and firm performance”, Journal of Banking & Finance, 36, 3346-3365, http://dx.doi.org/10.1016/j.jbankfin.2012.07.015
  • Chen, T, J. & Ku, Y.H., (2000), “The effect of foreign direct investment on Firm growth: the case of Taiwan's manufacturers”, Japan and the World Economy, 12, 153-172 https://doi.org/10.1016/S0922-1425(99)00035-3
  • Chen, W. (2011) “The effect of investor origin on firm performance: Domestic and foreign direct investment in the United States”, Journal of International Economics, 83, 219–228. http://dx.doi.org/10.1016/j.jinteco.2010.11.005
  • Choi, J. J. Park, S. W. & Yoo, S. S. (2007), “The Value of Outside Directors: Evidence from Corporate Governance Reform in Korea”, Journal of Financial and Ouantitative Analysis, 42 (4), 941-962. http://www.jstor.org/stable/27647330
  • Dağlı, H. Eyüboglu, K. & Sevim, U. (2013) “Yurtdişinda Sermaye Bütçelemesi Uygulamalari: Türk İnşaat Firmalari Örneği”, Atatürk Ünivesity Journal of Economics and Administrative Sciences, 27 (2), 93-108. https://dergipark.org.tr/en/pub/atauniiibd/issue/2709/35769
  • Demirbag, M., Glaister, K. W., & Tatoglu, E. (2007) “Institutional and transaction cost influences on MNEs’ ownership strategies of their affiliates: Evidence from an emerging market” Journal of World Business, 42(4), 418–434. https://doi.org/10.1016/j.jwb.2007.06.004
  • Demirbag, M., Tatoglu, E., & Glaister, K. W. (2008) “Factors affecting perceptions of the choice between acquisition and greenfield entry: The case of Western FDI in an emerging market” Management International Review, 48(1), 5–38. http://refhub.elsevier.com/S1090-9516(17)30399-1/sbref0220
  • Demirbag, M., Tatoglu, E., & Glaister, K. W. (2009) “Equity-based entry modes of emerging country multinationals: Lessons from Turkey” Journal of World Business, 44(4), https://doi.org/10.1016/j.jwb.2008.11.009
  • Demirhan, D. (2009) “Sermaye Yapisini Etkileyen Firmaya Özgü Faktörlerin Analizi: İmkb Hizmet Firmalari Üzerine Bir Uygulama (Analysis of Firm Specific Factors Affecting Capital Structure: Application On ISE Service Firms)”, Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, 9 (2). 677-697. https://dergipark.org.tr/tr/pub/eab/issue/39857/472645
  • Do, T. K., Laic, T. N. &,. Tran, T. T. C. (2019) “Foreign ownership and capital structure Dynamics”, Finance Research Letters, https://doi.org/10.1016/j.frl.2019.101337
  • Doğan, M. & Topal, Y. (2016) “Yönetim Kurulundaki Yabancı Üye Sayısının ve Yabancı Sahipliğinin Finansal Performans Üzerindeki Etkisi (The Impact of Foreign Directors and Foreign Ownership on Financial Performance)”, Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, 16, 31-48. https://dergipark.org.tr/tr/pub/eab/issue/39985/475254
  • Doukas, J. A. & Lang L. (2003) “Foreign direct investment, diversification and firm performance”, Journal of International Business Studies, 34, 153–172. https://doi.org/10.1057/palgrave.jibs.8400014
  • Duce, M. (2003). Definitions of Foreign Direct Investment (FDI ): a methodological note. https://www.bis.org/publ/cgfs22bde3.pdf [Accessed 30.08.2020]
  • Dunning, J. H. (1993). Multinational enterprises in the global economy. Wokingham, UK: Addison-Wesley. https://link.springer.com/chapter/10.1007/978-94-015-8016-8_3
  • Ege, I, & Topaloglu, T. N. (2017) “Sahiplik Yapısının Sermaye Yapısı Kararlarına Etkisi: Borsa İstanbul’da Bir Uygulama (The Impact of Ownership Structure on Capital Structure Decisions: An Application in Istanbul Stock Exchange)”, Journal of Social Sciences of Muş Alparslan University, 5 (2). 471-492. https://doi.org/10.18506/anemon.285974
  • Forssbæck, J. & Oxelheim, L. (2011) “Corporate Financial Determinants of Foreign Direct İnvestment”, The Quarterly Review of Economics and Finance, 51, 269-282. https://doi.org/10.1016/j.qref.2011.05.002
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  • ilhan-Nas, T., Okan, T., Tatoğlu, E., Demirbağ, M., Wood. & Glaister, H. W. (2018b) “The effects of ownership concentration and institutional distance on theforeign entry ownership strategy of Turkish MNEs”, Journal of World Business, 53, 862-879. https://doi.org/10.1016/j.jwb.2018.07.006
  • Javorcik, B. S. (2004) “Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers through Backward Linkages”, the American Economic Review, 94 (3), 605-627. http://dx.doi.org/10.1257/0002828041464605
  • Jean, R. J. B, Tan, D. & Sinkovics, R. R. (2011), “Ethnic ties, location choice, and firm performance in foreign direct investment: A study of Taiwanese business groups FDI in China”, International Business Review, 20, 627-635. http://dx.doi.org/10.1016/j.ibusrev.2011.02.012
  • Johnson, J. L., Daily, C. M. & Ellstrand, A. E. (1996) “Boards of Directors: A Review and Research Agenda”, Journal of Management, 22(3).409-438 https://doi.org/10.1177/014920639602200303
  • Kılıç, M. (2014), “Yönetim Kurulu Yapisinin İşletme Performansina Etkisi: Türkiye’de Bir Uygulama (The Effect of Board Structure On The Firm Performance: An Evidence From Turkey)”, World of Accounting Science, 16(3). 33-56. http://search.ebscohost.com/login.aspx?direct=true&db=asn&AN=98844491&lang=tr&site=eds-live&authtype=ip,uid
  • Konings, J. (2001) “The Effect of Foreign Direct investment on Domestic Firms Evidence from firm-level panel data in emerging economies”, Economics of Transition, 9 (3), 619–633. https://doi.org/10.1111/1468-0351.00091
  • Lipsey, R. E. (2004) “Home and Host-Country Effects of Foreign Direct Investment”, University of Chicago Press, Ed. Robert E. Baldwin and L. Alan Winter, ISBN: 0-262-03615-4, https://www.nber.org/chapters/c9543
  • Lorca, C., Ballesta, J. P. S. & Meca, E. G. (2011) “Board Effectiveness and Cost of Debt”, Journal of Business Ethics, 100, 613–631, http://dx.doi.org/10.1007/s10551-010-0699-3
  • Masulis, R. W., Wang, C. & Xie, F. (2012) “Globalizing the boardroom—The effects of foreign directors on corporate governance and firm performance”, Journal of Accounting and Economics, 53, 527–554. https://doi.org/10.1016/j.jacceco.2011.12.003
  • Mishra, A. V. (2013) “Foreign ownership in Australian firms”, Research in International Business and Finance, 28, 1-18. http://dx.doi.org/10.1016/j.ribaf.2012.09.002
  • Mohamad, N. E. A. B & Saad, N. B. M. (2010), “Working Capital Management: The Effect Of Market Valuation And Profitability In Malaysia”, International Journal of Business and Management, 5(11). 140-147. https://www.researchgate.net/profile/Nor_Edi/publication/47619067_Working_Capital_Management_The_Effect_of_Market_Valuation_and_Profitability_in_Malaysia/links/02e7e53a93bb900dc5000000.pdf
  • Okan, T. Sarı, S. & İlhan-Nas, T. (2014) “Yönetim Kurulu Yapisi İle Finansal Performans Arasindaki İlişkide Uluslararasi Çeşitlenmenin Aracilik Etkisi (The Mediating Role Of International Diversification On The Relationship Between Board Structure And Financial Performance)”, İ. Ü. İşletme Fakültesi İşletme İktisadı Enstitüsü Yönetim Dergisi, 25(77), 39-78 https://dergipark.org.tr/en/pub/iuiieyd/issue/9208/115614
  • Oxelheim, L. & Randøy, T. (2003) “The impact of foreign board membership on firm value”, Journal of Banking & Finance, 27. 2369–2392. http://dx.doi.org/10.1016/S0378-4266(02)00395-3
  • Oxelheim, L., Randøy, T. & Stonehill, A. (2001) “On the treatment of finance-specific factors within the OLI paradigm”, International Business Review, 10, 381–398. https://doi.org/10.1016/S0969-5931(01)00022-1
  • Öztürk, M. (2018) “Sermaye Yapısını Etkileyen Faktörler: BİST 30 Endeksinde İşlem Gören Firmalar Üzerine Bir Araştırma (The Factors Affecting Capital Structure: An Investigation on Firms Traded in the Borsa İstanbul 30 Index)”, 4. International Congress on Political, Economic and Social Studies (ICPESS) 28-30 June, 2018, Venice/ITALY, 260-270 http://earsiv.ebyu.edu.tr/xmlui/bitstream/handle/20.500.12432/1438/Economic-ICPESS.2018.Venice.PROCEEDINGS.Book-Final.pdf?sequence=1#page=279
  • Padron, Y. G., Apolinario, R. M. C. , Santana, O. M., Martel, M. C. V. & Sales, L. J. (2005) “Determinant factors of leverage An empirical analysis of Spanish corporations”, Journal of Risk Finance, 6(1) 60-68. http://dx.doi.org/10.1108/15265940510581279
  • Parlakkaya, R. & Çürük, S. A. (2011) “Finansal Rasyoların Katılım Bankaları ve Geleneksel Bankalar Arasında Bir Tasnif Aracı Olarak Kullanımı: Türkiye Örneği (Using Financial Ratios to Distinguish between Participation and Conventional Banks: A Case Study of Turkey)”, Ege Academic Review, Ege University Faculty of Economics and Administrative Sciences, 11 (3), 397-405. https://dergipark.org.tr/tr/pub/eab/issue/39890/473517
  • Piot, C. & Piera F. M. (2009), “Corporate Governance, Audit Quality And The Cost of Debt Financing of French Listed Companies”. Available at SSRN: https://ssrn.com/abstract=960681 or http://dx.doi.org/10.2139/ssrn.960681
  • Polat, M. (2018) “Doğrudan Yabancı Sermaye Yatırımlarının Borsa ve Reel Sektörde Firmalara Etkisi: Gelişmekte Olan Ülkeler Üzerine Eşbütünleşme ve Nedensellik Analizi (The Impact of Foreign Direct Investment on the Firms in Stock Exchange and the Real Sector: Cointegration and Causality Analysis on Developıng Countrıes)”, Bingol University, Journal of Social Science institute, 8 (16). 509-526. http://dx.doi.org/10.29029/busbed.426527
  • Randøy, T., Thomsen, S. & Oxelheim, L. (2006), “A Nordic Perspective on Corporate Board Diversity, Ed. Trond Randøy”, Nordic Innovation Centre, diva-portal, Norway https://www.diva-portal.org/smash/get/diva2:707100/FULLTEXT02.pdf
  • Roberts, G., & Yuan, L. E. (2010) “Does institutional ownership affect the cost of bank borrowing”, Journal of Economics and Business, 62, 604-626. http://dx.doi.org/10.1016/j.jeconbus.2009.05.002
  • Salawu, R. O. (2009), “The Effect Of Capital Structure On Profitability: An Empirical Analysis Of Listed Firms In Nigeria”, The International Journal of Business And Finance Research, 3(2), 121-129. https://www.academia.edu/download/4440966/10.1.1.110.9054.pdf#page=152
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  • Tatoglu, E., & Glaister, K. W. (1998) “Western MNCs’ FDI in Turkey: An analysis of location specific factors”, Management International Review, 38(2), 133–159. http://refhub.elsevier.com/S1090-9516(17)30399-1/sbref0725
  • Tezölmez, S. H. U. & Gökşen, N. N. S. (2006), “Türkiye’deki uluslararası ortaklıklarda sahiplik yapısı ve performans”, İktisat İşletme ve Finans, İnceleme-Araştırma, 21(245), 77-92. http://www.iif.com.tr/index.php/iif/article/view/iif.2006.245.2288/4958 The Central Bank of the Republic of Turkey (CBRT) EDVS database, https://evds2.tcmb.gov.tr/index.php?/evds/serieMarket/collapse_18/5003/DataGroup/turkish/bie_uypucay/ , [Accessed: 30.08.2020]
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  • Wellalage, N. H. & Locke, S. (2012), “Ownership Structure and Firm Financial Performance: Evidence from Panel Data in Sri Lanka”, Journal of Business Systems, Governance and Ethics, 7 (1), 52-65. https://doi.org/10.15209/jbsge.v7i1.214
  • Zeitun. R & Tian, G. G. (2007),” Does ownership aff Does ownership affect a firm ect a firm's performance and default risk in Jor formance and default risk in Jordan?”, University of Wollongong, Research Online, Faculty of Commerce - Papers (Archive) Faculty of Business and Law, 66-82. https://ro.uow.edu.au/commpapers/1467
Toplam 61 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Makaleler
Yazarlar

Murat Berberoğlu 0000-0002-8467-0065

Yayımlanma Tarihi 20 Eylül 2020
Yayımlandığı Sayı Yıl 2020 Cilt: 4 Sayı: 3

Kaynak Göster

APA Berberoğlu, M. (2020). The Effect of Changes in The Ownership and Board of Directors of Companies Due to Foreign Direct Investments on the Cost of Debt: Application on BIST Manufacturing. Fiscaoeconomia, 4(3), 641-660. https://doi.org/10.25295/fsecon.792411

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