Araştırma Makalesi
BibTex RIS Kaynak Göster

Sermaye Yapısının Karlılık Üzerindeki Etkisi: TCMB Sektör Bilançoları Üzerine Bir Araştırma

Yıl 2021, Cilt: 5 Sayı: 3, 957 - 977, 18.09.2021
https://doi.org/10.25295/fsecon.971460

Öz

Bu çalışmanın amacı, sermaye yapısı kararlarının Türkiye reel sektör çatısı altında faaliyet gösteren firmaların karlılığı üzerinde yarattığı etkileri 2010-2019 dönemi için sektör bazlı olarak analiz etmektir. Araştırmada, TCMB tarafından ilan edilen 17 sektöre ilişkin sektör bilançoları dikkate alınarak, panel veri analizinden yararlanılmıştır. Çalışmada karlılığı temsilen özsermaye karlılığı, aktif karlılığı ve net kar marjı kullanılırken, sermaye yapısı göstergesi olarak ise kısa vadeli borç, uzun vadeli borç ve toplam borç oranları dikkate alınmıştır. Ayrıca karlılığı etkileyebilecek aktif büyüklüğü, büyüme fırsatı, varlık yapısı yapısı ve cari oran şeklindeki kontrol değişkenleri de analize dahil edilmiştir. Panel veri analizi sonuçları, genel olarak sermaye yapısı değişkenlerinin karlılık üzerinde negatif yönlü ve zayıf bir etkisi olduğunu göstermekte ve daha fazla yabancı kaynak kullanımının karlılığa zarar verdiğine işaret etmektedir. Ayrıca aktif büyüklüğü ve cari oranın karlılığı olumsuz yönde etkilediği de tespit edilmiştir.

Kaynakça

  • Abor, J. (2005). Corporate governance and financing decisions of Ghanaian listed firms.Corporate Governance: The International Journal of Business in Society, 7: 83–92.
  • Adair, P. ve Adaskou, M. (2015). Trade-Off-Theory vs. Pecking Order Theory and the Determinants of Corporate Leverage: Evidence from a Panel Data Analysis upon French SMEs (2002-2010), Cogent Economics & Finance, 3(1): 1-12.
  • Addae, A. A., Nyarko-Baasi, M. ve Hughes, D. (2013). The Effects of Capital Structure on Profitability of Listed Firms in Ghana, European Journal of Business and Management, 5(31): 215-230.
  • Akpınar O. (2016). Sermaye Yapısının Firma Performansına Etkisi: Borsa İstanbul’da Bir Uygulama, Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11, 290-302.
  • Altuntaş, S. T. (2017). Türk İmalat Sanayii İşletmelerinin Sermaye Yapılarındaki Değişimleri Etkileyen Mikro ve Makro Faktörler, Ulakbilge, 5(11): 621-635.
  • Ang, J. S. ve Cole, R.A. (2000). Agency Costs and Ownership Structure, The Journal of Finance, LV(1): 81-106.
  • Ashraf, M., Ameen, A. ve Shahzadi, K. (2017). The Impact of Capital Structure on Firm’s Profitability: A Case of Cement Industry of Pakistan, International Journal of Business and Social Science, 8 (4):140-147.
  • Barclay, M. J., ve Smith, C. W. (2005). The Capital Structure Puzzle: The Evidence Revisited, Journal of Applied Corporate Finance 17(1): 8–17.
  • Berger, A. N. ve Patti, E. B. (2006). Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and An Application to The Banking Industry, Journal of Banking, 30(4): 1065-1102.
  • Champion, D. (1999). Finance: The Joy of Leverage, Harvard Business Review, 77:19-22.
  • Dağlı, H. (2001),Finansal Yönetim, İkinci Baskı,Derya Kitabevi, Trabzon.
  • Fama, E. F. ve French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies,15(1), 1-33.
  • Ghosh, C., Nag, R. ve Sirmans, C. F. (2000). The Pricing of Seasoned Equity Offerings: Evidence from REITs. Real Estate Economics, 28: 363–84.
  • Granger, C. W. ve Newbold, P. (1974). Spurious Regressions in Econometrics, Journal of Econometrics, 2(2), 111-120.
  • Güner, A. (2016). The Determinants of Capital Structure Desicion: New Evidence From Turkish Companies. Procedia Economics and Finance, 38: 84-89.
  • Hadlock, C. J. ve James, C. M. (2002). Do Banks Provide Financial Slack? The Journal of Finance, 57: 1383–419.
  • Harris, M. ve Raviv, A. (1991). The Theory of Capital Structure, Journal of Finance, 46 (1): 297- 355.
  • Hausman, J.A. (1978). Specification Tests in Econometrics, Econometrica 46(6): 1251-1271.
  • https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Reel+Sektor+Istatistikleri/Sektor+Bilancolari/Sektor+Bilanco+Verileri/ Jensen, M. ve Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.
  • Karadeniz, E., Kaplan, F. ve Günay, F. (2016). Sermaye Yapısı Kararlarının Karlılığa Etkisi: Borsa İstanbul Truzim Şirketlerinde Bir Araştırma, Seyahat ve Otel İşletmeciliği Dergisi, 13 (3): 38-55.
  • Modigliani, F.ve Miller, M. H. (1958). The Cost of Capital, Corporation Finance and The Theory of Investment. The American Economic Review, 48: 261–97.
  • Modigliani, F.ve Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53: 433–43.
  • Myers, S. C. ve Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics,13: 187–221.
  • Nassar, S (2016) The impact of capital structure on Financial Performance of the firms: Evidence From Borsa Istanbul. Journal of Business and Financial Affairs, 5(1): 173.
  • Okuyan, H. A. (2013) “Türkiye’deki En Büyük 1000 Sanayi Isletmesinin Karlilik Analizi”, Business and Economics Research Journal, 4(2), 23.
  • Öztürk, M , Şahin, E . (2013). İMKB'de işlem gören spor firmalarının sermaye yapısının belirleyicileri üzerine bir analiz . Verimlilik Dergisi , (1) , 7-24 .
  • Rajan, R.G. ve Zingales, L. (1995), What Do We Know About Capital Structure? Some Evidence from International Data, Journal of Finance, 50:1421-60.
  • Roden, D. M. ve Lewellen, W. G. 1(995). Corporate Capital Structure Decisions: Evidence from Leveraged Buyouts. Financial Management, 24: 76–87.
  • Salim, M. ve Yadav, R. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia-Social and Behavioral Sciences, 65: 156–66.
  • Stekla, J. ve Gryčova, M. (2015). The Relationship between Capital Structure and Profitability of the Limited Liability Companies, Acta Universitatis Bohemiae Meridionalis, 18(2):32-41.
  • Titman, S. and Wessels, R. (1988), The Determinants of Capital Structure Choice, Journal of Finance, 43 (1): 1-19.
  • Torres-Reyna, O. (2007) Panel Data Analysis Fixed and Random Effects Using Stata (v. 4.2). Data & Statistical Services, Priceton University. https://www.princeton.edu/~otorres/Panel101.pdf
  • Velnampy, T., ve Niresh, J. A. (2012). The Relationship between Capital Structure & Profitability. Global Journal of Management and Business Research, 12(13): 67-74.
  • Xhaferi, S. ve Xhaferi, B. (2015). Alternative Theories of Capital Structure, European Scientific Journal, 11(7):327-343.
  • Yerdelen Tatoğlu, F., (2016), Panel Veri Ekonometrisi, İstanbul, Beta Basım Yayım Dağıtım, ISBN: 978-605-333-729-4.
  • Zeitun, Rami and Tian, Gary G., Capital Structure and Corporate Performance: Evidence From Jordan, Australasian Accounting, Business and Finance Journal, 1(4), 2007, 40-61.

The Effect of Capital Structure on Profitability: A Study on CBRT Sector Balance Sheets

Yıl 2021, Cilt: 5 Sayı: 3, 957 - 977, 18.09.2021
https://doi.org/10.25295/fsecon.971460

Öz

The aim of this study is to analyze the effects of capital structure decisions on the profitability of Turkish real sector firms for the on a sectoral basis for the period of 2010-2019. In the analysis, balance sheets of 17 sectors announced by the CBRT were used and panel data analysis was applied. In the study, while the return on equity, return on assets and net profit margin were used to represent profitability, short-term debt, long-term debt and total debt ratios were taken into account as an indicator of capital structure. In addition, control variables such as size, asset growth, asset tangibility and current ratio that may affect profitability are also included in the analysis. The results show that capital structure variables have a negative and weak effect on profitability. This indicates that the use of more debt harms profitability. In addition, it has been determined that size and current ratio negatively affect profitability.

Kaynakça

  • Abor, J. (2005). Corporate governance and financing decisions of Ghanaian listed firms.Corporate Governance: The International Journal of Business in Society, 7: 83–92.
  • Adair, P. ve Adaskou, M. (2015). Trade-Off-Theory vs. Pecking Order Theory and the Determinants of Corporate Leverage: Evidence from a Panel Data Analysis upon French SMEs (2002-2010), Cogent Economics & Finance, 3(1): 1-12.
  • Addae, A. A., Nyarko-Baasi, M. ve Hughes, D. (2013). The Effects of Capital Structure on Profitability of Listed Firms in Ghana, European Journal of Business and Management, 5(31): 215-230.
  • Akpınar O. (2016). Sermaye Yapısının Firma Performansına Etkisi: Borsa İstanbul’da Bir Uygulama, Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11, 290-302.
  • Altuntaş, S. T. (2017). Türk İmalat Sanayii İşletmelerinin Sermaye Yapılarındaki Değişimleri Etkileyen Mikro ve Makro Faktörler, Ulakbilge, 5(11): 621-635.
  • Ang, J. S. ve Cole, R.A. (2000). Agency Costs and Ownership Structure, The Journal of Finance, LV(1): 81-106.
  • Ashraf, M., Ameen, A. ve Shahzadi, K. (2017). The Impact of Capital Structure on Firm’s Profitability: A Case of Cement Industry of Pakistan, International Journal of Business and Social Science, 8 (4):140-147.
  • Barclay, M. J., ve Smith, C. W. (2005). The Capital Structure Puzzle: The Evidence Revisited, Journal of Applied Corporate Finance 17(1): 8–17.
  • Berger, A. N. ve Patti, E. B. (2006). Capital Structure and Firm Performance: A New Approach to Testing Agency Theory and An Application to The Banking Industry, Journal of Banking, 30(4): 1065-1102.
  • Champion, D. (1999). Finance: The Joy of Leverage, Harvard Business Review, 77:19-22.
  • Dağlı, H. (2001),Finansal Yönetim, İkinci Baskı,Derya Kitabevi, Trabzon.
  • Fama, E. F. ve French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies,15(1), 1-33.
  • Ghosh, C., Nag, R. ve Sirmans, C. F. (2000). The Pricing of Seasoned Equity Offerings: Evidence from REITs. Real Estate Economics, 28: 363–84.
  • Granger, C. W. ve Newbold, P. (1974). Spurious Regressions in Econometrics, Journal of Econometrics, 2(2), 111-120.
  • Güner, A. (2016). The Determinants of Capital Structure Desicion: New Evidence From Turkish Companies. Procedia Economics and Finance, 38: 84-89.
  • Hadlock, C. J. ve James, C. M. (2002). Do Banks Provide Financial Slack? The Journal of Finance, 57: 1383–419.
  • Harris, M. ve Raviv, A. (1991). The Theory of Capital Structure, Journal of Finance, 46 (1): 297- 355.
  • Hausman, J.A. (1978). Specification Tests in Econometrics, Econometrica 46(6): 1251-1271.
  • https://www.tcmb.gov.tr/wps/wcm/connect/TR/TCMB+TR/Main+Menu/Istatistikler/Reel+Sektor+Istatistikleri/Sektor+Bilancolari/Sektor+Bilanco+Verileri/ Jensen, M. ve Meckling, W. (1976). Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure. Journal of Financial Economics, 3, 305-360.
  • Karadeniz, E., Kaplan, F. ve Günay, F. (2016). Sermaye Yapısı Kararlarının Karlılığa Etkisi: Borsa İstanbul Truzim Şirketlerinde Bir Araştırma, Seyahat ve Otel İşletmeciliği Dergisi, 13 (3): 38-55.
  • Modigliani, F.ve Miller, M. H. (1958). The Cost of Capital, Corporation Finance and The Theory of Investment. The American Economic Review, 48: 261–97.
  • Modigliani, F.ve Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53: 433–43.
  • Myers, S. C. ve Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have. Journal of Financial Economics,13: 187–221.
  • Nassar, S (2016) The impact of capital structure on Financial Performance of the firms: Evidence From Borsa Istanbul. Journal of Business and Financial Affairs, 5(1): 173.
  • Okuyan, H. A. (2013) “Türkiye’deki En Büyük 1000 Sanayi Isletmesinin Karlilik Analizi”, Business and Economics Research Journal, 4(2), 23.
  • Öztürk, M , Şahin, E . (2013). İMKB'de işlem gören spor firmalarının sermaye yapısının belirleyicileri üzerine bir analiz . Verimlilik Dergisi , (1) , 7-24 .
  • Rajan, R.G. ve Zingales, L. (1995), What Do We Know About Capital Structure? Some Evidence from International Data, Journal of Finance, 50:1421-60.
  • Roden, D. M. ve Lewellen, W. G. 1(995). Corporate Capital Structure Decisions: Evidence from Leveraged Buyouts. Financial Management, 24: 76–87.
  • Salim, M. ve Yadav, R. (2012). Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies. Procedia-Social and Behavioral Sciences, 65: 156–66.
  • Stekla, J. ve Gryčova, M. (2015). The Relationship between Capital Structure and Profitability of the Limited Liability Companies, Acta Universitatis Bohemiae Meridionalis, 18(2):32-41.
  • Titman, S. and Wessels, R. (1988), The Determinants of Capital Structure Choice, Journal of Finance, 43 (1): 1-19.
  • Torres-Reyna, O. (2007) Panel Data Analysis Fixed and Random Effects Using Stata (v. 4.2). Data & Statistical Services, Priceton University. https://www.princeton.edu/~otorres/Panel101.pdf
  • Velnampy, T., ve Niresh, J. A. (2012). The Relationship between Capital Structure & Profitability. Global Journal of Management and Business Research, 12(13): 67-74.
  • Xhaferi, S. ve Xhaferi, B. (2015). Alternative Theories of Capital Structure, European Scientific Journal, 11(7):327-343.
  • Yerdelen Tatoğlu, F., (2016), Panel Veri Ekonometrisi, İstanbul, Beta Basım Yayım Dağıtım, ISBN: 978-605-333-729-4.
  • Zeitun, Rami and Tian, Gary G., Capital Structure and Corporate Performance: Evidence From Jordan, Australasian Accounting, Business and Finance Journal, 1(4), 2007, 40-61.
Toplam 36 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Makaleler
Yazarlar

Duygu Arslantürk Çöllü 0000-0002-8023-3888

Yayımlanma Tarihi 18 Eylül 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 5 Sayı: 3

Kaynak Göster

APA Arslantürk Çöllü, D. (2021). Sermaye Yapısının Karlılık Üzerindeki Etkisi: TCMB Sektör Bilançoları Üzerine Bir Araştırma. Fiscaoeconomia, 5(3), 957-977. https://doi.org/10.25295/fsecon.971460

 Fiscaoeconomia is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.