CAPITAL STRUCTURE DETERMINANTS IN DEVELOPING COUNTRIES: HIERARCHICAL LINEAR MODEL APPROACH

Öz

In this paper, capital structure determinants in developing countries are analyzed using the Hierarchical Linear Model (HLM) approach. A panel data set organized as a hierarchical structure consisting of country, sector, firm and time levels and the variance of leverage ratio is analyzed using a variance components model. The paper finds that most of the leverage variability in developing countries is due to firm and time levels. Random intercept and random slope models are used to examine the direct and indirect effects of a number of firm and country specific factors on capital structure. The results confirm that the firm-specific determinants are much more important than the country-specific factors on capital structure decisions of public companies in developing countries. Country-specific factors, on the other hand, have indirect effects on the firm-specific capital structure determinants as well as having direct effects on the leverage ratio.

GELİŞMEKTE OLAN ÜLKELERDE SERMAYE YAPISI BELİRLEYİCİLERİ: HİYERARŞİK LİNEER MODEL YAKLAŞIMI

Öz

Bu çalışmada gelişmekte olan ülkelerde sermaye yapısı belirleyicileri Hiyerarşik Lineer Model (HLM) yaklaşımı kullanılarak analiz edilmiştir. Oluşturulan panel veri seti ülke, sektör, firma ve zaman düzeylerinden oluşan hiyerarşik bir yapı olarak düzenlenmiş ve kaldıraç oranındaki değişkenlik varyans bileşenleri modeli ile incelenmiştir. Sonuçta gelişmekte olan ülkelerde kaldıraç oranındaki değişkenliğin büyük kısmının firma ve zaman düzeylerinden kaynaklandığı gözlemlenmiştir. Ülkeye ve firmaya özgü bir dizi faktörün sermaye yapısı üzerindeki doğrudan ve dolaylı etkilerini incelemek için ise rassal sabit ve rassal eğim modelleri kullanılmıştır. Gelişmekte olan ülkelerde, firmaya özgü faktörlerin halka açık firmaların sermaye yapısı kararları üzerinde ülkeye özgü faktörlere kıyasla çok daha önemli olduğu bulgulanmıştır. Ülkeye özgü faktörlerin ise sermaye yapısı üzerindeki doğrudan etkilerinin yanında firmaya özgü sermaye yapısı belirleyicileri üzerinden dolaylı etkilerinin de  olduğu söylenebilir.

Anahtar Kelimeler

• Sermaye Yapısı,Sermaye Yapısı Belirleyicileri,Gelişmekte Olan Ülkeler,Panel Veri

Kaynakça

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