Araştırma Makalesi
BibTex RIS Kaynak Göster

The Firm Specific Capital Structure Determinants of Turkish Firms Listed in Istanbul Stock Exchange: A Structural Equation Approach

Yıl 2019, Ekim 2019 Özel Sayısı, 530 - 559, 30.10.2019
https://doi.org/10.21733/ibad.609959

Öz

Kaynakça

  • Anderson, R. W., & Carverhill, A. (2012). Corporate liquidity and capital structure. Review of Financial Studies, 25(3), 797-837.Baker, K. H., & Martin, G. S. (2011). Capital Structure and Corporate Decision: Theory, Evidence, and Practice. New Jersey: John Wiley & Sons.Bentler, P. M., & Bonnet, D. G. (1980). Significance Tests and Goodness of Fit in the Analysis of Covariance Structures. Psychological Bulletin, 88, 588-606.Bhole, L. M., & Mahakud, J. (2004). Trends and Determinants of Corporate Capital Structure in India. The Quarterly Journal of Indian Institute of Finance, 18, 37-55.Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. Journal of Finance, 39, 857–878.Browne, M. W., & Cudeck, R. (1993). Alternative Ways of Assessing Model Fit. In K. A. Long, & J. S. Long, Testing Structural Equation Models (pp. 136–162). Newbury Park, CA: Sage.Carmines, E., & Mclver, J. (1995). Strtegies in Testing for an Invariant Second Order Factor Structure: A Comparison of EQS and LISREL. Structural Equation Modeling, 2(1), 53-72.Chang, C., Lee, A. C., & Lee, C. F. (2009). Determinants of capital structure choice: A structural equation modeling approach. The Quarterly Review of Economics and Finance, 49, 197-213.Chang, X., & Sudipto, D. (2009). Target Behavior and Financing: How Conclusive Is the Evidence? Journal of Finance, 64(4), 1767–1796.Chaplinsky, S., & Niehaus, G. (1993). Do Inside Ownership and Leverage Share Common Determinants? Quarterly Journal of Business and Economics, 32(4), 51-65.Cole, R. A. (2013, Winter). What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance. Financial Management, Winter, 777-813.De Haan, L., & Hinloopen, J. (2003). Preference hierarchies for internal finance, bank loans, bond and share issues: evidence for Dutch firms. Journal of Empirical Finance, 10(5), 661-681.De Jong, A., & Van Dijk, R. (2007). Determinants of leverage and agency problems: A regression approach with survey data. The European Journal of Finance, 13(6), 565-593.De Jong, A., & Veld, C. (2001). An empirical analysis of incremental capital structure decisions under managerial entrenchment. Journal of Banking & Finance, 25(10), 1857-1895.Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important? Financial Management, 38(1), 1-37.Grossman, S., & Hart, G. (1982). Corporate Financial Structure and Managerial Incentives. In McCall (Ed.), The Economics of Information and Uncertainty. Chicago: University of Chicago Press.Hair, J. F., Black, J. W., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis (Seventh Edition ed.). Printed in the United States of America, Seventh Edition.Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance, 46(1), 297-355.Haugen, R. A., & Senbet, L. W. (1978). The Insignificance of Bankruptcy Coststo the Theory of Optimal Capital Structure. Journal of Finance, 33(2), 383–393.Hayduk, L. A. (1987). Structural Equation Modeling with LISREL: Ess. Baltimore: Johns Hopkins University Press.Hisia, C. C. (1981). Optimal Debt of a Firm: An Option Pricing Approach. The Journal of Finance Research, 4(3), 221-235.Hooman, H. (2008). Structural Equation Modeling with LISREL Software (Second Edition ed.). Samt Publication.Hu, L., & Bentler, P. (1999). Cutoff criteria for fit indices in covariance structure analysis: conventional criteria versus new alternatives. Structural Equation Modeling, 6, 1-55.Huang, G., & Song , F. M. (2006). The Determinants of Capital Structure: Evidence form China. China Economic Review, 17, 14-36.Jensen, M. (1986). Agency Costs of Free Cash Flow Corporate Finance and Takeovers. American Economic Review, 76(2), 323 – 329.Joseph, F. H., Anderson, R. E., Tatham, R. L., & Black, W. C. (1998). Multivariate Data Analysis. New Jersey, Upper Saddle River, USA: Prentice Hall International (UK).Jöroskog, K. G. (1970). A General Method for Analysis of Covariance Structures. Biometrika, 57, 239-251.Kakıllı Acaravcı, S. (2015). The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector. International Journal of Economics and Financial Issues, 5(1), 158-171.Kester, W. (1986). Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations. Financial Management, 15, 5-16.Kimiagari , A., & Einali, S. (1998). Exposure of Financial Structure Executive Pattern, (Case Study of Accepted Companies in Tehran Stock Exchange). Financial Investigation, 25, 91-108.Kraus, A., & Litzenberger, R. H. (1973). A State Preference Model of Optimal Financial Average. Journal of Finance, 38(4), 911–922.MacKie-Mason, J. K. (1990). Do Tax Effect Corporate Financing Decision? Journal of Finance, 45, 1471-1493.Maddala, G. S., & Nimalendran, M. (1996). Error-in-variables problems in financial models. In G. S. Maddala, & C. R. Rao, Handbook of statistics. New York: Elsevier Science.Marsh, P. (1982). The choice between equity and debt: An empirical study. Journal of Finance, 37, 121–144.Matias, F., Salsa, L., & Afonso, C. M. (2018). Capital structure of Portuguese hotel firms: a structural equation modelling approach. Tourism & Management Studies, 14(1), 73-82.Michaelas, N., Chittenden, F., & Pou, P. (1999). Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data. Small Business Economics, 12, 113-130.Modigliani, F., & Merton, H. M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261–297.Modigliani, F., & Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53, 433-443.Moore, W. (1986). sset Composition, Bankruptcy Costs and the Firm’s Choice of. Quarterly Review of Economics and Business, 26(1), 51-61.Myers, S. C., & Majluf, N. (1984). Corporate financing and investment decision when firms have information investors do not have. Journal of Financial Economics, 13, 187–221.Noe, T. (1988). Capital Structure and Signaling Game Equilibria. Review of Financial Studies, 1, 331-356.Poitevin, M. (1989). Financial Signaling and the ‘Deep-Pocket’ Argument. Rand Journal of Economics, 20, 26-40.Pozdena, R. J. (1987). Tax Policy and Corporate Capital Structure. Economic Review, Federal Reserve Bank of San Francisco, 37-51.Rajan, G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50, 1421–1460.Rigdon, E. E. (1996). CFI Versus RMSEA: A Comparison of Two Fit Indices for Structural Equation Modeling. Structural Equation Modeling, 3(4), 369-379.Ross, S. A. (1985). Debt and Taxes and Uncertainty. Journal of Finance, 40(3), 637–657.Scott, J. H. (1977). Bankruptcy, Secured Debt and Optimal Capital Structure. Journal of Finance, 32(1), 11-19.Sibilkov, V. (2009). Asset liquidity and capital structure. Journal of Financial and Quantitative Analysis, 44(5), 1173-1196.Sogorb-Mira, F. (2005). How SME Uniqueness Affects Capital Structure: Evidence form a 1994-998 Spanish Data Panel. Small Business Economics, 1(25), 447-457.Steiger, J. H. (1990). Structural model evaluation and modification: An interval estimation approach. Multivariate Behavioral Research, 1(25), 173-180.Stulz, R. (1990). Managerial Discretion and Optimal Financial Policies. Journal of Financial Economics, 26, 3-27.Taggart, R. A. (1980). Taxes Corporate Capital Structure in an incomplete Market. The Journal of Finance, 35(3), 645-659.Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. Journal of Finance, 43(1), 1-19.Wald, J. K. (1999). How Firm Characteristics Affect Capital Structure: An Empirical Comparison. Journal of Financial Research, 22(2), 161-187.Wheaton, B. (1987). Assessment of Fit in Overidentified Models with Latent Variables. Sociological Methods and Research, 16, 118-154.Yousefzadeh, N., Aazami, Z., Shamsadini, H., & Abousaiedi, M. (2014). Determınants of Capıtal Structure of Iranıan Companıes Lısted in Tehran Stock Exchange: A Structural Equatıon Modelıng Approach. Indian Journal of Commerce & Management Studies, 5(2), 73-81.

Borsa İstanbul’da Kayıtlı Türk Firmaların Firmaya Özgü Sermaye Yapısı Belirleyicileri: Bir Yapısal Eşitlik Modellemesi Yaklaşımı

Yıl 2019, Ekim 2019 Özel Sayısı, 530 - 559, 30.10.2019
https://doi.org/10.21733/ibad.609959

Öz

This study tests the explanatory power of
the most important capital structure theories. The study extends empirical
studies in three ways. First, it tests a much broader set of theories, many of
which have not previously been evaluated empirically. Second, since the capital
structure theories have different empirical implications in respect to
different types of debt structures, this study analyzes measures of short-term,
long-term and short-term with long-term debt structure rather than an aggregate
measure of total debt structure. The empirical results show that liquidity,
asset structure, size, profitability, growth and volatility are the
statistically significant factors and tax level, non-debt tax shield are the
insignificant factors in all models. Firm size and growth are positive;
volatility and profitability are the factors that are effective in the negative
direction in all models. However, liquidity and asset structure were found to
affect short-term debt structure negatively, and long-term debt structure
positively.

Kaynakça

  • Anderson, R. W., & Carverhill, A. (2012). Corporate liquidity and capital structure. Review of Financial Studies, 25(3), 797-837.Baker, K. H., & Martin, G. S. (2011). Capital Structure and Corporate Decision: Theory, Evidence, and Practice. New Jersey: John Wiley & Sons.Bentler, P. M., & Bonnet, D. G. (1980). Significance Tests and Goodness of Fit in the Analysis of Covariance Structures. Psychological Bulletin, 88, 588-606.Bhole, L. M., & Mahakud, J. (2004). Trends and Determinants of Corporate Capital Structure in India. The Quarterly Journal of Indian Institute of Finance, 18, 37-55.Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the existence of an optimal capital structure: Theory and evidence. Journal of Finance, 39, 857–878.Browne, M. W., & Cudeck, R. (1993). Alternative Ways of Assessing Model Fit. In K. A. Long, & J. S. Long, Testing Structural Equation Models (pp. 136–162). Newbury Park, CA: Sage.Carmines, E., & Mclver, J. (1995). Strtegies in Testing for an Invariant Second Order Factor Structure: A Comparison of EQS and LISREL. Structural Equation Modeling, 2(1), 53-72.Chang, C., Lee, A. C., & Lee, C. F. (2009). Determinants of capital structure choice: A structural equation modeling approach. The Quarterly Review of Economics and Finance, 49, 197-213.Chang, X., & Sudipto, D. (2009). Target Behavior and Financing: How Conclusive Is the Evidence? Journal of Finance, 64(4), 1767–1796.Chaplinsky, S., & Niehaus, G. (1993). Do Inside Ownership and Leverage Share Common Determinants? Quarterly Journal of Business and Economics, 32(4), 51-65.Cole, R. A. (2013, Winter). What Do We Know about the Capital Structure of Privately Held US Firms? Evidence from the Surveys of Small Business Finance. Financial Management, Winter, 777-813.De Haan, L., & Hinloopen, J. (2003). Preference hierarchies for internal finance, bank loans, bond and share issues: evidence for Dutch firms. Journal of Empirical Finance, 10(5), 661-681.De Jong, A., & Van Dijk, R. (2007). Determinants of leverage and agency problems: A regression approach with survey data. The European Journal of Finance, 13(6), 565-593.De Jong, A., & Veld, C. (2001). An empirical analysis of incremental capital structure decisions under managerial entrenchment. Journal of Banking & Finance, 25(10), 1857-1895.Frank, M. Z., & Goyal, V. K. (2009). Capital structure decisions: which factors are reliably important? Financial Management, 38(1), 1-37.Grossman, S., & Hart, G. (1982). Corporate Financial Structure and Managerial Incentives. In McCall (Ed.), The Economics of Information and Uncertainty. Chicago: University of Chicago Press.Hair, J. F., Black, J. W., Babin, B. J., & Anderson, R. E. (2014). Multivariate Data Analysis (Seventh Edition ed.). Printed in the United States of America, Seventh Edition.Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance, 46(1), 297-355.Haugen, R. A., & Senbet, L. W. (1978). The Insignificance of Bankruptcy Coststo the Theory of Optimal Capital Structure. Journal of Finance, 33(2), 383–393.Hayduk, L. A. (1987). Structural Equation Modeling with LISREL: Ess. Baltimore: Johns Hopkins University Press.Hisia, C. C. (1981). Optimal Debt of a Firm: An Option Pricing Approach. The Journal of Finance Research, 4(3), 221-235.Hooman, H. (2008). Structural Equation Modeling with LISREL Software (Second Edition ed.). Samt Publication.Hu, L., & Bentler, P. (1999). Cutoff criteria for fit indices in covariance structure analysis: conventional criteria versus new alternatives. Structural Equation Modeling, 6, 1-55.Huang, G., & Song , F. M. (2006). The Determinants of Capital Structure: Evidence form China. China Economic Review, 17, 14-36.Jensen, M. (1986). Agency Costs of Free Cash Flow Corporate Finance and Takeovers. American Economic Review, 76(2), 323 – 329.Joseph, F. H., Anderson, R. E., Tatham, R. L., & Black, W. C. (1998). Multivariate Data Analysis. New Jersey, Upper Saddle River, USA: Prentice Hall International (UK).Jöroskog, K. G. (1970). A General Method for Analysis of Covariance Structures. Biometrika, 57, 239-251.Kakıllı Acaravcı, S. (2015). The Determinants of Capital Structure: Evidence from the Turkish Manufacturing Sector. International Journal of Economics and Financial Issues, 5(1), 158-171.Kester, W. (1986). Capital and Ownership Structure: A Comparison of United States and Japanese Manufacturing Corporations. Financial Management, 15, 5-16.Kimiagari , A., & Einali, S. (1998). Exposure of Financial Structure Executive Pattern, (Case Study of Accepted Companies in Tehran Stock Exchange). Financial Investigation, 25, 91-108.Kraus, A., & Litzenberger, R. H. (1973). A State Preference Model of Optimal Financial Average. Journal of Finance, 38(4), 911–922.MacKie-Mason, J. K. (1990). Do Tax Effect Corporate Financing Decision? Journal of Finance, 45, 1471-1493.Maddala, G. S., & Nimalendran, M. (1996). Error-in-variables problems in financial models. In G. S. Maddala, & C. R. Rao, Handbook of statistics. New York: Elsevier Science.Marsh, P. (1982). The choice between equity and debt: An empirical study. Journal of Finance, 37, 121–144.Matias, F., Salsa, L., & Afonso, C. M. (2018). Capital structure of Portuguese hotel firms: a structural equation modelling approach. Tourism & Management Studies, 14(1), 73-82.Michaelas, N., Chittenden, F., & Pou, P. (1999). Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data. Small Business Economics, 12, 113-130.Modigliani, F., & Merton, H. M. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261–297.Modigliani, F., & Miller, M. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. American Economic Review, 53, 433-443.Moore, W. (1986). sset Composition, Bankruptcy Costs and the Firm’s Choice of. Quarterly Review of Economics and Business, 26(1), 51-61.Myers, S. C., & Majluf, N. (1984). Corporate financing and investment decision when firms have information investors do not have. Journal of Financial Economics, 13, 187–221.Noe, T. (1988). Capital Structure and Signaling Game Equilibria. Review of Financial Studies, 1, 331-356.Poitevin, M. (1989). Financial Signaling and the ‘Deep-Pocket’ Argument. Rand Journal of Economics, 20, 26-40.Pozdena, R. J. (1987). Tax Policy and Corporate Capital Structure. Economic Review, Federal Reserve Bank of San Francisco, 37-51.Rajan, G., & Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50, 1421–1460.Rigdon, E. E. (1996). CFI Versus RMSEA: A Comparison of Two Fit Indices for Structural Equation Modeling. Structural Equation Modeling, 3(4), 369-379.Ross, S. A. (1985). Debt and Taxes and Uncertainty. Journal of Finance, 40(3), 637–657.Scott, J. H. (1977). Bankruptcy, Secured Debt and Optimal Capital Structure. Journal of Finance, 32(1), 11-19.Sibilkov, V. (2009). Asset liquidity and capital structure. Journal of Financial and Quantitative Analysis, 44(5), 1173-1196.Sogorb-Mira, F. (2005). How SME Uniqueness Affects Capital Structure: Evidence form a 1994-998 Spanish Data Panel. Small Business Economics, 1(25), 447-457.Steiger, J. H. (1990). Structural model evaluation and modification: An interval estimation approach. Multivariate Behavioral Research, 1(25), 173-180.Stulz, R. (1990). Managerial Discretion and Optimal Financial Policies. Journal of Financial Economics, 26, 3-27.Taggart, R. A. (1980). Taxes Corporate Capital Structure in an incomplete Market. The Journal of Finance, 35(3), 645-659.Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. Journal of Finance, 43(1), 1-19.Wald, J. K. (1999). How Firm Characteristics Affect Capital Structure: An Empirical Comparison. Journal of Financial Research, 22(2), 161-187.Wheaton, B. (1987). Assessment of Fit in Overidentified Models with Latent Variables. Sociological Methods and Research, 16, 118-154.Yousefzadeh, N., Aazami, Z., Shamsadini, H., & Abousaiedi, M. (2014). Determınants of Capıtal Structure of Iranıan Companıes Lısted in Tehran Stock Exchange: A Structural Equatıon Modelıng Approach. Indian Journal of Commerce & Management Studies, 5(2), 73-81.
Toplam 1 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makaleleri
Yazarlar

Ali Sait Albayrak 0000-0003-4847-4670

Yayımlanma Tarihi 30 Ekim 2019
Kabul Tarihi 25 Eylül 2019
Yayımlandığı Sayı Yıl 2019 Ekim 2019 Özel Sayısı

Kaynak Göster

APA Albayrak, A. S. (2019). The Firm Specific Capital Structure Determinants of Turkish Firms Listed in Istanbul Stock Exchange: A Structural Equation Approach. IBAD Sosyal Bilimler Dergisi530-559. https://doi.org/10.21733/ibad.609959

IBAD Sosyal Bilimler Dergisi / IBAD Journal of Social Sciences 


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