Küresel Finansal Kriz ve Kurumsal Finansal Politikalar

Öz

2008-2009 Küresel Finansal Krizi (KFK), krizin firmaların kurumsal finansal kararları üzerindeki etkisini analiz etmek için doğal bir deney fırsatı sunmaktadır. Bu makale KFK ile kurumsal finans politikaları arasındaki ilişkiyi gözden geçirmekte, ardından KFK’nin Borsa İstanbul'daki finansal olmayan şirketlerin kaldıraç, borç vadesi, nakit tutma, temettü ve yatırım politikalarına etkisini incelemektedir. Literatürdeki bulgular göz önüne alındığında, firmaların içinde bulunduğu kurumsal altyapıya göre KFK’ye farklı tepkiler verdikleri görünmektedir. Borsa İstanbul'dan elde edilen ampirik bulgular, firmaların yatırım kararları dışında diğer kurumsal finansal politikalarını önemli ölçüde değiştirmediği görülmektedir. Bu istikrarın nedeni, Türkiye'deki 2001 finansal krizi sonrasında alınan dersler ve kurumsal altyapıdaki güçlendirmeler olabilir.

Anahtar Kelimeler

• Nakit Tutma
• Kurumsal Finans
• Borç Vadesi
• Temettü Ödemeleri
• Finansal Kriz
• Yatırım
• Kaldıraç

The Global Financial Crisis and Corporate Financial Policies

Öz

The 2008-2009 global financial crisis (GFC) provides a natural experiment opportunity to analyze its impact on corporate financial decisions. This article first critically reviews the relationship between the GFC and corporate financial policies, then investigates the association between the GFC and leverage, debt maturity, cash holdings, dividends and investment for non-financial listed firms in Borsa Istanbul. Considering the findings in the literature, firms give different responses to the changing dynamics with the GFC across institutional environments and various corporate policies. Regarding the empirical evidence from Borsa Istanbul, the findings show that firms do not significantly change their corporate policies, excluding investment decisions. The reason for this stability may be due to the lessons learned and institutional strengthening after the 2001 financial crisis in Turkey.

Anahtar Kelimeler

• Cash Holdings
• Corporate Finance
• Debt Maturity
• Dividend Payouts
• Financial Crisis
• Investment
• Leverage

Kaynakça

1. Alves, P., & Francisco, P. (2015). The impact of institutional environment on the capital structure of firms during recent financial crises. The Quarterly Review of Economics and Finance, 57, 129-146.
2. Bliss, B. A., Cheng, Y., & Denis, D. J. (2015). Corporate payout, cash retention, and the supply of credit: Evidence from the 2008–2009 credit crisis. Journal of Financial Economics, 115(3), 521-540.
3. Campello, M., Graham, J. R., & Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470-487.
4. Chen, H. C., Chou, R. K., & Lu, C. L. (2018). Saving for a rainy day: Evidence from the 2000 dot-com crash and the 2008 credit crisis. Journal of Corporate Finance, 48, 680-699.
5. Coldbeck, B., & Ozkan, A. (2018). Comparison of adjustment speeds in target research and development and capital investment: What did the financial crisis of 2007 change? Journal of Business Research, 84, 1-10.
6. D’Amato, A. (2020). Capital structure, debt maturity, and financial crisis: empirical evidence from SMEs. Small Business Economics, 55, 919-941.
7. Daskalakis, N., Balios, D., & Dalla, V. (2017). The behaviour of SMEs' capital structure determinants in different macroeconomic states. Journal of Corporate Finance, 46, 248-260.
8. Demirgüç-Kunt, A., Peria, M. S. M., & Tressel, T. (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60, 101514.

9. Duchin, R., Ozbas, O., & Sensoy, B. A. (2010). Costly external finance, corporate investment, and the subprime mortgage credit crisis. Journal of Financial Economics, 97(3), 418-435.
10. Gonzalez, V. M. (2015). The financial crisis and corporate debt maturity: The role of banking structure. Journal of Corporate Finance, 35, 310-328.
11. Kahle, K. M., & Stulz, R. M. (2013). Access to capital, investment, and the financial crisis. Journal of Financial Economics, 110(2), 280-299.
12. Mimouni, K., Temimi, A., Goaied, M., & Zeitun, R. (2019). The impact of liquidity on debt maturity after a financial crisis: Evidence from the Gulf Cooperation Council region. Emerging Markets Finance and Trade, 55(1), 181-200.
13. Polat, A. Y. (2020). Borç vadesi ve finansal kriz: Türkiye örneği. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (1), 118-130.
14. Shiau, H. L., Chang, Y. H., & Yang, Y. J. (2018). The cash holdings and corporate investment surrounding financial crisis: The cases of China and Taiwan. The Chinese Economy, 51(2), 175-207.
15. Tekin, H. (2020a). Firm size and dividend policy of European firms: Evidence from financial crises. Marmara Journal of European Studies, 28(1), 109-121.
16. Tekin, H. (2020b). How optimal cash changed by the global financial crisis? A multi-country analysis. Economics and Business Letters, 9(2), 114-123.
17. Tekin, H. (2020c). Market differences and adjustment speed of debt, equity, and debt maturity. Australian Journal of Management. https://doi.org/10.1177/0312896220968266.
18. Tekin, H. (2020d). Optimal leverage of travel and leisure firms in Europe. In Marmara Conference on European Studies (MCES) 2020, Istanbul, Turkey, 07-08 February. 345-352. http://katalog.marmara.edu.tr/muyayinevi/YN875.pdf Accessed 08 January 2021.
19. Tekin, H. (2021). Gelişen ekonomilerde sermaye yapısı. Efe Akademi Yayınları.
20. Tekin, H., & Polat, A. Y. (2020a). Agency theory: A review in finance. Anemon: Journal of Social Sciences of Mus Alparslan University, 8(4), 1323-1329.
21. Tekin, H., & Polat, A. Y. (2020b). Do market differences matter on dividend policy? Borsa Istanbul Review. https://doi.org/10.1016/j.bir.2020.10.009
22. Tekin, H., & Polat, A. Y. (2020c). Is saving vital? Evidence from the financial crisis. Economics and Business Letters, 9(2), 124-134.
23. Tekin, H., & Polat, A. Y. (2020d). The global financial crisis and capital structure decisions of Turkish SMEs: A review. International Journal of Management Economics and Business, 16(3), 513-535.
24. Tekin, H., & Polat, A. Y. (2021a). Adjustment speed of debt maturity: Evidence from financial crises in East Asia. Bulletin of Monetary Economics and Banking, 24(1), 71-92.
25. Tekin, H., & Polat, A. Y. (2021b). Is leverage a substitute or outcome for governance? Evidence from financial crises. International Journal of Emerging Markets. https://doi.org/10.1108/IJOEM-03-2020-0297.
26. Van Hoang, T. H., Gurău, C., Lahiani, A., & Seran, T. L. (2018). Do crises impact capital structure? A study of French micro-enterprises. Small Business Economics, 50(1), 181-199.
27. Zeitun, R., Temimi, A., & Mimouni, K. (2017). Do financial crises alter the dynamics of corporate capital structure? Evidence from GCC countries. The Quarterly Review of Economics and Finance, 63, 21-33.