THE EFFECT OF TAX RATE AND CHANGES ON CAPITAL STRUCTURE AND FINANCIAL PERFORMANCE IN INDUSTRIAL FIRMS: BRICS – TÜRKİYE ANALYSIS

Yıl 2023, , 512 - 542, 27.07.2023

Ardita Bylo , Ali Osman Gürbüz

https://doi.org/10.14783/maruoneri.1189359

Öz

The aim of this study is to explain the financial performance of nonfinancial listed companies in BRICS (Brazil, Russia, India, China, South Africa) countries and Türkiye through the lens of capital structure and taxes over a period from 2009 to 2019. The specific analysis object is the evaluation of financial leverage as a proportion of debt financing based on the amount of total assets. The results presented herein indicate that the corporate tax rate is positively statistically significant regarding capital structure and financial performance indicators, however, the effect of taxation varies each year. Effective tax rate, non-debt tax shield, and personal tax rate are not statistically significant across all periods, but they give coefficients with close values. There are also mixed results for short – and long-term financial leverage regarding non-debt tax shield and personal tax rate. What stands out the most in this paper is the negative relationship between capital structure and financial performance, which is supported by the pecking order theory. The conclusions presented herein regarding the complexities and interaction of economic indicators among BRICS countries and Türkiye constitute essential information for any academician and businessman concerned with emerging economies.

Anahtar Kelimeler

Leverage, Financial Performance, Taxes, BRICS, Türkiye, Emerging Economies

SANAYİ FİRMALARINDA VERGİ ORANI VE DEĞİŞİKLİKLERİNİN SERMAYE YAPISI VE FİNANSAL PERFORMANSA ETKİLERİ: BRICS – TÜRKİYE ANALİZİ

Öz

Bu çalışmanın amacı, BRICS (Brezilya, Rusya, Hindistan, Çin, Güney Afrika) ülkeleri ve Türkiye’de borsada işlem gören finansal olmayan şirketlerin 2009-2019 dönemindeki performanslarını sermaye yapısı ve vergiler bakış açısıyla açıklamaktır. Analizin spesifik hedefi özetle borçla finansmanın etkilerini değerlendirmektir. Bu araştırmada her yıl ayrı ayrı yatay kesit veri regresyon modelleri kullanarak sayısal analizler yapılmıştır. Araştırmanın bulguları, kurumlar vergisi oranı ile sermaye yapısı ve finansal performans göstergeleri arasındaki ilişkinin istatistiksel olarak pozitif olduğunu ancak vergilendirmenin etkisinin her yıl değiştiğini göstermektedir. Bunun yanı sıra efektif vergi oranı, borç dışı vergi kalkanı ve gelir vergisi oranları tüm dönemlerde istatistiksel olarak anlamlı olmamasına rağmen katsayıları birbirine yakın değerlere sahip olduğunu göstermektedir. Elde edilen bulgulara göre, efektif vergi oranının sermaye yapısına pozitif etkisi olduğu belirlenmiştir. Bununla birlikte, borç dışı vergi kalkanı ve gelir vergisi oranının kısa ve uzun vadede sermaye yapısına karışık yönde etkisi olduğu ortaya koymaktadır. Araştırmada en çok öne çıkan husus ise, literatürdeki karşılığı ile desteklenen sermaye yapısıyla finansal performans arasındaki negatif ilişkidir. BRICS ülkeleri ile Türkiye arasındaki ekonomik göstergelerin karmaşıklığı ve etkileşimi üzerine yapılmış bu çalışmada, gelişmekte olan ekonomilerle ilgilenen akademisyenler ve iş insanları için oldukça değerli bulgu ve değerlendirmeler paylaşılmıştır.

Anahtar Kelimeler

Sermaye Yapısı, Finansal Kaldıraç, Finansal Perfomans, BRICS, Türkiye, Vergi, Gelişen Ekonomiler

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