KURUMSAL SAHİPLİK İLE SERMAYE YAPISI ARASINDAKİ İLİŞKİ ÜZERİNE BİR ÇALIŞMA: TÜRKİYE ÖRNEĞİ

Yıl 2017, Cilt: 1 Sayı: 2, 155 - 170, 20.11.2017

Murat Çinko , Oytun Tansel Kasaboğlu

Öz

Bu çalışma, kurumsal yatırımcıların Borsa Istanbul’da (BIST) yer alan firmaların sermaye yapısını nasıl etkilediğini incelemektedir. 2005 ile 2013 yılları arasında 150 firma için data toplanmıştır. 2005 yılından önce enflasyon muhasebesi uygulaması yapıldığı için veriyi saptırmamak adına daha önceki dönem dataları kullanılmamıştır. Veri için Bloomberg ve Merkezi Kayıt Kuruluşu veritabanlarından bilgi alınmıştır. Örneklem kümesi finansal alanda olmayan ve tüm datası mevcut 150 firmadan oluşmaktadır. Panel veri analizi ile 1,350 şirket-yıl gözlemi analiz edilmiştir. Veri, kurumsal sahiplik ile finansal kaldıraç arasındaki ilişki için incelenmiştir. Modelde, finansal kaldıraç bağımlı değişken ve kurumsal sahiplik açıklayıcı değişken olarak tasarlanmıştır. Tutulabilirlik, büyüklük, vergi, kar, likidite ve piyasa değeri / defter değeri kontrol değişkenleri olarak yer almıştır. Modelin sonucunda kurumsal sahiplik ile finansal kaldıraç arasında anlamlı ve negatif bir ilişki görülmüştür.

Anahtar Kelimeler

Kurumsal Sahiplik, Finansal Kaldıraç, Gelişmekte olan Piyasalar, Panel Veri Analizi

Kaynakça

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