Araştırma Makalesi
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Yıl 2018, , 193 - 215, 01.01.2018

Ersin Fırat Akgül Seçil Sigali

https://doi.org/10.25095/mufad.401506
Cited By: 3

Öz

Kaynakça

  • Abor, J. (2007), “Corporate Governance and Financing Decisions of Ghanaian Listed Firms”, Corporate Governance: An International Review, 7(1), pp.83-92.
  • Akkaya, G. C. - Güler, S. (2008), “Capital Structure, Assets and Profitability: An Application on Manufacturing Firms”, İktisat, İşletme ve Finans, 23(263), pp.41-52.
  • Akyüz, K.C. - Akyüz, İ. - Serin, H. - Cindik, H. (2006), “The Financing Preferences and Capital Structure of Micro, Small and Medium Sized Firm Owners in Forest Products Industry in Turkey”, Forest Policy and Economics, 8(3), pp.301-311.
  • Amihud, Y. - Mendelson, H. (1986), “Asset Pricing and the Bid-Ask Spread”, Journal of Financial Economics, 17(2), pp.223-249.
  • Andreou, P. C. – Louca C. - Panayides P.M. (2014), “Corporate Governance, Financial Management Decisions and Firm Performance: Evidence from the Maritime Industry”, Transportation Research Part E, 63, pp.59-78.
  • Arvanitis, S. - Tzigkounaki, I.S. - Stamatopoulos, T.V. – Thalassinos E.I. (2012), “Dynamic Approach of Capital Structure of European Shipping Companies” International Journal of Economic Sciences and Applied Research, 5(3), pp.33-63.
  • Asarkaya, Y. - Özcan, S. (2007), “Determinants of Capital Structure in Financial Institutions: The Case of Turkey”, Journal of Banking and Financial Markets, 1(1), pp.91-109.
  • Backx, M. - Carney, M.- Gedajlovic, E. (2002), “Public, Private and Mixed Ownership and the Performance of International Airlines” Journal of Air Transport Management, 8(4), pp. 213-220.
  • Baron, D.P. (1975), “Firm Valuation, Corporate Taxes, and Default Risk”. The Journal of Finance, 30(5), pp.1251-1264.
  • Baskin, J. (1989), “An Empirical Investigation of the Pecking Order Hypothesis”, Financial Management, 18(1), pp. 26-35.
  • Berger, P.G. - Ofek, E. - Yermack D.L. (1997), “Managerial Entrenchment and Capital Structure Decisions”, The Journal of Finance, 52(4), pp.1411-1438.
  • Booth, L. - Aivazian, V. - Demirguc-Kunt, A. - Maksimovic V. (2001), “Capital Structures in Developing Countries”, The Journal of Finance., 56(1), pp. 87-130.
  • Bowen, R.M. - Daley, L.A. - Huber J.J. (1982), “Evidence on the Existence and Determinants of Inter-Industry Differences in Leverage”, Financial Management, 11(4), pp.10-20.
  • Bradley, M. - Jarrell, G.A. - Kim, E.H. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3), pp.857-878.
  • Brauner, A. (1994), “Shipping Finance: A Current View of the Availability of Finance and Financiers Requirements for Vessel Quality”, International Conference on Maritime Safety, Istanbul: Chamber of Shipping Publications, 1994, pp.109-143.
  • Brealey, R.A. - Myers, S.C. - Allen, F. (2011), Principles of Corporate Finance, New York : McGraw-Hill.
  • Capobianco, H.M.P. - Fernandes, E. (2004), “Capital Structure in the World Airline Industry”, Transportation Research Part A: Policy and Practice, 38(6), pp.421-434.
  • Chen, C.C. (2004), “Determinants of Capital Structure of Chinese-Listed Companies”, Journal of Business Research, 57(12), pp.1341-1351.
  • Chang, YK. - Chou, R.K. - Huang TH. (2014), “Corporate Governance and the Dynamics of Capital Structure: A New Evidence”, Journal of Banking and Finance, 48, pp.374-385.
  • Chittenden, F. - Hall, G. - Hutchinson, P. (1996), “Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and Empirical Investigation”, Small Business Economics, 8(1), pp.59-67.
  • Chung, Y.P. - Na, H.S. - Smith R. (2013), “How Important is Capital Structure Policy to Firm Survival?”, Journal of Corporate Finance, 22, pp.83-103.
  • Çağlayan, E. (2006), “Sermaye Yapısı Bileşenleri: Kantil Regresyon Modeli”, İktisat, İşletme ve Finans, 21(248), ss.66-76.
  • Dammon, R.M. - Senbet, L.W. (1988), “The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage”, The Journal of Finance, 43(2), pp.357-353.
  • De Angelo, H. - Masulis, R.W. (1980), “Optimal Capital Structure Under Corporate and Personal Taxation”, Journal of Financial Economics, 8(1), pp.3-29.
  • Delcoure, N. (2007), “The Determinants of Capital Structure in Transitional Economies. International Review of Economics & Finance, 16(3), pp.400-415.
  • Deloitte (2013), “The Logistics Industry in Turkey", http://www.invest.gov.tr/en-US/infocenter/publications/Documents/TRANSPORTATION-LOGISTICS-INDUSTRY.pdf , (15.07.2014)
  • Doğukanlı, H. - Acaravcı, S. (2004), “Türkiye’de Sermaye Yapısını Etkileyen Faktörlerin İmalat Sanayinde Sınanması”, İktisat İşletme ve Finans, 19(225), pp.43-57.
  • Drobetz, W. - Fix, R. (2003), “What are the Determinants of Capital Structure? Some Evidence for Switzerland”, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.199.1335&rep=rep1&type=pdf , (15.02.2014)
  • Drobetz, W. - Gounopoulos, D. - Merikas, A. - Schröder, H. (2013), “Capital Structure Decisions of Globally-Listed Shipping Companies”, Transportation Research Part E, 52, pp.49-76.
  • Fama, E. F. - French, K. R. (2002), “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt”, Review of Financial Studies, 15(1), pp.1-33.
  • Fan, J.P.H. - Titman, S. - Twite, G. (2012), “An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, 47(1), pp:23-56.
  • Ferri, M.G. - Jones, W.H. (1979), “Determinants of Financial Structure: A New Methodological Approach”, The Journal of Finance, 34(3), pp.631-644.
  • Frank, M.Z. - Goyal, V.K. (2009), “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1), pp.1-37.
  • Friend, I. - Lang, L.H.P. (1988), “An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure”, The Journal of Finance, 43(2), pp.271-281.
  • Gitman, L.J. - Zutter, C.J. (2012), Principles of Managerial Finance, Boston, MA, The Princeton Hall.
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Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama

Yıl 2018, , 193 - 215, 01.01.2018

Ersin Fırat Akgül Seçil Sigali

https://doi.org/10.25095/mufad.401506
Cited By: 3

Öz

Bu çalışmada, Türkiye’de faaliyet gösteren ulaştırma işletmelerinin sermaye yapısı kararlarını etkileyen faktörler incelenmektedir. Borsa Istanbul Ulaştırma Endeksinde işlem gören 11 adet ulaştırma işletmesi, 2002-2013 yıllarını kapsayacak şekilde panel veri analizi ile incelenmiştir. Çalışmanın bulgularına göre, “Varlık Yapısı” ve “İşletme Büyüklüğü” ile “Uzun Vadeli Borçlanma Oranı” arasında anlamlı ve pozitif bir ilişki bulunmuştur. Bu sonuç “Dengeleme Teorisini” desteklemektedir. Ayrıca elde edilen sonuçlar, kurumsal yönetim uygulamalarının, özellikle yönetim kurulu büyüklüğü, yönetim kurulu bağımsız üye sayısı ve kurumsal sahiplik oranının sermaye yapısı kararlarında anlamlı bir etkisi olduğunu göstermektedir.

Anahtar Kelimeler

Sermaye Yapısı Kurumsal Yönetim Ulaştırma Endeksi Türkiye

Kaynakça

  • Abor, J. (2007), “Corporate Governance and Financing Decisions of Ghanaian Listed Firms”, Corporate Governance: An International Review, 7(1), pp.83-92.
  • Akkaya, G. C. - Güler, S. (2008), “Capital Structure, Assets and Profitability: An Application on Manufacturing Firms”, İktisat, İşletme ve Finans, 23(263), pp.41-52.
  • Akyüz, K.C. - Akyüz, İ. - Serin, H. - Cindik, H. (2006), “The Financing Preferences and Capital Structure of Micro, Small and Medium Sized Firm Owners in Forest Products Industry in Turkey”, Forest Policy and Economics, 8(3), pp.301-311.
  • Amihud, Y. - Mendelson, H. (1986), “Asset Pricing and the Bid-Ask Spread”, Journal of Financial Economics, 17(2), pp.223-249.
  • Andreou, P. C. – Louca C. - Panayides P.M. (2014), “Corporate Governance, Financial Management Decisions and Firm Performance: Evidence from the Maritime Industry”, Transportation Research Part E, 63, pp.59-78.
  • Arvanitis, S. - Tzigkounaki, I.S. - Stamatopoulos, T.V. – Thalassinos E.I. (2012), “Dynamic Approach of Capital Structure of European Shipping Companies” International Journal of Economic Sciences and Applied Research, 5(3), pp.33-63.
  • Asarkaya, Y. - Özcan, S. (2007), “Determinants of Capital Structure in Financial Institutions: The Case of Turkey”, Journal of Banking and Financial Markets, 1(1), pp.91-109.
  • Backx, M. - Carney, M.- Gedajlovic, E. (2002), “Public, Private and Mixed Ownership and the Performance of International Airlines” Journal of Air Transport Management, 8(4), pp. 213-220.
  • Baron, D.P. (1975), “Firm Valuation, Corporate Taxes, and Default Risk”. The Journal of Finance, 30(5), pp.1251-1264.
  • Baskin, J. (1989), “An Empirical Investigation of the Pecking Order Hypothesis”, Financial Management, 18(1), pp. 26-35.
  • Berger, P.G. - Ofek, E. - Yermack D.L. (1997), “Managerial Entrenchment and Capital Structure Decisions”, The Journal of Finance, 52(4), pp.1411-1438.
  • Booth, L. - Aivazian, V. - Demirguc-Kunt, A. - Maksimovic V. (2001), “Capital Structures in Developing Countries”, The Journal of Finance., 56(1), pp. 87-130.
  • Bowen, R.M. - Daley, L.A. - Huber J.J. (1982), “Evidence on the Existence and Determinants of Inter-Industry Differences in Leverage”, Financial Management, 11(4), pp.10-20.
  • Bradley, M. - Jarrell, G.A. - Kim, E.H. (1984), “On the Existence of an Optimal Capital Structure: Theory and Evidence”, The Journal of Finance, 39(3), pp.857-878.
  • Brauner, A. (1994), “Shipping Finance: A Current View of the Availability of Finance and Financiers Requirements for Vessel Quality”, International Conference on Maritime Safety, Istanbul: Chamber of Shipping Publications, 1994, pp.109-143.
  • Brealey, R.A. - Myers, S.C. - Allen, F. (2011), Principles of Corporate Finance, New York : McGraw-Hill.
  • Capobianco, H.M.P. - Fernandes, E. (2004), “Capital Structure in the World Airline Industry”, Transportation Research Part A: Policy and Practice, 38(6), pp.421-434.
  • Chen, C.C. (2004), “Determinants of Capital Structure of Chinese-Listed Companies”, Journal of Business Research, 57(12), pp.1341-1351.
  • Chang, YK. - Chou, R.K. - Huang TH. (2014), “Corporate Governance and the Dynamics of Capital Structure: A New Evidence”, Journal of Banking and Finance, 48, pp.374-385.
  • Chittenden, F. - Hall, G. - Hutchinson, P. (1996), “Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and Empirical Investigation”, Small Business Economics, 8(1), pp.59-67.
  • Chung, Y.P. - Na, H.S. - Smith R. (2013), “How Important is Capital Structure Policy to Firm Survival?”, Journal of Corporate Finance, 22, pp.83-103.
  • Çağlayan, E. (2006), “Sermaye Yapısı Bileşenleri: Kantil Regresyon Modeli”, İktisat, İşletme ve Finans, 21(248), ss.66-76.
  • Dammon, R.M. - Senbet, L.W. (1988), “The Effect of Taxes and Depreciation on Corporate Investment and Financial Leverage”, The Journal of Finance, 43(2), pp.357-353.
  • De Angelo, H. - Masulis, R.W. (1980), “Optimal Capital Structure Under Corporate and Personal Taxation”, Journal of Financial Economics, 8(1), pp.3-29.
  • Delcoure, N. (2007), “The Determinants of Capital Structure in Transitional Economies. International Review of Economics & Finance, 16(3), pp.400-415.
  • Deloitte (2013), “The Logistics Industry in Turkey", http://www.invest.gov.tr/en-US/infocenter/publications/Documents/TRANSPORTATION-LOGISTICS-INDUSTRY.pdf , (15.07.2014)
  • Doğukanlı, H. - Acaravcı, S. (2004), “Türkiye’de Sermaye Yapısını Etkileyen Faktörlerin İmalat Sanayinde Sınanması”, İktisat İşletme ve Finans, 19(225), pp.43-57.
  • Drobetz, W. - Fix, R. (2003), “What are the Determinants of Capital Structure? Some Evidence for Switzerland”, http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.199.1335&rep=rep1&type=pdf , (15.02.2014)
  • Drobetz, W. - Gounopoulos, D. - Merikas, A. - Schröder, H. (2013), “Capital Structure Decisions of Globally-Listed Shipping Companies”, Transportation Research Part E, 52, pp.49-76.
  • Fama, E. F. - French, K. R. (2002), “Testing Trade-Off and Pecking Order Predictions About Dividends and Debt”, Review of Financial Studies, 15(1), pp.1-33.
  • Fan, J.P.H. - Titman, S. - Twite, G. (2012), “An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, 47(1), pp:23-56.
  • Ferri, M.G. - Jones, W.H. (1979), “Determinants of Financial Structure: A New Methodological Approach”, The Journal of Finance, 34(3), pp.631-644.
  • Frank, M.Z. - Goyal, V.K. (2009), “Capital Structure Decisions: Which Factors Are Reliably Important?”, Financial Management, 38(1), pp.1-37.
  • Friend, I. - Lang, L.H.P. (1988), “An Empirical Test of the Impact of Managerial Self-Interest on Corporate Capital Structure”, The Journal of Finance, 43(2), pp.271-281.
  • Gitman, L.J. - Zutter, C.J. (2012), Principles of Managerial Finance, Boston, MA, The Princeton Hall.
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  • Kayo, E.K. - Kimura, H. (2011), “Hierarchical Determinants of Capital Structure”, Journal of Banking & Finance, 35(2), pp:358-371.
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  • Kirkulak, B. - Balsarı, C.K. (2007), “Türk Firmalarının İşletme Sermayesi Yönetimi Uygulaması: 2001 Ekonomik Krizi Sonrası”, İktisat İşletme ve Finans, 22(260), ss.102-119.
  • Kim, W.S. - Sorensen, E.H. (1986), “Evidence on the Impact of the Agency Costs of Debt and Corporate Debt Policy”, Journal of Financial and Quantitative Analysis, 21(2), pp.131-144.
  • Korkmaz, T. - Başaran, Ü. - Gökbulut, R.İ. (2009), “İMKB’de İşlem Gören Otomotiv ve Otomotiv Yan Sanayi İşletmelerinin Sermaye Yapısı Kararlarını Etkileyen Faktörler: Panel Veri Analizi”, İktisat İşletme ve Finans, 24(277), ss.29-60.
  • Kraus, A. - Litzenberger, R.H. (1973), “A State-Preference Model of Optimal Financial Leverage”, The Journal of Finance, 28(4), pp.911-922.
  • Lemmon, M.L. - Zender, J.F. (2010), “Debt Capacity and Tests of Capital Structure Theories”, Journal of Financial and Quantitative Analysis, 45(5), pp.1161-1187.
  • Long, M.S., - Malitz, I.B. (1985), “Investment Patterns and Financial Leverage”, Corporate Capital Structures in the United States. (pp. 325-352). Editor Benjamin M. Friedman. Chicago: University of Chicago Press.
  • Lu, W.M. - Wang, W.K. - Hung, S.W. - Lu E.T. (2012), “The Effects of Corporate Governance on Airline Performance: Production and Marketing Efficiency Perspectives”, Transportation Research Part E: Logistics and Transportation Review, 48(2), pp.529-544.
  • Masulis, R.W. - Wang, C. - Xie, F. (2007), “Corporate Governance and Acquirer Returns”, Journal of Finance, 62, pp.1851-1889.
  • Mayer-Brown (2014). “The Restructuring of Non-Performing Shipping Loans: Learning from Experience in the Real Estate Crisis”, http://www.mayerbrown.com/files/Publication/baaefb92-d2d9-4dc2-b248-26ad2556cfab/Presentation/PublicationAttachment/1854f2fd-307c-411e-98ab-286d8f780488/140226-FRK-Ship-Loans.pdf (17.07.2014)
  • Mehran, H. (1992), “Executive Incentive Plans, Corporate Control, and Capital Structure”, Journal of Financial and Quantitative Analysis, 27(4), pp.539-560.
  • Merikas, A. G. - Sigalas, C. - Drobetz, W. (2011), “The Shipping Corporate Risk Trade-Off Hypothesis” http://marinemoneyoffshore.kovidadev.com/node/6861. (10.06.2014).
  • Michaelas, N. - Chittenden, F. - Poutziouris, P. (1999), “Financial Policy and Capital Structure Choice in UK SMEs: Empirical Evidence from Company Panel Data”, Small Business Economics, 12(2), pp.113-130.
  • Morellec, E. (2004), “Can Managerial Discretion Explain Observed Leverage Ratios?” Review of Financial Studies, 17, pp.257–294.
  • Myers, S.C. (1984), “The Capital Structure Puzzle”, The Journal of Finance, 39(3), pp.575-592.
  • Myers, S.C. - Majluf, N.S. (1984), “Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have”, Journal of Financial Economics. 13(2), pp.187-221.
  • Nakamura, A. - Nakamura, M. (1982), “On the Firm’s Production, Capital Structure and Demand for Debt”, The Review of Economics and Statistics, 64(3), pp.384-393.
  • Nielsen, S. - Nielsen, B.B. (2010), “Why Do Firms Employ Foreigners on Their Top Management Team? An Exploration of Strategic Fit, Human Capital and Attraction-Selection-Attrition Perspectives”, International Journal of Cross Cultural Management, 10(2), pp.195-209.
  • Özkan, A. (2001), “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data”, Journal of Business Finance & Accounting, 28(1-2), pp.175-198.
  • Özer, B. - Yamak, S. (2000), “Self–Sustaining Pattern of Finance in Small Business: Evidence from Turkey”, International Journal of Hospitality Management, 19(3), pp. 261-273
  • Öztekin, Ö. - Flannery, M.J. (2012), “Institutional Determinants of Capital Structure Adjustment Speeds”, Journal of Financial Economics, 103(1), pp.88-112.
  • Rajan, R.G. - Zingales, L. (1995), “What Do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), pp.1421-1460.
  • Randoy, T. - Down, J. - Jenssen, J. (2003), “Corporate Governance and Board Effectiveness in Maritime Firms”, Maritime Economics & Logistics, 5, pp.40-54.
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Toplam 99 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular İşletme
Bölüm Araştırma Makalesi
Yazarlar

Ersin Fırat Akgül Bu kişi benim

Seçil Sigali

Yayımlanma Tarihi 1 Ocak 2018
Gönderilme Tarihi 31 Temmuz 2017
Yayımlandığı Sayı Yıl 2018

Kaynak Göster

APA Akgül, E. F., & Sigali, S. (2018). Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama. The Journal of Accounting and Finance(77), 193-215. https://doi.org/10.25095/mufad.401506
AMA Akgül EF, Sigali S. Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama. The Journal of Accounting and Finance. Ocak 2018;(77):193-215. doi:10.25095/mufad.401506
Chicago Akgül, Ersin Fırat, ve Seçil Sigali. “Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama”. The Journal of Accounting and Finance, sy. 77 (Ocak 2018): 193-215. https://doi.org/10.25095/mufad.401506.
EndNote Akgül EF, Sigali S (01 Ocak 2018) Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama. The Journal of Accounting and Finance 77 193–215.
IEEE E. F. Akgül ve S. Sigali, “Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama”, The Journal of Accounting and Finance, sy. 77, ss. 193–215, Ocak 2018, doi: 10.25095/mufad.401506.
ISNAD Akgül, Ersin Fırat - Sigali, Seçil. “Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama”. The Journal of Accounting and Finance 77 (Ocak 2018), 193-215. https://doi.org/10.25095/mufad.401506.
JAMA Akgül EF, Sigali S. Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama. The Journal of Accounting and Finance. 2018;:193–215.
MLA Akgül, Ersin Fırat ve Seçil Sigali. “Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama”. The Journal of Accounting and Finance, sy. 77, 2018, ss. 193-15, doi:10.25095/mufad.401506.
Vancouver Akgül EF, Sigali S. Sermaye Yapısını Etkileyen Faktörler: BIST Ulaştırma Endeksinde Bir Uygulama. The Journal of Accounting and Finance. 2018(77):193-215.

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