ENERJİ SEKTÖRÜNDE SERMAYE YAPISININ BELİRLEYİCİLERİ: BORSA İSTANBUL ÜZERİNE BİR ARAŞTIRMA

Öz

Bu çalışma, Türkiye enerji sektöründe sermaye yapısının belirleyicilerini ve bunların ilgili teorilerle ilişkisini incelemeyi amaçlamaktadır. Borsa İstanbul’da faaliyet gösteren 8 enerji şirketinin 2014 ve 2021 dönemi yıllık verilerini kapsayan veri seti panel veri analizi yöntemi ile analiz edilmiştir. Yapılan analiz sonucunda, sektör bazında medyan borç oranının kaldıracı olumlu etkilediği; varlık yapısı, büyüme fırsatları, karlılık, likidite, sanayi üretim ve dağıtım endeksi ve GSYH yıllık büyüme değişkenlerinin kaldıracı olumsuz etkilediği görülmüştür. İşletmenin büyüklüğü, borç dışı vergi kalkanı, enflasyon, vergi geliri ile kaldıraç arasında anlamlı bir ilişki saptanmamıştır. Elde edilen bulguların literatür ile benzer sonuçlara sahip olduğu ve Türk enerji sektörü sermaye yapısının genel itibariyle finansman hiyerarşisi teorisi ile uyumlu olduğu gözlemlenmiştir.

Anahtar Kelimeler

• Sermaye Yapısı
• Enerji Sektörü
• BIST

DETERMINANTS OF CAPITAL STRUCTURE IN ENERGY SECTOR: EVIDENCE FROM BORSA İSTANBUL

Öz

This study aims to examine the determinants of capital structure in the energy sector of Turkey and their relation to relevant theories. The panel data analysis method was used to analyze annual data from 8 energy companies operating in Borsa Istanbul between 2014 and 2021. Results of the analysis showed that while the median debt ratio on a sector basis affects leverage positively; asset structure, growth opportunities, profitability, liquidity, industrial production and distribution index, and GDP annual growth variables negatively affect leverage. No significant relationship was found between the size of the business, non-debt tax shield, inflation, tax revenue, and leverage. It has been noted that the findings are in line with the previous studies, and the capital structure of the Turkish energy sector is generally compatible with the pecking-order theory.

Anahtar Kelimeler

• Capital Structure
• Energy Sector
• BIST

Kaynakça

1. Ahmed, I. E. & Sabah, A. (2020). The Determinants of Capital Structure of the GCC Oil and Gas Companies. International Journal of Energy Economics and Policy, 11(2), 30-39.
2. Avcı, E. (2016). Capital Structure and Firm Performance: An Application on Manufacturing Industry. Marmara İktisadi ve İdari Bilimler Dergisi, 38(1), 15-30.
3. Baker, M. & Wurgler, J. (2022). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32.
4. Baltagi, B. H. (2005). Econometrics Analysis of Panel Data. West Sussex, England: John Wiley & Sons Ltd.
5. Bayrakdaroğlu, A., Ege, İ. & Yazıcı, N. (2013). A Panel Data Analysis of Capital Structure Determinants: Empirical Results from Turkish Capital Market. International Journal of Economics and Finance, 5(4), 131-140.
6. Benligiray, Y. (2006). Özkaynaklar. Ö. Cemalcılar, F. Sürmeli (Ed.), In Genel Muhasebe (239-252). Anadolu Üniversitesi, Eskişehir.
7. Braskerud, A. & Jarbo, A.B. (2018). Capital Structure Decisions in Energy Companies Listed on the Oslo Stock Exchange. [Unpublished dissertation]. Oslo Metropolitan University, Norway.
8. Braudel, F. (1982). Civilization and Capitalism, 15th-18th Century, Vol. 2: The Wheels of Commerce. London.

9. Brigham, E. F. & Ehrhardt, M. C. (2013). Financial Management: Theory & Practice. Cengage Learning.
10. Chakrabarti, A. & Chakrabarti, A. (2019). The Capital Structure Puzzle – Evidence from Indian Energy Sector. International Journal of Energy Sector Management, 13(1), 2-23.
11. Chen, J. J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341–1351.
12. DeAngelo, H. & Masulis, R.W. (1980). Optimal Capital Structure under Corporate and Personal Taxation. Journal of Financial Economics, 8, 3-29.
13. DeAngelo, H. (2022). The Capital Structure Puzzle: What are We Missing?. Journal of Financial and Quantitative Analysis, 57(2), 413-454.
14. Donaldson, G. (1961). Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity. Division of Research, Graduate School of Business Administration, Harvard University, Boston.
15. Durand, D. (1952). The Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement. in Conference on Research on Business Finance, 215-262, New York National Bureau of Economic Research.
16. Ghani, K. & Bukhari, H. S. (2010). Determinants of Capital Structure: A Case of Listed Energy Sector Companies in Pakistan. SSRN Electronic Journal. doi:10.2139/ssrn.1860706
17. Ghani, E.K., Rehan, R., Salahuddin, S., & Hye, Q.M.A. (2023). Discovering Capital Structure Determinants for SAARC Energy Firms. International Journal of Energy Economics and Policy, 13(1), 135-143.
18. Harris, M. & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance, XLVI(1), 297-355.
19. Hodgson, G. M. (2014). What is Capital? Economists and Sociologists Have Changed its Meaning: Should it Be Changed Back?. Cambridge Journal of Economics, 38(5), 1063-1086.
20. Hoechle, D. (2007). Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence. The Stata Journal: Promoting Communications on Statistics and Stata, 7(3), 281-312. IEA, (November 2022). World Energy Outlook 2022. Retrieved from https://iea.blob.core.windows.net/ assets/830fe099-5530-48f2-a7c1-11f35d510983/WorldEnergyOutlook2022.pdf
21. Işık, Ö. & Ersoy, E. (2021). Determinants of Capital Structure: Empirical Evidence from Turkish Listed Manufacturing Firms. Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 16(3), 842-855.
22. İskenderoğlu, Ö., Karadeniz, E. & Ayyıldız, N. (2017). Türkiye Enerji Sektöründe Sermaye Yapısını Belirleyen Değişkenlerin Analizi: Türkiye Cumhuriyet Merkez Bankası Sektör Bilançoları Üzerinde Bir Araştırma. Muhasebe ve Denetime Bakış, 51, 73-92.
23. James, G., Witten, D., Hastie, T., & Tibshirani, R. (eds.). (2013). An introduction to statistical learning: with applications in R. New York: Springer.
24. Jaworski, J. & Czerwonka, L. (2021). Determinants of Enterprises’ Capital Structure in Energy Industry: Evidence from European Union. Energies, 14, 1871.
25. Kraus, A. & Litzenberger, R. H. (1973). A State-Reference Model of Optimal Financial Leverage. The Journal of Finance, 28, 911-922.
26. Lindsay, R. B. (1971). The concept of energy and its early historical development. Foundations of Physics, 1(4), 383–393.
27. Mazur, K. (2007). The Determinants of Capital Structure Choice: Evidence from Polish Companies. Int Adv Econ Res, 13, 495–514.
28. Meckling, W. H., & Jensen, M. C. (1976). Theory of the Firm. Managerial Behavior, Agency Costs and Ownership Structure.
29. Mjøs, A. (2008). Norwegian Companies’ Capital Structure: An Overview. http://dx.doi.org/10.2139/ssrn.1102729
30. Miller, M. H. (1977). Debt and Taxes. The Journal of Finance, 32(2), 261-275.
31. Modigliani, F. & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261–297.
32. Modigliani, F. & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443.
33. 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), 187-221.
34. Myers, S. C. (2003). Financing of Corporations. In Handbook of the Economics of Finance, 215-253, Elsevier.
35. Nga, N. & Long, G. (2021). The Choice of Capital Structure: A Study on Energy Industry in a Developing Country. Accounting, 7(2), 289-294.
36. Riise, B. & Yssen, C. S. (2022). Capital Structure Determinants in the Energy Sector: A panel data analysis of the E&P and Renewable Electricity industries. [Unpublished Dissertation]. Copenhagen Business School, Denmark.
37. Ross, S. A. (1977). The determination of financial structure: the incentive-signalling approach. The Bell Journal of Economics, 8(1), 23-40. https://doi.org/10.2307/3003485
38. Saeed, A. (2007). The Determinants of Capital Structure in Energy Sector (A study of Pakistani listed firms. (Unpublished dissertation). Blekinge Institute of Technology School of Management, Sweden.
39. Sayılgan, G. (2011). Soru ve Yanıtlarıyla İşletme Finansmanı. Ankara, Turhan Kitabevi.
40. Shapiro, C. A. (1998). Multinational Financial Management. The University of Southern California.
41. Şahin, E.E. (2020). Makroekonomik Değişkenler ve Sermaye Yapısı İlişkisi: BİST Enerji İşletmeleri Üzerine Bir Uygulama. Akademik Hassasiyetler, 7(13), 337-353.
42. Topal, M., Eyduran, E., Yağanoğlu, A. M., Sönmez, A., & Keskin, S. (2010). Çoklu doğrusal bağlantı durumunda ridge ve temel bileşenler regresyon analiz yöntemlerinin kullanımı. Atatürk Üniversitesi Ziraat Fakültesi Dergisi, 41(1), 53-57.
43. Uzun, F. (2023). Bist’te İşlem Gören Metal sektörü Firmalarının Sermaye Yapılarının Belirleyicileri. Social Sciences Research Journal, 12(1), 148-165.
44. Wieczorek-Kosmala, M., Blach, J. & Gorzen-Mitka, I. (2021). Does Capital Structure Drive Profitability in the Energy Sector?. Energies 2021, 14(16), 4803.
45. World Economic Forum, (2023). The Global Risks Report 2023. 18th Edition Insight Report. Retrieved from https: //www.marshmclennan.com/content/dam/mmc-web/insights/publications/2023/global-risksreport- 2023/global-risks-report-2023.pdf
46. Yerdelen Tatoğlu, F. (2021). Panel Veri Ekonometrisi: Stata Uygulamalı. İstanbul, Beta Yayıncılık.
47. Yiğit, F. (2016). Sermaye Yapısı ve Sermaye Yapısı Teorileri. Nobel Kitap, Ankara.
48. Zhang, Q., Saqib, Z. A. & Chen, Q. (2018). Determinants of Capital Structure: An Empirical Analysis of Fuel and Energy Sector of Pakistan. 2018 15th International Conference on Service Systems and Service Management (ICSSSM). doi:10.1109/icsssm.2018.846.5061
49. Zhang, D. (2018). Energy Finance: Background, Concept, and Recent Developments. Emerging Markets Finance and Trade, 54(8), 1687-1692.