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Finansal Esneklik Değeri ve Sermaye Yapısı Kararları

Yıl 2019, Cilt: 14 Sayı: 3, 831 - 854, 31.12.2019
https://doi.org/10.17153/oguiibf.511717

Öz






Bu
çalışmanın amacı, Borsa İstanbul 100’e kote olan işletmelerin finansal
esneklik değeri ile sermaye yapısı kararları arasındaki ilişkiyi
incelemektir. Bu kapsamda, 2006-2015 döneminde Borsa İstanbul 100 Endeksine
kote olan 37 işletmenin finansal esneklik değeri, nakdin marjinal denklemi ve
finansal esnekliğin beş faktörü yöntemi (Rapp vd., 2014; Rapp vd., 2012) ile
hesaplanmış ve elde edilen finansal esneklik değeri ile sermaye yapısı
kararları arasındaki ilişki panel regresyon analiz yöntemi kullanılarak
incelenmiştir. Çalışmadan elde edilen sonuçlara göre yöneticiler, pay
sahipleri ve borç verenlere önemli bilgiler sunan finansal esneklik değerinin
Türkiye’de faaliyet gösteren firmalar için hesaplanabilir bir değer olduğu ve
finansal esneklik değerinin borçlanma düzeyini negatif yönde etkilediği
tespit edilmiştir.




Kaynakça

  • Albayrak, Ali Sait (2012), "Çoklu Doğrusal Bağlantı Halinde En küçük Kareler Tekniğinin Alternatifi Yanlı Tahmin Teknikleri ve Bir Uygulama", Uluslararası Yönetim İktisat ve İşletme Dergisi, Vol.1, No.1: 105-126.
  • American Institute of Certified Public Accountants (1993), “Disclosure of Certain Significant Risks and Uncertainties and Financial Flexibility”, (AICP). Stamford, https://searchworks.stanford.edu/view/10043003, Erişim Tarihi: 05.06.2017).
  • Arslan-Ayaydin, Özgür; Chris Florackis; Aydın Özkan (2014), "Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises", Review of Quantitative Finance and Accounting, Vol. 42, No. 2 : 211-250.
  • Baker, H. Kent; Leigh A. Riddick, (2013), International Finance: A Survey, Oxford: Oxford University Press.
  • Bancel, Franck; Usha R. Mittoo (2004), "Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms", Financial Management”, Vol. 3, No. 4: 103-132.
  • Baum, Christopher F. (2006), An Introduction to Modern Econometrics Using Stata, Lakeway: Stata Press.
  • Beattie, Vivien; Alan, Goodacre; Sarah, J. Thomson (2006), "Corporate Financing Decisions: UK Survey Evidence”, Journal of Business Finance & Accounting, No. 33, Vol. 9‐10 : 1402-1434.
  • Benetti, Cristiane; Roberto, F. Decourt; Paulo, R. Terra (2007), "The Practice Of Corporate Finance İn An Emerging Market: Preliminary Evidence from the Brazilian Survey", Annual Meeting of the Financial Management Association, Working Paper, School of Management of Federal University of Rio Grande do Sul, Rio Grande do Sul.
  • Brounen, Dirk; Abe, De Jong; Kees, Koedijk (2006), "Capital Structure Policies in Europe: Survey Evidence", Journal of Banking & Finance, Vol. 30, No.5: 1409-1442.
  • Byoun, Soku (2007), "Financial Flexibility, Leverage, and Firm Size", Working Paper, Hankamer School of Business, Baylor University.
  • Clark, Brian; Bill, Francis; Iftekhar, Hasan (2009), "Do Firms Adjust Toward Target Capital Structures? Some International Evidence", Working Paper, Lally School of Management and Technology, Rensselaer Polytechnic Institute.
  • Damodaran, Aswath (2010), Applied corporate finance, New Jersey: John Wiley & Sons.
  • Dang, Viet Anh; Minjoo, Kim; Yongcheol, Shin (2012), "Asymmetric Capital Structure Adjustments: New Evidence from Dynamic Panel Threshold Models", Journal of Empirical Finance, Vol. 19, No.4: 465-482.
  • Darabi, Roya; Mohamadi, Salah; GHasemi, Ahmad; Forozan, Shanaz (2013), “The Relationship between Financial Flexibility and Capital Structure Decisions”, Research Journal of Applied Sciences, Engineering and Technology, Vol.5, No. 14: 3843-3850.
  • DeAngelo, Harry; Linda DeAngelo (2007), "Capital Structure, Payout Policy, and Financial Flexibility”, Working Paper, University of Southern California.
  • Deesomsak, Rataporn; Krishna, Paudyal; Gioia, Pescetto (2004), "The Determinants of Capital Structure: Evidence from the Asia Pacific region", Journal of multinational financial management, Vol. 14, No. 4-5 :387-405.
  • Denis, David J.; Stephen, B. McKeon (2012), "Debt Financing and Financial Flexibility Evidence from Proactive Leverage İncreases", The Review of Financial Studies, Vol. 25, No. 6: 1897-1929.
  • Fama, Eugene F. ; Kenneth, R. French (2002), "Testing Trade-Off and Pecking Order Predictions about Dividends and Debt", The review of financial studies, Vol. 15, No. 1: 1-33.
  • Fama, Eugene F.; Kenneth, R. French (2005), "Financing Decisions: Who İssues Stock?", Journal of financial economics, Vol. 76, No. 3: 549-582.
  • Ferrando, Annalisa; Maria-Teresa, Marchica; Roberto, Mura (2014), "Financial flexibility Across the Euro Area and the UK”, Working Paper, No. 1630, European Central Bank (ECB), Frankfurt.
  • Financial Accounting Standards Board, (1984). Recognition and Measurement in the Financial Statements of Business Enterprises. (FASB). Stamford.
  • Fischer, Edwin O.; Robert, Heinkel; Josef, Zechner (1989), "Dynamic Capital Structure Choice: Theory and Tests", The Journal of Finance, Vol. 44, No.1: 19-40.
  • Flannery, Mark J.; Kasturi, P. Rangan (2006), "Partial Adjustment Toward Target Capital Structures", Journal of financial economics, Vol. 79, No. 3: 469-506.
  • Frank, Murray Z.; Vidhan, K. Goyal (2008), "Trade-off and Pecking Order Theories of Debt", Handbook of Empirical Corporate Finance, Vol. :2: 135-202.
  • Graham, John R. (2000), "How Big are the Tax Benefits of Debt?", The Journal of Finance, Vol. 55, No. 5: 1901-1941.
  • Gulati, Sumit; Y.P., Singh (2013), Financial Management, Mcgraw-Hill Education Press: New Deplhi.
  • Harris, Milton; Artur, Raviv (1991), "The Theory of Capital Structure", The Journal of Finance, Vol. 46, No. 1: 297-355.
  • Hess, Dieter; Philipp, Immenkötter (2014), "How Much is Too Much? Debt Capacity and Financial Flexibility", Working Papers, 14-03, University of Cologne.
  • Jianfu, Shen; Frederik, Pretorius (2012), "Real Option, Financial Frictions and Collateralized Debt: Theory and Evidence from Real Estate Companies Real Options: Theory meets practice”, 16th Annual Conference, June 27th – 30th 2012, London, England.
  • Killi, Andreas M.; Marc S., Rapp; Thomas, Schmid (2011), "Can financial Flexibility Explain The Debt Conservatism Puzzle? Cross-country Evidence From Listed Firms", Working Paper, http://ssrn.com/abstract=1814182, (Erişim: 02.20.2017).
  • Kohli, Anu; Jitendra, K. Sharma (2015), "Survey of Corporate Financial Behavior of Indian MNCs", International Journal of Finance and Accounting Studies, Vol. 3, No. 1 : 12-27.
  • Gökbulut, R. İlker (2010), "FVFM'nin İMKB Ulusal 100 Endeksindeki Geçerliliğinin Panel Veri Analizi ile Test Edilmesi", Istanbul University Journal of the School of Business Administration, Vol. 39 No. 1: 95-105.
  • Lee, Jimmy (2011), “The Role of Accounting Conservatism in Firms' Financial Decisions. Diss”, Working Paper, Northwestern University, Illinois.
  • Lemma, Tesfaye; Minga, Negash (2014), "Determinants of the Adjustment Speed of Capital Structure: Evidence from Developing Economies", Journal of Applied Accounting Research, Vol. 15, No. 1: 64-99.
  • Mahakud, Jitendra; Sulagna, Mukherjee (2011), "Determinants of Adjustment Speed to Target Capital Structure: Evidence from Indian Manufacturing Firms", International Conference on Economics and Finance Research. Vol. 4: 67-71.
  • McMillan, David G.; Omar, Camara (2012), "Dynamic Capital Structure Adjustment: US MNCs & DCs", Journal of Multinational Financial Management, Vol. 22, No. 5: 278-301.
  • Minton, Bernadette; Karen, Wruck (2001), "Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms", Workingpaper (No. 6), Ohio: Ohio State University.
  • Mokhtar, Imani; Salamudin, Norhana; Zambahari, R. Shah (2013), “Financial Flexibility and Corporate Performance of Bumiputera Public Listed Companies”, International Conference on Economics and Business Research, 2013, 15-16 July, Malaysia.
  • Myers, Stewart C. (1984), "The capital structure puzzle", The journal of finance, Vol. 39, No. 3 : 574-592.
  • Myers, Stewart C.; Nicholas, S. Majluf (1984), "Corporate Financing and Investment Decisions When Firms Have İnformation that İnvestors do not Have", Journal of financial economics, Vol. 13, No. 2 : 187-221.
  • Nikolai, Loren A.; John, D. Bazley; Jefferson, P. Jones (2010), Intermediate Accounting, Australia: South-Western/Cengage.
  • Nor, Fauzias M.; Ibrahim, Khairunisah; Haron, Razali; Ibrahim, Izani; Alias, M. Adnan (2012), “Practices of Capital Structure Decisions: Malaysia Survey Evidence”, International Review of Business Research Papers, Vol. 8, No. 1, 33-63.
  • Öztekin, Özde; Mark J. Flannery (2012), "Institutional Determinants of Capital Structure Adjustment Speeds", Journal of financial economics, Vol. 103, No. 1: 88-112.
  • Pandey, Im. (2009), Financial management: Capital Structure Planning and Policy, India: Vikas Publishing House.
  • Pinegar, J. Michael; Lisa, Wilbricht (1989), "What Managers Think of Capital Structure Theory: A Survey", Financial Management, Vol. 18, No. 14: 82-91.
  • Pratt, Jamie; Anwar, Y. Salimi (2010), “Financial Accounting in an Economic Context, Issues in Accounting Education”, Vol. 25, No. 1 : 178-179.
  • Rajan, Raghuram G.; Luigi, Zingales (1995), "What do We Know About Capital Structure? Some Evidence from International Data", The journal of Finance, Vol. 50, No. 5: 1421-1460.
  • Rapp, M. Steffen; Thomas, Schmid; Daniel, Urban (2014), "The Value of Financial Flexibility and Corporate Financial Policy", Journal of Corporate Finance, Vol. 29: 288-302.
  • Rapp, M. Steffen, Thomas, Schmid; Daniel, L. Urban (2012), "The Value of Financial Flexibility and Payout Policy", Working Paper, Technische Universität München: Germany.
  • Tatoglu Yerdelen, Ferda (2013), Panel Veri Ekonometrisi, İstanbul: Beta Basım.
  • Titman, Sheridan; Roberto, Wessels (1988), "The Determinants of Capital Structure Choice", The Journal of finance, Vol. 43, No. 1: 1-19.
  • De Wet, Lambert H.; Sean, J. Gossel (2016), "South African Capital Structure Decisions: A Survey of Listed Companies", Journal of African Business, Vol. 17, No. 2: 167-187.
  • Wooldridge, J. Marc (2010), Econometric Analysis of Cross Section And Panel Data, Cambridge: MIT pres.
  • Yıkılmaz Erkol, Aslı. (2018). Finansal Esneklik Değeri ve Finansal Kararları Arasındaki İlişki: BİST 100 Endeksine Kote Olan Firmalar Üzerine Uygulama. Yayınlanmamış Doktora Tezi, Mersin Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Mersin.
  • Yung, Kenneth; DeQing, D. Li; Yi, Jian (2015), "The Value of Corporate Financial Flexibility in Emerging Countries", Journal of Multinational Financial Management, Vol. 32: 25-41.

Financial Flexibility Value and Capital Structure Decisions

Yıl 2019, Cilt: 14 Sayı: 3, 831 - 854, 31.12.2019
https://doi.org/10.17153/oguiibf.511717

Öz

The purpose of this study is
to calculate the value of financial flexibilities of firms listed on Borsa
İstanbul 100 Index and examine the relationship between the value of financial
flexibility and capital structure decisions. In this context, the values of
financial flexibility of the companies listed on Borsa İstanbul-100 Index for the
period of 2006-2015 were calculated with the marginal value of cash and the
method of five factors of financial flexibility (Rapp vd., 2014; Rapp vd.,
2012). The relationship between the value of financial flexibility and
financial decisions is examined using the method of panel regression analysis.
According to the results obtained from the study, it is determined that the
value of financial flexibility which offers significant information to
executives, shareholders and creditors is a calculable value for enterprises
operating in Turkey and the value of financial flexibility affects capital
structure decisions in a negative way.

Kaynakça

  • Albayrak, Ali Sait (2012), "Çoklu Doğrusal Bağlantı Halinde En küçük Kareler Tekniğinin Alternatifi Yanlı Tahmin Teknikleri ve Bir Uygulama", Uluslararası Yönetim İktisat ve İşletme Dergisi, Vol.1, No.1: 105-126.
  • American Institute of Certified Public Accountants (1993), “Disclosure of Certain Significant Risks and Uncertainties and Financial Flexibility”, (AICP). Stamford, https://searchworks.stanford.edu/view/10043003, Erişim Tarihi: 05.06.2017).
  • Arslan-Ayaydin, Özgür; Chris Florackis; Aydın Özkan (2014), "Financial Flexibility, Corporate Investment and Performance: Evidence from Financial Crises", Review of Quantitative Finance and Accounting, Vol. 42, No. 2 : 211-250.
  • Baker, H. Kent; Leigh A. Riddick, (2013), International Finance: A Survey, Oxford: Oxford University Press.
  • Bancel, Franck; Usha R. Mittoo (2004), "Cross-Country Determinants of Capital Structure Choice: A Survey of European Firms", Financial Management”, Vol. 3, No. 4: 103-132.
  • Baum, Christopher F. (2006), An Introduction to Modern Econometrics Using Stata, Lakeway: Stata Press.
  • Beattie, Vivien; Alan, Goodacre; Sarah, J. Thomson (2006), "Corporate Financing Decisions: UK Survey Evidence”, Journal of Business Finance & Accounting, No. 33, Vol. 9‐10 : 1402-1434.
  • Benetti, Cristiane; Roberto, F. Decourt; Paulo, R. Terra (2007), "The Practice Of Corporate Finance İn An Emerging Market: Preliminary Evidence from the Brazilian Survey", Annual Meeting of the Financial Management Association, Working Paper, School of Management of Federal University of Rio Grande do Sul, Rio Grande do Sul.
  • Brounen, Dirk; Abe, De Jong; Kees, Koedijk (2006), "Capital Structure Policies in Europe: Survey Evidence", Journal of Banking & Finance, Vol. 30, No.5: 1409-1442.
  • Byoun, Soku (2007), "Financial Flexibility, Leverage, and Firm Size", Working Paper, Hankamer School of Business, Baylor University.
  • Clark, Brian; Bill, Francis; Iftekhar, Hasan (2009), "Do Firms Adjust Toward Target Capital Structures? Some International Evidence", Working Paper, Lally School of Management and Technology, Rensselaer Polytechnic Institute.
  • Damodaran, Aswath (2010), Applied corporate finance, New Jersey: John Wiley & Sons.
  • Dang, Viet Anh; Minjoo, Kim; Yongcheol, Shin (2012), "Asymmetric Capital Structure Adjustments: New Evidence from Dynamic Panel Threshold Models", Journal of Empirical Finance, Vol. 19, No.4: 465-482.
  • Darabi, Roya; Mohamadi, Salah; GHasemi, Ahmad; Forozan, Shanaz (2013), “The Relationship between Financial Flexibility and Capital Structure Decisions”, Research Journal of Applied Sciences, Engineering and Technology, Vol.5, No. 14: 3843-3850.
  • DeAngelo, Harry; Linda DeAngelo (2007), "Capital Structure, Payout Policy, and Financial Flexibility”, Working Paper, University of Southern California.
  • Deesomsak, Rataporn; Krishna, Paudyal; Gioia, Pescetto (2004), "The Determinants of Capital Structure: Evidence from the Asia Pacific region", Journal of multinational financial management, Vol. 14, No. 4-5 :387-405.
  • Denis, David J.; Stephen, B. McKeon (2012), "Debt Financing and Financial Flexibility Evidence from Proactive Leverage İncreases", The Review of Financial Studies, Vol. 25, No. 6: 1897-1929.
  • Fama, Eugene F. ; Kenneth, R. French (2002), "Testing Trade-Off and Pecking Order Predictions about Dividends and Debt", The review of financial studies, Vol. 15, No. 1: 1-33.
  • Fama, Eugene F.; Kenneth, R. French (2005), "Financing Decisions: Who İssues Stock?", Journal of financial economics, Vol. 76, No. 3: 549-582.
  • Ferrando, Annalisa; Maria-Teresa, Marchica; Roberto, Mura (2014), "Financial flexibility Across the Euro Area and the UK”, Working Paper, No. 1630, European Central Bank (ECB), Frankfurt.
  • Financial Accounting Standards Board, (1984). Recognition and Measurement in the Financial Statements of Business Enterprises. (FASB). Stamford.
  • Fischer, Edwin O.; Robert, Heinkel; Josef, Zechner (1989), "Dynamic Capital Structure Choice: Theory and Tests", The Journal of Finance, Vol. 44, No.1: 19-40.
  • Flannery, Mark J.; Kasturi, P. Rangan (2006), "Partial Adjustment Toward Target Capital Structures", Journal of financial economics, Vol. 79, No. 3: 469-506.
  • Frank, Murray Z.; Vidhan, K. Goyal (2008), "Trade-off and Pecking Order Theories of Debt", Handbook of Empirical Corporate Finance, Vol. :2: 135-202.
  • Graham, John R. (2000), "How Big are the Tax Benefits of Debt?", The Journal of Finance, Vol. 55, No. 5: 1901-1941.
  • Gulati, Sumit; Y.P., Singh (2013), Financial Management, Mcgraw-Hill Education Press: New Deplhi.
  • Harris, Milton; Artur, Raviv (1991), "The Theory of Capital Structure", The Journal of Finance, Vol. 46, No. 1: 297-355.
  • Hess, Dieter; Philipp, Immenkötter (2014), "How Much is Too Much? Debt Capacity and Financial Flexibility", Working Papers, 14-03, University of Cologne.
  • Jianfu, Shen; Frederik, Pretorius (2012), "Real Option, Financial Frictions and Collateralized Debt: Theory and Evidence from Real Estate Companies Real Options: Theory meets practice”, 16th Annual Conference, June 27th – 30th 2012, London, England.
  • Killi, Andreas M.; Marc S., Rapp; Thomas, Schmid (2011), "Can financial Flexibility Explain The Debt Conservatism Puzzle? Cross-country Evidence From Listed Firms", Working Paper, http://ssrn.com/abstract=1814182, (Erişim: 02.20.2017).
  • Kohli, Anu; Jitendra, K. Sharma (2015), "Survey of Corporate Financial Behavior of Indian MNCs", International Journal of Finance and Accounting Studies, Vol. 3, No. 1 : 12-27.
  • Gökbulut, R. İlker (2010), "FVFM'nin İMKB Ulusal 100 Endeksindeki Geçerliliğinin Panel Veri Analizi ile Test Edilmesi", Istanbul University Journal of the School of Business Administration, Vol. 39 No. 1: 95-105.
  • Lee, Jimmy (2011), “The Role of Accounting Conservatism in Firms' Financial Decisions. Diss”, Working Paper, Northwestern University, Illinois.
  • Lemma, Tesfaye; Minga, Negash (2014), "Determinants of the Adjustment Speed of Capital Structure: Evidence from Developing Economies", Journal of Applied Accounting Research, Vol. 15, No. 1: 64-99.
  • Mahakud, Jitendra; Sulagna, Mukherjee (2011), "Determinants of Adjustment Speed to Target Capital Structure: Evidence from Indian Manufacturing Firms", International Conference on Economics and Finance Research. Vol. 4: 67-71.
  • McMillan, David G.; Omar, Camara (2012), "Dynamic Capital Structure Adjustment: US MNCs & DCs", Journal of Multinational Financial Management, Vol. 22, No. 5: 278-301.
  • Minton, Bernadette; Karen, Wruck (2001), "Financial Conservatism: Evidence on Capital Structure from Low Leverage Firms", Workingpaper (No. 6), Ohio: Ohio State University.
  • Mokhtar, Imani; Salamudin, Norhana; Zambahari, R. Shah (2013), “Financial Flexibility and Corporate Performance of Bumiputera Public Listed Companies”, International Conference on Economics and Business Research, 2013, 15-16 July, Malaysia.
  • Myers, Stewart C. (1984), "The capital structure puzzle", The journal of finance, Vol. 39, No. 3 : 574-592.
  • Myers, Stewart C.; Nicholas, S. Majluf (1984), "Corporate Financing and Investment Decisions When Firms Have İnformation that İnvestors do not Have", Journal of financial economics, Vol. 13, No. 2 : 187-221.
  • Nikolai, Loren A.; John, D. Bazley; Jefferson, P. Jones (2010), Intermediate Accounting, Australia: South-Western/Cengage.
  • Nor, Fauzias M.; Ibrahim, Khairunisah; Haron, Razali; Ibrahim, Izani; Alias, M. Adnan (2012), “Practices of Capital Structure Decisions: Malaysia Survey Evidence”, International Review of Business Research Papers, Vol. 8, No. 1, 33-63.
  • Öztekin, Özde; Mark J. Flannery (2012), "Institutional Determinants of Capital Structure Adjustment Speeds", Journal of financial economics, Vol. 103, No. 1: 88-112.
  • Pandey, Im. (2009), Financial management: Capital Structure Planning and Policy, India: Vikas Publishing House.
  • Pinegar, J. Michael; Lisa, Wilbricht (1989), "What Managers Think of Capital Structure Theory: A Survey", Financial Management, Vol. 18, No. 14: 82-91.
  • Pratt, Jamie; Anwar, Y. Salimi (2010), “Financial Accounting in an Economic Context, Issues in Accounting Education”, Vol. 25, No. 1 : 178-179.
  • Rajan, Raghuram G.; Luigi, Zingales (1995), "What do We Know About Capital Structure? Some Evidence from International Data", The journal of Finance, Vol. 50, No. 5: 1421-1460.
  • Rapp, M. Steffen; Thomas, Schmid; Daniel, Urban (2014), "The Value of Financial Flexibility and Corporate Financial Policy", Journal of Corporate Finance, Vol. 29: 288-302.
  • Rapp, M. Steffen, Thomas, Schmid; Daniel, L. Urban (2012), "The Value of Financial Flexibility and Payout Policy", Working Paper, Technische Universität München: Germany.
  • Tatoglu Yerdelen, Ferda (2013), Panel Veri Ekonometrisi, İstanbul: Beta Basım.
  • Titman, Sheridan; Roberto, Wessels (1988), "The Determinants of Capital Structure Choice", The Journal of finance, Vol. 43, No. 1: 1-19.
  • De Wet, Lambert H.; Sean, J. Gossel (2016), "South African Capital Structure Decisions: A Survey of Listed Companies", Journal of African Business, Vol. 17, No. 2: 167-187.
  • Wooldridge, J. Marc (2010), Econometric Analysis of Cross Section And Panel Data, Cambridge: MIT pres.
  • Yıkılmaz Erkol, Aslı. (2018). Finansal Esneklik Değeri ve Finansal Kararları Arasındaki İlişki: BİST 100 Endeksine Kote Olan Firmalar Üzerine Uygulama. Yayınlanmamış Doktora Tezi, Mersin Üniversitesi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Mersin.
  • Yung, Kenneth; DeQing, D. Li; Yi, Jian (2015), "The Value of Corporate Financial Flexibility in Emerging Countries", Journal of Multinational Financial Management, Vol. 32: 25-41.
Toplam 55 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Aslı Yıkılmaz Erkol 0000-0002-2334-7731

Turhan Korkmaz 0000-0001-5468-2279

Yayımlanma Tarihi 31 Aralık 2019
Gönderilme Tarihi 11 Ocak 2019
Yayımlandığı Sayı Yıl 2019 Cilt: 14 Sayı: 3

Kaynak Göster

APA Yıkılmaz Erkol, A., & Korkmaz, T. (2019). Finansal Esneklik Değeri ve Sermaye Yapısı Kararları. Eskişehir Osmangazi Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 14(3), 831-854. https://doi.org/10.17153/oguiibf.511717