Sermaye Yapısının Belirleyicileri: BIST’de İşlem Gören İmalat Sektörü Firmaları Üzerine Ampirik Bir Araştırma

Yıl 2021, Cilt: 16 Sayı: 3, 842 - 855, 01.12.2021

Özcan Işık , Ersan Ersoy

https://doi.org/10.17153/oguiibf.974459

Cited By: 3

Öz

Bu çalışmanın amacı, Borsa İstanbul’da işlem gören imalat sanayi firmalarında, firma düzeyinde faktörlerin sermaye yapısı kararları üzerindeki etkisini araştırmak ve ayrıca bu etkinin firma büyüklüğü ve borçlanma düzeyine göre değişiklik gösterip göstermediğini belirlemektir. Çalışma 2010-2019 dönemini ve 143 firmayı kapsamaktadır. Driscoll-Kraay yaklaşımı kullanılarak yapılan panel regresyon analizi sonuçlarına göre, finansal hiyerarşi ve dengeleme teorisi çerçevesinde seçilen firmaya özgü faktörler, firmaların borçlanma davranışındaki değişimi açıklamada kritik rol oynamaktadır. Ayrıca firma düzeyindeki değişkenlerin sermaye yapısı üzerindeki etkisinin, firma gruplarına göre farklılaşabildiği tespit edilmiştir.

Anahtar Kelimeler

Sermaye Yapısı, İmalat Sektörü, Dengeleme Teorisi, Finansal Hiyerarşi Teorisi, Kaldıraç

Determinants of Capital Structure: Empirical Evidence from Manufacturing Firms Listed on BIST

Öz

In this study, we analyze the impact of firm-level determinants on the capital structure decisions of Turkish publicly traded firms operating in the manufacturing sector over the period from 2010 to 2019, and we also investigate whether this impact is particularly associated with firm size and level of debt. Panel regression results based on the Driscoll-Kraay procedure imply that firm-specific variables selected within the framework of two dominant theories of capital structure play critical roles in explaining the changes in borrowing behaviors of the firms. Moreover, our empirical results reveal that the impact of the firm-level variables on capital structure varies over different groups of firms.

Anahtar Kelimeler

Capital Structure, Turkish Manufacturing Sector, Trade-off Theory, Pecking Order Theory, Leverage

Kaynakça

• Alipour, M.; Mohammadi, M. F. S; Derakhshan, H. (2015), “Determinants of Capital Structure: An Empirical Study of Firms in Iran”, International Journal of Law and Management, Vol. 57, No. 1: 53-83.
• Alnori, F.; Alqahtani, F. (2019), “Capital Structure and Speed of Adjustment in Non-Financial Firms: Does Sharia Compliance Matter? Evidence from Saudi Arabia”, Emerging Markets Review, Vol. 39: 50-67.
• Antoniou, A.; Guney, Y.; Paudyal, K. (2008), “The determinants of capital structure: Capital market-oriented versus bank-oriented institutions”, Journal of Financial and Quantitative Analysis, Vol. 43, No. 1: 59-92.
• Bilgin, R. (2019), “Relative Importance of Country and Firm-Specific Determinants of Capital Structure: A Multilevel Approach”, Prague Economic Papers, Vol. 28, No. 5: 499-515.
• Cappa, F.; Cetrini, G.; Oriani, R. (2020), “The Impact of Corporate Strategy on Capital Structure: Evidence from Italian Listed Firms”, The Quarterly Review of Economics and Finance, Vol. 76: 379-385.
• Chakrabarti, A.; Chakrabarti, A. (2019), “The Capital Structure Puzzle –Evidence from Indian Energy Sector”, International Journal of Energy Sector Management, Vol. 13, No. 1: 2-23.
• D’Amato, A. (2020), “Capital Structure, Debt Maturity, and Financial Crisis: Empirical Evidence from SMEs”, Small Business Economics, Vol. 55, No. 4: 919-941.
• Dakua, S. (2019), “Effect of Determinants on Financial Leverage in Indian Steel Industry: A Study on Capital Structure”, International Journal of Finance & Economics, Vol. 24, No. 1: 427-436.
• Danso, A.; Samuel, F.; Samuel, O. G.; Ntim, C. G.; Adegbite, E. (2020), “Capital Structure Revisited. Do Crisis and Competition Matter in a Keiretsu Corporate Structure?”, International Journal of Finance & Economics. Advance Online Publication, doi: 10.1002/ijfe.2055
• De Jong, A.; Kabir, R.; Nguyen, T. T. (2008), “Capital Structure around the World: The Roles of Firm-and Country-Specific Determinants”, Journal of Banking & Finance, Vol. 32, No. 9: 1954-1969.
• DeAngelo, H.; Masulis, R. W. (1980), “Optimal Capital Structure under Corporate and Personal Taxation”, Journal of Financial Economics, Vol. 8, No. 1: 3–29.
• Deesomsak, R.; Paudyal, K.İ; Pescetto, G. (2004), “The Determinants of Capital Structure: Evidence from the Asia Pacific region”, Journal of Multinational Financial Management, Vol. 14, No. 4-5: 387-405.
• Delcoure, N. (2007), “The Determinants of Capital Structure in Transitional Economies”, International Review of Economics & Finance, Vol. 16, No. 3: 400-415.
• Driscoll, J. C.; Kraay, A. C. (1998), “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data”, Review of Economics and Statistics, Vol. 80, No. 4: 549-560.
• Handoo, A.; Sharma, K. (2014), “A Study on Determinants of Capital Structure in India”, IIMB Management Review, Vol. 26, No. 3: 170-182.
• Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, Vol. 7, No. 3: 281-312.
• Hossain, Md. I.; Hossain, Md. A. (2015), “Determinants of Capital Structure and Testing of Theories: A Study on the Listed Manufacturing Companies in Bangladesh”, International Journal of Economics and Finance, Vol. 7, No. 4: 176-190.
• Huang, S. G.; Song, F. M. (2006), “The Determinants of Capital Structure: Evidence from China”, China Economic Review, Vol. 17, No. 1: 14-36.
• Jahanzeb, A.; Bajuri, N. H.; Ghori, A. (2015), “Market Power Versus Capital Structure Determinants: Do They Impact Leverage?”, Cogent Economics & Finance, Vol. 3, No. 1: 1-9.
• Jensen, M. C.; Meckling, W. H. (1976), “Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure”, Journal of Financial Economics, Vol. 3, No. 4: 305–360.
• Khémiri, W.; Noubbigh, H. (2018), “Determinants of Capital Structure: Evidence from Sub-Saharan African Firms”, The Quarterly Review of Economics and Finance, Vol. 70: 150-159.
• Kim, H.; Berger, P. D. (2008), “A Comparison of Capital Structure Determinants: The United States and The Republic of Korea”, The Multinational Business Review, Vol. 16, No. 1: 79-100.
• Kraus, A.; Litzenberger, R. H. (1973), “A State-Preference Model of Optimal Financial Leverage”, The Journal of Finance, Vol. 28, No. 4: 911–922.
• Krishnan, V. S.; Moyer, R. C. (1996), “Determinants of Capital Structure: An Empirical Analysis of Firms in Industrialized Countries”, Managerial Finance, Vol. 22, No. 2: 39-55.
• Lee, K. C.; Kwok, C. C. Y. (1988), “Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure”, Journal of International Business Studies, Vol. 19, No. 2: 195-217.
• López-Gracia, J.; Sogorb-Mira, F. (2008), “Testing Trade-Off and Pecking Order Theories Financing SMEs”, Small Business Economics, Vol. 31, No. 2: 117-136.
• Marsh, P. (1982), “The Choice between Equity and Debt: An Empirical Study”, The Journal of Finance, Vol. 37, No. 1: 121-44.
• Miglo, A.; Lee, Z.; Liang, S. (2014), “Capital Structure of Internet Companies: Case Study”, Journal of Internet Commerce, Vol. 13, No. 3-4: 253-281.
• Mirza, S. S.; Jebran, K.; Yan, Y.; Iqbal, A. (2017), “Financing Behavior of Firms in Tranquil and Crisis Period: Evidence from China”, Cogent Economics & Finance, Vol. 5, No. 1: 1-16.
• Modigliani, F.; Miller, M. H. (1958), “The Cost of Capital, Corporate Finance, and the Theory of Investment”, The American Economic Review, Vol. 48, No. 3: 261-297.
• Modigliani, F.; Miller, M. H. (1963), “Corporate Income Taxes and the Cost of Capital: A Correction”, The American Economic Review, Vol. 53, No. 3: 433-443.
• Moosa, I.; Li, L. (2012), “Firm Specific Factors as Determinants of Capital Structure: Evidence from Indonesia”, Review of Pacific Basin Financial Markets and Policies, Vol. 15, No. 2: 1-17.
• Moradi, A.; Paulet, E. (2019), “The Firms-Specific Determinants of Capital Structure –An Empirical Analysis of Firms before and during the Euro Crisis”, Research in International Business and Finance, Vol. 47: 150-161.
• 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, Vol. 13, No. 2: 187-221.
• Myers, S. C. (2001), “Capital Structure”, Journal of Economic Perspectives, Vol. 15, No. 2: 81-102.
• Myers, S. C. (1984), “The Capital Structure Puzzle”, The Journal of Finance, Vol. 39, No. 3: 575–592.
• Nguyen, D. T. T.; Diaz-Rainey, I.; Gregoriou, A. (2014), “Determinants of the Capital Structure of Listed Vietnamese Companies”, Journal of Southeast Asian Economies, Vol. 31, No. 3: 412-431.
• Noulas, A.; Genimakis, G. (2011), “The Determinants of Capital Structure Choice: Evidence from Greek Listed Companies”, Applied Financial Economics, Vol. 21, No. 6: 379-387.
• Nunkoo, P. K.; Boateng, A. (2010), “The Empirical Determinants of Target Capital Structure and Adjustment to Long-Run Target: Evidence from Canadian Firms”, Applied Economics Letters, Vol. 17, No. 10: 983-990.
• Ozkan, A. (2001), “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence from UK Company Panel Data”, Journal of Business Finance & Accounting, Vol. 28, No. 1‐2: 175-198.
• Panda, A. K.; Nanda, S. (2020), “Determinants of Capital Structure: A Sector-Level Analysis for Indian Manufacturing Firms”, International Journal of Productivity and Performance Management, Vol. 69, No. 5: 1033-1060.
• Proença, P.; Laureano, R. M. S.; Laureano, L. M. S. (2014), “Determinants of Capital Structure and the 2008 Financial Crisis: Evidence from Portuguese SMEs”, Procedia-Social and Behavioral Sciences, Vol. 150: 182-191.
• Qian, Y.; Tian, Y.; Wirjanto, T. S. (2009), “Do Chinese Publicly Listed Companies Adjust Their Capital Structure Toward a Target Level?”, China Economic Review, Vol. 20, No. 4: 662-676.
• Saif-Alyousfi, A. Y. H.; Md-Rus, R.; Taufil-Mohd, K. N.; Taib, H. M.; Shahar, H. K. (2020), “Determinants of Capital Structure: Evidence from Malaysian Firms”, Asia-Pacific Journal of Business Administration. Vol. 12, No. 3/4: 283-326.
• Saona, P.; Martín, P. S.; Jara, M. (2018), “Group Affiliation and Ownership Concentration as Determinants of Capital Structure Decisions: Contextualizing the Facts for an Emerging Economy”, Emerging Markets Finance and Trade, Vol. 54, No. 14: 3312-3329.
• Sayılgan, G.; Karabacak, H.; Küçükkocaoğlu, G. (2016), “The Firm-Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data”, Investment Management and Financial Innovation, Vol. 3, No. 3: 125-139.
• Serrasqueiro, Z.; Nunes, P. M. (2014), “Financing Behaviour of Portuguese SMEs in Hotel Industry”, International Journal of Hospitality Management, Vol. 43: 98-107.
• Sheikh, N. A.; Wang, Z. (2011), “Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan”, Managerial Finance, Vol. 37, No. 2: 117-133.
• Sikveland, M.; Zhang, D. (2020), “Determinants of Capital Structure in the Norwegian Salmon Aquaculture Industry”, Marine Policy, Vol. 119: 104061.
• Titman, S.; Wessels, R. (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, Vol. 43, No. 1: 1-19.
• Touil, M.; Mamoghli, C. (2020), “Institutional Environment and Determinants of Adjustment Speed to the Target Capital Structure in the MENA Region”, Borsa Istanbul Review, Vol. 20, No. 2: 121-143.
• Vo, X. V. (2017), “Determinants of Capital Structure in Emerging Markets: Evidence from Vietnam”, Research in International Business and Finance, Vol. 40: 105-113.
• Wiwattanakantang, Y. (1999), “An Empirical Study on the Determinants of the Capital Structure of Thai Firms”, Pacific-Basin Finance Journal, Vol. 7, No. 3-4: 371-403.
• Yildirim, R.; Masih, M.; Bacha, O. I. (2018), “Determinants of Capital Structure: Evidence from Shari'ah Compliant and Non-Compliant Firms”, Pacific-Basin Finance Journal, Vol. 51: 198-219.
• Yildiz, M. E.; Yalama, A.; Sevil, G. (2009), “Sermaye Yapısı Teorilerinin Geçerliliğinin Test Edilmesi: Panel Veri Analizi Kullanılarak İMKB-İmalat Sektörü Üzerinde Ampirik Bir Uygulama”, İşletme, İktisat ve Finans Dergisi, Vol. 24, No. 278: 25-45.
• Zafar, Q.; Wongsurawat, W.; Camino, D. (2019), “The Determinants of Leverage Decisions: Evidence from Asian Emerging Markets”, Cogent Economics & Finance, Vol. 7, No. 1: 1-28.