Denizcilik Sektöründe Sermaye Yapısı Teorilerinin Geçerliliğinin Test Edilmesi: ABD Borsaları Üzerine Bir Uygulama

Yıl 2024, , 159 - 179, 28.04.2024

Berk Yıldız

https://doi.org/10.17233/sosyoekonomi.2024.02.08

Öz

Bu çalışmada, IMO’nun regülasyonlarının ve yeni girişimlerinin etkisine ve sermaye yapısı teorilerinin geçerliliğine odaklanarak, ABD’de listelenen 29 denizcilik şirketinin sermaye yapısı kararlarını etkileyen finansal faktörleri incelenmektir. Elde edilen sonuçlar, sabit varlık oranının aksine, karlılık ve işletme büyüklüğü faktörlerinin ABD borsalarında işlem gören denizcilik şirketlerinin sermaye yapıları üzerinde negatif bir etkiye sahip olduğunu göstermektedir. Ayrıca, denizcilik şirketlerinin sermaye yapısı kararlarının finansman hiyerarşisi teorisi ile uyumlu olduğu da teyit edilmiştir.

Anahtar Kelimeler

Sermaye Yapısı, Denizcilik Sektörü, Panel Veri, Finansman Hiyerarşisi Teorisi, ABD Borsaları

Validity of Capital Structure Theories in the Shipping Industry: An Application on U.S. Equity Markets

Öz

This paper analyses the financial factors that affect the capital structure decisions of 29 shipping companies in the U.S. equity markets. The study focuses on the impact of International Maritime Organization (IMO) regulations and new initiatives. The results show that leverage has a negative impact on profitability and size, in contrast to tangibility. It is also confirmed that the decisions of shipping companies regarding capital structure align with the pecking order theory of capital structure.

Anahtar Kelimeler

Capital Structure, Shipping Industry, Panel Data, Pecking Order Theory, U.S. Equity Markets

Kaynakça

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