BibTex RIS Kaynak Göster

Borsa İstanbul AŞ. Perakende Ticaret Sektöründe Sermaye Yapısı Kararlarının Mikro Panel Veri Yöntemi ile İncelenmesi

Yıl 2019, Sayı: 41, 220 - 234, 01.02.2019

Öz

İşletmenin sermaye yapısı, uzun vadeli yabancı kaynakları ile özsermayesinin toplamından oluşmaktadır. Başka bir ifadeyle sermaye yapısı, bir işletmede devamlı olarak bulundurulması zorunlu olan sermaye tutarını ifade etmektedir. Dolayısıyla işletme yönetim sürecinde sermaye yapısı kararları, stratejik finansal kararlar olarak değerlendirilmelidir. Çünkü sermaye yapısına ilişkin alınan kararlar işletmenin uzun vadede ortaya çıkacak faaliyetlerine yön vermekte, çeşitli çözüm önerileri geliştirmektedir. Öte yandan perakende ticaret sektörü ise; kısa vadeli kararların alındığı, tüketicinin eğilim ve yönelimlerinin işletmeler tarafından yoğun olarak hissedildiği, teknolojik gelişmelere açık, iş modeli temelinde insan odaklı olan dinamik bir sektördür. Bu çalışmada dinamik bir sektör olan perakende ticaret sektörü ile stratejik kararların odak noktası olan sermaye yapısı kararları arasındaki etkileşim incelenmiştir. Çalışmanın temel amacı, potansiyel yatırımcıların ve perakende ticaret sektöründe faaliyet gösteren işletme yöneticilerinin alacağı kararlara ışık tutmaktır. Bu doğrultuda çalışmada, iki ayrı model kurulmuş, ardından kısa ve uzun vadeli borçların, toplam varlıklar üzerindeki etkileri ayrı ayrı analiz edilmiştir. Çalışma sonucunda kısa vadeli borçların, toplam varlıklar üzerindeki etkisinin toplam borç/özsermaye, özsermaye/toplam varlıklar ve büyüme faktörleri ile açıklanabildiği; uzun vadeli borçların toplama varlıklara etkisinin ise toplam borç/özsermaye, işletmenin yaşı ve özsermaye/toplam varlıklar faktörleri ile açıklanabildiği sonucuna ulaşılmıştır.

Kaynakça

  • Abor, J. and Biekpe, N. (2009). “How Do We Explain the Capital Structure of the SMEs in Sub-Saharan Africa? Evidence from Ghana”,.Journal of Economic Studies, 36 (1), 83-97.
  • Açıkgöz, E., Uygurtürk, H. ve Korkmaz, T. (2015), “Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey”, International Journal of Economics and Financial Issues, 5 (2), 427-433.
  • Ahmed, N., Ahmed, Z. and Ahmed, I. (2010). “Determinants of Capital Structure: A Case of Life Insurance Sector of Pakistan”, European Journal of Economics, Finance and Administrative Sciences, 24, 7–12.
  • Akdal, S. (2010). “How Do Firm Characteristics Affect Capital Structure? Some UK Evidence”, MPRA Working Paper Series, No: 29199.
  • Antoniou, A., Guney, Y. and Paudyal, K. (2008). “The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions”, The Journal of Financial and Quantitative Analysis, 43 (1), 59–92.
  • Baltagi, B. H. (2013). “Econometric Analysis of Panel Data”, 5th Edition, Chichester: John Wiley & Sons.
  • Baltagi, B. H. and Qi L. (1995) “Testing AR(1) against MA(1) Disturbances in an Error Component Model”, Journal of Econometrics, 68 (1), 133-151.
  • Beck, N., ve Katz, J. N. (1995). “What To Do (and Not To Do) with Times-Series Cross-Section Data in Comparative Politics”, American Political Science Review, 89 (3), 634- 647.
  • Belkhir, M., Maghyereh, A., and Awartani, B. (2016). “Institutions and Corporate Capital Structure in the MENA Region”, Emerging Markets Review, 26, 99–129.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. (2001). “Capital Structures in Developing Countries”, The Journal of Finance, 56 (1), 87–130.
  • Breusch, T. S. and Pagan, A. R. (1979). “A Simple Test for Heteroscedasticity and Random Coefficient Variation”, Econometrica, 47 (5), 1287-1294.
  • Brooks, C. (2008) “Introductory Econometrics for Finance”, Second Edition, Cambridge University Press, New York.
  • Cassar, G. and Holmes, S. (2003). “Capital Structure and Financing of SMEs: Australian Evidence”,.Journal of Accounting and Finance, 43 (2), 123–47.
  • Chen, J. J. (2004). “Determinants of Capital Structure of Chinese-Listed Companies”, Journal of Business Research, 57 (12), 1341–1351.
  • Chittenden, F., Hall, G, Hutchinson, P. (1996). “Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and an Empirical Investigation”, Small Business Economics. Vol. 8 (1), 59-67.
  • Colombo, E. (2001). “Determinants of Corporate Capital Structure: Evidence from Hungarian Firms”, Applied Economics, 33 (1), 1689-1701.
  • Dasilas, A. and Papasyriopoulos, N. (2015). “Corporate Governance, Credit Ratings and the Capital Structure of the Greek SME and Large Listed Firms”, Small Business Economics, 45 (1), 215-244.
  • Daskalakis, N. and Psillaki, M. (2008). “Do Country Or Firm Factors Explain Capital Structure? Evidence from SMES in France and Greece”, Applied Financial Economics, 18 (2), 87-97.
  • Deesomsak, R., Paudyal, K. and Pescetto, G. (2004) “The Determinants Of Capital Structure: Evidence From The Asia Pacific Region”, Journal of Multinational Financial Management, 14 (4-5), 387-405.
  • Durand, D. (1952). “Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement”, National Bureau of Economic Research, 215-262.
  • Ebrahim, M. S., Girma, S., Shah, M. E. and Williams, J. (2014) “Dynamic Capital Structure and Political Patronage: The Case of Malaysia”, International Review of FinancialAnalysis, 31, 117–128.
  • Eriotis, N., Vasiliou, D., Ventoura-Neokosmide, Z. (2007). “How Firm Characteristics Affect Capital Structure: An Empirical Study”, Managerial Finance, 33 (5), 321-331.
  • Fama, E. and French. F. (1983). “Separation of Ownership and Control”, Journal of Law and Economics, 26 (2), 301-326.
  • Fama, E., French, R. K. (2002). “Testing Trade Off And Pecking Order Predictions About Dividents And Debt”, The Review of Financial Studies, 15 (1), 1-33.
  • Fan, J. P. H., Titman, S., and Twite, G. (2012). “An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, 47 (1), 23–56.
  • Feikadis, A. and Rovolis, A. (2007). “Capital Structure Choice in European Union: Evidence from the Construction Industry”, Applied Financial Economics, 17 (12), 989-1002.
  • Forte, D. B., L. A. and Nakamura, W. T. (2013). “Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises”, Brazilian Administration Review, 10 (3), 347-369.
  • Frank, M. Z. and Goyal, V. K. (2009). “Capital Structure Decisions: Which factors arereliably important?”, Financial Management, 38 (1), 1–37.
  • Gaud, P., Jani, E., Hoesli, M. and Bender, A. (2005) “The Capital Structure Of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data”, European Financial Management, 11 (1), 51-69.
  • Gujarati, D. N. (2004) “Basic Econometrics”, 4th Edition, New York: McGraw Hill.
  • Hall, G., Hutchinson, P. and Michaelas, N. (2000). “Industry Effects on the Determinants of Unquoted SMEs’ Capital Structure”, International Journal of the Economics of Business, 7 (3), 297-312.
  • Harris, M. and Raviv, A. (1991) “The Theory of Capital Structure”, The Journal of Finance, 46 (1), 297-355.
  • Heshmati, A. (2001). “The Dynamics of Capital Structure: Evidence from Swedish Micro and Small Firms”, Research in Banking and Finance, 2, 199-241.
  • Ma, J. H. (2015). “Relationship Between Capital Structure and Firm Performance, Evidence From Growth Enterprise Market in China”, Management Science and Engineering, 9 (1), 45-49.
  • Menike, L. M. C. S. (2015). “Capital Structure and Financing of Small and Medium Sized Enterprises: Empirical Evidence from a Sri Lankan Survey”, Journal of Small Business and Entrepreneurship Development, 3 (1), 54-65.
  • Michaelas, N., Chittenden, F. and Poutziouris, P. (1999). “Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data”, Small Business Economics, 12 (2), 113–130.
  • Myers, S. C. (1984). “The capital structure puzzle”, Journal of Finance, 39 (3), 575-592.
  • Myers, S. C. and 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.
  • Noor Saarani, A. and Shahadan, F. (2013) “The Comparison of Capital Structure Determinants between Small and Medium Enterprises (SMEs) and Large Firms in Malaysia”, International Journal of Economics and Finance Studies, 5 (1), 22-32.
  • Osteryoung, J., Constand, R. L. and Donald, N. (1983). “Separation of Ownership and Control”, Journal of Law and Economics, 26 (2), 301-326.
  • Ozkan, A. (2001). “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence From UK Company Panel Data”, Journal of Business Finance and Accounting, 28 (1-2), 175-198.
  • Petersen, M. A., Rajan, R. G. (1994). “The Benefits of Lending Relationships: Evidence from Small Business Data”, The Journal of Finance, 49 (1), 3–37.
  • Rajan, R. G., and Zingales, L. (1995). “What Do We Know About Capital Structure – Some Evidence from International Data”, Journal of Finance, 50 (5), 1421–1460.
  • Rehman, A. U., Wang, M. and Mirza, S. S. (2017) “How Do Chinese Firms Adjust Their Financial Leverage: An Empirical Investigation Using Multiple GMM Models”, China Finance and Economic Review, 5 (8), 1-30.
  • Šarlija, N. and Harc, M. (2012). “The Impact of Liquidity on the Capital Structure: A Case Study of Croatian Firms”, Business System Research, 3 (1), 30-36.
  • Šarlija, N. and Harc, M. (2016). “Capital Structure Determinants of Small and Medium Enterprises in Croatia”, Journal of Economic Studies, 36 (1), 83-97.
  • Sayılgan, G., Karabacak, H. and Küçükkocaoğlu, G. (2006) “The Firm-Specific Determinants Of Corporate Capital Structure: Evidence From Turkish Panel Data”, Investment Management and Financial Innovations, 3 (3), 125-139.
  • Sbeiti, W. (2010) “The Determinants of Capital Structure: Evidence from the GCC Countries”, International Research Journal of Finance and Economics, 47, 56–82.
  • Sogorp-Mira, F. (2005). “How SME Uniqueness Affects Capital Structure: Evidence From A 1994–1998 Spanish Data Panel”, Small Business Economics. 25 (5), 447–457.
  • Sokang, K. and Ratanak, N. (2018). “Capital Structure, Growth and Profitability: Evidence from Domestic Commercial Banks in Cambodia”, International Journal of Management Science and Business Administratio, 5 (1), 31–38.
  • Storey, D., Watson, A. and Wynarczyk, P. (1988), “Fast Growth Small Businesses: A Study of 40 Small Firms in North East England”, Research Paper, No. 67, London Department of Employment.
  • Titman, S. and Wessels, R. (1988). “The Determinants of Capital Structure Choice”, Journal of Finance. 43 (1), 1–19.
  • Udomsirikul, P., Jumreornvong, S. and Jiraporn, P. (2011). “Liquidity and capital structure: The case of Thailand”, The Journal of Multinational Financial Management, 21 (2), 106–117.
  • Wald, J. K. (1999). “How Firm Characteristic Affect Capital Structure: An International Comparison”, The Journal of Financial Research, 22 (2), 161–88.
  • Wiwattanakantang, Y. (1999). “An Empirical Study on the Determinants of The Capital Structure of Thai Firms”, Pacific-Basin Finance Journal, 7 (3-4), 371-403.
  • Yerdelen Tatoğlu, F. (2013). “Panel Veri Ekonometrisi: Stata Uygulamalı”, Beta Yayınları, İstanbul.

The Examination of Capital Structure Decisions By Micro Panel Data Method in Borsa Istanbul Retailing Trade Sector

Yıl 2019, Sayı: 41, 220 - 234, 01.02.2019

Öz

The capital structure forms by sum of long-term debt and equity capital. In other words, the capital structure refers to the amount of capital that is mandatory. Therefore, capital structure decisions must evaluate as strategic financial decisions along business management. Because capital structure decisions related with long-term decisions that propose some solutions to them. On the other hand, retailing trade sector is dynamic, focused on consumer sensitive, and short-term decisions are taken in this sector. In this study we investigated interaction between dynamic retailing trade sector and capital structure decisions that are based on strategic decisions. The aim of this study is orient the potential investors and executives of retail companies. In this context, we developed two different models and analyzed the effects of short and long term debts on total assets by micro panel data method. The results are showed that the effects of short-term debts on total assets can explain by total debt / equity, equity / total assets and growth factors, however the effects of long-term debts on total assets can explain by total debt / equity, the age of enterprise and equity / total assets

Kaynakça

  • Abor, J. and Biekpe, N. (2009). “How Do We Explain the Capital Structure of the SMEs in Sub-Saharan Africa? Evidence from Ghana”,.Journal of Economic Studies, 36 (1), 83-97.
  • Açıkgöz, E., Uygurtürk, H. ve Korkmaz, T. (2015), “Analysis of Factors Affecting Growth of Pension Mutual Funds in Turkey”, International Journal of Economics and Financial Issues, 5 (2), 427-433.
  • Ahmed, N., Ahmed, Z. and Ahmed, I. (2010). “Determinants of Capital Structure: A Case of Life Insurance Sector of Pakistan”, European Journal of Economics, Finance and Administrative Sciences, 24, 7–12.
  • Akdal, S. (2010). “How Do Firm Characteristics Affect Capital Structure? Some UK Evidence”, MPRA Working Paper Series, No: 29199.
  • Antoniou, A., Guney, Y. and Paudyal, K. (2008). “The Determinants of Capital Structure: Capital Market-Oriented versus Bank-Oriented Institutions”, The Journal of Financial and Quantitative Analysis, 43 (1), 59–92.
  • Baltagi, B. H. (2013). “Econometric Analysis of Panel Data”, 5th Edition, Chichester: John Wiley & Sons.
  • Baltagi, B. H. and Qi L. (1995) “Testing AR(1) against MA(1) Disturbances in an Error Component Model”, Journal of Econometrics, 68 (1), 133-151.
  • Beck, N., ve Katz, J. N. (1995). “What To Do (and Not To Do) with Times-Series Cross-Section Data in Comparative Politics”, American Political Science Review, 89 (3), 634- 647.
  • Belkhir, M., Maghyereh, A., and Awartani, B. (2016). “Institutions and Corporate Capital Structure in the MENA Region”, Emerging Markets Review, 26, 99–129.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A. and Maksimovic, V. (2001). “Capital Structures in Developing Countries”, The Journal of Finance, 56 (1), 87–130.
  • Breusch, T. S. and Pagan, A. R. (1979). “A Simple Test for Heteroscedasticity and Random Coefficient Variation”, Econometrica, 47 (5), 1287-1294.
  • Brooks, C. (2008) “Introductory Econometrics for Finance”, Second Edition, Cambridge University Press, New York.
  • Cassar, G. and Holmes, S. (2003). “Capital Structure and Financing of SMEs: Australian Evidence”,.Journal of Accounting and Finance, 43 (2), 123–47.
  • Chen, J. J. (2004). “Determinants of Capital Structure of Chinese-Listed Companies”, Journal of Business Research, 57 (12), 1341–1351.
  • Chittenden, F., Hall, G, Hutchinson, P. (1996). “Small Firm Growth, Access to Capital Markets and Financial Structure: Review of Issues and an Empirical Investigation”, Small Business Economics. Vol. 8 (1), 59-67.
  • Colombo, E. (2001). “Determinants of Corporate Capital Structure: Evidence from Hungarian Firms”, Applied Economics, 33 (1), 1689-1701.
  • Dasilas, A. and Papasyriopoulos, N. (2015). “Corporate Governance, Credit Ratings and the Capital Structure of the Greek SME and Large Listed Firms”, Small Business Economics, 45 (1), 215-244.
  • Daskalakis, N. and Psillaki, M. (2008). “Do Country Or Firm Factors Explain Capital Structure? Evidence from SMES in France and Greece”, Applied Financial Economics, 18 (2), 87-97.
  • Deesomsak, R., Paudyal, K. and Pescetto, G. (2004) “The Determinants Of Capital Structure: Evidence From The Asia Pacific Region”, Journal of Multinational Financial Management, 14 (4-5), 387-405.
  • Durand, D. (1952). “Cost of Debt and Equity Funds for Business: Trends and Problems of Measurement”, National Bureau of Economic Research, 215-262.
  • Ebrahim, M. S., Girma, S., Shah, M. E. and Williams, J. (2014) “Dynamic Capital Structure and Political Patronage: The Case of Malaysia”, International Review of FinancialAnalysis, 31, 117–128.
  • Eriotis, N., Vasiliou, D., Ventoura-Neokosmide, Z. (2007). “How Firm Characteristics Affect Capital Structure: An Empirical Study”, Managerial Finance, 33 (5), 321-331.
  • Fama, E. and French. F. (1983). “Separation of Ownership and Control”, Journal of Law and Economics, 26 (2), 301-326.
  • Fama, E., French, R. K. (2002). “Testing Trade Off And Pecking Order Predictions About Dividents And Debt”, The Review of Financial Studies, 15 (1), 1-33.
  • Fan, J. P. H., Titman, S., and Twite, G. (2012). “An International Comparison of Capital Structure and Debt Maturity Choices”, Journal of Financial and Quantitative Analysis, 47 (1), 23–56.
  • Feikadis, A. and Rovolis, A. (2007). “Capital Structure Choice in European Union: Evidence from the Construction Industry”, Applied Financial Economics, 17 (12), 989-1002.
  • Forte, D. B., L. A. and Nakamura, W. T. (2013). “Determinants of the Capital Structure of Small and Medium Sized Brazilian Enterprises”, Brazilian Administration Review, 10 (3), 347-369.
  • Frank, M. Z. and Goyal, V. K. (2009). “Capital Structure Decisions: Which factors arereliably important?”, Financial Management, 38 (1), 1–37.
  • Gaud, P., Jani, E., Hoesli, M. and Bender, A. (2005) “The Capital Structure Of Swiss Companies: An Empirical Analysis Using Dynamic Panel Data”, European Financial Management, 11 (1), 51-69.
  • Gujarati, D. N. (2004) “Basic Econometrics”, 4th Edition, New York: McGraw Hill.
  • Hall, G., Hutchinson, P. and Michaelas, N. (2000). “Industry Effects on the Determinants of Unquoted SMEs’ Capital Structure”, International Journal of the Economics of Business, 7 (3), 297-312.
  • Harris, M. and Raviv, A. (1991) “The Theory of Capital Structure”, The Journal of Finance, 46 (1), 297-355.
  • Heshmati, A. (2001). “The Dynamics of Capital Structure: Evidence from Swedish Micro and Small Firms”, Research in Banking and Finance, 2, 199-241.
  • Ma, J. H. (2015). “Relationship Between Capital Structure and Firm Performance, Evidence From Growth Enterprise Market in China”, Management Science and Engineering, 9 (1), 45-49.
  • Menike, L. M. C. S. (2015). “Capital Structure and Financing of Small and Medium Sized Enterprises: Empirical Evidence from a Sri Lankan Survey”, Journal of Small Business and Entrepreneurship Development, 3 (1), 54-65.
  • Michaelas, N., Chittenden, F. and Poutziouris, P. (1999). “Financial Policy and Capital Structure Choice in U.K. SMEs: Empirical Evidence from Company Panel Data”, Small Business Economics, 12 (2), 113–130.
  • Myers, S. C. (1984). “The capital structure puzzle”, Journal of Finance, 39 (3), 575-592.
  • Myers, S. C. and 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.
  • Noor Saarani, A. and Shahadan, F. (2013) “The Comparison of Capital Structure Determinants between Small and Medium Enterprises (SMEs) and Large Firms in Malaysia”, International Journal of Economics and Finance Studies, 5 (1), 22-32.
  • Osteryoung, J., Constand, R. L. and Donald, N. (1983). “Separation of Ownership and Control”, Journal of Law and Economics, 26 (2), 301-326.
  • Ozkan, A. (2001). “Determinants of Capital Structure and Adjustment to Long Run Target: Evidence From UK Company Panel Data”, Journal of Business Finance and Accounting, 28 (1-2), 175-198.
  • Petersen, M. A., Rajan, R. G. (1994). “The Benefits of Lending Relationships: Evidence from Small Business Data”, The Journal of Finance, 49 (1), 3–37.
  • Rajan, R. G., and Zingales, L. (1995). “What Do We Know About Capital Structure – Some Evidence from International Data”, Journal of Finance, 50 (5), 1421–1460.
  • Rehman, A. U., Wang, M. and Mirza, S. S. (2017) “How Do Chinese Firms Adjust Their Financial Leverage: An Empirical Investigation Using Multiple GMM Models”, China Finance and Economic Review, 5 (8), 1-30.
  • Šarlija, N. and Harc, M. (2012). “The Impact of Liquidity on the Capital Structure: A Case Study of Croatian Firms”, Business System Research, 3 (1), 30-36.
  • Šarlija, N. and Harc, M. (2016). “Capital Structure Determinants of Small and Medium Enterprises in Croatia”, Journal of Economic Studies, 36 (1), 83-97.
  • Sayılgan, G., Karabacak, H. and Küçükkocaoğlu, G. (2006) “The Firm-Specific Determinants Of Corporate Capital Structure: Evidence From Turkish Panel Data”, Investment Management and Financial Innovations, 3 (3), 125-139.
  • Sbeiti, W. (2010) “The Determinants of Capital Structure: Evidence from the GCC Countries”, International Research Journal of Finance and Economics, 47, 56–82.
  • Sogorp-Mira, F. (2005). “How SME Uniqueness Affects Capital Structure: Evidence From A 1994–1998 Spanish Data Panel”, Small Business Economics. 25 (5), 447–457.
  • Sokang, K. and Ratanak, N. (2018). “Capital Structure, Growth and Profitability: Evidence from Domestic Commercial Banks in Cambodia”, International Journal of Management Science and Business Administratio, 5 (1), 31–38.
  • Storey, D., Watson, A. and Wynarczyk, P. (1988), “Fast Growth Small Businesses: A Study of 40 Small Firms in North East England”, Research Paper, No. 67, London Department of Employment.
  • Titman, S. and Wessels, R. (1988). “The Determinants of Capital Structure Choice”, Journal of Finance. 43 (1), 1–19.
  • Udomsirikul, P., Jumreornvong, S. and Jiraporn, P. (2011). “Liquidity and capital structure: The case of Thailand”, The Journal of Multinational Financial Management, 21 (2), 106–117.
  • Wald, J. K. (1999). “How Firm Characteristic Affect Capital Structure: An International Comparison”, The Journal of Financial Research, 22 (2), 161–88.
  • Wiwattanakantang, Y. (1999). “An Empirical Study on the Determinants of The Capital Structure of Thai Firms”, Pacific-Basin Finance Journal, 7 (3-4), 371-403.
  • Yerdelen Tatoğlu, F. (2013). “Panel Veri Ekonometrisi: Stata Uygulamalı”, Beta Yayınları, İstanbul.
Toplam 56 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Erhan Demireli Bu kişi benim

Berk Yıldız Bu kişi benim

Yayımlanma Tarihi 1 Şubat 2019
Yayımlandığı Sayı Yıl 2019 Sayı: 41

Kaynak Göster

APA Demireli, E., & Yıldız, B. (2019). Borsa İstanbul AŞ. Perakende Ticaret Sektöründe Sermaye Yapısı Kararlarının Mikro Panel Veri Yöntemi ile İncelenmesi. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi(41), 220-234.


24108  28027

Bu eser Creative Commons Attribution-NonCommercial 4.0 International Lisansı ile lisanslanmıştır.