Investigating the Effects of Firm-Specific Factors on Businesses' Investment Financing Decisions

Yıl 2022, Cilt: 22 Sayı: 2, 102 - 117, 17.10.2022

İlhan Çam , Gökhan Özer

https://doi.org/10.30976/susead.1065035

Öz

Purpose - In this paper, how firm size, firm profitability, and firm growth opportunities affect the investment financing decisions of firms is examined with the dynamic multi-equation system method.
Methodology –In the paper, investment financing decisions of 22,694 different firms operating in 76 different countries over 1994 - 2019 were investigated using the seemingly unrelated regression method.
Findings –Findings show that: (1) As firm size increases, the use of long-term financial debt in financing capital expenditures and working capital investments increases. (2) As firm profitability increases, the use of long-term financial debt and cash reserves in financing investments increases, while the equity issuance decreases (3) Firms with high growth opportunities decrease their equity issuances in financing their capital expenditures, while increase their long-term debt uses.
Conclusions –Investment financing decisions vary with the characteristics of the firms.

Anahtar Kelimeler

Financing decisions, Capital structure, Debt issuance, Equity issuance, Seemingly unrelated regression

Firmaya Özgü Faktörlerin İşletmelerin Yatırım Finansmanı Kararları Üzerindeki Etkilerinin İncelenmesi

Öz

Amaç - Bu çalışmada firma büyüklüğünün, firma büyüme fırsatlarının ve firma kârlılığının işletmelerin yatırım finansmanı kararlarını nasıl etkilediği dinamik çoklu denklem sistemi yöntemi ile incelenmiştir.
Yöntem - Çalışmada 1994-2019 yılları arasında 76 farklı ülkede faaliyet gösteren 22,694 farklı firmanın yatırım finansmanı kararları, görünüşte ilişkisiz regresyon yöntemi ile incelenmiştir.
Bulgular –Elde edilen bulgulara göre: (1) Firma büyüklüğü arttıkça maddi duran varlık ve çalışma sermayesi yatırımlarının finansmanında uzun vadeli finansal borç kullanımı artmaktadır. (2) Firma kârlılığı arttıkça maddi duran varlık yatırımlarının finansmanında uzun vadeli finansal borç ve nakit rezervi kullanımı artmakta ve diğer taraftan hisse senedi kullanımı ise azalmaktadır. (3) Büyüme olanakları yüksek olan firmalar ise maddi duran varlık yatırımlarının finansmanında hisse senedi ihraçlarını azaltmakta ve uzun vadeli kredi kullanımlarını ise artırmaktadırlar.
Sonuç –İşletmelerin sahip oldukları özelliklere göre yatırım finansmanı kararları değişmektedir.

Anahtar Kelimeler

Finansman kararları, Sermaye yapısı, Borç ihracı, Hisse senedi ihracı, Görünüşte ilişkisiz regresyon

Kaynakça

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