THE EFFECT OF MANAGERİAL OWNERSHİP, CAPİTAL STRUCTURE AND COMPANY SİZE ON CORPORATE VALUE: RESEARCH ON BIST100 COMPANİES

Öz

This study is motivated on whether the capital structure and partnership structure decisions are effective on the market values of the companies operating in the BIST 100 Index. Within the scope of the research, the shareholding structure ratios representing the size, debt / equity ratio and managerial ownership level of 63 companies excluding the financial sector included in the BIST 100 were combined with the time series data for the period of 2009-2018. As a result of the analysis, it has been determined that the size has an effect on the market value of the firm. However, empirical results do not show evidence that capital structure significantly affects the value of the firm. It has been determined that the capital shares of the second and third largest shareholders are effective on the market value. Therefore, the results of this study are consistent with the literature which states that managerial ownership and firm size are determinants of the value of the firm. These factors should be considered by capital owners and managers while maximizing the value of the company

Anahtar Kelimeler

• Market Value
• Capital Structure
• Shareholder Structure
• Firm Size
• Panel Data Analysis

YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA

Öz

Bu çalışma BIST 100 Endeksi’nde faaliyet gösteren şirketlerin piyasa değerleri üzerinde, sermaye yapısı ve ortaklık yapısı kararlarının etkili olup olmadığı üzerine motive edilmiştir. Araştırma kapsamında BIST 100’de yer alan mali sektör dışında kalan 63 şirketin büyüklük, borç/özsermaye oranı ve yönetimsel mülkiyet düzeyini temsil eden ortaklık yapısı oranları, 2009-2018 dönemine ait zaman serisi verileriyle birleştirilmiştir. Yapılan analizler sonucunda büyüklüğün firma piyasa değeri üzerinde etkili olduğu tespit edilmiştir. Ancak, ampirik sonuçlar, sermaye yapısının firmanın değerini önemli ölçüde etkilediğine dair kanıt göstermemektedir. En büyük ikinci ve üçüncü ortağın sermaye paylarının ise piyasa değeri üzerinde etkili oldukları belirlenmiştir. Dolayısıyla bu çalışmanın sonuçları, yönetimsel sahipliğin ve firma büyüklüğünün firmanın değerinin belirleyicileri olduğu belirtilen literatürle tutarlıdır. Şirketin değerini maksimize ederken bu faktörler sermaye sahipleri ve yöneticiler tarafından dikkate alınmalıdır.

Anahtar Kelimeler

• Piyasa Değeri
• sermaye yapısı
• ortaklık Yapısı
• Büyüklük
• Panel Veri Analizi

Kaynakça

1. Adam, T. ve Goyal, V. K. (2008). The Investment Opportunity Set and Its Proxy Variables. Journal of Financial Research, 31(1): 41-63.
2. Aggarwal, D. and Paphan, P.C. (2017). Impact of Capital Structure on Firm Value: Evidence from Indian Hospitality Industry. Theoretical Economics Letters, 7: 982-1000.
3. Ang, R. (2007). Pasar Modal Indonesia. Jakarta : Mediasoft Indonesia
4. Bahar, O., Özkoç, H. H. ve Samırkaş, M. (2014). Turizm ve Ekonomik Kalkınma İlişkisine Ampirik Bir Yaklaşım: Panel Koentegrasyon Analizi. S. Bekmez (Ed.), Farklı Boyutlarıyla Türkiye’de Kalkınma. Ankara: Efil Yayınevi.
5. Barclay M.J. ve Smith C.W. (1995). The Maturity Structure of Corporate Debt. The Journal of Finance, 50(2): 609-632.
6. Bathala, C.T., Moon, K.P. and Rao, R.P. (1994). Managerial Ownership, Debt Policy, and the Impact of Institutional Holdings: An Agency Perspective. Financial Management, 23(3), 38-50.
7. Bayrakdaroğlu, A. (2010). Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği. Ekonomi Bilimleri Dergisi, 2(2): 11-20.
8. Ben-Horim, M. ve Callen, J.L. (1989). The Cost of Capital, Macaulay's Duration, and Tobin's Q. Journal of Financial Research, 12(2): 143-156.

9. Bevan, A.A. and Danbolt, J.O. (2004). Testing for Inconsistencies in the Estimation of UK Capital Structure Determinants. Applied Financial Economics, 14(1): 55-66.
10. Bhardwaj, R. ve Brooks, L. (1993). Dual Betas from Bul! and Bear Markets: Reversal of the Size Effect. Journal of Finaneial Research, 16, 269-283.
11. Birgili, E. ve Düzer, M. (2010). Finansal Analizde Kullanılan Oranlar ve Firma Değeri İlişkisi: İMKB’de Bir Uygulama. Muhasebe ve Finansman Dergisi, 46: 74-83.
12. Bradford, W., Chen, C. and Zhu, S. (2013). Cash Dividend Policy, Corporate Pyramids, and Ownership Structure: Evidence from China. International Review of Economics & Finance, 27: 445-464.
13. Brailsford, T.J., Oliver, B.R. and Pua, S.L.H. (2002). On the Relation Between Ownership Structure and Capital Structure. Journal of Accounting and Finance, 42: 1-26.
14. Brigham, E. F. ve Daves, P. R. (2019). Intermediate Financial Management. 13th Edition. Boston, USA: Cengage.
15. Bulut, H. İ. ve Er, B. (2008). Risk Sermayesi Destekli Girişimlerin Fiyatlandırılması ve Fiyatlandırmada Kullanılan İskonto Oranı. Atatürk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(1): 275-297.
16. Chan, K., Karceski, J. ve Lakonishok, J. (2003). The Level and Persistence of Growth Rates. Journal of Finance, 58(2): 634-684.
17. Chung, K.H. ve Charoenwong, C. (1991). Investment Options, Assets in Place, and the Risk of Stocks. Financial Management, 20(3): 21-33.
18. Claessens, S. ve Lee, J. (2002). Foreign Banks In Low-Income Countries: Recent Developments And Impacts, The World Bank.
19. Claessens, S., Djankov, S. and Lang, L. (2000). The Separation of Ownership and Control in East Asian Corporations. Journal of Financial Economics, 58: 81-112.
20. Cleary, S. (1999). The Relationship between Firm Investment and Financial Status. The Journal of Finance, 54(2): 673-692.
21. Danbolt, J., Hirst, I.R.C. ve Jones, E. (2011). The Growth Companies Puzzle: Can Growth Opportunities Measures Predict Firm Growth?. The European Journal of Finance, 17(1): 1-25.
22. Demsetz, H. and Lehn, K. (1985). The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93(6): 1155-1177.
23. Dewi, A.S., ve Wirajaya, A. (2013). Pengaruh Struktur Modal, Profitabilitas, dan Ukuran Perusahaan terhadap Nilai Perusahaan. E-Jurnal Akuntansi Universitas Udayana, 4(2): 358-372.
24. Doğan, M. (2016). Mülkiyet Yapısının Finansman Kararları Üzerindeki Etkisi. Muhasebe ve Finansman Dergisi, 70: 157-170.
25. Driffield, N., Mahambare, V. and Pal, S. (2007). How Does Ownership Structure Affect Capital Structure and Firm Value? Recent Evidence from East Asia 1. Economics of Transition, 15(3): 535-573.
26. Durand, D. (1952). Costs of Debt and Equity Funds for Business: Trend ad Problems of Measurement. Conderence on Research in Business Finance, NBER, 215-262.
27. Ege, İ. ve Bayrakdaroğlu, A. (2008). Sermaye Yapısının Cari Değer ve Verimlilik Üzerine Etkisi: Türk Sigortacılık Sektöründe Bir Uygulama. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 22(2): 379-395.
28. Ege, İ. ve Topaloğlu, T.N. (2017). Sahiplik Yapısı ile Sermaye Yapısı ve Kâr Payı Dağıtım Kararları Arasındaki İlişkinin Borsa İstanbul 30 Endeksinde Test Edilmesi. Muş Alpaslan Üniversitesi Sosyal Bilimler Dergisi, 5(2): 254-261.
29. Ehsan, S, Tabassum, N. and Nasır, R. (2013). Insider and Individual Ownership Structure Influence on Dividend Payout Policy of the Firms: (A case from Pakistan's KSE 100 index Listed Firms). Proceedings of the Northeast Business & Economics Association, 73-76.
30. Elfakhani S., Lockwood L. J., Zaher, T. S. (1998). Small Firm and Value Effects in the Canadian Stock Market. Journal of Finaneial Research, Fall, 277-291.
31. Elitaş, B. L. ve Doğan, M. (2013). Sermaye Yapısını Belirleyen Faktörler: İMKB Sigorta Şirketleri Üzerine Bir Araştırma. Muhasebe Bilim Dünyası, 15(2), 41-57.
32. Goyal, V.K., Lehn, K. ve Racic, S. (2002). Growth Opportunities and Corporate Debt Policy: The Case of the U.S. Defense Industry. Journal of Financial Economics, 64(1): 35-59.
33. Güngör, S. (2012). Sahiplik Yapısı ve Temettü İlişkisi: İMKB'de Bir Uygulama, Yüksek Lisans Tezi, Hitit Üniversitesi, Çorum.
34. Güriş, S. (2015). Stata İle Panel Veri Modelleri. İstanbul: Der Yayınları.
35. Gwatidzo, T. (2008). The determinants of capital structure among select Sub-Saharan African countries. Doctoral Thesis, University of the Witwatersrand.
36. Hargiayansyah, Faisal Rifqi. (2015). Pengaruh Ukuran Perusahaan, Leverage, dan Profitabilitas Terhadap Nilai Perusahaan (Studi Empiris Pada Perusahaan Manufaktur Yang terdaftar di Bursa Efek Indonesia). Artikel Ilmiah Mahasiswa.
37. Harvey, C.R., Lins, K.V. and Roper, A.H. (2004). The Effect of Capital Structure when Expected Agency Costs are Extreme. Journal of Financial Economics, 74(1): 3-30.
38. Huda, N. and Abdullah, M.N. (2013). Relationship between Ownership Structure and Dividend Policy: Empirical Evidence from Chittagong Stock Exchange. World Review of Business Research, 4(3): 14-34.
39. Jaffe, J., Donald B. Keim and Westerdield R. (1989). Earning Yields, Market Values and Stock Returns. The Journal of Finance, 44(1), 135–148.
40. Kallapur, S., ve Trombley, M.A. (1999). The Association between Investment Opportunity Set Proxies and Realized Growth. Journal of Business Finance and Accounting, 26(3-4): 505-519.
41. Kaplan, S.N. ve Zingales, L. (1997). Do Investment-Cash Flow Sensitivities Provide Useful Measures of Financing Constraints?. The Quarterly Journal of Economics, 112(1): 169-215.
42. Karadeniz, E. (2008). Türk Konaklama İşletmelerinde Sermaye Yapısını Etkileyen Sektöre Özgü Firma Belirleyicilerinin Analizi: İMKB’de Sektörel Karşılaştırma. Yüksek Lisans Tezi, Atılım Üniversitesi, Ankara.
43. Keim, D. B. (1983). Size Related Anomalies and Stock Return Seasonality: Further Empirical Evidence. Journal of Financial Economics, 12: 13-32.
44. Kim, E.H. ve Purnanandam, A. (2013). Seasoned Equity Offerings, Corporate Governance, and Investments. Review of Finance. 18(3): 1023-1057.
45. King, M.R. and Santor, E. (2008). Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms. Journal of Banking & Finance, 32(11): 2423-2432.
46. Kogan, L. ve Papanikolaou, D. (2013). Firm Characteristics and Stock Returns: The Role of Investment-Specific Shocks. Review of Financial Studies, 26(11), 2718-2759.
47. Kouki, M. and Guizani, M. (2009). Ownership Structure and Dividend Policy Evidence from the Tunisian Stock Market. European Journal of Scientific Research, 25(1): 42-53.
48. Kumar, J. (2003). Ownership Structure and Dividend Policy in India. India Gandhi Institute of Development Research.
49. Kusumajaya, Oka. (2011). Pengaruh Struktur Modal dan Pertumbuhan Perusahaan terhadap Profitabilitas dan Nilai perusahaan pada Perusahaan Manufaktur di BEI. Tesis. Denpasar: Program Pascasarjana Universitas Udayana.
50. La Porta, R., Lopez-De-Silanes, F., Shleifer, A. and Vishny, R. (1998). Law And Finance. Journal Of Political Economy, 106 (6), 1115-1153.
51. Lang, L., Ofek, E. ve Stulz, R.M. (1996). Leverage, Investment and Firm Growth. Journal of Financial Economics, 40(1): 3-29.
52. Li, K., Yue, H. and Zhao, L. (2009). Ownership, Institutions and Capital Structure: Evidence from China. Journal of Comparative Economics, 37(3): 471-490.
53. Manoppo, H., & Arie, F. V. (2016). Pengaruh Struktur Modal, Ukuran Perusahaan dan Profitabilitas terhadap Nilai Perusahaan pada Perusahaan Otomotif yang terdaftar di Bursa Efek Indonesia Periode 2011-2014. Jurnal EMBA, 4(2): 485-497.
54. Marchica, M.T. (2008). On the Relevance of Ownership Structure in Determining the Maturity of Debt., In: EFA 2007 Ljubljana Meetings Paper.
55. Margaritis, D. and Psillaki, M. (2010). Capital Structure, Equity Ownership and Firm Performance. Journal of Banking & Finance, 34(3): 621-632.
56. Masulis, R. W., Wang, C. ve Xie, F. (2012). Globalizing The Boardroom-The Effects of Foreign Directors on Corporate Governance and Firm Performance. Journal of Accounting and Economics, 53: 527-554.
57. McConnell J.J. ve Servaes, H. (1995). Equity Ownership and the Two Faces of Debt. Journal of Financial Economics, 39(1): 131-157.
58. Mehrani, S., Moradi, M. and Eskandar, H. (2011). Ownership Structure and Dividend Policy: Evidence from Iran. African Journal of Business Management, 5(17): 7516-7525.
59. Mirzaei, H. (2012). A Survey on the Relationship between Ownership Structure and Dividend Policy in Tehran Stock Exchange. In: International Conference on Management, Applied and Social Sciences, 24(25): 327-332.
60. Modigliani, M. and Miller, M.H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48: 261-297.
61. Mossadak, A., Fontaine, R. and Khemakhem, H. (2016). The Relationship between Ownership Structure and Dividend Policy in an Emerging Market: A Moroccan Study. Universal Journal of Accounting and Finance, 4(2): 89-95.
62. Mukherji S., Dhatt S.M. ve Kim H.Y. (1997). A Fundamental Analysis of Korean Stock Returns. Financial Analysis Journal, May/ June, 53(3); 75- 80.
63. Myers, S.C. (1984). The capital structure puzzle. The Journal of Finance 39: 575-592.
64. Myers, S.C. ve Majluf, N.S. (1984). Corporate Financing and Investment Decisions when Firms Have İnformation that Investors Do Not Have”, Journal of Financial Economics, 13(2): 187-221.
65. Orbay, H. ve Yurtoğlu, B. (2006). The Impact of Corporate Governance Structures on the Corporate Investment Performance in Turkey. Corporate Governance An International Review, 14(4): 349-363.
66. Otluoğlu, E. (2015). Asimetrik Bilgi ve Sermaye Yapısı Kararları: Borsa İstanbul Üzerine Bir Uygulama. Doktora Tezi, İstanbul Üniversitesi, İstanbul.
67. Özkan, A. (2002). The Determinants of Corporate Debt Maturity: Evidence from UK Firms. Applied Financial Economics, 12(1): 19-24.
68. Pushner, G.M. (1995). Equity Ownership Structure, Leverage, and Productivity: Empirical Evidence from Japan. Pacific-Basin Finance Journal, 3(2-3): 241-255.
69. Rahayu, N.T. and Darım, A. (2020). Analysis of Influence of Capital Structure, Company Size, Company Growth and Profitability on Corporate Value. International Journal of Global Accounting, Management, Education, and Entrepreneurship, 1(1): 10-27.
70. Rajan, R.G. ve Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5): 1421-1460.
71. Ramlı, N.M. (2010). Ownership Structure and Dividend Policy: Evidence from Malaysian Companies. International Review of Business Research Papers, 6(1): 170-180.
72. Reinganum, R. M. (1981). A Direct Test of Roll’s Conjecture on the Firm Size Effect. Journal of Finance, 37(1): 27-35.
73. Riyanto,B. (2010), Dasar – Dasar Pembelanjaan Perusahaan.Yogyakarta:BPFE.
74. Sayman, Y. (2012). Sahiplik Yapısının Firma Performansı ve Sermaye Yapısı Üzerine Etkileri: İMKB’de İşlem Gören Üretim Firmalarında Bir Uygulama. Doktora Tezi, Ankara Üniversitesi, Ankara.
75. Shah, S.Z.A., Ullah, W. and Hasnain, dan B. (2010). Impact of Ownership Structure on Dividend Policy of Firm. International Conference on E-business, Management and Economics IPEDR, p. 22-26.
76. Smith, C.W. ve Watts, R.L. (1992). The Investment Opportunity Set and Corporate Financing, Dividend, and Compensation Policies. Journal of Financial Economics, 32(3): 263-292.
77. Stouraitis, A. and Wu, L. (2004). The Impact of Ownership Structure on the Dividend Policy of Japanese Firms with Free Cash Flow Problem. AFFI December Meeting, 4: 74-93.
78. Sutanto, H. (2019). The Effect of Firm Size, Firm Growth, Profitability and Capital Structure on Firm Value with Devident Policy as Intervening Variables in Telecommunication Companies Listed on Indonesia Stock Exchange. International Journal of Public Budgeting, Accounting and Finance, 2(4): 1-13.
79. Sutanto, H., Erlina ve Abubakar, E. (2019). The Effect of Firm Size, Firm Growth, Profitability and Capital Structure on Firm Value with Devident Policy as Intervening Variables in Telecommunication Companies Listed on Indonesia Stock Exchange. International Journal of Public Budgeting, Accounting and Finance, 2(4), 1-13.
80. Taner, B. ve Akkaya, C. (2009). İşletme Değerini Belirleme Yöntemleri ve Farklı Sektörlerdeki İşletmeler Üzerine Bir Uygulama. Ege Akademik Bakış Dergisi, 3(1): 1-7.
81. Taşkın, F.D. ve Coşkun, S. (2015). Ortaklık Yapılarının Finansman Kararları Üzerine Etkisi: BIST Enerji Firmaları İncelemesi. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 17(1): 105-118.
82. Toprakçı, T. (1994). Firmaların Sermaye Yapısı, Sermaye Yapısını Etkileyen Etmenler ve Türkiye’de Sektörle Finansal Yapı İlişkisi Üzerine Bir Araştırma. Yüksek Lisans Tezi, İstanbul Üniversitesi, İstanbul.
83. Toraman, C. ve Okuyan, H.A. (2009). İşletmelerde Ortaklık Yapısında Yoğunlaşmanın Kaynak Yapısı Üzerindeki Etkisi: İMKB Şirketleri Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi, 41: 72-81.
84. Ullah, H., Fida, A. and Khan, S. (2012). The Impact of Ownership Structure on Dividend Policy Evidence from Emerging Markets KSE-100 Index Pakistan. International Journal of Business and Social Science, 3(9): 298-307.
85. Usta, Ö. (2008). İşletme Finansı ve Finansal Yönetim. Ankara: Detay Yayıncılık.
86. Wei, G., Zhang, W. and Xiao, J.Z. (2003). Dividends Policy and Ownership Structure in China. In: EFMA 2004 Basel Meetings Paper.
87. Weston J.F. (1963). A Test of Cost of Capital Propositions. The Southern Economic Journal, 30(2): 82-114.
88. Yenice, S. (2001), Sermaye Yapısının Firmanın Verimliliği ile Cari Değeri Üzerine Etkisi İMKB’de Test Edilmesi, Yüksek Lisans Tezi, Gazi Üniversitesi, Ankara.
89. Yerdelen-Tatoğlu, F. (2013). İleri Panel Veri Analizi. 2. Baskı, Beta Yayıncılık: İstanbul.
90. Yerdelen-Tatoğlu, F. (2016). Panel Veri Ekonometrisi. 3. Baskı, Beta Yayıncılık: İstanbul.
91. Yermack, D. (1996). Higher Market Valuation of Companies with a Small Board of Directors. Journal of Financial Economics, 40(2): 185-211.
92. Yusra, I., Hadya, R., Behawati, N., Istiqomah, L. and Kurniasih, N. (2019). Panel Data Model Estimation: The Effect of Managerial Ownership, Capital Structure and Company Size on Corporate Value. Journal of Physics: Conference Series, 1175(1): 012285.
93. Zeitun, R. ve Tian, G. G. (2007). Capital Structure and Corporate Performance: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4): 40-61.