Sermaye Yapısının Belirleyicileri: İMKB de İşlem Gören Çimento, Otomotiv ve Bilişim Sektörlerinin Sermaye Yapısı Analizi

Abstract

GİRİŞBu çalışmanın amacı Türkiye'de çimento, otomotiv ve otomotiv yan sanayi ile bilişim sektörlerinde faaliyet göstermekte olan ve hisse senetleri İMKB'de işlem gören şirketlerin sermaye yapılarını belirleyen faktörlerin tespit edilmesidir. Çalışmanın tamamında otomotiv sektörü olarak ifade edilen sektör aslında otomotiv ve otomotiv yan sanayi şirketlerini içermek-tedir. Araştırma 2007-2011 dönemini kapsamaktadır ve panel veri analizi kullanılarak gerçekleştirilmiştir.Türkiye'de önceki yıllarda sermaye yapısına ilişkin yapılan çalışmalar şirketleri ağırlıklı olarak ana faaliyet kollarına (mali, sanayi, hizmet) ABSTRACTThe main purpose of this study is to determine the factors affecting the capital structures of cement, automotive and information technology firms traded in Istanbul Stock Exchange and to expose the industrial differences in the capital structures of the firms for the period 2007-2011. The financial ratios calculated from the financial tables of the firms are used in the panel data analysis of this study. In the research models, the dependent variables are the leverage ratios of the selected firms. Profitability and liquidity ratios and firm size, asset tangibility, growth rate and non-debt tax shield are assigned as independent variables. According to the empirical findings, there is no significant relation between long-term debt ratios and any independent variables in the cement and automotive industries. However, firm size and asset tangibility are found to be significant in explaining the long-term debt structure of information technology firms. Debt ratio is positively related to firm size both in the cement and information technology industries, which gives support to trade-off theory. Besides, debt ratio is positively related to growth rate both in the information technology and automotive industry in accordance with the capital structure theory. Consequently, the results show that the debt ratio sensitivities of the Turkish firms to the explanatory variables differ significantly between the three industries studied.

THE GLOBAL FINANCIAL CRISIS AND CAPITAL STRUCTURE DECISIONS OF TURKISH SMEs: A REVIEW

“…This implies that SMEs lever up quickly especially in the short-run when there are optimistic expectations in the economy, and maybe larger firms act more prudently due to better evaluation of the long-run and having access to more diverse finance. Ata & Ag (2010) and Sarıoğlu et al (2013) showed that there is a positive relationship between debt ratio and firm size, and larger firms have preferred to use tax shield more than SMEs. Therefore, these empirical findings support trade-off theory for Turkish firms.…”

“…Sample Results Durukan (1997) 68 firms in BIST (1990BIST ( -1995 Support Kula (2000) 80 firms (1999) Support Acaravcı & Doğukanlı (2004) 66 firms in BIST (1992BIST ( -2002) Support Karadeniz (2008) 163 firms in BIST (1990BIST ( -2006) Support Demirhan (2009) 40 firms in BIST (2003BIST ( -2006 BIST (2003BIST ( -2007) Support Gülşen & Ülkütaş (2012) 143 firms in BIST (1990BIST ( -2005 Not support Sarıoğlu et al (2013) 42 firms in BIST (2007-2011) Support Bozkurt (2014 168 firms in BIST (2005BIST ( -2011 Not support Acaravcı (2015) 79 firms in BIST (1993BIST ( -2010 Support…”