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İMKB’de İşlem Gören Reel Sektör İşletmelerinde Sermaye Yapısının Belirleyicileri

Author

Listed:
  • Hasan Aydın OKUYAN

    (Balikesir University)

  • H. Mehmet TAŞÇI

    (Erciyes University)

Abstract

Bu çalışmada, İMKB’de işlem gören reel sektör işletmelerinin sermaye yapılarını etkileyen değişkenlerin neler olduğu ortaya konulmaya çalışılmıştır. İMKB’de işlem gören 196 reel sektör işletmesine ait veriler, 2001q2 – 2008q2 yılları arasındaki 3’er aylık bilançolardan elde edilmiştir. 196 işletmeye ait 29 dönemi kapsayan 5684 gözlem Beck ve Katz (1995) tarafından geliştirilen Standart Hataları Düzeltilmiş Panel yöntemi ile analiz edilmiştir. Elde edilen sonuçlar işletmelerin sermaye yapılarının açıklanmasında tek bir kuramın geçerli olmadığını, kısa vadeli borçların finansal hiyerarşi kuramına, uzun vadeli borçların ise dengeleme kuramına uygun şekilde hareket ettiğini ortaya koymuştur.

Suggested Citation

  • Hasan Aydın OKUYAN & H. Mehmet TAŞÇI, 2010. "İMKB’de İşlem Gören Reel Sektör İşletmelerinde Sermaye Yapısının Belirleyicileri," Ekonomik Yaklasim, Ekonomik Yaklasim Association, vol. 21(76), pages 55-72.
    • Handle: RePEc:eyd:eyjrnl:v:21:y:2010:i:76:p:55-72
    DOI: 10.5455/ey.20043
    Note: [English Title] Determinants of Capital Structure: Evidence From Real Sector Firms Listed in ISE [English Abstract] This paper investigates the determinants of capital structure of production firms listed in ISE (Istanbul Stock Exchange). The data of 196 firms are obtained from the quarterly financial statements between 2001q2 – 2008q2. We used the method of Panel Corrected Standard Errors developed by Beck and Katz (1995) to examine the data set in which, in total, we have 5684 observations. The findings can be interpreted as the relevance of pecking order theory for the short term debts whereas the relevance of static tradeoff theory for the long term debts, of firms listed in ISE. [English Keywords] Capital Structure, Panel Corrected Standart Errors, ISE Real Sector.
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    Keywords

    Sermaye Yapısı; Standart Hataları Düzeltilmiş Panel; İMKB Reel Sektör.;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G19 - Financial Economics - - General Financial Markets - - - Other

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