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SERMAYE YAPISI İLE İŞLETME PERFORMANSI ARASINDAKİ İLİŞKİ: GIDA SEKTÖRÜNDE BİR UYGULAMA

CAPITAL STRUCTURE AND BUSINESS PERFORMANCE RELATIONSHIP: AN IMPLEMENTION ON FOOD INDUSTRY

Journal Name:

  • Ege Akademik Bakış Dergisi

Publication Year:

  • 2008

Key Words:

Keywords (Original Language):

Author NameUniversity of AuthorFaculty of Author
Abstract (2. Language): 
The capital structure decision is crucial for any business organization. The decision is important because of the need to maximize returns to various organizational constituencies, and also because of the impact such a decision has on an organization‟s ability to deal with its competitive environment. This paper seeks to investigate the relationship between capital structure and profitability of listed firms on the İstanbul Stock Exchange (İSE) during a six-year period. Regression analysis is used in the estimation of functions relating the return on equity (ROE) with measures of capital structure.
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Abstract (Original Language): 
Sermaye yapısı kararları ülkemizde ve tüm dünyada işletmeler için yaşamsal kararları ifade eder. Optimal sermaye bileşimine ulaşabilmek için, işletmeler çeşitli analizler yaparak sermaye kombinasyonları oluştururlar. Sermaye yapısı kararlarıyla ilgili sorunlar; firmaların finansal kaynaklarının türleri, oranlarının ne olacağı, ağırlıklarının zaman içindeki değişimleriyle ilgilidir. İşletmelerin oluşturduğu optimal sermaye bileşimleri; firma gelirlerinin artışını, rekabetçi ortamlara karşı koyabilmeyi, işletme performansı ve karlılığının yükselişini sağlayacaktır. Karlılık, sermaye yapısı bileşimi ve performans ilişkisini analiz etmek amacıyla İMKB‟da kayıtlı 22 şirketin 6 yıllık bilanço ve gelir tablosu verilerinden yararlanılarak, işletme pasifindeki borçların özsermaye karlılığı ile ilişkisi irdelenerek İşletmelerin finansal performansları araştırılmıştır. Modellere ilişkin katsayı tahminlerinde Genelleştirilmiş En Küçük Kareler Yöntemi-GEKK (Generalized Least Square-GLS) benimsenmiştir. Araştırmada havuzlanmış (pooled) veri seti kullanıldığından; yatay-kesit verilerinden kaynaklanabilecek değişen varyans sorunu, değişkenlerin kendi standart sapmalarına bölüşerek ağırlıklandırılması yoluyla; zaman serisi verilerinden kaynaklanabilecek otokorelasyon sorunu da modellere AR süreci eklenerek giderilmiştir.
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  • 1
167-182
  • Turkish

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