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FİNANSAL GELİŞMİŞLİĞİN FİNANSAL KISITLARA ETKİSİ: BORSA İSTANBUL UYGULAMASI

Effect of Financial Development on Financial Constraints: A Resarch on BIST

Journal Name:

  • Kara Harp Okulu Bilim Dergisi

Publication Year:

  • 2017

Key Words:

Keywords (Original Language):

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Abstract (2. Language): 
Firms' investment financing decisions are dependent on internal financing opportunities. That is due to that the condition under market failures, especially the asymmetric information problem, difference between internal financing costs and external financing costs is quite high. Financial development reduces the external financing costs of firms by reducing market failures and lessens the dependency of investments on internal financing. The study in this article it was investigated how financial development reduces financial constraints. It has been concluded that financial constraints are alleviated by financial development for firms that are considered to be financially constrainted which are not part of a large business group, or without any foreign partners. In the same breath, the impact of developments in the areas of financial intermediation services and investor rights protection for financial constrained firms is much more impressive than financial unconstrainted firms which included in a large business group or with foreign partners. Particularly, it is considered that protection of investor rights is regarded as an important factor in reducing the cost of external financing of firms.
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Abstract (Original Language): 
Firmaların yatırım finansman kararları genellikle iç finansman olanaklarına bağımlı olarak gerçekleşmektedir. Bunun nedeni asimetrik bilgi problemi başta olmak üzere piyasa aksaklıkları altında dış finansman maliyetinin iç finansman maliyeti arasındaki farkın yüksek olmasıdır. Finansal gelişme piyasa aksaklıklarını gidererek firmaların dış finansman maliyetlerini azaltmakta ve yatırımların iç finansmana olan bağımlılığını düşürmektedir. Çalışmada finansal gelişmenin finansal kısıtlılığı nasıl azalttığı araştırılmıştır. Finansal kısıtlı olarak düşünülen, büyük bir işletme grubunda yer almayan veya yabancı ortaklı olmayan, firmalarda finansal gelişmenin finansal kısıtları hafiflettiği sonucuna ulaşılmıştır. Ayrıca finansal kısıtlı firmalar için finansal kısıtlı olmayan, büyük bir işletme grubunda yer alan veya yabancı ortaklı olan, firmalara göre finansal aracılık hizmetleri ile yatırımcı haklarının korunması alanlarındaki gelişmelerin etkisi daha fazladır. Özellikle yatırımcı haklarının korunması firmaların dış finansman maliyetlerinin azaltılması noktasında öne çıkan bir unsur olarak değerlendirilmektedir.
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