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TEMSİL TEORİSİ ÇERÇEVESİNDE SAHİPLİK YAPISININ İŞLETMELERİN SERMAYE YAPISI KARARLARI ÜZERİNE ETKİSİ: BİST UYGULAMASI

THE EFFECT OF CORPORATES’ OWNERSHIP STRUCTURE ON CAPITAL STRUCTURE DECISIONS IN THE AGENCY THEORY PERSPECTIVE: APPLICATION IN BIST

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Abstract (2. Language): 
In this study, the effect of companies’ ownership structure on companies’ capital structure decisions is examined. The concept of ownership structure is proxied by ownership concentration and ownership identity and the capital structure decisions contain the preference of companies' borrowing. 162 companies, are traded in Borsa Istanbul (BIST) between 2002-2010 period, were chosen to examine relationship between companies’ ownership structure and their capital structure decisions. Panel data analysis was applied to investigate the relationship between the ownership structure and capital structure decisions. According to the results, largest shareholder which is one of the indicators of the ownership concentration affects positive to capital structure decisions of companies.The other ownership variable that affects all the fundamental decisions is managerial ownership which is one of the indicator of ownership identity. When financial managers evaluate the capital structure decisions, they realize the effects of ownership structure.
Abstract (Original Language): 
Bu çalışmada işletmelerin sahiplik yapılarının, işletme temel kararlarından biri olan sermaye yapısı kararları üzerine etkileri incelenmektedir. İşletmelerde sahiplik yapısı kavramı sahiplik yoğunluğu ve sahiplik kimliği bileşenleri ile ele alınırken, sermaye yapısı kararları işletmenin borçlanma tercihlerini içermektedir. İşletmelerin sahiplik yapıları ile sermaye yapısı kararları arasındaki ilişkiyi incelemek amacıyla 2002-2010 yılları arasında BİST’de işlem gören 162 işletme ele alınmıştır. Sahiplik yapısı bileşenleri ile sermaye yapısı kararları arasındaki ilişkiyi incelemek için oluşturulan modellere panel veri analizi uygulanmıştır. Çalışmada elde edilen sonuçlar genel olarak değerlendirildiğinde sahiplik yoğunluğu göstergelerinden hakim sahiplerin, sermaye yapısı kararlarını pozitif yönde etkilediği görülmektedir. Sermaye yapısı kararlarını etkileyen bir diğer sahiplik yapısı değişkeni, sahiplik kimliği göstergelerinden biri olan yönetsel sahipliktir. Dolayısıyla işletmelerin sermaye yapısı kararları değerlendirilirken sahiplik yapılarını da göz önünde bulundurmak yerinde bir davranıştır.

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