Buradasınız

Anasayfa » Content

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.
Bookmark/Search this post with
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.
FULL TEXT (PDF): 
PDF icon arastirmax-sermaye-yapisi-ile-isletme-performansi-arasindaki-iliski-gida-sektorunde-bir-uygulama.pdf
  • 1
167-182
  • Turkish

REFERENCES

References: 

ABOR J.,(2005) The Effect Of Capital Structure On Profitability: An Empirical Analysis Of Listed Firms in Ghana, Journal of Risk Finance, Vol.6, No:5
ATKĠNSON, A.A., Balakrishnan, R., vd. (1997).New Directions in Manegement Accounting Research. ,Journal of Manegement Accointing Research, Vol. 9
BOOTH, L., Aivazian, V., Demirguc-Kunt, A.E. and Maksimovic, V. (2001), “Capital structure in developing countries”, Journal of Finance, Vol. 56 No. 1, ss. 87-130.
CHEN. Jean;(2004). „„Determinants Of Capital Structure Of Chinese –Listed Companies‟‟, Journal of Business Reserch, Vol. 15, ss. 61-89.
Deomsak Rataporn, Paudyal Krishna ve Pescetto Gioia; “The Determinants of Capital Structure: Evidence from the Asia Pacific Region”, Journal of Multinational Financial Management, V:14, 2004 ss:387-405.
DIAMOND,Douglas W.,(1994),” Corporate Capital Structure:The Control Roles of Bank and Public Debt With Taxes and Costly Bankruptcy”,Economic Quarterly”Federal Reserve Bank of Richmond,Vol.80,No.2. DURUKAN, Banu. (1997). İşletmelerde Sermaye Yapısını Etkileyen Faktörlerin Ampirik Olarak Saptanması, DEU Sosyal Bilimler Enstitüsü Yayınlanmamış Doktora Tezi, İzmir. FAMA, E.F. and French, K.R. (1998), “Taxes, Financing Decisions, And Firm Value”, Journal of Finance, Vol. 53, ss. 819–43. FRIEND,Irwin,LANG,Larry H.P.,(1988),” An Empirical Test of The Impact of Managerial Self-Interest on Corporate Capital Structure,” The Journal of Finance,Vol.43,No.2,ss.271-288 GRAHAM, J, and Harvey C., 2001, “The Theory and Practice of Corporate Finance: Evidence from the Field”, Journal of Financial Economics 60, ss.187-243. GRAHAM, J.R. (2000), “How Big Are The Tax Benefits of Debt?”, Journal of Finance, Vol. 55, ss. 1901-41 HAMADA,Robert S.,(1969),”Portfolio Analysis, Market Equilibrium and Corporation Finance,” The Journal of Finance,Vol.24.No.1,ss.13-31 HAUGEN,Robert A.,SENBERT,Lemma W.,(1978), “The Insignifinance of Bankruptcy Costs to the Theory of Optimal Capital Structure”, The Journal of Finance,Vol.33,ss.383-393 KESTER, W.C. (1986), “Capital And Ownership Structure: A Comparison of United States And Japanese Manufacturing Corporations”, Financial Management, Vol. 15, ss. 5-16. KIM,E.Han,(1978),”A Mean -Variance Theory of Capital Structure and Corporate Debt Capacity”, The Journal of Finance,Vol.33,No.ss.45-64 LELAND, Hayne, PYLE, David,(1977), “Information Asymmetrics, Financial Structure,and Financial Intermeditation, The Journal of Finance,Vol.44,ss.771-787 MASULIS,Ronald W.,(1983),”The Impact of Capital Structure Change on Firm Value:Some Estimates, The Journal of Finance,Vol.38,No.1,ss.107-126
MODIGLIANI, Franco, MILLER, Metron,(1958),”The Cost of Capital,Corporation Finance,and The Theory of Investment,The American Economic Review,No.48,ss.261-297. (1963),”Corporate Income Taxes And The Cost of The Capital:A Correction “,The American Economic Review,Vol.53,No.3,ss433-
443 (1966),”Some Estimates of the cost of Capital to the Electric Industry 1954-1957”, The American Economic Review,Vol.56,ss.333-341
MİGUEL De Alberto and Pindado Julio (2001) .” Determinantsof Capital Structure: New Evidence From Spanish Panel Data, Journal of Coporate Finance ,ss 77-99.
MYERS, S.C. and Majluf, N.S. (1984), “Corporate Financing And İnvestment Decisions When Firms Have İnformation That İnvestors Do Not Have”, Journal of Financial Economics, Vol. 12, ss. 187–221.
ROSS, Stephen,(1997),”The Determination of Financial Structure: The Incentive Signaling Approach”,Bell Journal of Economics,Vol.8,No.1,ss.23-40
STIGLITZ,Joseph E.,(1969),”A Re-examination of the Modigliani-Miller Theorem”,The American Economic Review,Vol.59,No.5,ss.784-793 (1988),”Why Financial Strucuture Matters”, Journal of Economic Perspectives 2, ss.121-126
Wald, J.K. (1999), “How Firm Characteristics Effect Capital Structure: An International Comparison”, Journal of Financial Research, Vol. 22 No. 2, ss. 161–87.

Thank you for copying data from http://www.arastirmax.com