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Journals / Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi / 2025 / Cilt: 20 Sayı: 3

The Existence of Debt Market Timing and Determinants of the Existence of Debt Market Timing: Evidence from Türkiye

Borç Piyasa Zamanlamasının Varlığı ve Borç Piyasa Zamanlamasının Varlığının Belirleyicileri: Türkiye’den Kanıtlar

Fazlı Irmak(ondokuz mayıs üniversitesi)0000-0003-3584-2462
Fatih Konak(HİTİT ÜNİVERSİTESİ)0000-0002-6917-5082
Pages
839–869
Publication Date
2025-11-26
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

Investors, on the other hand, are provided with empirical information to make informed investment decisions by not ignoring the possibility that firms may have timed the market and issued debt.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The study aims to identify the existence and determinants of debt market timing in Türkiye.
📊
Key Findings & Data:The analysis to identify the factors affecting the existence of market timing reveals that interest rates, inflation, ownership and board structure are the determinants of the existence of market timing.
💡
Conclusion & Impact:Investors, on the other hand, are provided with empirical information to make informed investment decisions by not ignoring the possibility that firms may have timed the market and issued debt.
🔬Design:Araştırma Makalesi
📍Scope:Comprehensive Sample
⚙️Variables:Borç Piyasa Zamanlaması · Mülkiyet Yapısı · Yönetim Kurulu Yapısı

Abstract

The study aims to identify the existence and determinants of debt market timing in Türkiye. As a result of the analysis, debt market timing is identified. The analysis to identify the factors affecting the existence of market timing reveals that interest rates, inflation, ownership and board structure are the determinants of the existence of market timing. The results are among the rare studies that identify the impact of ownership and governance structure on debt market timing. The findings are particularly novel for Türkiye. Our findings suggest that firms can take advantage of borrowing opportunities at appropriate times by carefully monitoring economic conditions. Investors, on the other hand, are provided with empirical information to make informed investment decisions by not ignoring the possibility that firms may have timed the market and issued debt.

Özet

Çalışmada, Türkiye’de borç piyasa zamanlamasının varlığı ve belirleyicilerine tespit etmeyi amaçlanmıştır. Yapılan analizler sonucunda, borç piyasa zamanlaması tespit edilmiştir. Piyasa zamanlamasının varlığına etki eden faktörleri belirlemek için yapılan analiz sonucunda; faiz oranları, enflasyon, mülkiyet ve yönetim kurulu yapısının piyasa zamanlamasının varlığının belirleyicisi oldukları tespit edilmiştir. Sonuçlar, mülkiyet ve yönetim yapısının borç piyasa zamanlamasındaki etkisini belirleyen ender çalışmalardandır. Özellikle Türkiye ölçeğinde elde edilen bulguların yeni olduğu söylenebilir. Bulgularımız, firmaların ekonomik koşulları dikkatle takip ederek uygun zamanlarda borçlanma fırsatını değerlendirebileceğini göstermektedir. Yatırımcılar ise firmaların piyasayı zamanlayarak borç ihracı gerçekleştirmiş olma ihtimalini göz ardı etmeyerek bilinçli yatırım kararları almaları konusunda ampirik bilgiler sunmaktadır.

🔖

Cite This Article

Irmak, F., Konak, F. (2025). The Existence of Debt Market Timing and Determinants of the Existence of Debt Market Timing: Evidence from Türkiye. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, Cilt: 20 Sayı: 3, 839–869. https://doi.org/10.17153/oguiibf.1583817

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