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Journals / Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi / 2015 / Cilt: 17 - Sayı: 1

THE IMPACT OF OWNERSHIP STRUCTURE ON THE FINANCING DECISIONS: EVIDENCE FROM BIST ENERGY COMPANIES

ORTAKLIK YAPILARININ FİNANSMAN KARARLARI ÜZERİNE ETKİSİ: BIST ENERJİ FİRMALARI İNCELEMESİ

F. Dilvin TAŞKIN
Sedat COŞKUN
Pages
105–118
Publication Date
2015-08-31
DOI
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AI Summary & Key Takeaways

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

According to the results of the analyses, the ownership structure, that is proxied by the share of the biggest shareholder and free float rate, has significant effects on financial leverage and moreover collateral value, non-debt tax shield and firm size has positive, uniqueness and profitability ratio has negative effects on the debts of the company.Keywords: Capital Structure, Financing Decisions, Ownership Structure.

📌 3 Key Takeaways

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Objective & Hypothesis:AbstractFollowing Modigliani and Miller (1958) finance literature widely analyzed how the firm chooses its optimal capital structure based on bankruptcy costs, agency costs, information asymmetries and tax.
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Key Findings & Data:The aim of this paper is to analyze the factors that affect the capital structure of the companies that are traded in Borsa Istanbul and with the main area of activity is energy for the period 2008 and 2012.
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Conclusion & Impact:According to the results of the analyses, the ownership structure, that is proxied by the share of the biggest shareholder and free float rate, has significant effects on financial leverage and moreover collateral value, non-debt tax shield and firm size has positive, uniqueness and profitability ratio has negative effects on the debts of the company.Keywords: Capital Structure, Financing Decisions, Ownership Structure.
🔬Design:Research Article
📍Scope:2008 Verileri
⚙️Variables:Sermaye Yapısı · Finansman Kararları · Ortaklık Yapısı

Abstract

AbstractFollowing Modigliani and Miller (1958) finance literature widely analyzed how the firm chooses its optimal capital structure based on bankruptcy costs, agency costs, information asymmetries and tax. The aim of this paper is to analyze the factors that affect the capital structure of the companies that are traded in Borsa Istanbul and with the main area of activity is energy for the period 2008 and 2012. For this reason, profitability, collateral value, growth, non-debt tax shield, uniqueness and besides the impact of ownership structure are analyzed as determinants of financial leverage through the use of panel regression analysis. According to the results of the analyses, the ownership structure, that is proxied by the share of the biggest shareholder and free float rate, has significant effects on financial leverage and moreover collateral value, non-debt tax shield and firm size has positive, uniqueness and profitability ratio has negative effects on the debts of the company.Keywords: Capital Structure, Financing Decisions, Ownership Structure.

Özet

ÖzModigliani ve Miller’dan (1958) sonra iflas maliyeti, temsilci maliyetleri, bilgi farklılıkları ve vergi konularına dayanarak firmaların optimal sermaye yapısını ne şekilde oluşturacakları finans literatüründe çokça incelenmiştir. Bu çalışmada da amaç, 2008-2012 yıllarında Borsa İstanbul’da işlem gören ve faaliyet konusu enerji olan firmaların sermaye yapısına etki eden faktörleri incelemektir. Bu amaçla finansal kaldıracın açıklayıcı değişkenleri olarak karlılık, teminat değeri, büyüme, borç dışı vergi kalkanı, firmanın farklılığı ve bunların yanında ortaklık yapısı özelliklerinin etkisi panel regresyon yöntemi ile incelenmiştir. Çalışmanın sonuçlarına göre en büyük hissedar payı ve halka açıklık oranı ile ölçülen ortaklık yapısının finansal kaldıraç üzerinde dikkate değer bir etkisi olduğu, bunun yanında teminat değeri, borç dışı vergi kalkanı ve firma büyüklüğünün borçları pozitif yönde etkilerken, firma farklılığı ve karlılık oranının borçların kullanımında azalmaya neden olduğu görülmüştür. Anahtar Kelimeler: Sermaye Yapısı, Finansman Kararları, Ortaklık Yapısı.

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Cite This Article

TAŞKIN, F. D., COŞKUN, S. (2015). THE IMPACT OF OWNERSHIP STRUCTURE ON THE FINANCING DECISIONS: EVIDENCE FROM BIST ENERGY COMPANIES. Dokuz Eylül Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, Cilt: 17 - Sayı: 1, 105–118. https://ajindex.com/articles/67719

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