Research Article
Year 2019,
Volume: 7 Issue: 5, 15 - 25, 07.10.2019
Abstract
In
the study, it is aimed to reveal the effect of agency costs on financial
constraints.
The data of the 12 firms that have been operating continuously in BIST Basic
Metal Index during the period of 2008-2017 were analyzed by static and dynamic
panel data analysis. Statistically significant and negative relationship was
found the agency costs between firm managers and creditors to the firm and
financial constraint, while there was a statistically significant relationship
between agency costs between managers and shareholders and between shareholders
and creditors could not be determined. Therefore, firms operating in the BIST
Basic Metal Index need to consider the agency costs that may arise between
managers and creditors to avoid financial constraints or minimize financial
constraints.
References
- Arellano, M. & Bover, O. (1995). Another look at the ınstrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
- Baltagi, B. H. (2005). Econometric analysis of panel data. 3rd edition. West Sussex: Wiley.
- Baltagi, B. & Li, Q. (1991). A joint test for serial correlation and random ındividual effects. Statistics and Probability Letters, 11, 277-280.
- Bhargava, A., Franzini, L. & Narendranathan, W. (1982). Serial Correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533–549.
- Born, B. & Breitung, J. (2016). Testing for serial correlation in fixed-effects panel data models. Econometric Reviews, 35(7), 1290-1316.
- Breusch, T. & Pagan, A. (1980). The lagrange multiplier test and ıts applications to model specification in econometrics. Review of Economic Studies, 47(1), 239-253.
- Caballero, S. B., Teruel, P. J. G. & Solano, P. M. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332-338.
- Carreira, C. & Silva, F. (2010). No deep pockets: Some stylized empirical results on firms’ financial constraints. Journal of Economic Surveys, 24(4), 732.
- Cleary, S. W. (2002). International corporate investment and the role of financial constraints. EFMA London Meetings, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=313964, 42.
- Clementi, G. L. & Hopenhavn, H. (2002). A theory of financing constraints and firm Dynamics. Rochester Center for Economic Research Working Paper, (492), 33.
- Erlat, H. (2015). Panel Data: A Selectıve Survey, Ankara: Department of Economics Middle East Technical University.
- Guariglia, A. & Yang, J. (2016). A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market. Journal of Corporate Finance, 36, 111-130.
- Hadlock, C. J. & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The Review of Financial Studies, 23(5), 1909–1940.
- Hair, J., Anderson, R., Tatham, R. & William, B. (1998). Multivariate data analysis. New Jersey: Prentice-Hall.
- Honda, Y. (1985). Testing the error components model with non-normal disturbances. Review of Economic Studies, 52, 681-690.
- Im, K., Pesaran, H. & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53-74.
- Islam, S. S. & Mozumdar, A. (2007). Financial market development and the importance of internal cash: Evidence from international data. Journal of Banking & Finance, 31(3), 641-658.
- Jensen, M. C. & Mecling, W. H. ( 1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-60.
- Kamuyu Aydınlatma Platformu (www.kap.org.tr), Erişim Tarihi: 01.09.2018
- Kaplan, S. N. & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints?. The Quarterly Journal of Economics, 112(1), 169- 215.
- Levin, A., Lin, C. & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108, 1–24.
- Lyandres, E. (2007). Costly external financing, investment timing, and investment–cash flow sensitivity. Journal of Corporate Finance, 13(5), 959-980.
- Mickiewicz, T., Kate, B. & Urmas, V. (2004). Financial constraints ın ınvestment-foreign versus domestic firms: panel data results from Estonia, 1995-1999. University of Michigan William Davidson Institute Working Papers Series, (649), 34.
- Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance and the theory. The American Economic Review, 48, 261-297.
- Pesaran, H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics Working Paper, 435.
- Pesaran, H. & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142, 50–93.
- Schiantarelli, F. & Sembenelli, A. (1996). Form of ownership and financial constraints. The World Bank Policy Research Working Paper, (1629), 44.
- Semenov, R. (2006). Financial systems, financing constraints and investment: Empirical analysis of OECD countries. Applied Economics, 38(17), 1963-1974.
- Sheu, H. J. & Lee, S. Y. (2012). Excess cash holdings and investment: The moderating roles of financial constraints and managerial entrenchment. Accounting & Finance, 52(1), 287-310.
- Tabachnick, B. & Fidell, L. (2001). Using multivariate statistics. Boston: Allyn and Bacon.
- Whited, T. M. & Wu, G. (2006). Financial constraints risk. Review of Financial Studies, 19(2), 531–559.
- Winker, P. (1999). Causes and effect of financing constraints at the firm level. Small Business Economics, (12), 169-181.
- Yeşiltaş, S. (2009). Financing constraints and investment: The case of Turkish manufacturing firms. A Master’s Thesis, Bilkent University, Ankara, 62.
Temsil Maliyetleri ve Finansal Kısıtlar: Borsa İstanbul Metal Ana Endeksi Firmaları Üzerine Bir Uygulama
Abstract
Çalışmada, temsil
maliyetlerinin finansal kısıtlara olan etkisini ortaya çıkarmak amaçlanmıştır.
Bu doğrultuda Borsa İstanbul Metal Ana Endeksi’nde devamlı olarak faaliyet
gösteren 12 firmanın 2008-2017 dönemindeki verileri, statik ve dinamik panel
veri analizleri ile incelenmiştir. Çalışmada, firma
yöneticileri ile firmaya borç verenler arasında ortaya çıkan temsil maliyetleri
ile finansal kısıt arasında istatistiksel olarak anlamlı ve negatif ilişki
tespit edilirken, yöneticiler - hissedarlar arasında ve hissedar - borç
verenler arasında ortaya çıkan temsil maliyetleri ile finansal kısıt arasında
ise istatistiksel olarak anlamlı bir ilişki tespit edilememiştir. Dolayısıyla,
BIST Ana Metal Endeksinde faaliyet gösteren firmaların finansal kısıtlar ile
karşı karşıya kalmamak ya da finansal kısıtları minimize edebilmek için
yönetici ile borç verenler arasında oluşabilecek temsil maliyetlerini dikkate
almaları gerekmektedir.
References
- Arellano, M. & Bover, O. (1995). Another look at the ınstrumental variable estimation of error-components models. Journal of Econometrics, 68(1), 29-51.
- Baltagi, B. H. (2005). Econometric analysis of panel data. 3rd edition. West Sussex: Wiley.
- Baltagi, B. & Li, Q. (1991). A joint test for serial correlation and random ındividual effects. Statistics and Probability Letters, 11, 277-280.
- Bhargava, A., Franzini, L. & Narendranathan, W. (1982). Serial Correlation and the fixed effects model. The Review of Economic Studies, 49(4), 533–549.
- Born, B. & Breitung, J. (2016). Testing for serial correlation in fixed-effects panel data models. Econometric Reviews, 35(7), 1290-1316.
- Breusch, T. & Pagan, A. (1980). The lagrange multiplier test and ıts applications to model specification in econometrics. Review of Economic Studies, 47(1), 239-253.
- Caballero, S. B., Teruel, P. J. G. & Solano, P. M. (2014). Working capital management, corporate performance, and financial constraints. Journal of Business Research, 67(3), 332-338.
- Carreira, C. & Silva, F. (2010). No deep pockets: Some stylized empirical results on firms’ financial constraints. Journal of Economic Surveys, 24(4), 732.
- Cleary, S. W. (2002). International corporate investment and the role of financial constraints. EFMA London Meetings, https://papers.ssrn.com/sol3/papers.cfm?abstract_id=313964, 42.
- Clementi, G. L. & Hopenhavn, H. (2002). A theory of financing constraints and firm Dynamics. Rochester Center for Economic Research Working Paper, (492), 33.
- Erlat, H. (2015). Panel Data: A Selectıve Survey, Ankara: Department of Economics Middle East Technical University.
- Guariglia, A. & Yang, J. (2016). A balancing act: Managing financial constraints and agency costs to minimize investment inefficiency in the Chinese market. Journal of Corporate Finance, 36, 111-130.
- Hadlock, C. J. & Pierce, J. R. (2010). New evidence on measuring financial constraints: Moving beyond the KZ index. The Review of Financial Studies, 23(5), 1909–1940.
- Hair, J., Anderson, R., Tatham, R. & William, B. (1998). Multivariate data analysis. New Jersey: Prentice-Hall.
- Honda, Y. (1985). Testing the error components model with non-normal disturbances. Review of Economic Studies, 52, 681-690.
- Im, K., Pesaran, H. & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53-74.
- Islam, S. S. & Mozumdar, A. (2007). Financial market development and the importance of internal cash: Evidence from international data. Journal of Banking & Finance, 31(3), 641-658.
- Jensen, M. C. & Mecling, W. H. ( 1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-60.
- Kamuyu Aydınlatma Platformu (www.kap.org.tr), Erişim Tarihi: 01.09.2018
- Kaplan, S. N. & Zingales, L. (1997). Do investment-cash flow sensitivities provide useful measures of financing constraints?. The Quarterly Journal of Economics, 112(1), 169- 215.
- Levin, A., Lin, C. & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108, 1–24.
- Lyandres, E. (2007). Costly external financing, investment timing, and investment–cash flow sensitivity. Journal of Corporate Finance, 13(5), 959-980.
- Mickiewicz, T., Kate, B. & Urmas, V. (2004). Financial constraints ın ınvestment-foreign versus domestic firms: panel data results from Estonia, 1995-1999. University of Michigan William Davidson Institute Working Papers Series, (649), 34.
- Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance and the theory. The American Economic Review, 48, 261-297.
- Pesaran, H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers in Economics Working Paper, 435.
- Pesaran, H. & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142, 50–93.
- Schiantarelli, F. & Sembenelli, A. (1996). Form of ownership and financial constraints. The World Bank Policy Research Working Paper, (1629), 44.
- Semenov, R. (2006). Financial systems, financing constraints and investment: Empirical analysis of OECD countries. Applied Economics, 38(17), 1963-1974.
- Sheu, H. J. & Lee, S. Y. (2012). Excess cash holdings and investment: The moderating roles of financial constraints and managerial entrenchment. Accounting & Finance, 52(1), 287-310.
- Tabachnick, B. & Fidell, L. (2001). Using multivariate statistics. Boston: Allyn and Bacon.
- Whited, T. M. & Wu, G. (2006). Financial constraints risk. Review of Financial Studies, 19(2), 531–559.
- Winker, P. (1999). Causes and effect of financing constraints at the firm level. Small Business Economics, (12), 169-181.
- Yeşiltaş, S. (2009). Financing constraints and investment: The case of Turkish manufacturing firms. A Master’s Thesis, Bilkent University, Ankara, 62.
There are 33 citations in total.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Research Article |
| Authors | |
| Publication Date | October 7, 2019 |
| Acceptance Date | February 11, 2019 |
| Published in Issue | Year 2019 Volume: 7 Issue: 5 |
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Anemon Muş Alparslan Üniversitesi Sosyal Bilimler Dergisi Creative Commons Atıf-GayriTicari 4.0 Uluslararası Lisansı (CC BY NC) ile lisanslanmıştır.