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Capital Structure Theories and Determinants of Capital Structure of the Turkish Banking System

Year 2022, Volume: 22 Issue: 1, 57 - 68, 01.05.2022
https://doi.org/10.25294/auiibfd.1033601

Abstract

This study aims to determine the capital structure theories that the sector is related to by examing the capital structure determinants of the banking sector in Turkey. In this context, the data set covering the years 2002 and 2020 of 14 banks operating in Turkey was organized and analyzed by panel data analysis method. In the study, capital adequacy ratio, leverage ratios and deposits/total assets ratios were used as dependent variables, asset structure, liquidity, size, growth opportunities, return on equity, return on assets, exchange rate risk, credit risk and interest risk variables were used as independent variables. As a result of the research, size, ROA and interest rate risk variables were found to be positively coorelated with capital adequacy ratio. Liquidity, growth opportunities and ROE variables were found to be negatively correlated with capital adequacy ratio. Asset structure, ROA, credit risk and interest rate risk variables were found to be positively related to leverage. Growth opportunities, size and ROE variables were found to be negatively correlated with leverage. In addition, it has been observed that the capital structure of the Turkish banking sector is generally compatible with the pecking order theory.

References

  • Achy, L. (2009). “Corporate Capital Structure Choices in Mena: Empirical Evidence From Nonlisted Firms in Morocco”, Middle East Development Journal, 1(2), 255-273.
  • Akter, A., Parvin, A., ve Easmin, S. (2015). “A comparative analysis of capital structure between banking and non-banking financial institutions of Bangladesh”, IOSR Journal of Economics and Finance, 6(2), 01-08.
  • Alper, A.E. ve Oransay, G. (2015). “Cari Açık ve Finansal Gelişmişlik İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi”, Uluslararası Ekonomi ve Yenilik Dergisi, 1(2), 73-85.
  • Ata, H. A. ve Ağ, Y. (2010). “Firma Karakteristiğinin Sermaye Yapısı Üzerindeki Etkisinin Analizi”, Ekonometri ve İstatistik, 11,45-65.
  • Basnet, A. (2015). “Capital Structure Choice Of Financial Firms: Evidence From Nepalese Commercial Banks”, Department Of Finance And Statistics Hanken School Of Economics.
  • Bergers, S. (2004). The Complete Guide to Real Estate Finance for Investment Properties. New Jersey; John Wiley and Sons.
  • Bontempı, M. E. (2002). “The Dynamic Specification of the Modified Pecking Order Theory: Its Relevance to Italy”, Empirical Economics, 27, 1- 22.
  • Brealey, R. A.; Myers, S. C. ve Allen, F. (2011). Principles of Corporate Finance. New York; The Mcgraw-Hill Companies.
  • Buferna, F., Bangassa, K. ve Hodgkınson, L. (2005). “Determinants of Capital Structure Evidence From Libya”, Research Paper Series, 8, 1-31.
  • Burucu, H. ve Öndeş, T. (2016). “Türk İmalat Sanayi Firmalarının Sermaye Yapısını Etkileyen Faktörlerin Analizi”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 201-225.
  • Büyükşalvarcı, A. ve Abdioğlu, H. (2011). “Determinants of Capital Adequacy Ratio in Turkish Banks: A Panel Data Analysis” African Journal of Business Management, 5(27), 11199-11209.
  • Chen, J. J. (2004). “Determinants of Capital Structure of Chinese Listed Companies”, Journal of Business Research, 57, 1341-1351.
  • Cortez, M. A. ve Susanto, S. (2012) “The Determinants of Corporate Capital Structure: Evidence from Japanese Manufacturing Companies”, Journal of International Business Research, 10(3), 121-134.
  • Cuong, N.T. ve Canh, N. T. (2012) “The Factors Affecting Capital Structure for Eazch Group of Enterprises in Each Debt Ratio Threshold: Evidence from Vietnam’s”, International Research Journal Of Finance And Economics, 94, 23-37.
  • Davıes, T. ve Crawford, I. (2014). Corporate Finance and Financial Strategy Optimising Corporate and Shareholder Value. London; Prentice Hall Pearson Education Limited.
  • Degryse, H., Goeıj, P. D. ve Kappert, P. (2012). “The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure”, Smaal Business Economics, 38(4), 431-447.
  • Demirhan, D. (2009). “Sermaye Yapısını Etkileyen Firmaya Özgü Faktörlerin Analizi: İMKB Hizmet Firmaları Üzerine Bir Uygulama”, Ege Akademik Bakış, 9(2), 677-697.
  • Durand, D. (1952). “Costs of Debt and Equity Funds for Business: Trends and Problems of Measurement”, National Baureau of Economic Research, 215-262.
  • Durukan, B. M. (1997). “Hisse Senetleri İMKB’de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma”, İMKB Dergisi, 1(3), 75-91.
  • Ehrhardt, M. C. ve Brıgham, E. F. (2009). Corporate Finance: A Focused Approach. USA; South Western Cengage Learning.
  • Erıotıs, N., Vasılıou, D. ve Neokosmıdı, Z. V. (2007). “How Firm Characteristics Affect Capital Structure: An Empirical Study”, Managerial Finance, 33 (5), 321-331.
  • Frank, M. Z. ve Goyal, V. K. (2003). “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Econmics, 67, 217-248.
  • Goh, C. F., Taı, W. Y.; Raslı A.; Tan, O. K. and Zakuan N. (2018). “The Determinants of Capital Structure: Evidence from Malaysian Companies”, Internationa Joural of Suply Chain Management, 7(3), 225-230.
  • Gülşen, A. Z. ve Ülkütaş Ö. (2012). "Sermaye Yapısının Belirlenmesinde Finansman Hiyerarşisi Teorisi ve Ödünleşme Teorisi: İMKB Sanayi Endeksinde Yer Alan Firmalar Üzerine Bir Uygulama." Uluslararası Yönetim İktisat ve İşletme Dergisi 8(15), 49-59.
  • Harıs, M. ve Ravıv, A. (1991). “The Theory of Capital Structure”, Journal of Finance, 46(1), 297-355.
  • Hart, O. (1995). Firms, Contracts and Financial Structure. USA; Oxford University Press.
  • Hovakimian, A. ve Kane, E.J. (2000). “Effectiveness of Capital Regulation at US Commercial Banks, 1985- 1994” The Journal of Finance, 55, 451-469.
  • Huang, G. ve Song, F. M. (2006). “The Determinants of Capital Structure: Evidence from China”, China Economic Review, 17, 14-36.
  • Karadeniz, E. (2008). Türk Konaklama İşletmelerinde Sermaye Yapısını Etkileyen Faktörlerin Analizi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Yayınlanmamış Doktora Tezi.
  • Kım, H. E. (1978) “A Mean Variance Theory of Optimal Capital Structure and Corporate Debt Capacity”, The Journal of Finance, 33(1), 45-63.
  • Lıu, Y.; Ren, J. ve Zhuang, Y (2009). “An Empirical Analysis on the Capital Structure of Chinese”, International Journal of Business and Management, 4(8), 46-51.
  • Leland, H. E. ve Pyle, D. H. (1977). “Informational Asymmetries, Financial Structure and Financial Intermediation”, The Journal of Finance, 32(2), 371-387.
  • Loof, H. (2003). "Dynamic Optimal Capital Structure and Technological Change." Zew Discussion Paper No. 03-06.
  • Marsh, P. (1982). “The Choice Between Equity and Debt: An Empirical Study”, The Journal of Finance, 37(1),121-144.
  • Mathuva, D. M. (2009) “Capital Adequacy, Cost Income Ratioandtheperformance of Commericalbanks: Th Kenyan Scenario” Th E International Journal Of Applied Economics And Finance,3:35-47.
  • Mazur, K. (2007). "The Determinants Of Capital Structure Choice: Evidence From Polish Companies." International Advances İn Economic Research, 13, 495-514.
  • Mıchaelas, N., Chıttenden, F. ve Poutsıourıs, P. (1999). “Financial Policy and Capital Structure Choice in U.K. SMES: Empirical Evidence from Company Panel Data”, Small Business Economics, 12, 113-130.
  • Mıtton, T. (2008). “Why Have Debt Ratios Increased for Firms in Emerging Markets?”, European Financial Management, 14(1), 127-151.
  • Modigliani, F. ve Miller, M. H. (1958). “The Cost of Capital Corporation Finance and the Theory of Investment”, The American Economic Reviev, 48(3), 261-297.
  • Myers, S. C. (1984). “The Capital Structure Puzzle”, The Journal of Finance, 39(3), 575-592.
  • Nguyen, H. ve Kayanı, Z. (2013). “Determinants of Banks’ Capital Structure in Asia a Comparison Among Developed and Developing Countries”, School of Economics and Management Department of Business Administration.
  • Nunes, M. P. J. ve Serrasqueıro, Z. M. (2007). “Capital Structure of Portuguese Service Industries: A Panel Data Analysis”, The Service Industries Journal, 27(5), 549-562.
  • Okuyan, H. A. (2013). Türk Bankacılık Sektöründe Sermaye Yapısı. Ege Akademik Bakış. 13(3), 295-302.
  • Pandey, I. M. (2001). “Capital Structure and the Firm Characteristics: Evidence from an Emerging Market”, Indian Institute of Management Ahmedabad, Working Paper No.20011004, 1-17.
  • Paramasivan, C. ve Subramanıan, T. (2008). Financial Management. New Delhi; New Age International Limited Publishers.
  • Rajan, R. G. ve Zıngales, L. (1995). “What Do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), 1421-1460.
  • Ross, S. A. (1977). “The Determination of Financial Structure: The Incentive Signalling Approach”, The Bell Fournal of Economics, 8(1), 23- 40.
  • Sarıoglu, S. E.; Kurun E. ve Güzeldere H. (2013). "Sermaye Yapısının Belirleyicileri: İMKB'de İşlem Gören Çimento, Otomotiv ve Bilişim Sektörlerinin Sermaye Yapısı Analizi" Ege Akademik Bakış, 13(4), 481.
  • Sayılgan, G., Karabacak, H. ve Küçükkocaoğlu, G. (2006). “The Firm Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data”, Investment Management and Financial Inovations, 3(3), 125-139.
  • Sharıf, B., Maeem, M. A. ve Khan, A.J. (2012). “Firm’s Characteristic and Capital Structure: A Panel Data Analysis of Pakistan’s Insurance Sector”, African Journal of Business Management, 6(14), 4939-4947.
  • Sheıkh, N. A. ve Wang, Z. (2011). “Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan”, Managerial Finance, 37(2),117-133.
  • Tatoğlu, F. Y. (2021). Panel Veri Ekonometrisi. İstanbul; Beta Basım Yayın.
  • Tıtman, S. ve Wessels, R. (1988). “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Ullah, W. ve Nıshat, M. (2008). “Capital Structure Choice in an Emerging Market: Evidence from Listed Firms in Pakistan”, 21st Australasian Finance and Banking Conference 2008, Ssrn: Https://Ssrn.Com/Abstract=1265447 (Erişim Tarihi, 25.03.2021)
  • Van Horne, J. C. (1971). Financial Management and Policiy. USA, Prentice-Hall.
  • Vo, X. V. (2016). "Foreign Investors and Corporate Risk Taking Behavior in an Emerging Market." Finance Research Letters, 18, 273-277.
  • Voulgaris, F., Asterıou, D. ve Agıomırgıanakıs, G. (2002). "Capital Structure, Asset Utilization, Profitability and Growth in the Greek Manufacturing Sector", Applied Economics, 34,1379-1388.
  • Yang, J., Davıs, G. C. ve Leatham, D. J. (2001). “Impact of Interest Rate Swaps on Corporate Capital Structure: An Empirical Investigation”, Applied Financial Economics, 11(1), 75-81.
  • Yiğit, F. (2016). Sermaye Yapısı ve Sermaye Yapısı Teorileri, Ankara, Nobel Kitabevi.

Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri

Year 2022, Volume: 22 Issue: 1, 57 - 68, 01.05.2022
https://doi.org/10.25294/auiibfd.1033601

Abstract

Bu çalışma Türkiye’de bankacılık sektörünün sermaye yapısı belirleyicilerinin incelenerek sektörün ilişkili olduğu sermaye yapısı teorilerinin belirlenmesini amaçlamaktadır. Bu amaçla Türkiye’de faaliyet gösteren 14 bankanın 2002 ve 2020 yıllarını kapsayan veri seti düzenlenerek panel veri analizi yöntemi ile analiz edilmiştir. Çalışmada sermaye yeterlilik oranı, kaldıraç ve mevduat/toplam kaynak oranları bağımlı değişken olarak, büyüme olanakları, varlık yapısı, likidite, büyüklük, aktif karlılık, öz kaynak karlılığı kur riski, kredi riski ve faiz riski değişkenleri bağımsız değişken olarak kullanılmıştır. Araştırma neticesinde SYO büyüklük, ROA ve faiz riski değişkenleri ile pozitif ilişkili, likidite, büyüme olanakları ve ROE ile negatif ilişkili olarak bulunmuştur. Kaldıraç oranları ise varlık yapısı, ROA, kredi riski ve faiz riski değişkenleri ile pozitif ilişkili, büyüme olanakları, büyüklük ve ROE ile negatif ilişikli olarak bulunmuştur. Ayrıca Türk bankacılık sektörünün sermaye yapısının genel itibariyle finansman hiyerarşisi teorileri ile uyumlu olduğu gözlemlenmiştir.

References

  • Achy, L. (2009). “Corporate Capital Structure Choices in Mena: Empirical Evidence From Nonlisted Firms in Morocco”, Middle East Development Journal, 1(2), 255-273.
  • Akter, A., Parvin, A., ve Easmin, S. (2015). “A comparative analysis of capital structure between banking and non-banking financial institutions of Bangladesh”, IOSR Journal of Economics and Finance, 6(2), 01-08.
  • Alper, A.E. ve Oransay, G. (2015). “Cari Açık ve Finansal Gelişmişlik İlişkisinin Panel Nedensellik Analizi Ekseninde Değerlendirilmesi”, Uluslararası Ekonomi ve Yenilik Dergisi, 1(2), 73-85.
  • Ata, H. A. ve Ağ, Y. (2010). “Firma Karakteristiğinin Sermaye Yapısı Üzerindeki Etkisinin Analizi”, Ekonometri ve İstatistik, 11,45-65.
  • Basnet, A. (2015). “Capital Structure Choice Of Financial Firms: Evidence From Nepalese Commercial Banks”, Department Of Finance And Statistics Hanken School Of Economics.
  • Bergers, S. (2004). The Complete Guide to Real Estate Finance for Investment Properties. New Jersey; John Wiley and Sons.
  • Bontempı, M. E. (2002). “The Dynamic Specification of the Modified Pecking Order Theory: Its Relevance to Italy”, Empirical Economics, 27, 1- 22.
  • Brealey, R. A.; Myers, S. C. ve Allen, F. (2011). Principles of Corporate Finance. New York; The Mcgraw-Hill Companies.
  • Buferna, F., Bangassa, K. ve Hodgkınson, L. (2005). “Determinants of Capital Structure Evidence From Libya”, Research Paper Series, 8, 1-31.
  • Burucu, H. ve Öndeş, T. (2016). “Türk İmalat Sanayi Firmalarının Sermaye Yapısını Etkileyen Faktörlerin Analizi”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(1), 201-225.
  • Büyükşalvarcı, A. ve Abdioğlu, H. (2011). “Determinants of Capital Adequacy Ratio in Turkish Banks: A Panel Data Analysis” African Journal of Business Management, 5(27), 11199-11209.
  • Chen, J. J. (2004). “Determinants of Capital Structure of Chinese Listed Companies”, Journal of Business Research, 57, 1341-1351.
  • Cortez, M. A. ve Susanto, S. (2012) “The Determinants of Corporate Capital Structure: Evidence from Japanese Manufacturing Companies”, Journal of International Business Research, 10(3), 121-134.
  • Cuong, N.T. ve Canh, N. T. (2012) “The Factors Affecting Capital Structure for Eazch Group of Enterprises in Each Debt Ratio Threshold: Evidence from Vietnam’s”, International Research Journal Of Finance And Economics, 94, 23-37.
  • Davıes, T. ve Crawford, I. (2014). Corporate Finance and Financial Strategy Optimising Corporate and Shareholder Value. London; Prentice Hall Pearson Education Limited.
  • Degryse, H., Goeıj, P. D. ve Kappert, P. (2012). “The Impact of Firm and Industry Characteristics on Small Firms’ Capital Structure”, Smaal Business Economics, 38(4), 431-447.
  • Demirhan, D. (2009). “Sermaye Yapısını Etkileyen Firmaya Özgü Faktörlerin Analizi: İMKB Hizmet Firmaları Üzerine Bir Uygulama”, Ege Akademik Bakış, 9(2), 677-697.
  • Durand, D. (1952). “Costs of Debt and Equity Funds for Business: Trends and Problems of Measurement”, National Baureau of Economic Research, 215-262.
  • Durukan, B. M. (1997). “Hisse Senetleri İMKB’de İşlem Gören Firmaların Sermaye Yapısı Üzerine Bir Araştırma”, İMKB Dergisi, 1(3), 75-91.
  • Ehrhardt, M. C. ve Brıgham, E. F. (2009). Corporate Finance: A Focused Approach. USA; South Western Cengage Learning.
  • Erıotıs, N., Vasılıou, D. ve Neokosmıdı, Z. V. (2007). “How Firm Characteristics Affect Capital Structure: An Empirical Study”, Managerial Finance, 33 (5), 321-331.
  • Frank, M. Z. ve Goyal, V. K. (2003). “Testing the Pecking Order Theory of Capital Structure”, Journal of Financial Econmics, 67, 217-248.
  • Goh, C. F., Taı, W. Y.; Raslı A.; Tan, O. K. and Zakuan N. (2018). “The Determinants of Capital Structure: Evidence from Malaysian Companies”, Internationa Joural of Suply Chain Management, 7(3), 225-230.
  • Gülşen, A. Z. ve Ülkütaş Ö. (2012). "Sermaye Yapısının Belirlenmesinde Finansman Hiyerarşisi Teorisi ve Ödünleşme Teorisi: İMKB Sanayi Endeksinde Yer Alan Firmalar Üzerine Bir Uygulama." Uluslararası Yönetim İktisat ve İşletme Dergisi 8(15), 49-59.
  • Harıs, M. ve Ravıv, A. (1991). “The Theory of Capital Structure”, Journal of Finance, 46(1), 297-355.
  • Hart, O. (1995). Firms, Contracts and Financial Structure. USA; Oxford University Press.
  • Hovakimian, A. ve Kane, E.J. (2000). “Effectiveness of Capital Regulation at US Commercial Banks, 1985- 1994” The Journal of Finance, 55, 451-469.
  • Huang, G. ve Song, F. M. (2006). “The Determinants of Capital Structure: Evidence from China”, China Economic Review, 17, 14-36.
  • Karadeniz, E. (2008). Türk Konaklama İşletmelerinde Sermaye Yapısını Etkileyen Faktörlerin Analizi, Çukurova Üniversitesi Sosyal Bilimler Enstitüsü İşletme Anabilim Dalı, Yayınlanmamış Doktora Tezi.
  • Kım, H. E. (1978) “A Mean Variance Theory of Optimal Capital Structure and Corporate Debt Capacity”, The Journal of Finance, 33(1), 45-63.
  • Lıu, Y.; Ren, J. ve Zhuang, Y (2009). “An Empirical Analysis on the Capital Structure of Chinese”, International Journal of Business and Management, 4(8), 46-51.
  • Leland, H. E. ve Pyle, D. H. (1977). “Informational Asymmetries, Financial Structure and Financial Intermediation”, The Journal of Finance, 32(2), 371-387.
  • Loof, H. (2003). "Dynamic Optimal Capital Structure and Technological Change." Zew Discussion Paper No. 03-06.
  • Marsh, P. (1982). “The Choice Between Equity and Debt: An Empirical Study”, The Journal of Finance, 37(1),121-144.
  • Mathuva, D. M. (2009) “Capital Adequacy, Cost Income Ratioandtheperformance of Commericalbanks: Th Kenyan Scenario” Th E International Journal Of Applied Economics And Finance,3:35-47.
  • Mazur, K. (2007). "The Determinants Of Capital Structure Choice: Evidence From Polish Companies." International Advances İn Economic Research, 13, 495-514.
  • Mıchaelas, N., Chıttenden, F. ve Poutsıourıs, P. (1999). “Financial Policy and Capital Structure Choice in U.K. SMES: Empirical Evidence from Company Panel Data”, Small Business Economics, 12, 113-130.
  • Mıtton, T. (2008). “Why Have Debt Ratios Increased for Firms in Emerging Markets?”, European Financial Management, 14(1), 127-151.
  • Modigliani, F. ve Miller, M. H. (1958). “The Cost of Capital Corporation Finance and the Theory of Investment”, The American Economic Reviev, 48(3), 261-297.
  • Myers, S. C. (1984). “The Capital Structure Puzzle”, The Journal of Finance, 39(3), 575-592.
  • Nguyen, H. ve Kayanı, Z. (2013). “Determinants of Banks’ Capital Structure in Asia a Comparison Among Developed and Developing Countries”, School of Economics and Management Department of Business Administration.
  • Nunes, M. P. J. ve Serrasqueıro, Z. M. (2007). “Capital Structure of Portuguese Service Industries: A Panel Data Analysis”, The Service Industries Journal, 27(5), 549-562.
  • Okuyan, H. A. (2013). Türk Bankacılık Sektöründe Sermaye Yapısı. Ege Akademik Bakış. 13(3), 295-302.
  • Pandey, I. M. (2001). “Capital Structure and the Firm Characteristics: Evidence from an Emerging Market”, Indian Institute of Management Ahmedabad, Working Paper No.20011004, 1-17.
  • Paramasivan, C. ve Subramanıan, T. (2008). Financial Management. New Delhi; New Age International Limited Publishers.
  • Rajan, R. G. ve Zıngales, L. (1995). “What Do We Know About Capital Structure? Some Evidence from International Data”, The Journal of Finance, 50(5), 1421-1460.
  • Ross, S. A. (1977). “The Determination of Financial Structure: The Incentive Signalling Approach”, The Bell Fournal of Economics, 8(1), 23- 40.
  • Sarıoglu, S. E.; Kurun E. ve Güzeldere H. (2013). "Sermaye Yapısının Belirleyicileri: İMKB'de İşlem Gören Çimento, Otomotiv ve Bilişim Sektörlerinin Sermaye Yapısı Analizi" Ege Akademik Bakış, 13(4), 481.
  • Sayılgan, G., Karabacak, H. ve Küçükkocaoğlu, G. (2006). “The Firm Specific Determinants of Corporate Capital Structure: Evidence from Turkish Panel Data”, Investment Management and Financial Inovations, 3(3), 125-139.
  • Sharıf, B., Maeem, M. A. ve Khan, A.J. (2012). “Firm’s Characteristic and Capital Structure: A Panel Data Analysis of Pakistan’s Insurance Sector”, African Journal of Business Management, 6(14), 4939-4947.
  • Sheıkh, N. A. ve Wang, Z. (2011). “Determinants of Capital Structure: An Empirical Study of Firms in Manufacturing Industry of Pakistan”, Managerial Finance, 37(2),117-133.
  • Tatoğlu, F. Y. (2021). Panel Veri Ekonometrisi. İstanbul; Beta Basım Yayın.
  • Tıtman, S. ve Wessels, R. (1988). “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Ullah, W. ve Nıshat, M. (2008). “Capital Structure Choice in an Emerging Market: Evidence from Listed Firms in Pakistan”, 21st Australasian Finance and Banking Conference 2008, Ssrn: Https://Ssrn.Com/Abstract=1265447 (Erişim Tarihi, 25.03.2021)
  • Van Horne, J. C. (1971). Financial Management and Policiy. USA, Prentice-Hall.
  • Vo, X. V. (2016). "Foreign Investors and Corporate Risk Taking Behavior in an Emerging Market." Finance Research Letters, 18, 273-277.
  • Voulgaris, F., Asterıou, D. ve Agıomırgıanakıs, G. (2002). "Capital Structure, Asset Utilization, Profitability and Growth in the Greek Manufacturing Sector", Applied Economics, 34,1379-1388.
  • Yang, J., Davıs, G. C. ve Leatham, D. J. (2001). “Impact of Interest Rate Swaps on Corporate Capital Structure: An Empirical Investigation”, Applied Financial Economics, 11(1), 75-81.
  • Yiğit, F. (2016). Sermaye Yapısı ve Sermaye Yapısı Teorileri, Ankara, Nobel Kitabevi.
There are 59 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section Research Article
Authors

Bilal Akkaynak 0000-0003-1300-2112

Early Pub Date October 27, 2021
Publication Date May 1, 2022
Submission Date December 7, 2021
Acceptance Date March 4, 2022
Published in Issue Year 2022 Volume: 22 Issue: 1

Cite

APA Akkaynak, B. (2022). Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri. Akdeniz İİBF Dergisi, 22(1), 57-68. https://doi.org/10.25294/auiibfd.1033601
AMA Akkaynak B. Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri. Akdeniz İİBF Dergisi. May 2022;22(1):57-68. doi:10.25294/auiibfd.1033601
Chicago Akkaynak, Bilal. “Sermaye Yapısı Teorileri Ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri”. Akdeniz İİBF Dergisi 22, no. 1 (May 2022): 57-68. https://doi.org/10.25294/auiibfd.1033601.
EndNote Akkaynak B (May 1, 2022) Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri. Akdeniz İİBF Dergisi 22 1 57–68.
IEEE B. Akkaynak, “Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri”, Akdeniz İİBF Dergisi, vol. 22, no. 1, pp. 57–68, 2022, doi: 10.25294/auiibfd.1033601.
ISNAD Akkaynak, Bilal. “Sermaye Yapısı Teorileri Ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri”. Akdeniz İİBF Dergisi 22/1 (May 2022), 57-68. https://doi.org/10.25294/auiibfd.1033601.
JAMA Akkaynak B. Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri. Akdeniz İİBF Dergisi. 2022;22:57–68.
MLA Akkaynak, Bilal. “Sermaye Yapısı Teorileri Ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri”. Akdeniz İİBF Dergisi, vol. 22, no. 1, 2022, pp. 57-68, doi:10.25294/auiibfd.1033601.
Vancouver Akkaynak B. Sermaye Yapısı Teorileri ve Türk Bankacılık Sisteminin Sermaye Yapısı Belirleyicileri. Akdeniz İİBF Dergisi. 2022;22(1):57-68.
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