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THE EFFECT OF MANAGERİAL OWNERSHİP, CAPİTAL STRUCTURE AND COMPANY SİZE ON CORPORATE VALUE: RESEARCH ON BIST100 COMPANİES

Year 2021, Volume: 25 Issue: 3, 711 - 726, 13.12.2021

Yusuf Tepeli Yunus Emre Kahraman

Abstract

This study is motivated on whether the capital structure and partnership structure decisions are effective on the market values of the companies operating in the BIST 100 Index. Within the scope of the research, the shareholding structure ratios representing the size, debt / equity ratio and managerial ownership level of 63 companies excluding the financial sector included in the BIST 100 were combined with the time series data for the period of 2009-2018. As a result of the analysis, it has been determined that the size has an effect on the market value of the firm. However, empirical results do not show evidence that capital structure significantly affects the value of the firm. It has been determined that the capital shares of the second and third largest shareholders are effective on the market value. Therefore, the results of this study are consistent with the literature which states that managerial ownership and firm size are determinants of the value of the firm. These factors should be considered by capital owners and managers while maximizing the value of the company

Keywords

Market Value Capital Structure Shareholder Structure Firm Size Panel Data Analysis

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YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA

Year 2021, Volume: 25 Issue: 3, 711 - 726, 13.12.2021

Yusuf Tepeli Yunus Emre Kahraman

Abstract

Bu çalışma BIST 100 Endeksi’nde faaliyet gösteren şirketlerin piyasa değerleri üzerinde, sermaye yapısı ve ortaklık yapısı kararlarının etkili olup olmadığı üzerine motive edilmiştir. Araştırma kapsamında BIST 100’de yer alan mali sektör dışında kalan 63 şirketin büyüklük, borç/özsermaye oranı ve yönetimsel mülkiyet düzeyini temsil eden ortaklık yapısı oranları, 2009-2018 dönemine ait zaman serisi verileriyle birleştirilmiştir. Yapılan analizler sonucunda büyüklüğün firma piyasa değeri üzerinde etkili olduğu tespit edilmiştir. Ancak, ampirik sonuçlar, sermaye yapısının firmanın değerini önemli ölçüde etkilediğine dair kanıt göstermemektedir. En büyük ikinci ve üçüncü ortağın sermaye paylarının ise piyasa değeri üzerinde etkili oldukları belirlenmiştir. Dolayısıyla bu çalışmanın sonuçları, yönetimsel sahipliğin ve firma büyüklüğünün firmanın değerinin belirleyicileri olduğu belirtilen literatürle tutarlıdır. Şirketin değerini maksimize ederken bu faktörler sermaye sahipleri ve yöneticiler tarafından dikkate alınmalıdır.

Keywords

Piyasa Değeri sermaye yapısı ortaklık Yapısı Büyüklük Panel Veri Analizi

References

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  • Bevan, A.A. and Danbolt, J.O. (2004). Testing for Inconsistencies in the Estimation of UK Capital Structure Determinants. Applied Financial Economics, 14(1): 55-66.
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  • Birgili, E. ve Düzer, M. (2010). Finansal Analizde Kullanılan Oranlar ve Firma Değeri İlişkisi: İMKB’de Bir Uygulama. Muhasebe ve Finansman Dergisi, 46: 74-83.
  • Bradford, W., Chen, C. and Zhu, S. (2013). Cash Dividend Policy, Corporate Pyramids, and Ownership Structure: Evidence from China. International Review of Economics & Finance, 27: 445-464.
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There are 93 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Yusuf Tepeli 0000-0003-0413-4869

Yunus Emre Kahraman 0000-0002-0306-5227

Publication Date December 13, 2021
Submission Date November 23, 2020
Published in Issue Year 2021 Volume: 25 Issue: 3

Cite

APA Tepeli, Y., & Kahraman, Y. E. (2021). YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA. Türkiye Sosyal Araştırmalar Dergisi, 25(3), 711-726.
AMA Tepeli Y, Kahraman YE. YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA. Türkiye Sosyal Araştırmalar Dergisi. December 2021;25(3):711-726.
Chicago Tepeli, Yusuf, and Yunus Emre Kahraman. “YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA”. Türkiye Sosyal Araştırmalar Dergisi 25, no. 3 (December 2021): 711-26.
EndNote Tepeli Y, Kahraman YE (December 1, 2021) YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA. Türkiye Sosyal Araştırmalar Dergisi 25 3 711–726.
IEEE Y. Tepeli and Y. E. Kahraman, “YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA”, Türkiye Sosyal Araştırmalar Dergisi, vol. 25, no. 3, pp. 711–726, 2021.
ISNAD Tepeli, Yusuf - Kahraman, Yunus Emre. “YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA”. Türkiye Sosyal Araştırmalar Dergisi 25/3 (December 2021), 711-726.
JAMA Tepeli Y, Kahraman YE. YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA. Türkiye Sosyal Araştırmalar Dergisi. 2021;25:711–726.
MLA Tepeli, Yusuf and Yunus Emre Kahraman. “YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA”. Türkiye Sosyal Araştırmalar Dergisi, vol. 25, no. 3, 2021, pp. 711-26.
Vancouver Tepeli Y, Kahraman YE. YÖNETİMSEL MÜLKİYET, SERMAYE YAPISI VE ŞİRKET BÜYÜKLÜĞÜNÜN KURUMSAL DEĞER ÜZERİNDEKİ ETKİSİ: BIST100 ŞİRKETLERİ ÜZERİNE ARAŞTIRMA. Türkiye Sosyal Araştırmalar Dergisi. 2021;25(3):711-26.