Yıl 2017, Cilt 16, Sayı 2, Sayfalar 303 - 312 2017-04-27

Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100
Sermaye Yapısının Karlılık Üzerindeki Etkisi BIST 100 Üzerine Panel Veri Analizi

Erkan Alsu [1]

504 1024

The relationship between capital structure and profitability is one of the subjects that is being debated in the literature since almost half a century. Modigliani – Miller (1958) argued that the capital structure of an organization has no effect on its value. According to this theory, called the irrelevancy of capital, there is no difference in terms of organization value between the use of equity and the use of loans. On the other hand, Myer (1984) argued that factors such as the tax shield of a loan and non-loan tax shields may affect the capital structure of an organization.

This study examines the balance data for 100 organizations that are active in Istanbul Stock Exchange for the period between 2006 and 2015. The study investigates the relationship between the changes in capital structure and the organization’s profitability along the years The components of capital structure consist of equity, short- and long-term loans, auto financing resources and stocks.

The results of panel regression analysis indicate that there is a significant positive relationship between choosing more equity and profitability. The study determined that there is no significant relationship between choosing long-term foreign capital and profitability. On the other hand, a positive significant relationship was discovered between choosing legal reserve as auto financing resource and profitability .

Sermaye yapısı ve kârlılık ilişkisi, literatürde üzerinde yaklaşık yarım asırdır konuşulan konulardan birisi olarak görülmektedir. Modigliani-Miller (1958) işletmenin sermaye yapısının işletme değeri üzerinde herhangi bir etkisinin olmadığını ileri sürmüştür. Sermayenin ilintisizliği olan bu teoriye göre işletmenin öz kaynak kullanımı ile borç kullanımı arasında işletme değeri açısından herhangi bir fark yoktur. Diğer taraftan Myer (1984) işletmenin borcun vergi kalkanı ve borç dışı vergi kalkanı gibi faktörlerin işletmenin sermaye yapısını etkiyeceğini ileri sürmüştür.

Bu çalışmada, Borsa İstanbul’da faaliyet gösteren 100 işletmenin 2006-2015 yılları arasındaki bilanço verileri incelenmiştir. Bu kapsamda, işletmelerin yıllar itibariyle sermaye yapısında meydana gelen değişmelerin işletmenin karlılığını nasıl etkilediği incelenmiştir. Sermaye yapısının bileşenleri; öz kaynaklar, kısa ve uzun vadeli borçlar, oto finansman kaynakları ve hisse senetlerinden oluşmaktadır.

Panel regresyon analizi sonuçlarına göre daha fazla özkaynak tercihi ile karlılık arasında pozitif yönlü anlamlı ilişkinin var olduğu tespit edilmiştir. Çalışmada uzun vadeli yabancı kaynak tercihi ile kârlılık arasında istatistiksel açıdan anlamlı bir ilişkinin olmadığı tespit edilmiştir. Diğer taraftan Oto Finansman kaynağı olarak yasal yedek tercihi ile karlılık arasında pozitif yönlü anlamlı bir ilişkinin var olduğu tespit edilmiştir.

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Yazar: Erkan Alsu
Kurum: GAZİANTEP ÜNİVERSİTESİ
Ülke: Turkey


Bibtex @araştırma makalesi { jss300017, journal = {Gaziantep University Journal of Social Sciences}, issn = {1303-0094}, eissn = {2149-5459}, address = {Gaziantep Üniversitesi}, year = {2017}, volume = {16}, pages = {303 - 312}, doi = {10.21547/jss.300017}, title = {Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100}, key = {cite}, author = {Alsu, Erkan} }
APA Alsu, E . (2017). Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100. Gaziantep University Journal of Social Sciences, 16 (2), 303-312. DOI: 10.21547/jss.300017
MLA Alsu, E . "Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100". Gaziantep University Journal of Social Sciences 16 (2017): 303-312 <http://dergipark.gov.tr/jss/issue/28717/300017>
Chicago Alsu, E . "Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100". Gaziantep University Journal of Social Sciences 16 (2017): 303-312
RIS TY - JOUR T1 - Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100 AU - Erkan Alsu Y1 - 2017 PY - 2017 N1 - doi: 10.21547/jss.300017 DO - 10.21547/jss.300017 T2 - Gaziantep University Journal of Social Sciences JF - Journal JO - JOR SP - 303 EP - 312 VL - 16 IS - 2 SN - 1303-0094-2149-5459 M3 - doi: 10.21547/jss.300017 UR - http://dx.doi.org/10.21547/jss.300017 Y2 - 2017 ER -
EndNote %0 Gaziantep University Journal of Social Sciences Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100 %A Erkan Alsu %T Effect on Profitability Of Capital Structure Panel Data Analysis on BIST 100 %D 2017 %J Gaziantep University Journal of Social Sciences %P 1303-0094-2149-5459 %V 16 %N 2 %R doi: 10.21547/jss.300017 %U 10.21547/jss.300017
ISNAD Alsu, Erkan . "Sermaye Yapısının Karlılık Üzerindeki Etkisi BIST 100 Üzerine Panel Veri Analizi". Gaziantep University Journal of Social Sciences 16 / 2 (Nisan 2017): 303-312. http://dx.doi.org/10.21547/jss.300017