Finansal Kurumlarda Sermaye Yapısı Belirleyicileri: Türk Bankacılık Sistemi

Year 2017, Volume: 19 Issue: 2, 507 - 526, 08.09.2017

Mehmet Kenan Terzioğlu

Abstract

Sermaye,
bankalar için likidite ve kredi yaratmakta kullanılmaktadır. Her kuruluş piyasa
değerini maksimum yaparken sermaye maliyetini minimum düzeye indiren en uygun
sermaye yapısına ulaşmaya çalışmaktadır. Bankalarda sermaye yapısı kararları
etkin risk yönetiminin önemli süreçlerinden birisidir. Bu makale, Türk
bankacılık sektörüne odaklanarak, sermaye yapısının belirleyicilerinin
incelenmesini ve sermaye yapısı kuramlarından hangisinin bankacılık sektörü
yapısını açıklama gücüne sahip olduğunun tespit edilmesini amaçlamaktadır. Dünya’da
bankacılık sektörünün sermaye yapısının belirleyicileri üzerine birçok çalışma
yapılmasına karşın, Türkiye’de bu sektör için çalışmalar sınırlı kalmıştır. Ek
olarak, Türkiye’de bu alanda yapılan çalışmalar genellikle statik modeller
üstünde yoğunlaştığından,  bu çalışma önceki
zaman dilimlerinde veriyi üreten mekanizmanın önemli olduğu dinamik model
yapısını kullanarak Türkiye’de bankacılık sektörü sermaye yapısı literatürüne
ilişkin boşluğun doldurulmasına katkı sağlamaktadır. Makale ’de, bankaların
varlık yapısı, büyüklüğü, borç dışı vergi kalkanı, karlılığı, vergi düzeyi,
likiditesi ve borçlanmanın maliyeti sermaye yapısını etkileyen faktörler olarak
alınmıştır. Sermaye yapısı kuramlarının tam anlamıyla bankacılık sektörünün
sermaye yapısını açıklayamadığı sonucuna ulaşılmıştır.

Keywords

Sermaye yapısı, bankacılık sektörü, dinamik panel veri, Arellano-Bond GMM, Arellano-Bond System GMM

Capital Structure Determinants in Financial Institutions: Turkish Banking System

Abstract

Capital
is used to create liquidity and credit for banks. Each corporation strives for
the optimal capital structure that maximizes its market value while minimizing
its capital cost. Capital structure decisions are among the most critical for
efficient risk management in banks. This paper aims to examine the determinants
of capital structure and determine which of the capital structure theories have
the power to explain the banking sector structure by focusing on the Turkish
banking sector. Despite many studies on determining the capital structure of
banking sector in the worldwide, these studies are limited for the sector in
Turkey. Moreover, since studies in this area are usually concentrated on static
models in Turkey, this paper contributes to fill the lack in the banking
sectors’ capital structure literature in Turkey by using dynamic model
structure in which the form of the mechanism that generated the data in
previous periods are important. In this paper, the
asset structure of banks, size, non-debt tax shield, profit, tax level,
liquidity, and cost of borrowing is analyzed as factors that affect the capital
structure. It can be concluded that theories on capital structure fail to fully
explain the capital structure of the banking sector.

Keywords

Capital Structure, dynamic panel data, banking sector, Arellano-Bond GMM, Arellano-Bond System GMM

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