Uluslararası Pazarlarda Genişleme ve Borç İlişkisi: Borsa İstanbul İmalat Sanayi İşletmeleri Üzerine Bir Analiz

Year 2014, Volume: 2 Issue: 2, 105 - 118, 28.05.2015

Hakan Tunahan , Nihal Sütütemiz , Sinan Esen

Abstract

Bu çalışma, uluslararası pazarlarda genişlemenin işletmenin borç seviyesi üzerindeki etkisini analiz etmeyi amaçlamaktadır. Araştırmada kullanılan Bağımsız Örneklemler t testi ve Tek Yönlü Varyans analizi, bu amaca yönelik örneklem olarak seçilen, Borsa İstanbul'da sürekli olarak işlem gören ve ihracat düzeylerine göre gruplandırılmış imalat sanayi işletmelerinin kısa vadeli, uzun vadeli ve toplam kaldıraç seviyeleri arasında anlamlı bir farklılık olmadığını göstermiştir.  

Keywords

-

References

• Bakkalcı, A. C. (2013). Yeni Yeni Ticaret Teorileri'nin Makroekonomik Doğası ve Türk Ekonomisi, Yönetim Bilimleri Dergisi, Cilt: 11, Sayı: 22, S. 69-98.
• Balla, A. ve G. Mundacab (2011). Export Market Participation and Other Determinants of Capital Structure: The Case of Hungarian Manufacturing Firms, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1929170, Erişim Tarihi: 25.12.2013
• Bellone, F., P. Musso, L. Nesta ve S. Schiavo (2010). Financial Constraints and Firm Export Behaviour, World Economy, 33, Issue 3, S: 347-373
• Bernard, A. B. ve J. B. Jensen (1995). Exporters, Jobs, and Wages in US Manufacturing: 1976-87, Brookings Papers on Economic Activity: Microeconomics, S: 67-112.
• Bernini, M., S. Guillou, F. Bellone (2013). Firms' Leverage and Export Quality: Evidence from France, University of Nice Sophia Antipolis Gredeg Working Papers, Number 2013-29
• Burgman, T. (1996). An Empirical Examination of Multinational Corporate Capital Structure, Journal of International Business Studies, Vol:27, Issue 3, S: 553-570
• Değirmen, S. ve Y. Gündoğdu (2010). Türkiye'de İhracat Yapan Firmaların Finansman Stratejileri, Business and Economics Research Journal, Volume: 1, Number: 4, S:1-18
• Goldman, E., ve P.V.Viswanath (2011). Export Intensity and Financial Policies of Indian Firms, International Journal of Trade and Global Markets, Vol. 4, No. 2., S:152 – 171
• Greenaway, D., A. Guariglia, , R. Kneller, (2007). Financial Factors and Exporting Decisions, Journal of International Economics, Volume 73, Issue 2, November, S: 377–395
• Hughes, J.S., D. E. Logue and R. J. Sweeney (1975). Corporate International Diversification and Market Assigned Measures of Risk and Diversification, The Journal of Financial and Quantitative Analysis, Vol. 10, No. 4, S: 627-637
• Joliet, R. and A. Muller (2013). Capital Structure Effects of International Expansion, Journal of Multinational Financial Management, Vol:23, S:375-393
• Lee, K.C. ve C. Y. Kwok (1988). Multinational Corporations vs. Domestic Corporations: International Environmental Factors and Determinants of Capital Structure, Journal of International Business Studies, Vol. 19, No. 2, S.195-217
• Lin, F. ve J. Hung (2012). Internationalization and Capital Structure of Taiwan Electronic Corporations, International Business Research, Vol:5, No:1, S:164-171
• Mansi, S. A. ve D. M. Reeb (2002). Corporate International Activity and Debt Financing, Journal of International Business Studies, Vol. 33, No. 1, S: 129-147
• Melitz, M. J. (2003). The Impact of Trade on Intra-Industry Reallocations and Aggregate IndustryProductivity, Econometrica 71(6), S: 1695 - 1725.
• Modigliani, F. ve M. Miller (1958). The Cost of Capital, Corporate Finance, and the Theory of İnvestment, The American Economic Review, Vol. 48, No. 3, S:261-297
• Shapiro, A. C. (1978). Financial Structure and Cost of Capital in the Multinational Corporation, The Journal of Financial and Quantitative Analysis, Vol. 13, No. 2, S: 211-226
• Singh, M. ve A. Nejadmalayeri (2004). Internationalization, capital structure, and cost of capital: evidence from French corporations, Journal of Multinational Financial Management 14, S: 153–169
• Tang, H. and Y. Zhang'den aktaran Hahn, C. H. And D. A. Narjoko (eds.), Dynamics of Firm Selection Process in Globalized Economies. ERIA Research Project Report 2011, No.3, S: 13-33
• Wyrobek, J. (2011). Impact of Export Activities on Financial Situation of Companies Listed on the Warsaw Stock Exchange in Poland, Research Papers of Wroclaw University of Economics, Vol:158, S: 468-479