Factors determining the debt structure of firms included in the ise-100 index

Year 2013, Issue: 1, 25 - 42, 01.02.2013

Nurhan Aydın Gülşah Kulalı

Abstract

In this study, it is aimed to put forward factors determining the debt structure of firms included in the ISE-100 Index. In this context, basic variables having explanatory power for capital and debt structure for different time periods and various samples are tested on firms listed in the Istanbul Stock Exchange-100 index for the year 2008. The fact that the year 2008 is the year in which impacts of the global crisis began to affect firms deeply makes the study interesting. The relationships between linear regression models, defined to introduce the determinants of debt structure, and variables are investigated and three separate models are estimated for short term indebtness, long term indebtness and total indebtness. Consequently, a significant positive relationship between total debt ratio and market-to-book ratio is found. A significant negative relationship between short term debt ratio and fixed assets to total assets ratio, and a significant positive relationship between short term debt ratio and market-to-book ratio are found. A meaningful model cannot be established by the variables related to long term debt ratio. These results are tried to be explained in relation with the global financial crisis.

Keywords

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İMKB-100 endeksinde yer alan şirketlerin borç yapısını belirleyen faktörler 1

Abstract

Bu çalışmada İstanbul Menkul Kıymetler Borsası (İMKB) İMKB-100 endeksinde yer alan şirketlerin borç yapısını belirleyen faktörlerin ortaya konulması amaç- lanmıştır. Bu bağlamda literatürde farklı zaman dilimi ve farklı örneklemler için sermaye ve borç yapısını açıklama gücü bulunan bazı faktörler 2008 yılı için İMKB-100 endeksinde listelenmiş şirketlerde test edilmiştir. 2008 yılının, şirketle- ri derinden etkileyen küresel krizin etkilerinin yaşanmaya başlandığı yıl olması çalışmayı ilginç kılmaktadır. Çalışmada borç yapısını belirleyen faktörleri orta- ya koymak amacıyla tanımlanan doğrusal regresyon modelleri ile değişkenler arasındaki ilişkiler incelenmiş ve kısa vadeli borçluluk, uzun vadeli borçluluk ve toplam borçluluk için üç ayrı regresyon modeli tahmin edilmiştir. Sonuç olarak, toplam borç oranı ile piyasa değeri/defter değeri (PD/DD) arasında anlamlı po- zitif ilişki bulunmuştur. Kısa vadeli borç oranı ile sabit varlıkların toplam varlık- lar içindeki payı arasında anlamlı negatif ilişki ve kısa vadeli borç oranı ile PD/ DD arasında anlamlı pozitif ilişki bulunmuştur. Uzun vadeli borç oranı ile ilgili değişkenler ile anlamlı bir model kurulamamıştır. Bu sonuçlar küresel finans krizi ile ilişkilendirilerek yorumlanmaya çalışılmıştır.

Keywords

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