Sermaye Yapısı ve Makroekonomik Göstergeler: Türk Bankalarında Bir Uygulama

Year 2022, Volume: 14 Issue: 29, 1 - 10, 28.12.2022

Berna Doğan Başar

https://doi.org/10.57205/yenifikirjournal.1212927

Cited By: 1

Abstract

Modern piyasa ekonomilerinin hızla gelişmesiyle birlikte şirketler, kapsamlı rekabet gücünü korumak için sermaye yapılarını dış ve iç ortamlara göre ayarlamaktadırlar. Bu nedenle, şirketlerin finansman politikalarının seçiminde, özellikle borç kararlarında, makroekonomik koşullar çok kritik bir noktadır. Dolayısıyla, bu çalışmanın amacı, makroekonomik koşulların BİST’de işlem gören bankaların sermaye yapısı kararları üzerindeki etkilerini incelemektir. Bu 13 banka için 2009'ten 2020'e kadar 12 yıllık bir dönemi kapsayan bir panel verisi olan Genelleştirilmiş Momentler Yöntemi (GMM) tahmin aracı kullanılmıştır. Ampirik sonuçlar, genel makroekonomik koşulların, Türk bankacılık sektöründe sermaye yapısı kararlarının belirlenmesinde önemli etkilere sahip olduğunu göstermektedir. Türk banka sektörü sermaye yapısı kararlarının belirlenmesinde döviz kuru gelişiminin önemli olduğu görülürken, sonuçlar ayrıca Türk banka sektörü sermaye yapısı seçiminde enflasyon ve faiz oranlarının önemsiz olduğunu göstermektedir.

Keywords

Sermaye Yapısı, Makroekonomik Göstergeler, Türk Bankaları

Capital Structure and Macroeconomic Indicators: An Application in Turkish Banks

Abstract

With the rapid development of modern market economies, companies adjust their capital structures according to external and internal environments in order to maintain their comprehensive competitiveness. For this reason, macroeconomic conditions are a very critical point in the choice of companies' financing policies, especially in debt decisions. Therefore, the aim of this study is to examine the effects of macroeconomic conditions on the capital structure decisions of banks traded in the BIST. For these 13 banks, the Generalized Method of Moments (GMM) estimator, a panel data covering a 12-year period from 2009 to 2020, was used. The empirical results show that general macroeconomic conditions have important effects on the capital structure decisions in the Turkish banking sector. While it is seen that the exchange rate development is important in determining the capital structure decisions of the Turkish banking sector, the results also show that inflation and interest rates are unimportant in the capital structure selection of the Turkish banking sector.

Keywords

Sermaye Yapısı, Makroekonomik Göstergeler, Türk Bankaları

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