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Finansal Kurumlarda Sermaye Yapısı Belirleyicileri: Türk Bankacılık Sistemi

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

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.

References

  • Akhtar, S. (2005). The determinants of capital structure for Australian multinational and domestic corporations. Australian Journal of Management, 30(2), 327-335.
  • Anderson, T.W. and Hsiao, C. (1981). Estimation of dynamic models with error components. Journal of the American Statistical Association, 76, 598–606.
  • Arellano, M. and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
  • Arellano, M. and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
  • Asarkaya, Y. and Özcan, S. (2007). Determinants of Capital Structure in Financial Institutions: The Case of Turkey. Journal of Banking and Financial Markets, 1(1), 91-109.
  • Banerjee, S., Heshmati A. and Wihlborg C. (2000). The dynamics of capital structure. SSE/EFI Working Paper Series in Economics and Finance, 333, 1-20.
  • Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
  • Bradley, M., Jarrell, G. A. and Kim, E. H. (1984). On the existence of an optimal capital structure: theory and evidence. Journal of Finance, 39, 857-880.
  • BREUSCH, T. S., MIZON, G. E. and SCHMIDT, P. (1989). Efficient estimation using panel data. Econometrica, 57(3), 695-700.
  • Çağlayan, E. and Şak, N. (2010). The determinants of capital structure: evidence from the Turkish banks. Journal of Money, Investment and Banking, 15.
  • Cameron, A. C. and Trivedi P. K. (2005). Microeconometrics, methods and applications, New York: Cambridge University Press.
  • Chen, L.H., Lensink, R. and Sterken E. (1998). The determinants of capital structure: evidence from Dutch panel data. European Economic Association Annual Congress, Berlin.
  • Chen, J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1347-1348.
  • Demirhan, D. (2007). Sermaye yapısını etkileyen firmaya özgü faktörlerin analizi: İMKB hizmet firmaları üzerine bir uygulama. 11. Ulusal Finans Sempozyumu, 151-168.
  • Drobetz, W. and Fix R. (2003). What are the determinants of the capital structure? Some evidence for Switzerland,” Working Paper No 4/03, University of Basel WWZ/ Department of Finance.
  • Doornik, J. and Hendry, D. (2001). Econometric modeling using Pc give 10 volume III, London: Timberlake Consultants Ltd.
  • Fama, E. and French K. (2002). Testing Trade of and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15, 1-33.
  • Ferri, M. G. and Jones, W. H. (1979). Determinants of financial structure: a new methodological approach. The Journal of Finance, 34(3), 631-644.
  • Gropp, R. E. (1997). The effect of expected effective corporate tax rates on incremental financing decisions. IMF Staff Papers, 44(4), 485-509.
  • Gropp, R. and Heider, F. (2007). What can corporate finance say about banks’ capital structures? Working Paper, 1-41.
  • Hausman, J.A and Taylor, W.E., (1981). Panel data and unobservable individual effects. Econometrica, 49, 1029-1054.
  • Huang, S. G. H. and Song, F. M. (2002).The determinants of capital structure: evidence from China. China Economic Review, 17(1), 14-36.
  • Iwarere, H. T., and Akinleye, G.T. (2010). “Capital structure determinants in the Nigerian banking industry: financial managers’ perspectives. Pakistan Journal of Social Sciences, 7(3), 205-213.
  • Korkmaz, T., Albayrak, A. S. and Karataş A. (2007). Hisse senetleri İMKB’de işlem gören KOBİ’lerin sermaye yapısının incelenmesi: 1997-2004 dönemi. İktisat/İşletme ve Finans Dergisi, 22(253), 79-96.
  • Mackie-Mason, J. K. (1990). Do tax effect corporate financing decision?. Journal of Finance, 45, 1471-1493.
  • Mazur, K. (2007). The determinants of capital structure choice: evidence from Polish companies. International Advances in Economic Research, 13, 495-514.
  • Orgler, E. Y. and Taggart, A. R. (1981). Implications of corporate capital structure theory for banking institutions. Working Paper, 737, 1-23.
  • Osterberg, P. W. and Thomson, B. J. (1990). Optimal financial structure and bank capital requirements: an empirical investigation. Working Paper, 9007, 1-47.
  • Padron, Y., A., Santana G., Martel, O. M., M.C.V, and SALES, L.J. (2005). Determinants factors of leverage: an emprical analysis of Spanish corporations. Journal of Risk Finance, 6(1), 60-68
  • Peura, S. and Keppo, J. (2003). Optimal bank capital with costly recapitalization. Working Paper, 1-54.
  • Rajan, R. G. and Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
  • Roodman, D. (2006). An introduction to difference and system GMM in Stata center for global development. Working Paper, 103.
  • Sayılgan, G., Karabacak, H. and KÜÇÜKKOCAOĞLU, G. (2006). The firm-specific determinants of corporate capital structure: evidence from Turkish panel data. International Journal of Investment Management and Financial Innovations, 3, 125- 139,
  • Soto, M. (2009). System GMM estimation with small sample, Barcelona: Institut d'Anàlisi Econòmica,
  • Taub A.J. (1975). Determinants of the firm’s capital structure. The Review of Economics and Statistics, 410-416.
  • Wiwattanakantang, Y. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7(3), 371-403.
  • Zou, H. and Xiao, Z. J. (2006). The financing behavior of listed Chinese firms. The British Accounting Review, 38(3). 239-258.

Capital Structure Determinants in Financial Institutions: Turkish Banking System

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

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.

References

  • Akhtar, S. (2005). The determinants of capital structure for Australian multinational and domestic corporations. Australian Journal of Management, 30(2), 327-335.
  • Anderson, T.W. and Hsiao, C. (1981). Estimation of dynamic models with error components. Journal of the American Statistical Association, 76, 598–606.
  • Arellano, M. and Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
  • Arellano, M. and Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
  • Asarkaya, Y. and Özcan, S. (2007). Determinants of Capital Structure in Financial Institutions: The Case of Turkey. Journal of Banking and Financial Markets, 1(1), 91-109.
  • Banerjee, S., Heshmati A. and Wihlborg C. (2000). The dynamics of capital structure. SSE/EFI Working Paper Series in Economics and Finance, 333, 1-20.
  • Blundell, R. and Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
  • Bradley, M., Jarrell, G. A. and Kim, E. H. (1984). On the existence of an optimal capital structure: theory and evidence. Journal of Finance, 39, 857-880.
  • BREUSCH, T. S., MIZON, G. E. and SCHMIDT, P. (1989). Efficient estimation using panel data. Econometrica, 57(3), 695-700.
  • Çağlayan, E. and Şak, N. (2010). The determinants of capital structure: evidence from the Turkish banks. Journal of Money, Investment and Banking, 15.
  • Cameron, A. C. and Trivedi P. K. (2005). Microeconometrics, methods and applications, New York: Cambridge University Press.
  • Chen, L.H., Lensink, R. and Sterken E. (1998). The determinants of capital structure: evidence from Dutch panel data. European Economic Association Annual Congress, Berlin.
  • Chen, J. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1347-1348.
  • Demirhan, D. (2007). Sermaye yapısını etkileyen firmaya özgü faktörlerin analizi: İMKB hizmet firmaları üzerine bir uygulama. 11. Ulusal Finans Sempozyumu, 151-168.
  • Drobetz, W. and Fix R. (2003). What are the determinants of the capital structure? Some evidence for Switzerland,” Working Paper No 4/03, University of Basel WWZ/ Department of Finance.
  • Doornik, J. and Hendry, D. (2001). Econometric modeling using Pc give 10 volume III, London: Timberlake Consultants Ltd.
  • Fama, E. and French K. (2002). Testing Trade of and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15, 1-33.
  • Ferri, M. G. and Jones, W. H. (1979). Determinants of financial structure: a new methodological approach. The Journal of Finance, 34(3), 631-644.
  • Gropp, R. E. (1997). The effect of expected effective corporate tax rates on incremental financing decisions. IMF Staff Papers, 44(4), 485-509.
  • Gropp, R. and Heider, F. (2007). What can corporate finance say about banks’ capital structures? Working Paper, 1-41.
  • Hausman, J.A and Taylor, W.E., (1981). Panel data and unobservable individual effects. Econometrica, 49, 1029-1054.
  • Huang, S. G. H. and Song, F. M. (2002).The determinants of capital structure: evidence from China. China Economic Review, 17(1), 14-36.
  • Iwarere, H. T., and Akinleye, G.T. (2010). “Capital structure determinants in the Nigerian banking industry: financial managers’ perspectives. Pakistan Journal of Social Sciences, 7(3), 205-213.
  • Korkmaz, T., Albayrak, A. S. and Karataş A. (2007). Hisse senetleri İMKB’de işlem gören KOBİ’lerin sermaye yapısının incelenmesi: 1997-2004 dönemi. İktisat/İşletme ve Finans Dergisi, 22(253), 79-96.
  • Mackie-Mason, J. K. (1990). Do tax effect corporate financing decision?. Journal of Finance, 45, 1471-1493.
  • Mazur, K. (2007). The determinants of capital structure choice: evidence from Polish companies. International Advances in Economic Research, 13, 495-514.
  • Orgler, E. Y. and Taggart, A. R. (1981). Implications of corporate capital structure theory for banking institutions. Working Paper, 737, 1-23.
  • Osterberg, P. W. and Thomson, B. J. (1990). Optimal financial structure and bank capital requirements: an empirical investigation. Working Paper, 9007, 1-47.
  • Padron, Y., A., Santana G., Martel, O. M., M.C.V, and SALES, L.J. (2005). Determinants factors of leverage: an emprical analysis of Spanish corporations. Journal of Risk Finance, 6(1), 60-68
  • Peura, S. and Keppo, J. (2003). Optimal bank capital with costly recapitalization. Working Paper, 1-54.
  • Rajan, R. G. and Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. Journal of Finance, 50(5), 1421-1460.
  • Roodman, D. (2006). An introduction to difference and system GMM in Stata center for global development. Working Paper, 103.
  • Sayılgan, G., Karabacak, H. and KÜÇÜKKOCAOĞLU, G. (2006). The firm-specific determinants of corporate capital structure: evidence from Turkish panel data. International Journal of Investment Management and Financial Innovations, 3, 125- 139,
  • Soto, M. (2009). System GMM estimation with small sample, Barcelona: Institut d'Anàlisi Econòmica,
  • Taub A.J. (1975). Determinants of the firm’s capital structure. The Review of Economics and Statistics, 410-416.
  • Wiwattanakantang, Y. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7(3), 371-403.
  • Zou, H. and Xiao, Z. J. (2006). The financing behavior of listed Chinese firms. The British Accounting Review, 38(3). 239-258.
There are 37 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Mehmet Kenan Terzioğlu

Publication Date September 8, 2017
Published in Issue Year 2017 Volume: 19 Issue: 2

Cite

APA Terzioğlu, M. K. (2017). Capital Structure Determinants in Financial Institutions: Turkish Banking System. Gazi Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 19(2), 507-526.
AMA Terzioğlu MK. Capital Structure Determinants in Financial Institutions: Turkish Banking System. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. September 2017;19(2):507-526.
Chicago Terzioğlu, Mehmet Kenan. “Capital Structure Determinants in Financial Institutions: Turkish Banking System”. Gazi Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 19, no. 2 (September 2017): 507-26.
EndNote Terzioğlu MK (September 1, 2017) Capital Structure Determinants in Financial Institutions: Turkish Banking System. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 19 2 507–526.
IEEE M. K. Terzioğlu, “Capital Structure Determinants in Financial Institutions: Turkish Banking System”, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 19, no. 2, pp. 507–526, 2017.
ISNAD Terzioğlu, Mehmet Kenan. “Capital Structure Determinants in Financial Institutions: Turkish Banking System”. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 19/2 (September 2017), 507-526.
JAMA Terzioğlu MK. Capital Structure Determinants in Financial Institutions: Turkish Banking System. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2017;19:507–526.
MLA Terzioğlu, Mehmet Kenan. “Capital Structure Determinants in Financial Institutions: Turkish Banking System”. Gazi Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 19, no. 2, 2017, pp. 507-26.
Vancouver Terzioğlu MK. Capital Structure Determinants in Financial Institutions: Turkish Banking System. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2017;19(2):507-26.