Author :
Abstract
Optimal sermaye yapısını açıklamaya yönelik geliştirilen Dinamik Ödünleşme Teorisi, Statik Ödünleşme Teorisi’nden farklı olarak firmaların, zaman içerisinde hedef kaldıraçtan sapabileceğini ve daha sonra bu hedefe tekrar dönmek için uyum davranışları sergileyeceklerini ileri sürmektedir. Dinamik Ödünleşme Teorisi’nin temelini oluşturan hedef kaldıraç ve hedef kaldıraca uyum hızı (SOA-speed of adjustment), gelişmiş ülkelere kıyasla gelişmekte olan ülkelerde daha az sayıda çalışmada araştırılmıştır. Buradan hareketle bu çalışmada; 2010-2020 yılları arasında Borsa İstanbul’da işlem gören kimya, tekstil, taş-toprak ve gıda sektöründeki firmalarda Dinamik Ödünleşme Teorisi’nin geçerliliği sınanmıştır. Dört farklı sektörde hedef kaldıracın varlığı ve hedef kaldıracın varlığı hâlinde uyum hızının sektörler arasında nasıl bir davranış sergilediği, iki aşamalı sistem Genelleştirilmiş Momentler Metodu tahmincisiyle analiz edilmiştir. Yapılan analizler neticesinde elde edilen bulgulara göre, gıda ve taş-toprak sektöründe firmalar hedef kaldıraca yönelik ayarlamalar yapmaktadır. Ancak bu sektörlerde hedef kaldıraca uyum hızı farklı seviyelerdedir. Tekstil sektörüne ilişkin bulgular, bu sektörde faaliyet gösteren firmaların hedef kaldıraca yönelik hareket etmediklerini ve hedef kaldıraçtan uzaklaştıklarını göstermektedir.
Keywords
Abstract
The Dynamic Trade-off Theory, which was developed to explain the optimal capital structure, argues that unlike the Static Trade-off Theory, firms may deviate from the target leverage over time and then exhibit adaptive behaviors to return to this target again. Target leverage and target leverage speed of adjustment (SOA-speed of adjustment) which forms the basis of Dynamic Trade-off Theory, have been investigated in fewer studies in developing countries compared to developed countries. From this point of view in this study; The validity of the Dynamic Trade-off Theory was tested with companies from the chemical, textile, stone - soil and food sectors traded in Istanbul Stock Exchange between 2010-2020. The behavior of target leverage and speed of adjusment to target leverage in four different sectors was analyzed with the two-step system Generalized Moments Method. According to the results of the analysis, companies in the food and stone-soil sector make adjustments for target leverage. However the speed of adjustment to the target leverage is at different levels in these sectors. Findings regarding the textile sector show that the companies operating in this sector do not act towards the target leverage and they move away from the target leverage.
Keywords
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