Araştırma Makalesi
BibTex RIS Kaynak Göster
Yıl 2023, Cilt: 20 Sayı: 51, 67 - 75, 31.01.2023
https://doi.org/10.26466/opusjsr.1184140

Öz

Kaynakça

  • An, Z., Chen, C., Li, D. & Yin, C. (2021). Foreign institutional ownership and the speed of leverage adjustment: International evidence. Journal of Corporate Finance, 68, 1-21.
  • Ang, J. S., Cole, R. A. & Lin, J. W. (2000) Agency costs and ownership structure. The Journal of Finance, 55, 81-106. Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of Economic Studies, 58(2), 277-297.
  • Barth, E., Gulbrandsen, T. & Schønea, P. (2005). Family ownership and productivity: The role of owner-management. Journal of Corporate Finance, 11(1-2), 107-127.
  • Brailsford, T. J., Oliver, B. R. & Pua, S. L. (2002). On the relation between ownership structure and capital structure. Accounting & Finance, 42(1), 1-26.
  • Burgstaller, J. & Wagner, E. (2015). How do family ownership and founder management affect capital structure decisions and adjustment of SMEs? Evidence from a bank-based economy. The Journal of Risk Finance, 16,1, 73-101.
  • Buvanendra, S., Sridharan, P. & Thiyagarajan, S. (2017). Firm characteristics, corporate governance and capital structure adjustments: A comparative study of listed firms in Sri Lanka and India. IIMB Management Review, 29(4), 245-258.
  • Céspedes, J., González, M. & Molina, C. A. (2010). Ownership and capital structure in Latin America. Journal of Business Research, 63(3), 248-254.
  • Drobetz, W. & Wanzenried, G. (2006). What determines the speed of adjustment to the target capital structure?. Applied Financial Economics, 16(13), 941-958.
  • Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
  • Elsas, R. & Florysiak, D. (2011). Heterogeneity in the speed of adjustment toward target leverage. International Review of Finance, 11(2), 181-211.
  • Fama, E. F. & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
  • Fischer, E. O., Heinkel, R. & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
  • Flannery, M. J. & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
  • Frank, M. Z. & Shen, T. (2013). Common factors in corporate capital. structure.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2288767, access date: 05.10.2022.
  • Gonenc, H. (2004). Sermaye sahipliği yapısı, yatırımcıların korunması ve firma degeri: Türkiye, ABD ve Japonya karşılaştırması. 8. Ulusal Finans Sempozyumu, p.157-167.
  • Graham, J.R., & Leary, M.T. (2011). A Review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3(1), 309-345.
  • Guo, X., Liang, P. & Xie, Z. (2020). Executive stock ownership, dynamic adjustment of capital structure and corporate performance: Evidence from Chinese listed marine industry companies. Journal of Coastal Research, 106(SI), 300-304.
  • Haron, R. (2014). Key factors influencing target capital structure of property firms in Malaysia. Asian Social Science, 10(3), 62.
  • Haron, R., Ibrahim, K., Nor, F. M. & Ibrahim, I. (2013). Dynamic Adjustment towards target capital structure: Thailand evidence. Jurnal Pengurusan, 39, 73-82.
  • Holmén, M. & Högfeldt, P. (2004). A law and finance analysis of initial public offerings. Journal of Financial Intermediation, 13(3), 324–358.
  • Huang, R. & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative analysis, 44(2), 237-271.
  • İskenderoğlu, Ö. (2008). İşletmelerin büyümesinde büyüklüğün etkisi: Türkiye için bir inceleme. Nobel Kitabevi.
  • Jalilvand, A. & Harris, R. S. (1984). Corporate behaviour in adjusting to capital structure and dividend targets: An econometric study. The journal of Finance, 39(1), 127-145.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
  • Johnson, S. & Mitton, T. (2003). Cronyism and capital controls: Evidence from Malaysia. Journal of Financial Economics, 67(2), 351-382.
  • Kayo, E. K., Brunaldi, E. O. & Aldrighi, D. M. (2018). Capital structure adjustment in Brazilian family firms. Revista de Administração Contemporânea, 22, 92-114.
  • Kim, W. S. & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21(2), 131-144.
  • Kraus, A. & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
  • Lardaro, L. (1993). Applied Econometrics: HarperCollins College Publishers.
  • Lemmon, M. L., Roberts, M. R. & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
  • Liu, Q., Tian, G. & Wang, X. (2011). The effect of ownership structure on leverage decision: New evidence from Chinese listed firms. Journal of the Asia Pacific Economy, 16(2), 254-276.
  • López-Gracia, J. & Sánchez-Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.
  • Marchica, M. T. (2008). On the relevance of ownership structure in determining the maturity of debt EFA 2007 Ljubljana Meetings Paper, On the relevance of ownership structure in determining the maturity of debt EFA 2007 Ljubljana Meetings Paper.: Manchester Business School Working Paper, No. 547.
  • Matemilola, B. T., Bany-Ariffin, A. N. & McGowan, C. B. (2013). Unobservable effects and firm's capital structure determinants. Managerial Finance, 39(12), 1124-1137.
  • Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
  • Morellec, E., Nikolov, B. & Schürhoff, N. (2012). Corporate governance and capital structure dynamics. The Journal of Finance, 67(3), 803-848.
  • Mukherjee, S. & Mahakud, J. (2010). Dynamic adjustment towards target capital structure: Evidence from Indian companies. Journal of Advances in Management Research, 7(2), 250-266.
  • Myers, S. C. & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  • Nerlove, M. (1958). Distributed lags and estimation of long-run supply and demand elasticities: Theoretical considerations. Journal of Farm Economics, 40(2), 301-311.
  • OECD (2004). OECD Principles of Corporate Governance. https://www.oecd.org/corporate/principles-corporate-governance/ access date: 02.10.2022.
  • Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance & Accounting, 28(1‐2), 175-198.
  • Pindado, J., Requejo, I. & De La Torre (2015). Does family control shape corporate capital structure? An empirical analysis of Eurozone firms. Journal of Business Finance & Accounting, 42(7-8), 965-1006.
  • Kasb S. (2009). Ownership concentration and capital structure adjustments. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.534.7538&rep=rep1&type=pdf access date: 05.10.2022.
  • Sardo, F., Vieira, E. S. & Serrasqueiro, Z. (2021). The role of gender and succession on the debt adjustments of family firm capital structure. Eurasian Business Review, 12(2), 349-372.
  • Titman, S. & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
  • Toraman, C. & Okuyan, H. A. (2009). İşletmelerde ortaklık yapısında yoğunlaşmanın kaynak yapısı üzerindeki etkisi: İMKB şirketleri üzerine bir uygulama. Muhasebe ve Finansman Dergisi, 41, 72-81.
  • Tükenmez, N. M., Gençyürek, A. G. & Kabakcı, C. Ç. (2016). Türk bankacılık sektöründe sahiplik yoğunlaşması ile finansal performans ilişkisinin incelenmesine yönelik ampirik bir çalışma. Ataturk University Journal of Economics & Administrative Sciences, 30(3), 625-644.
  • Wang, Z., Lin, W. & Keefe, M. O. (2009). Does corporate ownership affect capital structures and adjustment of capital structures——Evidences from Chinese listed companies. Corporate Ownership & Control, 6(4), 532-541.
  • Westhead, P. & Cowling, M. (1997). Performance contrasts between family and non‐family unquoted companies in the UK. International Journal of Entrepreneurial Behavior & Research, 3(1), 30-52.
  • Zhou, T. & Xie, J. (2016). Ultimate ownership and adjustment speed toward target capital structures: Evidence from China. Emerging Markets Finance and Trade, 52(8), 1956-1965.

Capital Structure Adjustment Speed and Ownership Structure: A Research on BIST 100 Index Food Sector Firms

Yıl 2023, Cilt: 20 Sayı: 51, 67 - 75, 31.01.2023
https://doi.org/10.26466/opusjsr.1184140

Öz

In this study, the capital structure adjustment speed of 19 food sector firms in the Borsa Istanbul (BIST) 100 index has been estimated between 2010 and 2021. The effect of ownership identity on the capital structure adjustment speed has been investigated within the scope of family and non-family firms. The seven firms have been classified as non-family firms (NFF) and twelve as family firms (FF). The capital structure adjustment speed for family and non-family firms has been composed of the classical dynamic partial adjustment model. The Generalized Moments Method (GMM) model has been used as the econometric model in estimating the models. The results obtained from the study revealed that there is no significant difference between the debt ratios of family companies and non-family firms. The adjustment speed of family firms has been determined as 68%, and the adjustment speed of non-family firms has been approximately 56%. The capital structure adjustment speed of family firms is higher than non-family firms. The results show that family firms are less exposed to financial constraints than other firms increasing their borrowing capability, thus enabling them to reach the target debt level faster. The findings suggest that ownership structure plays a vital role in capital adjustment behavior.

Kaynakça

  • An, Z., Chen, C., Li, D. & Yin, C. (2021). Foreign institutional ownership and the speed of leverage adjustment: International evidence. Journal of Corporate Finance, 68, 1-21.
  • Ang, J. S., Cole, R. A. & Lin, J. W. (2000) Agency costs and ownership structure. The Journal of Finance, 55, 81-106. Arellano, M. & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations. The review of Economic Studies, 58(2), 277-297.
  • Barth, E., Gulbrandsen, T. & Schønea, P. (2005). Family ownership and productivity: The role of owner-management. Journal of Corporate Finance, 11(1-2), 107-127.
  • Brailsford, T. J., Oliver, B. R. & Pua, S. L. (2002). On the relation between ownership structure and capital structure. Accounting & Finance, 42(1), 1-26.
  • Burgstaller, J. & Wagner, E. (2015). How do family ownership and founder management affect capital structure decisions and adjustment of SMEs? Evidence from a bank-based economy. The Journal of Risk Finance, 16,1, 73-101.
  • Buvanendra, S., Sridharan, P. & Thiyagarajan, S. (2017). Firm characteristics, corporate governance and capital structure adjustments: A comparative study of listed firms in Sri Lanka and India. IIMB Management Review, 29(4), 245-258.
  • Céspedes, J., González, M. & Molina, C. A. (2010). Ownership and capital structure in Latin America. Journal of Business Research, 63(3), 248-254.
  • Drobetz, W. & Wanzenried, G. (2006). What determines the speed of adjustment to the target capital structure?. Applied Financial Economics, 16(13), 941-958.
  • Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
  • Elsas, R. & Florysiak, D. (2011). Heterogeneity in the speed of adjustment toward target leverage. International Review of Finance, 11(2), 181-211.
  • Fama, E. F. & French, K. R. (2002). Testing trade-off and pecking order predictions about dividends and debt. The Review of Financial Studies, 15(1), 1-33.
  • Fischer, E. O., Heinkel, R. & Zechner, J. (1989). Dynamic capital structure choice: Theory and tests. The Journal of Finance, 44(1), 19-40.
  • Flannery, M. J. & Rangan, K. P. (2006). Partial adjustment toward target capital structures. Journal of Financial Economics, 79(3), 469-506.
  • Frank, M. Z. & Shen, T. (2013). Common factors in corporate capital. structure.https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2288767, access date: 05.10.2022.
  • Gonenc, H. (2004). Sermaye sahipliği yapısı, yatırımcıların korunması ve firma degeri: Türkiye, ABD ve Japonya karşılaştırması. 8. Ulusal Finans Sempozyumu, p.157-167.
  • Graham, J.R., & Leary, M.T. (2011). A Review of empirical capital structure research and directions for the future. Annual Review of Financial Economics, 3(1), 309-345.
  • Guo, X., Liang, P. & Xie, Z. (2020). Executive stock ownership, dynamic adjustment of capital structure and corporate performance: Evidence from Chinese listed marine industry companies. Journal of Coastal Research, 106(SI), 300-304.
  • Haron, R. (2014). Key factors influencing target capital structure of property firms in Malaysia. Asian Social Science, 10(3), 62.
  • Haron, R., Ibrahim, K., Nor, F. M. & Ibrahim, I. (2013). Dynamic Adjustment towards target capital structure: Thailand evidence. Jurnal Pengurusan, 39, 73-82.
  • Holmén, M. & Högfeldt, P. (2004). A law and finance analysis of initial public offerings. Journal of Financial Intermediation, 13(3), 324–358.
  • Huang, R. & Ritter, J. R. (2009). Testing theories of capital structure and estimating the speed of adjustment. Journal of Financial and Quantitative analysis, 44(2), 237-271.
  • İskenderoğlu, Ö. (2008). İşletmelerin büyümesinde büyüklüğün etkisi: Türkiye için bir inceleme. Nobel Kitabevi.
  • Jalilvand, A. & Harris, R. S. (1984). Corporate behaviour in adjusting to capital structure and dividend targets: An econometric study. The journal of Finance, 39(1), 127-145.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American economic review, 76(2), 323-329.
  • Johnson, S. & Mitton, T. (2003). Cronyism and capital controls: Evidence from Malaysia. Journal of Financial Economics, 67(2), 351-382.
  • Kayo, E. K., Brunaldi, E. O. & Aldrighi, D. M. (2018). Capital structure adjustment in Brazilian family firms. Revista de Administração Contemporânea, 22, 92-114.
  • Kim, W. S. & Sorensen, E. H. (1986). Evidence on the impact of the agency costs of debt on corporate debt policy. Journal of Financial and Quantitative Analysis, 21(2), 131-144.
  • Kraus, A. & Litzenberger, R. H. (1973). A state-preference model of optimal financial leverage. The Journal of Finance, 28(4), 911-922.
  • Lardaro, L. (1993). Applied Econometrics: HarperCollins College Publishers.
  • Lemmon, M. L., Roberts, M. R. & Zender, J. F. (2008). Back to the beginning: persistence and the cross‐section of corporate capital structure. The Journal of Finance, 63(4), 1575-1608.
  • Liu, Q., Tian, G. & Wang, X. (2011). The effect of ownership structure on leverage decision: New evidence from Chinese listed firms. Journal of the Asia Pacific Economy, 16(2), 254-276.
  • López-Gracia, J. & Sánchez-Andújar, S. (2007). Financial structure of the family business: Evidence from a group of small Spanish firms. Family Business Review, 20(4), 269-287.
  • Marchica, M. T. (2008). On the relevance of ownership structure in determining the maturity of debt EFA 2007 Ljubljana Meetings Paper, On the relevance of ownership structure in determining the maturity of debt EFA 2007 Ljubljana Meetings Paper.: Manchester Business School Working Paper, No. 547.
  • Matemilola, B. T., Bany-Ariffin, A. N. & McGowan, C. B. (2013). Unobservable effects and firm's capital structure determinants. Managerial Finance, 39(12), 1124-1137.
  • Modigliani, F. & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261-297.
  • Morellec, E., Nikolov, B. & Schürhoff, N. (2012). Corporate governance and capital structure dynamics. The Journal of Finance, 67(3), 803-848.
  • Mukherjee, S. & Mahakud, J. (2010). Dynamic adjustment towards target capital structure: Evidence from Indian companies. Journal of Advances in Management Research, 7(2), 250-266.
  • Myers, S. C. & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Journal of Financial Economics, 13(2), 187-221.
  • Nerlove, M. (1958). Distributed lags and estimation of long-run supply and demand elasticities: Theoretical considerations. Journal of Farm Economics, 40(2), 301-311.
  • OECD (2004). OECD Principles of Corporate Governance. https://www.oecd.org/corporate/principles-corporate-governance/ access date: 02.10.2022.
  • Ozkan, A. (2001). Determinants of capital structure and adjustment to long run target: Evidence from UK company panel data. Journal of Business Finance & Accounting, 28(1‐2), 175-198.
  • Pindado, J., Requejo, I. & De La Torre (2015). Does family control shape corporate capital structure? An empirical analysis of Eurozone firms. Journal of Business Finance & Accounting, 42(7-8), 965-1006.
  • Kasb S. (2009). Ownership concentration and capital structure adjustments. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.534.7538&rep=rep1&type=pdf access date: 05.10.2022.
  • Sardo, F., Vieira, E. S. & Serrasqueiro, Z. (2021). The role of gender and succession on the debt adjustments of family firm capital structure. Eurasian Business Review, 12(2), 349-372.
  • Titman, S. & Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1-19.
  • Toraman, C. & Okuyan, H. A. (2009). İşletmelerde ortaklık yapısında yoğunlaşmanın kaynak yapısı üzerindeki etkisi: İMKB şirketleri üzerine bir uygulama. Muhasebe ve Finansman Dergisi, 41, 72-81.
  • Tükenmez, N. M., Gençyürek, A. G. & Kabakcı, C. Ç. (2016). Türk bankacılık sektöründe sahiplik yoğunlaşması ile finansal performans ilişkisinin incelenmesine yönelik ampirik bir çalışma. Ataturk University Journal of Economics & Administrative Sciences, 30(3), 625-644.
  • Wang, Z., Lin, W. & Keefe, M. O. (2009). Does corporate ownership affect capital structures and adjustment of capital structures——Evidences from Chinese listed companies. Corporate Ownership & Control, 6(4), 532-541.
  • Westhead, P. & Cowling, M. (1997). Performance contrasts between family and non‐family unquoted companies in the UK. International Journal of Entrepreneurial Behavior & Research, 3(1), 30-52.
  • Zhou, T. & Xie, J. (2016). Ultimate ownership and adjustment speed toward target capital structures: Evidence from China. Emerging Markets Finance and Trade, 52(8), 1956-1965.
Toplam 50 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Research Articles
Yazarlar

Aslı Yıkılmaz

Yayımlanma Tarihi 31 Ocak 2023
Yayımlandığı Sayı Yıl 2023 Cilt: 20 Sayı: 51

Kaynak Göster

APA Yıkılmaz, A. (2023). Capital Structure Adjustment Speed and Ownership Structure: A Research on BIST 100 Index Food Sector Firms. OPUS Journal of Society Research, 20(51), 67-75. https://doi.org/10.26466/opusjsr.1184140