IDEAS home Printed from https://ideas.repec.org/a/ahs/journl/v7y2022i2p500-526.html
   My bibliography  Save this article

BİST İmalat Sanayi Şirketleri Dolarizasyon Eğiliminin İşletme Finansman Politikaları Üzerine Etkileri

Author

Listed:
  • Kürşat Yalçiner
  • Murat Topcu

Abstract

Türkiye’de finansal ve finansal olmayan sektör firmaları ile hane halkının varlık ve yükümlülük dolarizasyonu önemli ölçüde artmış ve dolarizasyon işletmelerin finansman kararlarında dikkate alınan önemli bir değişken haline gelmiştir. Çalışmada Borsa İstanbul’da (BİST) işlem gören imalat sanayi işletmelerinin dolarizasyon eğilimlerinin finansman tercihleri üzerine etkisine odaklanılmakta, işletmelerin varlık ve yükümlülük dolarizasyon seviyelerinin işletme finansmanında tercih edilen kaynağın çeşidini, vadesini ve temel finansman kurallarına uyumunu etkileyip etkilemediği hipotezleri test edilmektedir. Panel veri analizinden elde edilen sonuçlar, işletmelerin yükümlülük dolarizasyonu arttıkça finansman politika tercihinde uzun vadeli finansal borç kullanımına yöneldiği, varlık dolarizasyonu artan işletmelerin ise borçlanmadan ziyade öz sermaye ile finansmanı tercih ettiklerini göstermektedir. Çalışmanın tali sonuçlarında ise firma piyasa değeri değişkeni (FPD) borçlanma ile ilgili tüm değişkenleri istatistiksel olarak anlamlı negatif, öz sermaye ile ilgili değişkeni ise anlamlı pozitif etkilemektedir. FPD değerindeki artışın işletmelerin öz kaynakla finansman eğilimine pozitif katkı sağladığı tespit edilmiştir. Firma büyüklüğü değişkeni ise tam tersi şekilde borçlanma ile ilgili değişkenleri anlamlı pozitif özsermaye ile ilgili değişkenleri ise anlamlı negatif etkilemektedir. Firma büyüklüğü borçlanma ile finansman tercihini uyarmaktadır. Çalışmanın sonuçları yükümlülük dolarizasyonunun varlık dolarizasyonuna göre finansman politika tercihleri üzerindeki etkisinin daha güçlü olduğu yönündeki kısıtlı literatürü desteklemektedir.

Suggested Citation

  • Kürşat Yalçiner & Murat Topcu, 2022. "BİST İmalat Sanayi Şirketleri Dolarizasyon Eğiliminin İşletme Finansman Politikaları Üzerine Etkileri," Journal of Research in Economics, Politics & Finance, Ersan ERSOY, vol. 7(2), pages 500-526.
    • Handle: RePEc:ahs:journl:v:7:y:2022:i:2:p:500-526
    DOI: 10.30784/epfad.1082222
    as

    Download full text from publisher

    File URL: https://dergipark.org.tr/tr/download/article-file/2287395
    Download Restriction: no
    File URL: https://libkey.io/10.30784/epfad.1082222?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2007. "Currency Mismatches, Debt Intolerance, and the Original Sin: Why They Are Not the Same and Why It Matters," NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, pages 121-170, National Bureau of Economic Research, Inc.
    2. Hadri, Kaddour & Kurozumi, Eiji, 2012. "A simple panel stationarity test in the presence of serial correlation and a common factor," Economics Letters, Elsevier, vol. 115(1), pages 31-34.
    3. Miguel FUENTES, 2009. "Dollarization Of Debt Contracts: Evidence From Chilean Firms," The Developing Economies, Institute of Developing Economies, vol. 47(4), pages 458-487, December.
    4. Chudik, Alexander & Pesaran, M. Hashem, 2015. "Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors," Journal of Econometrics, Elsevier, vol. 188(2), pages 393-420.
    5. Beck, Thorsten & Demirgüç-Kunt, Asli & Maksimovic, Vojislav, 2008. "Financing patterns around the world: Are small firms different?," Journal of Financial Economics, Elsevier, vol. 89(3), pages 467-487, September.
    6. M. Hashem Pesaran & Aman Ullah & Takashi Yamagata, 2008. "A bias-adjusted LM test of error cross-section independence," Econometrics Journal, Royal Economic Society, vol. 11(1), pages 105-127, March.
    7. Ahmet Çalışkan & Amira Karimova, 2017. "Global Liquidity, Current Account Deficit, and Exchange Rate Balance Sheet Effects in Turkey," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 53(7), pages 1619-1640, July.
    8. Miglo, Anton, 2007. "Debt-equity choice as a signal of earnings profile over time," The Quarterly Review of Economics and Finance, Elsevier, vol. 47(1), pages 69-93, March.
    9. Hasan Zeybek, 2014. "Dolarizasyon ve Finansman Maliyeti," Isletme ve Iktisat Calismalari Dergisi, Econjournals, vol. 2(2), pages 44-61.
    10. Eberhardt, Markus & Bond, Stephen, 2009. "Cross-section dependence in nonstationary panel models: a novel estimator," MPRA Paper 17692, University Library of Munich, Germany.
    11. Endrész, Marianna & Harasztosi, Péter, 2014. "Corporate foreign currency borrowing and investment: The case of Hungary," Emerging Markets Review, Elsevier, vol. 21(C), pages 265-287.
    12. Hyesung Kim & Almas Heshmati & Dany Aoun, 2006. "Dynamics of Capital Structure: The Case of Korean Listed Manufacturing Companies," Asian Economic Journal, East Asian Economic Association, vol. 20(3), pages 275-302, September.
    13. Josep Lluís Carrion-i-Silvestre & Tomás del Barrio-Castro & Enrique López-Bazo, 2005. "Breaking the panels: An application to the GDP per capita," Econometrics Journal, Royal Economic Society, vol. 8(2), pages 159-175, July.
    14. M. Hashem Pesaran, 2021. "General diagnostic tests for cross-sectional dependence in panels," Empirical Economics, Springer, vol. 60(1), pages 13-50, January.
    15. M. Hashem Pesaran, 2007. "A simple panel unit root test in the presence of cross-section dependence," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 22(2), pages 265-312.
    16. Harasztosi, Péter & Kátay, Gábor, 2020. "Currency matching by non-financial corporations," Journal of Banking & Finance, Elsevier, vol. 113(C).
    17. Maddala, G S, et al, 1997. "Estimation of Short-Run and Long-Run Elasticities of Energy Demand from Panel Data Using Shrinkage Estimators," Journal of Business & Economic Statistics, American Statistical Association, vol. 15(1), pages 90-100, January.
    18. Barry Eichengreen & Ricardo Hausmann, 1999. "Exchange rates and financial fragility," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 329-368.
    19. Okuda, Hidenobu & Aiba, Daiju, 2018. "Capital structure decisions in a highly dollarized economy: Evidence from Cambodian firms," Journal of Asian Economics, Elsevier, vol. 58(C), pages 1-18.
    20. Matias, Fernanda & Serrasqueiro, Zélia, 2017. "Are there reliable determinant factors of capital structure decisions? Empirical study of SMEs in different regions of Portugal," Research in International Business and Finance, Elsevier, vol. 40(C), pages 19-33.
    21. Hidenobu Okuda & Daiju Aiba, 2018. "Determinants of Firms’ Capital Structure Decisions in Highly Dollarized Economies: Evidence from Cambodia," Working Papers 160, JICA Research Institute.
    22. Hovakimian, Armen & Hovakimian, Gayane & Tehranian, Hassan, 2004. "Determinants of target capital structure: The case of dual debt and equity issues," Journal of Financial Economics, Elsevier, vol. 71(3), pages 517-540, March.
    23. Martinez, Lorenza & Werner, Alejandro, 2002. "The exchange rate regime and the currency composition of corporate debt: the Mexican experience," Journal of Development Economics, Elsevier, vol. 69(2), pages 315-334, December.
    24. Susan Coleman & Carmen Cotei & Joseph Farhat, 2016. "The debt-equity financing decisions of U.S. startup firms," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 40(1), pages 105-126, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Tarik Dogru & Umit Bulut & Ercan Sirakaya-Turk, 2021. "Modeling tourism demand: Theoretical and empirical considerations for future research," Tourism Economics, , vol. 27(4), pages 874-889, June.
    2. Durusu-Ciftci, Dilek & Ispir, M. Serdar & Yetkiner, Hakan, 2017. "Financial development and economic growth: Some theory and more evidence," Journal of Policy Modeling, Elsevier, vol. 39(2), pages 290-306.
    3. Degirmenci, Tunahan & Yavuz, Hakan, 2024. "Environmental taxes, R&D expenditures and renewable energy consumption in EU countries: Are fiscal instruments effective in the expansion of clean energy?," Energy, Elsevier, vol. 299(C).
    4. Muhammed BENLI, 2020. "The effect of external debt on long run economic growth in developing economies: Evidence from heterogeneous panel data models with cross sectional dependency," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(3(624), A), pages 127-138, Autumn.
    5. Philip Kerner & Torben Klarl & Tobias Wendler, 2021. "Green Technologies, Environmental Policy and Regional Growth," Bremen Papers on Economics & Innovation 2104, University of Bremen, Faculty of Business Studies and Economics.
    6. Cem Ertur & Antonio Musolesi, 2017. "Weak and Strong Cross‐Sectional Dependence: A Panel Data Analysis of International Technology Diffusion," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 32(3), pages 477-503, April.
    7. Zhongwei, Huang & Liu, Yishu, 2022. "The role of eco-innovations, trade openness, and human capital in sustainable renewable energy consumption: Evidence using CS-ARDL approach," Renewable Energy, Elsevier, vol. 201(P1), pages 131-140.
    8. Ehigiamusoe, Kizito Uyi & Lean, Hooi Hooi & Smyth, Russell, 2020. "The moderating role of energy consumption in the carbon emissions-income nexus in middle-income countries," Applied Energy, Elsevier, vol. 261(C).
    9. Zekeriya Mizirak & Kivanç Altintaş, 2018. "The nexus between governance factors and foreign direct investments: Evidence from panel data," Journal of Administrative and Business Studies, Professor Dr. Usman Raja, vol. 4(1), pages 1-8.
    10. Aytun, Cengiz & Erdogan, Sinan & Pata, Ugur Korkut & Cengiz, Orhan, 2024. "Associating environmental quality, human capital, financial development and technological innovation in 19 middle-income countries: A disaggregated ecological footprint approach," Technology in Society, Elsevier, vol. 76(C).
    11. Mehmet Mercan & Ozlem Azer, 2013. "The Relationship between Economic Growth and Income Distribution in Turkey and the Turkish Republics of Central Asia and Caucasia: Dynamic Panel Data Analysis with Structural Breaks," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 3(2), pages 165-182, December.
    12. Bonizzi, Bruno, 2017. "Institutional investors’ allocation to emerging markets: A panel approach to asset demand," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 47(C), pages 47-64.
    13. Fisera, Boris & Workie Tiruneh, Menbere & Hojdan, David, 2021. "Currency depreciations in emerging economies: A blessing or a curse for external debt management?," International Economics, Elsevier, vol. 168(C), pages 132-165.
    14. Katircioglu, Salih Turan & Sertoglu, Kamil & Candemir, Mehmet & Mercan, Mehmet, 2015. "Oil price movements and macroeconomic performance: Evidence from twenty-six OECD countries," Renewable and Sustainable Energy Reviews, Elsevier, vol. 44(C), pages 257-270.
    15. Quynh Chau Pham Holland & Benjamin Liu & Eduardo Roca, 2019. "International funding cost and heterogeneous mortgage interest-rate pass-through: a bank-level analysis," Empirical Economics, Springer, vol. 57(4), pages 1255-1289, October.
    16. António Afonso & Florence Huart & João Tovar Jalles & Piotr Stanek, 2019. "Assessing the sustainability of external imbalances in the European Union," The World Economy, Wiley Blackwell, vol. 42(2), pages 320-348, February.
    17. Qiao, Hui & Chen, Siyu & Dong, Xiucheng & Dong, Kangyin, 2019. "Has China's coal consumption actually reached its peak? National and regional analysis considering cross-sectional dependence and heterogeneity," Energy Economics, Elsevier, vol. 84(C).
    18. Churchill, Sefa Awaworyi & Inekwe, John & Ivanovski, Kris & Smyth, Russell, 2018. "The Environmental Kuznets Curve in the OECD: 1870–2014," Energy Economics, Elsevier, vol. 75(C), pages 389-399.
    19. Alharbi, Samar S. & Al Mamun, Md & Boubaker, Sabri & Rizvi, Syed Kumail Abbas, 2023. "Green finance and renewable energy: A worldwide evidence," Energy Economics, Elsevier, vol. 118(C).
    20. Umit Bulut & Emrah Kocak & Courtney Suess, 2020. "The effect of freedom on international tourism demand: Empirical evidence from the top eight most visited countries," Tourism Economics, , vol. 26(8), pages 1358-1373, December.

    More about this item

    Keywords

    Varlık Dolarizasyonu; Yükümlülük Dolarizasyonu; Finansman Politikası; Panel Veri Analizi;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ahs:journl:v:7:y:2022:i:2:p:500-526. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Ersan Ersoy (email available below). General contact details of provider: https://epfjournal.com/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.