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Examining Panel Causality Between Capital Structure and Firm Performance

Year 2025, Volume: 10 Issue: 2, 827 - 853, 30.06.2025

Metin Borak

https://doi.org/10.30784/epfad.1599358

Abstract

This study examines the relationship between capital structure and the performance of 109 companies operating in Borsa Istanbul's manufacturing sector over the period 2010-2023. The study measured company performance using both accounting (return on assets and operating profitability) and market-based (Tobin Q) variables. To measure capital structure, total, short-term, and long-term debt ratios were used. In addition, some variables that may affect the relationship between capital structure and company performance were used as control variables. The results suggest that there is a negative and significant relationship between capital structure and financial performance and an insignificant relationship between capital structure and market performance, using two-stage GMM and DCCE. In addition, the causality results show that there is a bidirectional causality relationship between return on assets and total debt, and between Tobin's Q and total debt.

Keywords

Capital Structure Firm Performance Causality GMM DCCE

References

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Sermaye Yapısı ile Firma Performansı Arasındaki Nedenselliğin İncelenmesi

Year 2025, Volume: 10 Issue: 2, 827 - 853, 30.06.2025

Metin Borak

https://doi.org/10.30784/epfad.1599358

Abstract

Bu çalışma, 2010-2023 yılları arasında Borsa İstanbul’da imalat sektöründe faaliyet gösteren 109 firmanın sermaye yapıları ile performansları arasındaki ilişkiyi incelemektedir. Çalışmada firma performansını ölçmek için hem muhasebe hem de piyasa tabanlı değişkenler kullanılmıştır. Muhasebe tabanlı değişkenler, aktif ve faaliyet karlılığı oranları iken piyasa tabanlı değişken ise Tobin Q oranıdır. Sermaye yapısını ölçmek için toplam, kısa vadeli ve uzun vadeli kaldıraç oranları kullanılmıştır. Ayrıca sermaye yapısı ve firma performansı arasındaki ilişkiyi etkileyebilecek bazı değişkenler de kontrol değişkenler olarak kullanılmıştır. Sermaye yapısı ile firma performansı arasındaki ilişkinin ortaya konulması için iki aşamalı sistem genelleştirilmiş momentler yöntem ve dinamik ortak ilişkili etkiler tahmincileri kullanılmış ve panel nedensellik testleri uygulanmıştır. Bulgular, sermaye yapısı ile finansal performans (aktif ve faaliyet karlılığı) arasında negatif ve anlamlı, piyasa performansı (Tobin Q) arasında anlamsız bir ilişki olduğunu ortaya koymaktadır. Ayrıca nedensellik bulguları, toplam kaldıraç ile aktif karlılığı ve Tobin Q arasında çift taraflı, faaliyet karlılığı ile tek taraflı bir nedensellik ilişkisi olduğunu göstermektedir.

Keywords

Sermaye Yapısı Firma Performansı Nedensellik GMM DCCE

References

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  • Al-Haddad, L.M., Saidat, Z., Seaman, C. and Gerged, A.M. (2024). Does capital structure matter? Evidence from family-owned firms in Jordan. Journal of Family Business Management, 14(1), 64-76. https://doi.org/10.1108/JFBM-09-2022-0115
  • Ali, S., Yusop, Z., Kaliappan, S.R. and Chin, L. (2020). Dynamic common correlated effects of trade openness, FDI, and institutional performance on environmental quality: Evidence from OIC countries. Environmental Science and Pollution Research, 27(11), 11671-11682. https://doi.org/10.1007/s11356-020-07768-7
  • Ar, L. ve Sakur, R. (2021). Modern sermaye yapısı teorilerinin geçerliliğinin test edilmesi: BİST 30 endeksi firmaları üzerine bir araştırma. Ekonomi Politika ve Finans Araştırmaları Dergisi, 6(3), 748-773. https://doi.org/10.30784/epfad.926187
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  • Arellano, M. and 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. https://doi.org/10.2307/2297968
  • Bandyopadhyay, A. and Barua, N.M. (2016). Factors determining capital structure and corporate performance in India: Studying the business cycle effects. The Quarterly Review of Economics and Finance, 61, 160-172. https://doi.org/10.1016/j.qref.2016.01.004
  • Bartlett, R. and Partnoy, F. (2018). The misuse of Tobin’s Q. Vanderbilt Law Review, 73(2), 353. Retrieved from https://papers.ssrn.com
  • Bayrakdaroglu, A., Ege, I. and Yazici, N. (2013). A panel data analysis of capital structure determinants: Empirical results from Turkish capital market. International Journal of Economics and Finance, 5(4), 131-140. http://dx.doi.org/10.5539/ijef.v5n4p131
  • Booth, L., Aivazian, V., Demirguc‐Kunt, A. and Maksimovic, V. (2001). Capital structures in developing countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
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  • Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295-314. https://doi.org/10.1016/j.ribaf.2010.02.001
  • Chang, F.M., Wang, Y., Lee, N.R. and La, D.T. (2014). Capital structure decisions and firm performance of Vietnamese SOEs. Asian Economic and Financial Review, 4(11), 1545-1563. Retrieved from https://archive.aessweb.com
  • Chudik, A. and Pesaran, M.H. (2015). Common correlated effects estimation of heterogeneous dynamic panel data models with weakly exogenous regressors. Journal of Econometrics, 188(2), 393-420. https://doi.org/10.1016/j.jeconom.2015.03.007
  • Çelik, M.K. (2024). Firmaların sermaye yapısı kararlarının yatırım karlılığına etkisi: BIST örneği. Uluslararası İktisadi ve İdari İncelemeler Dergisi, 45, 347-366. https://doi.org/10.18092/ulikidince.1347015
  • Çopuroğlu, F. ve Korkmaz, İ. H. (2018). Vekâlet teorisi, sermaye yapısı ve firma performansı arasındaki ilişkinin incelenmesi. GÜ Islahiye İİBF Uluslararası e-Dergi, 2(2), 21-33. Erişim adresi: https://dergipark.org.tr/en/pub/iiibfud/
  • Demiraj, R., Labadze, L., Dsouza, S., Demiraj, E. and Grigolia, M. (2024). The quest for an optimal capital structure: An empirical analysis of European firms using GMM regression analysis. EuroMed Journal of Business, 20(2), 529-551. https://doi.org/10.1108/EMJB-07-2023-0206
  • Demsetz, H. and Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93(6), 1155-1177. https://doi.org/10.1086/261354
  • Demsetz, H. and Villalonga, B. (2001). Ownership structure and corporate performance. Journal of Corporate Finance, 7(3), 209-233. https://doi.org/10.1016/S0929-1199(01)00020-7
  • Detthamrong, U., Chancharat, N. and Vithessonthi, C. (2017). Corporate governance, capital structure and firm performance: Evidence from Thailand. Research in International Business and Finance, 42, 689-709. https://doi.org/10.1016/j.ribaf.2017.07.011
  • Dolunay, Y.A. ve Göker, I.E.K. (2021). Sermaye yapısı ve firma özelliklerinin performans üzerindeki etkileşim etkisi: Borsa İstanbul’da işlem gören şirketler üzerine bir uygulama. International Review of Economics and Management, 9(2), 272-298. http://dx.doi.org/10.18825/iremjournal.1028510
  • Dumitrescu, E.I. and Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic Modelling, 29(4), 1450-1460. https://doi.org/10.1016/j.econmod.2012.02.014
  • Düzakın, H. ve Özekenci, S.Y. (2024). Sermaye yapısının finansal performansa olan etkisinin incelenmesi: BİST taş, toprak (xtast) endeksi üzerine bir uygulama. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 33(1), 78-94. doi:10.35379/cusosbil.1393373
  • Elmas, B. ve Gözel, M. (2020). Sermaye yapısı ve firma performansı ilişkisi: BİST otomotiv sektörü üzerine ampirik bir çalışma. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4(2), 219-235. https://doi.org/10.33399/biibfad.763864
  • Emirmahmutoglu, F. and Kose, N. (2011). Testing for Granger causality in heterogeneous mixed panels. Economic Modelling, 28(3), 870-876. https://doi.org/10.1016/j.econmod.2010.10.018
  • Ersoy, E. (2022). An empirical study on the determinants of the capital structure in Turkish textile and apparel firms. Sosyoekonomi, 30(54), 199-213. https://doi.org/10.17233/sosyoekonomi.2022.04.10
  • Fama, E.F. and French, K.R. (2002). Testing trade-off and pecking order predictions about dividends and debt. Review of Financial Studies, 15(1), 1-33. Retrieved from https://www.jstor.org/stable/2696797
  • Finnet. (2024). Elektronik yayıncılık data iletişim ticaret ve sanayi. Erişim adresi: https://www.finnet.com.tr/FinnetStore/tr/.
  • Fosu, S. (2013). Capital structure, product market competition and firm performance: Evidence from South Africa. The Quarterly Review of Economics and Finance, 53(2), 140-151. https://doi.org/10.1016/j.qref.2013.02.004
  • Frank, M.Z. and Goyal, V.K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1-37. https://doi.org/10.1111/j.1755-053X.2009.01026.x
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There are 62 citations in total.

Details

Primary Language Turkish
Subjects Panel Data Analysis, Finance
Journal Section Makaleler
Authors

Metin Borak 0000-0002-8748-409X

Publication Date June 30, 2025
Submission Date December 10, 2024
Acceptance Date May 27, 2025
Published in Issue Year 2025 Volume: 10 Issue: 2

Cite

APA Borak, M. (2025). Sermaye Yapısı ile Firma Performansı Arasındaki Nedenselliğin İncelenmesi. Ekonomi Politika Ve Finans Araştırmaları Dergisi, 10(2), 827-853. https://doi.org/10.30784/epfad.1599358
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