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Bu makalenin amacı türev finansal araç kullanımının bankaların sermaye yapısı üzerine etkisinin araştırılmasıdır. Bu amaçla 2012 ve 2017 yılları arasında Türkiye’de faaliyet gösteren ve düzenli olarak türev ürün kullanan bankalar analiz edilmiştir. Çalışmada panel veri analizi yöntemi kullanılmıştır. Bağımlı değişken olarak sermaye yapısı değişkenleri, bağımsız değişken olarak aktifteki türev kullanımı ve pasifteki türev kullanımı, varlık yapısı, karlılık, büyüklük, risk, büyüme olanakları ve likidite değişkenleri kullanılmıştır. Aktifteki ve pasifteki türev kullanımlarının sermaye yapısı üzerine etkisinin analiz edilmesi için toplam 4 model kurulmuştur. Analiz sonucunda türev ürün kullanımının borçlanmaya etkisi tüm modellerde istatistiksel olarak anlamlı ve pozitif ilişkili bulunmuştur. Ayrıca türev ürün kullanan bankalarda, karlılık ve likidite değişkenleri borçlanma ile negatif ilişkili, varlık yapısı, büyüklük, risk ve büyüme olanakları değişkenleri ise borçlanma ile pozitif ilişkili bulunmuştur
The purpose of this article is to investigate the impact of the use of derivative financial instruments on the capital structure of the banks. For this purpose, the banks operating in Turkey between 2012 and 2017 and regularly using derivative products have been analyzed. The panel data analysis method was used. As a dependent variable, capital structure variables, active derivative use as an independent variable and passive derivative use, asset structure, profitability, size, risk, growth possibilities and liquidity variables have been used. A total of 4 models have been established to analyze the impact of active and passive derivative uses on the capital structure. The results of the analysis have found that the impact of derivative product use on debt has been statistically meaningful and positive in all models. In the banks that use derivative products, profitability and liquidity variables have been found negative to debt, while asset structure, size, risk and growth possibility variables have been positive to debt.
The purpose of this article is to investigate the effect of derivative financial instruments on banks’ capital structure. For this purpose, between 2012 and 2017, banks operating in Turkey and analyzed regularly using derivative products. Panel data analysis method was used in the study. Capital structure variables were used as dependent variables, the use of derivatives on assets and liabilities, tangibility, profitability, size, risk, growth opportunities and liquidity variables were used as an independent variable. A total of 4 models have been established in order to analyze the effect of derivative use on assets and liabilities on capital structure. As a result of the analysis, the effect of derivative product on borrowing was found to be statistically significant and positive in all models. In addition, liquidity and profitability variables were negatively corelated with borrowing and risk, tangibility, growth opportunities and size variables were positively corelated with borrowing..
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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