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Bu araştırmada pay senetleri Borsa İstanbul (BİST)’da işlem görmekte olan demir çelik metal ana sanayi firmalarının mali tabloları kullanılmıştır. Araştırma verileri 2010-2017 dönemini kapsamakta olup, 13 işletme analize dahil edilmiştir. Çalışmada üç farklı model oluşturulmuş ve tüm modeller için panel veri analizi yöntemi kullanılmıştır. Araştırmada bağımlı değişken olarak çeşitli kaldıraç oranları kullanılmıştır. Bağımsız değişkenler ise büyüklük, borç dışı vergi kalkanı, karlılık ve likidite olarak belirlenmiştir. Çalışma sonucunda kaldıraç oranları ile likidite ve büyüklük değişkenleri arasında negatif ilişki, borç dışı vergi kalkanı ve karlılık değişkenleri arasında ise pozitif ilişki tespit edilmiştir. Araştırma, demir çelik sektöründe hem finansal hiyerarşi kuramının hem de dengeleme teorisinin geçerli olduğunu ortaya koymaktadır.
In this study, the financial tables of the iron and steel main industrial companies that are being traded in the Istanbul Stock Exchange (BIST) are used. This study covers the period 2010-2017 and 13 firms are included in the analysis. Three different models were created in this study and panel data analysis method was used for all models. Various leverage ratio were used as a dependent variable in the study. The independent variables are you, non-debt tax shield, profitability and liquidity. As a result of the study, there is a negative correlation between the leverage ratio and the liquidity and size variables, a positive correlation between the non-debt tax shield and the profitability variables. The study shows that both the theory of financial hierarchy and the theory of balance are valid in the iron and steel sector.
In this study, the financial tables of the iron and steel main industrial companies which are being traded in the Istanbul Stock Exchange (BİST) are used. This study covers the period 2010-2017 and 13 firms are included in the analysis. Three different models were created in this study and panel data analysis method was used for all models. Various leverage ratios were used as a dependent variable in the study. The independent variables are size, non-debt tax shield, profitability and liquidity. As a result of the study, there is a negative correlation between the leverage ratios and the liquidity and size variables, a positive correlation between the non-debt tax shield and the profitability variables. The study show that both the financial hierarchy theory and the balancing theory are valid in the iron and steel sector.
Field : Sosyal, Beşeri ve İdari Bilimler
Journal Type : Uluslararası
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