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Öğe Effect of financial constraints on the growth of family and nonfamily firms in Turkey(Springer, 2020) Ergun, Bahadir; Doruk, Omer TugsalThis study examined whether family-owned firms have advantages for accessing external financial sources for growth. Especially in developing countries with imperfect markets, firms can face difficulties accessing external financing sources; however, family-owned firms might have some advantages in this regard over nonfamily firms. Unlike previous studies, this study considered that, in the Turkish context, nonfamily firms are financially constrained while family firms are not. To examine this hypothesis, we used the generalized method of moments (GMM) approach to analyze panel data from 2006 to 2017. The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large, well-established family groups. These results elucidate the relationship between corporate ownership and growth among Turkish firms, especially those with strong links to large family-owned corporations. The results also revealed that reputation and network may facilitate easier access to external financing sources, especially when considering the Big Six family ties of firms.Öğe Friend or foe? The link between agency cost and financialization in Turkey(John Wiley & Sons Ltd, 2023) Doruk, Oemer Tugsal; Ergun, BahadirThis study aims to investigate the link between agency cost and financialization in the Turkish manufacturing sector in the period of 1990-2017 with a novel empirical methodology. A two-step approach has been developed to examine financialization's effect on shareholder value orientation through agency costs. The first step employs a panel stochastic frontier analysis for measuring corporate efficiency, which is an inverse proxy of agency cost. In the second step, the link between financialization and corporate efficiency is investigated using panel data econometric models. The results show that agency cost leads the firms to use financialization instead of real investments.Öğe THE EFFECTS OF NEW EQUITY ANNOUNCEMENTS ON STOCK RETURNS: AN EXAMINATION ON BIST*(Economic And Financial Research Assoc - Efad, 2023) Unal, Cumali; Ergun, BahadirThe aim of this study is to examine the effect of rights and bonus issue announcements on stock returns. The study analyzes the companies included in the BIST-30 and BIST-50 indices between 2010 and 2022 and the companies that made capital increase announcements while they were included in these indices. In total, 84 different capital increase announcements of 35 companies were included in the study. In the study, the event study method was used and two different event windows were created as (-10, +10) and (-5, +5). At the end of the analysis, it was observed that new equity announcements affected stock returns. The study revealed that this effect was statistically significant negative. According to this situation, it can be said that the return expectations of the investors from the companies that announce the new equity issue should be negative and they should arrange their portfolios according to this result. According to the results of the research, it has been revealed that Borsa Istanbul is an inefficient market in semi-strong form.Öğe THE ROLE OF EXPORTING ON CAPITAL STRUCTURE: A FIRM-LEVEL INVESTIGATION(Economic And Financial Research Assoc - Efad, 2022) Inal, Ersin; Ergun, BahadirIn this study, the effect of exports on capital structure decisions was investigated at the firm level. Annual data of 208 companies exporting in Turkey for the period 2005-2019 were used. Leverage was used as the dependent variable, and export intensity was used as the primary independent variable. In addition, asset structure, cash flow, firm size variables were added as control variables in the study. The current ratio, real effective exchange rate, and real gross domestic product variables are added to test the estimation results of the model. Panel data regression analysis was applied. According to the analysis results, a positive relationship was found between export intensity and leverage, but this relationship is statistically insignificant. A positive and statistically significant association was found between asset structure and firm size and leverage. A negative relationship was found between cash flow and leverage. There is a negative relationship between the current ratio and the leverage and there is a negative relationship between the real effective exchange rate and leverage. Additionally, gross domestic product negatively affects the leverage, but this relationship is statistically insignificant.Öğe The role of macroeconomic constraints on cash conversion cycle: evidence from the Turkish manufacturing sector(Routledge Journals, Taylor & Francis Ltd, 2022) Doruk, Omer Tugsal; Ergun, BahadirThe cash conversion cycle is a crucial firm-level factor in liquidity in sustainable firm growth; therefore, the effects of macroeconomic factors on cash conversion cycle have high importance to economic development and growth in developing countries, such as Turkey. Unlike previous studies, we use a set of different macroeconomic variables (growth volatility, inflation, and real exchange rate) to check the effects of macroeconomic variables on firms' cash conversion cycle for the Turkish manufacturing sector in the 2006-2017 period. The obtained findings show that the cash conversion cycle is affected by macroeconomic factors in the Turkish manufacturing sector.
