The role of exporting on capital structure: A firm-level investigation
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Tarih
2021
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Adana Alparslan Türkeş Bilim ve Teknoloji Üniversitesi
Erişim Hakkı
info:eu-repo/semantics/openAccess
Özet
Sermaye yapısı uzun yıllardır araştırmacıların çalıştığı bir konudur. Bu çalışmada ihracatın sermaye yapısı kararlarına etkisi firma düzeyinde araştırılmıştır. Çalışmada Türkiye'de ihracat yapan 208 firmanın 2005-2019 dönemi yıllık verileri kullanılmıştır. Çalışmada bağımlı değişken olarak kaldıraç ve ana bağımsız değişken olarak ihracatın toplam satışlara bölünmesiyle hesaplanan ihracat yoğunluğu kullanılmıştır. Ayrıca çalışmada kontrol değişkenleri olarak varlık yapısı, nakit akışı, firma büyüklüğü değişkenleri eklenmiştir. Modelin tahmin sonuçlarının test edilmesi için cari oran, reel gayri safi yurtiçi hasıla ve reel efektif döviz kuru değişkenleri eklenmiştir. Çalışmada panel veri regresyon analizi uygulanmıştır. Analiz sonuçlarına göre ihracat yoğunluğu ile kaldıraç arasında pozitif yönlü bir ilişki bulunmuştur, fakat bu ilişki istatistiksel olarak anlamsızdır. Varlık yapısı ve firma büyüklüğü ile kaldıraç arasında pozitif yönlü ve istatistiksel olarak anlamlı bir ilişki bulunmuştur. Nakit akışı ile kaldıraç arasında ise negatif yönlü ilişki bulunmuştur. Sağlamlık kontrolleri amacıyla modele eklenen değişkenlerden cari oran ile kaldıraç arasında negatif yönlü, fakat istatistiksel olarak anlamsız bir ilişki bulunmuştur. Reel efektif döviz kuru ve kaldıraç arasında negatif yönlü ve istatistiksel olarak anlamlı bir ilişki bulunmuştur. Gayri safi yurt içi hasıla ile kaldıraç arasında pozitif yönlü, fakat istatistiksel olarak anlamsız bir ilişki bulunmuştur.
Capital structure is a subject that researchers have been working on for many years. In this study, the effect of exports on capital structure decisions has been investigated at the firm-level. In this study, the 2005-2019 annual data of 208 companies exporting in Turkey has been used. Leverage has been used as the dependent variable, and the export intensity, calculated by dividing exports by total sales, as the main independent variable. In addition, asset structure, cash flow, and firm size variables has been added as control variables in the study. In order to test the estimation results of the model, the variables of current ratio, real gross domestic product, and real effective exchange rate has been added. Panel data regression analysis has been used in this study. According to the analysis results, a positive relationship has been found between export intensity and leverage, however this relationship is statistically insignificant. A positive and statistically significant relationship has been found between asset structure, firm size, and leverage, and a negative correlation has been found between cash flow and leverage. Among the variables added to the model for robustness checks, a negative but statistically insignificant relationship has been found between current ratio and leverage. It has been found a negative relationship between leverage and real effective exchange rate, and this is statistically significant. A positive but statistically insignificant relationship has been found between gross domestic product and leverage.
Capital structure is a subject that researchers have been working on for many years. In this study, the effect of exports on capital structure decisions has been investigated at the firm-level. In this study, the 2005-2019 annual data of 208 companies exporting in Turkey has been used. Leverage has been used as the dependent variable, and the export intensity, calculated by dividing exports by total sales, as the main independent variable. In addition, asset structure, cash flow, and firm size variables has been added as control variables in the study. In order to test the estimation results of the model, the variables of current ratio, real gross domestic product, and real effective exchange rate has been added. Panel data regression analysis has been used in this study. According to the analysis results, a positive relationship has been found between export intensity and leverage, however this relationship is statistically insignificant. A positive and statistically significant relationship has been found between asset structure, firm size, and leverage, and a negative correlation has been found between cash flow and leverage. Among the variables added to the model for robustness checks, a negative but statistically insignificant relationship has been found between current ratio and leverage. It has been found a negative relationship between leverage and real effective exchange rate, and this is statistically significant. A positive but statistically insignificant relationship has been found between gross domestic product and leverage.
Açıklama
Sosyal Bilimler Enstitüsü, Uluslararası Ticaret Ve Finansman Ana Bilim Dalı
Anahtar Kelimeler
İşletme, Business Administration
