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KÜRESEL DEMİRYOLU SEKTÖRÜNDE SERMAYE YAPISI KARARININ BELİRLEYİCİLERİ

Year 2023, Volume: 13 Issue: 3, 1905 - 1914, 25.09.2023
https://doi.org/10.30783/nevsosbilen.1324069

Abstract

ÖZ
Karlı işletmeciliğin az sayıdaki alt faaliyet alanı ile sınırlı kaldığı demiryolu taşımacılığı, verilen hizmetin kamu hizmeti olarak değerlendirilmesi nedeniyle uzun yıllar boyunca büyük oranda kamu kuruluşları tarafından verilegelmiştir. Bu sayede sektörde oluşan zararlar kamu tarafından finanse edilmiş ve faaliyetlerin devamlılığı sağlanmıştır. Özelleştirmeler sonrasında sektördeki özel şirket sayısının artması ve ticarileşme/şirketleşme eğilimiyle birlikte kamu girişimlerinin artık daha kar odaklı bir işletme yapısına geçmeleri, demiryolu sektöründe sermaye yapısı kararını hem eskisinden daha kritik, hem de bu tür bir finansman sorununun analizini mümkün kılacak veri setini erişilebilir hale getirmiştir. Bu çalışma dokuz ülkeden toplam otuz üç halka açık demiryolu şirketinin sermaye yapılarının belirleyicilerini ele almaktadır. Analiz sonuçları, şirket büyüklüğü ile finansal kaldıracın aynı yönde hareket ettiğini, artan karlılık, kamu sahipliği, maddi varlık yoğunluğu ve likiditenin ise finansal kaldıraç üzerinde azaltıcı bir etkiye sahip olduğunu göstermektedir. Bu sonuçların hem sektörde faaliyet gösteren teşebbüsler, hem de sektörü düzenleyen kamu otoriteleri için karar alma süreçlerinde dikkate alınacak önemli bir faktör olacağı düşünülmektedir.

References

  • Antão, P. & Bonfim, D.. (2014). The dynamics of capital structure decisions. Available at SSRN 2512249.
  • Chang, C., Lee, A. C., & Lee, C. F.. (2009). Determinants of capital structure choice: A structural equation modeling approach. The Quarterly Review of Economics and Finance, 49(2), 197-213.
  • Chen, J. J.. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351.
  • Chen, J., & Strange, R.. (2005). The determinants of capital structure: Evidence from Chinese listed companies. Economic Change and Restructuring, 38, 11-35.
  • Deesomsak, R., Paudyal, K., & Pescetto, G.. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4-5), 387-405.
  • De Jong, A., Kabir, R., ve Nguyen, T. T.. (2008). Capital structure around the world: The roles of firm-and country-specific determinants. Journal of Banking and Finance, 32(9), 1954-1969.
  • Frank, M. Z., & Goyal, V. K.. (2009). Capital structure decisions: which factors are reliably important?. Financial Management, 38(1), 1-37.
  • Hang, M., Geyer-Klingeberg, J., Rathgeber, A. W., & Stöckl, S.. (2018). Measurement matters—A meta-study of the determinants of corporate capital structure. The Quarterly Review of Economics and Finance, 68, 211-225.
  • Huang, G.. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14-36.
  • Mateev, M., Poutziouris, P., & Ivanov, K.. (2013). On the determinants of SME capital structure in Central and Eastern Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1), 28-51.
  • Modigliani, F. & Miller, M.H.. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 68 (3), 261–297.
  • Noulas, A., & Genimakis, G.. (2011). The determinants of capital structure choice: evidence from Greek listed companies. Applied Financial Economics, 21(6), 379-387.
  • Özcan, İ. Ç.. (2018). Halka Açık Demiryolu Şirketlerinin Yönetişim Aydınlatma Notlarının Belirleyicileri. İşletme Araştırmaları Dergisi, 10(4), 1242-1254.
  • Özcan, İ. Ç.. (2020). Determinants of environmental, social, and governance reporting of rail companies: does state ownership matter?. New Trends in Public Sector Reporting: Integrated Reporting and Beyond, 153-173. Springer.
  • Özcan, İ. Ç.. (2021). Environmental, Social, and Governance Disclosure and Financial Performance: Evidence From the Rail Industry. In Sustainability Reporting, Ethics, and Strategic Management Strategies for Modern Organizations (ss. 244-253). IGI Global.
  • Sun, J., Ding, L., Guo, J. M., & Li, Y.. (2016). Ownership, capital structure and financing decision: Evidence from the UK. The British Accounting Review, 48(4), 448-463.
  • Wald, J. K.. (1999). How firm characteristics affect capital structure: an international comparison. Journal of Financial Research, 22(2), 161-187.
  • Wiwattanakantang, Y.. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7(3-4), 371-403.
Year 2023, Volume: 13 Issue: 3, 1905 - 1914, 25.09.2023
https://doi.org/10.30783/nevsosbilen.1324069

Abstract

References

  • Antão, P. & Bonfim, D.. (2014). The dynamics of capital structure decisions. Available at SSRN 2512249.
  • Chang, C., Lee, A. C., & Lee, C. F.. (2009). Determinants of capital structure choice: A structural equation modeling approach. The Quarterly Review of Economics and Finance, 49(2), 197-213.
  • Chen, J. J.. (2004). Determinants of capital structure of Chinese-listed companies. Journal of Business Research, 57(12), 1341-1351.
  • Chen, J., & Strange, R.. (2005). The determinants of capital structure: Evidence from Chinese listed companies. Economic Change and Restructuring, 38, 11-35.
  • Deesomsak, R., Paudyal, K., & Pescetto, G.. (2004). The determinants of capital structure: evidence from the Asia Pacific region. Journal of Multinational Financial Management, 14(4-5), 387-405.
  • De Jong, A., Kabir, R., ve Nguyen, T. T.. (2008). Capital structure around the world: The roles of firm-and country-specific determinants. Journal of Banking and Finance, 32(9), 1954-1969.
  • Frank, M. Z., & Goyal, V. K.. (2009). Capital structure decisions: which factors are reliably important?. Financial Management, 38(1), 1-37.
  • Hang, M., Geyer-Klingeberg, J., Rathgeber, A. W., & Stöckl, S.. (2018). Measurement matters—A meta-study of the determinants of corporate capital structure. The Quarterly Review of Economics and Finance, 68, 211-225.
  • Huang, G.. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14-36.
  • Mateev, M., Poutziouris, P., & Ivanov, K.. (2013). On the determinants of SME capital structure in Central and Eastern Europe: A dynamic panel analysis. Research in International Business and Finance, 27(1), 28-51.
  • Modigliani, F. & Miller, M.H.. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 68 (3), 261–297.
  • Noulas, A., & Genimakis, G.. (2011). The determinants of capital structure choice: evidence from Greek listed companies. Applied Financial Economics, 21(6), 379-387.
  • Özcan, İ. Ç.. (2018). Halka Açık Demiryolu Şirketlerinin Yönetişim Aydınlatma Notlarının Belirleyicileri. İşletme Araştırmaları Dergisi, 10(4), 1242-1254.
  • Özcan, İ. Ç.. (2020). Determinants of environmental, social, and governance reporting of rail companies: does state ownership matter?. New Trends in Public Sector Reporting: Integrated Reporting and Beyond, 153-173. Springer.
  • Özcan, İ. Ç.. (2021). Environmental, Social, and Governance Disclosure and Financial Performance: Evidence From the Rail Industry. In Sustainability Reporting, Ethics, and Strategic Management Strategies for Modern Organizations (ss. 244-253). IGI Global.
  • Sun, J., Ding, L., Guo, J. M., & Li, Y.. (2016). Ownership, capital structure and financing decision: Evidence from the UK. The British Accounting Review, 48(4), 448-463.
  • Wald, J. K.. (1999). How firm characteristics affect capital structure: an international comparison. Journal of Financial Research, 22(2), 161-187.
  • Wiwattanakantang, Y.. (1999). An empirical study on the determinants of the capital structure of Thai firms. Pacific-Basin Finance Journal, 7(3-4), 371-403.
There are 18 citations in total.

Details

Primary Language Turkish
Subjects Finance
Journal Section MUHASEBE VE FİNANS
Authors

İsmail Çağrı Özcan 0000-0002-3809-1847

Early Pub Date September 20, 2023
Publication Date September 25, 2023
Published in Issue Year 2023 Volume: 13 Issue: 3

Cite

APA Özcan, İ. Ç. (2023). KÜRESEL DEMİRYOLU SEKTÖRÜNDE SERMAYE YAPISI KARARININ BELİRLEYİCİLERİ. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 13(3), 1905-1914. https://doi.org/10.30783/nevsosbilen.1324069