Borsa İstanbul AŞ. Perakende Ticaret Sektöründe Sermaye Yapısı Kararlarının Mikro Panel Veri Yöntemi ile İncelenmesi

Erhan DEMİRELİ, Berk YILDIZ

Özet


İşletmenin sermaye yapısı, uzun vadeli yabancı kaynakları ile özsermayesinin toplamından oluşmaktadır. Başka bir ifadeyle sermaye yapısı, bir işletmede devamlı olarak bulundurulması zorunlu olan sermaye tutarını ifade etmektedir. Dolayısıyla işletme yönetim sürecinde sermaye yapısı kararları, stratejik finansal kararlar olarak değerlendirilmelidir. Çünkü sermaye yapısına ilişkin alınan kararlar işletmenin uzun vadede ortaya çıkacak faaliyetlerine yön vermekte, çeşitli çözüm önerileri geliştirmektedir. Öte yandan perakende ticaret sektörü ise; kısa vadeli kararların alındığı, tüketicinin eğilim ve yönelimlerinin işletmeler tarafından yoğun olarak hissedildiği, teknolojik gelişmelere açık, iş modeli temelinde insan odaklı olan dinamik bir sektördür. Bu çalışmada dinamik bir sektör olan perakende ticaret sektörü ile stratejik kararların odak noktası olan sermaye yapısı kararları arasındaki etkileşim incelenmiştir. Çalışmanın temel amacı, potansiyel yatırımcıların ve perakende ticaret sektöründe faaliyet gösteren işletme yöneticilerinin alacağı kararlara ışık tutmaktır. Bu doğrultuda çalışmada, iki ayrı model kurulmuş, ardından kısa ve uzun vadeli borçların, toplam varlıklar üzerindeki etkileri ayrı ayrı analiz edilmiştir. Çalışma sonucunda kısa vadeli borçların, toplam varlıklar üzerindeki etkisinin toplam borç/özsermaye, özsermaye/toplam varlıklar ve büyüme faktörleri ile açıklanabildiği; uzun vadeli borçların toplama varlıklara etkisinin ise toplam borç/özsermaye, işletmenin yaşı ve özsermaye/toplam varlıklar faktörleri ile açıklanabildiği sonucuna ulaşılmıştır.

Anahtar Kelimeler


Sermaye Yapısı, Borsa İstanbul, Perakende Ticaret Sektörü, Mikro Panel Veri Yöntemi

Tam Metin:

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