{"id":4459,"date":"2019-05-09T05:05:52","date_gmt":"2019-05-09T02:05:52","guid":{"rendered":"https:\/\/www.berjournal.com\/?p=4459"},"modified":"2019-05-14T02:19:22","modified_gmt":"2019-05-13T23:19:22","slug":"pecking-order-theory-in-determining-the-capital-structure-a-panel-data-analysis-of-companies-in-turkey","status":"publish","type":"post","link":"https:\/\/www.berjournal.com\/tr\/pecking-order-theory-in-determining-the-capital-structure-a-panel-data-analysis-of-companies-in-turkey","title":{"rendered":"Sermaye Yap\u0131s\u0131n\u0131n Belirlenmesinde Finansman Hiyerar\u015fisi Teorisi: T\u00fcrkiye\u2019deki \u0130\u015fletmeler \u00dczerine Panel Veri Analizi"},"content":{"rendered":"<p><\/p>\n<table style=\"font-family: Arial, serif; text-align: justify;\" width=\"534\" cellspacing=\"0\" cellpadding=\"7\">\n<tbody>\n<tr>\n<td style=\"color: #ffffff; font-weight: bold;\" valign=\"middle\" bgcolor=\"#0188a6\" width=\"534\" height=\"40\">Makale Bilgileri<\/td>\n<\/tr>\n<tr>\n<td valign=\"TOP\" bgcolor=\"#ffffff\" width=\"534\" height=\"169\">\n<table border=\"0\" width=\"100%\" cellspacing=\"5\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"120\">Dergi:<\/td>\n<td>Business and Economics Research Journal<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">Makalenin Ba\u015fl\u0131\u011f\u0131:<\/td>\n<td>Sermaye Yap\u0131s\u0131n\u0131n Belirlenmesinde Finansman Hiyerar\u015fisi Teorisi: T\u00fcrkiye\u2019deki \u0130\u015fletmeler \u00dczerine Panel Veri Analizi<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">Yazar(lar):<\/td>\n<td>\u015eefika Nilay Onat\u00e7a Engin, Cansu \u00dcnver Erba\u015f, Ahmet G\u00f6khan S\u00f6kmen<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">Cilt:<\/td>\n<td>10<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">Say\u0131:<\/td>\n<td>3(\u00d6zel Say\u0131)<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">Y\u0131l:<\/td>\n<td>2019<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">Sayfa:<\/td>\n<td>687-698<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">ISSN:<\/td>\n<td>2619-9491<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"0\">DOI Numaras\u0131:<\/td>\n<td>10.20409\/berj.2019.193<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"color: #ffffff; font-weight: bold;\" valign=\"middle\" bgcolor=\"#0188a6\" width=\"534\" height=\"40\">\u00d6z<\/td>\n<\/tr>\n<tr>\n<td valign=\"TOP\" bgcolor=\"#ffffff\" width=\"534\">Sermaye yap\u0131s\u0131 kararlar\u0131, i\u015fletmelerin faaliyetlerini devam ettirebilmeleri ve sa\u011fl\u0131kl\u0131 bir bi\u00e7imde b\u00fcy\u00fcyebilmeleri a\u00e7\u0131s\u0131ndan \u00fczerinde durulmas\u0131 gereken \u00f6nemli bir konudur. Bu \u00e7al\u0131\u015fman\u0131n amac\u0131 i\u015fletmelerin sermaye yap\u0131s\u0131 belirleyicilerini tespit etmek ve ger\u00e7ek hayatta i\u015fletmelerin hangi sermaye yap\u0131s\u0131 teorisine uygun davran\u0131\u015f sergilediklerini ortaya koymakt\u0131r. Sermaye yap\u0131s\u0131n\u0131 belirleyici unsurlar\u0131n \u00f6zelliklerini ve bu unsurlar\u0131n sermaye yap\u0131s\u0131n\u0131 ne y\u00f6nde etkilediklerini bilmek sermaye yap\u0131s\u0131 kararlar\u0131n\u0131n daha etkin bir \u015fekilde al\u0131nmas\u0131n\u0131 sa\u011flayacakt\u0131r. Bu ama\u00e7 do\u011frultusunda, hisseleri Borsa \u0130stanbul\u2019da i\u015flem g\u00f6ren 186 imalat sanayi i\u015fletmesinin 2009-2016 y\u0131llar\u0131 aras\u0131ndaki bilan\u00e7o ve gelir tablosu verilerinden yararlan\u0131larak panel veri analizi yap\u0131lm\u0131\u015ft\u0131r. Analiz sonu\u00e7lar\u0131 s\u00f6z konusu i\u015fletmelerin finansman hiyerar\u015fisi teorisine uygun davrand\u0131klar\u0131n\u0131 fon kayna\u011f\u0131 ihtiyac\u0131nda \u00f6ncelikli olarak i\u00e7 fon kaynaklar\u0131n\u0131 tercih ettiklerini, i\u00e7 fon kaynaklar\u0131n\u0131n yetersiz olmas\u0131 durumunda d\u0131\u015f fon kaynaklar\u0131n\u0131 kullanma yoluna gittiklerini g\u00f6stermi\u015ftir.<\/td>\n<\/tr>\n<tr>\n<td valign=\"TOP\" bgcolor=\"#ffffff\" width=\"534\" height=\"22\">\n<hr style=\"height: 5px; background-color: #0188a6; margin-top: 5px; margin-bottom: 5px;\" \/>\n<table border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" align=\"left\" valign=\"top\" width=\"120\">Anahtar Kelimeler:<\/td>\n<td>Sermaye Yap\u0131s\u0131, Finansman Hiyerar\u015fisi Teorisi, Hedef Bor\u00e7lanma Oran\u0131, Panel Veri Analizi, \u0130malat Sanayi \u0130\u015fletmeleri<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<tr>\n<td valign=\"TOP\" bgcolor=\"#ffffff\" width=\"534\">\n<hr style=\"height: 5px; background-color: #0188a6; margin-top: 5px; margin-bottom: 5px;\" \/>\n<table border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td style=\"color: #0188a6; font-weight: bold;\" width=\"120\">JEL S\u0131n\u0131fland\u0131rmas\u0131:<\/td>\n<td>C23, G32<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<hr style=\"height: 5px; background-color: #0188a6; margin-top: 5px; margin-bottom: 5px;\" \/>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><table style=\"border: 0px solid #CCC;\" cellpadding=\"3\" width=\"100%\">\r\n  <tr>\r\n    <td width=\"35\">\r\n      <img decoding=\"async\" src=\"https:\/\/www.berjournal.com\/tr\/wp-content\/uploads\/icons\/pdf.gif\" alt=\"https:\/\/www.berjournal.com\/tr\/wp-content\/uploads\/icons\/pdf.gif\" width=20 height=18>\r\n    <\/td>\r\n    <td>\r\n      <b> \r\n<a href=\"https:\/\/www.berjournal.com\/tr\/?file_id=588\">Tam Metin\r\n<\/b> ( <span style=\"font-weight:bolder;\">\u2193<\/span> 5293)<\/a>    <\/td>\r\n  <\/tr>\r\n<\/table>Tam Metin\r\n<\/b> ( <span style=\"font-weight:bolder;\">\u2193<\/span> 5293)<\/a>    <\/td>\r\n  <\/tr>\r\n<\/table><\/p>\n<div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_4459\" class=\"pvc_stats all  \" data-element-id=\"4459\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 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Nilay Onat\u00e7a Engin, Cansu \u00dcnver Erba\u015f, Ahmet G\u00f6khan S\u00f6kmen Cilt: 10 Say\u0131: 3(\u00d6zel Say\u0131) Y\u0131l: 2019 Sayfa: 687-698 ISSN: 2619-9491 DOI Numaras\u0131: 10.20409\/berj.2019.193 \u00d6z Sermaye yap\u0131s\u0131 kararlar\u0131, i\u015fletmelerin faaliyetlerini devam ettirebilmeleri [&hellip;]<\/p>\n<div class=\"pvc_clear\"><\/div>\n<p id=\"pvc_stats_4459\" class=\"pvc_stats all  \" data-element-id=\"4459\" style=\"\"><i class=\"pvc-stats-icon medium\" aria-hidden=\"true\"><svg aria-hidden=\"true\" focusable=\"false\" data-prefix=\"far\" data-icon=\"chart-bar\" role=\"img\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewBox=\"0 0 512 512\" class=\"svg-inline--fa fa-chart-bar fa-w-16 fa-2x\"><path fill=\"currentColor\" d=\"M396.8 352h22.4c6.4 0 12.8-6.4 12.8-12.8V108.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v230.4c0 6.4 6.4 12.8 12.8 12.8zm-192 0h22.4c6.4 0 12.8-6.4 12.8-12.8V140.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v198.4c0 6.4 6.4 12.8 12.8 12.8zm96 0h22.4c6.4 0 12.8-6.4 12.8-12.8V204.8c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v134.4c0 6.4 6.4 12.8 12.8 12.8zM496 400H48V80c0-8.84-7.16-16-16-16H16C7.16 64 0 71.16 0 80v336c0 17.67 14.33 32 32 32h464c8.84 0 16-7.16 16-16v-16c0-8.84-7.16-16-16-16zm-387.2-48h22.4c6.4 0 12.8-6.4 12.8-12.8v-70.4c0-6.4-6.4-12.8-12.8-12.8h-22.4c-6.4 0-12.8 6.4-12.8 12.8v70.4c0 6.4 6.4 12.8 12.8 12.8z\" class=\"\"><\/path><\/svg><\/i> <img loading=\"lazy\" decoding=\"async\" width=\"16\" height=\"16\" alt=\"Loading\" src=\"https:\/\/www.berjournal.com\/wp-content\/plugins\/page-views-count\/ajax-loader-2x.gif\" border=0 \/><\/p>\n<div class=\"pvc_clear\"><\/div>\n","protected":false},"author":4638,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,1,7],"tags":[],"class_list":["post-4459","post","type-post","status-publish","format-standard","hentry","category-makale","category-manuscript","category-manuscript2"],"a3_pvc":{"activated":true,"total_views":144,"today_views":0},"_links":{"self":[{"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/posts\/4459","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/users\/4638"}],"replies":[{"embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/comments?post=4459"}],"version-history":[{"count":0,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/posts\/4459\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/media?parent=4459"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/categories?post=4459"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/tags?post=4459"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}