{"id":683,"date":"2010-10-15T12:22:01","date_gmt":"2010-10-15T17:22:01","guid":{"rendered":"http:\/\/www.berjournal.com\/?p=683"},"modified":"2011-05-17T13:36:32","modified_gmt":"2011-05-17T18:36:32","slug":"turkiye%e2%80%99de-ihracat-yapan-firmalarin-finansman-stratejileri","status":"publish","type":"post","link":"https:\/\/www.berjournal.com\/tr\/turkiye%e2%80%99de-ihracat-yapan-firmalarin-finansman-stratejileri","title":{"rendered":"T\u00fcrkiye\u2019de \u0130hracat Yapan Firmalar\u0131n Finansman Stratejileri"},"content":{"rendered":"\n\n<\/col>\n<\/colgroup>\n\n\n\n\n\n\n\n\n\n\n\n
\n

Makale Bilgileri<\/strong><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Dergi: <\/strong><\/span>\u0130\u015fletme ve Ekonomi Ara\u015ft\u0131rmalar\u0131 Dergisi<\/span><\/span><\/p>\n

Makalenin Ba\u015fl\u0131\u011f\u0131: <\/strong><\/span>T\u00fcrkiye\u2019de \u0130hracat Yapan Firmalar\u0131n Finansman Stratejileri
\n<\/span><\/span>[Financial Strategies of the Exporting Firms in Turkey]<\/span><\/span><\/p>\n

Yazar(lar):<\/strong><\/span> Suleyman Degirmen, Yildiz Gundogdu<\/span><\/span><\/p>\n

Cilt: <\/strong><\/span>1<\/span><\/span><\/p>\n

Say\u0131: <\/strong><\/span>4<\/span><\/span><\/p>\n

Y\u0131l: <\/strong><\/span>2010<\/span><\/span><\/p>\n

Sayfa:<\/strong><\/span> 1-18<\/span><\/span><\/p>\n

ISSN: <\/strong><\/span>1309-2448<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00d6zet<\/strong><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

T\u00fcrkiye gibi geli\u015fmekte olan \u00fclkelerin kriz deneyimleri g\u00f6stermi\u015ftir ki asimetrik bilginin neden oldu\u011fu ahlaki \u00e7\u00f6k\u00fcnt\u00fc, tersine se\u00e7im ve finans piyasa yap\u0131s\u0131nda ciddi sorunlar do\u011furmaktad\u0131r. Bu anlamda, firmalar\u0131n nas\u0131l bir finansman stratejisi izlemesi gerekti\u011fi finans literat\u00fcr\u00fcnde \u00f6nemli bir yer tutmaktador. Bu makale ile ama\u00e7, T\u00fcrkiye ekonomisinin g\u00f6stermi\u015f oldu\u011fu b\u00fcy\u00fcme performans\u0131nda ihracat\u0131n katk\u0131s\u0131n\u0131 mikro temeller \u00fczerinden inceleyerek acaba ihracat yapan firmalar nas\u0131l bir finansman tercihi yapmaktad\u0131rlar sorusuna Modigliani-Miller, Dengeleme (Trade Off) Teorisi ve Finansal Hiyerar\u015fi (Pecking Order) Teorileri ile cevap aramakt\u0131r. T\u00fcrkiye\u2019de 1997\u20132008 y\u0131llar\u0131 aras\u0131nda birinci ve ikinci 500 sanayi kurulu\u015fu aras\u0131nda yer alan firmalar\u0131n ihracat\/toplam sat\u0131\u015f, k\u0131sa vadeli banka kredileri b\u00fcy\u00fcme oran\u0131, uzun vadeli banka kredileri b\u00fcy\u00fcme oran\u0131, sermaye b\u00fcy\u00fcme oranlar\u0131 gibi de\u011fi\u015fkeler aras\u0131ndaki ili\u015fki \u201cpanel koentegrasyon\u201d analizi ile incelenmi\u015ftir. Analiz d\u00f6neminde kesintisiz olarak birinci ve ikinci 500 kurulu\u015f aras\u0131na giren firmalar tespit edilerek dengeli bir panel olu\u015fturulmu\u015f ve analiz, bu firmalardan elde edilen veriler dikkate al\u0131narak yap\u0131lm\u0131\u015ft\u0131r. Kullan\u0131lan serilerde birim k\u00f6k olup olmad\u0131\u011f\u0131 Im-Peasaran-Shin testi ile analiz edilerek panel koentegrasyon analizi ger\u00e7ekle\u015ftirilmi\u015ftir. Y\u0131ll\u0131k verilerin kulan\u0131ld\u0131\u011f\u0131 \u00e7al\u0131\u015fman\u0131n sonucu, veriler aras\u0131nda uzun d\u00f6nemde anlaml\u0131 bir ili\u015fkiyi (yani Pecking Order Teorisini) desteklemektedir<\/span>.<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Anahtar Kelimeler: <\/strong><\/span>\u0130hracat\u0131n finansman\u0131, Finansal Hiyerar\u015fi Teorisi, Dengeleme Teorisi, Panel koentegrasyon<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

JEL S\u0131n\u0131fland\u0131rmas\u0131:<\/strong><\/span> G30, G32, C33<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Abstract<\/strong><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

The crises experiences of developing countries like Turkey ha<\/span><\/span>ve shown that moral hazard and adverse selection emerging via asymmetric information causes serious problems in financial markets. In this framework, firms\u2019 capital structure decisions are one of the most important issues on finance literature. The aim of this article is to search an answer, by using the Modigliani-Miller, Trade off and Pecking Order theories, for the question of how exporting firms make their choices of financing along with analyzing the inevitable contribution of export to Turkish economic growth from micro aspect. In this study the relation between export\/total sales, the growth rate of short run bank credit, the growth rate of long run bank credit, the growth rate of equity of firms that are ranked among the first and second 500 industrial firms in Turkey for the 1997-2008 periods is analyzed by \u201cpanel cointegration\u201d method. A balanced panel is formed. In the series used, existence of unit root is tested by Im-Peasaran-Shin test. Finally, panel cointegration process is implemented. The result of empirical study indicate that there is a significant long run relationship between mentioned variables in Turkey for annual data from 1997 to 2008, and thus, support Pecking Order Theory.<\/span><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Keywords: <\/strong><\/span>Finance of export, Pecking Order Theory, Trade-off Theory, Panel Cointegration<\/span><\/span><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

JEL Classification:<\/strong><\/span> G30, G32, C33<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\r\n \r\n
\r\n \"https:\/\/www.berjournal.com\/tr\/wp-content\/uploads\/icons\/pdf.gif\"\r\n <\/td>\r\n \r\n \r\nTam Metin\r\n<\/b> ( \u2193<\/span> 2753)<\/a> <\/td>\r\n <\/tr>\r\n<\/table><\/p>\n
<\/div>\n

<\/path><\/svg><\/i> \"Loading\"<\/p>\n

<\/div>","protected":false},"excerpt":{"rendered":"

Makale Bilgileri Dergi: \u0130\u015fletme ve Ekonomi Ara\u015ft\u0131rmalar\u0131 Dergisi Makalenin Ba\u015fl\u0131\u011f\u0131: T\u00fcrkiye\u2019de \u0130hracat Yapan Firmalar\u0131n Finansman Stratejileri [Financial Strategies of the Exporting Firms in Turkey] Yazar(lar): Suleyman Degirmen, Yildiz Gundogdu Cilt: 1 Say\u0131: 4 Y\u0131l: 2010 Sayfa: 1-18 ISSN: 1309-2448 \u00d6zet T\u00fcrkiye gibi geli\u015fmekte olan \u00fclkelerin kriz deneyimleri g\u00f6stermi\u015ftir ki asimetrik bilginin neden oldu\u011fu ahlaki \u00e7\u00f6k\u00fcnt\u00fc, […]<\/p>\n

<\/div>\n

<\/path><\/svg><\/i> \"Loading\"<\/p>\n

<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,1],"tags":[],"class_list":["post-683","post","type-post","status-publish","format-standard","hentry","category-makale","category-manuscript"],"a3_pvc":{"activated":true,"total_views":86,"today_views":0},"_links":{"self":[{"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/posts\/683","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/comments?post=683"}],"version-history":[{"count":0,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/posts\/683\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/media?parent=683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/categories?post=683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.berjournal.com\/tr\/wp-json\/wp\/v2\/tags?post=683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}