İşletme Grupları Ve Sermaye Yapısı İlişkisi

Abstract

The reasons for the formation and prevalence of business groups in many countries around the world have attracted the interest of many academicians. The main reasons for the formation of business groups can be listed as preventing market imperfections and information problems, reducing market uncertainties and diversifying risks. This study examines how being affiliated to a business group affects the capital structure of companies in Turkey. For this aim, a balanced panel data set for 68 companies from the nonfinancial sector, traded in the Istanbul Stock Exchange, covering a total of 612 observations for the period 2008-2016 (9 years) was constructed. As the research methodology, dynamic panel data analysis method was used. The model was estimated using the GMM (Generalized Method of Moments). The variables explaining the model are based on three important theories of capital structure, namely the trade off theory, the pecking order theory and the agency costs theory. The main finding of the study is that companies affiliated to a business group have more leverage than non-affiliated firms. This finding supports the theories about business groups and internal capital markets.