Browsing by Subject "Capital market--Turkey."

Now showing 1 - 5 of 5

Open Access
Capital structure determinants of Turkish SMEs in manufacturing industry
(2011) Cakova, Uğur
This thesis investigates the determinants of capital structure of small and medium sized enterprises (SMEs) from manufacturing sector in Turkey. Hypotheses about leverage decisions and debt maturity choices of firms are formulated based on the capital structure theories, mainly trade-off theory and pecking order theory. These hypotheses are tested using fixed effects model with unbalanced panel data set of 44,029 firm-year observations over the period between 1998 and 2008. I find that capital structure decisions of Turkish SMEs are in line with pecking order predictions. The results indicate that larger firms have higher leverage ratios; SMEs use their tangible assets to obtain long term debt; profits are used to decrease debt levels, particularly short term debt; firms with high growth opportunities prefer to finance their future growth with long term debt; rapidly growing firms use more short term debt to finance their growth. In general, SMEs are found to decrease their leverage ratio during the periods of economic growth. Lastly, although small and medium sized firms have significantly different debt ratios over the sample period, results are homogenous across both individual samples of small firms and medium firms.
Open Access
Equity ownership structure and its consequences : an empirical investigation in Turkish firms
(2001) Gürsoy, Güner
The study describes the main characteristics of ownership structure of the Turkish nonfinancial firms listed on the Istanbul Stock Exchange (ISE) and examines the impact of ownership structure on performance and risk-taking behavior of Turkish firms. Turkish corporations can be characterized as highly concentrated, family owned firms attached to a group of companies generally owned by the same family or a group of families. Ownership structure is defined along two attributes: concentration and identity of the owner(s). We conclude that there is a significant impact of ownership structure - ownership concentration and ownership mix- on both performance and risk-taking behavior of the firms in our sample. Higher concentration leads to better market performance but lower accounting performance. Family-owned firms, contrast to conglomerate affiliates, seem to have lower performance with lower risk. Governmentowned firms have lower accounting, but higher market performance with higher risk.
Open Access
Financing constraints and investment : the case of Turkish manufacturing firms
(2009) Yeşiltas, Sevcan
Using a comprehensive firm-level data that covers nearly 75% of total employment in Turkish manufacturing industry for the period 1992–2003, this study tests whether Turkish firms are financially constrained or not. Based on the pioneering work of Fazari, Hubbard and Peterson (1988), numerous studies have examined the role of financing constraints in determining investment decisions of firms. Most of these studies check for investment-cash flow sensitivity in order to identify financing constraints. This study follows the approach of Fazari, Hubbard and Peterson (1988) that interprets a significant positive relationship between firms’ investment and the measure of their internal finance (cash flow) as evidence of financing constraints, which might arise due to capital market imperfections. The results presented here suggest a significant positive relationship between firms’ investment and their cash flow. This finding is robust to controlling firm specific characteristics such as size and age. As a result, the study contributes to the financing constraints literature by studying the issue in a developing country context.
Open Access
An investigation of anomalies at Istanbul Stock Exchange: size and January effects
(1995) Bora, Zeynep Gül
This study investigates January effect at Istanbul Stock Exchange in combination with size of firms which are traded for the period of 1988 - 1994, using monthly data. The study is based on the groupings of stocks in ten size groups; which permits us to examine January effect via these groups. It starts with questioning of which size groups are associated with the turn of the year effect and further examines the existence of excess returns of the smallest size group over the largest one for both January and April. This study, however, presents the evidence that the so-called January effect via size does not exist at Istanbul Stock Exchange.
Open Access
Market efficiency and information content of financial statement earning announcements in ISE
(1997) Keler, S. Alp
This study investigates the impact of earning values of quarterly and annual financial statement announcements on stock prices and trade volumes for the stocks listed in Istanbul Stock Exchange National Market during the time period 1992-1995 The relationship between accounting information and price/trade volume is examined from two aspects. The first aspect is ''information-content test" and it measures the extent to which announcements convey information to the stock market. The results indicate that the price/trading volume changes on the day of the announcement is no different than any of the other date and no significance relationship is found between price/trading volume changes and earnings announcements. The second aspect is "market-efficiency test" and it investigates whether accounting earnings reflect factors that affect stock prices and how soon that inlormation is assimilated into stock prices. The results indicate that the accounting earnings does not reflect factors that affect stock prices and despite how strong the early information one has obtained, he can easily loose money