Firm, Country and Macroeconomic Determinants of Capital Structure: Evidence from Turkish Banking Sector

This study explores the significance of firm-specific, country, and macroeconomic factors in explaining variation in leverage using a sample of banks from Turkish banking sector. The analysis is based on quarterly firm-level data from Turkish banking sector in 2002–2012. We aims to contribute to the empirical capital structure literature in the following ways. Our first contribution comes from assessing the importance of firm-specific factors, country-level factors and industrial factors for capital structure decisions in Turkish banking sector. Second, we employ appropriate and advanced dynamic panel data estimators, Blundell and Bond’s (1998) generalized methods of moment’s estimators (GMM System). We find that leverage is significantly and positively associated with average industry leverage, firm size and GDP growth. We find also that leverage is significantly and negatively associated with tangibility, profitability, inflation and financial risk. The regression results for leverage are both theoretically and empirically plausible for banks in Turkey. Moreover, tangibility, profitability and GDP growth are consistent with the predictions of the pecking order theory, while firm size is consistent with the predictions of the trade-off theory. Our findings suggest that the capital structures of financial and non-financial firms are ultimately determined by the same drivers

THE RELATIONSHIP BETWEEN OIL PRICES, GOLD PRICES AND STOCK RETURN

International Congress of Management Economy And Policy, 26-27 Kasım 2016, İstanbulBu çalışmanın amacı, 1997M1-2016M5 döneminde petrol fiyatları ve altın fiyatlarının hisse senedi getirisine etkisinin incelenmesidir. Çalışmada Johansen-Juselius Eş Bütünleşme Analizi, Etki-Tepki Fonksiyonları, Varyans Ayrıştırması ve Granger Nedensellik analizi kullanılmıştır. Analizler sonucunda ise brent petrol fiyatlarında meydana gelen bir birimlik artışın BİST100 hisse senedi getirisinde 1.516 birimlik bir azalış meydana getirdiği, diğer yandan altın fiyatlarında meydana gelen bir birimlik artışın ise BİST100 hisse senedi getirisinde 0.455 birimlik bir artış meydana getirdiği tespit edilmiştir. Diğer bir ifade ile BİST100 ile petrol fiyatları arasında negatif, BİST100 ile altın fiyaları arasında pozitif ilişki tespit edilmiştir. Ayrıca yapılan nedensellik analizi sonucunda ise petrol fiyatı ve BİST100 arasında çift yönlü nedensellik tespit edilmiştir. Altın fiyatları ile BİST100 hisse senedi getirileri arasında istatistiki olarak bir nedensellik bulunamamıştır.The aim of this study was to examine the effect of the period 1997M1-2016M5 stock return of oil and gold prices. Johansen-Juselius Cointegration study, Impulse Responses, variance decomposition and Granger causality analysis were used.The analysis results in the of one unit increase in the price of oil has created a decrease of 1,516 units BIST100 stock returns, in other hand of one unit increase in the price of gold has created a increase of 0.455 units BIST100 stock returns. In other words a negative correlation between oil prices and BIST100 , positive relationship between gold prices with BIST100 have been identified. is also a result of the causality analysis were identified two way relationship between oil prices and BIST100. Gold prices are among the statistical BIST100 stock returns that as there was no causation

The relationship between banks' credit quality, credit growth and social capital: evidence from Turkish banking sector

The aim of this study is to empirically examine the relationship between credit growth, credit quality and social capital of all commercial banks operating in Turkey for a period of twelve years between 2007 and 2018 on the basis of 81 provinces. In order to measure social capital on a provincial basis, the independent variable SC1 was obtained by applying principal component analysis to the variables consisting of 2 network and 2 norm variables. In addition, province-based organ donation rate was used as an alternative social capital variable. Changes in Total Loans (Delta TL), Changes in Real Estate Loans (Delta REL), Changes in Commercial and Industrial Loans (Delta CIL), Changes in Construction Loans (Delta CL), Changes in Non-Performing Loans (Delta NPL), Ratio of Non-Performing Loans to Total Loans (NPL/TL) and Ratio of Non-Performing Loans to Total Assets (NPL/TA) were determined as the dependent variable. The relationship between the level of social capital (SC1) and seven dependent variables on a provincial basis in Turkey was analyzed and measured using panel data techniques. The results of the analysis show that the relationship between the social capital level of the provinces, credit growth and non-performing loans are negative and significant. The results of the study show that the level of social capital is important and decisive in terms of credit growth and credit risk of banks

Defence tactics against company takeovers: A conceptual study

Son zamanlarda şirket ele geçirmeleri bir şirketin kontrolünü sağlama ve yönetimini değiştirmede kullanılan yaygın bir araçtır. Ele geçirme, bir şirketin, diğer bir şirketin yönetiminin ya da ortaklarının istekleri dışında, şirket üzerinde kontrol ve mülkiyet elde etmek amacıyla hisse senetlerinin satın alınmasıdır. Şirketler arası birleşmeler her zaman tarafların karşılıklı anlaşması ve isteğiyle gerçekleşmemektedir. Ele geçirilmek istenen hedef şirketin yönetimi buna karşı çıkabilir. Hedef şirketin yönetimi bu girişimleri önlemek için ele geçirme teklifi öncesi ve sonrası olmak üzere temel olarak iki çeşit savunma taktikleri geliştirebilmektedirler. Bu çalışmanın amacı; şirketin ele geçirilme girişimlerini bertaraf etmeye yönelik şirket bünyesinde geliştirilen ele geçirme teklifi öncesi ve sonrası savunma taktiklerini ilgili literatürü dikkate alarak teorik olarak ortaya koymaktır. Kullanılan taktiklerin bir arada sunulduğu çalışmaların yeterli düzeyde olmayışı bu çalışmanın çıkış noktasını oluşturmaktadır. Bu bağlamda çalışmada öncelikle ele geçirme kavramı ve ele geçirmenin amaçları ayrıntılı olarak irdelenmiştir. Daha sonra ele geçirme girişimlerine karşı geliştirilen ele geçirme teklifi öncesi ve sonrası savunma taktikleri ele alınmıştır.Takeover attempt is a common means using so as to get under control and to change management in recent years. Takeover is an acquiring of stocks in order to obtain controlling and possession at company, out of the desires of other company's administration and partners. Mergers of inter-company mergings doesn't always occur with desire and mutual agreement. Management of target company may challenge to this takeover. Management of target company may develop pre-bid and post-bid defense tactics in order to prevent takeover enterprises. The aim of this study is to present theoretically the hostile pre bid-and post-bid defense tactics developed in the body of the company aiming at elimination of attempts of company takeovers considering related literature. Deficiency of the studies in which these tactics are used together has given light to this study. In this context, firstly basic takeover concept and aims of the takeover will be explicated in the study. And then, pre-bid and post-bid defense tactics developed against these takeover methods will be examined in the study