Hisse Senedi Getirisi ve Sermaye Yapısı İlişkisine Etki Eden Faktörlerin Yapısal Eşitlik Modellemesi ile Analizi

Abstract

Portfoy teorilerinde, rasyonel yatirimcilarin yatirim kararlari alirken beklenen getiri ve riski dikkate alarak yatirim yapacaklari kabul edilmektedir. Dolayisiyla hisse senedi getirisi bu anlamda onem kazanmakla birlikte firmalarin borclanma oranina yonelik tutumlari da risklerini etkilemektedir. Bu nedenle, literaturde hisse senedi getirisi ve sermaye yapisi arasindaki iliskinin arastirildigi gorulmektedir. Ancak, bir firmanin hisse senedinin getirisi, firmaya ozgu faktorlerden de etkilenebilmektedir. Hisse senedi getirisi ile sermaye yapisi iliskisi cesitli acilardan incelenmistir. Bu calismada, bu iliskiye etki etmesi olasi firmaya ozgu faktorlerden buyukluk, buyume firsatlari, karlilik, varlik yapisi ve pazarlama yogunlugu incelenmistir. Arastirma orneklemini, Borsa Istanbul’a kayitli imalat sanayi firmalari olusturmustur. Veriler 2017 yili donemini kapsamaktadir. Kuramsal modelde yer alan iliskiler yapisal esitlik modellemesi gozlenen degiskenlerle yol analizi yapilarak test edilmistir. Anahtar Kelimeler: Hisse senedi getirisi, sermaye yapisi, yapisal esitlik modellemesi. JEL Kodu: G2, G32 ------------------------------------------------------------------------------------------------------------------------------------------ Analyzing Factors Affecting Stock Return and Capital Structure Relationship via Structural Equation Modeling ABSTRACT: In portfolio theories, it’s accepted that rational investors when make decision take into account stock return and risk. Therefore, although stock return is going to gain meaning in this ground, the attitudes toward debt ratio of firms influence to their risks, as well. Thus, it’s seen to be researched the relationship between stock return and capital structure in the literature. However, stock return of a firm is also effected by endogenous factors. The relationship between stock return and capital structure has been investigated from various perspectives. In this study, some of endogenous factors which might affect this relationship such as firm size, growth opportunities, profitability, assets and marketing intensity have been examined. The sample consists of manufacture firms registered in Borsa Istanbul. Data covers the term of 2017. The relationships taking place in the conceptual model have been tested by structural equation modeling-path analysis with observed variables. Keywords: Stock return, capital structure, structural equation modeling. JEL Code: G2, G32 DOI: https://doi.org/10.32479/iicd.152