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Türk Reel Sektör Firmalarinin SermayeYapisi Üzerine Bir Çalisma

A STUDY ON THE CAPITAL STRUCTURE OF THE TURKISH REAL SECTOR FIRMS

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Abstract (2. Language): 
This paper analyses the capital structure of Turkish real sector firms listed on the Istanbul Stock Exchange (ISE) and stresses on their financial decis ion making process. The results are obtained from the answers given to the questionnaire by financ ial executives of the firms. The current capital structure of the firms and their association with the growth opportunities are crossexamined by referring to data from ISE database. The results suggest that the firms avoid using long term debt and they prefer shorter maturity for corporate debt. An expected negative relationship between debt usage and growth opportunities is not found for the firms. Most of the firms confirm that, they set a target capital structure for future and they follow it systematically when they finance investments. Furthermore, majority of firms in the sample emphasize that they plan to increase the portion of long term debt in their target capital structure and this is validated after controlling the financial tables of the firms for the next year.
Abstract (Original Language): 
Bu çalisma, Istanbul Menkul Kiymetler Borsasi (IMKB)‘ nda islem görmekte olan Türk reel sektör firmalarinin sermaye yapisini analiz etmekte olup, ayni zamanda bu firmalarin finansal karar alma süreçlerini incelemektedir. Sonuçlar, sözkonusu firmalarin finansman yönetic ilerinin anket sorularina verdikleri cevaplarla olusturulmustur. Ayrica, bu firmalarin mevcut sermaye yapilarinin büyüme firsatlari ile olan iliskisi IMKB veritabanina dayanarak incelenmistir. Sonuçlar, firmalarin uzun vadeli borç kullanimindan kaçinmakta olup kisa vadeli borcu tercih ettiklerini göstermektedir. Büyüme firsatlari ile borç kullanimi arasinda beklenen negatif yönlü iliski tespit edilememistir. Firmalarin çogunlugu gelecege yönelik bir sermaye yapisi hedeflemekte ve yatirimlarinin finansmaninda sözkonusu hedeflerini sistematik olarak takip etmekte olduklarini onaylamaktadirlar. Firmalar, hedefledikleri sermaye yapilarinda uzun vadeli borç kullanimlarinin payini arttirmayi planladiklarini belirtmektedirler ve sözkonusu bulgu firmalarin bir sonraki yila ait finansal tablolari incelenerek dogrulanmistir.
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