Dengeleme Teorisi’nin Geçerliliğinin Panel Veri Analizi ile Test Edilmesi: BİST’de Ampirik Bir Uygulama(Testing the Validity of Trade-Off Theory by Using Panel Regression Analysis: An Empirical Application on ISE)

Abstract

The aim of this study is to test the validity of Trade-Off theory by investigating the relationship between capital structures and market values of firms on ISE. In this study, 127.008 financial ratio, 20.664 monthly stock return, 4.704 market value and debt ratio which are belong to 168 firms traded on ISE between 2005 and 2011 is used. Firstly, efficient model predicting bankruptcy is confirmed by using balanced panel regression analysis for ISE. Secondly, by using efficient model, firms are divided two groups that consist of firms which have or not bankruptcy risk for each period and the relationship market values and debt levels of firms in each group is analyzed by using unbalanced panel regression analysis. The results of the analysis reveal that there is positive relationship between market values and debt levels of firms in terms of both groups. This result implies that Trade-Off theory is not validity on ISE.

Keywords

• Trade-Off Theory
• Models Predicting Bankruptcy
• Capital Structure
• Panel Regression Analysis
• Dengeleme Teorisi
• İflas Göstergesi Modelleri
• Sermaye Yapısı
• Panel Veri Regresyon Analizi