THE COMPARATIVE ANALYSIS OF THE EFFECTS OF FACTORS UNIQUE TO FIRMS ON CAPITAL INCREASES IN SECTORAL ASPECT
FİRMAYA ÖZGÜ FAKTÖRLERİN SERMAYE ARTIRIMINA ETKİSİNİN SEKTÖREL AÇIDAN KARŞILAŞTIRMALI OLARAK İNCELENMESİ

Author : İsmail TUNA -- Lütfullah DAĞKURS
Number of pages : 316-325

Abstract

Every sector has its own unique conditions and, accorgindly, differential financal ratios. Also, there are reasons in micro and macro scales which push the firms to capital increases. In this study, it is aimed to determine the effects of the factors unique to firms on capital increases in sectoral aspect. Both in Turkey and abroad, there are a good number of studies on the relation between capital increase decions and share prices, but the question of what factors and how they affect the capital increase decions was originally studied by Tuna and Karaca (2015 and 2016). Registered in ISE and operating between 2005-2015, the 96 manufacturing industry firms from technology, automotive, chemistry, metal goods and stone and soil sectors, whose data were completely reached were included in this research. The liquidity, profitability and the financial structure were used as independent variables, and capital increases were used as qualitative dependent variables (There is not a capital increase -0, there is a capital increase-1) The data obtained were analyzed by normalizing between the range of 0-1 and using backpropagation method in Artificial Neural Networks (ANN) as well as the Levenberg-Marquard learning algorithm and 5 layered 5 artificial neural networks. At the end of the analyses, it was found that the relation between the 11 independent variables, the liduidity, profitability, financial structure ratios, and the capital increase decisions was insignificant and poor in the chemical sector, while the relation was significant and poor in the stone and soil sector as in the automotive. Also, this relation was determined as significant and strong in the technology and the metal goods sectors. It can be said that the firms in the technology and metal goods sectors, in which research and development activities are intense, prefer capital increases rather than owing in order to finance costly and unpredictible investments.

Keywords

Capital increase, Artificial neural network, Financial ratio, Technology, Metal goods

Read: 540

Download: 194