Kurumlarda leasing ve borç ilişkisi

This study is about the relationship between lease propensity and debt in corporations. We investigated whether there is a substitutionary or complementary relationship between lease and debt. Two different samples are used such as a sample of Turkish public companies traded on Borsa Istanbul (BIST) and a sample of public companies from the BRICS countries. The BIST sample consists of 147 firms and 62 quarterly data between the years 2004Q3-2019Q4. As a result, there are 9114 firm-level data. The BRICS sample consists of annual data for 760 public firms from Brazil, Russia, India, China, and South Africa between 2009 and 2018. Totally, 7600 firm-level data. Panel tobit regression method which is proper for limited dependent variable model ran to investigate the relationship between lease and debt for both samples. In both samples, the relationship between lease and debt decisions in corporations was examined. While examining the relationship between leasing and debt, other financial and economic factors were also used as control variables for robustness. Size of the firms, the collateral amount, the liquidity, the tax rate, the profitability, retained earnings, the growth opportunities, the financial distress level, age of the company, exchange rate difference and interest rate of companies are the factors we control when examining the relationship between leasing and debt. In the second part of the study, it was checked whether there was a significant change on the lease propensity according to the sectors. In the third part of the study, it was investigated whether factors such as size of the firms, the collateral amount, the liquidity, the tax rate, the profitability, retained earnings, the growth opportunities, the financial distress level, age of the company, exchange rate difference and interest rate of companies have an effect on the leasing propensity when the firms are at the same debt level. In the fourth part of the study, it was investigated whether there is a significant change according to the sectors in which the companies with the same debt level are included. Finally, the above-mentioned analyses were repeated using the subsamples of small & medium enterprises (SMEs) and large enterprises (LEs) for both BIST and BRICS firms. In the sample of Borsa Istanbul, the relationship between lease and debt is complement. Strong and significant relationships were found between lease and collateral amount, past and current profitability, financial distress, firm age, changes in interest rates, firm size, and USD-TL exchange rate change. According to industry research, we found that in the consumer staples, consumer discretionary, information technology, real estate sectors, they resort to borrowing rather than lease. For companies with the same debt level, a significant relationship was found between the lease and firm age, the amount of collateral, the interest rate, and the effective tax rate. Moreover, the effect of the change in VAT rates between 2007 and 2018, which is a factor that was studied for the Borsa Istanbul sample and not for the Brics sample, was found to be significant and negative. For the SMEs listed on the BIST, no significant result could be reached when the relationship between the lease and the debt is examined. When the relationship between leasing and debt for LEs listed on BIST is examined, it is concluded that there is a complementary relationship. In the empirical study, we conducted with the sample of Brics countries listed firms, the relationship between lease and debt was substitute. Strong and significant results were also obtained between the other financial and economic factors that we used in order to obtain more robust results and the lease propensity. Of these, significant and strong results emerged between profitability, firm age, exchange rate and leasing. At the same debt level, significant and strong results were obtained between leasing and exchange rate difference, interest rate, and firm age. We conducted the research among SMEs and LEs to check which financial factors are changing the leasing trends of SMEs and LEs. For SMEs, no significant relationship was found between lease and debt. The results of the relationship between lease and debt for LEs differ according to debt definitions, and strong results have been achieved. In addition, for the BRICS sample, the relationship between Gross Domestic Product (GDP) as a measure of development level and lease propensity is examined. We see that as the annual gross domestic product of the countries increases, they tend to lease more. Furthermore, lease rates of companies with the same debt level increase significantly with the increase in the annual gross domestic product GDP values of the countries. Firms with the same level of debt from countries with higher levels of development tend to use more leases. To this author's knowledge, we expand prior research on debt-lease relationships by considering a sample of all BRICS countries as well as Turkish public firms, and including interaction terms in the analyses. The findings of this study would be a guide for creditors and leasing companies in terms of identifying potential customers, and for investors in terms of understanding corporate decisions. Keywords: Lease, complementary, substitutiary, BRICS, BIST, Tobit, limited dependent variable model, random effects tobit model