The Role of Exporting on Capital Structure: A Firm-Level Investigation

Abstract

In this study, the effect of exports on capital structure decisions was investigated at the firm level. Annual data of 208 companies exporting in Turkey for the period 2005-2019 were used. Leverage was used as the dependent variable, and export intensity was used as the primary independent variable. In addition, asset structure, cash flow, firm size variables were added as control variables in the study. The current ratio, real effective exchange rate, and real gross domestic product variables are added to test the estimation results of the model. Panel data regression analysis was applied. According to the analysis results, a positive relationship was found between export intensity and leverage, but this relationship is statistically insignificant. A positive and statistically significant association was found between asset structure and firm size and leverage. A negative relationship was found between cash flow and leverage. There is a negative relationship between the current ratio and the leverage and there is a negative relationship between the real effective exchange rate and leverage. Additionally, gross domestic product negatively affects the leverage, but this relationship is statistically insignificant.

Keywords

• Capital Structure
• Exporting
• Panel Data Analysis

İhracatın Sermaye Yapısı Üzerindeki Rolü: Firma Düzeyinde Bir Araştırma

Abstract

Bu çalışmada ihracatın sermaye yapısı kararlarına etkisi firma düzeyinde araştırılmıştır. Türkiye'de ihracat yapan 208 firmanın 2005-2019 dönemi yıllık verileri kullanılmıştır. Bağımlı değişken olarak kaldıraç ve ana bağımsız değişken olarak ihracat yoğunluğu kullanılmıştır. Ayrıca çalışmada kontrol değişkenleri olarak varlık yapısı, nakit akışı, firma büyüklüğü değişkenleri eklenmiştir. Modelin tahmin sonuçlarının test edilmesi için cari oran, reel efektif döviz kuru ve reel gayrisafi yurt içi hasıla değişkenleri eklenmiştir. Panel veri regresyon analizi uygulanmıştır. Analiz sonuçlarına göre ihracat yoğunluğu ile kaldıraç arasında pozitif yönlü bir ilişki bulunmuştur, fakat bu ilişki istatistiksel olarak anlamsızdır. Varlık yapısı ve firma büyüklüğü ile kaldıraç arasında pozitif yönlü ve istatistiksel olarak anlamlı bir ilişki bulunmuştur. Nakit akışı ile kaldıraç arasında ise negatif yönlü ilişki bulunmuştur. Cari oran ve reel efektif döviz kuru ile kaldıraç arasında negatif yönlü bir ilişki vardır. Ayrıca gayri safi yurt içi hasıla, kaldıracı negatif yönde etkilemektedir, fakat bu ilişki istatistiksel olarak anlamsızdır.

Keywords

• Sermaye Yapısı
• İhracat
• Panel Veri Analizi

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