Year 2020, Volume 7 , Issue 1, Pages 142 - 152 2020-04-04

Türkiye’de Hizmet Firmalarının Finansal Kaldıracını Etkileyen Faktörler Üzerine Ampirik Bir Araştırma
Factors Affecting the Financial Leverage of Service Firms in Turkey: An Empirical Investigation

Abdulkadir BİLEN [1] , İsmail KALASH [2]


Bu çalışma 2008-2017 yılları arasında Borsa İstanbul’da (BİST) hisse senetleri işlem gören 52 hizmet firmanın finansal kaldıracını etkileyen faktörleri incelemektedir. En küçük kareler yönetimini (OLS) kullanarak çalışmanın sonuçları, finansal hiyerarşi modelinde varsayıldığı gibi, kaldıracın büyüme fırsatları ile arttığını ve karlılık, likidite ve maddi duran varlıklar ile azaldığını göstermiştir. Ayrıca, büyük firmaların yüksek kaldıraca sahip olduğu ortaya çıkmıştır. Bununla birlikte, dengeleme modelinin tersine, kaldıraç ile borç dışı vergi kalkanı arasındaki ilişki pozitif ve anlamlı olduğu tespit edilmiştir.
This research investigates the factors affecting the financial leverage of 52 service firms listed on Istanbul Stock Exchange during the period from 2008 to 2017. Using Ordinary Least Squares (OLS) regressions, our results indicated that, as assumed by the pecking order model, leverage increases with investment opportunities and decreases with profitability, liquidity and tangibility. Furthermore, we find that larger firms tend to have high leverage. However, contradicting the trade-off model, non-debt tax shields are positively and significantly related to leverage. 
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Primary Language en
Subjects Social
Journal Section Articles
Authors

Orcid: 0000-0002-2619-9391
Author: Abdulkadir BİLEN (Primary Author)
Institution: DICLE UNIVERSITY
Country: Turkey


Orcid: 0000-0002-0674-0136
Author: İsmail KALASH
Institution: DICLE UNIVERSITY
Country: Turkey


Dates

Publication Date : April 4, 2020

APA Bi̇len, A , Kalash, İ . (2020). Factors Affecting the Financial Leverage of Service Firms in Turkey: An Empirical Investigation . İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi , 7 (1) , 142-152 . DOI: 10.17336/igusbd.525488