ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES

Yıl 2023, Cilt: 13 Sayı: 2, 29 - 46, 30.12.2023

Meltem Kılıç , Seren Aydıngülü Sakalsız

https://doi.org/10.47147/ksuiibf.1379933

Öz

In the study, it is aimed to test the validity of the Pecking Order Theory and Trade-Off Theory, which are among the theories on which the capital structure decisions of companies, which are extremely important in terms of firm value, are based, on sustainable companies included in the BIST Sustainability Index, since they carry out activities to reduce the cost of capital. In the study, the total indebtedness ratios, long-term indebtedness ratios and short-term indebtedness ratios of 40 companies included in the BIST Sustainability Index between 2015-2021, as well as liquidity, asset structure, non-debt tax shield, tax, profitability ratio, change in assets, firm size and the relationship between firm risk is examined. In general, the capital structure preferences of sustainable firms support the Trade-Off Theory. In addition, it was revealed that the dummy variable created for the periods when companies entered the BIST Sustainability Index was statistically significantly and positively related to their borrowing behavior. This result is interpreted in the direction of an increase in the borrowing rates of the companies after they are included in the index.

Anahtar Kelimeler

Capital Structure, Pecking Order Theory, Trade-off Theory, Sustainability

Sürdürülebilir Firmaların Sermaye Yapısı Kararlarında Dengeleme ve Finansman Hiyerarşisi Teorisinin Geçerliliğinin İncelenmesi

Öz

Çalışmada firmaların firma değeri açısından son derece önemli olan sermaye yapısı kararlarının dayandığı teorilerden Finansman Hiyerarşisi Teorisi ve Dengeleme Teorisi’nin geçerliliğini, sermaye maliyetini azaltıcı faaliyetler yürütmesinden dolayı BIST Sürdürülebilirlik Endeksi’nde yer alan sürdürülebilir firmalar üzerinde test edilmesi amaçlanmıştır. Çalışmada 2015-2021 yılları arasında BIST Sürdürülebilirlik Endeksi’nde yer alan 40 firmanın toplam borçluluk oranları, uzun vadeli borçluluk oranları ve kısa vadeli borçluluk oranları ile likidite, varlık yapısı, borç dışı vergi kalkanı, vergi, karlılık oranı, aktiflerdeki değişim, firma büyüklüğü ve firma riski arasındaki ilişki incelenmektedir. Sonuçların geneline bakıldığında sürdürülebilir firmaların sermaye yapısı tercihleri Dengeleme Teorisi’ni destekler niteliktedir. Ayrıca firmaların BIST Sürdürülebilirlik Endeksi’ne girdikleri dönemler için oluşturulan kukla değişkenin borçlanma davranışları ile istatistiksel olarak anlamlı ve pozitif ilişkili olduğu ortaya koyulmuştur. Elde edilen bu sonuç firmaların endekse girdikten sonra borçlanma oranlarının artığı yönünde yorumlanmaktadır.

Anahtar Kelimeler

Sermaye Yapısı, Finansman Hiyerarşisi Teorisi, Dengeleme Teorisi, Sürdürülebilirlik

Kaynakça

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