The Impact of Firm Growth and Profitability on Debt Policy

Year 2023, , 149 - 162, 29.09.2023

Eda Köse

https://doi.org/10.31200/makuubd.1300990

Abstract

Debt policy is one of the decisions that a firm should consider. Managers should set a sound debt policy, taking the right risks and ratios into consideration to ensure the growth of the firm. There are factors that need to be taken into consideration when determining debt policy. These are the asset structure of the firm, firm size and profitability. The aim of this study is to determine the impact of firm growth, asset structure, and profitability on debt policy. Financial statement data of 312 firms traded on the BIST between 2012 and 2021 were used. Panel data analysis was conducted as the methodology in the study. According to the findings of the analysis, firm growth has a positive and statistically significant impact on debt policy. However, other independent variables have no statistically significant impact on the dependent variable.

Keywords

Debt Policy, Firm Growth, Asset Structure, Profitability

Firma Büyümesi ve Karlılığın Borç Politikasına Etkisi

Abstract

Borç politikası, bir firmanın dikkate alması gereken kararlardan biridir. Yöneticiler, firmanın büyümesini sağlamak için doğru riskleri ve oranları dikkate alarak iyi bir borç politikası belirlemelidir. Borç politikası belirlenirken dikkate alınması gereken unsurlar bulunmaktadır. Bunlar firmanın aktif yapısı, firma büyüklüğü ve karlılık başlıca unsurlar arasındadır. Bu araştırmanın amacı, firma büyümesinin, aktif yapısının ve karlılığın borç politikasına etkisini saptamaktır. 2012-2021 yılları arasında BİST’te işlem gören 312 firmanın finansal tablo verileri kullanılmıştır. Araştırmada yöntem olarak panel veri analizi kullanılmıştır. Analizden elde edilen bulgulara göre, firma büyümesinin borç politikası üzerinde pozitif ve istatistiksel olarak anlamlı bir etkisi tespit edilmiştir. Bununla beraber, diğer bağımsız değişkenlerin bağımlı değişken üzerinde istatistiksel olarak anlamlı bir etkisi bulunamamıştır.

Keywords

Borç Politikası, Firma Büyümesi, Aktif Yapısı, Karlılık

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