DETERMINANTS OF CAPITAL STRUCTURE IN ENERGY SECTOR: EVIDENCE FROM BORSA İSTANBUL

Year 2024, Volume: 46 Issue: 1, 276 - 292, 27.06.2024

Beyza Bayraktar Güneş , Tuba Şavlı

https://doi.org/10.14780/muiibd.1437539

Abstract

This study aims to examine the determinants of capital structure in the energy sector of Turkey and their relation to relevant theories. The panel data analysis method was used to analyze annual data from 8 energy companies operating in Borsa Istanbul between 2014 and 2021. Results of the analysis showed that while the median debt ratio on a sector basis affects leverage positively; asset structure, growth opportunities, profitability, liquidity, industrial production and distribution index, and GDP annual growth variables negatively affect leverage. No significant relationship was found between the size of the business, non-debt tax shield, inflation, tax revenue, and leverage. It has been noted that the findings are in line with the previous studies, and the capital structure of the Turkish energy sector is generally compatible with the pecking-order theory.

Keywords

Capital Structure, Energy Sector, BIST

ENERJİ SEKTÖRÜNDE SERMAYE YAPISININ BELİRLEYİCİLERİ: BORSA İSTANBUL ÜZERİNE BİR ARAŞTIRMA

Abstract

Bu çalışma, Türkiye enerji sektöründe sermaye yapısının belirleyicilerini ve bunların ilgili teorilerle ilişkisini incelemeyi amaçlamaktadır. Borsa İstanbul’da faaliyet gösteren 8 enerji şirketinin 2014 ve 2021 dönemi yıllık verilerini kapsayan veri seti panel veri analizi yöntemi ile analiz edilmiştir. Yapılan analiz sonucunda, sektör bazında medyan borç oranının kaldıracı olumlu etkilediği; varlık yapısı, büyüme fırsatları, karlılık, likidite, sanayi üretim ve dağıtım endeksi ve GSYH yıllık büyüme değişkenlerinin kaldıracı olumsuz etkilediği görülmüştür. İşletmenin büyüklüğü, borç dışı vergi kalkanı, enflasyon, vergi geliri ile kaldıraç arasında anlamlı bir ilişki saptanmamıştır. Elde edilen bulguların literatür ile benzer sonuçlara sahip olduğu ve Türk enerji sektörü sermaye yapısının genel itibariyle finansman hiyerarşisi teorisi ile uyumlu olduğu gözlemlenmiştir.

Keywords

Sermaye Yapısı, Enerji Sektörü, BIST

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