Sermaye Yapısının Belirleyicileri: BIST’de İşlem Gören İmalat Sektörü Firmaları Üzerine Ampirik Bir Araştırma

Abstract

Bu çalışmanın amacı, Borsa İstanbul’da işlem gören imalat sanayi firmalarında, firma düzeyinde faktörlerin sermaye yapısı kararları üzerindeki etkisini araştırmak ve ayrıca bu etkinin firma büyüklüğü ve borçlanma düzeyine göre değişiklik gösterip göstermediğini belirlemektir. Çalışma 2010-2019 dönemini ve 143 firmayı kapsamaktadır. Driscoll-Kraay yaklaşımı kullanılarak yapılan panel regresyon analizi sonuçlarına göre, finansal hiyerarşi ve dengeleme teorisi çerçevesinde seçilen firmaya özgü faktörler, firmaların borçlanma davranışındaki değişimi açıklamada kritik rol oynamaktadır. Ayrıca firma düzeyindeki değişkenlerin sermaye yapısı üzerindeki etkisinin, firma gruplarına göre farklılaşabildiği tespit edilmiştir.

Keywords

• Sermaye Yapısı
• İmalat Sektörü
• Dengeleme Teorisi
• Finansal Hiyerarşi Teorisi
• Kaldıraç

Determinants of Capital Structure: Empirical Evidence from Manufacturing Firms Listed on BIST

Abstract

In this study, we analyze the impact of firm-level determinants on the capital structure decisions of Turkish publicly traded firms operating in the manufacturing sector over the period from 2010 to 2019, and we also investigate whether this impact is particularly associated with firm size and level of debt. Panel regression results based on the Driscoll-Kraay procedure imply that firm-specific variables selected within the framework of two dominant theories of capital structure play critical roles in explaining the changes in borrowing behaviors of the firms. Moreover, our empirical results reveal that the impact of the firm-level variables on capital structure varies over different groups of firms.

Keywords

• Capital Structure
• Turkish Manufacturing Sector
• Trade-off Theory
• Pecking Order Theory
• Leverage

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