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Tekstil ve Hazır Giyim Firmalarında Sermaye Yapısının Belirleyicileri Üzerine Ampirik Bir Çalışma

Year 2022, Volume: 30 Issue: 54, 199 - 213, 25.10.2022

Ersan Ersoy

https://doi.org/10.17233/sosyoekonomi.2022.04.10

Abstract

Bu çalışmanın amacı Borsa İstanbul’a kote olan tekstil ve hazır giyim firmalarında sermaye yapısı kararlarını etkileyen faktörleri araştırmaktır. 2010-2019 dönemini kapsayana çalışmada Driscoll ve Kraay (1998) panel regresyon yöntemi kullanılmıştır. Çalışmadan elde edilen bulgular, kaldıraç oranı ile firma büyüklüğü, karlılık, likidite ve varlık yapısı arasında negatif ilişki, borç dışı vergi kalkanı, büyüme fırsatları, kazanç volatilitesi ve ekonomik büyüme arasında ise pozitif bir ilişki olduğunu göstermektedir. Sonuçlar, tekstil ve hazır giyim firmalarında sermaye yapısı kararlarını açıklamada finansman hiyerarşisi teorisinin daha başarılı olduğunu göstermektedir.

Keywords

Sermaye Yapısı Dengeleme Teorisi Ödünleşme Teorisi Kaldıraç

References

  • Abdioğlu, N. & D. Deniz (2015), “The Determinants of Capital Structure for the Manufacturing Industry Firms Listed in Borsa İstanbul”, Sosyoekonomi, 23(26), 195-213.
  • Ahsan, T. et al. (2016), “Firm, Industry, and Country Level Determinants of Capital Structure: Evidence from Pakistan”, South Asian Journal of Global Business Research, 5(3), 362-384.
  • Aksoy, A. et al. (2010), “The Determinants of Capital Structure According to Industry Base, and Efficiency of Capital Structure Change to Protection of Firms from the Crisis Effects: An Application in ISE”, Third Sector Social Economic Review, 45(1), 1-24.
  • Alipour, M. et al. (2015), “Determinants of Capital Structure: An Empirical Study of Firms in Iran”, International Journal of Law and Management, 57(1), 53-83.
  • Alkan, B. et al. (2018), “Sektörel Görünüm: Tekstil ve Hazır Giyim”, Türkiye Sınai Kalkınma Bankası (TSKB) Ekonomik Araştırmalar Raporu, Mart, İstanbul.
  • Antoniou, A. et al. (2008), “The Determinants of Capital Structure: Capital Market-Oriented Versus Bank-Oriented Institutions”, Journal of Financial and Quantitative Analysis, 43(1), 59-92.
  • Atilgan, T. et al. (2014), “Performance Evaluation of the Textile and Clothing Enterprises in Borsa Istanbul”, Journal of Textile and Apparel, 24(3), 243-251.
  • Basti, E. & N. Bayburt (2019), “Factors Affecting Capital Structure Choice: New Evidence from Turkish Non-Financial Listed Companies”, Journal of Business, Economics and Finance, 8(1), 53-70.
  • Baum, C.F. (2006), An Introduction to Modern Econometrics Using Stata, Texas: Stata Press.
  • Chakrabarti, A. & A. Chakrabarti (2019), “The Capital Structure Puzzle - Evidence from Indian Energy Sector”, International Journal of Energy Sector Management, 13(1), 2-23.
  • Chakraborty, I. (2010), “Capital Structure in an Emerging Stock Market: The Case of India”, Research in International Business and Finance, 24(3), 295-314.
  • Çıtak, L. & E. Ersoy (2012), “The Determinants of Corporate Debt Ratio: An Empirical Analysis on Turkish Corporations”, International Research Journal of Finance and Economics, 95, 151-162.
  • D’Amato, A. (2019), “Capital Structure, Debt Maturity, and Financial Crisis: Empirical Evidence from SMEs”, Small Business Economics, May, 1-23.
  • Dakua, S. (2019), “Effect of Determinants on Financial Leverage in Indian Steel Industry: A Study on Capital Structure”, International Journal of Finance & Economics, 24(1), 427-436.
  • Danso, A. et al. (2020), “Capital Structure Revisited. Do Crisis and Competition Matter in a Keiretsu Corporate Structure?”, International Journal of Finance & Economics, 26(4), 5073-5092.
  • De Jong, A. et al. (2008), “Capital Structure around the World: The Roles of Firm -and Country- Specific Determinants”, Journal of Banking & Finance, 32(9), 1954-1969.
  • Deesomsak, R. et al. (2004), “The Determinants of Capital Structure: Evidence from the Asia Pacific Region”, Journal of Multinational Financial Management, 14(4-5), 387-405.
  • Delcoure, N. (2007), “The Determinants of Capital Structure in Transitional Economies”, International Review of Economics & Finance, 16(3), 400-415.
  • Demirhan, D. (2009), “Analysis of Firm Specific Factors Affecting Capital Structure: Application on ISE Service Firms”, Ege Academic Review, 9(2), 677-697.
  • Dizgil, E. (2019), “Micro Level Factors that are Effective on the Capital Structure Decisions of Companies: A Research on Companies in BIST Textile and Leather Index”, Bingöl University Journal of Economics and Administrative Sciences, 3(2), 11-37.
  • Driscoll, J.C. & A.C. Kraay (1998), “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data”, Review of Economics and Statistics, 80(4), 549-560.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital Structure Decisions: Which Factors are Reliably Important?”, Financial Management, 38, 1-37.
  • Gujarati, D.N. & D.C. Porter (2009), Basic Econometrics (Fifth Edition), New York: The McGraw-Hill Companies.
  • Guner, A. (2016), “The Determinants of Capital Structure Decisions: New Evidence from Turkish Companies”, in: M. Karagoz et al. (eds.), Proceedings of the Istanbul Conference of Economics and Finance (84-89), Istanbul, Turkey.
  • Handoo, A. & K. Sharma (2014), “A Study on Determinants of Capital Structure in India”, IIMB Management Review, 26(3), 170-182.
  • Haron, R. & K. Ibrahim (2012), “Target Capital Structure and Speed of Adjustment: Panel Data Evidence on Malaysia Shariah Compliant Securities”, International Journal of Economics, Management and Accounting, 20(2), 87-107.
  • Haron, R. et al. (2021), “The Influence of Firm, Industry and Concentrated Ownership on Dynamic Capital Structure Decision in Emerging Market”, Journal of Asia Business Studies, 15(5), 689-709.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, 7(3), 281-312.
  • Hossain, M.S. (2021), “A Revisit of Capital Structure Puzzle: Global Evidence and Analysis”, International Review of Economics & Finance, 75, 657-678.
  • Işık, Ö. & E. Ersoy (2021), “Determinants of Capital Structure: Empirical Evidence from Turkish Listed Manufacturing Firms”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 16(3), 842-855.
  • İSO (2014), Tekstil İmalatı Sanayi, Yayın No. 2014/4, İstanbul Sanayi Odası Yayınları.
  • ITKIB (2020), “Avrupa Birliği Hazır Giyim ve Tekstil Pazarında Türkiye’nin Yeri”, İTKİB Genel Sekreterliği Hazır Giyim ve Konfeksiyon Ar-Ge Şubesi Raporu, Ocak.
  • Karacaer, S. et al. (2016), “Determinant of Capital Structure: An Application on Manufacturing Firms in Borsa Istanbul”, International Academic Journal of Accounting and Financial Management, 3(2), 47-59.
  • Khémiri, W. & H. Noubbigh (2018), “Determinants of Capital Structure: Evidence from Sub-Saharan African Firms”, The Quarterly Review of Economics and Finance, 70, 150-159.
  • Krishnan, V.S. & R.C. Moyer (1996), “Determinants of Capital Structure: An Empirical Analysis of Firms in Industrialized Countries”, Managerial Finance, 22(2), 39-55.
  • Kumar, S. et al. (2017), “Research on Capital Structure Determinants: A Review and Future Directions”, International Journal of Managerial Finance, 13(2), 106-132.
  • M’ng, J.C.P. et al. (2017), “The Determinants of Capital Structure: Evidence from Public Listed Companies in Malaysia, Singapore and Thailand”, Cogent Economics & Finance, 5(1), 1-34.
  • Marsh, P. (1982), “The Choice between Equity and Debt: An Empirical Study”, The Journal of Finance, 37(1), 121-44.
  • Mirza, S.S. et al. (2017), “Financing Behavior of Firms in Tranquil and Crisis Period: Evidence from China”, Cogent Economics & Finance, 5(1), 1-16.
  • Modigliani, F. & M.H. Miller (1958), “The Cost of Capital, Corporate Finance, and the Theory of Investment”, The American Economic Review, 48(3), 261-297.
  • Moosa, I. & L. Li (2012), “Firm Specific Factors as Determinants of Capital Structure: Evidence from Indonesia”, Review of Pacific Basin Financial Markets and Policies, 15(2), 1-17.
  • Myers, S.C. (2001), “Capital Structure”, Journal of Economic Perspectives, 15(2), 81-102.
  • Noulas, A. & G. Genimakis (2011), “The Determinants of Capital Structure Choice: Evidence from Greek Listed Companies”, Applied Financial Economics, 21(6), 379-387.
  • Nunkoo, P.K. & A. Boateng (2010), “The Empirical Determinants of Target Capital Structure and Adjustment to Long-Run Target: Evidence from Canadian Firms”, Applied Economics Letters, 17(10), 983-990.
  • Panda, A.K. & S. Nanda (2020), “Determinants of Capital Structure: A Sector-Level Analysis for Indian Manufacturing Firms”, International Journal of Productivity and Performance Management, 69(5), 1033-1060.
  • Proença, P. et al. (2014), “Determinants of Capital Structure and the 2008 Financial Crisis: Evidence from Portuguese SMEs”, Procedia-Social and Behavioral Sciences, 150, 182-191.
  • Sanayi ve Teknoloji Bakanlığı (2019), Tekstil, Hazır Giyim ve Deri Ürünleri Sektörleri Raporu, Sanayi ve Verimlilik Genel Müdürlüğü Sektörel Raporlar ve Analizler Serisi, Ankara.
  • Sayılgan, G. & B. Uysal (2011), “An Analysis of Determinants of Capital Structure of Turkish Firms Based on Turkish Central Bank Industrial Balance Sheets: 1996-2008”, Ankara University SBF Journal, 66(4), 101-124.
  • Serrasqueiro, Z. & P.M. Nunes (2014), “Financing Behaviour of Portuguese SMEs in Hotel Industry”, International Journal of Hospitality Management, 43, 98-107.
  • Söylemez, Y. (2019), “The Factors Affecting Capital Structure of Firms: The Application of Iron and Steel Industry”, Sosyoekonomi, 27(40), 91-104.
  • Tekin, B. (2019), “The Factors Affecting Capital Structure: A Panel Data Analysis in the Context of Behavioural Corporate Finance”, Sosyoekonomi, 27(42), 145-162.
  • Ticaret Bakanlığı (2020), Hazır Giyim Sektör Raporu, Sektörel Raporlar, Ankara.
  • Titman, S. & R. Wessels (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Topaloglu, E.E. (2018), “Determination of the Firm Specific Factors Affecting Capital Structure Using Panel Data Analysis: An Application upon the Corporate Governance Index”, Finans, Politik & Ekonomik Yorumlar Dergisi, 55(640), 63-100.
  • Vo, X.V. (2017), “Determinants of Capital Structure in Emerging Markets: Evidence from Vietnam”, Research in International Business and Finance, 40(C), 105-113.
  • Yildirim, R. et al. (2018), “Determinants of Capital Structure: Evidence from Shari'ah Compliant and Non-Compliant Firms”, Pacific-Basin Finance Journal, 51(C), 198-219.
  • Yıldız, M.E. et al. (2009), “Testing Capital Structure Theory Using Panel Data Regression Analysis: An Empirical Evidence from Istanbul Stock Exchange Manufacturing Firms”, İktisat İşletme ve Finans, 24(278), 25-45.
  • Zafar, Q. et al. (2019), “The Determinants of Leverage Decisions: Evidence from Asian Emerging Markets”, Cogent Economics & Finance, 7(1), 1-28.

An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms

Year 2022, Volume: 30 Issue: 54, 199 - 213, 25.10.2022

Ersan Ersoy

https://doi.org/10.17233/sosyoekonomi.2022.04.10

Abstract

This study aims to analyse the factors that influence the capital structure decisions of Turkish listed textile and apparel firms over the period from 2010 to 2019. The results of Driscoll and Kraay’s (1998) panel regression model show that the leverage ratio is significantly and negatively affected by firm size, profitability, liquidity, asset tangibility, and is positively affected by non-debt tax shields, growth opportunities, earnings volatility, and GDP growth. The pecking order theory seems to be the most successful in explaining the determinants of the capital structure of Turkish textile and apparel firms.

Keywords

Capital Structure Trade-off Theory Pecking Order Theory Leverage

References

  • Abdioğlu, N. & D. Deniz (2015), “The Determinants of Capital Structure for the Manufacturing Industry Firms Listed in Borsa İstanbul”, Sosyoekonomi, 23(26), 195-213.
  • Ahsan, T. et al. (2016), “Firm, Industry, and Country Level Determinants of Capital Structure: Evidence from Pakistan”, South Asian Journal of Global Business Research, 5(3), 362-384.
  • Aksoy, A. et al. (2010), “The Determinants of Capital Structure According to Industry Base, and Efficiency of Capital Structure Change to Protection of Firms from the Crisis Effects: An Application in ISE”, Third Sector Social Economic Review, 45(1), 1-24.
  • Alipour, M. et al. (2015), “Determinants of Capital Structure: An Empirical Study of Firms in Iran”, International Journal of Law and Management, 57(1), 53-83.
  • Alkan, B. et al. (2018), “Sektörel Görünüm: Tekstil ve Hazır Giyim”, Türkiye Sınai Kalkınma Bankası (TSKB) Ekonomik Araştırmalar Raporu, Mart, İstanbul.
  • Antoniou, A. et al. (2008), “The Determinants of Capital Structure: Capital Market-Oriented Versus Bank-Oriented Institutions”, Journal of Financial and Quantitative Analysis, 43(1), 59-92.
  • Atilgan, T. et al. (2014), “Performance Evaluation of the Textile and Clothing Enterprises in Borsa Istanbul”, Journal of Textile and Apparel, 24(3), 243-251.
  • Basti, E. & N. Bayburt (2019), “Factors Affecting Capital Structure Choice: New Evidence from Turkish Non-Financial Listed Companies”, Journal of Business, Economics and Finance, 8(1), 53-70.
  • Baum, C.F. (2006), An Introduction to Modern Econometrics Using Stata, Texas: Stata Press.
  • Chakrabarti, A. & A. Chakrabarti (2019), “The Capital Structure Puzzle - Evidence from Indian Energy Sector”, International Journal of Energy Sector Management, 13(1), 2-23.
  • Chakraborty, I. (2010), “Capital Structure in an Emerging Stock Market: The Case of India”, Research in International Business and Finance, 24(3), 295-314.
  • Çıtak, L. & E. Ersoy (2012), “The Determinants of Corporate Debt Ratio: An Empirical Analysis on Turkish Corporations”, International Research Journal of Finance and Economics, 95, 151-162.
  • D’Amato, A. (2019), “Capital Structure, Debt Maturity, and Financial Crisis: Empirical Evidence from SMEs”, Small Business Economics, May, 1-23.
  • Dakua, S. (2019), “Effect of Determinants on Financial Leverage in Indian Steel Industry: A Study on Capital Structure”, International Journal of Finance & Economics, 24(1), 427-436.
  • Danso, A. et al. (2020), “Capital Structure Revisited. Do Crisis and Competition Matter in a Keiretsu Corporate Structure?”, International Journal of Finance & Economics, 26(4), 5073-5092.
  • De Jong, A. et al. (2008), “Capital Structure around the World: The Roles of Firm -and Country- Specific Determinants”, Journal of Banking & Finance, 32(9), 1954-1969.
  • Deesomsak, R. et al. (2004), “The Determinants of Capital Structure: Evidence from the Asia Pacific Region”, Journal of Multinational Financial Management, 14(4-5), 387-405.
  • Delcoure, N. (2007), “The Determinants of Capital Structure in Transitional Economies”, International Review of Economics & Finance, 16(3), 400-415.
  • Demirhan, D. (2009), “Analysis of Firm Specific Factors Affecting Capital Structure: Application on ISE Service Firms”, Ege Academic Review, 9(2), 677-697.
  • Dizgil, E. (2019), “Micro Level Factors that are Effective on the Capital Structure Decisions of Companies: A Research on Companies in BIST Textile and Leather Index”, Bingöl University Journal of Economics and Administrative Sciences, 3(2), 11-37.
  • Driscoll, J.C. & A.C. Kraay (1998), “Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data”, Review of Economics and Statistics, 80(4), 549-560.
  • Frank, M.Z. & V.K. Goyal (2009), “Capital Structure Decisions: Which Factors are Reliably Important?”, Financial Management, 38, 1-37.
  • Gujarati, D.N. & D.C. Porter (2009), Basic Econometrics (Fifth Edition), New York: The McGraw-Hill Companies.
  • Guner, A. (2016), “The Determinants of Capital Structure Decisions: New Evidence from Turkish Companies”, in: M. Karagoz et al. (eds.), Proceedings of the Istanbul Conference of Economics and Finance (84-89), Istanbul, Turkey.
  • Handoo, A. & K. Sharma (2014), “A Study on Determinants of Capital Structure in India”, IIMB Management Review, 26(3), 170-182.
  • Haron, R. & K. Ibrahim (2012), “Target Capital Structure and Speed of Adjustment: Panel Data Evidence on Malaysia Shariah Compliant Securities”, International Journal of Economics, Management and Accounting, 20(2), 87-107.
  • Haron, R. et al. (2021), “The Influence of Firm, Industry and Concentrated Ownership on Dynamic Capital Structure Decision in Emerging Market”, Journal of Asia Business Studies, 15(5), 689-709.
  • Hoechle, D. (2007), “Robust Standard Errors for Panel Regressions with Cross-Sectional Dependence”, The Stata Journal, 7(3), 281-312.
  • Hossain, M.S. (2021), “A Revisit of Capital Structure Puzzle: Global Evidence and Analysis”, International Review of Economics & Finance, 75, 657-678.
  • Işık, Ö. & E. Ersoy (2021), “Determinants of Capital Structure: Empirical Evidence from Turkish Listed Manufacturing Firms”, Eskişehir Osmangazi Üniversitesi İİBF Dergisi, 16(3), 842-855.
  • İSO (2014), Tekstil İmalatı Sanayi, Yayın No. 2014/4, İstanbul Sanayi Odası Yayınları.
  • ITKIB (2020), “Avrupa Birliği Hazır Giyim ve Tekstil Pazarında Türkiye’nin Yeri”, İTKİB Genel Sekreterliği Hazır Giyim ve Konfeksiyon Ar-Ge Şubesi Raporu, Ocak.
  • Karacaer, S. et al. (2016), “Determinant of Capital Structure: An Application on Manufacturing Firms in Borsa Istanbul”, International Academic Journal of Accounting and Financial Management, 3(2), 47-59.
  • Khémiri, W. & H. Noubbigh (2018), “Determinants of Capital Structure: Evidence from Sub-Saharan African Firms”, The Quarterly Review of Economics and Finance, 70, 150-159.
  • Krishnan, V.S. & R.C. Moyer (1996), “Determinants of Capital Structure: An Empirical Analysis of Firms in Industrialized Countries”, Managerial Finance, 22(2), 39-55.
  • Kumar, S. et al. (2017), “Research on Capital Structure Determinants: A Review and Future Directions”, International Journal of Managerial Finance, 13(2), 106-132.
  • M’ng, J.C.P. et al. (2017), “The Determinants of Capital Structure: Evidence from Public Listed Companies in Malaysia, Singapore and Thailand”, Cogent Economics & Finance, 5(1), 1-34.
  • Marsh, P. (1982), “The Choice between Equity and Debt: An Empirical Study”, The Journal of Finance, 37(1), 121-44.
  • Mirza, S.S. et al. (2017), “Financing Behavior of Firms in Tranquil and Crisis Period: Evidence from China”, Cogent Economics & Finance, 5(1), 1-16.
  • Modigliani, F. & M.H. Miller (1958), “The Cost of Capital, Corporate Finance, and the Theory of Investment”, The American Economic Review, 48(3), 261-297.
  • Moosa, I. & L. Li (2012), “Firm Specific Factors as Determinants of Capital Structure: Evidence from Indonesia”, Review of Pacific Basin Financial Markets and Policies, 15(2), 1-17.
  • Myers, S.C. (2001), “Capital Structure”, Journal of Economic Perspectives, 15(2), 81-102.
  • Noulas, A. & G. Genimakis (2011), “The Determinants of Capital Structure Choice: Evidence from Greek Listed Companies”, Applied Financial Economics, 21(6), 379-387.
  • Nunkoo, P.K. & A. Boateng (2010), “The Empirical Determinants of Target Capital Structure and Adjustment to Long-Run Target: Evidence from Canadian Firms”, Applied Economics Letters, 17(10), 983-990.
  • Panda, A.K. & S. Nanda (2020), “Determinants of Capital Structure: A Sector-Level Analysis for Indian Manufacturing Firms”, International Journal of Productivity and Performance Management, 69(5), 1033-1060.
  • Proença, P. et al. (2014), “Determinants of Capital Structure and the 2008 Financial Crisis: Evidence from Portuguese SMEs”, Procedia-Social and Behavioral Sciences, 150, 182-191.
  • Sanayi ve Teknoloji Bakanlığı (2019), Tekstil, Hazır Giyim ve Deri Ürünleri Sektörleri Raporu, Sanayi ve Verimlilik Genel Müdürlüğü Sektörel Raporlar ve Analizler Serisi, Ankara.
  • Sayılgan, G. & B. Uysal (2011), “An Analysis of Determinants of Capital Structure of Turkish Firms Based on Turkish Central Bank Industrial Balance Sheets: 1996-2008”, Ankara University SBF Journal, 66(4), 101-124.
  • Serrasqueiro, Z. & P.M. Nunes (2014), “Financing Behaviour of Portuguese SMEs in Hotel Industry”, International Journal of Hospitality Management, 43, 98-107.
  • Söylemez, Y. (2019), “The Factors Affecting Capital Structure of Firms: The Application of Iron and Steel Industry”, Sosyoekonomi, 27(40), 91-104.
  • Tekin, B. (2019), “The Factors Affecting Capital Structure: A Panel Data Analysis in the Context of Behavioural Corporate Finance”, Sosyoekonomi, 27(42), 145-162.
  • Ticaret Bakanlığı (2020), Hazır Giyim Sektör Raporu, Sektörel Raporlar, Ankara.
  • Titman, S. & R. Wessels (1988), “The Determinants of Capital Structure Choice”, The Journal of Finance, 43(1), 1-19.
  • Topaloglu, E.E. (2018), “Determination of the Firm Specific Factors Affecting Capital Structure Using Panel Data Analysis: An Application upon the Corporate Governance Index”, Finans, Politik & Ekonomik Yorumlar Dergisi, 55(640), 63-100.
  • Vo, X.V. (2017), “Determinants of Capital Structure in Emerging Markets: Evidence from Vietnam”, Research in International Business and Finance, 40(C), 105-113.
  • Yildirim, R. et al. (2018), “Determinants of Capital Structure: Evidence from Shari'ah Compliant and Non-Compliant Firms”, Pacific-Basin Finance Journal, 51(C), 198-219.
  • Yıldız, M.E. et al. (2009), “Testing Capital Structure Theory Using Panel Data Regression Analysis: An Empirical Evidence from Istanbul Stock Exchange Manufacturing Firms”, İktisat İşletme ve Finans, 24(278), 25-45.
  • Zafar, Q. et al. (2019), “The Determinants of Leverage Decisions: Evidence from Asian Emerging Markets”, Cogent Economics & Finance, 7(1), 1-28.
There are 58 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Ersan Ersoy 0000-0003-4079-2834

Publication Date October 25, 2022
Submission Date January 14, 2022
Published in Issue Year 2022 Volume: 30 Issue: 54

Cite

APA Ersoy, E. (2022). An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms. Sosyoekonomi, 30(54), 199-213. https://doi.org/10.17233/sosyoekonomi.2022.04.10
AMA Ersoy E. An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms. Sosyoekonomi. October 2022;30(54):199-213. doi:10.17233/sosyoekonomi.2022.04.10
Chicago Ersoy, Ersan. “An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms”. Sosyoekonomi 30, no. 54 (October 2022): 199-213. https://doi.org/10.17233/sosyoekonomi.2022.04.10.
EndNote Ersoy E (October 1, 2022) An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms. Sosyoekonomi 30 54 199–213.
IEEE E. Ersoy, “An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms”, Sosyoekonomi, vol. 30, no. 54, pp. 199–213, 2022, doi: 10.17233/sosyoekonomi.2022.04.10.
ISNAD Ersoy, Ersan. “An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms”. Sosyoekonomi 30/54 (October 2022), 199-213. https://doi.org/10.17233/sosyoekonomi.2022.04.10.
JAMA Ersoy E. An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms. Sosyoekonomi. 2022;30:199–213.
MLA Ersoy, Ersan. “An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms”. Sosyoekonomi, vol. 30, no. 54, 2022, pp. 199-13, doi:10.17233/sosyoekonomi.2022.04.10.
Vancouver Ersoy E. An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms. Sosyoekonomi. 2022;30(54):199-213.
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