CAPITAL STRUCTURE DETERMINANTS IN A TAX-FREE ENVIRONMENT: REAL ESTATE INVESTMENT TRUSTS OF TURKEY

Öz

The purpose of this paper is to elucidate the factors affecting the capital structure of Turkish real estate investment trusts whose all earnings are exempt from corporate tax. The study employs the panel data analysis method, covering the period from 2013 to 2022. The dependent variable is the financial leverage ratio, which is used as a proxy for capital structure. Firm-specific, financial market-specific and macroeconomic factors are the analyzed independent variables affecting capital structure. According to the analysis results, positive relationships exist between the financial leverage ratio with the asset size and the level of bond market development, while negative relationships exist between the dividend payout ratio, the firm's age, the level of capital market development and the operating risk. These factors are consistent with the assumptions of both trade-off and pecking-order theories of firm capital structure. The factors affecting the capital structure of firms can be explained with distinct theories, taking into account firm-specific variables, financial market developments, and macroeconomic conditions.

Anahtar Kelimeler

• Capital Structure Theories
• Panel Data Analysis
• Real Estate Investment Trust.

VERGİSİZ ORTAMDA SERMAYE YAPISINI ETKİLEYEN FAKTÖRLER: TÜRKİYE GAYRİMENKUL YATIRIM ORTAKLIKLARI

Öz

Bu çalışmanın amacı tüm kazançları kurumlar vergisinden istisna tutulan Türkiye gayrimenkul yatırım ortaklığı firmalarının sermaye yapılarına etki eden faktörlerin ortaya konulmasıdır. 2013-2022 yılları arasındaki dönemi kapsayan çalışmada panel veri analizi yöntemi kullanılmıştır. Araştırma modelinde sermaye yapısını temsilen bağımlı değişken olarak finansal kaldıraç oranına yer verilmiştir. Sermaye yapısı üzerinde etkisi araştırılan bağımsız değişkenler ise firmaya özgü, finansal piyasalara özgü ve makroekonomik faktörler olarak sınıflandırılmıştır. Analiz sonuçlarına göre finansal kaldıraç oranı ile firma aktif büyüklüğü ve tahvil piyasası gelişmişlik düzeyi arasında pozitif yönlü; temettü dağıtma oranı, firma yaşı, sermaye piyasalarının gelişmişlik düzeyi ve işletme faaliyet riski arasında negatif yönlü ilişkiler tespit edilmiştir. Gayrimenkul yatırım ortaklığı firmalarının sermaye yapısına etki eden faktörlerin dengeleme ve finansman hiyerarşisi teorilerinin varsayımları ile uyumlu olduğu görülmüştür. Araştırma sonuçlarına göre firmaların sermaye yapılarına etki eden faktörleri açıklayan sadece tek bir teorinin olmadığı, firmaya özgü faktörler, finansal piyasalardaki gelişmeler ve makroekonomik koşullara göre farklı teorilerin birlikte ele alınarak değerlendirme yapılabileceği ortaya konulmuştur.

Anahtar Kelimeler

• Sermaye Yapısı Teorileri
• Panel Veri Analizi
• Gayrimenkul Yatırım Ortaklığı.

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