Yıl 2019, Cilt , Sayı , Sayfalar 530 - 559 2019-10-30

Borsa İstanbul’da Kayıtlı Türk Firmaların Firmaya Özgü Sermaye Yapısı Belirleyicileri: Bir Yapısal Eşitlik Modellemesi Yaklaşımı
The Firm Specific Capital Structure Determinants of Turkish Firms Listed in Istanbul Stock Exchange: A Structural Equation Approach

Ali Sait Albayrak [1]


This study tests the explanatory power of the most important capital structure theories. The study extends empirical studies in three ways. First, it tests a much broader set of theories, many of which have not previously been evaluated empirically. Second, since the capital structure theories have different empirical implications in respect to different types of debt structures, this study analyzes measures of short-term, long-term and short-term with long-term debt structure rather than an aggregate measure of total debt structure. The empirical results show that liquidity, asset structure, size, profitability, growth and volatility are the statistically significant factors and tax level, non-debt tax shield are the insignificant factors in all models. Firm size and growth are positive; volatility and profitability are the factors that are effective in the negative direction in all models. However, liquidity and asset structure were found to affect short-term debt structure negatively, and long-term debt structure positively.

: Capital Structure, Trade-off Theory, Pecking Order Theory, Structural Equation Modeling
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Birincil Dil en
Konular Sosyal
Bölüm Araştırma Makaleleri
Yazarlar

Orcid: 0000-0003-4847-4670
Yazar: Ali Sait Albayrak (Sorumlu Yazar)
Kurum: Recep Tayyip Erdogan University
Ülke: Turkey


Tarihler

Yayımlanma Tarihi : 30 Ekim 2019

APA Albayrak, A . (2019). The Firm Specific Capital Structure Determinants of Turkish Firms Listed in Istanbul Stock Exchange: A Structural Equation Approach. IBAD Sosyal Bilimler Dergisi , () , 530-559 . DOI: 10.21733/ibad.609959