Macro and Micro Determinants of Capital Structure Decisions: Evidence from the German Manufacturing Industry

Öz

This paper aims to examine the macro and micro determinants of capital structure. Since the factors influencing capital structure vary in significance and effect across different industries and countries, the study focuses on the manufacturing industry in Germany. The study incorporates three proxies for capital structure: total debt ratio, long-term debt ratio, and short-term debt ratio. Since firm leverage is a dynamic process, two-step system Generalized Method of Moments (GMM) estimators are employed in estimations. Among the macroeconomic factors, only changes in the inflation rate show a significant effect on the total debt. However, the influence of all three macroeconomic variables is deemed insignificant for long-term debt. Regarding short-term debt, only the lending interest rate is significant. For the micro-level determinants, tangibility, profitability, liquidity, age, growth, and size are important. In addition, utilizing a quadratic regression approach, this study finds that firm age has a non-linear effect on debt ratios.

Anahtar Kelimeler

• capital structure
• firm-specific factors
• macroeconomic factors
• manufacturing industry
• two-step system GMM

Sermaye Yapısı Kararlarının Makro ve Mikro Belirleyicileri: Alman İmalat Sanayisinden Kanıtlar

Öz

Bu makale, sermaye yapısının makro ve mikro belirleyicilerini incelemeyi amaçlamaktadır. Sermaye yapısını etkileyen faktörler sektörler ve ülkeler arasında farklılık gösterdiğinden, çalışma sadece Almanya'daki imalat sanayine odaklanmaktadır. Çalışmada sermaye yapısı için üç farklı değişken kullanılmıştır; şirketlerin toplam borç, uzun vadeli borç ve kısa vadeli borç oranları. Firma kaldıracı dinamik bir süreç olduğundan çalışmada iki aşamalı sistem Genelleştirilmiş Momentler Tahmincisi (GMM) yöntemi kullanılmaktadır. Elde edilen sonuçlar makroekonomik faktörlerden yalnızca enflasyon oranındaki değişimlerin toplam borç üzerinde etkili olduğunu göstermektedir. Çalışmanın sonuçları uzun vadeli borçlar için her üç makroekonomik değişkenin etkisinin de istatistik olarak anlamsız olduğunu göstermiştir. Kısa vadeli borçlanmayı ise sadece borç verme faiz oranı etkilemektedir. Önemli mikro belirleyicilerin ise sabit varlıkların büyüklüğü, karlılık, likidite, yaş, büyüme ve firma büyüklüğü olduğu tespit edilmiştir. Ayrıca çalışma, ikinci dereceden regresyon yaklaşımını kullanarak firma yaşının borç oranlarını doğrusal olarak etkilemediğini ortaya koymuştur.

Anahtar Kelimeler

• sermaye yapısı
• firma düzeyinde faktörler
• makroekonomik faktörler
• imalat sanayi
• iki aşamalı sistem GMM

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