Determinants of Capital Structure for Publicly Traded Firms in Turkey: Two-Part Fractional Regression Analysis Approach

Yıl 2020, Cilt: 35 Sayı: 3, 531 - 548, 30.09.2020

Rümeysa Bilgin

https://doi.org/10.24988/ije.202035307

Öz

This paper evaluates capital structure decisions of public firms in Turkey using a two-part fractional regression model approach. Firstly, a binary response model is estimated to analyse factors that affect an unlevered firm’s decision to issue debt. Secondly, determinants of capital structure for leveraged firms are investigated by employing a fractional regression model. The results show that zero leverage phenomenon is valid in Borsa İstanbul. Therefore, data of leveraged and unleveraged firms should be modelled separately. Besides, factors affecting the initial borrowing decision of an unleveraged firm and factors affecting the leverage ratio of a leveraged firm are not same.

Anahtar Kelimeler

Determinants of Capital Structure, Zero Leverage Phenomenon, Two-Part Fractional Regression Model

Türkiye’de Halka Açık Firmaların Sermaye Yapısı Belirleyicileri: İki Aşamalı Kesirli Regresyon Analizi Yaklaşımı

Öz

Bu çalışmada, Türkiye'deki halka açık firmaların sermaye yapıları İki-aşamalı Kesirli Regresyon Modeli yaklaşımı kullanarak incelenmiştir. Birinci aşamada kaldıraçsız bir firmanın ilk defa borçlanma kararını etkileyen faktörleri belirlemek için bir ikili-tepki modeli tahmin edilmiştir. İkinci aşamada ise, hâlihazırda kaldıraçlı firmaların sermaye yapısı belirleyicileri kesirli regresyon modeli kullanılarak incelenmiştir. Çalışma sonucunda sıfır kaldıraç olgusunun Borsa İstanbul’da geçerli olduğu görülmüştür. Dolayısı ile sermaye yapısı belirleyicilerini araştıran çalışmalarda kaldıraçsız ve kaldıraçlı firmaların verilerini ayrı ayrı analiz eden iki aşamalı bir yaklaşım kullanılmalıdır. Kaldıraçsız bir firmanın ilk defa borç alma kararını etkileyen faktörler ile kaldıraçlı bir firmanın kaldıraç oranını etkileyen faktörlerin farklılaştığı bulgusuna da ulaşılmıştır.

Anahtar Kelimeler

Sermaye Yapısı Belirleyicileri, Sıfır Kaldıraç Olgusu, İki-Aşamalı Kesirli Regresyon Modeli

Kaynakça

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