The purpose of this research is to test whether companies traded in Participation 30 Index act in accordance with the Financial Hierarchy Theory. For this purpose, the data of the companies included in Participation 30 index for the years 2011: Q1 - 2020: Q3 and 4 different models have been created in which asset ratio is discussed. As independent variables, size, growth opportunity, tax, non-debt tax shield, financial risk, profitability, liquidity, and asset structure ratios were used. The results of the analysis made using panel data analysis are compared with the financial hierarchy theory. According to the research results, it was concluded that there is a relationship between profitability, asset structure and long-term liabilities / total assets ratio as well as liquidity and short-term liabilities / total assets ratio in accordance with the Financial Hierarchy Theory.