What if Debt Is Not the Whip of the Brave? Zero-leverage and Firm Value Relationship

Yıl 2025, Cilt: 12 Sayı: 2, 251 - 267, 01.07.2025

Rümeysa Bilgin

https://doi.org/10.17541/optimum.1526490

Öz

Some firms prefer to avoid using debt, contrary to the debt utilization strategies proposed by traditional capital structure theories. This phenomenon, known as zero-leverage in the capital structure literature, has gained increasing importance in recent years. This study examines the practice of zero-leverage on the Turkish stock exchange through three main questions: the prevalence of debt-free practices among publicly traded firms, the factors influencing firms' decisions to avoid debt, and the impact of zero-leverage policies on firm value. Data from 307 firms listed on Borsa Istanbul for 2016-2022 were analyzed using panel data methodology to address these questions. The findings indicate that the likelihood of avoiding debt increases with profitability and cash ratios but decreases as firm size and export ratios rise. Additionally, this policy increases firm value. The results suggest that deleveraging is more of a managerial choice than a response to costs associated with the debt market.

Anahtar Kelimeler

Capital Structure , Zero Leverage Phenomenon , Firm Value

Destekleyen Kurum

Istanbul Sabahattin Zaim Univesity

Proje Numarası

2024-BAP-400-004

Ya Borç Yiğidin Kamçısı Değilse? Sıfır Kaldıraç ve Firma Değeri İlişkisi

Öz

Bazı firmalar, geleneksel sermaye yapısı teorilerinin öngörüleri ile uyumsuz olarak borç kullanmamayı tercih etmektedir. Sermaye yapısı literatüründe sıfır kaldıraç olarak bilinen bu durum, son yıllarda giderek daha fazla önem kazanmıştır. Bu çalışma, Türk hisse senedi borsasında sıfır kaldıraç tercihini üç ana soru çerçevesinde ele almaktadır: halka açık firmalar arasında borç kullanmamanın ne kadar yaygın olduğu ve süreklilik arz ettiği, firmaların bu tercihlerinde etkili olan faktörler ve sıfır kaldıraç politikasının firma değeri üzerindeki etkisi. Bu sorulara cevap aramak için, Borsa İstanbul’da işlem gören 307 firmanın 2016-2022 yılları arasındaki verileri panel veri analizi yöntemi ile değerlendirilmiştir. Bulgular, borç kullanmama olasılığının, karlılık ve nakit oranı arttıkça yükseldiğini, ancak firma büyüklüğü ve ihracat oranı arttıkça azaldığını göstermektedir. Ayrıca, sıfır kaldıraç politikasının firma değeri üzerinde anlamlı ve pozitif bir etkisi olduğu bulunmuştur. Araştırma sonuçları, sıfır kaldıraç kullanımının borç piyasasındaki kısıtlamalar veya maliyetlerden ziyade yönetimsel bir tercih olduğunu ortaya koymaktadır.

Anahtar Kelimeler

Sermaye Yapısı , Sıfır Kaldıraç Olgusu , Firma Değeri

Destekleyen Kurum

İstanbul Sabahattin Zaim Üniversitesi

Proje Numarası

2024-BAP-400-004

Kaynakça

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