The Effect of Capital Structure on Profitability: Evidence from the Turkish Manufacturing Companies

Abstract

Purpose: This study analyses the relationship between capital structure and profitability levels of manufacturing industry companies operating in Türkiye between the years 2006-2020. Methodology: The relationship between capital structure and the profitability of Turkish manufacturing industry companies was analyzed using the standard error estimator proposed by Driscoll and Kraay (1998). In this context, sub-panel data models were created. Findings: The findings showed that capital structure changes (short-term debt, long-term debt, and total debt) in the manufacturing industry are negatively related to both return on assets and return on equity. Originality: It is thought that this study will contribute to the existing literature in terms of better understanding the relationship between the changes in the capital structure decisions of the manufacturing industry companies operating in Türkiye, both their return on assets and their return on equity, taking into account their sub-sectors.

Keywords

• Profitability
• Return on Assets
• Return on Equity
• Capital Structure
• Debt
• Manufacturing Industry
• Driscoll-Kraay Panel Data Model

Sermaye Yapısının Kârlılığa Etkisi: Türkiye İmalat Sanayi Şirketlerinden Kanıtlar

Öz

Amaç: Bu çalışma, Türkiye'de faaliyette bulunan imalat sanayi şirketlerinin, 2006-2020 yılları arasında, sermaye yapıları ile karlılık düzeyleri arasındaki ilişkiyi analiz etmektedir. Yöntem: Türkiye imalat sanayi şirketlerinin sermaye yapıları ile karlılıkları arasındaki ilişki, Driscoll ve Kraay (1998) tarafından önerilen standart hatalar tahmincisi kullanılarak analiz edilmiştir. Bu kapsamda alt panel veri modelleri oluşturulmuştur. Bulgular: Bulgular, imalat sanayi sektöründe sermaye yapısı değişikliklerinin (kısa vadeli borçlar, uzun vadeli borçlar ve toplam borçlar) hem aktif karlılığı, hem de özkaynak karlılığı ile negatif ilişkili olduğunu göstermiştir. Özgünlük: Türkiye'de faaliyette bulunan imalat sanayi şirketlerinin, alt sektörleri de dikkate alınarak, sermaye yapısı kararlarındaki değişimlerin gerek aktif karlılıkları gerekse özkaynak karlılıkları ile ilişkisinin daha iyi anlaşılması açısından bu çalışmanın mevcut literatüre katkı sağlayacağı düşünülmektedir.

Anahtar Kelimeler

• Kârlılık
• Aktif Getirisi
• Özkaynak Getirisi
• Sermaye Yapısı
• Borç
• İmalat Sanayi
• Driscoll-Kraay Panel Veri Modeli

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