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Makroekonomik Göstergelerin Sermaye Yapısı Üzerindeki Etkisi: İmalat Dışı Sektörler Üzerinde Bir Araştırma (Araştırma Makalesi)

Journal of Accounting & Finance / Muhasebe ve Finansman Dergisi, 2020-01 (85)

Copyright Turkish Association of Accounting and Finance Academicians - AAFA Jan 2020 ;ISSN: 1304-0391 ;EISSN: 2146-3042 ;DOI: 10.25095/mufad.673727

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  • Title:
    Makroekonomik Göstergelerin Sermaye Yapısı Üzerindeki Etkisi: İmalat Dışı Sektörler Üzerinde Bir Araştırma (Araştırma Makalesi)
  • Author: Yılmaz, Erdal ; Aslan, Tunay
  • Subjects: Capital structure ; Financial leverage ; Financial ratios ; Macroeconomics
  • Is Part Of: Journal of Accounting & Finance / Muhasebe ve Finansman Dergisi, 2020-01 (85)
  • Description: There are many different factors affecting the capital structure in businesses.In this study, the effect of basic macroeconomic indicators on capital structure in non-manufacturing sectors using the Central Bank of the Republic of Turkey sectoral balance sheets is investigated.For this purpose, regression analysis for the 12 - year period of 2005-2016 for businesses with complete data is performed using the leverage ratios of 9 non - manufacturing sectors and the basic macroeconomic indicators.Leverage ratios variable is used as dependent variables, while basic macroeconomic indicators variable is used as an independent variable.As a result of the analysis; it is concluded that the changes in the gross domestic product and the changes in the exchange rate have a significant positive effect on the capital structures of the sectors, while the change in the interest rates in some sectors has a negative effect on the leverage ratios. The results suggest that consumer price index has no significant effect on capital structure in any sector subject to analysis.
  • Publisher: Istanbul: Turkish Association of Accounting and Finance Academicians - AAFA
  • Language: Turkish
  • Identifier: ISSN: 1304-0391
    EISSN: 2146-3042
    DOI: 10.25095/mufad.673727
  • Source: ProQuest Central

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