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The Determinants Affecting Capital Structure of Firms: Evidence from Borsa Istanbul

Journal of Accounting & Finance / Muhasebe ve Finansman Dergisi, 2015-10 (68)

Copyright Turkish Association of Accounting and Finance Academicians - AAFA Oct 2015 ;ISSN: 1304-0391 ;EISSN: 2146-3042

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  • Title:
    The Determinants Affecting Capital Structure of Firms: Evidence from Borsa Istanbul
  • Author: Irk, Ersin ; Karaca, Süleyman Serdar
  • Subjects: Capital structure ; Equity ; Financial leverage ; Manufacturing ; Statistical analysis ; Stock exchanges ; Studies ; Tax rates
  • Is Part Of: Journal of Accounting & Finance / Muhasebe ve Finansman Dergisi, 2015-10 (68)
  • Description: This study aims to determine the factors that affect capital structures of firms. To this end, among the ones listed active in IMKB manufacturing industry index, 123 firms data of which, between the years 2000-2010, can uninterruptedly be reached have been applied panel data analysis. Bound and independent variables have been determined in the application abiding by the literature. Three models have been generated by means of bound and independent variables. As a result of the study, it has been found that there is a relationship between gearing ratio and growth, positive relationship with BDVK, and negative relationship with asset structure. A meaningless relationship has come out between tax and growth. According to the results obtained, it has been concluded that firms are not in search of optimum capital structure. Anahtar Kelimeler: IMKB Manufacturing Index, Capital Structure, Capital Structure Theories, Panel Data Analysis.//JEL Siniflandirmasi: G00, G30, G32. Firmalarin Sermaye Yapisini Etkileyen Faktörler ve Borsa Istanbul Örnegi ÖZET Bu çalismanin amaci, firmalarin sermaye yapilarini etkileyen faktörleri saptamaktir. Bu amaç dogrultusunda, IMKB imalat sanayi endeksinde faaliyet gösteren firmalardan, 2000- 2010 yillari arasinda bilgilerine kesintisiz ulasilan 123 firma ile panel veri analizi uygulanmistir. Uygulamada literatüre bagli kalinarak, bagimli ve bagimsiz degiskenler belirlenmistir. Bagimli ve bagimsiz degiskenler kullanilarak üç tane model olusturulmustur. Çalisma sonucunda, kaldiraç oranlari ile büyüme, BDVK ile pozitif iliski, varlik yapisi ile negatif iliski bulunmustur. Vergi ve büyüklük ile anlamsiz iliski çikmistir. Elde edilen sonuçlara göre firmalarin optimum sermaye yapisi arayisi içinde olmadiklari, sonucuna ulasilmistir .
  • Publisher: Istanbul: Turkish Association of Accounting and Finance Academicians - AAFA
  • Language: English;Turkish
  • Identifier: ISSN: 1304-0391
    EISSN: 2146-3042
  • Source: ProQuest Central
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