The determinants of capital structure: Evidence from the Turkish manufacturing sector

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dc.authorscopusid57190415177
dc.contributor.authorKakilli Acaravci, Songul
dc.date.accessioned2024-09-19T15:45:24Z
dc.date.available2024-09-19T15:45:24Z
dc.date.issued2015
dc.departmentHatay Mustafa Kemal Üniversitesien_US
dc.description.abstractThis study investigates the determinants of capital structure in Turkey by using panel data methods. The sample period spans from 1993 to 2010 for 79 firms in the manufacturing sector traded on the Istanbul Stock Exchange. The base model was expanded with firm size and sectorspecific effects. This study compares also effects on capital structure according to sectors and firm size of variables used in models. Growth opportunities, size, profitability, tangibility and non-debt tax shields are used as the firm-specific variables that affect a firm’s capital structure decision. Empirical results present that there are significant relationships between growth opportunities, size, profitability, tangibility and leverage variables. But non-debt tax shields explanatory variable has insignificant effect on leverage 1 (book value of total debt/total assets) variable. Growth opportunity has effect on capital structure that this result supports the trade-off theory. Size, profitability and tangibility have effects and support the pecking order theory. On the other hand, profitability and growth opportunity variables have more significant effects than other variables on Leverage 1 and Leverage 2 (book value of total debt/book value of equity) for all sectors. Furthermore, in two leverage models, profitability variable of small and large firm groups has effect on capital structure and there is no a significant difference between two groups. © 2015, Econjournals. All rights reserved.en_US
dc.identifier.endpage171en_US
dc.identifier.issn2146-4138
dc.identifier.issue1en_US
dc.identifier.scopus2-s2.0-84979792208en_US
dc.identifier.scopusqualityN/Aen_US
dc.identifier.startpage158en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12483/14662
dc.identifier.volume5en_US
dc.indekslendigikaynakScopusen_US
dc.language.isoenen_US
dc.publisherEconjournalsen_US
dc.relation.ispartofInternational Journal of Economics and Financial Issuesen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectCapital structureen_US
dc.subjectFinancing choiceen_US
dc.subjectLeverageen_US
dc.subjectPanel data analysisen_US
dc.subjectThe determinants of capital structureen_US
dc.titleThe determinants of capital structure: Evidence from the Turkish manufacturing sectoren_US
dc.typeArticleen_US

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