DETERMINATION OF THE FIRM OPTIMAL CAPITAL STRUCTURE: AN EMPIRICAL STUDY ON THE BORSA İSTANBUL 100 (BIST 100) NON-FINANCIAL COMPANIES
Journal Title: ULUSLARARASI AFRO-AVRASYA ARAŞTIRMALARI DERGİSİ - Year 2017, Vol 2, Issue 4
Abstract
The studies that have the subject of optimal capital structure are being more and more studied in the field of finance. In this research, the capital structure dynamics of 40 non-financial firms, which were traded in Borsa İstanbul (BIST) 100 index between 2012 and 2016, have been investigated by using panel data analysis. In this context, we tried to determine from what factors the optimal capital structures of these 40 firms have been effected by using the financial data of these firms. For this reason, we selected one dependent and five independent variables. As dependent variable, we selected the leverage ratio and as independent variables we selected growth ratio, return on equity (ROE), ratio of tangible assets, liquidity ratio and the firm size. The results of our study indicate that more profitable firms use less debt and therefore, there is a negative relationship between ROE and the leverage ratio. Additionally, we determined that there is a positive correlation between growth ratio, the ratio of tangible assets, the liquidity ratio, the firm size and the leverage ratio.
Authors and Affiliations
Alev Dilek Aydın
Keywords
Related Articles
- EP ID EP257669
- DOI -
- Views 139
- Downloads 0
EASE OF DOING BUSINESS: A COMPARISON BETWEEN COUNTRIES IN DIFFERENT INCOME GROUPS
In this research, the relationship between ease of doing business and national incomes of countries are investigated. The relationship between Income Grouping ranges for 177 countries created by the World Bank in 2016 an...
FİNANSAL PERFORMANSIN TOPSİS ÇOK KRİTERLİ KARAR VERME YÖNTEMİ İLE BELİRLENMESİ: DOKUMA, GİYİM EŞYASI VE DERİ SANAYİ İŞLETMELERİ ÜZERİNE BİR UYGULAMA
Bu çalışmada, Borsa İstanbul'da (BİST) işlem gören 15 Dokuma, Giyim Eşyası ve Deri Sanayi işletmelerinin 2012-2016 dönemine ait mali tabloları kullanılarak, işletmelerin finansal performansları TOPSIS yöntemi ile analiz...
KÜLTÜREL MİRASIN AKTARILMASINDA KÜLTÜR EVLERİNİN ROLÜ: KIRKLARELİ ÖRNEĞİ
Ülkemiz, tarihinden gelen özellikleri ile oldukça zengin bir kültürel çeşitliliği içinde barındırmaktadır. Ülkemizdeki bu zenginlik kültür turizmi açısından da önemli bir potansiyeldir. Geçmişte koruyarak geleceğe aktarm...
BİST İMALAT SANAYİ İŞLETMELERİNDE MALİYET YÖNETİM SİSTEMLERİNİN İŞLETME KARLILIĞINA ETKİSİ
Çalışmanın amacı, BİST İmalat sanayi sektöründe işlem gören işletmelerin uyguladıkları maliyet yönetim sistemlerinin belirlenmesi ve maliyet yönetim sistemlerinin işletme karlılığına etkisinin bulunup bulunmadığının tesp...
THE EVALUATION OF HYDROELCTRIC POWER PLANT (HEPP) PRACTICES IN TURKEY FROM THE ENVIRONMENTAL PERSPECTIVE
Hydroelectric Power Plant practices have become a matter of debate nowadays because of their effects on the environment. The rapid technological developments, coming from the Industrial Revolution, have especially increa...