CAPITAL STRUCTURE OF FIRMS: PECKING ORDER AND TRADE-OFF THEORIES, EVIDENCE FROM TURKISH STOCK EXCHANGE
Ozlem Idil Koc
Pagini: 440-450
Publicat: 28 Aug 2016
Vizualizări: 2,102
Descărcări: 641
Rezumat: This study aims to identify the factors that are influential on capital structure decisions of firms on the Borsa Istanbul BIST 50 Index and test which of the theories -pecking order or trade-off- is used to account for the firms’ borrowing behaviors. The firms which are on the BIST 50 Index and which operate in the finance sector were removed from the sample due to the difference of their structures. Leverage ratio was used as the dependent variable while return on assets (ROA), size of firms and growth rate were treated as independent variables. The post-financial crisis period 2009-2015 was examined with panel data regression analysis. It was found that the capital structures of 36 companies on the BIST 50 Index were in conformity with the pecking order theory.
Cuvinte cheie: pecking order theory, trade-off theory, capital structure, agency theory, asymmetric information
Citează acest articol: Ozlem Idil Koc. CAPITAL STRUCTURE OF FIRMS: PECKING ORDER AND TRADE-OFF THEORIES, EVIDENCE FROM TURKISH STOCK EXCHANGE. Journal of International Scientific Publications: Economy & Business 10, 440-450 (2016). https://www.scientific-publications.net/en/article/1001255/
Înapoi la cuprinsul volumului
© 2025 The Author(s). This is an open access article distributed under the terms of the
Creative Commons Attribution License https://creativecommons.org/licenses/by/4.0/, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited. This permission does not cover any third party copyrighted material which may appear in the work requested.
Disclaimer: The Publisher and/or the editor(s) are not responsible for the statements, opinions, and data contained in any published works. These are solely the views of the individual author(s) and contributor(s). The Publisher and/or the editor(s) disclaim any liability for injury to individuals or property arising from the ideas, methods, instructions, or products mentioned in the content.
