An Empirical Study on the Determinants of the Capital Structure in Turkish Textile and Apparel Firms Tekstil ve Hazır Giyim Firmalarında Sermaye Yapısının Belirleyicileri Üzerine Ampirik Bir Çalışma
Sosyoekonomi, cilt.30, sa.54, ss.199-213, 2022 (Scopus, TRDizin)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 30 Sayı: 54
- Basım Tarihi: 2022
- Doi Numarası: 10.17233/sosyoekonomi.2022.04.10
- Dergi Adı: Sosyoekonomi
- Derginin Tarandığı İndeksler: Scopus, TR DİZİN (ULAKBİM)
- Sayfa Sayıları: ss.199-213
- Anahtar Kelimeler: Capital Structure, Trade-off Theory, Pecking Order Theory, Leverage
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- Uşak Üniversitesi Adresli: Evet
Özet
This study aims to analyse the factors that influence the capital structure decisions of Turkish listed textile and apparel firms over the period from 2010 to 2019. The results of Driscoll and Kraay’s (1998) panel regression model show that the leverage ratio is significantly and negatively affected by firm size, profitability, liquidity, asset tangibility, and is positively affected by non-debt tax shields, growth opportunities, earnings volatility, and GDP growth. The pecking order theory seems to be the most successful in explaining the determinants of the capital structure of Turkish textile and apparel firms.