Sermaye Yapısının Belirleyicileri: Türkiye’deki En Büyük 1000 Sanayi İşletmesinde Bir Uygulama

Anahtar Kelimeler:

Sermaye Yapısı, Panel Modeller

Determinants of Capital Structure: An Analysis on the Largest 1000 Industrial Firms in Turkey

This study aims to explain the determinants of capital structure and find out if static tradeoff or pecking order is more successful in explaining the debt behaviour of industrial firmsin Turkey. For this purpose, the data set of largest 500 and following largest 500 industrialfirms determined by İstanbul Chamber of Industry have been used. The data set on thesefirms covers the period of 1993 and 2007. Our findings show that, even though firms thatuse debt to create more added value, prefer to use internal funds primarily. This findingindicates that pecking order theory is more succesful to explain the debt behaviour ofindustrial firms in Turkey

Keywords:

Capital Structure, Panel Models,

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