Kasım KİRACI, Nurhan AYDIN

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SERMAYE YAPISININ BELİRLEYİCİLERİ: GELENEKSEL HAVAYOLLARINDAN AMPİRİK KANITLAR

Bu çalışmanın amacı geleneksel iş modeli uygulayan havayollarının sermaye yapısını belirleyen faktörlerin sermaye yapısına ilişkin teoriler dikkate alınarak incelenmesidir. Bu amaç doğrultusunda finansal verileri 2004-2015 döneminde süreklilik gösteren 31 havayolu şirketi incelenmiştir. Çalışmada yöntem olarak panel veri analizi kullanılmıştır. Çalışmanın ampirik bulguları geleneksel havayollarının uzun vadeli borç oranını belirlerken Dengeleme Teorisine uygun olarak hareket ettiğini ortaya koymaktadır. Buna ek olarak çalışmanın sonuçları, geleneksel havayollarının toplam borç oranlarının belirlenmesinde Finansman Hiyerarşisi Teorisine uygun olarak hareket edildiğini diğer bir ifadeyle toplam kaldıraç düzeyini arttırma eğiliminde olunduğunu göstermektedir.

DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM TRADITIONAL AIRLINES

The purpose of this study is to examine the factors that define capital structure of airlines with traditional business model by taking into account the capital structure theories. In line with this purpose, 31 airline companies, which have continuous financial data during the 2004-2015 period, were examined. Panel data analysis was used as a method in the study. Empirical findings of the study show that traditional airlines operate in line with the Trade-off Theory when determining their long-term debt ratio. In addition, findings of the study indicate that traditional airlines operate in line with the Pecking Order Theory when determining the total debt ratio, which also means that they tend to increase total leverage level.
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Uluslararası İktisadi ve İdari İncelemeler Dergisi-Cover
  • ISSN: 1307-9832
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 2008
  • Yayıncı: Kenan ÇELİK
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Sayıdaki Diğer Makaleler

SERMAYE YAPISININ BELİRLEYİCİLERİ: GELENEKSEL HAVAYOLLARINDAN AMPİRİK KANITLAR

Kasım KİRACI, Nurhan AYDIN

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