Analysis of Factors Affecting Capital Structure in Defense Companies

Çağatay Mirgen

Makale detayları

Analysis of Factors Affecting Capital Structure in Defense Companies

Yazarlar:

Çağatay Mirgen

Yayıncı:

Akdeniz University

Ana Başlıklar:

Finans

Dergi:

Akdeniz İİBF Dergisi Vol.25 Issue 1, pp.1-11

Belge Tipi:

Makale

Yayın Tarihi:

5/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001333319

pISSN:

1302-9975

Anahtar kelimeler:

Özet:

 This study seeks to examine the factors influencing the capital structure of defense industry companies in Turkey, with the goal of offering insights for the development of sector-specific financial strategies. A panel data analysis was performed using quarterly data from June 2011 to September 2023 for defense industry firms such as Aselsan, Otokar, and Katmerciler, which are listed on Borsa Istanbul BIST. The independent variables influencing capital structure in the analysis include stock return, asset turnover ratio, liquidity ratio, operating profit margin, cash conversion cycle, return on assets, and non-debt tax shield. The results show a negative correlation between asset turnover ratio and capital structure, while liquidity ratio, operating profit margin, and non-debt tax shield exhibit a positive relationship with capital structure. It was found that stock return, cash conversion cycle, and return on assets have no significant impact on capital structure. The study highlights that defense industry firms should prioritize liquidity management, operational efficiency, and tax benefits in their capital structure decisions. Furthermore, it suggests that government policies, defense spending, international collaborations, and macroeconomic conditions should be considered for more comprehensive analyses.

 This study seeks to examine the factors influencing the capital structure of defense industry companies in Turkey, with the goal of offering insights for the development of sector-specific financial strategies. A panel data analysis was performed using quarterly data from June 2011 to September 2023 for defense industry firms such as Aselsan, Otokar, and Katmerciler, which are listed on Borsa Istanbul BIST. The independent variables influencing capital structure in the analysis include stock return, asset turnover ratio, liquidity ratio, operating profit margin, cash conversion cycle, return on assets, and non-debt tax shield. The results show a negative correlation between asset turnover ratio and capital structure, while liquidity ratio, operating profit margin, and non-debt tax shield exhibit a positive relationship with capital structure. It was found that stock return, cash conversion cycle, and return on assets have no significant impact on capital structure. The study highlights that defense industry firms should prioritize liquidity management, operational efficiency, and tax benefits in their capital structure decisions. Furthermore, it suggests that government policies, defense spending, international collaborations, and macroeconomic conditions should be considered for more comprehensive analyses.

 This study seeks to examine the factors influencing the capital structure of defense industry companies in Turkey, with the goal of offering insights for the development of sector-specific financial strategies. A panel data analysis was performed using quarterly data from June 2011 to September 2023 for defense industry firms such as Aselsan, Otokar, and Katmerciler, which are listed on Borsa Istanbul BIST. The independent variables influencing capital structure in the analysis include stock return, asset turnover ratio, liquidity ratio, operating profit margin, cash conversion cycle, return on assets, and non-debt tax shield. The results show a negative correlation between asset turnover ratio and capital structure, while liquidity ratio, operating profit margin, and non-debt tax shield exhibit a positive relationship with capital structure. It was found that stock return, cash conversion cycle, and return on assets have no significant impact on capital structure. The study highlights that defense industry firms should prioritize liquidity management, operational efficiency, and tax benefits in their capital structure decisions. Furthermore, it suggests that government policies, defense spending, international collaborations, and macroeconomic conditions should be considered for more comprehensive analyses.

 Bu çalışma, Türkiyedeki savunma sanayi şirketlerinin sermaye yapısını etkileyen faktörleri analiz ederek sektöre yönelik finansal stratejiler geliştirilmesine rehberlik etmeyi amaçlamaktadır. Borsa İstanbul BISTda işlem gören savunma sanayi şirketleri Aselsan, Otokar ve Katmerciler için Haziran 2011 - Eylül 2023 dönemine ait çeyreklik veri seti ile panel veri analizi uygulanmıştır. Analiz kapsamında sermaye yapısına etki eden bağımsız değişkenler için hisse senedi getirisi, aktif devir hızı, likit oran, faaliyet kâr marjı, nakit döngüsü, aktif kârlılık ve borç dışı vergi kalkanı ele alınmıştır. Çalışma bulguları, sermaye yapısı ile aktif devir hızı arasında negatif yönlü bir ilişkinin varlığını; likit oran, borç dışı vergi kalkanı ve faaliyet kâr marjı ile pozitif bir ilişkinin varlığını ortaya koymuştur. Hisse senedi getirisi, nakit döngüsü ve aktif kârlılığın sermaye yapısı üzerine etkisinin anlamlı olmadığı belirlenmiştir. Çalışma, savunma sanayi şirketlerinin sermaye yapısı kararlarında likidite yönetimi, operasyonel verimlilik ve vergi avantajlarına odaklanmaları gerektiğini vurgulamakta, ayrıca daha kapsamlı analizler için devlet politikaları, savunma harcamaları, uluslararası iş birlikleri ve makroekonomik faktörlerin de dikkate alınmasını önermektedir.

Makale detayları

Analysis of Factors Affecting Capital Structure in Defense Companies

Yazarlar:

Çağatay Mirgen

Yayıncı:

Akdeniz University

Ana Başlıklar:

Finans

Dergi:

Akdeniz İİBF Dergisi Vol.25 Issue 1, pp.1-11

Belge Tipi:

Makale

Yayın Tarihi:

5/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001333319

pISSN:

1302-9975

Defense Companies

Capital Structure

Panel Data AnalysisSavunma Şirketleri

Sermaye Yapısı

Panel Veri Analizi

Sayı

Makale detayları

Analysis of Factors Affecting Capital Structure in Defense Companies

Yazarlar: Çağatay Mirgen

Yayıncı: Akdeniz University

Ana Başlıklar: Finans

Dergi: Akdeniz İİBF Dergisi Vol.25 Issue 1, pp.1-11

Belge Tipi: Makale

Yayın Tarihi: 5/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001333319

pISSN: 1302-9975

Defense Companies

Capital Structure

Panel Data AnalysisSavunma Şirketleri

Sermaye Yapısı

Panel Veri Analizi

Sayı

Yazarlar:

Çağatay Mirgen

Yayıncı:

Akdeniz University

Ana Başlıklar:

Finans

Dergi:

Akdeniz İİBF Dergisi Vol.25 Issue 1, pp.1-11

Belge Tipi:

Makale

Yayın Tarihi:

5/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001333319

pISSN:

1302-9975