ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES

Meltem Kılıç; Seren Aydıngülü Sakalsız

Makale detayları

ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES

Yazarlar:

Meltem Kılıç | Seren Aydıngülü Sakalsız

Yayıncı:

Kahramanmaras Sutcu Imam University

Ana Başlıklar:

Finansal Ekonomi | Çevre ve İklim Finansmanı | Finans

Dergi:

Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 2, pp.29-46

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001308517

pISSN:

2146-5908

Anahtar kelimeler:

Özet:

 In the study, it is aimed to test the validity of the Pecking Order Theory and Trade-Off Theory, which are among the theories on which the capital structure decisions of companies, which are extremely important in terms of firm value, are based, on sustainable companies included in the BIST Sustainability Index, since they carry out activities to reduce the cost of capital. In the study, the total indebtedness ratios, long-term indebtedness ratios and short-term indebtedness ratios of 40 companies included in the BIST Sustainability Index between 2015-2021, as well as liquidity, asset structure, non-debt tax shield, tax, profitability ratio, change in assets, firm size and the relationship between firm risk is examined. In general, the capital structure preferences of sustainable firms support the Trade-Off Theory. In addition, it was revealed that the dummy variable created for the periods when companies entered the BIST Sustainability Index was statistically significantly and positively related to their borrowing behavior. This result is interpreted in the direction of an increase in the borrowing rates of the companies after they are included in the index.

 In the study, it is aimed to test the validity of the Pecking Order Theory and Trade-Off Theory, which are among the theories on which the capital structure decisions of companies, which are extremely important in terms of firm value, are based, on sustainable companies included in the BIST Sustainability Index, since they carry out activities to reduce the cost of capital. In the study, the total indebtedness ratios, long-term indebtedness ratios and short-term indebtedness ratios of 40 companies included in the BIST Sustainability Index between 2015-2021, as well as liquidity, asset structure, non-debt tax shield, tax, profitability ratio, change in assets, firm size and the relationship between firm risk is examined. In general, the capital structure preferences of sustainable firms support the Trade-Off Theory. In addition, it was revealed that the dummy variable created for the periods when companies entered the BIST Sustainability Index was statistically significantly and positively related to their borrowing behavior. This result is interpreted in the direction of an increase in the borrowing rates of the companies after they are included in the index.

 In the study, it is aimed to test the validity of the Pecking Order Theory and Trade-Off Theory, which are among the theories on which the capital structure decisions of companies, which are extremely important in terms of firm value, are based, on sustainable companies included in the BIST Sustainability Index, since they carry out activities to reduce the cost of capital. In the study, the total indebtedness ratios, long-term indebtedness ratios and short-term indebtedness ratios of 40 companies included in the BIST Sustainability Index between 2015-2021, as well as liquidity, asset structure, non-debt tax shield, tax, profitability ratio, change in assets, firm size and the relationship between firm risk is examined. In general, the capital structure preferences of sustainable firms support the Trade-Off Theory. In addition, it was revealed that the dummy variable created for the periods when companies entered the BIST Sustainability Index was statistically significantly and positively related to their borrowing behavior. This result is interpreted in the direction of an increase in the borrowing rates of the companies after they are included in the index.

 Çalışmada firmaların firma değeri açısından son derece önemli olan sermaye yapısı kararlarının dayandığı teorilerden Finansman Hiyerarşisi Teorisi ve Dengeleme Teorisinin geçerliliğini, sermaye maliyetini azaltıcı faaliyetler yürütmesinden dolayı BIST Sürdürülebilirlik Endeksinde yer alan sürdürülebilir firmalar üzerinde test edilmesi amaçlanmıştır. Çalışmada 2015-2021 yılları arasında BIST Sürdürülebilirlik Endeksinde yer alan 40 firmanın toplam borçluluk oranları, uzun vadeli borçluluk oranları ve kısa vadeli borçluluk oranları ile likidite, varlık yapısı, borç dışı vergi kalkanı, vergi, karlılık oranı, aktiflerdeki değişim, firma büyüklüğü ve firma riski arasındaki ilişki incelenmektedir. Sonuçların geneline bakıldığında sürdürülebilir firmaların sermaye yapısı tercihleri Dengeleme Teorisini destekler niteliktedir. Ayrıca firmaların BIST Sürdürülebilirlik Endeksine girdikleri dönemler için oluşturulan kukla değişkenin borçlanma davranışları ile istatistiksel olarak anlamlı ve pozitif ilişkili olduğu ortaya koyulmuştur. Elde edilen bu sonuç firmaların endekse girdikten sonra borçlanma oranlarının artığı yönünde yorumlanmaktadır.

Makale detayları

ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES

Yazarlar:

Meltem Kılıç | Seren Aydıngülü Sakalsız

Yayıncı:

Kahramanmaras Sutcu Imam University

Ana Başlıklar:

Finansal Ekonomi | Çevre ve İklim Finansmanı | Finans

Dergi:

Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 2, pp.29-46

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001308517

pISSN:

2146-5908

Capital Structure

Pecking Order Theory

Trade-off Theory

SustainabilitySermaye Yapısı

Finansman Hiyerarşisi Teorisi

Dengeleme Teorisi

Sürdürülebilirlik

Sayı

Makale detayları

Yazarlar: Meltem Kılıç | Seren Aydıngülü Sakalsız

Yayıncı: Kahramanmaras Sutcu Imam University

Ana Başlıklar: Finansal Ekonomi | Çevre ve İklim Finansmanı | Finans

Dergi: Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 2, pp.29-46

Belge Tipi: Makale

Yayın Tarihi: 12/2023

Belge Dili: İngilizce

Document ID (Org No.): 2001308517

pISSN: 2146-5908

Sayı

Yazarlar:

Meltem Kılıç | Seren Aydıngülü Sakalsız

Yayıncı:

Kahramanmaras Sutcu Imam University

Ana Başlıklar:

Finansal Ekonomi | Çevre ve İklim Finansmanı | Finans

Dergi:

Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Vol.13 Issue 2, pp.29-46

Belge Tipi:

Makale

Yayın Tarihi:

12/2023

Belge Dili:

İngilizce

Document ID (Org No.):

2001308517

pISSN:

2146-5908