DETERMINATION OF THE FIRM OPTIMAL CAPITAL STRUCTURE: AN EMPIRICAL STUDY ON THE BORSA İSTANBUL 100 (BIST 100) NON-FINANCIAL COMPANIES
Journal Title: ULUSLARARASI AFRO-AVRASYA ARAŞTIRMALARI DERGİSİ - Year 2017, Vol 2, Issue 4
Abstract
The studies that have the subject of optimal capital structure are being more and more studied in the field of finance. In this research, the capital structure dynamics of 40 non-financial firms, which were traded in Borsa İstanbul (BIST) 100 index between 2012 and 2016, have been investigated by using panel data analysis. In this context, we tried to determine from what factors the optimal capital structures of these 40 firms have been effected by using the financial data of these firms. For this reason, we selected one dependent and five independent variables. As dependent variable, we selected the leverage ratio and as independent variables we selected growth ratio, return on equity (ROE), ratio of tangible assets, liquidity ratio and the firm size. The results of our study indicate that more profitable firms use less debt and therefore, there is a negative relationship between ROE and the leverage ratio. Additionally, we determined that there is a positive correlation between growth ratio, the ratio of tangible assets, the liquidity ratio, the firm size and the leverage ratio.
Authors and Affiliations
Alev Dilek Aydın
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