THE EFFECT OF CAPITAL STRUCTURE ON FIRM VALUE AND FIRM PERFORMANCE:AN EMPIRICAL ANALYSES
Journal Title: The Journal of International Social Research - Year 2017, Vol 10, Issue 53
Abstract
In this study, the effect of firms' capital structure on the firm value and performance was examined. With this purpose, data between the years of 2000 and 2012 from 60 companies in BIST-100 Stock Exchange was examined. In models that measure the effect of capital structure on firm value, dependent variables are Market value/Book value and Tobin Q; while in models that measure the effect of capital structure on firm performance,dependent variables are Return on Assets, Return on Equity, Profit Per Share and Price Earnings ratio. In all Models Dept/Equity ratio is independent variable and Risk is control variable. Analyses were performed separately for large and small firms grouped according to their asset value. Findings showed that an increase in rate of debt in capital structure reduces the performance of small-sized firms whereas it increases the values of all firms at minimal and statistically significant level.
Authors and Affiliations
Hülya YILMAZ
Keywords
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