SavedAdd your journal

Journals / Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2026 / Volume: 27 Issue: 1

THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND FIRM PERFORMANCE: A PANEL DATA ANALYSIS OF THE BIST FOOD SECTOR

Emine Kaya(Bingöl Üniversitesi)0000-0002-1823-162X
Pages
—
Publication Date
2026-03-26
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗
✨

AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

A rise of one unit in CSR correlates with an increase of 0.09 units in ROA, confirming the Net Income Theory’s assertion that leveraging higher debt levels can effectively reduce financing costs, as evidenced by firms in the BİST Food Sector.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study aims to investigate the relationship between return on assets (ROA) and capital structure ratio (CSR).
📊
Key Findings & Data:It uses annual data for the years 2010-2024 and implements a heterogenous panel data analysis.
💡
Conclusion & Impact:A rise of one unit in CSR correlates with an increase of 0.09 units in ROA, confirming the Net Income Theory’s assertion that leveraging higher debt levels can effectively reduce financing costs, as evidenced by firms in the BİST Food Sector.
🔬Design:Research Article
📍Scope:2010-2024 Verileri
⚙️Variables:Capital Structure · Firm Performance · Panel Data Analysis

Abstract

This study aims to investigate the relationship between return on assets (ROA) and capital structure ratio (CSR). It uses annual data for the years 2010-2024 and implements a heterogenous panel data analysis. The dependent variable of focus is ROA, obtained through the net profit-to-total asset ratio, while the independent variable is the ratio Total Debt/Total Assets (CSR) representing the capital structure. The econometric analyses were conducted using the Stata 14.0 software package. The outcome suggests a persistent and positive effect of CSR on ROA in the long term. A rise of one unit in CSR correlates with an increase of 0.09 units in ROA, confirming the Net Income Theory’s assertion that leveraging higher debt levels can effectively reduce financing costs, as evidenced by firms in the BİST Food Sector.

🔖

Cite This Article

Kaya, E. (2026). THE RELATIONSHIP BETWEEN CAPITAL STRUCTURE AND FIRM PERFORMANCE: A PANEL DATA ANALYSIS OF THE BIST FOOD SECTOR. Anadolu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Volume: 27 Issue: 1. https://doi.org/10.53443/anadoluibfd.1760395

📄 Full Text PDF Viewer

📄

PDF görüntüleyici hazırlanıyor...

References (28)

  1. Akpınar, O. (2016). Sermaye yapısının firma performansına etkisi: Borsa İstanbul’da bir uygulama. Kastamonu Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 290–302. https://dergipark.org.tr/en/pub/iibfdkastamonu/issue/29620/317992
  2. Alhassan, I. (2021). Capital structure and financial performance of consumer goods companies in Nigeria. International Journal of Accounting Research, 6(2), 58–67. https://j.arabianjbmr.com/index.php/ijar/article/view/184
  3. Ashraf, M., Ameen, A., & Shahzadi, K. (2017). The impact of capital structure on firm’s profitability: A case of cement industry of Pakistan. International Journal of Business and Social Science, 8(4), 140–147. https://ijbssnet.com/journals/Vol_8_No_4_April_2017/15.pdf
  4. Aslan, M. (2022). Sermaye yapısı ve firma performansı ilişkisi: BIST ana metal sanayi sektörüne yönelik bir analiz. Bulletin of Economic Theory and Analysis, 7(2), 281–295. https://doi.org/10.25229/beta.1140827
  5. Barakalı, O. C., & Öndeş, T. (2021). İşletmelerin borç yapılarının aktif kârlılıkları üzerine etkisi: Borsa İstanbul’da bir araştırma. Avrasya Sosyal ve Ekonomi Araştırmaları Dergisi, 8(4), 295–312.
  6. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The Review of Economic Studies, 47(1), 239–253. https://doi.org/10.2307/2297111
  7. Çopuroğlu, F., & Korkmaz, İ. H. (2018). Vekâlet teorisi, sermaye yapısı ve firma performansı arasındaki ilişkinin incelenmesi. GÜ Islahiye İİBF Uluslararası e-Dergi, 2(2), 21–33.
  8. Çöllü, D. A. (2021). Sermaye yapısının kârlılık üzerindeki etkisi: TCMB sektör bilançoları üzerine bir araştırma. Fiscaoeconomia, 5(3), 957–977. https://www.ceeol.com/search/article-detail?id=1011287
  9. Dinh, H. T., & Pham, C. D. (2020). The effect of capital structure on financial performance of Vietnamese listing pharmaceutical enterprises. The Journal of Asian Finance, Economics and Business, 7(9), 329–340. https://doi.org/10.13106/jafeb.2020.vol7.no9.329
  10. Dolunay, Y. A., & Kandil Göker, İ. E. (2021). Sermaye yapısı ve firma özelliklerinin performans üzerindeki etkileşim etkisi: Borsa İstanbul’da işlem gören şirketler üzerine bir uygulama. International Review of Economics and Management, 9(2), 272–298. https://doi.org/10.18825/iremjournal.1028510
  11. Düzakın, H., & Özekenci, S. Y. (2024). Sermaye yapısının finansal performansa olan etkisinin incelenmesi: BİST Taş, Toprak (XTAST) endeksi üzerine bir uygulama. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 33(1), 78–94. https://doi.org/10.35379/cusosbil.1393373
  12. Elmas, B., & Gözel, M. (2020). Sermaye yapısı ve firma performansı ilişkisi: BIST otomotiv sektörü üzerine ampirik bir çalışma. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 4(2), 219–235. https://doi.org/10.33399/biibfad.763864
  13. Güneysu, Y., Atasel, O. Y., & Şeker, Y. (2021). Sermaye yapısının finansal performansa etkisi: Borsa İstanbul lojistik ve ulaştırma firmaları üzerine bir araştırma. Akademik Hassasiyetler, 8(17), 305–320. https://dergipark.org.tr/tr/pub/akademik-hassasiyetler/issue/67434/1009381
  14. Hossain, M. I., Azam, M. S., Uddin, M. R., & Shovon, M. K. H. (2022). Capital structure and financial performance of food industry: An agro-based emerging economy perspective. International Journal of Accounting & Finance Review, 10(1), 53–60. https://doi.org/10.46281/ijafr.v10i1.1654
  15. Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53–74. https://doi.org/10.1016/S0304-4076(03)00092-7
  16. Karadeniz, E., Kaplan, F., & Günay, F. (2016). Sermaye yapısı kararlarının kârlılığa etkisi: Borsa İstanbul turizm şirketlerinde bir araştırma. Seyahat ve Otel İşletmeciliği Dergisi, 13(3), 38–55.
  17. Konak, F., & Türkoğlu, D. (2022). Sermaye ve sahiplik yapısının firma performansına etkisi: Borsa İstanbul turizm endeksi uygulaması. Alanya Akademik Bakış, 6(1), 1571–1586. https://doi.org/10.29023/alanyaakademik.872410
  18. Le, T. P. V., & Phan, T. B. N. (2017). Capital structure and firm performance: Empirical evidence from a small transition country. Research in International Business and Finance, 42, 710–726. https://doi.org/10.1016/j.ribaf.2017.07.012
  19. Özcan, İ. Ç. (2019). Capital structure and firm performance: Evidence from the airport industry. European Journal of Transport and Infrastructure Research, 19(3). https://doi.org/10.18757/ejtir.2019.19.3.4384
  20. Pesaran, M. H. (2004). General diagnostic tests for cross section dependence in panels. Cambridge Working Papers. Economics, 1, 240(1). https://doi.org/10.17863/CAM.5113
  21. Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of Applied Econometrics, 22(2), 265–312. https://doi.org/10.1002/jae.951
  22. Singh, N. P., & Bagga, M. (2019). The effect of capital structure on profitability: An empirical panel data study. Jindal Journal of Business Research, 8(1), 65–77. https://doi.org/10.1177/2278682118823312
  23. Swamy, P. A. V. B. (2012). Statistical inference in random coefficient regression models (Vol. 55). Springer Science & Business Media. https://books.google.com.tr/books?id=gK3oCAAAQBAJ&lpg=PA1&ots=1K0lW8HUpo&lr&hl=tr&pg=PA1#v=onepage&q&f=false
  24. Şeker, K. (2022). Banka dışı mali kuruluşlarda sermaye yapısı ile kârlılık arasındaki ilişkinin panel veri yöntemi ile analizi. Turkish Business Journal, 3(6), 65–86. https://doi.org/10.51727/tbj.1190143
  25. Tailab, M. (2014). The effect of capital structure on profitability of energy American firms. International Journal of Business and Management Invention, 3(12). https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3251675
  26. Tifow, A. A., & Sayilir, O. (2015). Capital structure and firm performance: An analysis of manufacturing firms in Turkey. Eurasian Journal of Business and Management, 3(4), 13–22. https://ideas.repec.org/a/ejn/ejbmjr/v3y2015i4p13-22.html
  27. Westerlund, J. (2007). Testing for error correction in panel data. Oxford Bulletin of Economics and Statistics, 69(6), 709–748. https://doi.org/10.1111/j.1468-0084.2007.00477
  28. Yılmaz, M. H. (2014). Üretim işletmelerinde dış kaynak kullanımının sermaye yapısı üzerine etkisi (Master’s dissertation). Başkent University / Institute of Social Sciences, Ankara.