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Journals / Sosyoekonomi / 2026 / Cilt: 34 Sayı: 69

Analysis of Firm-Specific Factors Affecting Capital Structure in Renewable Energy Firms

Yenilenebilir Enerji Firmalarında Sermaye Yapısını Etkileyen Firmaya Özgü Faktörlerin Analizi

Yakup Söylemez(BÜLENT ECEVİT ÜNİVERSİTESİ)0000-0002-6185-3192
Şenol Doğan(ONDOKUZ MAYIS ÜNİVERSİTESİ, ALAÇAM MESLEK YÜKSEKOKULU)0000-0002-2497-1958
Pages
223–240
Publication Date
2026-07-31
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AI Summary & Key Takeaways

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

The relationships among the variables provided evidence that the pecking-order theory holds in renewable energy companies.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:The purpose of this study is to investigate firm-level determinants of capital structures of renewable energy firms.
📊
Key Findings & Data:For the study, data from the world's top 10 renewable energy firms, ranked in the Reuters Energy 100 report from 2019 to 2023, were used.
💡
Conclusion & Impact:The relationships among the variables provided evidence that the pecking-order theory holds in renewable energy companies.
🔬Design:Araştırma Makalesi
📍Scope:2019 Verileri
⚙️Variables:Sürdürülebilirlik · Sermaye Yapısı · Dengeleme Teorisi

Abstract

The purpose of this study is to investigate firm-level determinants of capital structures of renewable energy firms. For the study, data from the world's top 10 renewable energy firms, ranked in the Reuters Energy 100 report from 2019 to 2023, were used. In the study, multiple linear regression is used to analyse associations among variables. Based on the analysis conducted in the study context, profitability, size, asset structure, tax and liquidity variables, and firm leverage showed strong negative correlations. The relationships among the variables provided evidence that the pecking-order theory holds in renewable energy companies.

Özet

Bu çalışmanın amacı yenilenebilir enerji firmalarının sermaye yapılarına etki eden firmaya özgü faktörlerin analiz edilmesidir. Çalışma kapsamında, Reuters tarafından hazırlanan Energy 100 raporunda yer alan dünyanın önde gelen 10 yenilenebilir enerji firmasının 2019-2023 yılları arasındaki verileri kullanılmıştır. Araştırmada değişkenler arasındaki ilişkilerin analiz edilebilmesi için çoklu doğrusal regresyon analizi kullanılmıştır. Araştırma kapsamında gerçekleştirilen analiz sonucunda, firma kaldıracı ile kârlılık, büyüklük, varlık yapısı, vergi ve likidite değişkenleri arasında anlamlı ve negatif bir ilişki tespit edilmiştir. Değişkenler arasında tespit edilen bu ilişkiler yenilenebilir enerji firmalarında finansal hiyerarşi teorisinin geçerli olduğuna dair kanıtlar sunmuştur.

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Cite This Article

Söylemez, Y., Doğan, Ş. (2026). Analysis of Firm-Specific Factors Affecting Capital Structure in Renewable Energy Firms. Sosyoekonomi, Cilt: 34 Sayı: 69, 223–240. https://doi.org/10.17233/sosyoekonomi.2026.03.10

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