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Journals / İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi / 2020 / Cilt: 7 - Sayı: 1

Factors Affecting the Financial Leverage of Service Firms in Turkey: An Empirical Investigation

Türkiye’de Hizmet Firmalarının Finansal Kaldıracını Etkileyen Faktörler Üzerine Ampirik Bir Araştırma

Abdulkadir BİLEN
Ismail KALASH
Pages
142–152
Publication Date
2022-10-18
DOI
—
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AI Summary & Key Takeaways

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

Using Ordinary Least Squares (OLS) regressions, our results indicated that, as assumed by the pecking order model, leverage increases with investment opportunities and decreases with profitability, liquidity and tangibility.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This research investigates the factors affecting the financial leverage of 52 service firms listed on Istanbul Stock Exchange during the period from 2008 to 2017.
📊
Key Findings & Data:Using Ordinary Least Squares (OLS) regressions, our results indicated that, as assumed by the pecking order model, leverage increases with investment opportunities and decreases with profitability, liquidity and tangibility.
💡
Conclusion & Impact:However, contradicting the trade-off model, non-debt tax shields are positively and significantly related to leverage.
🔬Design:Modeling & Simulation
📍Scope:2008 Verileri
⚙️Variables:Kaldıraç · Dengeleme Modeli · Finansal Hiyerarşi Modeli

Abstract

This research investigates the factors affecting the financial leverage of 52 service firms listed on Istanbul Stock Exchange during the period from 2008 to 2017. Using Ordinary Least Squares (OLS) regressions, our results indicated that, as assumed by the pecking order model, leverage increases with investment opportunities and decreases with profitability, liquidity and tangibility. Furthermore, we find that larger firms tend to have high leverage. However, contradicting the trade-off model, non-debt tax shields are positively and significantly related to leverage.

Özet

Bu çalışma 2008-2017 yılları arasında Borsa İstanbul’da (BİST) hisse senetleri işlem gören 52 hizmet firmanın finansal kaldıracını etkileyen faktörleri incelemektedir. En küçük kareler yönetimini (OLS) kullanarak çalışmanın sonuçları, finansal hiyerarşi modelinde varsayıldığı gibi, kaldıracın büyüme fırsatları ile arttığını ve karlılık, likidite ve maddi duran varlıklar ile azaldığını göstermiştir. Ayrıca, büyük firmaların yüksek kaldıraca sahip olduğu ortaya çıkmıştır. Bununla birlikte, dengeleme modelinin tersine, kaldıraç ile borç dışı vergi kalkanı arasındaki ilişki pozitif ve anlamlı olduğu tespit edilmiştir.

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Cite This Article

BİLEN, A., KALASH, I. (2022). Factors Affecting the Financial Leverage of Service Firms in Turkey: An Empirical Investigation. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, Cilt: 7 - Sayı: 1, 142–152. https://ajindex.com/articles/550721

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