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

Year 2020, Volume: 7 Issue: 1, 142 - 152, 04.04.2020

Abdulkadir Bilen , İsmail Kalash

https://doi.org/10.17336/igusbd.525488

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. 

Keywords

Leverage, Trade-Off Model, Pecking Order Model, Service Firms, Istanbul Stock Exchange.

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

Abstract

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.

Keywords

Kaldıraç, Dengeleme Modeli, Finansal Hiyerarşi Modeli, Hizmet Firmaları, Borsa İstanbul (BİST)

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