DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM TRADITIONAL AIRLINES

Year 2018, Issue: 21, 173 - 186, 04.04.2018

Kasım Kiracı , Nurhan Aydın

https://doi.org/10.18092/ulikidince.363126

Cited By: 4

Abstract

The purpose of this study is to examine the factors that define
capital structure of airlines with traditional business model by taking into
account the capital structure theories. In line with this purpose, 31 airline
companies, which have continuous financial data during the 2004-2015 period,
were examined. Panel data analysis was used as a method in the study. Empirical
findings of the study show that traditional airlines operate in line with the
Trade-off Theory when determining their long-term debt ratio. In addition,
findings of the study indicate that traditional airlines operate in line with
the Pecking Order Theory when determining the total debt ratio, which also
means that they tend to increase total leverage level.

Keywords

Pecking order theory, Trade-off theory, Panel data analysi

DETERMINANTS OF CAPITAL STRUCTURE: EMPIRICAL EVIDENCE FROM TRADITIONAL AIRLINES

Abstract

Bu çalışmanın amacı geleneksel iş modeli uygulayan havayollarının
sermaye yapısını belirleyen faktörlerin sermaye yapısına ilişkin teoriler
dikkate alınarak incelenmesidir. Bu amaç doğrultusunda finansal verileri
2004-2015 döneminde süreklilik gösteren 31 havayolu şirketi incelenmiştir.
Çalışmada yöntem olarak panel veri analizi kullanılmıştır. Çalışmanın ampirik
bulguları geleneksel havayollarının uzun vadeli borç oranını belirlerken
Dengeleme Teorisine uygun olarak hareket ettiğini ortaya koymaktadır. Buna ek
olarak çalışmanın sonuçları, geleneksel havayollarının toplam borç oranlarının
belirlenmesinde Finansman Hiyerarşisi Teorisine uygun olarak hareket edildiğini
diğer bir ifadeyle toplam kaldıraç düzeyini arttırma eğiliminde olunduğunu
göstermektedir. 

Keywords

Finansman hiyerarşisi teorisi, Dengeleme teorisi, Panel veri analizi

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