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- Title
VERGİSİZ ORTAMDA SERMAYE YAPISINI ETKİLEYEN FAKTÖRLER: TÜRKİYE GAYRİMENKUL YATIRIM ORTAKLIKLARI.
- Authors
ÇELİK, Emre; HEPŞEN, Ali
- Abstract
The purpose of this paper is to elucidate the factors affecting the capital structure of Turkish real estate investment trusts whose all earnings are exempt from corporate tax. The study employs the panel data analysis method, covering the period from 2013 to 2022. The dependent variable is the financial leverage ratio, which is used as a proxy for capital structure. Firm-specific, financial market-specific and macroeconomic factors are the analyzed independent variables affecting capital structure. According to the analysis results, positive relationships exist between the financial leverage ratio with the asset size and the level of bond market development, while negative relationships exist between the dividend payout ratio, the firm's age, the level of capital market development and the operating risk. These factors are consistent with the assumptions of both trade-off and pecking-order theories of firm capital structure. The factors affecting the capital structure of firms can be explained with distinct theories, taking into account firm-specific variables, financial market developments, and macroeconomic conditions.
- Subjects
REAL estate investment trusts; CAPITAL structure; STRUCTURAL analysis (Engineering); DATA analysis
- Publication
Dogus University Journal / Doğuş Üniversitesi Dergisi, 2024, Vol 25, Issue 1, p317
- ISSN
1302-6739
- Publication type
Article
- DOI
10.31671/doujournal.1362954