Kalkan, Sarp
This dissertation attempts to find answers to three research questions related to Turkish firms’ capital structure. Employing a relatively more comprehensive data set, possible factors that characterize capital structures of Turkish firms are explored. In the first essay, pooled panel and fixed effect estimation results provide evidence supporting the pecking order theory as a better fit for Turkish firms. In the second essay, debt ratios of private firms have been reported higher than public firms. Moreover, it is observed that the sensitivity effect cannot be validated in the present dissertation. In the last essay, evidence supports that Turkish firms rebalance their financial structure to a target level. Moreover, the private firms finance their deficits through more debt issuance compared to the public firms.
Citation Formats
S. Kalkan, “ESSAYS ON CAPITAL STRUCTURE IN TURKEY,” Ph.D. - Doctoral Program, Middle East Technical University, 2021.