Author/Authors :
TAŞKIN, F. Dilvin Yaşar Üniversitesi - İktisadi ve İdari Bilimler Fakültesi - İşletme Bölümü, Turkey , COŞKUN, Sedat Celal Bayar Üniversitesi - Kula Meslek Yüksek Okulu, Turkey
Title Of Article :
THE IMPACT OF OWNERSHIP STRUCTURE ON THE FINANCING DECISIONS: EVIDENCE FROM BIST ENERGY COMPANIES
Abstract :
Following Modigliani and Miller (1958) finance literature widely analyzed how the firm chooses its optimal capital structure based on bankruptcy costs, agency costs, information asymmetries and tax. The aim of this paper is to analyze the factors that affect the capital structure of the companies that are traded in Borsa Istanbul and with the main area of activity is energy for the period 2008 and 2012. For this reason, profitability, collateral value, growth, non-debt tax shield, uniqueness and besides the impact of ownership structure are analyzed as determinants of financial leverage through the use of panel regression analysis. According to the results of the analyses, the ownership structure, that is proxied by the share of the biggest shareholder and free float rate, has significant effects on financial leverage and moreover collateral value, non-debt tax shield and firm size has positive, uniqueness and profitability ratio has negative effects on the debts of the company.
NaturalLanguageKeyword :
Capital Structure , Financing Decisions , Ownership Structure.
JournalTitle :
dokuz eylul university the journal of graduate school of social sciences
