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İşletme Bölümü Tezleri

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/152

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Browsing İşletme Bölümü Tezleri by Subject "Borsa İstanbul"

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    Master Thesis
    Testing the pecking order theory for Turkish corporations listed on Barseu İstanbul
    (2016) Khazraei, Navid
    The aim of this thesis is to empirically test whether the pecking order theory of capital structure is valid for Turkish corporations listed on Borsa Istanbul. The methodology proposed by Shyam-Sunder and Myers is utilized and unbalanced panel data regression analysis with fixed effect is performed. Change in borrowing is the dependent variable; financing deficit is independent variable in regression analysis. According to the pecking order theory firms first use internal funds (retained earnings) financing. If internal funds do not suffice firms first borrow then issue new stock as a last resort. If the corporations follow this hierarchy of financing the intercept term must be equal to zero and the regression coefficient must be close to one. Data for the variables are compiled from the cash flow statements of the publicly held corporations published in the web page of Public Disclosure Platform for the period of 2009-2014. Empirical results indicate weak support for pecking order theory in Turkey. This implies that publicly held corporations in Turkey sometimes prefer issuing new equity than borrowing.