TY - JOUR
T1 - Capital Structure Decisions Under Micro Institutional Settings
T2 - The Case of Turkey
AU - Gonenc, Halit
PY - 2003/1
Y1 - 2003/1
N2 - This article examines the impact of profitability, asset tangibility, size, and growth opportunities on capital structure decisions of Turkish industrial firms. I aim to show that corporate governance and equity ownership struc ture could influence the relationship between debt ratios and firms' charac teristics. Using regression analysis, I find that characteristics of firms along with equity ownership by managers, financial institutions, the government, and stock market activities determine the capital structure choice of Turkish firms in a way similar to other developed and developing countries. There is one exception, growth opportunities. Both total debt and long-term debt ratio increase with growth opportunities of firms.
AB - This article examines the impact of profitability, asset tangibility, size, and growth opportunities on capital structure decisions of Turkish industrial firms. I aim to show that corporate governance and equity ownership struc ture could influence the relationship between debt ratios and firms' charac teristics. Using regression analysis, I find that characteristics of firms along with equity ownership by managers, financial institutions, the government, and stock market activities determine the capital structure choice of Turkish firms in a way similar to other developed and developing countries. There is one exception, growth opportunities. Both total debt and long-term debt ratio increase with growth opportunities of firms.
UR - http://www.scopus.com/inward/record.url?scp=17744377520&partnerID=8YFLogxK
U2 - 10.1177/097265270300200103
DO - 10.1177/097265270300200103
M3 - Article
AN - SCOPUS:17744377520
SN - 0972-6527
VL - 2
SP - 57
EP - 82
JO - Journal of Emerging Market Finance
JF - Journal of Emerging Market Finance
IS - 1
ER -