Makroekonomik Faktörlerin Sermaye Yapısı Üzerindeki Etkisi: Sektörel Bir İnceleme
Özet
Capital structure is an important concept in financial literatüre, as it affects the cost of
capital, budgeting and the market value of firms. For this reoason, the owner or owners
of a firm want to determine the optimal capital structure that will maximize their wealth.
Firm and country level factors affect the capital structure decisions of firms. Variables
that firms obtain as a result of their activities and that can be controlled by the firm can
be expressed as firm-level factors. Macroeconomic factors such as inflation, exchange
rate, interest rate, gross domestic product (GDP) growth rate, which are determined
according to the current economic situation that cannot be controlled by the firm are the
factors at the country-level that affect the capital structure.
Since in this study, the effects of the basic macroeconomic indicators on the capital
structure wanted to be investigated, simple linear regression analysis was made by using
inflation, interest, GDP growth rate and exchange rate and financial leverage ratio of the
sectors for 2011-2020. The dependent variable used in the analysis is the financial
leverage (debt/asset) ratio. The independent variables are inflation, interest, GDP
growth rate and exchange rate. As a result of the regression analysis; it was concluded
that the GDP growth rate and the exchange rate had a statistically significant
relationship on the capital structure of sectors in general. It was observed that interest
and rate and inflation rate had a significant positive effect on certain sectors. The results
found show parallel with the trade-off theory.
