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ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES

Year 2023, Volume: 13 Issue: 2, 29 - 46, 30.12.2023

Meltem Kılıç Seren Aydıngülü Sakalsız

https://doi.org/10.47147/ksuiibf.1379933

Abstract

In the study, it is aimed to test the validity of the Pecking Order Theory and Trade-Off Theory, which are among the theories on which the capital structure decisions of companies, which are extremely important in terms of firm value, are based, on sustainable companies included in the BIST Sustainability Index, since they carry out activities to reduce the cost of capital. In the study, the total indebtedness ratios, long-term indebtedness ratios and short-term indebtedness ratios of 40 companies included in the BIST Sustainability Index between 2015-2021, as well as liquidity, asset structure, non-debt tax shield, tax, profitability ratio, change in assets, firm size and the relationship between firm risk is examined. In general, the capital structure preferences of sustainable firms support the Trade-Off Theory. In addition, it was revealed that the dummy variable created for the periods when companies entered the BIST Sustainability Index was statistically significantly and positively related to their borrowing behavior. This result is interpreted in the direction of an increase in the borrowing rates of the companies after they are included in the index.

Keywords

Capital Structure Pecking Order Theory Trade-off Theory Sustainability

References

  • Abdioğlu, N. (2019). Sermaye Yapısı ve Sürdürülebilirlik Endeksi: Borsa İstanbul Üzerine Bir Uygulama. Bandırma Onyedi Eylül Üniversitesi, 561–576.
  • Alsu, E. & Yarımbaş, E. (2017). Sermaye Yapılarının Belirlenmesinde Finansal Hiyerarşi Teorisi ve Ödünleşme Teorisi: İmalat Sektörü Üzerine Ekonometrik Bir Analiz. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 7(7), 95-113.
  • Bancel, F., & Mittoo, U. R. (2005). The Determinants of Capital Structure Choice: A Survey of European Firms. SSRN Electronic Journal, 33(4), 103–132. https://doi.org/10.2139/ssrn.299172
  • Barclay, M. J., Smith, C. W., & Morellec, E. (2006). On the debt capacity of growth options (Vol. 79, Issue 1). https://doi.org/10.1086/497404
  • Baskin, J. (1989). Empirical tests of capital structure theories: An empirical investigation of the Pecking Order hypothesis. Financial Management, 18(1), 26–35.
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial Correlation and the Fixed Effects Model. Review of Economic Studies, 49(4), 533–549. https://doi.org/10.2307/2297285
  • Biger, N., & Mathur, N. A. (2011). The effects of capital structure on profitability: Evidence from United States. International Journal of Management, 28(4), 3–15. https://www.researchgate.net/publication/290164484
  • Bradley, M., Gregg, J., & Kim, H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3), 857–878. https://doi.org/10.1111/j.1540-6261.1984.tb03680.x
  • Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239. https://doi.org/10.2307/2297111
  • Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364–367. https://doi.org/10.1080/01621459.1974.10482955
  • Cansız, S., & Sayılgan, G. (2017). Sermaye Yapısı Teorilerinin Reel Sektör Firmaları Özelinde Test Edilmesi. Verimlilik Dergisi, 2, 135–161.
  • Demirgüç-Kunt, A., Martinez Peria, M. S., & Tressel, T. (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60(September 2019), 101514. https://doi.org/10.1016/j.jcorpfin.2019.101514
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–559. https://doi.org/10.1162/003465398557825
  • Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance, 33(5), 321–331. https://doi.org/10.1108/03074350710739605
  • Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15(1), 1–33. https://doi.org/10.1093/rfs/15.1.1
  • Ferris, S. P., Javakhadze, D., & Rajkovic, T. (2017). The international effect of managerial social capital on the cost of equity. Journal of Banking and Finance, 74, 69–84. https://doi.org/10.1016/j.jbankfin.2016.10.001
  • Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248. https://doi.org/10.1016/S0304-405X(02)00252-0
  • Frees, E. W. (1995). Assessing cross-sectional correlation in panel data. Journal of Econometrics, 69(2), 393–414. https://doi.org/10.1016/0304-4076(94)01658-M
  • Frees, E. W. (2006). Longitudinal and Panel Data This. In Cambridge (Vol. 1999, Issue December). Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance.
  • Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251–1271.
  • http://www.jstor.org/stable/1913827%5Cnhttp://www.jstor.org/%5Cnhttp://www.jstor.org/action/showPublisher?publisherCode=econosoc.%5Cnhttp://www.jstor.org
  • Huang, G., & Song, F. M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14–36. https://doi.org/10.1016/j.chieco.2005.02.007
  • Jensen, M., & Meckling, W. (1976). THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. Journal of Financial Economics, 72(10), 305–360. https://doi.org/10.1177/0018726718812602
  • Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking and Finance, 32(9), 1954–1969. https://doi.org/10.1016/j.jbankfin.2007.12.034
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Lindkvist, L., & Saric, O. (n.d.). Sustainability Performance and Capital Structure An analysis of the relationship between ESG rating and debt ratio.
  • Miglo, A. (2010). The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review. http://ssrn.com/abstract=1629304
  • Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261–297. https://doi.org/10.1257/aer.103.7.i
  • Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. 53(3), 433–443.
  • Mumtaz, R., Rauf, S., Ahmed, B., & Noreen, U. (2013). Capital Structure and Financial Performance: Evidence from Pakistan (Kse 100 Index). Capital Structure and Financial Performanc, 3(4), 113–119. www.textroad.com
  • Myers, S. (1984). The Capital Structure Puzzle. The Journal of Finance, 3.
  • Nguyen, H. M., Giang Vuong, T. H., Nguyen, T. H., Wu, Y. C., & Wong, W. K. (2020). Sustainability of both pecking order and trade-off theories in chinese manufacturing firms. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093883
  • Pandey, I. M. M. (2005). Capital Structure and the Firm Characterstics: Evidence from an Emerging Market. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.300221
  • Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
  • Rajan, R., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
  • Sayilgan, G., Karabacak, H., & Küçükkocaoǧlu, G. (2006). The firm-specific determinants of corporate capital structure: Evidence from Turkish panel data. Investment Management and Financial Innovations, 3(3), 125–139.
  • Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  • Tunçel, M. B., & Yılmaz, T. (2020). SERMAYE YAPISI TEORİLERİNİN GEÇERLİLİĞİNİN ANALİZ EDİLMESİ: BİST SÜRDÜRÜLEBİLİRLİK ENDEKSİ ÜZERİNE BİR UYGULAMA. Muhasebe ve Finans İncelemeleri Dergisi. https://doi.org/10.32951/mufider.723474
  • Vural-Yavas, C. (2016). Determinants of Capital Structure for Firms that Provide High Quality Sustainability Reporting. Journal of Management and Sustainability, 6(4), 22. https://doi.org/10.5539/jms.v6n4p22
  • Wald, J. K. (1999). How firm characteristics affect capital structure: An international comparison. Journal of Financial Research, 22(2), 161–187. https://doi.org/10.1111/j.1475-6803.1999.tb00721.x
  • Yerdelen Tatoglu, F. (2020a). Panel Data Econometrics. Beta Publishing.
  • Yerdelen Tatoğlu, F. (2020b). Econometrics. Beta Publishing.

Sürdürülebilir Firmaların Sermaye Yapısı Kararlarında Dengeleme ve Finansman Hiyerarşisi Teorisinin Geçerliliğinin İncelenmesi

Year 2023, Volume: 13 Issue: 2, 29 - 46, 30.12.2023

Meltem Kılıç Seren Aydıngülü Sakalsız

https://doi.org/10.47147/ksuiibf.1379933

Abstract

Çalışmada firmaların firma değeri açısından son derece önemli olan sermaye yapısı kararlarının dayandığı teorilerden Finansman Hiyerarşisi Teorisi ve Dengeleme Teorisi’nin geçerliliğini, sermaye maliyetini azaltıcı faaliyetler yürütmesinden dolayı BIST Sürdürülebilirlik Endeksi’nde yer alan sürdürülebilir firmalar üzerinde test edilmesi amaçlanmıştır. Çalışmada 2015-2021 yılları arasında BIST Sürdürülebilirlik Endeksi’nde yer alan 40 firmanın toplam borçluluk oranları, uzun vadeli borçluluk oranları ve kısa vadeli borçluluk oranları ile likidite, varlık yapısı, borç dışı vergi kalkanı, vergi, karlılık oranı, aktiflerdeki değişim, firma büyüklüğü ve firma riski arasındaki ilişki incelenmektedir. Sonuçların geneline bakıldığında sürdürülebilir firmaların sermaye yapısı tercihleri Dengeleme Teorisi’ni destekler niteliktedir. Ayrıca firmaların BIST Sürdürülebilirlik Endeksi’ne girdikleri dönemler için oluşturulan kukla değişkenin borçlanma davranışları ile istatistiksel olarak anlamlı ve pozitif ilişkili olduğu ortaya koyulmuştur. Elde edilen bu sonuç firmaların endekse girdikten sonra borçlanma oranlarının artığı yönünde yorumlanmaktadır.

Keywords

Sermaye Yapısı Finansman Hiyerarşisi Teorisi Dengeleme Teorisi Sürdürülebilirlik

References

  • Abdioğlu, N. (2019). Sermaye Yapısı ve Sürdürülebilirlik Endeksi: Borsa İstanbul Üzerine Bir Uygulama. Bandırma Onyedi Eylül Üniversitesi, 561–576.
  • Alsu, E. & Yarımbaş, E. (2017). Sermaye Yapılarının Belirlenmesinde Finansal Hiyerarşi Teorisi ve Ödünleşme Teorisi: İmalat Sektörü Üzerine Ekonometrik Bir Analiz. Bingöl Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 7(7), 95-113.
  • Bancel, F., & Mittoo, U. R. (2005). The Determinants of Capital Structure Choice: A Survey of European Firms. SSRN Electronic Journal, 33(4), 103–132. https://doi.org/10.2139/ssrn.299172
  • Barclay, M. J., Smith, C. W., & Morellec, E. (2006). On the debt capacity of growth options (Vol. 79, Issue 1). https://doi.org/10.1086/497404
  • Baskin, J. (1989). Empirical tests of capital structure theories: An empirical investigation of the Pecking Order hypothesis. Financial Management, 18(1), 26–35.
  • Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial Correlation and the Fixed Effects Model. Review of Economic Studies, 49(4), 533–549. https://doi.org/10.2307/2297285
  • Biger, N., & Mathur, N. A. (2011). The effects of capital structure on profitability: Evidence from United States. International Journal of Management, 28(4), 3–15. https://www.researchgate.net/publication/290164484
  • Bradley, M., Gregg, J., & Kim, H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3), 857–878. https://doi.org/10.1111/j.1540-6261.1984.tb03680.x
  • Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics. The Review of Economic Studies, 47(1), 239. https://doi.org/10.2307/2297111
  • Brown, M. B., & Forsythe, A. B. (1974). Robust tests for the equality of variances. Journal of the American Statistical Association, 69(346), 364–367. https://doi.org/10.1080/01621459.1974.10482955
  • Cansız, S., & Sayılgan, G. (2017). Sermaye Yapısı Teorilerinin Reel Sektör Firmaları Özelinde Test Edilmesi. Verimlilik Dergisi, 2, 135–161.
  • Demirgüç-Kunt, A., Martinez Peria, M. S., & Tressel, T. (2020). The global financial crisis and the capital structure of firms: Was the impact more severe among SMEs and non-listed firms? Journal of Corporate Finance, 60(September 2019), 101514. https://doi.org/10.1016/j.jcorpfin.2019.101514
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–559. https://doi.org/10.1162/003465398557825
  • Eriotis, N., Vasiliou, D., & Ventoura-Neokosmidi, Z. (2007). How firm characteristics affect capital structure: an empirical study. Managerial Finance, 33(5), 321–331. https://doi.org/10.1108/03074350710739605
  • Fama, E. F., & French, K. R. (2002). Testing Trade-Off and Pecking Order Predictions About Dividends and Debt. Review of Financial Studies, 15(1), 1–33. https://doi.org/10.1093/rfs/15.1.1
  • Ferris, S. P., Javakhadze, D., & Rajkovic, T. (2017). The international effect of managerial social capital on the cost of equity. Journal of Banking and Finance, 74, 69–84. https://doi.org/10.1016/j.jbankfin.2016.10.001
  • Frank, M. Z., & Goyal, V. K. (2003). Testing the pecking order theory of capital structure. Journal of Financial Economics, 67(2), 217–248. https://doi.org/10.1016/S0304-405X(02)00252-0
  • Frees, E. W. (1995). Assessing cross-sectional correlation in panel data. Journal of Econometrics, 69(2), 393–414. https://doi.org/10.1016/0304-4076(94)01658-M
  • Frees, E. W. (2006). Longitudinal and Panel Data This. In Cambridge (Vol. 1999, Issue December). Harris, M., & Raviv, A. (1991). The Theory of Capital Structure. The Journal of Finance.
  • Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251–1271.
  • http://www.jstor.org/stable/1913827%5Cnhttp://www.jstor.org/%5Cnhttp://www.jstor.org/action/showPublisher?publisherCode=econosoc.%5Cnhttp://www.jstor.org
  • Huang, G., & Song, F. M. (2006). The determinants of capital structure: Evidence from China. China Economic Review, 17(1), 14–36. https://doi.org/10.1016/j.chieco.2005.02.007
  • Jensen, M., & Meckling, W. (1976). THEORY OF THE FIRM: MANAGERIAL BEHAVIOR, AGENCY COSTS AND OWNERSHIP STRUCTURE. Journal of Financial Economics, 72(10), 305–360. https://doi.org/10.1177/0018726718812602
  • Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking and Finance, 32(9), 1954–1969. https://doi.org/10.1016/j.jbankfin.2007.12.034
  • Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1–24. https://doi.org/10.1016/S0304-4076(01)00098-7
  • Lindkvist, L., & Saric, O. (n.d.). Sustainability Performance and Capital Structure An analysis of the relationship between ESG rating and debt ratio.
  • Miglo, A. (2010). The Pecking Order, Trade-off, Signaling, and Market-Timing Theories of Capital Structure: a Review. http://ssrn.com/abstract=1629304
  • Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. American Economic Review, 48(3), 261–297. https://doi.org/10.1257/aer.103.7.i
  • Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. 53(3), 433–443.
  • Mumtaz, R., Rauf, S., Ahmed, B., & Noreen, U. (2013). Capital Structure and Financial Performance: Evidence from Pakistan (Kse 100 Index). Capital Structure and Financial Performanc, 3(4), 113–119. www.textroad.com
  • Myers, S. (1984). The Capital Structure Puzzle. The Journal of Finance, 3.
  • Nguyen, H. M., Giang Vuong, T. H., Nguyen, T. H., Wu, Y. C., & Wong, W. K. (2020). Sustainability of both pecking order and trade-off theories in chinese manufacturing firms. Sustainability (Switzerland), 12(9). https://doi.org/10.3390/su12093883
  • Pandey, I. M. M. (2005). Capital Structure and the Firm Characterstics: Evidence from an Emerging Market. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.300221
  • Rajan, R. G., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
  • Rajan, R., & Zingales, L. (1995). What Do We Know about Capital Structure? Some Evidence from International Data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
  • Sayilgan, G., Karabacak, H., & Küçükkocaoǧlu, G. (2006). The firm-specific determinants of corporate capital structure: Evidence from Turkish panel data. Investment Management and Financial Innovations, 3(3), 125–139.
  • Titman, S., & Wessels, R. (1988). The Determinants of Capital Structure Choice. The Journal of Finance, 43(1), 1–19. https://doi.org/10.1111/j.1540-6261.1988.tb02585.x
  • Tunçel, M. B., & Yılmaz, T. (2020). SERMAYE YAPISI TEORİLERİNİN GEÇERLİLİĞİNİN ANALİZ EDİLMESİ: BİST SÜRDÜRÜLEBİLİRLİK ENDEKSİ ÜZERİNE BİR UYGULAMA. Muhasebe ve Finans İncelemeleri Dergisi. https://doi.org/10.32951/mufider.723474
  • Vural-Yavas, C. (2016). Determinants of Capital Structure for Firms that Provide High Quality Sustainability Reporting. Journal of Management and Sustainability, 6(4), 22. https://doi.org/10.5539/jms.v6n4p22
  • Wald, J. K. (1999). How firm characteristics affect capital structure: An international comparison. Journal of Financial Research, 22(2), 161–187. https://doi.org/10.1111/j.1475-6803.1999.tb00721.x
  • Yerdelen Tatoglu, F. (2020a). Panel Data Econometrics. Beta Publishing.
  • Yerdelen Tatoğlu, F. (2020b). Econometrics. Beta Publishing.
There are 42 citations in total.

Details

Primary Language English
Subjects Financial Economy, Environment and Climate Finance, Finance
Journal Section Makaleler
Authors

Meltem Kılıç 0000-0001-8978-9076

Seren Aydıngülü Sakalsız 0000-0001-7452-311X

Publication Date December 30, 2023
Submission Date October 23, 2023
Acceptance Date December 29, 2023
Published in Issue Year 2023Volume: 13 Issue: 2

Cite

APA Kılıç, M., & Aydıngülü Sakalsız, S. (2023). ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 13(2), 29-46. https://doi.org/10.47147/ksuiibf.1379933
AMA Kılıç M, Aydıngülü Sakalsız S. ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. December 2023;13(2):29-46. doi:10.47147/ksuiibf.1379933
Chicago Kılıç, Meltem, and Seren Aydıngülü Sakalsız. “ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES”. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 13, no. 2 (December 2023): 29-46. https://doi.org/10.47147/ksuiibf.1379933.
EndNote Kılıç M, Aydıngülü Sakalsız S (December 1, 2023) ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 13 2 29–46.
IEEE M. Kılıç and S. Aydıngülü Sakalsız, “ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES”, Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 13, no. 2, pp. 29–46, 2023, doi: 10.47147/ksuiibf.1379933.
ISNAD Kılıç, Meltem - Aydıngülü Sakalsız, Seren. “ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES”. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 13/2 (December 2023), 29-46. https://doi.org/10.47147/ksuiibf.1379933.
JAMA Kılıç M, Aydıngülü Sakalsız S. ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2023;13:29–46.
MLA Kılıç, Meltem and Seren Aydıngülü Sakalsız. “ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES”. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 13, no. 2, 2023, pp. 29-46, doi:10.47147/ksuiibf.1379933.
Vancouver Kılıç M, Aydıngülü Sakalsız S. ANALYSIS OF THE VALIDITY OF TRADE-OFF AND PECKING ORDER THEORIES IN CAPITAL STRUCTURE DECISIONS OF SUSTAINABLE COMPANIES. Kahramanmaraş Sütçü İmam Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2023;13(2):29-46.