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THE EFFECT OF TAX RATE AND CHANGES ON CAPITAL STRUCTURE AND FINANCIAL PERFORMANCE IN INDUSTRIAL FIRMS: BRICS – TÜRKİYE ANALYSIS

Year 2023, Volume: 18 Issue: 60, 512 - 542, 27.07.2023
https://doi.org/10.14783/maruoneri.1189359

Abstract

The aim of this study is to explain the financial performance of nonfinancial listed companies in BRICS (Brazil, Russia, India, China, South Africa) countries and Türkiye through the lens of capital structure and taxes over a period from 2009 to 2019. The specific analysis object is the evaluation of financial leverage as a proportion of debt financing based on the amount of total assets. The results presented herein indicate that the corporate tax rate is positively statistically significant regarding capital structure and financial performance indicators, however, the effect of taxation varies each year. Effective tax rate, non-debt tax shield, and personal tax rate are not statistically significant across all periods, but they give coefficients with close values. There are also mixed results for short – and long-term financial leverage regarding non-debt tax shield and personal tax rate. What stands out the most in this paper is the negative relationship between capital structure and financial performance, which is supported by the pecking order theory. The conclusions presented herein regarding the complexities and interaction of economic indicators among BRICS countries and Türkiye constitute essential information for any academician and businessman concerned with emerging economies.

References

  • Ahmeti, F., & Prenaj, B. (2015). A critical review of Modigliani and Miller’s theorem of capital structure. International Journal of Economics, Commerce and Management, 3(6), 914-924.
  • Al Farooque, O., van Zijl, T., Dunstan, K., & Karim, W. (2005). A Simultaneous Equations Approach to Analysing the Relation between Ownership Structure and Performance in Bangladesh. http://researcharchive.vuw.ac.nz/handle/10063/2222
  • Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414
  • Barrios, S., Huizinga, H., Laeven, L., & Nicodème, G. (2012). International taxation and multinational firm location decisions. Journal of Public Economics, 96(11), 946-958.
  • Bevan, A., & Danbolt, J. (2002). Capital structure and its determinants in the UK - a decompositional analysis. Applied Financial Economics, 12(3), 159-170.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structures in Developing Countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
  • Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3), 857-878. JSTOR. https://doi.org/10.2307/2327950
  • Brigham, E. F., & Daves, P. R. (2007). Intermediate Financial Management (9th edition). R. R. Donnelley.
  • Brigham, E. F., & Ehrhardt, M. C. (2011). Financial management: Theory and practice (13th ed). South-Western Cengage Learning.
  • Bylo, A., & Çankaya, S. (2019). Capital Structure Determinants in Transitional Economies. International Journal of Commerce and Finance, 5(1), Art. 1.
  • Chakrabarti, R., & Gruzin, A. (2019). The Impacts of Taxation on Capital Structure in BRICS Countries. Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438, 13(3), 94-110. https://doi.org/10.17323/j.jcfr.2073-0438.13.3.2019.94-110
  • Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295-314. https://doi.org/10.1016/j.ribaf.2010.02.001
  • Cheng, Y. (2008). Company Capital Structure and Tax: A Study of Mid-sized European Companies [Loughborough University]. https://core.ac.uk/download/pdf/40046458.pdf
  • Cheng, Y., & Green, C. J. (2008). Taxes and Capital Structure: A Study of European Companies. Manchester School, 76, 85-115. https://doi.org/10.1111/j.1467-9957.2008.01082.x
  • Chittenden, F., Hall, G., & Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigation. Small Business Economics, 8(1), 59-67. https://doi.org/10.1007/BF00391976
  • De Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking & Finance, 32(9), 1954-1969. https://doi.org/10.1016/j.jbankfin.2007.12.034
  • DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29. https://doi.org/10.1016/0304-405X(80)90019-7
  • Dwenger, N., & Steiner, V. (2014). Financial leverage and corporate taxation: Evidence from German corporate tax return data. International Tax and Public Finance, 21(1), 1-28.
  • Faccio, M., & Xu, J. (2015). Taxes and Capital Structure. Journal of Financial and Quantitative Analysis, 50(3), 277-300. https://doi.org/10.1017/S0022109015000174
  • Fan, J. P. H., Titman, S., & Twite, G. (2012). An International Comparison of Capital Structure and Debt Maturity Choices. Journal of Financial and Quantitative Analysis, 47(01), 23-56. https://doi.org/10.1017/S0022109011000597
  • Frank, M. Z., & Goyal, V. K. (2007). Trade-Off and Pecking Order Theories of Debt. İçinde Handbook of Empirical Corporate Finance SET (C. 1, ss. 135-202). Elsevier. https://doi.org/10.1016/B978-0-444-53265-7.50004-4
  • Frank, M. Z., & Goyal, V. K. (2008). Profits and Capital Structure. AFA 2009 San Francisco Meetings Paper, 42.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 37.
  • Frydenberg, S. (2011). Theory of Capital Structure—A Review (SSRN Scholarly Paper Sy 556631). https://papers.ssrn.com/abstract=556631
  • Gordon, R. (2010). Taxation and Corporate Use of Debt: Implications for Tax Policy. National Tax Journal, 63(1), 151-174.
  • Gordon, R. H., & Lee, Y. (2001). Do taxes affect corporate debt policy? Evidence from U.S. corporate tax return data. Journal of Public Economics, 82(2), 195-224. https://doi.org/10.1016/S0047-2727(00)00151-1
  • Hartmann-Wendels, T., Stein, I., & Stöter, A. (2012). Tax Incentives and Capital Structure Choice: Evidence from Germany (SSRN Scholarly Paper ID 2796875). Social Science Research Network. https://papers.ssrn.com/abstract=2796875
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371.
  • Kim, W., & Lee, H.-J. (2015). Debt and Taxes: Evidence from Foreign versus Domestic Subsidiaries in an Emerging Market. Asia-Pacific Journal of Financial Studies, 44(2), 246-280. https://doi.org/10.1111/ajfs.12088
  • Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: A review and future directions. International Journal of Managerial Finance, 13(2), 106-132. https://doi.org/10.1108/IJMF-09-2014-0135
  • Longstaff, F. A., & Strebulaev, I. A. (2014). Corporate Taxes and Capital Structure: A Long-Term Historical Perspective. Içinde NBER Working Papers (Sy 20372; NBER Working Papers). National Bureau of Economic Research, Inc. https://ideas.repec.org/p/nbr/nberwo/20372.html
  • MacKie‐Mason, J. K. (1990). Do Taxes Affect Corporate Financing Decisions? The Journal of Finance, 45(5), 1471-1493. https://doi.org/10.1111/j.1540-6261.1990.tb03724.x
  • Miller, M. H. (1977). Debt and Taxes. The Journal of Finance, 32(2), 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x
  • Miller, M. H., & Rock, K. (1985). Dividend Policy under Asymmetric Information. The Journal of Finance, 40(4), 1031-1051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.x
  • Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297. JSTOR.
  • Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443. JSTOR.
  • Moore, W. T. (1986). Asset composition, bankruptcy costs, and the firm’s choice of capital structure. The Quarterly Review of Economics and Business : Journal of the Midwest Economics Association, 26(4).
  • Moosa, I., Li, L., & Naughton, T. (2011). Robust and fragile firm-specific determinants of the capital structure of Chinese firms. Applied Financial Economics, 21(18), 1331-1343. https://doi.org/10.1080/09603107.2011.570714
  • Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
  • Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have (Working Paper Sy 1396; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w1396
  • Nyamita, M. O., Garbharran, H. L., & Dorasamy, N. (2014). Factors influencing debt financing within State-owned corporations in Kenya. https://openscholar.dut.ac.za/handle/10321/1201
  • 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
  • Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23. https://doi.org/10.2307/3003485
  • Socio, A. D., & Nigro, V. (2012). Does corporate taxation affect cross-country firm leverage? Içinde Temi di discussione (Economic working papers) (Sy 889; Temi Di Discussione (Economic Working Papers)). Bank of Italy, Economic Research and International Relations Area. https://ideas.repec.org/p/bdi/wptemi/td_889_12.html
  • Song, H.-S. (2005). Capital Structure Determinants An Empirical Study of Swedish Companies (Working Paper Series in Economics and Institutions of Innovation Sy 25). Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. https://econpapers.repec.org/paper/hhscesisp/0025.htm
  • Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27. https://doi.org/10.1016/0304-405X(90)90011-N
  • 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
  • Zafar, Q., Wongsurawat, W., & Camino, D. (2019). The determinants of leverage decisions: Evidence from Asian emerging markets. Cogent Economics & Finance, 7(1), 1598836. https://doi.org/10.1080/23322039.2019.1598836
  • Zeitun, R., & Tian, G. (2007). Capital structure and corporate performance: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40-61. https://doi.org/10.14453/aabfj.v1i4.3

SANAYİ FİRMALARINDA VERGİ ORANI VE DEĞİŞİKLİKLERİNİN SERMAYE YAPISI VE FİNANSAL PERFORMANSA ETKİLERİ: BRICS – TÜRKİYE ANALİZİ

Year 2023, Volume: 18 Issue: 60, 512 - 542, 27.07.2023
https://doi.org/10.14783/maruoneri.1189359

Abstract

Bu çalışmanın amacı, BRICS (Brezilya, Rusya, Hindistan, Çin, Güney Afrika) ülkeleri ve Türkiye’de borsada işlem gören finansal olmayan şirketlerin 2009-2019 dönemindeki performanslarını sermaye yapısı ve vergiler bakış açısıyla açıklamaktır. Analizin spesifik hedefi özetle borçla finansmanın etkilerini değerlendirmektir. Bu araştırmada her yıl ayrı ayrı yatay kesit veri regresyon modelleri kullanarak sayısal analizler yapılmıştır. Araştırmanın bulguları, kurumlar vergisi oranı ile sermaye yapısı ve finansal performans göstergeleri arasındaki ilişkinin istatistiksel olarak pozitif olduğunu ancak vergilendirmenin etkisinin her yıl değiştiğini göstermektedir. Bunun yanı sıra efektif vergi oranı, borç dışı vergi kalkanı ve gelir vergisi oranları tüm dönemlerde istatistiksel olarak anlamlı olmamasına rağmen katsayıları birbirine yakın değerlere sahip olduğunu göstermektedir. Elde edilen bulgulara göre, efektif vergi oranının sermaye yapısına pozitif etkisi olduğu belirlenmiştir. Bununla birlikte, borç dışı vergi kalkanı ve gelir vergisi oranının kısa ve uzun vadede sermaye yapısına karışık yönde etkisi olduğu ortaya koymaktadır. Araştırmada en çok öne çıkan husus ise, literatürdeki karşılığı ile desteklenen sermaye yapısıyla finansal performans arasındaki negatif ilişkidir. BRICS ülkeleri ile Türkiye arasındaki ekonomik göstergelerin karmaşıklığı ve etkileşimi üzerine yapılmış bu çalışmada, gelişmekte olan ekonomilerle ilgilenen akademisyenler ve iş insanları için oldukça değerli bulgu ve değerlendirmeler paylaşılmıştır.

References

  • Ahmeti, F., & Prenaj, B. (2015). A critical review of Modigliani and Miller’s theorem of capital structure. International Journal of Economics, Commerce and Management, 3(6), 914-924.
  • Al Farooque, O., van Zijl, T., Dunstan, K., & Karim, W. (2005). A Simultaneous Equations Approach to Analysing the Relation between Ownership Structure and Performance in Bangladesh. http://researcharchive.vuw.ac.nz/handle/10063/2222
  • Baker, M., & Wurgler, J. (2002). Market Timing and Capital Structure. The Journal of Finance, 57(1), 1-32. https://doi.org/10.1111/1540-6261.00414
  • Barrios, S., Huizinga, H., Laeven, L., & Nicodème, G. (2012). International taxation and multinational firm location decisions. Journal of Public Economics, 96(11), 946-958.
  • Bevan, A., & Danbolt, J. (2002). Capital structure and its determinants in the UK - a decompositional analysis. Applied Financial Economics, 12(3), 159-170.
  • Booth, L., Aivazian, V., Demirguc-Kunt, A., & Maksimovic, V. (2001). Capital Structures in Developing Countries. The Journal of Finance, 56(1), 87-130. https://doi.org/10.1111/0022-1082.00320
  • Bradley, M., Jarrell, G. A., & Kim, E. H. (1984). On the Existence of an Optimal Capital Structure: Theory and Evidence. The Journal of Finance, 39(3), 857-878. JSTOR. https://doi.org/10.2307/2327950
  • Brigham, E. F., & Daves, P. R. (2007). Intermediate Financial Management (9th edition). R. R. Donnelley.
  • Brigham, E. F., & Ehrhardt, M. C. (2011). Financial management: Theory and practice (13th ed). South-Western Cengage Learning.
  • Bylo, A., & Çankaya, S. (2019). Capital Structure Determinants in Transitional Economies. International Journal of Commerce and Finance, 5(1), Art. 1.
  • Chakrabarti, R., & Gruzin, A. (2019). The Impacts of Taxation on Capital Structure in BRICS Countries. Journal of Corporate Finance Research / Корпоративные Финансы | ISSN: 2073-0438, 13(3), 94-110. https://doi.org/10.17323/j.jcfr.2073-0438.13.3.2019.94-110
  • Chakraborty, I. (2010). Capital structure in an emerging stock market: The case of India. Research in International Business and Finance, 24(3), 295-314. https://doi.org/10.1016/j.ribaf.2010.02.001
  • Cheng, Y. (2008). Company Capital Structure and Tax: A Study of Mid-sized European Companies [Loughborough University]. https://core.ac.uk/download/pdf/40046458.pdf
  • Cheng, Y., & Green, C. J. (2008). Taxes and Capital Structure: A Study of European Companies. Manchester School, 76, 85-115. https://doi.org/10.1111/j.1467-9957.2008.01082.x
  • Chittenden, F., Hall, G., & Hutchinson, P. (1996). Small firm growth, access to capital markets and financial structure: Review of issues and an empirical investigation. Small Business Economics, 8(1), 59-67. https://doi.org/10.1007/BF00391976
  • De Jong, A., Kabir, R., & Nguyen, T. T. (2008). Capital structure around the world: The roles of firm- and country-specific determinants. Journal of Banking & Finance, 32(9), 1954-1969. https://doi.org/10.1016/j.jbankfin.2007.12.034
  • DeAngelo, H., & Masulis, R. W. (1980). Optimal capital structure under corporate and personal taxation. Journal of Financial Economics, 8(1), 3-29. https://doi.org/10.1016/0304-405X(80)90019-7
  • Dwenger, N., & Steiner, V. (2014). Financial leverage and corporate taxation: Evidence from German corporate tax return data. International Tax and Public Finance, 21(1), 1-28.
  • Faccio, M., & Xu, J. (2015). Taxes and Capital Structure. Journal of Financial and Quantitative Analysis, 50(3), 277-300. https://doi.org/10.1017/S0022109015000174
  • Fan, J. P. H., Titman, S., & Twite, G. (2012). An International Comparison of Capital Structure and Debt Maturity Choices. Journal of Financial and Quantitative Analysis, 47(01), 23-56. https://doi.org/10.1017/S0022109011000597
  • Frank, M. Z., & Goyal, V. K. (2007). Trade-Off and Pecking Order Theories of Debt. İçinde Handbook of Empirical Corporate Finance SET (C. 1, ss. 135-202). Elsevier. https://doi.org/10.1016/B978-0-444-53265-7.50004-4
  • Frank, M. Z., & Goyal, V. K. (2008). Profits and Capital Structure. AFA 2009 San Francisco Meetings Paper, 42.
  • Frank, M. Z., & Goyal, V. K. (2009). Capital Structure Decisions: Which Factors Are Reliably Important? Financial Management, 37.
  • Frydenberg, S. (2011). Theory of Capital Structure—A Review (SSRN Scholarly Paper Sy 556631). https://papers.ssrn.com/abstract=556631
  • Gordon, R. (2010). Taxation and Corporate Use of Debt: Implications for Tax Policy. National Tax Journal, 63(1), 151-174.
  • Gordon, R. H., & Lee, Y. (2001). Do taxes affect corporate debt policy? Evidence from U.S. corporate tax return data. Journal of Public Economics, 82(2), 195-224. https://doi.org/10.1016/S0047-2727(00)00151-1
  • Hartmann-Wendels, T., Stein, I., & Stöter, A. (2012). Tax Incentives and Capital Structure Choice: Evidence from Germany (SSRN Scholarly Paper ID 2796875). Social Science Research Network. https://papers.ssrn.com/abstract=2796875
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Kayo, E. K., & Kimura, H. (2011). Hierarchical determinants of capital structure. Journal of Banking & Finance, 35(2), 358-371.
  • Kim, W., & Lee, H.-J. (2015). Debt and Taxes: Evidence from Foreign versus Domestic Subsidiaries in an Emerging Market. Asia-Pacific Journal of Financial Studies, 44(2), 246-280. https://doi.org/10.1111/ajfs.12088
  • Kumar, S., Colombage, S., & Rao, P. (2017). Research on capital structure determinants: A review and future directions. International Journal of Managerial Finance, 13(2), 106-132. https://doi.org/10.1108/IJMF-09-2014-0135
  • Longstaff, F. A., & Strebulaev, I. A. (2014). Corporate Taxes and Capital Structure: A Long-Term Historical Perspective. Içinde NBER Working Papers (Sy 20372; NBER Working Papers). National Bureau of Economic Research, Inc. https://ideas.repec.org/p/nbr/nberwo/20372.html
  • MacKie‐Mason, J. K. (1990). Do Taxes Affect Corporate Financing Decisions? The Journal of Finance, 45(5), 1471-1493. https://doi.org/10.1111/j.1540-6261.1990.tb03724.x
  • Miller, M. H. (1977). Debt and Taxes. The Journal of Finance, 32(2), 261-275. https://doi.org/10.1111/j.1540-6261.1977.tb03267.x
  • Miller, M. H., & Rock, K. (1985). Dividend Policy under Asymmetric Information. The Journal of Finance, 40(4), 1031-1051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.x
  • Modigliani, F., & Miller, M. H. (1958). The Cost of Capital, Corporation Finance and the Theory of Investment. The American Economic Review, 48(3), 261-297. JSTOR.
  • Modigliani, F., & Miller, M. H. (1963). Corporate Income Taxes and the Cost of Capital: A Correction. The American Economic Review, 53(3), 433-443. JSTOR.
  • Moore, W. T. (1986). Asset composition, bankruptcy costs, and the firm’s choice of capital structure. The Quarterly Review of Economics and Business : Journal of the Midwest Economics Association, 26(4).
  • Moosa, I., Li, L., & Naughton, T. (2011). Robust and fragile firm-specific determinants of the capital structure of Chinese firms. Applied Financial Economics, 21(18), 1331-1343. https://doi.org/10.1080/09603107.2011.570714
  • Myers, S. C. (1977). Determinants of corporate borrowing. Journal of Financial Economics, 5(2), 147-175. https://doi.org/10.1016/0304-405X(77)90015-0
  • Myers, S. C., & Majluf, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have (Working Paper Sy 1396; Working Paper Series). National Bureau of Economic Research. https://doi.org/10.3386/w1396
  • Nyamita, M. O., Garbharran, H. L., & Dorasamy, N. (2014). Factors influencing debt financing within State-owned corporations in Kenya. https://openscholar.dut.ac.za/handle/10321/1201
  • 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
  • Ross, S. A. (1977). The Determination of Financial Structure: The Incentive-Signalling Approach. The Bell Journal of Economics, 8(1), 23. https://doi.org/10.2307/3003485
  • Socio, A. D., & Nigro, V. (2012). Does corporate taxation affect cross-country firm leverage? Içinde Temi di discussione (Economic working papers) (Sy 889; Temi Di Discussione (Economic Working Papers)). Bank of Italy, Economic Research and International Relations Area. https://ideas.repec.org/p/bdi/wptemi/td_889_12.html
  • Song, H.-S. (2005). Capital Structure Determinants An Empirical Study of Swedish Companies (Working Paper Series in Economics and Institutions of Innovation Sy 25). Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. https://econpapers.repec.org/paper/hhscesisp/0025.htm
  • Stulz, R. (1990). Managerial discretion and optimal financing policies. Journal of Financial Economics, 26(1), 3-27. https://doi.org/10.1016/0304-405X(90)90011-N
  • 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
  • Zafar, Q., Wongsurawat, W., & Camino, D. (2019). The determinants of leverage decisions: Evidence from Asian emerging markets. Cogent Economics & Finance, 7(1), 1598836. https://doi.org/10.1080/23322039.2019.1598836
  • Zeitun, R., & Tian, G. (2007). Capital structure and corporate performance: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40-61. https://doi.org/10.14453/aabfj.v1i4.3
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Details

Primary Language Turkish
Subjects Financial Economy
Journal Section Makale Başvuru
Authors

Ardita Bylo 0000-0002-4291-5829

Ali Osman Gürbüz 0000-0003-0230-5839

Early Pub Date July 26, 2023
Publication Date July 27, 2023
Published in Issue Year 2023 Volume: 18 Issue: 60

Cite

APA Bylo, A., & Gürbüz, A. O. (2023). SANAYİ FİRMALARINDA VERGİ ORANI VE DEĞİŞİKLİKLERİNİN SERMAYE YAPISI VE FİNANSAL PERFORMANSA ETKİLERİ: BRICS – TÜRKİYE ANALİZİ. Öneri Dergisi, 18(60), 512-542. https://doi.org/10.14783/maruoneri.1189359

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