Testing the pecking order model of corporate leverage: An empirical investigation of Turkish firms

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dc.contributor.authorKalash, İsmail
dc.date.accessioned2025-03-08T18:28:35Z
dc.date.available2025-03-08T18:28:35Z
dc.date.issued2019
dc.departmentDicle Üniversitesi
dc.description.abstractThis research investigates the pecking order model of corporate leverage for a sample of 53 Turkish industrial firms listed on Istanbul stock exchange during the period from 2008 to 2017. The study tries to concentrate on the predictions about how corporate leverage varies with investments, profitability, risk, firm size and tangibility. The coefficients of corporate leverage determinants are estimated by using Ordinary Least Squares and Binary Logistic regressions. Confirming the pecking order model, it is found that firms prefer to use internal cash flows over external financing to fund investments. Moreover, the empirical results also show that more profitable and risky firms tend to borrow less. On the other hand, firms with more investments and larger firms tend to have more leverage. The findings of this study will help the managers to design a better strategy about capital structure which can maximize firm’s performance.
dc.identifier.doi10.24289/ijsser.478243
dc.identifier.issn2149-5939
dc.identifier.issue1
dc.identifier.startpage42217
dc.identifier.urihttps://doi.org/10.24289/ijsser.478243
dc.identifier.urihttps://hdl.handle.net/11468/31306
dc.identifier.volume5
dc.language.isoen
dc.publisherMahmut DEMİR
dc.relation.ispartofInternational Journal of Social Sciences and Education Research
dc.relation.publicationcategoryMakale - Ulusal Hakemli Dergi - Kurum Öğretim Elemanı
dc.rightsinfo:eu-repo/semantics/openAccess
dc.snmzKA_DergiPark_21250205
dc.subjectPecking Order Model
dc.subjectLeverage
dc.subjectTurkish Firms
dc.titleTesting the pecking order model of corporate leverage: An empirical investigation of Turkish firms
dc.typeArticle

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