The Role of Exporting on Capital Structure: A Firm-Level Investigation
In this study, the effect of exports on capital structure decisions was investigated at the firm level. Annual data of 208 companies exporting in Turkey for the period 2005-2019 were used. Leverage was used as the dependent variable, and export intensity was used as the primary independent variable....
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Ekonomi ve Finansal Araştırmalar Derneği
2022-06-01
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| Series: | Ekonomi, Politika & Finans Araştırmaları Dergisi |
| Subjects: | |
| Online Access: | https://dergipark.org.tr/tr/download/article-file/2336488 |
| _version_ | 1827572539194343424 |
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| author | Bahadır Ergün Ersin İnal |
| author_facet | Bahadır Ergün Ersin İnal |
| author_sort | Bahadır Ergün |
| collection | DOAJ |
| description | In this study, the effect of exports on capital structure decisions was investigated at the firm level. Annual data of 208 companies exporting in Turkey for the period 2005-2019 were used. Leverage was used as the dependent variable, and export intensity was used as the primary independent variable. In addition, asset structure, cash flow, firm size variables were added as control variables in the study. The current ratio, real effective exchange rate, and real gross domestic product variables are added to test the estimation results of the model. Panel data regression analysis was applied. According to the analysis results, a positive relationship was found between export intensity and leverage, but this relationship is statistically insignificant. A positive and statistically significant association was found between asset structure and firm size and leverage. A negative relationship was found between cash flow and leverage. There is a negative relationship between the current ratio and the leverage and there is a negative relationship between the real effective exchange rate and leverage. Additionally, gross domestic product negatively affects the leverage, but this relationship is statistically insignificant. |
| first_indexed | 2024-03-07T19:06:02Z |
| format | Article |
| id | doaj.art-1471f88cf3b6488caa0a926567a804ce |
| institution | Directory Open Access Journal |
| issn | 2587-151X |
| language | English |
| last_indexed | 2024-03-07T19:06:02Z |
| publishDate | 2022-06-01 |
| publisher | Ekonomi ve Finansal Araştırmalar Derneği |
| record_format | Article |
| series | Ekonomi, Politika & Finans Araştırmaları Dergisi |
| spelling | doaj.art-1471f88cf3b6488caa0a926567a804ce2024-03-01T08:33:11ZengEkonomi ve Finansal Araştırmalar DerneğiEkonomi, Politika & Finans Araştırmaları Dergisi2587-151X2022-06-017231633310.30784/epfad.1094372957The Role of Exporting on Capital Structure: A Firm-Level InvestigationBahadır Ergün0Ersin İnal1ADANA ALPARSLAN TÜRKEŞ BİLİM VE TEKNOLOJİ ÜNİVERSİTESİÇAĞ ÜNİVERSİTESİIn this study, the effect of exports on capital structure decisions was investigated at the firm level. Annual data of 208 companies exporting in Turkey for the period 2005-2019 were used. Leverage was used as the dependent variable, and export intensity was used as the primary independent variable. In addition, asset structure, cash flow, firm size variables were added as control variables in the study. The current ratio, real effective exchange rate, and real gross domestic product variables are added to test the estimation results of the model. Panel data regression analysis was applied. According to the analysis results, a positive relationship was found between export intensity and leverage, but this relationship is statistically insignificant. A positive and statistically significant association was found between asset structure and firm size and leverage. A negative relationship was found between cash flow and leverage. There is a negative relationship between the current ratio and the leverage and there is a negative relationship between the real effective exchange rate and leverage. Additionally, gross domestic product negatively affects the leverage, but this relationship is statistically insignificant.https://dergipark.org.tr/tr/download/article-file/2336488capital structureexportingpanel data analysissermaye yapısıi̇hracatpanel veri analizi |
| spellingShingle | Bahadır Ergün Ersin İnal The Role of Exporting on Capital Structure: A Firm-Level Investigation Ekonomi, Politika & Finans Araştırmaları Dergisi capital structure exporting panel data analysis sermaye yapısı i̇hracat panel veri analizi |
| title | The Role of Exporting on Capital Structure: A Firm-Level Investigation |
| title_full | The Role of Exporting on Capital Structure: A Firm-Level Investigation |
| title_fullStr | The Role of Exporting on Capital Structure: A Firm-Level Investigation |
| title_full_unstemmed | The Role of Exporting on Capital Structure: A Firm-Level Investigation |
| title_short | The Role of Exporting on Capital Structure: A Firm-Level Investigation |
| title_sort | role of exporting on capital structure a firm level investigation |
| topic | capital structure exporting panel data analysis sermaye yapısı i̇hracat panel veri analizi |
| url | https://dergipark.org.tr/tr/download/article-file/2336488 |
| work_keys_str_mv | AT bahadırergun theroleofexportingoncapitalstructureafirmlevelinvestigation AT ersininal theroleofexportingoncapitalstructureafirmlevelinvestigation AT bahadırergun roleofexportingoncapitalstructureafirmlevelinvestigation AT ersininal roleofexportingoncapitalstructureafirmlevelinvestigation |