Enerji sektöründe sermaye yapısı belirleyicileri: Borsa İstanbul bulguları

Capital structure is of significant importance in the establishment, development, and operation of companies. Determining the capital structure, which is one of the concepts that is widely discussed in the literature, will be advantageous for a firm that has the purpose of making a profit and tries to maintain itself with its assets and liabilities. Similarly, the energy sector requires a close examination because of the increase in renewable energy investments due to energy resources that are not equally available in the world and the fact that dependence on energy has become indispensable with technological developments. In the study, the capital structure variables of 8 Energy companies traded in Borsa Istanbul between 2014 and 2021 were examined by panel data method. It is aimed to contribute to the literature by categorizing the independent variables on the basis of firm, sector and country. As a result of the analysis, it was determined that the firm-based variables tangibility, growth opportunities, profit and liquidity affect leverage negatively; no significant relationship was found between the size and non-debt tax shield and the dependent variable. Debt ratio median in industry which is one of the sector-based variables affects the leverage positively, while the industrial production and distribution index variable affects negatively. Finally, the annual growth of GDP which is one of the country-based variables negatively affects the leverage; no significant relationship was found between inflation and tax revenue and the dependent variable.