The effect of ownership structure of corporate governance index and companies including BIST 100 index on capital structure decisions

Ownership structure is a very effective phenomenon on companies. The change in the economy and companies has revealed various ownership structures and has produced different results on companies. At the same time, the change in the ownership structure associated with the capital structure of firms also affects the capital structures in particular. These two interconnected concepts that affect firm performance have been studied by many researchers and predictions have been made on how firms form optimal capital structures. Based on this, in this study carried out to examine the effects of the ownership structure of the companies on the capital structure, 2009-2018 period data of the companies in the Corporate Governance Index and BIST 100 Index were analyzed by panel data analysis method. Looking at the results of the analysis, the financial leverage ratio of the companies included in the Corporate Governance Index is negatively affected by the capital share of the largest partner, but the size of the financial leverage ratio is seen as positive with the size and growth rate of the companies. In firms in the BIST 100 Index, it is seen that the financial leverage ratio and the capital share of the foreign partner are in a positive relationship. To summarize, different ownership and capital structures can positively affect firms.