Capital structure decisions under uncertainty: the case of Turkey

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Date

2024

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Routledge Journals, Taylor & Francis Ltd

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Business
(2002)
We are a department that has been active for 22 years with the goal to determine the structural changes in economy and the problems of general business administration, to develop problem solving skills and to devise modelling techniques that fit our aims. Among our cornerstones are to graduate more students into administrative positions of our institutions, to help them realize their inner potential to be go-getters, to prepare them for the entrance exams for high-tier, well-respected public positions, and to help them participate graduate and doctorate degree programs at ease, nationally or internationally. In this regard, our course curriculum is constantly subject to updates. In addition, we do all in our power to graduate students that stand out, with double-major program opportunities. We make an effort to aid our students in kick-starting their professional life after completing a period of one semester at Private - Public institutions within the framework of our Cooperative Education Program.

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Abstract

This study analyzes the relationship between uncertainty and target leverage ratios on manufacturing firms listed in Borsa Istanbul between 2005-2020. To handle possible instrument proliferation and weak instrument problems of System GMM methodology of dynamic panel data, we mainly adopted the Quasi Maximum Likelihood estimator and found that uncertainty has a significant negative marginal effect on target leverage ratios. Our analysis revealed that firms with high levels of uncertainty have lower average leverage ratios than other firms. ANCOVA analysis results show that uncertainty is in the first three time-varying variables which have the highest impact on target leverage variation.

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ERUYGUR, HAKKI OZAN/0000-0002-7176-0467
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ERUYGUR, HAKKI OZAN ORCID logo

Keywords

Target capital structure, uncertainty, Quasi maximum likelihood estimation for the dynamic panel data (DPDQML), speed of adjustment, system GMM

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1

WoS Q

Q4

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Q3

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Volume

31

Issue

3

Start Page

441

End Page

456

URI

https://doi.org/10.1080/16081625.2023.2170894
 https://hdl.handle.net/20.500.14411/2581

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