BİST İmalat Sektöründeki Küçük Boyuttaki ve Orta Ölçekteki İşletmelerin Sermaye Yapısına Etki Eden Faktörlerin Kanonik Korelasyon Analizi İle Karşılaştırmalı Olarak İncelenmesi (Comparative Analysis of Factors Affecting the Capital Structure of Small and Medium Enterprises in BIST Manufacturing Sector Using Canonical Correlation Analysis)

Abstract

Purpose – The aim of this study is to investigate the firm specific and the macroeconomic factors affecting the capital structure decisions of small and medium sized manufacturing firmswhich are traded at Borsa Istanbul. It is a comparative analysis of the relationship between firms and capital structure decisions. Thus, it can be shown whether the factors affecting the capital structure decisions of small and medium sized manufacturing sector enterprises are different from each other or to what extent they are different. Design/methodology/approach – The period of 2009-2017, a sample of 134 manufacturing firms, operating in Borsa Istanbul are grouped according to their asset sizes. As a result of the grouping, 110 firms are classified as small and medium sized (SME) enterprises according to their asset size. Quarterly data of firms are used in the analysis. In this paper, short term debt raito, long term debt ratio and total debt raito are used as dependent variables and profitability, firm size, liquidity, growth opportunity and tangibility as used firm-specific dependent variables and also GDP growth rate, interest rate and exchange rate as used macroeconomic dependent variables. As a method, canonical correlation analysis was preferred, so that firm-specific variables and macroeconomic variables wer eanalyzed simultaneously. Findings – According to the results, total debt ratio is the most contributing leverage variables, while the liquidity is the most contributing firm-spesific variable, and there is a negative relationship between the leverage raitos. Exchange rate ratio is found to be the most contributing macroeconomicvariable and there is also a negative relaitonship between the leverage ratios. Discussion – How businesses choose their capital structures and how macroeconomic factors affect their decision-making processes is one of the topics that the finance literature continues to work on. In this study, in which the capital structure determinants that are effective in the financial decision making process of firms are examined, it is determined that the small and medium scale manufacturing firms act in accordance with both Pecking Order Theory andTrade-off Theory at their capital structure decisions. Borrowing behavior of firms was generally similar to each other. When the literature is examined, studies using canonical correlation analysis were not found in the studies related to the factors affecting the capital structure decisions, and similar results were obtained with the studies conducted using other analysis methods.