Sermaya yapısının firma finansal performansına etkisi: Türkiye ve Almanya imalat sektörü araştırması

Abstract

Sermaye faaliyetlerini ciddi öneme sahip için son zamanlarda odak sermaye ile firma finansal incelenmek ve Almanya faaliyet gösteren imalat sektörü 2011-2020 105, Almanya ise 39 imalat verisine kesintisiz bir . Sermaye ile firma finansal ele tercih Tahmin edilen modellerin her ikisinde toplam ve uzun vadeli borç görülerken; firma ve büyüme Türkiye ve Almanya pozitif Fakat TBO modelinde ile toplam borç negatif, UVBO modelinde ise ilgili bir toplamsal kantil regresyon analizi göre ise tahmin edilen modellerin her ikisinde toplam ve uzun vadeli borç f ve ,firm de

Capital structure has been the focus of researchers since capital structure decisions are crucial for businesses to effectively continue operations, expand, and maintain sound financial structures. This study aims to examine and compare the relationship between capital structure and the financial performance of manufacturing sector firms operating in different markets. For this purpose, data from manufacturing sector companies listed on the Turkish Stock Exchange and the German Stock Exchange from 2011 to 2020 were used. Data from 105 manufacturing companies listed on the Turkish Stock Exchange and 39 on the German Stock Exchange were continuously accessible during the relevant period.In accordance with the data set, two different techniques were applied to model the relationship. With regards to panel data analysis, while there is a negative relationship between profitability and total and long-term debt ratios in both estimated models, a positive relationship was found between the company size and growth variables for Turkish and German firms. However, in Turkey and German firms, there was a negative relationship between the asset structure variable and the total debt ratio in the TBO model and a positive relationship between the related variable and the long-term debt ratio in the UVBO model. According to the findings of the fast calibrated additive quantile regression analysis, there is a negative and non-linear relationship between profitability and total and long-term debt ratios in both estimated models, and a positive and non-linear relationship was found between the company size and growth variables in both Turkish and German firms. It was discovered that the asset structure variable has a slightly positive and linear relationship with long-term debt ratios and a slightly negative relationship with total debt ratios for Turkish firms. For German firms, it was observed that the relationship between the asset structure variable and the total and long-term debt ratio is positive and non-linear.