ENFLASYON ORANI FAİZ ORANI VE DÖVİZ KURLARINDA YAŞANAN DEĞİŞİMLERİN FİRMALARIN SERMAYE YAPISI ÜZERİNDEKİ ETKİSİ: BIST 100’DEKİ İMALAT FİRMALARI ÜZERİNE BİR UYGULAMA
THE EFFECT OF THE CHANGES ON THE INFLATION INTEREST AND FOREIGN EXCHANGE RATES ON CAPITAL STRUCTURE OF FIRMS: AN APPLICATION ON BIST 100 MANUFACTURING FIRMS

Summary/Abstract: The capital structure of a firm refers to the debt and equity within the long term financial structure of said firm. Decisions regarding the allocation of capital within the capital structure are of grave importance for firms. While debt represents a borrowing relationship between the lender and the debtor, equity represents how the rights of ownership of a firm is allocated between the shareholders of the company. Such differences create a fragile balance between a business’ profitability and risks, making decisions regarding capital structure extremely important. Factors affecting decisions concerning capital structure can be categorized as micro or macro factors. While micro factors have to do with firm-specific issues such as size, liquidity, or profitability, macro factors are external forces such as inflation, interest or exchange rates. The aim of this study is to determine the impact of macro factors on a firm’s decisions regarding their capital structure. An application has been carried out by using panel data on various manufacturing firms listed on the BIST100 index. The findings of this study indicate that some key macroeconomic factors have certain effects on firms.

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