DRIVERS OF FIRMS' DEBT RATIOS: EVIDENCE FROM TAIWANESE AND TURKISH FIRMS
JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT, cilt.13, ss.53-70, 2012 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 13
- Basım Tarihi: 2012
- Doi Numarası: 10.3846/16111699.2011.620142
- Dergi Adı: JOURNAL OF BUSINESS ECONOMICS AND MANAGEMENT
- Derginin Tarandığı İndeksler: Social Sciences Citation Index (SSCI), Scopus
- Sayfa Sayıları: ss.53-70
- Açık Arşiv Koleksiyonu: AVESİS Açık Erişim Koleksiyonu
- Yıldız Teknik Üniversitesi Adresli: Hayır
Özet
This study investigates the drivers of debt ratios of the firms listed on the stock markets of two different countries, namely Turkey, a developing country and Taiwan, a newly developed country. The factors impacting short-term, long-term, and total debts are selected as EBIT (Earnings before Interest and Tax), ROE (Return on Equity), sales, total assets, fixed assets-total assets ratio, and depreciation- total assets ratio. The findings indicate that there are differences between Turkish and Taiwanese firms in terms of the drivers' impacts on the debt structures of the firms. The proposed regression models work better on the data collected from Taiwan as compared to the data from Turkey. Possible reasons are discussed in the final section.