Capital Structure of the Turkish Domestic and International Real Sector Firms

Halit Gonenc and Ozgur Arslan

Istanbul Stock Exchange Review, 2003, vol. 7, issue 25-26, 41-64

Abstract: This study compares the capital structures of the international and domestic real sector firms listed on the Istanbul Stock Exchange (ISE). According to the results of the univariate analysis that are created by evaluating the periods 1995–1999 and 2000–2001, separately, the most striking feature of the international firms is that their short term borrowing is higher than that of the domestic firms for both periods. It is also noticed that the two groups that are alike in the various financial features have different concentrated ownership structure which is gauged by the percentage of shares held by the three largest shareholders and international firms own a higher concentrated ownership. The results of the multiple regression analysis show that international firms have different capital structure than domestic firms do even after controlling the factors, which are risk, profitability, size, fixed assets, potential growth, concentrated ownership, being connected to business groups and having a bank as a shareholder.

Date: 2003
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