The Effect of Firm-Specific Factors on Capital Structure: Evidence from the Turkish Energy Sector

yasin cihan

doi:/10.54486/fivezero.2025.47

yasin cihan

Year : 2025
Vol : 5
Issue : 2
Page : 91-105

DOI : /10.54486/fivezero.2025.47

Energy is one of the fundamental factors for a country’s industrialization, competitive power, and economic development. Since the Industrial Revolutions, global demand for energy has increased, and countries that utilize this resource effectively have become developed economies. Companies in the energy sector require high levels of financing to sustain operations and implement new investments; therefore, they must determine financing policies and capital structures with care. Studies on optimal capital structure have been conducted for many years, and various theories have been developed. Capital structure theories, beginning with Modigliani and Miller (1958), evolved over time, leading to modern approaches. This study tests the applicability of two of these theories to firms in the energy sector. Firm-specific factors affecting capital structures of companies listed on Borsa Istanbul (BIST) during 2022:Q1–2024:Q4 were examined. Data were obtained from the Finnet Stockeys Pro database. Analyses were conducted using the static panel data method in Stata 13 with the Driscoll-Kraay estimator. The sample consisted of 34 firms and 353 observations. In the model, profitability, liquidity, growth opportunities, asset structure, and firm size were independent variables, while financial leverage was the dependent variable. Findings reveal a negative and statistically significant relationship between profitability and financial leverage, and a positive and statistically significant relationship between growth opportunities and financial leverage. These results indicate that firms in the sample tend to structure their capital in line with the pecking order theory.

Cite this Article As : Cihan, Y. (2025). Firmaya özgü faktörlerin sermaye yapısına etkisi: Türkiye enerji sektöründen kanıtlar. Fivezero, 5(2), 91-105.

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The Effect of Firm-Specific Factors on Capital Structure: Evidence from the Turkish Energy Sector, Research Article,
2025, Vol. 5 (2)

Received : 27.08.2025, Accepted : 29.11.2025 , Published Online : 29.12.2025