Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation
Zeynep Kalaycıoğlu, Ahmet KurtaranThis study evaluates changes in firms’ capital structures after a seasoned equity offering by testing the effects of firm-specific factors on leverage ratios. The relationship between the determined dependent variables and firm-specific factors is associated with the predictions of pecking order and trade-off theory. In 3 different models in which leverage ratios are determined as dependent factors and firm-specific factors as independent variables, 10 basic hypotheses are proposed, and the relationship between the variables is examined using panel data analysis. According to the results obtained in the analyses, as the number of seasoned equity offerings increases, firms’ leverage ratios decrease, and firms tend to use more debt because of the corporate tax base discount granted to seasoned equity offerings. In addition, it has been determined that rather than choosing to source resources through equity or borrowing, the view of benefiting from both sources of funds is dominant in the face of the resource requirements of seasoned equity offering firms.
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APA
Kalaycıoğlu, Z., & Kurtaran, A. (2024). Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation. Istanbul Business Research, 53(2), 201-228. https://doi.org/10.26650/ibr.2024.53.1216752
AMA
Kalaycıoğlu Z, Kurtaran A. Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation. Istanbul Business Research. 2024;53(2):201-228. https://doi.org/10.26650/ibr.2024.53.1216752
ABNT
Kalaycıoğlu, Z.; Kurtaran, A. Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation. Istanbul Business Research, [Publisher Location], v. 53, n. 2, p. 201-228, 2024.
Chicago: Author-Date Style
Kalaycıoğlu, Zeynep, and Ahmet Kurtaran. 2024. “Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation.” Istanbul Business Research 53, no. 2: 201-228. https://doi.org/10.26650/ibr.2024.53.1216752
Chicago: Humanities Style
Kalaycıoğlu, Zeynep, and Ahmet Kurtaran. “Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation.” Istanbul Business Research 53, no. 2 (Oct. 2024): 201-228. https://doi.org/10.26650/ibr.2024.53.1216752
Harvard: Australian Style
Kalaycıoğlu, Z & Kurtaran, A 2024, 'Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation', Istanbul Business Research, vol. 53, no. 2, pp. 201-228, viewed 11 Oct. 2024, https://doi.org/10.26650/ibr.2024.53.1216752
Harvard: Author-Date Style
Kalaycıoğlu, Z. and Kurtaran, A. (2024) ‘Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation’, Istanbul Business Research, 53(2), pp. 201-228. https://doi.org/10.26650/ibr.2024.53.1216752 (11 Oct. 2024).
MLA
Kalaycıoğlu, Zeynep, and Ahmet Kurtaran. “Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation.” Istanbul Business Research, vol. 53, no. 2, 2024, pp. 201-228. [Database Container], https://doi.org/10.26650/ibr.2024.53.1216752
Vancouver
Kalaycıoğlu Z, Kurtaran A. Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation. Istanbul Business Research [Internet]. 11 Oct. 2024 [cited 11 Oct. 2024];53(2):201-228. Available from: https://doi.org/10.26650/ibr.2024.53.1216752 doi: 10.26650/ibr.2024.53.1216752
ISNAD
Kalaycıoğlu, Zeynep - Kurtaran, Ahmet. “Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation”. Istanbul Business Research 53/2 (Oct. 2024): 201-228. https://doi.org/10.26650/ibr.2024.53.1216752