The Effect of Ownership Structure on Capital Structure Decisions: Comparison of BIST 100 Companies and Corporate Governance Index Companies

Abstract

In this study, the effects of the ownership structure of the companies on the capital structure were examined by panel data analysis. The 2009-2018 data of the companies in the BIST 100 Index and the Corporate Governance Index were used. The financial leverage ratio, return on assets and company growth rate of the companies included in the BIST 100 Index are negatively affected, while the capital share of the second largest partner, company size and the structure of assets are positively affected. In the companies in the Corporate Governance Index, it was observed that the financial leverage ratio, the capital share of the second largest partner and the capital share of the third largest partner had a significant positive relationship; the financial leverage ratio and the capital share of the most considerable partner were negatively affected.