Firm Size and Capital Structure Decisions: Evidence From Turkish Lodging Companies

Erdinc Karadeniz; Serkan Yılmaz Kandır; Omer Iskenderoglu; Yıldırım Beyazit Onal

Authors

Erdinc Karadeniz Mersin University, School of Tourism & Hotel Management 33343 Ciftlikkoy Campus, Mersin/TURKEY E-mail: ekaradeniz@mersin.edu.tr
Serkan Yılmaz Kandır Cukurova University, Faculty of Economics and Administrative Sciences 01330 Balcali Campus, Adana/TURKEY, E-mail: skandir@cu.edu.tr
Omer Iskenderoglu Niğde University, Faculty of Economics and Administrative Sciences Niğde/TURKEY, E-mail: oiskenderoglu@nigde.edu.tr
Yıldırım Beyazit Onal Cukurova University, Faculty of Economics and Administrative Sciences Adana/TURKEY, E-mail: ybeyazit@cu.edu.tr

Abstract

Aim of this study is to investigate the role of firm size on capital structure decisions of Turkish lodging companies. In izmir escort this context, a survey questionnaire is developed and sent to unquoted Turkish lodging companies. 163 lodging companies answered the survey and they are classified according to their sizes. Empirical findings reveal that firm size is a significant factor for capital structure decisions of Turkish lodging companies. Firm size seems to affect lodging companies in using incentives, Güvenilir Bahis Siteleri issuing common stock, using personal debt and determining target debt ratio. Most of the empirical findings seem En Güvenilir Casino Siteleri to support pecking order theory.Keywords: Firm Size; Capital Structure; Pecking Order Theory; Trade-off Theory; Lodging CompaniesJEL Classifications: G32; M20