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   Testing the Validity of Trade-Off Theory by Using Panel Regression Analysis: An Empirical Application on ISE  
   
نویسنده BOZKURT İbrahim
منبع journal of management and economics - 2014 - دوره : 21 - شماره : 2 - صفحه:163 -178
چکیده    The aim of this study is to test the validity of trade-off theory by investigating the relationship between capital structures and market values of firms on ise. in this study, 127.008 financial ratio, 20.664 monthly stock return, 4.704 market value and debt ratio which are belong to 168 firms traded on ise between 2005 and 2011 is used. firstly, efficient model predicting bankruptcy is confirmed by using balanced panel regression analysis for ise. secondly, by using efficient model, firms are divided two groups that consist of firms which have or not bankruptcy risk for each period and the relationship market values and debt levels of firms in each group is analyzed by using unbalanced panel regression analysis. the results of the analysis reveal that there is positive relationship between market values and debt levels of firms in terms of both groups. this result implies that trade-off theory is not validity on ise.
کلیدواژه Trade-Off Theory ,Models Predicting Bankruptcy ,Capital Structure ,Panel Regression Analysis
آدرس Çankırı Karatekin Üniversitesi, İ İ B F , Bankacılık ve Finans Bölümü, Turkey
 
     
   
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