Özet:

Purpose - The purpose of this study is to compare the relationship of business-specific and macroeconomic variables that affect the capital structure of small and medium-sized manufacturing sector enterprises registered in Bursa Istanbul; the relationship of enterprises with capital structure decisions. Thus, it will be possible to demonstrate whether or to what extent the factors affecting the capital structure decisions of small and medium-sized manufacturing enterprises are different or different. Method - 134 manufacturing sector operations operating in Borsa Istanbul between 2009 and 2017 are grouped according to their active size. As a result of the grouping, 110 enterprises are classified as small and medium-sized enterprises (KOBI) according to the active size. The quarter-term data of the business was used in the analysis. Short-term lifting, long-term lifting and total lifting rates are used as dependent variables, while independent variables characterized by the business; profitability, business size, liquidity, growth opportunity and asset structure; and macroeconomic independent variables are considered as GDP growth rate, interest rate and exchange rate. As a method, canonical correlation analysis was preferred, so that it was possible to simultaneously analyze macroeconomic variables with operational variables. Results - According to the results of the analysis; the total lift rate is the lift variable that contributes the most, while the variable liquidity variable that contributes the most among the operating variables is the negative relationship between the lift rate and the lift rate. In macroeconomic variables, the exchange rate rate is the most contributing variable and the negative relationship between the elevator rates has been identified. Debate - It is one of the topics on how will choose their capital structures and how macroeconomic factors will influence the decision-making process. In this study, which examined the capital structure determiners that are effective in the financial decision-making process of enterprises, it was determined that small-scale and medium-scale manufacturing enterprises behaved in accordance with both the theory of the financial hierarchy and the theory of balance. Business debt behaviors are generally similar and research on the factors affecting capital structure decisions when literature is studied has not found the studies used canonical correlation analysis, but the studies using other analysis methods have achieved similar results.

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