Özet:

The  aim  of  this  study  is  to  determine  the  financial  factors  that  affect  the  capital  structure  of   the   firms   in   Borsa   Istanbul   (formerly   IMKB)   food   industry   (XGIDA).   In   this   context,  information   obtained   from   the   balance   sheets,   income   statements   and   cash-­‐flow  statements   of   19   firms   were   analyzed   for   6   years   (2007-­‐2012)   by   using   panel   data  analysis.   In   the   study   total   debt   to   total   asset   ratio   (leverage   ratio)   is   used   as   the  dependent  variable  while  non-­‐debt  tax  shield,  size,  profitability  and  asset  structure  are  used  as  the  independent  variables.  According  to  the  findings,  it  is  detected  that  non-­‐debt  tax   shield,   growth,   profitability   and   asset   structure   had   a   significant   negative   effect   on  the  leverage.  The  results  of  the  study  confirm  the  main  aspects  of  Pecking  Order  Theory.  On   the   other   hand,   the   only   result   that   supports   Trade-­‐off   Theory   is   the   non-­‐debt   tax  shield.       SERMAYE   YAPISINI   BELİRLEYEN   FAKTÖRLER:   BORSA   İSTANBUL’DA   İŞLEM  GÖREN  GIDA  FİRMALARI  ÜZERİNE  BİR  UYGULAMA

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