Özet:

Purpose: The aim of the study is to determine the macroeconomic and firm-specific indicators that affect the capital structure of companies operating in the BIST (Borsa Istanbul) technology sector with two different regression methods. Method: In the study, the effects of macroeconomic and firm-specific indicators on the capital structures of technology companies were analyzed by linear and panel regression. In the analyzes made, macroeconomic indicators and company-specific financial variables for the period 2010:Q1-2021:Q3 were used. As capital structure variables in the study; short-term leverage ratio, long-term leverage ratio and total leverage ratio as firm-specific variables; current ratio, asset structure, total assets, change in total assets, change in net sales, return on assets, as macroeconomic indicators; commercial loan interest rate and dollar exchange rate were taken. Findings: In the findings that emerged in the linear and panel regression analyzes, the highest and most important effect coefficients of firm-specific and macro indicators are on the total debt ratio variable of the companies, short-term debt ratio in second place, in the third rank, long-term debt ratio capital structure variable was observed. Originality: In this study, we can say that the use of both linear and panel regression together, the use of data from the technology sector as a sample, the use of macro and firm-specific variables that are thought to affect the capital structure of the sector most, and the use of quarterly data are the main differences that distinguish this study from other studies.

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