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    Determinants of optimal capital structure: a comparison between German and Turkish retail companies
    (İstanbul Bilgi Üniversitesi, 2020) Kurtlutepe, Uygar; Reis, Ebru
    ABSTRACT: Optimal capital structure decisions on company balance sheets have an important place in financial and strategic planning of corporate companies. These decisions were examined in finance literature by different academic studies and thanks to the various capital structure theories, a rich literature came out. Capital structure theories analyzed the capital structure decisions of companies from a theoretical perspective and many academic studies investigated these theories with their methodologies and perspectives through the empirical research. This study also aims to analyze the financial leverage determinants of publicly traded retail companies for one developed and one developing country both by testing respectively and by comparing the countries and to examine the compatibility of the results with the capital structure theories in the literature. For this analysis, four financial ratios of 11 Turkish and 10 German listed companies between 2007-2019 and inflation data of the relevant countries were chosen as independent variables and the effect of these variables on the firm's financial leverage as the dependent variable was tested with panel data method. The results of the study showed that there is no evidence for the effects of each firm-specific variable and inflation on the firm's financial leverage in the retail industry, and that there is no evidence that firm-specific and macroeconomic variables differ significantly between countries, and additionally, there is no evidence of an overall compatibility with capital structure theories.