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1、1外文題目：Determinantsofcapitalstructure:evidencefromTurkishlodgingcompanies出處：InternationalJournalofContemparyHospitalityManagement作者：ErdincKaradenizSerkanYilmazKirMehmetBalcilarYildirimBeyazitOnal原文原文Determinantsofcapitals

2、tructure:evidencefromTurkishlodgingcompaniesByErdincKaradenizSerkanYilmazKirMehmetBalcilarYildirimBeyazitOnalIntroductionCapitalstructurereferstothecompositionofafirm’sliabilitiesowners’equity.Capitalstructuredecisionsar

3、erelatedtothemagnitudesofliabilitiesowners’equity.Capitalstructuredecisionsareoneofthethreefinancingdecisions–investmentfinancingdividenddecisions–financemanagershavetomake(VanHneWachowicz1995).Capitalstructureofafirmdet

4、erminestheweightedaveragecostofcapital(WACC).WACCistheminimumrateofreturnrequiredonafirm’sinvestmentsusedasthediscountrateindeterminingthevalueofafirm.Afirmcancreatevaluefitsshareholdersaslongasearningsexceedthecostsofin

5、vestments(Damodaran2000).Anumberoftheeticalempiricalstudiesinvestigatedtheoptimalcapitalstructureofafirm.Thesestudiespointedouttheimptanceoftherelationshipsamongcapitalstructurecostofcapitalcapitalbudgetingdecisionsfirmv

6、alue.Lodgingcompaniesarecapitalintensiveastheyrequirehugecapitalatbothinvestmentoperatingstages.Sinceassetsoflodgingcompaniesmostlyconsistoffixedassetsshareoflongtermdebtowners’equitybecomesratherhigh.Furthermebecauseoft

7、hestructureoftheindustrylodgingcompaniesarehighlysensitivetosystematicrisks.Therefelodgingcompaniesfacehighoperating32006.Therearetotally65observationsalldataareexpressedinlocalcurrency(Turkishlira).Wespecifyadynamicfixe

8、deffectspaneldatamodeltoinvestigatethefactsthataffectthecapitalstructureoflodgingcompanies.VariousestimationtechniquesincludingtheArellanoBondSystemGMMmethodareusedftheestimation.Inthetheeticalmodelspecifiedtotestthecapi

9、talstructuredecisionsofthelodgingcompaniesinTurkeythedependentvariableisspecifiedasthedebtratio.Thedebtratioisdefinedasthebookvalueofliabilitiesdividedbythebookvalueoftotalassets.Thisvariablemeasurestheshareofliabilities

10、intotalassetsofacompanyiswidelyusedincapitalstructurestudies.Explanatyvariablesarespecifiedasfollows:.growthopptunitiesdefinedasthemarketvaluedividedbythebookvalueofthefirmoftenreferredasmarkettobookratio.shareoffixedass

11、ets(tangibility)definedasthefixedtangibleassetsdividedbytotalassets.effectivetaxratesdefinedasthecpatetaxdividedbytaxableincome.nondebttaxshieldsdefinedasthedepreciationdividedbytotalassets.firmsizedefinedasthesalesadjus

12、tedbytheinflationratewheretheinflationrateiscomputedastheannualpercentagechangeinthewholesalepriceindex.profitability(returnonassetsROA)calculatedbydividingprofitbytotalassets.freecashflowscomputedbyaddinginterestpayment

13、sdepreciationtoearningsbefetaxes.commercialtradeposition(interenterprisedebt)definedasthedifferencebetweencommercialreceivablesliabilitiesdividedbytotalassets.EmpiricalfindingsInthissectionwepresentthevariousestimationre

14、sultsdiscusstheimplicationsoftheempiricalfindings.Thespecificationofthedebtratioequationintroducescrelationbetweentheerrsthelaggedfirstdifferencedendogenousvariable.Thiscrelationishledusinginstrumentalvariables(IVs).erso

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