To the best of my knowledge, there has not been any academic study about capital
structure of Turkish REITs so far. This study attempts to fulfill this gap in the
literature by analyzing the capital structure choices of Turkish REITs which are
listed in Istanbul Stock Exchange (ISE) over the period of 1998 - 2007. The key
contribution of this study is to understand whether the firm specific, institutional and
country specific factors that affect the capital structures of all institutional firms
including REITs in developed and developing countries are also applicable to the
Turkish REITs sector. The data analysis demonstrates that Turkish REITs employ
little long term debt in their capital structure and there exists strong short term debt
dominance in the sector. Employing Tobit regression and panel data models, it is
concluded that capital structure determinants that are significant in developed and
developing countries are also significant in Turkish REITs& / #8217 / debt financing choices.
However, we observe inconsistency in the sign and significance of some factors
which give a way to understand the different institutional and country specific factors
of Turkish real estate market and Turkish REITs.
| Identifer | oai:union.ndltd.org:METU/oai:etd.lib.metu.edu.tr:http://etd.lib.metu.edu.tr/upload/12610104/index.pdf |
| Date | 01 October 2008 |
| Creators | Yildirim, Burak |
| Contributors | Erol, Isil |
| Publisher | METU |
| Source Sets | Middle East Technical Univ. |
| Language | English |
| Detected Language | English |
| Type | M.S. Thesis |
| Format | text/pdf |
| Rights | To liberate the content for public access |
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