Dynamics of the capital structure of firms undertaking R&D expenditure: evidence from Türkiye
SN Business and Economics, cilt.6, sa.11, 2026 (Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 6 Sayı: 11
- Basım Tarihi: 2026
- Doi Numarası: 10.1007/s43546-026-01486-x
- Dergi Adı: SN Business and Economics
- Derginin Tarandığı İndeksler: Scopus, ABI/INFORM
- Anahtar Kelimeler: Capital structure, Capital structure theories, R&D, Turkish firms
- Recep Tayyip Erdoğan Üniversitesi Adresli: Hayır
Özet
This study examines the influence of Research and Development (R&D) expenditures on capital structure within the framework of capital structure theories, while accounting for firm-specific factors. The research sample consists of 57 Turkish firms that have been continuously listed on Istanbul Stock Exchange (BIST) between 2009 and 2023 and have engaged in R&D activities. The study employs the Dynamic Panel Data Analysis to assess these relationships. Capital structure is represented by the financial leverage ratio, whereas firm-specific factors include R&D intensity, non-debt tax shield, growth opportunities, liquidity, firm size, profitability, asset structure, and firm age.The empirical findings suggest that the capital structure decisions of the sampled firms predominantly align with the Pecking Order Theory, indicating a preference for internal financing over external debt. Additionally, the results exhibit partial consistency with the Trade-Off Theory, revealing a nuanced relationship between leverage levels and the associated benefits and costs of debt financing. These findings highlight the dynamic interaction between R&D investments and financial decision-making, offering valuable implications for both corporate finance theory and managerial practice.