PurposeThe purpose of this paper is to investigate the factors affecting capital structure decisions of Istanbul Stock Exchange (ISE) lodging companies.Design/methodology/approachA model based on the trade‐off and pecking order theories is specified and implications of both theories are empirically tested. The model is estimated using a dynamic panel data approach for five ISE companies for the period of 1994‐2006.FindingsThe findings suggest that effective tax rates, tangibility of assets, and return on assets are related negatively to the debt ratio, while free cash flow, non‐debt tax shields, growth opportunities, net commercial credit position, and firm size do not appear to be related to the debt ratio. Although the findings partially support the pecking order theory, neither the trade‐off nor the pecking order theory exactly seem to explain the capital structure of Turkish lodging companies.Research limitations/implicationsThe data used in this paper are limited to five companies traded in the ISE, since the data on other companies are not available. A more detailed analysis would use data for other companies in the industry.Practical implicationsThe findings of the study clearly demonstrate the importance of capital structure decisions for financial sources.Originality/valueAlthough the capital structure theory is extensively examined in the finance literature, there are fewer studies covering the tourism industry, particularly Turkey. The paper establishes the determinants of the capital structure of Turkish lodging companies. The research findings should help managers to make optimal capital structure decisions.

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Bu çalışmanın amacı, finansal piyasalarda riskin bir göstergesi olarak ülkemizde Aralık 2008 tarihinden itibaren hesaplanan Risk İştahı Endeksinin (RİSE) pay getirileri üzerindeki etkisinin incelennmesidir. Yerli yatırımcılar için değişim metodu ile hesaplanan RİSE bağımsız değişken olarak kullanılmış ve BİST 100 endeksindeki değişim modele kontrol değişkeni olarak dâhil edilmiştir. Ocak 2009 -Ocak 2019 döneminde borsada işlem gören paylar, piyasa değerlerine göre sıralanmış ve en düşük piyasa değerine sahip %10'un içerisinde kalan paylardan portföy oluşturulmuştur. Risk iştahının pay getirileri üzerindeki etkisi çoklu regresyon modeli ile analiz edilmiştir. Analiz sonucunda, risk iştahının pay getirileri üzerinde sınırlı bir etkisi olduğu tespit edilmiştir.

Abstract:This study investigates the exchange rate exposure of Turkish energy fi rms from 2002 to 2010. We employed a regression model that is constructed by adding exchange rate and oil price factors to Fama-French Three Factor Model. Empirical results suggest that exchange rate risk appears to impact energy fi rms diversely. Among the 9 energy fi rms in our sample, only 2 fi rms seem to be exposed to exchange rate risk. These two energy fi rms appear to have larger open foreign currency positions and do not use any hedging methods. On the contrary, rest of the energy fi rms that are not found to be aff ected by exchange rate risk either seem to have smaller open foreign currency positions or employ hedging methods to manage exchange rate risk. Overall, our results provide evidence that energy fi rms exposed to exchange rate risk share similar characteristics.