Changes on capital structure of the firms on the occasion crisis and situation of tourismcompanies traded on ISE

Abstract

The capital structures of the enterprises and the factors that affect these structures have been dealt with extensively in literature. The experimental studies of Modigliani-Miller conducted within the context of developed countries' economic and institutional structures showed that capital structure does not affect the enterprise value. On the other hand, other studies revealed that the changes in the market affected the enterprises' finance structure and their finance preferences. In this study, the factors that determine the structure of the tourism enterprises are studied in an environment where market deficiencies abound. The study also looks at the changes that are caused by these factors especially during the crisis of during crisis period of 1998-2006. © University of the Aegean.