caa a22 4500 445316527 CHVBK 20180317142649.0 cr unu---uuuuu 170323e20110701xx s 000 0 eng 10.1007/s11146-010-9242-7 doi (NATIONALLICENCE)springer-10.1007/s11146-010-9242-7 Concentrated Ownership, No Dividend Payout Requirement and Capital Structure of REITs: Evidence from Turkey [Elektronische Daten] [Isil Erol, Dogan Tirtiroglu] This paper studies empirically the capital structure of Turkish REITs as they offer unique and so far untested angles. They do not have to pay out dividends, yet enjoy the exemption from paying corporate taxes since their legal foundation in 1998. Several financial meltdowns occurred in the last three decades, keeping investors with a doubt about Turkey's financial and political stability. The last meltdown in 2001 is part of the sample period. Findings show that Turkish REITs employ little long-term debt in their capital structure. The legal requirement that a leader entrepreneur be present with a minimum equity position of 25% introduces the agency problem between the majority and minority owners. The leader entrepreneurs, as non-taxable institutional investors, appear to dictate Turkish REITs' dividend and debt policies and deplete REITs' dividends, causing them to go to the long-term debt market. The financial meltdown of 2001 exerts negative short-term and positive long-term influence on the debt ratios while inflation's effect is negative. Firm size, REITs' engagement in development and stock market development influence debt ratios positively; tangibility and a few firm, ownership, and country-specific determinants appear to have either mixed or no influence on Turkish REITs' debt policies. Springer Science+Business Media, LLC, 2010 REITs nationallicence Capital structure nationallicence Dividend policy nationallicence Pecking order hypothesis nationallicence Free cash flow nationallicence Turkey nationallicence Erol Isil Department of Economics, The Middle East Technical University, 06531, Ankara, Turkey aut Tirtiroglu Dogan Business School, The University of Adelaide, 10 Pulteney Street, Room 12.42, 5005, Adelaide, SA, Australia aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 174-204 0895-5638 43:1-2<174 2011 43 11146 https://doi.org/10.1007/s11146-010-9242-7 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-010-9242-7 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Erol Isil Department of Economics, The Middle East Technical University, 06531, Ankara, Turkey aut NATIONALLICENCE 700 1- Tirtiroglu Dogan Business School, The University of Adelaide, 10 Pulteney Street, Room 12.42, 5005, Adelaide, SA, Australia aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 43/1-2(2011-07-01), 174-204 0895-5638 43:1-2<174 2011 43 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer