The purpose of this study is to investigate firm-level determinants of capital structures of renewable energy firms. For the study, data from the world's top 10 renewable energy firms, ranked in the Reuters Energy 100 report from 2019 to 2023, were used. In the study, multiple linear regression is used to analyse associations among variables. Based on the analysis conducted in the study context, profitability, size, asset structure, tax and liquidity variables, and firm leverage showed strong negative correlations. The relationships among the variables provided evidence that the pecking-order theory holds in renewable energy companies.
Söylemez et al. (Fri,) studied this question.