This study tests the validity of the pecking order theory at different investment levels for manufacturing firms listed on the Borsa Istanbul. The study covers the period from 2000 to 2018, and the quantile regression method was employed to determine the relative importance of internal and external funding sources in the financing of firm investments. The empirical findings of the present study reveal that the pecking order theory is valid for the choice behaviour of firms listed on the Borsa Istanbul and that the sensitivity to internal funds and debts increases as investment levels increase. In addition, it is found that small firms act in accordance with the pecking order. The empirical findings show that the pecking order theory is not valid for high- and low-leverage firms; high-leverage firms prefer equity financing at high investment levels when internal funds are insufficient to finance investment expenditures, and low-leverage firms prefer to borrow as their first choice. Moreover, it is found that the firms acted in accordance with the financial hierarchy in the period before the global crisis (2000–2009); in the post-crisis period (2010–2018), debt/borrowing was preferred for investment financing. Finally, firms operating in the food, drink and tobacco product manufacturing; chemical, petroleum, rubber and plastic product manufacturing; and stone- and soil-based industrial product manufacturing subsectors are found to display pecking order behaviour.

本研究检验了在伊斯坦布尔证券交易所上市的制造公司在不同投资水平上的啄食顺序理论的有效性。该研究涵盖2000年至2018年期间，采用分位数回归方法确定内部和外部资金来源在公司投资融资中的相对重要性。本研究的实证结果表明，啄序理论对伊斯坦布尔证券交易所上市公司的选择行为是有效的，并且随着投资水平的提高，对内部资金和债务的敏感性也会增加。此外，发现小企业按照啄食顺序行事。实证结果表明，啄食顺序理论对高杠杆和低杠杆企业均无效；当内部资金不足以为投资支出提供资金时，高杠杆企业更愿意在高投资水平上进行股权融资，而低杠杆企业更愿意将借款作为他们的首选。此外，发现公司在全球危机前（2000-2009 年）期间按照财务等级行事；在后危机时期（2010-2018），债务/借贷是投资融资的首选。最后，从事食品、饮料和烟草产品制造的公司；化工、石油、橡胶和塑料制品制造；发现以石头和土壤为基础的工业产品制造子行业表现出啄食行为。研究发现，在全球危机之前（2000-2009 年），企业按照财务等级行事；在后危机时期（2010-2018），债务/借贷是投资融资的首选。最后，从事食品、饮料和烟草产品制造的公司；化工、石油、橡胶和塑料制品制造；发现以石头和土壤为基础的工业产品制造子行业表现出啄食行为。研究发现，在全球危机之前（2000-2009 年），企业按照财务等级行事；在后危机时期（2010-2018），债务/借贷是投资融资的首选。最后，从事食品、饮料和烟草产品制造的公司；化工、石油、橡胶和塑料制品制造；发现以石头和土壤为基础的工业产品制造子行业表现出啄食行为。