Trade-off between Operating & Financial Leverage and Interaction with Market Risk: Turkish Metal Industry

Year 2017, Volume: 32 Issue: 1, 361 - 379, 13.07.2017

Mustafa Ünal Sema Dube

https://doi.org/10.24988/deuiibf.2017321610

Abstract

According to the trade-off hypothesis, firms may use operating and financial leverage to stabilize the effects of their corporate decisions on market risk: A firm decision increasing the financial leverage is expected to be balanced out with another decision decreasing the operating leverage. Evidence in literature is conflicting. We examine the presence of the trade-off hypothesis in 32 public firms from the Turkish Metal sector during 2005-2013. In line with the trade-off expectation, we find market risk is positively related to the degree of financial leverage. However, in our sample there is no trade-off between the operating and financial leverage.

Keywords

Trade-off, Operating Leverage, Financial Leverage, Market Risk

Dengeleme Tezi: Kaldıraç Dereceleri ve Piyasa Riski Etkileşimi - Türk Metal Sektörü Örneği

Abstract

Piyasa riski değişikliği, şirket yatırımcılarının portföylerinde ayarlamalara sebebiyet verdiğinden, şirket riskini sabit tutmak isteyen şirket yöneticilerini faaliyet ve finansal kaldıraçları zıt yönde etkileyecek kararlara yönlendirebilir. Söz konusu görüşü savunan Dengeleme Tezi, faaliyet ve finansal kaldıraçlar arasında negatif, her iki kaldıraçla piyasa riski arasında pozitif bir etkileşim beklentisindedir. Bu çalışmada dengeleme tezinin Türk Metal sektöründeki varlığını inceledik. 32 halka açık firma üzerinde 2005-2013 döneminde yaptığımız araştırma dengeleme tezini güçlü destekleyecek sonuçlara ulaşmadı. Bulgularımız piyasa riskinin faaliyet kaldıracıyla negatif, finansal kaldıraçla pozitif ilişkili olmasına rağmen, kaldıraçlar arasında anlamlı bir ilişki bulunmadığına ve yöneticilerin şirket kaldıraçlarını piyasa riski stabilizasyonu için kullanmadığına işaret etti.

Keywords

Dengeleme, Faaliyet Kaldıracı, Finansal Kaldıraç, Piyasa Riski

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