The Role of Sales Growth in Determining the Effect of Operating Leverage on Financial Performance: The Case of Turkey

Year 2021, Issue: 91, 185 - 198, 05.07.2021

İsmail Kalash , Abdulkadir Bilen

https://doi.org/10.25095/mufad.842340

Cited By: 4

Abstract

This article analyses the impact of sales growth on the association between operating leverage and
financial performance. Using a sample of 200 firms listed on Istanbul Stock Exchange over the period from 2008
to 2017, we find that operating leverage has a negative effect on profitability, and that the negative effect of
operating leverage is stronger (weaker) for firms with low (high) sales growth. It implies that sales growth
mitigates the negative impact of operating leverage on profitability. These results confirm that firms with high
operating leverage should increase sales level to enhance their financial performance. 

Keywords

Operating Leverage, Sales Growth, Profitability, Istanbul Stock Exchange

Faaliyet Kaldıracının Finansal Performans Üzerindeki Etkisini Belirlemede Satış Büyümesinin Rolü: Türkiye Örneği

Abstract

Bu çalışma, satış büyümesinin faaliyet kaldıracı ile finansal performans arasındaki ilişki üzerinde etkisini
analiz etmektedir. Borsa İstanbul’da (BİST) 2008-2017 yılları arasında işlem gören 200 firma verilerini
kullanarak, faaliyet kaldıracının karlılık üzerindeki etkisinin negatif olduğu ortaya çıkmıştır. Dahası, düşük
(yüksek) satışlar büyümesine sahip olan firmalar için faaliyet kaldıracının olumsuz etkisinin daha güçlü (daha
zayıf) olduğu gösterilmiştir. Bu sonuçlara göre, satışlar büyümesinin faaliyet kaldıracının karlılık üzerindeki
olumsuz etkisini azalttığı anlaşılabilir. Yüksek faaliyet kaldıracına sahip firmaların finansal performansını
artırmak için satış düzeyleri yükseltilmelidir.
Anahtar Kelimeler: Faaliyet Kaldıracı, S

Keywords

Faaliyet Kaldıracı, Satışlar Büyümesi, Karlılık, Borsa İstanbul (BİST)

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