Türk İmalat Sanayinde Risk ve Performans Arasındaki İlişki

Yıl 2017, Cilt: 32 Sayı: 1, 29 - 56, 13.07.2017

Seymur Ağazade Aykut Karakaya Selçuk Perçin

https://doi.org/10.24988/deuiibf.2017321538

Öz

Teorik yaklaşımlar risk ve performans ilişkinin doğasına yönelik farklı sonuçlar öngörürler. Geleneksel finans teorisi ve davranışsal firma teorisi bu ilişkiye yönelik olarak tartışmalı açıklamalar getirirler. Bu çalışmada Arellano ve Bover (1995) ile Blundell ve Bond (1998) tarafından geliştirilen İki Aşamalı Sistem Genelleştirilmiş Momentler Metodu kullanılarak 2008-2013 dönemi için Türk İmalat Sanayinde risk ve performans ilişkisi incelenmiştir. Çalışmada risk göstergesi olarak toplam kaldıraç derecesi, faaliyet kaldıraç derecesi ve finansal kaldıraç derecesi kullanılmıştır. Performans değişkeni göstergeleri ise net kȃr marjı, aktif kȃrlılık oranı ve öz sermaye kȃrlılık oranlarıdır. Panel veri tahmin sonuçları toplam kaldıraç derecesi veya finansal kaldıraç derecesi risk göstergesi olarak dikkate alındığında performansın riski pozitif yönde etkilediğini göstermektedir. Risk göstergesi olarak faaliyet kaldıracı derecesi dikkate alındığında ise performansın riski negatif yönde etkilediği görülmüştür. Bu sonuç, toplam risk ve finansal risk söz konusu olduğunda geleneksel teorinin, buna karşın iş riski dikkate alındığında ise davranışsal firma teorisini desteklemektedir.

Anahtar Kelimeler

Risk, Performans, Türk İmalat Sanayi

The Relationship Between Risk and Performance in Turkish Manufacturing Industry

Öz

Theoretical approaches make different prediction related to the nature of the relationship between risk and performance. Traditional finance theory and behavioural firm theory give controversial explanation about this relationship. Using Two Stage System Generalized Moment Method proposed by Arellano and Bover (1995) and Blundell and Bond (1998) this paper investigates risk and performance relationship in Turkish Manufacturing Industry for the period from 2008 to 2013. The degrees of total leverage, operating leverage and financial leverage are used as risk indicators. Net profit margin, return on assets, return on equity are performance variables. Panel estimation results demonstrate that performance effects risk positively when degree of total leverage or financial leverage is used as risk indicator and negatively when degrees of operating leverage is used as risk indicator. These results support the traditional finance theory when total risk or financial risk is taken into account and behavioural firm theory when operational risk is considered as risk proxies.

Anahtar Kelimeler

Risk, Performance, Turkish Manufacturing Industry

Kaynakça

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