期刊名称：Dokuz Eylül Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi
印刷版ISSN：1302-504X
电子版ISSN：2147-7973
出版年度：2017
卷号：32
期号：1
DOI：10.24988/deuiibf.2017321538
语种：English
出版社：Dokuz Eylül University
摘要：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.
其他摘要：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 Blu
关键词：Risk;Performance;Turkish Manufacturing Industry
