Yaşın Firmanın Performansı Üzerindeki Etkisi: Aile Şirketlerinden İncelemeler

Authors : Özkan HAYKIR, Mehmet Sinan ÇELİK

Pages : 129-137

Doi:10.25287/ohuiibf.403257

View : 26 | Download : 15

Publication Date : 2018-04-25

Article Type : Research Paper

Abstract :In this paper, we investigate the link between age and firm performance by analysing the family-owned companies in a developing country, Turkey. We adopt ordinary least squares estimation to the period between 2008 and 2016 using 38 listed and non-financial family-owned companies. We use profitability as a proxy for firm performance. Profitability is defined as earnings before interest and tax divided by total assets. As a result, we capture the convex relationship between age and profitability of family-owned companies which suggests that younger firms have higher profits until they reach a certain age. When they pass that threshold age older firms perform better than younger firms. This result is robust when we control for heteroscedasticity and include other control variables such as liquidity, debt ratio and asset turnover.
Keywords : Family Owned Companies, Firm age, Profitability, Emerging Market