Sürdürülebilir Büyüme Oranına Göre Hızlı ve Yavaş Büyüyen Firmalarda Finansal Kaldıraç Etkisi: İSO 1000 Üzerine Bir İnceleme

Abstract

The purpose of this study is to analyse the effect of debt usage on return on equity in manufacturing industry and whether this effect has changed in companies with high and low sales growth rates. The analysis of the study was carried out on three samples; on a sample of 93 firms selected among Istanbul Chamber of Industry Top 1000 industrial enterprises (ISO 1000) and, on two sub-samples, from these 93 firms, that are determined as fast growing and slow growing when compared to sustainable growth rate (SBO). Panel data analysis was applied to data of first sample containing 93 companies and 6 years (2013-2018 period). According to 5-year (2014-2018 period) averages, cross-sectional analysis was applied to the data of two samples consisting of 45 fast growing firms and 48 slow growing firms. In regressions, the components of the DuPont system were used and SBO was accepted to be equal to return on equity. According to the results of the analysis, in the sector-wide analysis that ignores growth speed, financial leverage reduced the return on equity. But financial leverage was an important factor that increased the return on equity in slowly growing firms, whereas was not an important factor in fast growing companies. As a result, in slow growing manufacturing companies, debt were used effectively and raised return on equity by creating a financial leverage effect.