The Effect of Age on Firm’s Performance: Evidence From Family-Owned Companies

Year 2018, Volume: 11 Issue: 2, 129 - 137, 25.04.2018

Özkan Haykır , Mehmet Sinan Çelik

https://doi.org/10.25287/ohuiibf.403257

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

Yaşın Firmanın Performansı Üzerindeki Etkisi: Aile Şirketlerinden İncelemeler

Abstract

Bu araştırmada,
gelişmekte olan bir ülke olarak sınıflandırlan Türkiye’deki aile şirketleri
analiz edilerek firmanın yaşı ve firma performansı arasındaki bağlantı
araştırılmıştır. 2008 ve 2016 yılları arasında, borsada işlem gören ve finans
sektöründe olmayan 38 aile şirketinin verileri en küçük kareler yöntemi
uygulanarak analiz edilmistir. Firmanın performansını ölçmek için firmanın karı
kullanılmıştır. Kâr, firmanın faiz ve vergi öncesi karının toplam varlıklara
bölünmesiyle hesaplanmıştır. Sonuç olarak, aile şirketlerinde firma yaşı ve
kârlılığı arasındaki konveks bir ilişki bulunmuştur. Diğer bir değişle, genç
firmaların belirli bir yaşa gelene kadar daha yüksek kazançlar elde ettikleri
sonucuna varılmıştır. Fakat belirli bir olgunluğa eriştikten sonra yaşlı
firmalar, genç firmalardan daha iyi performans göstermektedirler. Bu sonuç
değişen varyansı kontrol ettiğimiz zaman ya da farklı bağımsız değişkenler olan
likidite, borç oranı veya aktif devir hızını eklediğimiz zaman da geçerli
olmaktadır.

Keywords

Aile Şirketleri, Firma Yaşı, Karlılık, Gelişen Piyasalar

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