___

• Bilen, Abdulkadir – Kalash, Ismail (2020), “The Effect of Firms’ Financial Leverage and Risk Levels on Profitability: An Empirical Investigation of Service Firms in Istanbul Stock Exchange”, The World of Accounting Science, 22(2), pp. 258-275.
• Chandra, Teddy – Junaedi, Achmad Tavip – Wijaya, Evelyn – Suharti, Suharti – Mimelientesa, Irman – Ng, Martha (2019), “The effect of capital structure on profitability and stock returns: Empirical analysis of firms listed in Kompas 100”, Journal of Chinese Economic and Foreign Trade Studies, 12(2), pp. 74-89.
• Chen, Huafeng – Li, Pengfei (2018), “Another Look at Operating Leverage and Stock Returns”, available at: https://ssrn.com/abstract=3156859.
• Chen, Zhiyao - Harford, Jarrad – Kamara, Avraham (2019), “Operating Leverage, Profitability, and Capital Structure”, Journal of Financial and Quantitative Analysis, 54(1), pp. 369-392.
• Dagogo, Daibi W. (2014), “Degree of Operating Leverage, Contribution Margin and the Risk-Return Profile of Emerging Companies: Evidence from Nigeria”, International Journal of Economics and Finance, 6(12), pp. 148-156.
• Dawar, Varun (2014), “Agency theory, capital structure and firm performance: Some Indian evidence”, Managerial Finance, 40(12), pp. 1190-1206.
• Dayi, Faruk (2019), “The Effect of Operating Leverage Degree on Revenues: An Application in Airlines”, Afyon Kocatepe University Journal of Social Sciences, 21(3), pp. 923-941.
• Detthamrong, Umawadee – Chancharat, Nongnit – Vithessonthi, Chaiporn (2017), “Corporate governance, capital structure and firm performance: Evidence from Thailand”, Research in International Business and Finance, 42, pp. 689-709.
• Doğan, Mesut (2013), “Relations Between the Profitability and Capital Structure of Insurance Companies: An Analysis Over Turkish Capital Market”, The Journal of Accounting and Finance, 57, pp. 121-136.
• Er, Hakan – Kaya, İbrahim (2012), “The Relationship Between Accounting Beta and CAPM: Evidence from Turkey”, International Journal of Social Sciences and Humanity Studies, 4(2), pp. 233-243.
• Horne, James C. Van – Wachowicz, John M. (2008), Fundamentals of Financial Management, Pearson Education Limited, England.
• Fama, Eugene. F. – French, Kenneth, R. (2002), “Testing Trade-Off and Pecking Order Predictions about Dividends and Debt”, Review of Financial Studies, 15(1), pp. 1-33.
• García-Feijóo, Luis – Jorgensen, Randy D. (2010), “Can Operating Leverage Be the Cause of the Value Premium?”, Financial Management, 39(3), pp. 1127-1153.
• García-Feijóo, Luis – Jansen, Benjamin A. (2020), “Operating Leverage and Stock Returns: International Evidence”, available at: https://ssrn.com/abstract=3646542.
• Gharsalli, Mazen (2019), “High leverage and variance of SMEs performance”, The Journal of Risk Finance, 20(2), pp. 155-175.
• Grau, Alfredo – Reig, Araceli (2020), “Operating leverage and profitability of SMEs: agri-food industry in Europe”, Small Bus Econ, https://doi.org/10.1007/s11187-019-00294-y.
• Houmes, Robert E – MacArthur, John B – Stranahan, Harriet (2012), “The operating leverage impact on systematic risk within a context of choice: An analysis of the US trucking industry”, Managerial Finance, 38(12), pp. 1184 – 1202.
• Huffman, Stephen P. (1989), “The Impact of the Degrees of Operating and Financial Leverage on the Systematic Risk of Common Stocks: Another Look”, Quarterly Journal of Business and Economics, 28(1), pp. 83-100.
• Işık, Ozcan (2017), “Determinants of Profitability: Evidence from Real Sector Firms Listed in Borsa Istanbul”, Business and Economics Research Journal, 8(4), pp. 689-698.
• Johnstone, David (2020), “Fama’s Ratio and the Effect of Operating Leverage on the Cost of Capital Under CAPM”, Journal of Accounting, Finance and Business Studies, 56(2), pp. 268-287.
• Karadeniz, Erdinç – Kaplan, Fatih (2016), “The Effect of Capital Structure Decisions on Profitability: A Research on Borsa İstanbul Tourism Companies”, Journal of Travel and Hospitality Management, 13(3), pp. 38-55.
• Kartal, Ali – Gündüz, Erdin - Sevim, Adnan (2013), Maliyet Yönetimi, Anadolu Üniversitesi, Turkey.
• Kebewar, Mazen (2013), “Does debt affect profitability? An empirical study of French trade sector”, available at https://halshs.archives-ouvertes.fr/halshs-00780310.
• Khan, Masood Ahmad – Ishtiaq, Muhammad – Shamim, Anisa – Subhani, Samra (2017), “Evaluation of Firm Performance on The Basis of Leverage Factors: Evidence from Service Sector of Pakistan”, International Conference on Management, Business & Technology (ICMBT-2017), 12-15 March, Lahore.
• Külter, Banu – Demirgüneş, Kartal (2007), “Perakendeci Firmalarda Karliliği Etkileyen Değişkenler: Hisse Senetleri İMKB’de İşlem Gören Perakendeci Firmalar Üzerinde Ampirik Bir Çalışma”, Ç.Ü. Sosyal Bilimler Enstitüsü Dergisi, 16(1), ss. 445-460.
• Le, Thi Phuong Vy – Phan, Thi Bich Nguyet (2017), “Capital structure and firm performance: Empirical evidence from a small transition country”, Research in International Business and Finance, 42, pp. 710-726.
• Lord, Richard R. (1996), “The Impact of Operating and Financial Risk on Equity Risk”, Journal of Economics and Finance, 20(3), pp. 27-38.
• Rhee, S. Ghon – Mandelker, Gershon N. (1984), “The Impact of The Degree of Operating and Financial Leverage on Systematic Risk of Common Stock”, Journal of Financial and Quantitative Analysis, 19(1), pp. 45-57.
• Medeiros, Otavio Ribeiro de – Lustosa, Paulo Roberto Barbosa – Dantas, Jose Alves (2006), “The Impact of the Degree of Operating Leverage on Stock Returns: An Empirical Study in the Brazilian Market”, available at: https://ssrn.com/abstract=891846.
• Mensah, Yaw M. (1992), “Adjusted Accounting Beta, Operating Leverage and Financial Leverage as Determinants of Market Beta: A synthesis and empirical evaluation”, Review of Quantitative Finance and Accounting, 2, pp. 187-203.
• Myers, Stewart. C. (1977), “Determinants of Corporate Borrowing”, Journal of Financial Economics 5, pp. 147-175.
• Olokoyo, Felicia Omowunmi (2013), “Capital Structure and Corporate Performance of Nigerian Quoted Firms: A Panel Data Approach”, African Development Review, 25(3), pp. 358–369.
• Lee, Soin – Park, Sang-Bum (2014), “A Study on the Association between Operating Leverage and Risk: The Case of the Airline Industry”, International Journal of Economics and Finance, 6(3), 120-125.
• Salim, Mahfuzah – Yadav, Raj (2012), “Capital Structure and Firm Performance: Evidence from Malaysian Listed Companies”, Procedia - Social and Behavioral Sciences 65, pp. 156 – 166.
• Soumadi, Mustafa M – Hayajneh, Osama Suhail (2012), “Capital Structure and Corporate Performance Empirical Study on The Public Jordanian Shareholdings Firms Listed in The Amman Stock Market”, European Scientific Journal, pp. 173-189.
• Titman, Sherida - Wessels, Robert (1988), “The Determinants of Capital Structure Choice”, Journal of Finance, 43(1), pp. 1-19.
• Vătavu, Sorana (2015), “The Impact of Capital Structure on Financial Performance in Romanian Listed Companies”, Emerging Markets Queries in Finance and Business, 32, pp. 1314 – 1322.
• Wahba, Hayam (2014), “Capital Structure, Managerial Ownership and Firm Performance: Evidence from Egypt”, Journal of Management and Governance, 18(4), pp. 1041-1061.
• Zabolotnyy, Serhiy – Wasilewski, Mirosław (2018), “Operating and Financial Leverage as Risk Measures in Agricultural Companies”, Problems of Agricultural Economics, 1(354), pp. 113-128.
• Zeitun, Rami - Gary Gang, Tian (2007), “Capital Structure and Corporate Performance: Evidence from Jordan”, Australasian Accounting, Business and Finance Journal, 1(4), pp. 40-61.
• Zhao, Chunguang – Song, Hang – Chen, Wanyi (2016), “Can Social Responsibility Reduce Operational Risk: Empirical Analysis of Chinese Listed Companies”, Technological Forecasting & Social Change, 112, pp. 145-154.