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

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.

Anahtar Kelimeler:

Family-Owned Companies; Firm age, Profitability, Emerging Market

Yaşın Firmanın Performansı Üzerindeki Etkisi: Aile Şirketlerinden İncelemeler

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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