Piyasa Riski ve Finansal Sıkıntının Firma Performansına Etkileri
Effects of Market Risk And Financial Distress on Firm Performance

Summary/Abstract: The aim of this study is to examine the effects of market risk and financial distress on the firm performance. For this purpose, 8-year period spanning from 2015 to 2022 of 25 listed firms in the ISE Food and Beverage index has been investigated. The Dynamic Panel Regression Generalized Moments Method (GMM) method has been employed for data analysis. In the study, the firm's performance is represented by return on assets, which is selected as the dependent variable. Additionally, conditional value at risk and interest coverage ratio are considered as independent variables, while other variables that might affect performance, such as firm age, total assets, leverage ratio, degree of financial leverage, and current ratio, are included as control variables in the study. The results indicate that market risk and financial distress negatively affect firm performance. While the other control variables thought to affect firm performance in the study, the degree of financial leverage, total assets and current ratio positively affect firm performance, the lagged value of the dependent variable, leverage ratio and firm age negatively affect firm performance.

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