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首页> 外文期刊>International Journal of Business and Management >Relationship between Accounting Based Risk and Return: Analysis for Turkish Companies
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Relationship between Accounting Based Risk and Return: Analysis for Turkish Companies

机译：基于会计的风险与收益之间的关系：土耳其公司的分析

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摘要

Accounting based risk and return relationship is a relatively incomplete issue, which has mostly been studied under a separate framework from financial markets based risk and return. Researchers find different results for different classifications of companies/industries/time frames. This paper reports the cross-section and panel correlations between accounting risk and return for various industrial company size categories in Turkey. The goal is to show the direction and magnitude of the relationship. When standard deviation is used as a risk measure, significant correlations are typically positive for small & medium sized companies and large companies. The positive relationship is very strong when the performance measure is ROE. All significant correlations become negative for very large sized companies. For each size category, no difference is observed between low-performers and high-performers in terms of significant coefficient signs. However, when we look at the magnitude of coefficients, there are some substantial differences between size categories, and between performance categories. When the risk measure is total debt to total assets ratio, our results show significant negative association between return and risk for all company size categories.
机译：基于会计的风险与收益关系是一个相对不完整的问题，大多数已在与基于金融市场的风险与收益分开的框架下进行了研究。对于公司/行业/时间范围的不同分类，研究人员发现了不同的结果。本文报告了土耳其各种工业公司规模类别的会计风险与收益之间的横截面和面板相关性。目的是显示关系的方向和大小。当使用标准差作为风险衡量标准时，对于中小型公司和大型公司，显着的相关性通常为正。当绩效指标为ROE时，正相关关系非常强。对于大型公司，所有显着的相关性都变为负相关。对于每种尺寸类别，在有效系数符号方面，低性能者和高性能者之间均未观察到差异。但是，当我们查看系数的大小时，大小类别之间以及性能类别之间存在一些实质性差异。当风险度量为总债务与总资产的比率时，我们的结果表明，所有公司规模类别的收益和风险之间都存在显着的负相关性。

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