The Review of the Moderator Effect of Leverage and Foreign Ownership on Firm Performance: Turkey Sample

Purpose of the study; the aim of this course is to examine the moderator effect of the leverage and ownership structures of the firms that are traded on Stock Exchange Istanbul (BIST) and the manufacturing sector on R & D expenditures and firm performance. For this purpose, 125 manufacturing firms operating in BIST between 2008-2016 were examined. The effect of foreign ownership and leverage on firm performance were tested using dynamic GMM system developed by Arellana and Bover (1995) from dynamic panel models. According to the results of this study, it was found that leverage negatively affects the relationship between R&D intensity and firm performance, although foreign ownership positively affects the relationship between R&D intensity and firm performance