Özet:

This paper uses accounting measures, namely; Return on Assets and Operating Return on Assets to examine the performance of private electricity and natural gas distribution firms in Turkey through 1990-2005. In this period Turkish energy sector went through three major restructurings, each of which occurred just about a major step was taken between Turkey and European Union and during various financial crises. The period also reflects any changes in the industry due to each restructuring. System-GMM methodology is employed to analyze firm level data. The findings show that the measures are negatively associated with firm size but positively related to sales growth. Moreover the debt ratio positively affects the measures during the economic expansion periods. The measures display irrelevancy to GDP and a declining pattern in time. More importantly, the level of Operating Return on Assets is always below that of Return on Assets, suggesting that the firms are earning profit elsewhere than their own distribution activities.    

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