The impact of managerial education on firm performance and financial risk perception: Evidence from the furniture manufacturing industry in Kahramanmaraş

This study examines the impact of managerial education on firm performance indicators in the furniture manufacturing sector of Kahramanmaraş, Türkiye. Data was collected from 32 SME managers through a structured survey. The sample was categorized into three education levels: primary school (n=11), high school (n=12), and university (n=9). The Fisher-Freeman-Halton Exact Test was employed to analyze the association between education and eight performance dimensions, including efficiency, debt repayment, ROI, and net income. Descriptive results indicate that university-educated managers adopt a more cautious and critical stance regarding financial outcomes, reporting higher rates of perceived decline in short-term debt capacity (35%) and net income (25%) compared to other groups. Conversely, primary school-educated managers displayed higher optimism in efficiency and revenue growth. Statistical analysis revealed near-significant associations for net income (p=0.052) and business expenses (p=0.068). Managerial education serves as a strategic filter for financial realism. While experiential knowledge drives operational optimism in traditional clusters, formal education enhances analytical risk assessment and long-term sustainability.