“…On the other hand, the top 10 arms importer countries perform about 51.4% of total imports. When the literature is examined, it is seen that despite lots of studies on the manufacturing industry (Mok et al, 2007;Lai, 2007;Nandy, 2011;Memon and Tahir, 2011;Yang et al, 2012;Prusa, 2012;Docekalova and Bockova, 2013;Moon, 2013;Elshamy, 2013;Changjun and Qiaoyue, 2014;Bakırcı et al, 2014;Tatlı and Bayrak, 2016), the number of efficiency studies on the defense industry is limited. Bakırcı et al (2016) analyzed the defense industry of the countries that have the largest 100 defense companies in the world by using MTFP.…”