MORE ECONOMIC FREEDOM, HIGHER PERFORMANCE? THE CASE OF TURKEY

Year 2023, Volume: 24 Issue: 3, 572 - 597, 25.09.2023

Çağdaş Gündüz

https://doi.org/10.53443/anadoluibfd.1277068

Abstract

This study examines the relationship between economic freedom and the financial performance of banks. To this end, deposit banks operating in Turkey between 2006-2021 were examined. As a bank performance measure, average return on asset, average return on equity and net interest margin were used in the study. The effect of the three sub-components of economic freedom (business freedom, monetary freedom, financial freedom) on bank performance was also examined. The analyses were conducted via panel data technique. Empirical findings show that higher (lower) overall economic freedom reduces (increases) bank performance. On the other hand, higher business freedom has a positive impact on banks’ performance. Additionally, the results indicate that higher monetary and financial freedom have a negative impact on banks’ performance. The findings highlight the need for industry stakeholders to consider the level of economic freedom in Turkey and its impact on bank performance.

Keywords

Return on Asset, Return on Equity, Net Interest Margin, Economic Freedom, Turkish Banking Industry

DAHA FAZLA EKONOMİK ÖZGÜRLÜK, DAHA YÜKSEK PERFORMANS? TÜRKİYE ÖRNEĞİ

Abstract

Bu çalışma, ekonomik özgürlük ile bankaların finansal performansı arasındaki ilişkiyi araştırmaktadır. Bu amaçla, 2006-2021 yılları arasında Türkiye'de faaliyet gösteren mevduat bankaları incelenmiştir. Çalışmada, banka performans ölçütü olarak, ortalama aktif getirisi, ortalama özkaynak getirisi ve net faiz marjı kullanılmıştır. Ekonomik özgürlüğün üç alt bileşeninin (iş özgürlüğü, parasal özgürlük, finansal özgürlük) banka performansına etkisi ayrıca incelenmiştir. Analizler panel veri tekniği ile gerçekleştirilmiştir. Ampirik bulgular, daha yüksek (düşük) genel ekonomik özgürlüğün banka performansını kötüleştirdiğini (iyileştirdiğini) göstermektedir. Diğer yandan, daha yüksek iş özgürlüğü bankaların performansına olumlu yansımaktadır. Ayrıca sonuçlar, daha yüksek parasal ve finansal özgürlüğün bankaların performansı üzerinde olumsuz bir etkiye sahip olduğunu ortaya koymaktadır. Bulgular, sektör paydaşlarının, Türkiye’deki ekonomik özgürlük düzeyini ve bu düzeyin banka performansları üzerindeki etkisini dikkate almaları gerektiğini vurgulamaktadır.

Keywords

Aktif Getirisi, Özkaynak Getirisi, Net Faiz Marjı, Ekonomik Özgürlük, Türk Bankacılık Sektörü

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