FIRMA BÜYÜMESİ VE KARLILIK ARASINDAKİ ETKİLEŞİM: (HALKA AÇIK) TÜRK İMALAT FİRMALARI ÜZERINE BİR UYGULAMA

Abstract

There is still not a consensus on ‘which came first; the firm growth or the profitability’. According to some theoretical arguments, growth affects profitability and profitability supports growth. Because empirical evidence can not support the theoretical approaches considerably, this difference between the theoretical predictons and empirical evidences needs newly empirical evidence on Turkish manufacturing firms. Thus, this paper investigates interaction between firm growth and profitability using panel data on 137 Turkish listed manufacturing firms over the period 1997-2012. Using system-GMM (Blundell and Bond, 1998) growth and profit regressions are estimated. According to results there is a statistically significant positive relation between current profits and current growth. The impact of current profits on current growth is much stronger than the impact of current growth on current profits in the case of Turkish manufacturing firms. These results appear to contradict the theories in Industrial Organization which suggests a negative relationship. In addition, the results suggest that lagged profits affect current profits positively and lagged profitability is a significant determinant of current profits. Moreover, the link between current profits and lagged profits is much stronger than the link between current growth and current profits

Keywords

• Firm growth, profitability, system-GMM

THE INTERACTION BETWEEN FIRM GROWTH AND PROFITABILITY: EVIDENCE FROM TURKISH (LISTED) MANUFACTURING FIRMS

Abstract

Firma büyümesinin mi yoksa karlılığın mı önce geldiği konusunda hala ortak bir yargı bulunmamaktadır. Bazı teorik görüşlere göre, büyüme karlılığı etkilemekte ve karlılık da büyümeyi desteklemektedir. Ampirik bulguların teorik yaklaşımları dikkate değer şekilde destekleyememesi nedeniyle, teorik çıkarımlarla ampirik bulgular arasındaki oluşan bu farklılık Türk imalat firmaları için de yeni bir ampirik bulguyu gerektirmektedir. Söz konusu kapsamda, 1997-2012 dönemine için halka açık 137 Türk imalat firmasından oluşan bir panel veri seti kullanılarak bu çalışmada firma büyümesi ve karlılık arasındaki etkileşim araştırılmaktadır. Sistem-GMM (Blundell and Bond, 1998) kullanılarak büyüme ve kar regresyonları tahmin edilmektedir. Elde edilen sonuçlara göre, cari karlar ile cari büyüme arasında istatistiksel olarak anlamlı pozitif bir ilişki bulunmaktadır. Türk imalat firmaları için cari karların cari büyüme üzerindeki etkisi, cari büyümenin cari karlar üzerindeki etkisinden daha güçlü olduğu görülmektedir. Bu sonuçlar, büyüme ile karlılık arasında negatif ilişkiyi destekleyen Endüstriyel Organizasyon teorisine ters düşmektedir. Bunun yanısıra, gecikmeli karların cari karları pozitif etkilediği ve gecikmeli karların cari karların önemli bir belirleyicisi olduğu sonucuna da varılmaktadır. Üstelik cari karlar ile gecikmeli karlar arasındaki bağlantının cari büyüme ve cari karlar arasındaki bağlantıdan daha güçlü olduğu görülmektedir

Keywords

• Firma büyümesi, karlılık, sistem-GMM

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