Makroekonomik Belirsizliklerin Maliyet Yapışkanlığına Etkisi: BIST İmalat Sektöründe Bir Uygulama

Abstract

Makroekonomik belirsizliklerin maliyet yapışkanlığı üzerindeki etkisini tespit etmeyi amaçlayan bu çalışmada, Borsa İstanbul'da işlem gören 113 imalat şirketinin 2007-2022 dönemine ait yıllık verileri panel veri regresyon analizine tabi tutulmuştur. Çalışmada, “Anderson, Banker ve Janakiraman” (ABJ) yöntemine göre çeşitli maliyet unsurlarında maliyet yapışkanlığını belirlemek için altı farklı model kurulmuştur. Daha sonra, bu maliyet unsurlarındaki yapışkanlık düzeyini etkileyen makroekonomik belirsizlikleri belirlemek için genişletilmiş ABJ yöntemine göre de altı farklı model kurulmuştur. Analiz sonuçları, maliyet yapışkanlığı teorisinin çalışan sayısı hariç tüm maliyet unsurları için geçerli olduğunu göstermektedir. Ancak, maliyet yapışkanlığı karşıtı teori çalışan sayısı için geçerlidir. Analiz edilen maliyet unsurlarında makroekonomik belirsizliklerin, şirkete özgü faktörlerin ve makroekonomik faktörlerin maliyet yapışkanlığı düzeyini farklı yönlerde ve farklı düzeylerde etkilediği sonucuna varılabilir.

Keywords

• Asimetrik Maliyet Davranışı
• Maliyet Yapışkanlığı
• İmalat Sektörü
• Makroekonomik Belirsizlik
• BIST

The Effect of Macroeconomic Uncertainties on Cost Structure: An Application to the BIST Manufacturing Sector

Abstract

In this study, which aims to ascertain the impact of macroeconomic uncertainty on cost stickiness, the annual data from 113 manufacturing companies operating in Borsa Istanbul (BIST) for the period 2007-2022 were analyzed using panel data regression analysis. In the study, six different models were developed to determine cost stickiness in various cost elements according to the “Anderson, Banker and Janakiraman” (ABJ) method. Subsequently, six additional models were also developed according to the extended ABJ method to ascertain the macroeconomic uncertainties influencing the level of stickiness in these cost elements. The analysis results indicate that the cost stickiness theory is applicable for all cost elements except the number of employees. However, the anti-stickiness theory is valid for the number of employees. Consequently, it can be said that macroeconomic uncertainties, company-specific factors, and macroeconomic factors affect the level of cost stickiness in different directions and at different levels in the specific cost elements analyzed.

Keywords

• Asymmetric Cost Behavior
• Cost Stickiness
• Manufactoring Sector
• Macroeconomic Uncertainty
• BIST

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