Energy Intensity and Capital–Energy Substitution: An Analysis Based on Turkish Manufacturing Firms

Abstract

This study investigates the substitutability between capital and energy for firms operating in the Turkish manufacturing industry over the 2005–2013 period, with firms grouped according to their energy intensity. Within the scope of the analysis, a translog cost function and factor share equations are estimated using the iterated seemingly unrelated regression (iSUR) method. Based on the estimated coefficients, cross-price elasticities and Morishima elasticities of substitution are calculated to examine the relationship between production factors. The results indicate that cross-price elasticity increases with the level of energy intensity. The findings from the Morishima elasticity of substitution suggest that the possibility of substituting capital for energy is stronger in firms with higher energy intensity, indicating greater technological substitution capacity in these firms. Overall, the results highlight the importance of accounting for firm heterogeneity when estimating capital–energy substitutability. These findings further suggest that production structures in energy-intensive sectors may be more flexible in response to changes in energy prices and that energy policies should be designed with careful consideration of sectoral heterogeneity. The study contributes to the limited firm-level literature on capital–energy substitutability in developing countries.

Keywords

• Capital – Energy Substitution
• Substitution Elasticity
• Panel Micro Data
• Translog Cost Function

Enerji Yoğunluğu ve Sermaye–Enerji İkamesi: Türkiye İmalat Sanayinde Firma Düzeyinde Bir Analiz

Abstract

Bu çalışma, Türkiye imalat sanayinde faaliyet gösteren firmalar için 2005–2013 döneminde sermaye ve enerji üretim faktörleri arasındaki ikame olanaklarını, firmaları enerji kullanım yoğunluklarına göre gruplandırarak incelemektedir. Analiz kapsamında translog maliyet fonksiyonu ve faktör payı denklemleri tekrarlı görünürde ilişkisiz regresyon (iSUR) yöntemi kullanılarak tahmin edilmiştir. Tahmin edilen katsayılardan hareketle üretim faktörleri arasındaki ilişkiyi ortaya koymak amacıyla çapraz fiyat esneklikleri ve Morishima ikame esneklikleri hesaplanmıştır. Elde edilen bulgular, enerji kullanım yoğunluğu arttıkça çapraz fiyat esnekliğinin yükseldiğini göstermektedir. Morishima ikame esnekliği sonuçları ise enerji yoğunluğu yüksek firmalarda sermayenin enerjiye ikame edilme olanaklarının daha güçlü olduğunu ve firmaların teknolojik ikame kapasitesinin arttığını ortaya koymaktadır. Sonuçlar, sermaye–enerji ikame edilebilirliğinin hesaplanmasında firma heterojenliğinin dikkate alınmasının önemli olduğunu göstermektedir. Bu bulgular, enerji yoğunluğu yüksek sektörlerde enerji fiyatlarındaki değişimlere karşı üretim yapısının daha esnek olabileceğini ve enerji politikalarının sektör heterojenliğini dikkate alacak biçimde tasarlanması gerektiğini ortaya koymaktadır. Çalışma, gelişmekte olan ülkelerde firma düzeyinde sermaye–enerji ikame edilebilirliğine ilişkin sınırlı literatüre katkı sunmaktadır.

Keywords

• Sermaye - Enerji İkamesi
• İkame Esnekliği
• Panel Mikro Veri
• Translog Maliyet Fonksiyonu

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