İspanyol Savunma Sanayii Tedarikçilerinin Finansal Performansı ve Belirleyicilerine İlişkin Ampirik Bulgular (2019–2024)

Abstract

Bu çalışma, 2019–2024 döneminde İspanya’daki silah ve mühimmat tedarikçisi firmaların finansal performansını ve bu performansın belirleyicilerini incelemektedir. Ampirik analizde, SABI® veri tabanından elde edilen firma düzeyindeki finansal bilgiler kullanılarak 2019–2024 dönemini kapsayan bir panel veri seti oluşturulmuştur. Likidite, kaldıraç, firma büyüklüğü ve aktif kârlılığı (ROA) arasındaki ilişkilerin 2022 sonrasında değişip değişmediğini incelemek amacıyla, tam örneklem üzerinde yıl sabit etkilerini ve 2022 sonrası dönemi temsil eden gösterge değişkeni ile açıklayıcı değişkenler arasındaki etkileşim terimlerini içeren sabit etkiler panel veri modeli tahmin edilmiştir. Bulgular, finansal kaldıracın ROA ile negatif ve istatistiksel olarak anlamlı bir ilişkiye sahip olduğunu göstermektedir. Likidite ile ROA arasındaki ilişki ise negatif olup marjinal düzeyde istatistiksel anlamlılık göstermektedir. Firma büyüklüğünün ROA ile istatistiksel olarak anlamlı bir ilişkisi bulunmamıştır. Ayrıca gerek etkileşim terimleri gerekse yıl sabit etkileri, söz konusu ilişkilerin 2022 sonrasında istatistiksel olarak anlamlı biçimde değiştiğine ilişkin herhangi bir kanıt sunmamaktadır. Çalışma, İspanya’daki silah ve mühimmat tedarikçisi firmaların finansal performansı ve bu performansın belirleyicileri konusunda firma düzeyinde ampirik bulgular sunarak savunma ekonomisi ve kurumsal finans literatürüne katkıda bulunmaktadır.

Keywords

• Finansman Politikası
• Firma Davranışı
• Savunma Sanayii

Evidence on Financial Performance and its Determinants among Spanish Defense Suppliers (2019–2024)

Abstract

This study examines the financial performance and its determinants among Spanish armament and ammunition suppliers over the 2019–2024 period. The empirical analysis uses firm-level financial information from the SABI® database to construct a panel dataset covering 2019–2024. A fixed-effects panel model is estimated for the full sample, including year fixed effects and interactions between a post-2022 indicator and the explanatory variables, to examine whether the associations between liquidity, leverage, firm size, and return on assets (ROA) changed after 2022. The results show that leverage is negatively and significantly associated with ROA, while liquidity exhibits a negative association that is marginally significant. Firm size is not significantly associated with ROA, and neither the interaction terms nor the year effects provide statistically significant evidence that these associations changed after 2022. The study contributes to the defense economics and corporate finance literature by providing firm-level evidence on financial performance and its determinants among Spanish armament and ammunition suppliers.

Keywords

• Financing Policy
• Firm Behavior
• Defense Industry

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