The Relationship between Export and Profitability: A Micro View in the Sample of ISO 500 Firms

Abstract

One of the most important research questions is whether the export orientation of firms will result in increased productivity and profitability, or reduced profitability due to the extra costs of opening up to foreign countries. In this study, the impact of exports on the financial performance of the firm as different from studies examining the sample of firms listed on the Borsa Istanbul (BIST) is discussed. Turkey's largest 500 industrial firms are used as the sample. Istanbul Chamber of Industry (ISO) 500 firms, which can be considered as one of the firms with the highest export potential, are discussed. The relationship between export and profitability of the firms whose data can be reached for 20 years in the period of 1998-2017 is revealed by panel cointegration analyzes. As a result of the analysis, a negative relationship is found between export density and profitability. The extra costs of opening to foreign countries and the necessities of maintaining a presence in high competition cause a decrease in the profitability of companies. Turkey’s trade and financial liberalization is based on a recent past, contrary to many developed countries. For this reason, it is thought that the advantages of internationalization have not yet fully reflected on the firms.

Keywords

• Export
• Profitability
• ISO 500
• Panel Cointegration

İhracat ve Karlılık İlişkisine ISO 500 Firmaları Örnekleminde Mikro Bir Bakış Açısı

Abstract

İşletmelerin ihracata yönelmelerinin, artan üretkenlik ve artan karlılıkla mı yoksa dış ülkelere açılmanın da getirdiği ekstra maliyetler nedeniyle azalan karlılıkla mı sonuçlanacağı en önemli araştırma sorularından biridir. Bu çalışma, ihracatın firmaların finansal performansları üzerindeki etkisini daha önce yaygın olarak Borsa İstanbul’a (BIST) kote olan firmalar örnekleminde inceleyen çalışmalardan farklı olarak Türkiye’nin en büyük 500 sanayi kuruluşu örnekleminde incelemek üzere ele alınmıştır. İhracat potansiyeli en yüksek firmalar arasında sayılabilecek İstanbul Sanayi Odası (ISO) 500 firmalarından 1998-2017 dönemi 20 yıllık kesintisiz verilerine ulaşılabilen firma verileri ile ihracat ve karlılık ilişkisi panel eşbütünleşme analizi ile ortaya konulmuştur. Analiz sonucunda ihracat yoğunluğu ile karlılık arasında negatif ilişki tespit edilmiştir. Dış ülkelere açılmanın getirdiği ekstra maliyetler ile birlikte yüksek rekabetin içerisinde varlığını sürdürmenin getirdiği gereklilikler firmaların karlılıklarında düşüşe sebep olmaktadır. Türkiye’nin gerek ticari gerekse finansal anlamda liberalleşme süreci pek çok gelişmiş ülkeye göre yakın bir geçmişe dayanmaktadır. Bu nedenle uluslararasılaşmanın beraberinde getirdiği avantajların firmalara henüz tam anlamıyla yansımadığı düşülmektedir.

Keywords

• İhracat
• Karlılık
• ISO 500
• Panel Eşbütünleşme

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