Abstract
This paper analyzes efficiencies of marketing investments of firms included in Borsa İstanbul SME Industrial Index. Based on 2012-2013 data, the relative efficiencies of SMEs, in terms of their marketing investments, are analyzed on the basis of three efficiency types. CCR, as well as BCC data envelopment models are used, where marketing intensity is the only input and pre-tax margin and market capitalization are the two outputs. SMEs are broken down into two groups with respect to their asset size, and whether or not their efficiency scores are different is investigated through parametric or non-parametric tests. The major finding of the paper is that in general SMEs have low efficiency scores and most of them operate at increasing returns to scale. SMEs that have higher asset size are found to have higher scale efficiency scores than SMEs that have lower asset size. SMEs may be expected to increase their operating efficiency (total technical efficiency) by approaching optimal scale size through increased level of marketing investments
Keywords
SMEs Marketing Investments Financial Performance Asset Size Data Envelopment Analysis Efficiency
References
- ALEXANDER, Michael; (2007), “Complex Decision Making using Non-Para- metric Data Envelopment Analysis (Chapter 6)”, in Hassan QUDRAT- ULLAH; J. Michael SPECTOR and Paal I. DAVIDSEN (Ed.), Complex Decision Making, Berlin: Springer, pp.97-111.
- ANDERSON, Randy I.; Robert FOK; Thomas SPRINGER and James WEBB; (2002), “Technical Efficiency and Economies Of Scale: A Non-Paramet- ric Analysis Of REIT Operating Efficiency”, European Journal of Ope- rational Research, 139, pp. 598-612.
- BAKIRCI, Fehim; (2006), Üretimde Etkinlik ve Verimlilik Ölçümü Veri Zarf- lama Analizi: Teori ve Uygulama, Birinci Baskı, Ankara: Atlas Yayın- ları.
- BANKER, Rajiv. D.; Abraham CHARNES and William W. COOPER; (1984), “Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis, Management Science, 30(9), pp. 1078-1092.
- CANDEMİR, Aykan and Ali Erhan ZALLUHOĞLU; (2011), “The Effect of Marketing Expenditures During Financial Crisis: The Case of Turkey”, Procedia Social and Behavioral Sciences, 24(2011), pp. 291-299.
- CHARNES, Abraham; William W. COOPER and Eduardo RHODES; (1978), “Measuring the Efficiency of Decisison Making Units”, European Jour- nal of Operational Research, 2, pp. 429-444.
- CHIAO, Yu-Ching; Kuo-Pin YANG and Chwo-Ming JOSEPH YU; (2006), “Per- formance, Internationalization, and Firm-specific Advantages of SMEs in a Newly-Industrialized Economy”, Small Business Economics, 26,
- ÇİFTÇİ, Cemil; (2014), “Türkiye İmalat Sanayinde Ölçek Bazında Karlılık ve Temel Giderler İlişkisi: 1998-2009 Dönemi”, Sosyo-Ekonomi, 2, ss.229- 252.
- FIELD, Andy; (2009), Discovering Statistics Using SPSS, Third Edition, Lon- don: SAGE Publications.
- HO, Yew Kee; Hean Tat KEH and Jin Mei ONG; (2005), “The Effects of R&D and Advertising on Firm Value: An Examination of Manufacturing and Nonmanufacturing Firms”, IEEE Transactions on Engineering Mana- gement, 52(1), pp. 3-14.
- KAHN, Kenneth B. and Matthew B. MYERS; (2005), “Framing Marketing Ef- fectiveness as a Process and Outcome”, Marketing Theory, 5(4), pp. 457-469.
- KOTABE, Masaaki; Srini S. SRINIVASAN and Preet S. AULAKH; (2002), “The Moderating Role of R&D and Marketing Capabilities”, Journal of International Business Studies, 33(1), pp. 79-97.
- KRISHNAN, Hema A.; Raghu TADEPALLI and Daewoo PARK; (2009), “R&D Intensity, Marketing Intensity, and Organizational Performance”, Jour- nal of Managerial Issues, 21(2), pp. 232-244.
- MORGAN, Neil A. and Lopo L. REGO; (2009), “Brand Portfolio Strategy and Firm Performance”, Journal of Marketing, 73 (1), pp. 59-74.
- NGUYEN, Huyen and Thi THANH; (2006), “On the Use Data Development Analysis in Hedge Fund Performance Appraisal”, pp. 1-129, Internet Address: https://halshs.archivesouvertes.fr/file/index/docid/120292/file- name/Nguyen_HedgeFundPerformance_DEA_200612.pdf, Date of Ac- cess: 18.12.2014.
- SHETH, Jagdish N. and Arun SHARMA: (2001), “Efficacy of Financial Measu- res of Marketing: It Depends on Markets and Marketing Strategies”, Jo- urnal of Targeting, Measurement and Analysis for Marketing, 9(4),
- SIMON, Carol J. and Mary W. SULLIVAN; (1993), “The Measurement and De- termination of Brand Equity: A Financial Approach”, Marketing Sci- ence, 12(1), pp.28-52.
- SRIVASTAVA, Rajendra K.; Tasadduq A. SHERVANI and Liam FAHEY; (1998), “Market-Based Assets and Shareholder Value: A Framework for Analysis”, Journal of Marketing, 62(1), pp. 2-18.
- TARIM, Armağan; (2001), Veri Zarflama Analizi: Matematiksel Program- lama Tabanlı Göreli Etkinlik Ölçüm Yaklaşımı, İnceleme, “Araştırma, İnceleme, Çeviri Dizisi”, Ankara: Sayıştay Yayın İşleri Müdürlüğü.
- TOLO, Mitch; (2014), “Marketing Investment Selection and Effectiveness in Growyh-Oriented Private Firms: Source of Capital and Market-Based As- sets as Contingencies”, Unpublished PhD Thesis, Helsinki: Aalto Univer- sity.
Pazarlama Yatırımlarının Finansal Performans Üzerindeki Etkisi ve Borsa İstanbul KOBİ Sanayi Endeksi Firmalarının Etkinliklerinin Değerlendirilmesi
Abstract
Bu çalışmada Borsa İstanbul KOBİ Sanayi Endeksi’nde (XKOBI) yer alan firmaların pazarlama yatırımlarının etkinlikleri analiz edilmektedir. KOBİ’lerin pazarlama yatırımları bakımından birbirleri ile göreli etkinlikleri 2012-2013 yıllarına ait veriler kullanılarak üç etkinlik türü üzerinden analiz edilmektedir. Pazarlama yoğunluğunun tek girdi, vergi öncesi kar marjı ve piyasa değerinin çıktılar olduğu CCR ve BCC veri zarflama modelleri kullanılmıştır. Toplam aktifler tutarı bakımından iki gruba ayrılan KOBİ’lerin etkinlik puanları arasında farklılık olup olmadığı da parametrik veya parametrik olmayan ortalama testleri ile araştırılmıştır. KOBİ’lerin pazarlama yatırımlarının etkinliklerinin genel olarak düşük olduğu ve çoğunun ölçeğe göre artan getiride faaliyet gösterdiği çalışmanın temel bulgusudur. Ayrıca, aktif büyüklüğü daha düşük olan firmalara kıyasla aktif büyüklüğü daha yüksek olan firmaların ölçek etkinliğinin daha fazla olduğu ortaya çıkmıştır. Firmaların pazarlama yatırımlarını artırarak optimal ölçek büyüklüğüne yaklaşıp faaliyet etkinliklerini (toplam teknik etkinlik) de artırabilecekleri söylenebilir.
Keywords
KOBİ’ler Pazarlama Yatırımları Finansal Performans Aktif Büyüklüğü Veri Zarflama Analizi Etkinlik
References
- ALEXANDER, Michael; (2007), “Complex Decision Making using Non-Para- metric Data Envelopment Analysis (Chapter 6)”, in Hassan QUDRAT- ULLAH; J. Michael SPECTOR and Paal I. DAVIDSEN (Ed.), Complex Decision Making, Berlin: Springer, pp.97-111.
- ANDERSON, Randy I.; Robert FOK; Thomas SPRINGER and James WEBB; (2002), “Technical Efficiency and Economies Of Scale: A Non-Paramet- ric Analysis Of REIT Operating Efficiency”, European Journal of Ope- rational Research, 139, pp. 598-612.
- BAKIRCI, Fehim; (2006), Üretimde Etkinlik ve Verimlilik Ölçümü Veri Zarf- lama Analizi: Teori ve Uygulama, Birinci Baskı, Ankara: Atlas Yayın- ları.
- BANKER, Rajiv. D.; Abraham CHARNES and William W. COOPER; (1984), “Some Models for Estimating Technical and Scale Inefficiencies in Data Envelopment Analysis, Management Science, 30(9), pp. 1078-1092.
- CANDEMİR, Aykan and Ali Erhan ZALLUHOĞLU; (2011), “The Effect of Marketing Expenditures During Financial Crisis: The Case of Turkey”, Procedia Social and Behavioral Sciences, 24(2011), pp. 291-299.
- CHARNES, Abraham; William W. COOPER and Eduardo RHODES; (1978), “Measuring the Efficiency of Decisison Making Units”, European Jour- nal of Operational Research, 2, pp. 429-444.
- CHIAO, Yu-Ching; Kuo-Pin YANG and Chwo-Ming JOSEPH YU; (2006), “Per- formance, Internationalization, and Firm-specific Advantages of SMEs in a Newly-Industrialized Economy”, Small Business Economics, 26,
- ÇİFTÇİ, Cemil; (2014), “Türkiye İmalat Sanayinde Ölçek Bazında Karlılık ve Temel Giderler İlişkisi: 1998-2009 Dönemi”, Sosyo-Ekonomi, 2, ss.229- 252.
- FIELD, Andy; (2009), Discovering Statistics Using SPSS, Third Edition, Lon- don: SAGE Publications.
- HO, Yew Kee; Hean Tat KEH and Jin Mei ONG; (2005), “The Effects of R&D and Advertising on Firm Value: An Examination of Manufacturing and Nonmanufacturing Firms”, IEEE Transactions on Engineering Mana- gement, 52(1), pp. 3-14.
- KAHN, Kenneth B. and Matthew B. MYERS; (2005), “Framing Marketing Ef- fectiveness as a Process and Outcome”, Marketing Theory, 5(4), pp. 457-469.
- KOTABE, Masaaki; Srini S. SRINIVASAN and Preet S. AULAKH; (2002), “The Moderating Role of R&D and Marketing Capabilities”, Journal of International Business Studies, 33(1), pp. 79-97.
- KRISHNAN, Hema A.; Raghu TADEPALLI and Daewoo PARK; (2009), “R&D Intensity, Marketing Intensity, and Organizational Performance”, Jour- nal of Managerial Issues, 21(2), pp. 232-244.
- MORGAN, Neil A. and Lopo L. REGO; (2009), “Brand Portfolio Strategy and Firm Performance”, Journal of Marketing, 73 (1), pp. 59-74.
- NGUYEN, Huyen and Thi THANH; (2006), “On the Use Data Development Analysis in Hedge Fund Performance Appraisal”, pp. 1-129, Internet Address: https://halshs.archivesouvertes.fr/file/index/docid/120292/file- name/Nguyen_HedgeFundPerformance_DEA_200612.pdf, Date of Ac- cess: 18.12.2014.
- SHETH, Jagdish N. and Arun SHARMA: (2001), “Efficacy of Financial Measu- res of Marketing: It Depends on Markets and Marketing Strategies”, Jo- urnal of Targeting, Measurement and Analysis for Marketing, 9(4),
- SIMON, Carol J. and Mary W. SULLIVAN; (1993), “The Measurement and De- termination of Brand Equity: A Financial Approach”, Marketing Sci- ence, 12(1), pp.28-52.
- SRIVASTAVA, Rajendra K.; Tasadduq A. SHERVANI and Liam FAHEY; (1998), “Market-Based Assets and Shareholder Value: A Framework for Analysis”, Journal of Marketing, 62(1), pp. 2-18.
- TARIM, Armağan; (2001), Veri Zarflama Analizi: Matematiksel Program- lama Tabanlı Göreli Etkinlik Ölçüm Yaklaşımı, İnceleme, “Araştırma, İnceleme, Çeviri Dizisi”, Ankara: Sayıştay Yayın İşleri Müdürlüğü.
- TOLO, Mitch; (2014), “Marketing Investment Selection and Effectiveness in Growyh-Oriented Private Firms: Source of Capital and Market-Based As- sets as Contingencies”, Unpublished PhD Thesis, Helsinki: Aalto Univer- sity.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Makaleler |
| Authors | |
| Publication Date | July 20, 2015 |
| Published in Issue | Year 2015 Issue: 45 |
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