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PERFORMANCE COMPARISON OF REAL ESTATE INVESTMENT TRUST SECTOR AND VENTURE CAPITAL INVESTMENT TRUST SECTOR IN TURKEY

Year 2020, Volume: 6 Issue: 2, 129 - 138, 25.12.2020
https://doi.org/10.46849/guiibd.825747

Abstract

Bu çalışmanın amacı, Türkiye’de Gayrimenkul Yatırım Oraklığı sektörü ile Girişim Sermayesi Yatırım Ortaklığı sektörünün performanslarını karşılaştırmaktır. Bu amaç doğrultusunda, 2014-2019 dönemine ait 32 tane gayrimenkul yatırım ortaklığının ve 7 tane girişim sermayesi yatırım ortaklığının yıllık verileri kullanılarak, Veri Zarflama yöntemi ile analiz yapılmaktadır. Veri Zarlama analizinde, net kar tutarı ve hisse başına kar tutarı, çıktı değişkenleri olarak kullanılırken, riskli yatırım tutarı, toplam öz sermaye tutarı ve toplam aktif tutarı, girdi değişkenleri olarak kullanılmaktadır. Yapılan analiz sonucunda, genel olarak, gayrimenkul yatırım ortaklığı sektörünün, girişim sermayesi yatırım ortaklığı sektörüne göre daha etkin olduğu, Malmquist verimlilik sonuçlarına göre de, gayrimenkul yatırım ortaklığı sektörünün, girişim sermayesi yatırım ortaklığı sektörüne göre daha verimli olduğu anlaşılmaktadır.

References

  • Aktaş, M. and Avcı, T. (2017), “Performance Comparison of The Participating Banking on A Country Basis“, International Journal of Social Science Research, 6 (2), 66-82.
  • Aktaş, M. and İlgün, Y. (2019), “Performance Comparison of The Venture Capital Investment Trusts in Turkey“, International Journal of Social Science Research, 8(1), 73-92.
  • Aktaş, M. and Darwish, Z. (2020), “Comparison of Reel Estate Investment Trusts and Venture Capital Investment Trusts in Turkey Based on Their Financial Ratios “, International Journal of Social Science Research, 9 (1), 63-78.
  • Assani, S. and Assani, A. (2018), “Overview of Data Envelopment Analysis (DEA)” Presentation November, University of Science and Technology of China.
  • Aytekin, S. and Kahraman, E. (2015), “The Evaluatıon of The Financial Efficiency of The Companies in BIST Real Estate Investment Trusts Index (XGMYO) by Data Envelopment Analysis”, Niğde University Faculty of Economics and Administrative Sciences Journal, Vol-Number: 8 (1), 289-301.
  • Çıtak, L. (2008), “Evaluation of The Efficiencies of Securities Investment Trusts in Turkey By Data Envelopment Analysis”, Erciyes University Faculty of Economics and Administrative Sciences Journal, sayı: 31 , 69-94.
  • Gedik, M. (2011), “Tax Competition Efficiency Evaluation: Application of Data Envelopment Analysis for the OECD Countries”, Finance Magazine, Sayı:160, January - June.
  • Han, J. and Laing, Y. (1995), ”The Historical Performance of Real Estate Investment Trusts”, Journal of Real Estate Research, 10 (3), 235-262.
  • Huguenin, J. (2012), ” Data Envelopment Analysis (DEA) A pedagogical guide for decision makers in the public sector”, Institut de hautes etudes en administration publique Swiss Graduate School of Public Administration.
  • Ji, Y. and Lee, C. (2010), ”Data envelopment analysis”, The Stata Journal, 10 (2), 267–280.
  • Kiyilar,‎ M. and Hepsen A. ‎(2010), “Performance‎ Appraisal ‎of ‎Real ‎Estate ‎Investment‎ Trusts ‎(REITs):‎ A‎ Practice ‎in ‎Istanbul ‎Stock‎ Exchange”,‎ Journal of Institute of Business, 21 (65), 11-23.
  • Kök, R. and Deliktaş, E. (2003), "Endüstri İktisadında Verimlilik Ölçme ve Strateji Geliştirme Teknikleri" Dokuz Eylül Üniversitesi Yayınları, İzmir.
  • Mecid, E. D. (2012), “Veri Zarflama Analizinde Homojen Ağırlıklandırma Üzerine Yeni Bir Yaklaşım”, Gazi University Institute of Science and Technology, Unpublished PhD Thesis.
  • Rençber, Ö. F. and Akbulut, R. (2017), “A Research On The Relationship Between Financial Indicators of Interest Capital Investment Partnerships“, Karadeniz Technical University, XVIII. International Symposium on Econometrics, Operations Research and Statistics.
  • Sarı, Z. (2015), "Panel Data Analysis And An Application, Hacettepe University Institute of Science and Technology", Unpublished Master Thesis.
  • Sırma, I. (2019), “Effect of Real Estate Investment Trusts Portfolio Structure on the Market Performance”, Alphanumeric Journal, 7 (1), 25-36.

PERFORMANCE COMPARISON OF REAL ESTATE INVESTMENT TRUST SECTOR AND VENTURE CAPITAL INVESTMENT TRUST SECTOR IN TURKEY

Year 2020, Volume: 6 Issue: 2, 129 - 138, 25.12.2020
https://doi.org/10.46849/guiibd.825747

Abstract

The aim of this study is to compare performance of the real estate investment trust (REIT) sector and venture capital investment trusts (VCIT) sector in Turkey. In order to accomplish this purpose, Data Enveloped Analysis is utilized by using the data of 32 REIT and 7 VCIT for the yearly term of 2014-2019. In addition, while net profit amount and profit per share are used as output variables, risky investment amount, total equity amount, total asset amount are used as input variables. At the end of the analysis, in general it is concluded that the real estate investment trust sector hashigher efficiency than venture capital investment trust sector has. Besides, according to the Malmquist Productivity results, again real estate investment trust sector has more productivity than the venture capital investment trust sector has.

References

  • Aktaş, M. and Avcı, T. (2017), “Performance Comparison of The Participating Banking on A Country Basis“, International Journal of Social Science Research, 6 (2), 66-82.
  • Aktaş, M. and İlgün, Y. (2019), “Performance Comparison of The Venture Capital Investment Trusts in Turkey“, International Journal of Social Science Research, 8(1), 73-92.
  • Aktaş, M. and Darwish, Z. (2020), “Comparison of Reel Estate Investment Trusts and Venture Capital Investment Trusts in Turkey Based on Their Financial Ratios “, International Journal of Social Science Research, 9 (1), 63-78.
  • Assani, S. and Assani, A. (2018), “Overview of Data Envelopment Analysis (DEA)” Presentation November, University of Science and Technology of China.
  • Aytekin, S. and Kahraman, E. (2015), “The Evaluatıon of The Financial Efficiency of The Companies in BIST Real Estate Investment Trusts Index (XGMYO) by Data Envelopment Analysis”, Niğde University Faculty of Economics and Administrative Sciences Journal, Vol-Number: 8 (1), 289-301.
  • Çıtak, L. (2008), “Evaluation of The Efficiencies of Securities Investment Trusts in Turkey By Data Envelopment Analysis”, Erciyes University Faculty of Economics and Administrative Sciences Journal, sayı: 31 , 69-94.
  • Gedik, M. (2011), “Tax Competition Efficiency Evaluation: Application of Data Envelopment Analysis for the OECD Countries”, Finance Magazine, Sayı:160, January - June.
  • Han, J. and Laing, Y. (1995), ”The Historical Performance of Real Estate Investment Trusts”, Journal of Real Estate Research, 10 (3), 235-262.
  • Huguenin, J. (2012), ” Data Envelopment Analysis (DEA) A pedagogical guide for decision makers in the public sector”, Institut de hautes etudes en administration publique Swiss Graduate School of Public Administration.
  • Ji, Y. and Lee, C. (2010), ”Data envelopment analysis”, The Stata Journal, 10 (2), 267–280.
  • Kiyilar,‎ M. and Hepsen A. ‎(2010), “Performance‎ Appraisal ‎of ‎Real ‎Estate ‎Investment‎ Trusts ‎(REITs):‎ A‎ Practice ‎in ‎Istanbul ‎Stock‎ Exchange”,‎ Journal of Institute of Business, 21 (65), 11-23.
  • Kök, R. and Deliktaş, E. (2003), "Endüstri İktisadında Verimlilik Ölçme ve Strateji Geliştirme Teknikleri" Dokuz Eylül Üniversitesi Yayınları, İzmir.
  • Mecid, E. D. (2012), “Veri Zarflama Analizinde Homojen Ağırlıklandırma Üzerine Yeni Bir Yaklaşım”, Gazi University Institute of Science and Technology, Unpublished PhD Thesis.
  • Rençber, Ö. F. and Akbulut, R. (2017), “A Research On The Relationship Between Financial Indicators of Interest Capital Investment Partnerships“, Karadeniz Technical University, XVIII. International Symposium on Econometrics, Operations Research and Statistics.
  • Sarı, Z. (2015), "Panel Data Analysis And An Application, Hacettepe University Institute of Science and Technology", Unpublished Master Thesis.
  • Sırma, I. (2019), “Effect of Real Estate Investment Trusts Portfolio Structure on the Market Performance”, Alphanumeric Journal, 7 (1), 25-36.
There are 16 citations in total.

Details

Primary Language English
Subjects Business Administration
Journal Section Research Article
Authors

Metin Aktaş 0000-0002-4180-4991

Zabiullah Darwish 0000-0001-8855-9738

Publication Date December 25, 2020
Submission Date November 14, 2020
Acceptance Date December 11, 2020
Published in Issue Year 2020 Volume: 6 Issue: 2

Cite

APA Aktaş, M., & Darwish, Z. (2020). PERFORMANCE COMPARISON OF REAL ESTATE INVESTMENT TRUST SECTOR AND VENTURE CAPITAL INVESTMENT TRUST SECTOR IN TURKEY. Giresun Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 6(2), 129-138. https://doi.org/10.46849/guiibd.825747
  • Journal of Economics & Administrative Sciences