The Impact of Global Capital Flows on Firms’ Performance: Evidence from Turkey

Abstract

In the globalizing world, the impact of international capital flows on the economies is increasing day by day. Firms, the smallest units in the economy, are directly affected by developments. The purpose of this study is to examine the effect of international capital flows on firm performance. The study, using panel data analysis, covers 120 companies in the Stock Exchange Istanbul (BIST) Industrial Production Index in the 2004-2015 period. Two models have been developed with ROA and ROE as dependent variables, which are selected as company performance measures. According to the general results of the study with employing Swamy's random coefficient model: the ratios of the direct foreign capital flows to GDP and the portfolio investments to GDP are not statistically significant on firm profitability; and it has been conducted that the ratios of other investments and short-term foreign capital flow to GDP have an effect on the profitability of the firms. The findings include also eight sub-sectors results in the manufacturing industry.

Keywords

• Firm’s Profitability,International Capital Flows,Turkish Manufacturing Sector,Swamy’s RCM,Sectors in Manufacturing Industry

Uluslararası Sermaye Hareketlerinin Firma Performansına Etkisi: Türkiye Örneği

Abstract

Küreselleşen dünyada uluslararası sermaye hareketlerinin ülke ekonomileri üzerindeki etkisi her geçen gün artmaktadır. Ekonomideki en küçük ekonomik birim olan şirketler, yaşanan gelişmelerden doğrudan etkilenmektedir. Bu çalışmanın amacı uluslarararası sermaye hareketlerinin şirket performansı üzerindeki etkisinin araştırılmasıdır. Panel veri analizinin kullanıldığı çalışma, 2004-2015 döneminde Borsa İstanbul (BIST) Ulusal Sınai Endeksi’nde yer alan 120 adet şirketi kapsamaktadır. Çalışmada şirket performans ölçüsü olarak seçilen ROA ve ROE’nin bağımlı değişken olduğu 2 ayrı model kurulmuştur. Swamy’nin tesadüfi katsayılar modelinin kullanıldığı çalışmanın genel sonuçlarına göre ödemeler dengesinde yer alan doğrudan yabancı sermaye hareketleri ve portföy yatırımlarının GSYH’ya oranlarının şirket performansı üzerinde istatistiki olarak etkisinin bulunmadığı; diğer yatırımlar kaleminin ve kısa vadeli yabancı sermaye hareketlerinin GSYH’ya oranlarının şirket karlılığı üzerinde etkisinin var olduğuna ulaşılmıştır. Çalışmada ayrıca imalat sanayini oluşturan 8 alt sektöre ilişkin sonuçlara da yer verilmiştir.

Keywords

• Şirket Karlılığı,Yabancı Sermaye Hareketleri,Türkiye İmalat Sanayi,Swamy’nin Tesadüfi Katsayılar Modeli,İmalat Sanayii Sektörleri

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