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

Year 2017, Volume: 4 Issue: 2 (ICEFM 2017 Özel Sayısı / Special Issue of ICEFM 2017), 1 - 16, 01.02.2018

Ebubekir Mollaahmetoğlu Mehmet Sabri Topak

https://doi.org/10.17336/igusbd.323752

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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