Resilience and Strategic Agility of Turkish Manufacturing Firms: Post-COVID-19 and 2023 Earthquake Recovery

Abstract

The global economy is undergoing significant shifts, requiring organizations to develop resilience and agility to navigate a volatile business environment marked by crises such as the COVID-19 pandemic, natural disasters, and globalisation. This study examines the resilience of Turkish manufacturing companies following two major crises: the COVID-19 pandemic and the 2023 earthquake. The research aims to enhance the formulation of comprehensive strategies by implementing strategic agility dimensions to support firms' survival and growth. The study employed a quantitative research design, drawing on secondary data from 100 manufacturing companies listed on the Istanbul Stock Exchange, with financial data from 2021 to 2024. Of these companies, 17 were family-owned, while 82 were non-family-owned, and 125 patents were issued during the period (2021–2023). Using descriptive analysis, paired and independent tests, and regression analysis, the study assessed key financial performance indicators, including net profit margin growth rate, profit growth rate, sales growth rate, and asset growth rate. The results indicate that companies exhibited similar recoveries in sales and net profit from the COVID-19 pandemic and the earthquake. However, the two crisis periods observed significant differences in profit margins and net assets. Moreover, family-owned and non-family-owned firms displayed distinct recovery patterns, particularly on net asset and profit margin recovery, while no significant differences were found in net profit and sales performance between the two groups. This study provides valuable insights into the resilience of manufacturing firms in crisis conditions and underscores the importance of strategic agility for sustaining business growth during periods of volatility.

Keywords

• Resilience
• Strategic agility
• Turkish manufacturing firms
• Performance

Türk Üretim Firmalarının Dayanıklılığı ve Stratejik Çevikliği: COVID-19 Sonrası ve 2023 Deprem Sonrası İyileşme

Abstract

Küresel ekonomi önemli değişimler geçiriyor ve bu durum, kuruluşların COVID-19 salgını, doğal afetler ve küreselleşme gibi krizlerle işaretlenen değişken bir iş ortamında yol alabilmek için dayanıklılık ve çeviklik geliştirmesini gerektiriyor. Bu çalışma, iki büyük krizin ardından Türk imalat şirketlerinin dayanıklılığını inceliyor: COVID-19 salgını ve 2023 depremi. Araştırma, firmaların hayatta kalmasını ve büyümesini desteklemek için stratejik çeviklik boyutlarını uygulayarak kapsamlı stratejilerin formülasyonunu geliştirmeyi amaçlıyor. Çalışma, İstanbul Borsası'nda listelenen ve 2021-2024 yıllarına ait finansal verileri olan 100 imalat şirketinden ikincil verilerden yararlanan nicel bir araştırma tasarımı kullandı. Bu şirketlerden 17'si aile şirketiyken, 82'si aile şirketi değildi ve bu dönemde (2021-2023) 125 patent verildi. Çalışmada, tanımlayıcı analiz, eşleştirilmiş ve bağımsız testler ve regresyon analizi kullanılarak net kar marjı büyüme oranı, kar büyüme oranı, satış büyüme oranı ve varlık büyüme oranı gibi temel finansal performans göstergeleri değerlendirilmiştir. Sonuçlar, şirketlerin COVID-19 salgını ve depremden sonra satış ve net karda benzer toparlanmalar gösterdiğini göstermektedir. Ancak, iki kriz döneminde kar marjları ve net varlıklarda önemli farklılıklar gözlemlenmiştir. Dahası, aileye ait ve aileye ait olmayan firmalar, özellikle net varlık ve kar marjı toparlanmasında farklı toparlanma kalıpları gösterirken, iki grup arasında net kar ve satış performansında önemli bir fark bulunamamıştır. Bu çalışma, kriz koşullarında üretim firmalarının dayanıklılığına ilişkin değerli bilgiler sağlamakta ve oynaklık dönemlerinde iş büyümesini sürdürmek için stratejik çevikliğin önemini vurgulamaktadır.

Keywords

• Dayanıklılık
• Stratejik çeviklik
• Türk imalat firmaları
• Performans

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