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Real Sector Factors Affecting the Loan Qualıty of Banking

Year 2022, Volume: 3 Issue: 1, 48 - 64, 24.06.2022

Abstract

In this study, the factors from real sector affecting the loan quality or non-performing loans of banks has been investigated for the Turkish banking sector. For this purpose, the ratios calculated over the consolidated financial statements of the real sector or a consolidated data of the real sector and the ratio of non-performing loans (non-performing loans to total loans) between 2010 and 2019 are utilised in the analysis. We used the least squares Prais-Winsten transformation and the Theil-Nagar transformation for small samples in our analysis. As a result, a negative relationship was found between the capacity utilization rate, stock turnover rate and return on asset of real sector firms and non-performing loans, and a positive relationship between real sector firms' current ratio, short-term foreign currency assets, housing sales and non-performing loans.

References

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  • Ahmed, S., Majeed, M. E., Thalassinos, E., & Thalassinos, Y. (2021). The Impact of Bank Specific and Macro-Economic Factors on Non-Performing Loans in the Banking Sector: Evidence from an Emerging Economy. Journal of Risk and Financial Management, 14(5), 217. doi:10.3390/jrfm14050217
  • Alp, O. S., Babuscu, S., Sunal, O., & Hazar, A. (2016). The Effects of Sales of the Non-Performing Loans to Asset Management Companies on Bank Efficiency. Journal of Economics, Finance and Accounting, 3(4), 345-345. doi:10.17261/pressacademia.2016.348
  • Altunbas, Y., Liu, M.-H., Molyneux, P., & Seth, R. (2000). Efficiency and Risk in Japanese Banking. Journal of Banking & Finance, 24(10), 1605-1628. doi:10.1016/S0378-4266(99)00095-3
  • Amuakwa-Mensah, F., & Boakye-Adjei, A. (2015). Determinants of Non-Performing Loans in Ghana Banking Industry. Int. J. Computational Economics and Econometrics, 5(1), 35-54. doi:10.1504/IJCEE.2015.066207
  • Apan, M., & İslamoğlu, M. (2019). Determining the Relationship between Non-Performing Loans, Economic Growth, and Asset Size: An Application in Turkish Participation Banking Sector. Afro Eurasian Studies, 8(1), 106-123. doi:10.33722/afes.494510
  • Ayhan, F., & Kartal, M. T. (2021). The Macro Economic Drivers of Non-Performing Loans (Npl): Evidence from Selected Countries with Heterogeneous Panel Analysis. MANAS Sosyal Araştırmalar Dergisi, 986-999. doi:10.33206/mjss.800648
  • Baboucek, I., & Jancar, M. (2005). Effects of Macroeconomic Shocks to the Quality of the Aggregate Loan Portfolio. Working Paper. Czech National Bank. Prague, Chech Republic.
  • Barr, R. S., & Siems, T. F. (1994). Predicting Bank Failure Using DEA to Quantify Management Quality. Working Papers. Federal Reserve Bank of Dallas. Dallas, USA.
  • Beck, R., Jakubik, P., & Piloiu, A. (2015). Key Determinants of Non-Performing Loans: New Evidence from a Global Sample. Open Economies Review, 26(3), 525-550. doi:10.1007/s11079-015-9358-8
  • Berger, A. N., & DeYoung, R. (1997). Problem Loans and Cost Efficiency in Commercial Banks. Journal of Banking & Finance, 21(6), 849–870. doi:10.1016/s0378-4266(97)00003-4
  • Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The Financial Accelerator in a Quantitative Business Cycle Framework. Handbook of Macroeconomics, 1, 1341-1393.
  • Bernanke, B. S., Lown, C. S., & Friedman, B. M. (1991). The Credit Crunch. Brookings Papers on Economic Activity, 1991(2), 205–247. doi:10.2307/2534592
  • Breuer, J. B. (2006). Problem Bank Loans, Conflicts of Interest, and Institutions. Journal of Financial Stability, 2(3), 266-285. doi:10.1016/j.jfs.2006.07.001
  • Breusch, T. S. (1978). Testing for Autocorrelation in Dynamic Linear Models. Australian Economic Papers, 17(31), 334-355. doi:10.1111/j.1467-8454.1978.tb00635.x
  • Breusch, T. S., & Pagan, A. R. (1979). A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica, 47(5), 1287. doi:10.2307/1911963
  • Cook, R. D., & Weisberg, S. (1983). Diagnostics for Heteroscedasticity in Regression. 70(1), 1. doi:10.2307/2335938
  • Ćurak, M., Pepur, S., & Poposki, K. (2013). Determinants of Non-Performing Loans–Evidence from Southeastern Banking Systems. Banks & Bank System, 8(1), 45–54.
  • Dash, M. K., & Kabra, G. (2010). The Determinants of Non-Performing Assets in Indian Commercial Bank:An Econometric Study. Middle Eastern Finance and Economics, 7(2), 94–106.
  • Demirguc-Kunt, A. (1989). Deposit-Institution Failures: A Review of Empirical Literature. Economic Review-Federal Reserve Bank of Cleveland, 25(4), 2–18.
  • Espinoza, R. A., & Prasad, A. (2010). Nonperforming Loans in the GCC Banking System and Their Macroeconomic Effects. International Monetary Fund. Fan, L., & Shaffer, S. (2004). Efficiency Versus Risk in Large Domestic US Banks. Managerial Finance, 30(9), 1-19. doi:10.1108/03074350410769245
  • Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and Risk in European Banking. Journal of Banking & Finance, 35(5), 1315-1326. doi:10.1016/j.jbankfin.2010.10.005
  • Fofack, H. (2005). Nonperforming Loans in Sub-Saharan Africa:Causal Analysis and Macroeconomic Implications. Policy Research Working Paper. Worldbank. USA.
  • Gambera, M. (2000). Simple Forecasts of Bank Loan Quality in the Business Cycle. Emerging Issues. Federal Reserve Bank of Chicago. Chicago, USA.
  • García-Marco, T., & Robles-Fernández, M. D. (2008). Risk-taking behaviour and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332-354.
  • Girardone, C., Molyneux, P., & Gardener, E. P. (2004). Analysing the Determinants of Bank Efficiency: The Case of Italian Banks. Applied Economics, 36(3), 215-227. doi:10.1080/0003684042000175334
  • Godfrey, L. G. (1978). Testing against General Autoregressive and Moving Average Error Models When the Regressors Include Lagged Dependent Variables. Econometrica, 46(6), 1293-1301. doi:10.2307/1913829
  • Goldstein, M., & Turner, P. (1996). Banking Crises in Emerging Economies: Origins and Policy Options. Trade Currencies and Finance, 301-363. doi:10.1142/9789814749589_0008
  • Ha, D. T., & Hang, H. T. T. (2016). Determinants of Non-performing Loans: The Case of Vietnam. Journal of Business and Economics, 7(7), 125-1136. doi:10.15341/jbe(2155-7950)/07.07.2016/008
  • Isik, O., & Bolat, S. (2016). Determinants of Non-Performing Loans of Deposit Banks in Turkey. Journal of Business, Economics and Finance, 5(4), 341-350. doi:10.17261/pressacademia.2017.356
  • Jakubik, P., & Kadioglu, E. (2021). Factors Affecting Bank Loan Quality: A Panel Analysis of Emerging Markets. International Economics and Economic Policy. doi:10.1007/s10368-021-00520-7
  • Kadioglu, E., Telceken, N., & Ocal, N. (2017). Effect of the Asset Quality on the Bank Profitability. International Journal of Economics and Finance, 9(7), 60-69. doi:10.5539/ijef.v9n7p60
  • Kadıoğlu, E., & Telçeken, N. (2017). Bankalarda Aktif Kalitesini Belirleyen Makro Faktörler. 21. Finans Sempozyumu, Balıkesir/Türkiye.
  • Kaminsky, G. L., & Reinhart, C. M. (1999). The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. American Economic Review, 89(3), 473-500. doi:10.1257/aer.89.3.473
  • Karadima, M., & Louri, H. (2020). Non-Performing Loans in the Euro Area: Does Bank Market Power Matter? International Review of Financial Analysis, 72, 101593. doi:10.1016/j.irfa.2020.101593
  • Kartal, M. T., Kirikkaleli, D., & Ayhan, F. (2021). Nexus between Non-Performing Loans and Economic Growth in Emerging Countries: Evidence from Turkey with Wavelet Coherence Approach. International Journal of Finance & Economics, n/a(n/a). doi:10.1002/ijfe.2474
  • Kartikasary, M., Marsintauli, F., Serlawati, E., & Laurens, S. (2020). Factors Affecting the Non-Performing Loans in Indonesia. Accounting, 97-106. doi:10.5267/j.ac.2019.12.003
  • Khemraj, T., & Pasha, S. (2009). The Determinants of Non-Performing Loans: An Econometric Case Study of Guyana. Munich Personal RePEc Archive. Munich, Germany.
  • Klein, N. (2013). Non-Performing Loans in CESEE: Determinants and Impact on Macroeconomic Performance. Working Paper. IMF. USA. Doi:10.5089/9781484318522.001
  • Lee, J., & Rosenkranz, P. (2020). Nonperforming Loans in Asia: Determinants and Macrofinancial Linkages. In B. N. Jeon & J. Wu (Eds.), Emerging Market Finance: New Challenges and Opportunities (Vol. 21, pp. 33-53): Emerald Publishing Limited.
  • Li, H., Rozelle, S., & Zhou, L. A. (2007). Incentive Contracts and Bank Performance. Economics of Transition, 15(1), 109-124. doi:10.1111/j.1468-0351.2007.00273.x
  • Louzis, D. P., Vouldis, A. T., & Metaxas, V. L. (2012). Macroeconomic and Bank-Specific Determinants of Non-Performing Loans in Greece: A Comparative Study of Mortgage, Business and Consumer Loan Portfolios. Journal of Banking & Finance, 36(4), 1012-1027. doi:10.1016/j.jbankfin.2011.10.012
  • Makri, V., Tsagkanos, A., & Bellas, A. (2014). Determinants of Non-Performing Loans: The Case of Eurozone. Panoeconomicus, 61(2), 193–206. doi:10.2298/PAN1402193M
  • McNulty, J. E., Akhigbe, A. O., & Verbrugge, J. A. (2001). Small Bank Loan Quality in a Deregulated Environment: The Information Advantage Hypothesis. Journal of Economics and Business, 53(2-3), 325-339. doi:10.1016/S0148-6195(00)00050-3
  • Messai, A. S., & Jouini, F. (2013). Micro and Macro Determinants of Non-Performing Loans. International Journal of Economics and Financial Issues, 3(4), 852–860.
  • Nkusu, M. (2011). Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies. IMF Working Paper. International Monetary Fund. USA. Doi:10.5089/9781455297740.001
  • Pastory, D. (2021). The Determinants of Non-Performing Loans in Commercial Banks. In Sustainable Education and Development (pp. 394-409): Springer International Publishing.
  • Pirgaip, B., & Uysal, A. (2021). Does the Trading Volume of Asset Management Companies’ Bonds Contain Information on Non-Performing Loans? Borsa Istanbul Review. doi:10.1016/j.bir.2021.06.009
  • Podpiera, J., & Weill, L. (2008). Bad Luck or Bad Management? Emerging Banking Market Experience. Journal of Financial Stability, 4(2), 135-148. doi:10.1016/j.jfs.2008.01.005
  • Prais, S.J. & Winsten, C.B. (1954) Trend Estimates and Serial Correlation. Cowles Commission Discussion Paper, Stat. No. 383, University of Chicago, Chicago.
  • Quagliariello, M. (2003). Are Macro-Economic Indicators Useful in Predicting Bank Loan Quality:Evidence from Italy. Working Paper. Banca d’Italia. Roma, Italy.
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Bankalarda Kredi Kalitesini Etkileyen Reel Sektör Faktörleri

Year 2022, Volume: 3 Issue: 1, 48 - 64, 24.06.2022

Abstract

Bu çalışmada; reel sektöre ait faktörlerin Türk bankacılık sektöründeki kredi kalitesi veya takipteki kredilere olan etkisi araştırılmıştır. Bu amaca yönelik olarak 2010-2019 yılları arasında reel sektörün konsolide mali tabloları üzerinden hesaplanmış oranlar veya reel sektöre ait bazı konsolide veriler ile takipteki kredilerin toplam kredilere olan oranı analizlere dahil edilmiştir. Analizlerimiz için en küçük kareler Prais-Winsten dönüşümü ve küçük örnekler için Theil-Nagar dönüşümü yöntemi kullanılmıştır. Yapılan analizler sonucunda, reel sektör firmalarının kapasite kullanım oranı, stok devir hızı ve aktif karlılığı ile takipteki krediler arasında negatif, reel sektör firmalarının cari oranı, kısa vadeli yabancı para cinsinden varlıkları ve konut satışları ile takipteki krediler arasında pozitif ilişki tespit edilmiştir.

References

  • Abid, L., Ouertani, M. N., & Zouari-Ghorbel, S. (2014). Macroeconomic ve Bank-Specific Determinants of Household's Non-Performing Loans in Tunisia: A Dynamic Panel Data. Procedia Economics and Finance, 13, 58-68. doi:10.1016/S2212-5671(14)00430-4
  • Ahmed, S., Majeed, M. E., Thalassinos, E., & Thalassinos, Y. (2021). The Impact of Bank Specific and Macro-Economic Factors on Non-Performing Loans in the Banking Sector: Evidence from an Emerging Economy. Journal of Risk and Financial Management, 14(5), 217. doi:10.3390/jrfm14050217
  • Alp, O. S., Babuscu, S., Sunal, O., & Hazar, A. (2016). The Effects of Sales of the Non-Performing Loans to Asset Management Companies on Bank Efficiency. Journal of Economics, Finance and Accounting, 3(4), 345-345. doi:10.17261/pressacademia.2016.348
  • Altunbas, Y., Liu, M.-H., Molyneux, P., & Seth, R. (2000). Efficiency and Risk in Japanese Banking. Journal of Banking & Finance, 24(10), 1605-1628. doi:10.1016/S0378-4266(99)00095-3
  • Amuakwa-Mensah, F., & Boakye-Adjei, A. (2015). Determinants of Non-Performing Loans in Ghana Banking Industry. Int. J. Computational Economics and Econometrics, 5(1), 35-54. doi:10.1504/IJCEE.2015.066207
  • Apan, M., & İslamoğlu, M. (2019). Determining the Relationship between Non-Performing Loans, Economic Growth, and Asset Size: An Application in Turkish Participation Banking Sector. Afro Eurasian Studies, 8(1), 106-123. doi:10.33722/afes.494510
  • Ayhan, F., & Kartal, M. T. (2021). The Macro Economic Drivers of Non-Performing Loans (Npl): Evidence from Selected Countries with Heterogeneous Panel Analysis. MANAS Sosyal Araştırmalar Dergisi, 986-999. doi:10.33206/mjss.800648
  • Baboucek, I., & Jancar, M. (2005). Effects of Macroeconomic Shocks to the Quality of the Aggregate Loan Portfolio. Working Paper. Czech National Bank. Prague, Chech Republic.
  • Barr, R. S., & Siems, T. F. (1994). Predicting Bank Failure Using DEA to Quantify Management Quality. Working Papers. Federal Reserve Bank of Dallas. Dallas, USA.
  • Beck, R., Jakubik, P., & Piloiu, A. (2015). Key Determinants of Non-Performing Loans: New Evidence from a Global Sample. Open Economies Review, 26(3), 525-550. doi:10.1007/s11079-015-9358-8
  • Berger, A. N., & DeYoung, R. (1997). Problem Loans and Cost Efficiency in Commercial Banks. Journal of Banking & Finance, 21(6), 849–870. doi:10.1016/s0378-4266(97)00003-4
  • Bernanke, B. S., Gertler, M., & Gilchrist, S. (1999). The Financial Accelerator in a Quantitative Business Cycle Framework. Handbook of Macroeconomics, 1, 1341-1393.
  • Bernanke, B. S., Lown, C. S., & Friedman, B. M. (1991). The Credit Crunch. Brookings Papers on Economic Activity, 1991(2), 205–247. doi:10.2307/2534592
  • Breuer, J. B. (2006). Problem Bank Loans, Conflicts of Interest, and Institutions. Journal of Financial Stability, 2(3), 266-285. doi:10.1016/j.jfs.2006.07.001
  • Breusch, T. S. (1978). Testing for Autocorrelation in Dynamic Linear Models. Australian Economic Papers, 17(31), 334-355. doi:10.1111/j.1467-8454.1978.tb00635.x
  • Breusch, T. S., & Pagan, A. R. (1979). A Simple Test for Heteroscedasticity and Random Coefficient Variation. Econometrica, 47(5), 1287. doi:10.2307/1911963
  • Cook, R. D., & Weisberg, S. (1983). Diagnostics for Heteroscedasticity in Regression. 70(1), 1. doi:10.2307/2335938
  • Ćurak, M., Pepur, S., & Poposki, K. (2013). Determinants of Non-Performing Loans–Evidence from Southeastern Banking Systems. Banks & Bank System, 8(1), 45–54.
  • Dash, M. K., & Kabra, G. (2010). The Determinants of Non-Performing Assets in Indian Commercial Bank:An Econometric Study. Middle Eastern Finance and Economics, 7(2), 94–106.
  • Demirguc-Kunt, A. (1989). Deposit-Institution Failures: A Review of Empirical Literature. Economic Review-Federal Reserve Bank of Cleveland, 25(4), 2–18.
  • Espinoza, R. A., & Prasad, A. (2010). Nonperforming Loans in the GCC Banking System and Their Macroeconomic Effects. International Monetary Fund. Fan, L., & Shaffer, S. (2004). Efficiency Versus Risk in Large Domestic US Banks. Managerial Finance, 30(9), 1-19. doi:10.1108/03074350410769245
  • Fiordelisi, F., Marques-Ibanez, D., & Molyneux, P. (2011). Efficiency and Risk in European Banking. Journal of Banking & Finance, 35(5), 1315-1326. doi:10.1016/j.jbankfin.2010.10.005
  • Fofack, H. (2005). Nonperforming Loans in Sub-Saharan Africa:Causal Analysis and Macroeconomic Implications. Policy Research Working Paper. Worldbank. USA.
  • Gambera, M. (2000). Simple Forecasts of Bank Loan Quality in the Business Cycle. Emerging Issues. Federal Reserve Bank of Chicago. Chicago, USA.
  • García-Marco, T., & Robles-Fernández, M. D. (2008). Risk-taking behaviour and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332-354.
  • Girardone, C., Molyneux, P., & Gardener, E. P. (2004). Analysing the Determinants of Bank Efficiency: The Case of Italian Banks. Applied Economics, 36(3), 215-227. doi:10.1080/0003684042000175334
  • Godfrey, L. G. (1978). Testing against General Autoregressive and Moving Average Error Models When the Regressors Include Lagged Dependent Variables. Econometrica, 46(6), 1293-1301. doi:10.2307/1913829
  • Goldstein, M., & Turner, P. (1996). Banking Crises in Emerging Economies: Origins and Policy Options. Trade Currencies and Finance, 301-363. doi:10.1142/9789814749589_0008
  • Ha, D. T., & Hang, H. T. T. (2016). Determinants of Non-performing Loans: The Case of Vietnam. Journal of Business and Economics, 7(7), 125-1136. doi:10.15341/jbe(2155-7950)/07.07.2016/008
  • Isik, O., & Bolat, S. (2016). Determinants of Non-Performing Loans of Deposit Banks in Turkey. Journal of Business, Economics and Finance, 5(4), 341-350. doi:10.17261/pressacademia.2017.356
  • Jakubik, P., & Kadioglu, E. (2021). Factors Affecting Bank Loan Quality: A Panel Analysis of Emerging Markets. International Economics and Economic Policy. doi:10.1007/s10368-021-00520-7
  • Kadioglu, E., Telceken, N., & Ocal, N. (2017). Effect of the Asset Quality on the Bank Profitability. International Journal of Economics and Finance, 9(7), 60-69. doi:10.5539/ijef.v9n7p60
  • Kadıoğlu, E., & Telçeken, N. (2017). Bankalarda Aktif Kalitesini Belirleyen Makro Faktörler. 21. Finans Sempozyumu, Balıkesir/Türkiye.
  • Kaminsky, G. L., & Reinhart, C. M. (1999). The Twin Crises: The Causes of Banking and Balance-of-Payments Problems. American Economic Review, 89(3), 473-500. doi:10.1257/aer.89.3.473
  • Karadima, M., & Louri, H. (2020). Non-Performing Loans in the Euro Area: Does Bank Market Power Matter? International Review of Financial Analysis, 72, 101593. doi:10.1016/j.irfa.2020.101593
  • Kartal, M. T., Kirikkaleli, D., & Ayhan, F. (2021). Nexus between Non-Performing Loans and Economic Growth in Emerging Countries: Evidence from Turkey with Wavelet Coherence Approach. International Journal of Finance & Economics, n/a(n/a). doi:10.1002/ijfe.2474
  • Kartikasary, M., Marsintauli, F., Serlawati, E., & Laurens, S. (2020). Factors Affecting the Non-Performing Loans in Indonesia. Accounting, 97-106. doi:10.5267/j.ac.2019.12.003
  • Khemraj, T., & Pasha, S. (2009). The Determinants of Non-Performing Loans: An Econometric Case Study of Guyana. Munich Personal RePEc Archive. Munich, Germany.
  • Klein, N. (2013). Non-Performing Loans in CESEE: Determinants and Impact on Macroeconomic Performance. Working Paper. IMF. USA. Doi:10.5089/9781484318522.001
  • Lee, J., & Rosenkranz, P. (2020). Nonperforming Loans in Asia: Determinants and Macrofinancial Linkages. In B. N. Jeon & J. Wu (Eds.), Emerging Market Finance: New Challenges and Opportunities (Vol. 21, pp. 33-53): Emerald Publishing Limited.
  • Li, H., Rozelle, S., & Zhou, L. A. (2007). Incentive Contracts and Bank Performance. Economics of Transition, 15(1), 109-124. doi:10.1111/j.1468-0351.2007.00273.x
  • Louzis, D. P., Vouldis, A. T., & Metaxas, V. L. (2012). Macroeconomic and Bank-Specific Determinants of Non-Performing Loans in Greece: A Comparative Study of Mortgage, Business and Consumer Loan Portfolios. Journal of Banking & Finance, 36(4), 1012-1027. doi:10.1016/j.jbankfin.2011.10.012
  • Makri, V., Tsagkanos, A., & Bellas, A. (2014). Determinants of Non-Performing Loans: The Case of Eurozone. Panoeconomicus, 61(2), 193–206. doi:10.2298/PAN1402193M
  • McNulty, J. E., Akhigbe, A. O., & Verbrugge, J. A. (2001). Small Bank Loan Quality in a Deregulated Environment: The Information Advantage Hypothesis. Journal of Economics and Business, 53(2-3), 325-339. doi:10.1016/S0148-6195(00)00050-3
  • Messai, A. S., & Jouini, F. (2013). Micro and Macro Determinants of Non-Performing Loans. International Journal of Economics and Financial Issues, 3(4), 852–860.
  • Nkusu, M. (2011). Nonperforming Loans and Macrofinancial Vulnerabilities in Advanced Economies. IMF Working Paper. International Monetary Fund. USA. Doi:10.5089/9781455297740.001
  • Pastory, D. (2021). The Determinants of Non-Performing Loans in Commercial Banks. In Sustainable Education and Development (pp. 394-409): Springer International Publishing.
  • Pirgaip, B., & Uysal, A. (2021). Does the Trading Volume of Asset Management Companies’ Bonds Contain Information on Non-Performing Loans? Borsa Istanbul Review. doi:10.1016/j.bir.2021.06.009
  • Podpiera, J., & Weill, L. (2008). Bad Luck or Bad Management? Emerging Banking Market Experience. Journal of Financial Stability, 4(2), 135-148. doi:10.1016/j.jfs.2008.01.005
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There are 66 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Articles
Authors

Eyüp Kadıoğlu 0000-0001-7836-868X

Niyazi Telçeken

Publication Date June 24, 2022
Submission Date November 14, 2021
Published in Issue Year 2022 Volume: 3 Issue: 1

Cite

APA Kadıoğlu, E., & Telçeken, N. (2022). Bankalarda Kredi Kalitesini Etkileyen Reel Sektör Faktörleri. Journal of Business and Trade, 3(1), 48-64.