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PERSISTENCE OF PROFITABILITY: EVIDENCE FROM ISO 500 FIRMS SELECTED BASED ON BASIC ACCOUNTING PROFITABILITY INDICATORS

Year 2018, Volume: 20 - Special Issue of MODAV 15. International Conference on Accounting, 542 - 552, 27.12.2018

Alper Aslan Buket Altınöz

Abstract

The aim of this paper is to investigate Turkey’s largest 500 industrial enterprises and whether capital and customized capital persists to profitability of firms with public capital, private in active 1993-2016. For this purpose, the panel unit root test is applied for all three sample groups, and then the long run competition intensity and the profitability coefficient estimate are analyzed using the panel VAR method. The results indicate that long run profitability is not permanent for all firms under analysis. In addition, the highest long run asset return ratio coefficient belongs to private firms, while the highest return pn equity and profit margins belong to firms with public capital.

Keywords

ISO Firm Persistence of Profitability Competition Panel Unit Root VAR

References

  • Aslan, A., F. Kula ve M. Kaplan. 2010. “New Evidence on the Persistence of Profit in Turkey with First and Second Generation Panel Unit Root Tests”, METU Studies in Development, 37, 25-40.
  • Aslan, A. ve Ö. İskenderoğlu. 2012. “Türk Bankacılık Sektöründe Karlılığın Kalıcılığının İncelenmesi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 12(2), 59-68.
  • Can, A. V. ve E. Öztürk. 2015. “Şirket Karlarının Sürdürülebilirlik Durumunun İncelenmesi: BIST Şirketleri Üzerine Sektörel Bir Araştırma”, İşletme Araştırmaları Dergisi, 7(1), 325-339.
  • Geroski, P. A. ve A. Jacquemin. 1988. “The Persistence of Profits: A European Comparison”,The Economic Journal, 98 (391), 375-389.
  • Glen, J., K. Lee ve A. Singh. 2001. “Persistence of Profitability and Competition in Emerging Markets”, Economics Letters, 72, 247-253.
  • Gözbaşı, O. ve A. Aslan. 2015. “Persistence of Profit in Energy Industry: Dynamic Evidence from Turkish Companies”, International Journal of Economics and Fianncial Issues, 5(2),624-628.
  • Kambhampati, U. 1995. “The Persistence of Profit Differentials in Indian Industry”, Applied Economics, 27, 353-361.
  • Kaplan, M. ve A. Aslan. 2008. “Persistence of Profitability and the Dynamics of Competition in Turkey, 1985-2004”. MPRA Paper No.10602.
  • Kaplan, M. ve T. Çelik. 2015. “The Persistence of Profitability and Competition in the Turkish Banking Sector”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 30, 157-167.
  • Levin, A. vd. 2002. “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1).
  • Mueller, D. C. 1977. “The Persistence of Profits Above the Norm”, Economica, 44(176), 369-380.
  • Mueller, D. C. 1983. “The Determinants of Persistent Profits: An Empirical Study”, Consultants report to the bureau of economics of the federal trade commission, June 1983.
  • Pesaran, M. H. 2005. “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence”, Cambridge University DAE Working Paper No. 03346.
  • Yurtoğlu, B. 2004. “Persistence of Firm-Level Profitability in Turkey”, Applied Economics, 36, 615-625.

KARLILIĞIN SÜRDÜRÜLEBİLİRLİĞİ: TEMEL MUHASEBE KARLILIĞI GÖSTERGELERİ ETRAFINDA SEÇİLMİŞ ISO 500 FİRMALARI İÇİN BİR UYGULAMA

Year 2018, Volume: 20 - Special Issue of MODAV 15. International Conference on Accounting, 542 - 552, 27.12.2018

Alper Aslan Buket Altınöz

Abstract

Çalışmanın amacı Türkiye’nin en büyük 500 sanayi kuruluşu içerisinde yer alan ve 1993-2016 döneminde faaliyette bulunan kamusal sermayeli, özel sermayeli ve sermayesi sonradan özelleştirilen firmaların karlılıklarının sürdürülebilir olup olmamasının araştırılmasıdır. Bu amaç doğrultusunda her üç örneklem grubu için panel birim kök testi sınaması yapılmış ve ardından uzun dönem rekabet yoğunluğu ve karlılık oranı katsayısı tahmini panel VAR yöntemi kullanılarak analiz edilmiştir. Elde edilen sonuçlar analiz kapsamındaki tüm firmalar için uzun dönemde karlılığın kalıcı olmadığını göstermiştir. Ayrıca uzun dönemde en yüksek aktif karlılık oranı katsayısı özel sermayeli firmalara aitken, en yüksek özsermaye karlılık ve kar marjı katsayısı kamusal sermayeli firmalara aittir.

Keywords

ISO Firma Karlılığın Sürdürülebilirliği Rekabet Panel Birim Kök VAR

References

  • Aslan, A., F. Kula ve M. Kaplan. 2010. “New Evidence on the Persistence of Profit in Turkey with First and Second Generation Panel Unit Root Tests”, METU Studies in Development, 37, 25-40.
  • Aslan, A. ve Ö. İskenderoğlu. 2012. “Türk Bankacılık Sektöründe Karlılığın Kalıcılığının İncelenmesi”, Anadolu Üniversitesi Sosyal Bilimler Dergisi, 12(2), 59-68.
  • Can, A. V. ve E. Öztürk. 2015. “Şirket Karlarının Sürdürülebilirlik Durumunun İncelenmesi: BIST Şirketleri Üzerine Sektörel Bir Araştırma”, İşletme Araştırmaları Dergisi, 7(1), 325-339.
  • Geroski, P. A. ve A. Jacquemin. 1988. “The Persistence of Profits: A European Comparison”,The Economic Journal, 98 (391), 375-389.
  • Glen, J., K. Lee ve A. Singh. 2001. “Persistence of Profitability and Competition in Emerging Markets”, Economics Letters, 72, 247-253.
  • Gözbaşı, O. ve A. Aslan. 2015. “Persistence of Profit in Energy Industry: Dynamic Evidence from Turkish Companies”, International Journal of Economics and Fianncial Issues, 5(2),624-628.
  • Kambhampati, U. 1995. “The Persistence of Profit Differentials in Indian Industry”, Applied Economics, 27, 353-361.
  • Kaplan, M. ve A. Aslan. 2008. “Persistence of Profitability and the Dynamics of Competition in Turkey, 1985-2004”. MPRA Paper No.10602.
  • Kaplan, M. ve T. Çelik. 2015. “The Persistence of Profitability and Competition in the Turkish Banking Sector”, Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 30, 157-167.
  • Levin, A. vd. 2002. “Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties”, Journal of Econometrics, 108(1).
  • Mueller, D. C. 1977. “The Persistence of Profits Above the Norm”, Economica, 44(176), 369-380.
  • Mueller, D. C. 1983. “The Determinants of Persistent Profits: An Empirical Study”, Consultants report to the bureau of economics of the federal trade commission, June 1983.
  • Pesaran, M. H. 2005. “A Simple Panel Unit Root Test in the Presence of Cross Section Dependence”, Cambridge University DAE Working Paper No. 03346.
  • Yurtoğlu, B. 2004. “Persistence of Firm-Level Profitability in Turkey”, Applied Economics, 36, 615-625.
There are 14 citations in total.

Details

Primary Language Turkish
Journal Section MAIN SECTION
Authors

Alper Aslan This is me

Buket Altınöz This is me

Publication Date December 27, 2018
Submission Date June 27, 2018
Published in Issue Year 2018 Volume: 20 - Special Issue of MODAV 15. International Conference on Accounting

Cite

APA Aslan, A., & Altınöz, B. (2018). KARLILIĞIN SÜRDÜRÜLEBİLİRLİĞİ: TEMEL MUHASEBE KARLILIĞI GÖSTERGELERİ ETRAFINDA SEÇİLMİŞ ISO 500 FİRMALARI İÇİN BİR UYGULAMA. Muhasebe Bilim Dünyası Dergisi, 20, 542-552.
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