MICRO-EVIDENCE FROM BUSINESSES OPERATING IN THE BIST TECHNOLOGY AND INFORMATION SECTOR

Year 2024, Volume: 46 Issue: 1, 129 - 151, 27.06.2024

Gizem Ateş , Beyhan Marşap

https://doi.org/10.14780/muiibd.1391541

Abstract

Today, technology trade and investment represent a global economy that disregards national boundaries. Within the scope of this study, it is aimed to reveal the effect of whether businesses operating in the technology and IT sector operate in technology zones or not on their financial performance, and customer satisfaction and internationalization levels are examined. The financial statements of 31 businesses listed in Borsa Istanbul (BIST) technology and IT sector for the year 2022 were subjected to ratio analysis. Businesses located in technology development zones and businesses located outside technology development zones were grouped and the results of the ratio analysis were compared with the Mann-Whitney U test. According to the findings, no difference was found between the businesses located in technology development zones and the businesses outside the zone in terms of liquidity ratios, activity ratios, and customer satisfaction. However, a significant difference was found in terms of the ratio of non-current assets to continuing capital among financial structure ratios; a significant difference was found in terms of gross profit margin ratio and operating profit margin ratio among profitability ratios. In terms of internationalization level, it was determined that the businesses located in technology development zones showed superior performance.

Keywords

Technology and Informatics Sector, Clustering, Technology Development Zones, Financial Performance, Internationalization Level, Customer Satisfaction

BİST TEKNOLOJI VE BILIŞIM SEKTÖRÜNDE FAALIYET GÖSTEREN İŞLETMELERDEN MIKRO KANITLAR

Abstract

Günümüzde teknoloji ticareti ve yatırımı, ulusal sınırları aşan küresel bir ekonomiyi temsil etmektedir. Bu çalışma kapsamında teknoloji ve bilişim sektöründe faaliyet gösteren şirketlerin teknoloji bölgeleri içinde faaliyet gösterip göstermemelerinin finansal performanslarına etkisinin ortaya konulması amaçlanmış ve müşteri memnuniyeti ile uluslararasılaşma düzeyleri incelenmiştir. Borsa İstanbul (BİST) teknoloji ve bilişim sektöründe listelenen 31 şirketin 2022 yılına ait finansal tabloları oran analizine tabi tutulmuştur. Teknoloji geliştirme bölgelerinde ve bölge dışında yer alan firmalar gruplandırılarak oran analizi sonuçları Mann–Whitney U testi ile karşılaştırılmıştır. Elde edilen bulgulara göre teknoloji geliştirme bölgelerinde yer alan firmalar ile bölge dışındaki firmalar arasında likidite ve faaliyet oranları ile müşteri memnuniyeti bakımından bir farklılık bulunamamıştır. Ancak, finansal yapı oranlarından duran varlıkların devamlı sermayeye oranı ve kârlılık oranlarından brüt kâr marjı oranı ve faaliyet kâr marjı oranında anlamlı bir farklılık bulunmuştur. Uluslararasılaşma düzeyi bakımından ise teknoloji geliştirme bölgelerinde yer alan firmaların daha üstün bir performans gösterdikleri belirlenmiştir.

Keywords

Teknoloji ve Bilişim Sektörü, Kümelenme, Teknoloji Geliştirme Bölgeleri, Finansal Performans, Uluslararasılaşma Düzeyi, Müşteri Memnuniyeti

References

• Ahmed, R., Hudson, R., & Gregoriou, A. (2020). The implications of liquidity ratios: Evidence from Pakistan stock exchange limited. The Quarterly Review of Economics and Finance.
• Akdoğan, N., & Tenker, N. (2007). Finansal Tablolar ve Mali Analiz Teknikleri (12. Baskı ed.).
• Arikan, A. T. (2009). Interfirm knowledge exchanges and the knowledge creation capability of clusters. Academy of management review, 34(4), 658-676.
• Assaf, A. G., Josiassen, A., Ratchford, B. T., & Barros, C. P. (2012). Internationalization and performance of retail firms: a Bayesian dynamic model. Journal of Retailing, 88(2), 191-205.
• Barcellos, E. P., Cyrino, Á. B., Júnior, M. d. M. O., & Fleury, M. T. L. (2010). Does internationalization pay off?: a study of the perceived benefits and financial performance of the international operations of Brazilian businesses. GCG: revista de globalización, competitividad y gobernabilidad, 4(3), 38-61.
• Bayus, B. L., Erickson, G., & Jacobson, R. (2003). The financial rewards of new product introductions in the personal computer industry. Management Science, 49(2), 197-210.
• Beaudry, C., & Schiffauerova, A. (2009). Who’s right, Marshall or Jacobs? The localization versus urbanization debate. Research Policy, 38(2), 318-337.
• Birgili, E., & Düzer, M. (2010). Finansal analizde kullanılan oranlar ve firma değeri ilişkisi: İMKB’de bir uygulama. Muhasebe ve Finansman Dergisi(46), 74-83.
• Borda, A., Geleilate, J.-M. G., Newburry, W., & Kundu, S. K. (2017). Firm internationalization, business group diversification and firm performance: The case of Latin American firms. Journal of business research, 72, 104-113.
• Carlino, G., & Kerr, W. R. (2015). Agglomeration and innovation. Handbook of regional and urban economics, 5, 349-404.
• Chauhan, N. M. (2013). Accounting for sales revenue and sales return. Journal of Research in Humanities and Social Sciences, 1(4), 15-19.
• Chen, M.-H., Wang, H.-Y., & Wang, M.-C. (2018). Knowledge sharing, social capital, and financial performance: The perspectives of innovation strategy in technological clusters. Knowledge Management Research & Practice, 16(1), 89-104.
• Colombo, M. G., & Delmastro, M. (2002). How effective are technology incubators?: Evidence from Italy. Research Policy, 31(7), 1103-1122.
• Combes, P.-P., & Gobillon, L. (2015). The empirics of agglomeration economies. In Handbook of regional and urban economics (Vol. 5, pp. 247-348): Elsevier.
• Coulon, Y., & Coulon, Y. (2020a). Debt Ratios. Rational Investing with Ratios: Implementing Ratios with Enterprise Value and Behavioral Finance, 63-84.
• Coulon, Y., & Coulon, Y. (2020b). Profitability and Performance Ratios. Rational Investing with Ratios: Implementing Ratios with Enterprise Value and Behavioral Finance, 85-104.
• Dayı, F. (2013). Sağlık işletmelerinde uygulamalı finansal analiz. Ekin Kitabevi, Bursa.
• de Oliveira, J. A. S., Basso, L. F. C., Kimura, H., & Sobreiro, V. A. (2018). Innovation and financial performance of companies doing business in Brazil. International Journal of Innovation Studies, 2(4), 153-164.
• Demirhan, D. (2010). Türkiye’deki mevduat bankalarının finansal yapıya ilişkin kararlarının karlılık üzerine etkileri. Muhasebe ve Finansman Dergisi(45), 157-168.
• Dikmen, B. B. (2021). Elektrik enerjisi sektörünün finansal performanslarının oran analizi yöntemi ile incelenmesi. İşletme Araştırmaları Dergisi, 13(1), 912-926.
• Ding, Y., Jeanjean, T., & Stolowy, H. (2008). The impact of firms’ internationalization on financial statement presentation: Some French evidence. Advances in Accounting, 24(1), 145-156.
• Do, H., Nguyen, B., & Shipton, H. (2023). Innovation and internationalization in an emerging market context: Moderating effects of interpersonal and organizational social networks. Journal of International Management, 29(2), 101014.
• Dorfman, N. S. (1983). Route 128: the development of a regional high technology economy. Research Policy, 12(6), 299-316.
• Duranton, G., & Puga, D. (2004). Micro-foundations of urban agglomeration economies. In Handbook of regional and urban economics (Vol. 4, pp. 2063-2117): Elsevier.
• Feldman, M. P. (1994). Knowledge complementarity and innovation. Small business economics, 6, 363-372.
• Felzensztein, C., Gimmon, E., & Aqueveque, C. (2012). Clusters or un-clustered industries? Where inter-firm marketing cooperation matters. Journal of Business & Industrial Marketing, 27(5), 392-402.
• Ferguson, R., & Olofsson, C. (2004). Science parks and the development of NTBFs—location, survival and growth. The journal of technology transfer, 29, 5-17.
• Goel, U., Chadha, S., & Sharma, A. K. (2015). Operating liquidity and financial leverage: Evidences from Indian machinery industry. Procedia-Social and Behavioral Sciences, 189, 344-350.
• Gök, O., & Peker, S. (2017). Understanding the links among innovation performance, market performance and financial performance. Review of managerial science, 11, 605-631.
• Hao, K. Y., & Jaffe, A. B. (1993). Effect of liquidity on firms’ R&D spending. Economics of Innovation and New technology, 2(4), 275-282.
• IIeana, G. V. (2013). The Effect of Financial Structure on Economic Performance and Financial Management. Revista tinerilor economişti(20), 69-76.
• Isaković-Kaplan, Š. (2010). Consolidated Financial Statements–Means and Purpose of Preparation: Reasons of Not Announcing of consolidated Financial Statements in Bosnia and Herzegovina. Economic research- Ekonomska istraživanja, 23(4), 162-171.
• Roberts, P. W., & Amit, R. (2003). The dynamics of innovative activity and competitive advantage: The case of Australian retail banking, 1981 to 1995. Organization science, 14(2), 107-122.
• Rubera, G., & Kirca, A. H. (2012). Firm innovativeness and its performance outcomes: A meta-analytic review and theoretical integration. Journal of Marketing, 76(3), 130-147.
• Sakarya, A. (2023). Clustering potential of organized industrial zones in Türkiye. Asia-Pacific Journal of Regional Science, 1-22.
• Stefanescu, C., & Nistor, C. S. (2012). Public vs. Banking Sector Accounting-How Far Is Romania from International Referential? Acta Universitatis Danubius. OEconomica, 8(3), 86-100.
• Stephens, B., Butler, J. S., Garg, R., & Gibson, D. V. (2019). Austin, Boston, Silicon Valley, and New York: Case studies in the location choices of entrepreneurs in maintaining the Technopolis. Technological Forecasting and Social Change, 146, 267-280.
• Suchánek, P., & Králová, M. (2018). Customer satisfaction and different evaluation of it by companies. Economic research-Ekonomska istraživanja, 31(1), 1330-1350.
• Swann, G., Prevezer, M., & Stout, D. (1998). The dynamics of industrial clustering: International comparisons in computing and biotechnology: Oxford University Press.
• Swann, G. P. (1998). Towards a model of clustering in high-technology industries. The dynamics of industrial clustering, 52-76.
• Vásquez-Urriago, Á. R., Barge-Gil, A., Rico, A. M., & Paraskevopoulou, E. (2014). The impact of science and technology parks on firms’ product innovation: empirical evidence from Spain. Journal of Evolutionary Economics, 24, 835-873.
• Vithessonthi, C., & Racela, O. C. (2016). Short-and long-run effects of internationalization and R&D intensity on firm performance. Journal of Multinational Financial Management, 34, 28-45.
• Welc, J. (2022). Financial statement analysis. In Evaluating Corporate Financial Performance: Tools and Applications (pp. 131-212): Springer.
• Xiao, S. S., Jeong, I., Moon, J. J., Chung, C. C., & Chung, J. (2013). Internationalization and performance of firms in China: Moderating effects of governance structure and the degree of centralized control. Journal of International Management, 19(2), 118-137.
• Yang, C.-H., Huang, C.-H., & Hou, T. C.-T. (2012). Tax incentives and R&D activity: Firm-level evidence from Taiwan. Research Policy, 41(9), 1578-1588.
• Yang, C.-H., Motohashi, K., & Chen, J.-R. (2009). Are new technology-based firms located on science parks really more innovative?: Evidence from Taiwan. Research Policy, 38(1), 77-85.