Zombi Firmaların Finansal Profili: Gelişmekte Olan Türkiye Pazarından Kanıtlar

Year 2025, Volume: 33 Issue: 65, 73 - 96, 17.07.2025

Arzu Şahin

https://doi.org/10.17233/sosyoekonomi.2025.03.04

Abstract

Bu çalışma, Türkiye gibi gelişmekte olan bir ülkede, diğer firmalara, sektörlere ve ekonomiye zarar veren zombi şirketlerin finansal profilini incelemektedir. Zombi olma olasılığını etkileyen faktörleri araştırmak amacıyla, 2013-2019 yılları arasında Borsa İstanbul'da işlem gören 241 finansal olmayan halka açık şirket üzerinde panel probit modelleri tahmin edilmiştir ve 64 firma zombi şirket olarak belirlenmiştir. Sonuçlar, daha borçlu, varlık kullanımında daha verimsiz ve daha genç olan şirketlerin zombi olma olasılığının daha yüksek olduğunu göstermektedir. Yani, daha az deneyime sahip olan ve yüksek borçlarını verimsiz varlıklara yatıran şirketlerin, uzun vadede zombi olma ve ekonomiye zarar verme potansiyeli bulunmaktadır.

Keywords

Zombi Şirket , Zombi Firma Özellikleri , Borsa İstanbul Finansal Olmayan Firmalar

Financial Profile of Zombie Firms: Evidence from the Emerging Turkish Market

Abstract

This study examines the financial profile of zombie companies that damage other firms, sectors, and the economy in Türkiye, an emerging market. To investigate the factors affecting the likelihood of becoming a zombie company, panel probit models are estimated using 241 non-financial listed firms on Borsa Istanbul from 2013 to 2019. Among these firms, 64 are classified as zombies. The results indicate that the probability of becoming a zombie is higher in companies that are more indebted, less efficient in asset usage, and younger. That is, less experienced companies that invest heavily in inefficient assets have the potential to become zombies and harm the economy in the long run.

Keywords

Zombie Company , Characteristics of Zombies , Borsa İstanbul Non-Financial Firms

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