VZA-Pencere Analizi ile Borsa İstanbul’da Hisse Senetleri İşlem Gören Tekstil Firmalarının Etkinliklerinin Belirlenmesi

Year 2019, Volume: 27 Issue: 42, 107 - 128, 31.10.2019

Mehmet Apan İhsan Alp Ahmet Öztel

https://doi.org/10.17233/sosyoekonomi.2019.04.06

Cited By: 8

Abstract

Küresel rekabet ile ülkelerin ekonomik güçlerinin bir göstergesi olarak üstün oldukları sektörler öne çıkmaktadır. Bu sektörlerin önemi ülkeden ülkeye veya dönemsel olarak değişebilmektedir. Tekstil sektörü, Türkiye’nin ekonomik büyümesine önemli katkı sağlayan sektörlerden biridir. Tekstil sektöründeki firmaların finansal etkinliklerinin performans göstergesi olarak takip edilmesi önemlidir. Her bir firmanın finansal etkinliğinin, sektörün toplam etkinliğine olumlu katkı sağlayacağı aşikârdır. Bu çalışmada, Borsa İstanbul’da (BİST) hisse senetleri işlem gören tekstil sektöründeki 19 firmanın 2008-2017 dönemi için finansal etkinlikleri incelenmiştir. Etkinlik analizi için firmaların finansal göstergelerine göre VZA (Veri Zarflama Analizi)-Pencere Analizi yöntemi uygulanmıştır. Firmaların en yüksek ortalama etkinlik değerinin %94,09 ile 2017 yılında gerçekleştiği görülmüştür. Diğer yıllardaki ortalama etkinlik düzeylerinin %60-%90 aralığında bulunduğu tespit edilmiştir. Ampirik analizlerde ilk 5 firmanın etkinlik değerlerinin %90-%100 aralığında olduğu belirlenmiştir. Yıllık etkinlik skor ortalamalarında, DESA 98.04 skoruyla en başarılı performansı elde etmiştir. Sırasıyla SÖNMEZ 97.40 ve MENDERES 94.74 ile ilk üç sırayı oluşturmuşlardır. İlk üç sıradaki firmaların birbirlerine yakın performansları üçer yıllık pencerelerde de gözlenmiştir. Fakat ortalama skorlarda, üçer yıllık pencere analizinde SÖNMEZ ilk sırada yer alırken, DESA ikinci ve MENDERES ise üçüncü olmuştur. Sıralamalar arasındaki bu küçük farklı lığın sebeplerinden ilki performansların çok yakın seyretmesi, ikincisi ise 2008 yılında SÖNMEZ firmasının elde ettiği düşük puanın (76.11) etkisinin, üç yıllık pencere analizinde azalmış olmasıdır. KARSU ise her iki sıralamada da en düşük ortalama etkinlik skoru ile son sırada yer almıştır.

Keywords

Etkinlik, Performans, Tekstil, VZA, Pencere Analizi

Determination of the Efficiencies of Textile Firms Listed in Borsa İstanbul by Using DEA-Window Analysis

Abstract

Global competition enables countries’ advantageous sectors to stand out as an indicator of their economic power. The importance of these sectors may vary by country or the time period they operate in. The textile industry is one of the sectors that significantly contributes to Turkey’s economic growth. Thus, it is important to monitor the financial activities of the firms in the textile sector as a performance indicator since it is evident that the financial efficiency of each company will contribute positively to the overall efficiency of the whole sector. In this study, the financial activities of 19 firms in the textile sector being traded on Borsa Istanbul (BIST) for the period 2008-2017 are examined. For efficiency analysis, DEA (Data Envelopment Analysis) -Window Analysis method was applied by using financial indicators of these companies. It was observed that the highest average efficiency value of the companies was realized in 2017 with 94.09%. The average activity levels in other years were found to be in the range of 60%-90%. In the empirical analysis, the efficiency values of the top five companies were determined to be at the level of 90%-100%. DESA has achieved the most successful performance in average efficiencies with a score of 98.04 when the whole period is considered. SÖNMEZ and MENDERES firms have taken the second and the third places with scores of 97.40 and 94.74, respectively. The close performances of the top three firms were also observed in three-years windows. However, in the three-year window analysis, SÖNMEZ ranked the first, DESA ranked the second and MENDERES ranked the third according to their average scores. One of the reasons for this small difference between the rankings is that, firstly, the firms’ performances have been very close to each other, and secondly the effect of the low score (76.11) obtained by SÖNMEZ in 2008 has been diminished for the firm in the three-year window analysis. KARSU occupied the last place with the lowest average efficiency score in both rankings.

Keywords

Efficiency, Performance, Textile, DEA, Window Analysis

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