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TOTAL FACTOR PRODUCTIVITY AND ITS DETERMINANTS: AN EMPIRICAL ANALYSIS ON THE FIRMS IN THE TURKISH MANUFACTURING SECTOR

Year 2020, Issue: 3, 25 - 42, 26.06.2020

Abstract

The aim of this study is to assess the determinants of total factor productivity for the firms which publicly held in Borsa Istanbul and included in the ISO 500 list in the period 2005-2013. In this study, the two-step analysis is employed for this purpose. In the first step, the technical inefficiency of each firm is measured by using stochastic frontier approach. In the second step, determinants of the obtained technical inefficiency variable in the first step are researched. The findings from panel data analysis show that capital-output ratio has a positive effect on technical inefficiency. While trade and aggregate demand have a negative effect on technical inefficiency, FDI and R&D expenditures have no significant effect on technical inefficiency. 

References

  • • ABRAMOWITZ, M., (1986), Catching Up, Forging Ahead and Falling Behind, Journal of Economic History, 46, 385-406.
  • • AIGNER, D. J., LOVELL, C. A. K. & P. SCHMIDT, (1977), Formulation and Estimation of Stochastic Frontier Production Function Models, Journal of Econometrics, 6, 21–37.
  • • AIYAR, S. ve J. FEYRER, (2002), A Contribution to the Empirics of Total Factor Productivity, Dartmouth College Working Paper No. 02-09, New Hampshire, ABD.
  • • ALLAIS, M., (1962), The Influence of the Capital-Output Ratio on Real National Income, Econometrica, 30 (4), 700-728.
  • • ANDERSON, T.W. & C. HSIAO (1982), Formulation and Estimation of Dynamic Models Using Panel Data, Journal of Econometrics, 18, 47-82.
  • • ARELLANO, M. & S. BOND, (1991), Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, The Review of Economic Studies, 58 (2), 277-297.
  • • ARROW, K., (1962), The Economic Implications of Learning by Doing, Review of Economic Studies, 29, 157–173.
  • • ATILGAN, E. ve Z. ÇALIŞKAN, (2015), Türk Hastanelerinin Maliyet Etkinliği: Stokastik Sınır Analizi, İktisat, İşletme ve Finans, 30 (355), 9-30.
  • • AY YALÇINKAYA, E. ve R. KÖK, (2016a), Türk Bankacılık Sektöründe Maliyet Etkinliği (2005-2013), Ege Akademik Bakış, 16 (2), 273-286.
  • • AY YALÇINKAYA, E. ve R. KÖK, (2016b), Türkiye’de Reel Sektöre Yönelik Maliyet Etkinliği (2005-2013), Turkish Economic Association International Conference on Economıcs ICE-TEA 2016 Bildiri Kitabı, Attar, M. A. ve H. Karamelikli (eds.), 277-298.
  • • BAĞDADİOĞLU, N. ve T.WEYMAN-JONES, (2010), Düzenleyici Kıyaslama İçin Stokastik Sınır Panel Veri Modellemesi: Türkiye Elektrik Dağıtım Sektörüne Bir Uygulama, İktisat, İşletme ve Finans, 25 (297), 97-119.
  • • BO, H., (2011), Volatility of Sales, Expectation Errors and Inventory Investment: Firm Level Evidence, International Journal of Production Economics 72, 273-283.
  • • CAMPBELL, J. R. & J. D. M. FISHER, (2004), Idiosyncratic Risk and Aggregate Employment Dynamics, Review of Economic Dynamics, 7 (2), 331–53.
  • • CARPENTER, R. E., FAZZARI, S. M., PETERSEN, B. C, KASHYAP, A. & FRIEDMAN, B. M., (1994), Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle, Brookings Papers on Economic Activity, 1994 (2), 75-138.
  • • CASACUBERTA, C., FACHOLA, G. & N. GANDELMAN, (2004), The Impact of Trade Liberalization on Employment, Capital and Productivity Dynamics: Evidence from the Uruguayan Manufacturing Sector, Journal of Policy Reform, 7 (4), 225-248.
  • • COE, D. T. & E. HELPMAN, (1995), International R&D Spillovers, Economic European Review, 39, 859-87.
  • • CONNOLLY, M. P., (1997), Technology, Trade and Growth: Some Empirical Findings, Research Paper no. 9727, New York: Federal Reserve Bank of New York.
  • • DAŞTAN, H., (2018), Türkiye Şeker Sanayinin Etkinlik ve Verimlilik Analizi, Gazi Üniversitesi Sosyal Bilimler Dergisi, 5 (14), 478-498.
  • • DEBREU, G., (1951), The Coefficient of Resource Utilization, Econometrica, 19 (3), 273-292.
  • • DEMIR, F., (2009), Financialization and Manufacturing Firm Profitability under Uncertainty and Macroeconomic Volatility: Evidence from an Emerging Market, Review of Development Economics, 13 (4), 592-609.
  • • DOVIS, M. & J. MILGRAM-BALEIX, (2009), Trade, Tariffs and Total Factor Productivity: The Case of Spanish Firms, World Economy, 32 (4), 575-605.
  • • FARRELL, M. J., (1957), The Measurement of Productive Efficiency, Journal of the Royal Statistical Society, Series A (General), 120 (3), 253-290.
  • • FERNANDES, A. M., (2003), Trade Policy, Trade Volumes and Plant-Level Productivity in Colombian Manufacturing Industries” World Bank Policy Research Working Paper no. 3064, Washington, DC: World Bank.
  • • GREENE, W., (2005), Reconsidering Heterogeneity in Panel Data Estimators of the Stochastic Frontier Model, Journal of Econometrics 126, 269-303.
  • • GROSSMAN, G. & E. HELPMAN, (1991), Innovation and Growth in the Global Economy, Cambridge, MA: MIT Press.
  • • HALL, R. E. & C. I. JONES, (1999), Why Do Some Countries Produce So Much More Output per Worker Than Others?, Quarterly Journal of Economics 114 (1), 83 -116.
  • • HAZNECİ, K. ve V. CEYHAN, (2017), TR83 Bölgesinde Buğday Tohumluğu Üretiminde Teknik Etkinlik ve Etkinliği Belirleyen Faktörler, Anadolu Tarım Bilimleri Dergisi, 32, 181-188.
  • • ISAKSSON, A., (2007), Determinants of Total Factor Productivity: A Literature Review, UNIDO Research and Statistics Branch Staff Working Paper no. 02/2007, Viyana, Avusturya.
  • • KEHOE, T. J. & E. C. PRESCOTT, (2002), Great Depressions of the 20th Century, Review of Economic Dynamics 5 (1), 1–18.
  • • KELLER, W., (1998), Are International R&D Spillovers Trade-Related? Analyzing Spillover Among Randomly Matched Trade Partners, European Economic Review, 42, 1469-1491.
  • • KIVIET, J. F., (1995), On Bias, Inconsistency and Efficiency of Various Estimators in Dynamic Panel Data Models, Journal of Econometrics, 68, 53–78.
  • • KOOPMANS, T. C., (1951), An Analysis of Production as an Efficient Combination of Activities, içinde Koopmans, T. C. (eds.), Activity Analysis of Production and Allocation. John Wiley and Sons, Inc., Londra.
  • • LUCAS, R., (1988), On the Mechanics of Economic Development, Journal of Monetary Economics, 22, 3–42.
  • • MEEUSEN, W. & J. Van Den BROECK, (1977), Efficiency Estimation from Cobb-Douglas Production Function with Composed Errors, International Economic Review 18: 2, 435-444.
  • • NELSON, R. & E. PHELPS, (1966), Investment in Humans, Technological Diffusion, and Economic Growth, American Economic Review, 56, 69-75.
  • • NICKELL, S., (1981), Biases in Dynamic Models with Fixed Effects, Econometrica, 49, 1399-1416.
  • • PARLAKAY, O. ve T. ALEMDAR, (2011), Türkiye’de Yer Fıstığı Tarımında Teknik ve Ekonomik Etkinlik, Tarım Ekonomisi Dergisi, 17 (2), 47-53.
  • • PITT, M. & L. F. LEE, (1981), The Measurement and Sources of Technical Inefficiency in the Indonesian Weaving Industry, Journal of Development Economics 9, 43-64.
  • • ROMER, P., (1990), Endogenous Technological Change, Journal of Political Economy, 98, 71-102.
  • • SCHOR, A., (2004), Heterogeneous Productivity Response to Tariff Reduction, Evidence from Brazilian Manufacturing Firms, Journal of Development Economics, 75, 373-96.
  • • SCHULTZ, T. W., (1961), Investments in Human Capital, American Economic Review, 51, 1-17.
  • • SOLOW, R., (1956), A Contribution to the Theory of Economic Growth, Quarterly Journal of Economics, 70, 65-94.
  • • SYVERSON, C., (2011), What Determines Productivity?, Journal of Economic Literature, 49 (2), 326–365.
  • • TEBALDI, E., (2016), The Dynamics of Total Factor Productivity and Institutions, Journal of Economic Development, 41 (4), 1-25.
  • • TORAGANLI KARAMOLLAOĞLU, N., (2018), Toplam Faktör Verimliliği: Yıllık Sanayi ve Hizmet İstatistikleri İle Bir Uygulama, Verimlilik Dergisi, 2018/4, 93-116.
  • • TUTULMAZ, O. ve H. ŞAHİN, (2014), Türk Havayolu Ulaştırmasının Açılım Dönemine Yönelik Teknik Etkinlik Analizi: Bir Stokastik Sınır Yöntemi Uygulaması, Çukurova Üniversitesi İİBF Dergisi, 18 (2), 49-73.
  • • YALÇIN, E., (2018), Stokastik Sınır Analizi İle Havalimanlarının Etkinliklerinin Ölçülmesi: Türkiye Örneği, Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 15 (42), 82-105.

TOPLAM FAKTÖR VERİMLİLİĞİ VE BELİRLEYİCİLERİ: TÜRKİYE İMALAT SANAYİ FİRMALARI İÇİN AMPİRİK BİR ANALİZ

Year 2020, Issue: 3, 25 - 42, 26.06.2020

Abstract

Bu çalışmanın amacı, Borsa İstanbul’da işlem gören ve ISO 500 listesi içerisinde yer alan imalat sanayi firmaları açısından 2005-2013 yılları arasında Toplam Faktör Verimliliği (TFP)’nin belirleyicilerinin saptanmasıdır. Çalışmada bu amaçla iki aşamalı bir analiz yöntemi kullanılmaktadır. Çalışmanın ilk aşamasında imalat sanayi firmalarının teknik etkinsizliği Stokastik Sınır Analizi (SSA) ile ölçülmektedir. İkinci aşamada ise ilk aşamada elde edilen teknik etkinsizliğin belirleyicileri araştırılmaktadır. Panel Veri Analizi sonuçları, sermaye-hasıla katsayısının teknik etkinsizliği arttırıcı bir etkisinin bulunduğunu göstermektedir. Elde edilen sonuçlar ticaret ve toplam talebin teknik etkinsizliği azaltıcı etkisi olduğunu gösterirken, FDI ve Ar-Ge harcamaları ile teknik etkinsizlik arasında bir ilişki bulunmadığını göstermektedir.  

References

  • • ABRAMOWITZ, M., (1986), Catching Up, Forging Ahead and Falling Behind, Journal of Economic History, 46, 385-406.
  • • AIGNER, D. J., LOVELL, C. A. K. & P. SCHMIDT, (1977), Formulation and Estimation of Stochastic Frontier Production Function Models, Journal of Econometrics, 6, 21–37.
  • • AIYAR, S. ve J. FEYRER, (2002), A Contribution to the Empirics of Total Factor Productivity, Dartmouth College Working Paper No. 02-09, New Hampshire, ABD.
  • • ALLAIS, M., (1962), The Influence of the Capital-Output Ratio on Real National Income, Econometrica, 30 (4), 700-728.
  • • ANDERSON, T.W. & C. HSIAO (1982), Formulation and Estimation of Dynamic Models Using Panel Data, Journal of Econometrics, 18, 47-82.
  • • ARELLANO, M. & S. BOND, (1991), Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations, The Review of Economic Studies, 58 (2), 277-297.
  • • ARROW, K., (1962), The Economic Implications of Learning by Doing, Review of Economic Studies, 29, 157–173.
  • • ATILGAN, E. ve Z. ÇALIŞKAN, (2015), Türk Hastanelerinin Maliyet Etkinliği: Stokastik Sınır Analizi, İktisat, İşletme ve Finans, 30 (355), 9-30.
  • • AY YALÇINKAYA, E. ve R. KÖK, (2016a), Türk Bankacılık Sektöründe Maliyet Etkinliği (2005-2013), Ege Akademik Bakış, 16 (2), 273-286.
  • • AY YALÇINKAYA, E. ve R. KÖK, (2016b), Türkiye’de Reel Sektöre Yönelik Maliyet Etkinliği (2005-2013), Turkish Economic Association International Conference on Economıcs ICE-TEA 2016 Bildiri Kitabı, Attar, M. A. ve H. Karamelikli (eds.), 277-298.
  • • BAĞDADİOĞLU, N. ve T.WEYMAN-JONES, (2010), Düzenleyici Kıyaslama İçin Stokastik Sınır Panel Veri Modellemesi: Türkiye Elektrik Dağıtım Sektörüne Bir Uygulama, İktisat, İşletme ve Finans, 25 (297), 97-119.
  • • BO, H., (2011), Volatility of Sales, Expectation Errors and Inventory Investment: Firm Level Evidence, International Journal of Production Economics 72, 273-283.
  • • CAMPBELL, J. R. & J. D. M. FISHER, (2004), Idiosyncratic Risk and Aggregate Employment Dynamics, Review of Economic Dynamics, 7 (2), 331–53.
  • • CARPENTER, R. E., FAZZARI, S. M., PETERSEN, B. C, KASHYAP, A. & FRIEDMAN, B. M., (1994), Inventory Investment, Internal-Finance Fluctuations, and the Business Cycle, Brookings Papers on Economic Activity, 1994 (2), 75-138.
  • • CASACUBERTA, C., FACHOLA, G. & N. GANDELMAN, (2004), The Impact of Trade Liberalization on Employment, Capital and Productivity Dynamics: Evidence from the Uruguayan Manufacturing Sector, Journal of Policy Reform, 7 (4), 225-248.
  • • COE, D. T. & E. HELPMAN, (1995), International R&D Spillovers, Economic European Review, 39, 859-87.
  • • CONNOLLY, M. P., (1997), Technology, Trade and Growth: Some Empirical Findings, Research Paper no. 9727, New York: Federal Reserve Bank of New York.
  • • DAŞTAN, H., (2018), Türkiye Şeker Sanayinin Etkinlik ve Verimlilik Analizi, Gazi Üniversitesi Sosyal Bilimler Dergisi, 5 (14), 478-498.
  • • DEBREU, G., (1951), The Coefficient of Resource Utilization, Econometrica, 19 (3), 273-292.
  • • DEMIR, F., (2009), Financialization and Manufacturing Firm Profitability under Uncertainty and Macroeconomic Volatility: Evidence from an Emerging Market, Review of Development Economics, 13 (4), 592-609.
  • • DOVIS, M. & J. MILGRAM-BALEIX, (2009), Trade, Tariffs and Total Factor Productivity: The Case of Spanish Firms, World Economy, 32 (4), 575-605.
  • • FARRELL, M. J., (1957), The Measurement of Productive Efficiency, Journal of the Royal Statistical Society, Series A (General), 120 (3), 253-290.
  • • FERNANDES, A. M., (2003), Trade Policy, Trade Volumes and Plant-Level Productivity in Colombian Manufacturing Industries” World Bank Policy Research Working Paper no. 3064, Washington, DC: World Bank.
  • • GREENE, W., (2005), Reconsidering Heterogeneity in Panel Data Estimators of the Stochastic Frontier Model, Journal of Econometrics 126, 269-303.
  • • GROSSMAN, G. & E. HELPMAN, (1991), Innovation and Growth in the Global Economy, Cambridge, MA: MIT Press.
  • • HALL, R. E. & C. I. JONES, (1999), Why Do Some Countries Produce So Much More Output per Worker Than Others?, Quarterly Journal of Economics 114 (1), 83 -116.
  • • HAZNECİ, K. ve V. CEYHAN, (2017), TR83 Bölgesinde Buğday Tohumluğu Üretiminde Teknik Etkinlik ve Etkinliği Belirleyen Faktörler, Anadolu Tarım Bilimleri Dergisi, 32, 181-188.
  • • ISAKSSON, A., (2007), Determinants of Total Factor Productivity: A Literature Review, UNIDO Research and Statistics Branch Staff Working Paper no. 02/2007, Viyana, Avusturya.
  • • KEHOE, T. J. & E. C. PRESCOTT, (2002), Great Depressions of the 20th Century, Review of Economic Dynamics 5 (1), 1–18.
  • • KELLER, W., (1998), Are International R&D Spillovers Trade-Related? Analyzing Spillover Among Randomly Matched Trade Partners, European Economic Review, 42, 1469-1491.
  • • KIVIET, J. F., (1995), On Bias, Inconsistency and Efficiency of Various Estimators in Dynamic Panel Data Models, Journal of Econometrics, 68, 53–78.
  • • KOOPMANS, T. C., (1951), An Analysis of Production as an Efficient Combination of Activities, içinde Koopmans, T. C. (eds.), Activity Analysis of Production and Allocation. John Wiley and Sons, Inc., Londra.
  • • LUCAS, R., (1988), On the Mechanics of Economic Development, Journal of Monetary Economics, 22, 3–42.
  • • MEEUSEN, W. & J. Van Den BROECK, (1977), Efficiency Estimation from Cobb-Douglas Production Function with Composed Errors, International Economic Review 18: 2, 435-444.
  • • NELSON, R. & E. PHELPS, (1966), Investment in Humans, Technological Diffusion, and Economic Growth, American Economic Review, 56, 69-75.
  • • NICKELL, S., (1981), Biases in Dynamic Models with Fixed Effects, Econometrica, 49, 1399-1416.
  • • PARLAKAY, O. ve T. ALEMDAR, (2011), Türkiye’de Yer Fıstığı Tarımında Teknik ve Ekonomik Etkinlik, Tarım Ekonomisi Dergisi, 17 (2), 47-53.
  • • PITT, M. & L. F. LEE, (1981), The Measurement and Sources of Technical Inefficiency in the Indonesian Weaving Industry, Journal of Development Economics 9, 43-64.
  • • ROMER, P., (1990), Endogenous Technological Change, Journal of Political Economy, 98, 71-102.
  • • SCHOR, A., (2004), Heterogeneous Productivity Response to Tariff Reduction, Evidence from Brazilian Manufacturing Firms, Journal of Development Economics, 75, 373-96.
  • • SCHULTZ, T. W., (1961), Investments in Human Capital, American Economic Review, 51, 1-17.
  • • SOLOW, R., (1956), A Contribution to the Theory of Economic Growth, Quarterly Journal of Economics, 70, 65-94.
  • • SYVERSON, C., (2011), What Determines Productivity?, Journal of Economic Literature, 49 (2), 326–365.
  • • TEBALDI, E., (2016), The Dynamics of Total Factor Productivity and Institutions, Journal of Economic Development, 41 (4), 1-25.
  • • TORAGANLI KARAMOLLAOĞLU, N., (2018), Toplam Faktör Verimliliği: Yıllık Sanayi ve Hizmet İstatistikleri İle Bir Uygulama, Verimlilik Dergisi, 2018/4, 93-116.
  • • TUTULMAZ, O. ve H. ŞAHİN, (2014), Türk Havayolu Ulaştırmasının Açılım Dönemine Yönelik Teknik Etkinlik Analizi: Bir Stokastik Sınır Yöntemi Uygulaması, Çukurova Üniversitesi İİBF Dergisi, 18 (2), 49-73.
  • • YALÇIN, E., (2018), Stokastik Sınır Analizi İle Havalimanlarının Etkinliklerinin Ölçülmesi: Türkiye Örneği, Mustafa Kemal Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 15 (42), 82-105.
There are 47 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Ömer Tuğsal Doruk 0000-0002-2382-1042

Publication Date June 26, 2020
Submission Date December 7, 2018
Published in Issue Year 2020 Issue: 3

Cite

APA Doruk, Ö. T. (2020). TOPLAM FAKTÖR VERİMLİLİĞİ VE BELİRLEYİCİLERİ: TÜRKİYE İMALAT SANAYİ FİRMALARI İÇİN AMPİRİK BİR ANALİZ. Verimlilik Dergisi(3), 25-42.

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