The Effect of Lean Manufacturing, Six Sigma, and Industry 4.0 Utilization on the Profitability of Enterprises: A Research in the BIST XMESY Index

Yıl 2023, , 1476 - 1503, 21.02.2024

Yusuf Gör , Hasan Dündar

https://doi.org/10.18074/ckuiibfd.1397173

Öz

Important applications have been carried out in operations management to provide a competitive advantage by minimizing costs. Among these applications, lean manufacturing, 6 Sigma, and industry 4.0 methods are the ones that remain up-to-date and valid. Although the enterprises operating in Turkey have not pioneered modern production practices, they try to compete by following good practices. For this reason, enterprises in Turkey are in an attitude that tries to be included in the competition rather than creating competition. In this study, the effect of the use of lean production, Six Sigma, and Industry 4.0 practices on the profitability of industrial companies operating in Turkey and traded in the Borsa Istanbul Metal Goods Machinery Electrical Equipment and Transportation Vehicles index is investigated. The financial statements of thirty-two companies are analyzed, and whether modern production practices were used or not was obtained from annual reports, media, and telephone interviews. According to the results revealed, it has been determined that enterprises using modern production practices in their production facilities have gained a significant competitive advantage. In addition, the effect of equity on active profitability has not been observed.

Anahtar Kelimeler

Lean Manuacturing, Industry 4.0, Financial Performance, 6 Sigma

Yalın Üretim, Altı Sigma ve Endüstri 4.0 Kullanımının İşletmelerin Kârlılığı Üzerine Etkisi: BIST XMESY Endeksinde Bir Araştırma

Öz

Rekabet avantajı sağlamak isteyen işletmeler, üretim yönetimi alanında maliyetleri minimize etmek için önemli çalışmalar yapmaktadırlar. Bu çalışmalar içinden güncelliğini ve geçerliliğini koruyan uygulamalardan bazıları, yalın üretim, 6 sigma ve endüstri 4.0 yöntemleridir. Türkiye’de faaliyet gösteren işletmeler adı geçen bu modern üretim uygulamalarının hiç birisine öncülük etmemiş olsa da iyi uygulamaları takip ederek rekabet etmeye çalışmaktadır. Bu nedenden dolayı, Türkiye’deki işletmeler rekabeti yaratan değil rekabete dahil olmaya çalışan bir tutum içindedir. Bu çalışmada, Türkiye’de faaliyet gösteren ve Borsa İstanbul Metal Eşya Makine Elektrikli Cihazlar ve Ulaşım Araçları endeksinde işlem gören sanayi şirketlerinde yalın üretim, Altı Sigma ve Endüstri 4.0 uygulamalarının kullanılmasının işletmelerin kârlılığı üzerine etkisi analiz edilmiştir. Çalışmada otuz iki şirketin mali tabloları incelenmiş olup, modern üretim uygulamalarının kullanım durumu ile ilgili bilgiler, faaliyet raporlarından, medyadan ve telefon görüşmelerinden öğrenilmiştir. Elde edilen sonuçlara göre, Metal Eşya Makine Elektrikli Cihazlar ve Ulaşım Araçları endeksinde işlem gören sanayi şirketlerinde modern üretim uygulamalarını kullanan işletmelerin, önemli bir rekabet avantajı elde ettiği tespit edilmiş olup özsermayenin aktif kârlılığa etkisi gözlemlenmemiştir.

Anahtar Kelimeler

Yalın Üretim, Endüstri 4.0, 6 Sigma, Finansal Performans

Kaynakça

• Alkaraan, F., Albitar, K., Hussainey, K., & Venkatesh, V. (2022). Corporate transformation toward Industry 4.0 and financial performance: The influence of environmental, social, and governance (ESG). Technological Forecasting and Social Change, 175, 121423.
• Arıkan, H. (2009). Yalın Altı Sigma Metodolojisi ve Bir Uygulama. Bursa Uludag University (Turkey),
• Baltagi, B. H., & Baltagi, B. H. (2008). Econometric analysis of panel data (Vol. 4): Springer.
• Baum, C. F., Schäfer, D., & Talavera, O. (2006). The effects of short-term liabilities on profitability: the case of Germany.
• Bevilacqua, M., Ciarapica, F. E., & De Sanctis, I. (2017). Lean practices implementation and their relationships with operational responsiveness and company performance: an Italian study. International Journal of Production Research, 55(3), 769-794.
• Büyükuysal, M. Ç., & Öz, İ. İ. (2016). Çoklu doğrusal bağıntı varlığında en küçük karelere alternatif yaklaşım: Ridge regresyon. Düzce Üniversitesi Sağlık Bilimleri Enstitüsü Dergisi, 6(2), 110-114.
• Callen, J. L., Fader, C., & Krinsky, I. (2000). Just-in-time: a cross-sectional plant analysis. International Journal of Production Economics, 63(3), 277-301.
• Chavez, R., Yu, W., Jacobs, M., Fynes, B., Wiengarten, F., & Lecuna, A. (2015). Internal lean practices and performance: The role of technological turbulence. International Journal of Production Economics, 160, 157-171.
• Chetthamrongchai, P., & Jermsittiparsert, K. (2019). Impact of Lean Manufacturing Practices on Financial Performance of Pharmaceutical Sector in Thailand. Systematic Reviews in Pharmacy, 10(2).
• Chowdary, B. V., & George, D. (2012). Improvement of manufacturing operations at a pharmaceutical company: a lean manufacturing approach. Journal of Manufacturing Technology Management, 23(1), 56-75.
• Çelik, C., & Kıral, G. (2020). Panel verileri ile türkiye’de konut fiyatlarini etkileyen faktörlerin tespiti ve yapay sinir ağlari yaklaşimi. Journal of the Institute of Social Sciences Cankiri Karatekin University/Cankiri Karatekin Üniversitesi Sosyal Bilimler Enstitusu Dergisi, 11(2).
• Çelik, E., & Arslanlı, K. Y. (2020). Gayrimenkul yatırım ortaklığı firmalarının piyasa değeri ve aktif kârlılığını etkileyen finansal oranların panel veri analizi yöntemiyle belirlenmesi. Muhasebe ve Finansman Dergisi(88), 255-274.
• Deane, P. (1979). The first industrial revolution: Cambridge University Press.
• Deshmukh, M., Gangele, A., Gope, D. K., & Dewangan, S. (2022). Study and implementation of lean manufacturing strategies: A literature review. Materials Today: Proceedings, 62, 1489-1495.
• Didem, K. (2020). Sanayi devrimlerinin tarihsel arka planı ve işgücü becerileri üzerindeki yansımaları. OPUS International Journal of Society Researches, 16(31), 4531-4558.
• Dieste, M., Panizzolo, R., & Garza-Reyes, J. A. (2021). A systematic literature review regarding the influence of lean manufacturing on firms' financial performance. Journal of Manufacturing Technology Management, 32(9), 101-121.
• Emiroğlu, A. (2016). Yalin üretim yönetimi ve finansal performans arasindaki İlişki. Uluslararası Yönetim İktisat ve İşletme Dergisi, 12(12), 63-71.
• Eriksson, H., & Hansson, J. (2003). The impact of TQM on financial performance. Measuring business excellence, 7(1), 36-50.
• Fullerton, R. R., Kennedy, F. A., & Widener, S. K. (2014). Lean manufacturing and firm performance: The incremental contribution of lean management accounting practices. Journal of operations management, 32(7-8), 414-428.
• Fullerton, R. R., & Wempe, W. F. (2009). Lean manufacturing, non‐financial performance measures, and financial performance. International Journal of Operations & Production Management, 29(3), 214-240.
• Galeazzo, A. (2021). Degree of leanness and lean maturity: exploring the effects on financial performance. Total Quality Management & Business Excellence, 32(7-8), 758-776.
• Galeazzo, A., & Furlan, A. (2018). Lean bundles and configurations: a fsQCA approach. International Journal of Operations & Production Management, 38(2), 513-533.
• Ghobakhloo, M., & Azar, A. (2017). Business excellence via advanced manufacturing technology and lean-agile manufacturing. Journal of Manufacturing Technology Management, 29(1), 2-24.
• Gujarati, D. (2021). Essentials of econometrics. SAGE Publications.
• Günay, D. (2002). Sanayi ve sanayi tarihi. Mimar ve Mühendis Dergisi, 31(2002), 8-14.
• Henderson, K. M., & Evans, J. R. (2000). Successful implementation of Six Sigma: benchmarking general electric company. Benchmarking: an international journal, 7(4), 260-282.
• Hofer, C., Eroglu, C., & Hofer, A. R. (2012). The effect of lean production on financial performance: The mediating role of inventory leanness. International Journal of Production Economics, 138(2), 242-253.
• Idrissi, I., Aftais, I., Mesfioui, A., & Benazzouz, B. (2016). Analysis of Relation Between Financial Performance and the Use of Lean Six Sigma by the Top Fortune Companies Worldwide as. The International Journal Of Engineering And Science (IJES), 5(9), 64-66.
• Jasti, N. V. K., & Kodali, R. (2015). Lean production: literature review and trends. International Journal of Production Research, 53(3), 867-885.
• Kalaycı, Ş. (2010). SPSS uygulamalı çok değişkenli istatistik teknikleri (Vol. 5): Asil Yayın Dağıtım Ankara, Turkey.
• Kosacka-Olejnik, M., & Pitakaso, R. (2019). Industry 4.0: state of the art and research implications. Logforum, 15(4), 475-485.
• Kumar, R., & Kumar, V. (2016). Effect of lean manufacturing on organisational performance of Indian industry: a survey. International Journal of Productivity and Quality Management, 17(3), 380-393.
• Küsters, D., Praß, N., & Gloy, Y.-S. (2017). Textile learning factory 4.0–preparing germany's textile industry for the digital future. Procedia Manufacturing, 9, 214-221.
• Losonci, D., & Demeter, K. (2013). Lean production and business performance: international empirical results. Competitiveness Review: An International Business Journal, 23(3), 218-233.
• Meade, D., Kumar, S., & White, B. (2010). Analysing the impact of the implementation of lean manufacturing strategies on profitability. Journal of the Operational Research Society, 61(5), 858-871.
• Muscettola, M., & Naccarato, F. (2016). The casual relationship between debt and profitability: the case of Italy. Athens Journal of Business and Economics, 2(1), 17-32.
• Nawanir, G., Kong Teong, L., & Norezam Othman, S. (2013). Impact of lean practices on operations performance and business performance: some evidence from Indonesian manufacturing companies. Journal of Manufacturing Technology Management, 24(7), 1019-1050.
• Negrão, L. L. L., Lopes de Sousa Jabbour, A. B., Latan, H., Godinho Filho, M., Chiappetta Jabbour, C. J., & Ganga, G. M. D. (2020). Lean manufacturing and business performance: testing the S-curve theory. Production Planning & Control, 31(10), 771-785.
• Özevin, O. (2023). Kurumsal Yönetim Değişkenlerinin İngiltere Firmalarının Nakit Tutma Oranına Etkisi: Gmm Dinamik Panel Veri Analizi. Muhasebe ve Finansman Dergisi(100), 19-38.
• Pamornmast, C., Sriyakul, T., & Termsittiparsert, K. (2019). Can Lean Manufacturing and 4.0 Industry Enhance the Financial Performance of Pharmaceutical Industries of Thailand? Mediating Role of Waste Reduction Behavior. Systematic Reviews in Pharmacy, 10(2).
• Park, J.-y., Ryu, C., Park, M., Kwon, K.-m., & You, G. (2014). The Study on Relation between Company's Efforts for Quality Management (6 sigma) and Financial Performance. Journal of the Korean Society for Quality Management, 42(3), 361-372.
• Raisinghani, M. S., Ette, H., Pierce, R., Cannon, G., & Daripaly, P. (2005). Six Sigma: concepts, tools, and applications. Industrial Management & Data Systems, 105(4), 491-505.
• Sahoo, S. (2020). Lean manufacturing practices and performance: the role of social and technical factors. International Journal of Quality & Reliability Management, 37(5), 732-754.
• Sahoo, S., & Yadav, S. (2018). Lean production practices and bundles: a comparative analysis. International Journal of Lean Six Sigma, 9(3), 374-398.
• Shah, R., & Ward, P. T. (2003). Lean manufacturing: context, practice bundles, and performance. Journal of operations management, 21(2), 129-149.
• Stearns, P. N. (2020). The industrial revolution in world history: Routledge.
• Talebi, N., & Ceyhun, K. (2013). Türkiye’de sigorta şirketlerinin yönetim kurulu üye sayısını etkileyen faktörler. Anadolu Bil Meslek Yüksekokulu Dergisi(29), 12-24.
• Taş, H. Y. (2018). Dördüncü sanayi devrimi’nin (endüstri 4.0) çalışma hayatına ve istihdama muhtemel etkileri. OPUS International Journal of Society Researches, 9(16), 1817-1836.
• Torres-Reyna, O. (2007). Panel data analysis fixed and random effects using Stata (v. 4.2). Data & Statistical Services, Priceton University, 112, 49.
• Womack, J. P., Jones, D. T., & Roos, D. (1990). The machine that changed the world. Rawson Associates. New York, 323(1), 273-287.
• Yang, M. G. M., Hong, P., & Modi, S. B. (2011). Impact of lean manufacturing and environmental management on business performance: An empirical study of manufacturing firms. International Journal of Production Economics, 129(2), 251-261.
• Yıldız, Ü. (2017). BRICS Ülkeleri ve Türkiye’de Yüksek Teknoloji İhracatı ve Ekonomik Büyüme İlişkisinin Panel Veri Analizi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi(53), 26-34.
• Zhu, X., & Lin, Y. (2017). Does lean manufacturing improve firm value? Journal of Manufacturing Technology Management, 28(4), 422-437.