BibTex RIS Kaynak Göster

The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets

Yıl 2017, Cilt: 17 Sayı: 3, 381 - 394, 01.08.2017

Öz

Businesses have to make sufficient profits to sustain activities and grow in the long run. Profitability is important especially in manufacturing industry sector that contributes to economic growth through export, employment and innovation channels in developing countries including Turkey and is the largest subsector of industry sector. In this article main determinants at firm level of profitability have been searched with the Central Bank of the Republic of Turkey (CBRT) sectoral balance sheets which is the largest real sector data set in our country by using two-way panel data analysis in the period 1996-2015. Econometric analysis results show that in Turkish manufacturing industry sector return on assets is negatively affected by leverage ratio and tangible assets to total assets ratio and positively affected by accounts receivables turnover and real volume of assets. According to results of analysis businesses wanting to increase profitability should use less debt, enhance efficiency of tangible assets and collect receivables without decreasing sales. The rise of general profitability level in manufacturing industry is going to boost economic growth and development

Kaynakça

  • Akdoğan, N. ve Tenker, N. (2007) Finansal Tablolar ve Mali Analiz Teknikleri, Ankara, Gazi Kitabevi.
  • Akgüç, Ö. (1998) Finansal Yönetim, İstanbul, Avcıol Basım Yayın.
  • Asteriou, D. ve Hall, S.G. (2007) Applied Econometrics,
  • New York, Palgrave Macmillan. Aydeniz, Ş. (2009) ‘‘Makroekonomik Göstergelerin
  • Firmaların Finansal Performans Ölçütleri Üzerindeki Etkisinin Ölçülmesine Yönelik Bir Araştırma: İMKB’ye Kote Gıda ve İçecek İşletmeleri Üzerine Bir Uygulama’’ Marmara Üniversitesi İ.İ.B.F. Dergisi, XXVII( II): 263-277. Aygün, M. (2012) ‘‘Firma Performansı Üzerinde Çalışma
  • Sermayesinin Etkisi: Türk İmalat Sektörü Üzerine Bir Uygulama’’ Ege Akademik Bakış, 12(2): 215-223. Baker, M. ve Wurgler, J. (2002) ‘‘Market Timing and Capital Structure’’ The Journal of Finance, LVII(1): 1-32.
  • Baltagi B.H. (2005) Econometric Analysis of Panel Data,
  • Wiltshire, John Wiley&Sons. Breitung, J. (2000) ‘‘The Local Power of Some Unit Root
  • Tests for Panel Data’’ Baltagi B.H. (ed.) Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Amsterdam, Elsevier, 161-177. Breusch, T.S. ve Pagan, A.R. (1980) ‘‘The Lagrange
  • Multiplier Test and its Applications to Model Specification in Econometrics, The Review of Economic Studies, 47(1), 239-253
  • Brooks, C. (2008) Introductory Econometrics for
  • Finance, New York, Cambridge University Press. Choi, I. (2001) ‘‘Unit Root Tests for Panel Data’’ Journal of International Money and Finance, 20(2), 249-272.
  • Deloof, M. (2003) ‘‘Does Working Capital Management
  • Affect Profitability of Belgian Firms?’’ Journal of Business Finance&Accounting, 30(3): 573-587. Doğan, M. ve Topal, Y. (2016) ‘‘Kârlılığı Belirleyen
  • Faktörler: BİST’te İşlem Gören İmalat Sanayi Firmaları Üzerine Bir Araştırma’’ Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 3(1): 53-64. Donaldson, G. (1961) Corporate Debt Capacity; A Study of Corporate Debt Policy and the Determination of
  • Corporate Debt Capacity, Boston, Harvard University. Eljelly, A.M.A. (2004) ‘‘Liquidity-Profitability Tradeoff:
  • An Empirical Investigation in an Emerging Market’’ International Journal of Commerce and Management, (2): 48 – 61. Goddard, J., Tavakoli, M. ve Wilson J. (2005)
  • ‘‘Determinants of Profitability in European Manufacturing and Services: Evidence from a Dynamic Panel Model’’ Applied Financial Economics, (18), 1269-1282.
  • Gönenç, R. ve Yılmaz, G. (2007), The Evolution and Determinants of Profitability in Turkish
  • Manufacturing Industry, 1997-2006 (CBRT Research and Monetary Policy Department Working Paper No: /01), html, (10.3.2017).
  • Granger, C.W.J. ve Newbold, P. (1974) ‘‘Spurious
  • Regression in Econometrics’’ Journal of Econometrics, (1974): 111-120.
  • Grant, R.M. (1991) ‘‘The Resource-Based Theory of
  • Competitive Advantage’’ Harvard Business Review, Spring 1991: 114-135.
  • Greene, W.H. (2003) Econometric Analysis, New Jersey, Pearson Education.
  • Gschwandtner, A. (2005) ‘‘Profit Persistance in the Very Long Run: Evidence from Survivors and Exiters’’ Applied Economics, 37(7): 793-806.
  • Gujarati, D.N. (2003) Basic Econometrics, New York, McGraw-Hill.
  • Hausman A.J. (1978) ‘‘Specification Tests in
  • Econometrics’’ Econometrica, 46(6): 1251-1271.
  • Honda, Y. (1985) ‘‘Testing the Error Components
  • Model with Non-normal Distribution’’ Review of Economic Studies, 52(4), 681-690. Hsiao, C. (2007) ‘‘Panel Data Analysis-Advantages and Challenges’’ TEST, 16(1): 1-22.
  • Im, K.S., Pesaran, M.H. ve Shin, Y. (2003) ‘‘Testing for
  • Unit Roots in Heterogeneous Panels’’ Journal of Econometrics, 115(1), 53-74. Jensen, M.C. ve Meckling, W.H. (1976) ‘‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’’ Journal of Financial Economics, (4): 305-360.
  • Keskin, R. ve Gökalp, F. (2016) ‘‘Çalışma Sermayesi
  • Yönetiminin Firma Kârlılığı Üzerine Etkisi: Panel Veri Analizi’’ Doğuş Üniversitesi Dergisi, 17(1): 15-25. Kocaman, M., Altemur, N., Aldemir, S. ve Karaca, S.S. (2016) ‘‘Ekonomik Kârlılığı Etkileyen Faktörler: ISO
  • Sanayi İşletmeleri Uygulaması’’ Mustafa Kemal Üniversitesi S.B.E. Dergisi, 13(35): 320-332. Korkmaz, Ö. ve Karaca, S.S. (2014) ‘‘Üretim
  • İşletmelerinde Firma Kârlılığının Finansal Belirleyicileri ve BİST İmalat Sanayi Uygulaması’’ Ege Akademik Bakış, 14(1): 21-29. Kraus, A. ve Litzenberger, R.H. (1973) ‘‘A State
  • Preference Model of Optimal Financial Leverage’’ Journal of Finance, 28(4): 911-922. Leiponen, A. (2000) ‘‘Competencies, Innovation and Profitability of Firms’’ Economics of Innovation and New Technology, 9(1), 1-24.
  • Levin, A., Lin, C.F. ve Chu, C. J. (2002) ‘‘Unit Root Tests in
  • Panel Data: Asymptotic and Finite-Sample Properties’’ Journal of Econometrics, 108(1): 1–24. Maddala, G.S. ve Wu, S. (1999) ‘‘A Comparative Study of Unit Root Tests with Panel Data and a New Simple
  • Test’’ Oxford Bulletin of Economics and Statistics, 61(S1), 652. McKinsey (2012), Manufacturing the Future: The Next
  • Era of Global Growth and Innovation, http://www. mckinsey.com/business-functions/operations/our- insights/the-future-of-manufacturing, (12.11.2016).
  • Meder Çakır, H. ve Küçükkaplan, İ. (2012) ‘‘İşletme
  • Sermayesi Unsurlarının Firma Değeri ve Kârlılık Üzerindeki Etkisinin İMKB’de İşlem Gören Üretim Firmalarında 2000-2009 Dönemi İçin Analizi’’
  • Muhasebe ve Finansman Dergisi, Ocak 2012: 69-86.
  • Modigliani, F. ve Miller, M.H. (1958) ‘‘The Cost of
  • Capital, Corporation Finance and the Theory of Investment’’ The American Economic Review, XLVIII(3): 297. Modigliani, F. ve Miller, M.H. (1963) ‘‘Corporate
  • Income Taxes and the Cost of Capital: A Correction’’ The American Economic Review, 53(3): 433-443. Myers, S.C. (1984) ‘‘The Capital Structure Puzzle’’ The Journal of Finance, 39(3): 574-592.
  • Myers, S.C. ve Majluf, N.S. (1984) ‘‘Corporate Financing and Investment Decisions When Firms Have
  • Information That Investors Do Not Have’’ Journal of Financial Economics, 13(1984): 187-221.
  • Nazir, M.S. ve Afza, T. (2009). ‘‘Working Capital
  • Requirements and the Determining Factors in Pakistan’’ The Icfai Journal of Applied Finance, 15(4): 38. Otley, D. (2002) ‘‘Measuring Performance: The Accounting Perspective’’ Neely, A (ed.) Business
  • Performance Measurement: Theory and Practice, Cambridge, Cambridge University Press, 3-21. Özmen, E., Şahinöz, S. ve Yalçın, C. (2012) ‘‘Profitability,
  • Saving and Investment of Non-Financial Firms in Turkey’’ (Working Paper No: 12/14), Central Bank of the Republic of Turkey. Ratnayake, R. (2000) ‘‘Manufacturing Profitability,
  • Monopoly Power and Efficiency in a Small Economy: Implications on Competition Policies’’ The Korean Economic Review, 16(1), 149-163. Reed, R.W. ve Ye, H. (2011) ‘‘Which Panel Data Estimator
  • Should I Use?’’ Applied Economics, (45): 985-1000.
  • Ritchie, F., Thomas, A.D. ve Welpton, R. (2012), What’s a Manufacturing Job? (Working Paper. University of the West of England), http://eprints.uwe.ac.uk/22517, (9.11.2016)
  • Saldanlı, A. (2012) ‘‘Likidite ve Kârlılık Arasındaki İlişki:
  • İMKB 100 İmalat Sektörü Üzerine Ampirik Bir Çalışma’’ Süleyman Demirel Üniversitesi S.B.E. Dergisi, 2(16): 167- Shin, H. ve Soenen, L. (1998) ‘‘Efficiency of Working
  • Capital Management and Corporate Profitability’’ Financial Practice & Education, 8(2): 37-45. Slade, M.E. (2004) ‘‘Competing Models of Firm
  • Profitability’’ International Journal of Industrial Organization, 22(3): 289-308. Smith, K. (1980) ‘‘Profitability versus Liquidity
  • Tradeoffs in Working Capital Management’’ Smith, K. et al (eds.) Reading on the Management of Working Capital, USA, West Publishing Firm, 549-562. Stierwald, A. (2009), Determinants of Firm Profitability:
  • The Effect of Productivity and Its Persistence, https:// editorialexpress.com/cgi-bin/conference/download. cgi?db_name=ESAM09&paper_id=152, (22.11.2016)
  • Torres-Reyna, O. (2007), Panel Data Analysis: Fixed and Random Effects Using Stata, https://www.princeton. edu/~otorres/Panel101.pdf, (10.11.2016).
  • Uluyol, O., Lebe, F. ve Akbaş, Y.E. (2014) ‘‘Firmaların
  • Finansal Kaldıraç Oranları ile Özsermaye Kârlılığı Arasındaki İlişki: Hisseleri BİST’te İşlem Gören Şirketler Üzerinde Sektörler Bazında Bir Araştırma’’ İşletme Araştırmaları Dergisi, 6(1): 70-89. Van Horne, J.C. ve Wachowicz, J.M. (2008)
  • Fundamentals of Financial Management, London, Pearson Education. Wooldridge, J.M. (2012) Introductory Econometrics: A
  • Modern Approach, Ohio, Cengage Learning. WTO (World Trade Organization) (2015) International
  • Trade Statistics 2015, Geneva. tcmb.gov.tr (Türkiye Cumhuriyet Merkez Bankası) tuik.gov.tr (Türkiye İstatistik Kurumu)

İmalat Sanayi Sektöründe Kârlılığın Belirleyicileri: TCMB Sektör Bilançolarıyla Panel Veri Analizi (1996-2015)

Yıl 2017, Cilt: 17 Sayı: 3, 381 - 394, 01.08.2017

Öz

Ticari işletmeler faaliyetlerini sürdürebilmek ve uzun dönemde büyüyebilmek için yeterli düzeyde kâr etmek zorundadır. Kârlılık özellikle Türkiye’nin de içinde bulunduğu gelişmekte olan ülkelerde ihracat, istihdam ve inovasyon kanallarıyla ekonomik büyümeye katkı sağlayan ve sanayi sektörünün en büyük alt sektörünü oluşturan imalat sanayi sektöründe daha da önemli hale gelmektedir. Çalışmada, imalat sanayi sektöründe kârlılığın işletme düzeyindeki başlıca belirleyicileri, ülkemizdeki en kapsamlı reel sektör veri seti olan Türkiye Cumhuriyet Merkez Bankası (TCMB) sektör bilançolarından yararlanılarak 19962015 döneminde iki yönlü panel veri analizi ile incelenmiştir. Ekonometrik analiz sonuçları; Türkiye imalat sanayi sektöründe aktif kârlılık oranının kaldıraç oranı ve maddi duran varlıkların toplam varlıklara oranından negatif, alacak devir hızı ve reel aktif büyüklüğünden pozitif olarak etkilendiğini ortaya koymaktadır. Analiz sonuçlarına göre kârlılığını artırmak isteyen işletmeler daha az yabancı kaynak kullanmalı, maddi duran varlık verimliliğini artırmalı ve alacaklarını satışlarını etkilemeden daha hızlı tahsil etmelidir. İmalat sanayi sektöründe genel kârlılık oranının artması ekonomik büyüme ve kalkınmayı da hızlandıracaktır

Kaynakça

  • Akdoğan, N. ve Tenker, N. (2007) Finansal Tablolar ve Mali Analiz Teknikleri, Ankara, Gazi Kitabevi.
  • Akgüç, Ö. (1998) Finansal Yönetim, İstanbul, Avcıol Basım Yayın.
  • Asteriou, D. ve Hall, S.G. (2007) Applied Econometrics,
  • New York, Palgrave Macmillan. Aydeniz, Ş. (2009) ‘‘Makroekonomik Göstergelerin
  • Firmaların Finansal Performans Ölçütleri Üzerindeki Etkisinin Ölçülmesine Yönelik Bir Araştırma: İMKB’ye Kote Gıda ve İçecek İşletmeleri Üzerine Bir Uygulama’’ Marmara Üniversitesi İ.İ.B.F. Dergisi, XXVII( II): 263-277. Aygün, M. (2012) ‘‘Firma Performansı Üzerinde Çalışma
  • Sermayesinin Etkisi: Türk İmalat Sektörü Üzerine Bir Uygulama’’ Ege Akademik Bakış, 12(2): 215-223. Baker, M. ve Wurgler, J. (2002) ‘‘Market Timing and Capital Structure’’ The Journal of Finance, LVII(1): 1-32.
  • Baltagi B.H. (2005) Econometric Analysis of Panel Data,
  • Wiltshire, John Wiley&Sons. Breitung, J. (2000) ‘‘The Local Power of Some Unit Root
  • Tests for Panel Data’’ Baltagi B.H. (ed.) Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Amsterdam, Elsevier, 161-177. Breusch, T.S. ve Pagan, A.R. (1980) ‘‘The Lagrange
  • Multiplier Test and its Applications to Model Specification in Econometrics, The Review of Economic Studies, 47(1), 239-253
  • Brooks, C. (2008) Introductory Econometrics for
  • Finance, New York, Cambridge University Press. Choi, I. (2001) ‘‘Unit Root Tests for Panel Data’’ Journal of International Money and Finance, 20(2), 249-272.
  • Deloof, M. (2003) ‘‘Does Working Capital Management
  • Affect Profitability of Belgian Firms?’’ Journal of Business Finance&Accounting, 30(3): 573-587. Doğan, M. ve Topal, Y. (2016) ‘‘Kârlılığı Belirleyen
  • Faktörler: BİST’te İşlem Gören İmalat Sanayi Firmaları Üzerine Bir Araştırma’’ Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 3(1): 53-64. Donaldson, G. (1961) Corporate Debt Capacity; A Study of Corporate Debt Policy and the Determination of
  • Corporate Debt Capacity, Boston, Harvard University. Eljelly, A.M.A. (2004) ‘‘Liquidity-Profitability Tradeoff:
  • An Empirical Investigation in an Emerging Market’’ International Journal of Commerce and Management, (2): 48 – 61. Goddard, J., Tavakoli, M. ve Wilson J. (2005)
  • ‘‘Determinants of Profitability in European Manufacturing and Services: Evidence from a Dynamic Panel Model’’ Applied Financial Economics, (18), 1269-1282.
  • Gönenç, R. ve Yılmaz, G. (2007), The Evolution and Determinants of Profitability in Turkish
  • Manufacturing Industry, 1997-2006 (CBRT Research and Monetary Policy Department Working Paper No: /01), html, (10.3.2017).
  • Granger, C.W.J. ve Newbold, P. (1974) ‘‘Spurious
  • Regression in Econometrics’’ Journal of Econometrics, (1974): 111-120.
  • Grant, R.M. (1991) ‘‘The Resource-Based Theory of
  • Competitive Advantage’’ Harvard Business Review, Spring 1991: 114-135.
  • Greene, W.H. (2003) Econometric Analysis, New Jersey, Pearson Education.
  • Gschwandtner, A. (2005) ‘‘Profit Persistance in the Very Long Run: Evidence from Survivors and Exiters’’ Applied Economics, 37(7): 793-806.
  • Gujarati, D.N. (2003) Basic Econometrics, New York, McGraw-Hill.
  • Hausman A.J. (1978) ‘‘Specification Tests in
  • Econometrics’’ Econometrica, 46(6): 1251-1271.
  • Honda, Y. (1985) ‘‘Testing the Error Components
  • Model with Non-normal Distribution’’ Review of Economic Studies, 52(4), 681-690. Hsiao, C. (2007) ‘‘Panel Data Analysis-Advantages and Challenges’’ TEST, 16(1): 1-22.
  • Im, K.S., Pesaran, M.H. ve Shin, Y. (2003) ‘‘Testing for
  • Unit Roots in Heterogeneous Panels’’ Journal of Econometrics, 115(1), 53-74. Jensen, M.C. ve Meckling, W.H. (1976) ‘‘Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure’’ Journal of Financial Economics, (4): 305-360.
  • Keskin, R. ve Gökalp, F. (2016) ‘‘Çalışma Sermayesi
  • Yönetiminin Firma Kârlılığı Üzerine Etkisi: Panel Veri Analizi’’ Doğuş Üniversitesi Dergisi, 17(1): 15-25. Kocaman, M., Altemur, N., Aldemir, S. ve Karaca, S.S. (2016) ‘‘Ekonomik Kârlılığı Etkileyen Faktörler: ISO
  • Sanayi İşletmeleri Uygulaması’’ Mustafa Kemal Üniversitesi S.B.E. Dergisi, 13(35): 320-332. Korkmaz, Ö. ve Karaca, S.S. (2014) ‘‘Üretim
  • İşletmelerinde Firma Kârlılığının Finansal Belirleyicileri ve BİST İmalat Sanayi Uygulaması’’ Ege Akademik Bakış, 14(1): 21-29. Kraus, A. ve Litzenberger, R.H. (1973) ‘‘A State
  • Preference Model of Optimal Financial Leverage’’ Journal of Finance, 28(4): 911-922. Leiponen, A. (2000) ‘‘Competencies, Innovation and Profitability of Firms’’ Economics of Innovation and New Technology, 9(1), 1-24.
  • Levin, A., Lin, C.F. ve Chu, C. J. (2002) ‘‘Unit Root Tests in
  • Panel Data: Asymptotic and Finite-Sample Properties’’ Journal of Econometrics, 108(1): 1–24. Maddala, G.S. ve Wu, S. (1999) ‘‘A Comparative Study of Unit Root Tests with Panel Data and a New Simple
  • Test’’ Oxford Bulletin of Economics and Statistics, 61(S1), 652. McKinsey (2012), Manufacturing the Future: The Next
  • Era of Global Growth and Innovation, http://www. mckinsey.com/business-functions/operations/our- insights/the-future-of-manufacturing, (12.11.2016).
  • Meder Çakır, H. ve Küçükkaplan, İ. (2012) ‘‘İşletme
  • Sermayesi Unsurlarının Firma Değeri ve Kârlılık Üzerindeki Etkisinin İMKB’de İşlem Gören Üretim Firmalarında 2000-2009 Dönemi İçin Analizi’’
  • Muhasebe ve Finansman Dergisi, Ocak 2012: 69-86.
  • Modigliani, F. ve Miller, M.H. (1958) ‘‘The Cost of
  • Capital, Corporation Finance and the Theory of Investment’’ The American Economic Review, XLVIII(3): 297. Modigliani, F. ve Miller, M.H. (1963) ‘‘Corporate
  • Income Taxes and the Cost of Capital: A Correction’’ The American Economic Review, 53(3): 433-443. Myers, S.C. (1984) ‘‘The Capital Structure Puzzle’’ The Journal of Finance, 39(3): 574-592.
  • Myers, S.C. ve Majluf, N.S. (1984) ‘‘Corporate Financing and Investment Decisions When Firms Have
  • Information That Investors Do Not Have’’ Journal of Financial Economics, 13(1984): 187-221.
  • Nazir, M.S. ve Afza, T. (2009). ‘‘Working Capital
  • Requirements and the Determining Factors in Pakistan’’ The Icfai Journal of Applied Finance, 15(4): 38. Otley, D. (2002) ‘‘Measuring Performance: The Accounting Perspective’’ Neely, A (ed.) Business
  • Performance Measurement: Theory and Practice, Cambridge, Cambridge University Press, 3-21. Özmen, E., Şahinöz, S. ve Yalçın, C. (2012) ‘‘Profitability,
  • Saving and Investment of Non-Financial Firms in Turkey’’ (Working Paper No: 12/14), Central Bank of the Republic of Turkey. Ratnayake, R. (2000) ‘‘Manufacturing Profitability,
  • Monopoly Power and Efficiency in a Small Economy: Implications on Competition Policies’’ The Korean Economic Review, 16(1), 149-163. Reed, R.W. ve Ye, H. (2011) ‘‘Which Panel Data Estimator
  • Should I Use?’’ Applied Economics, (45): 985-1000.
  • Ritchie, F., Thomas, A.D. ve Welpton, R. (2012), What’s a Manufacturing Job? (Working Paper. University of the West of England), http://eprints.uwe.ac.uk/22517, (9.11.2016)
  • Saldanlı, A. (2012) ‘‘Likidite ve Kârlılık Arasındaki İlişki:
  • İMKB 100 İmalat Sektörü Üzerine Ampirik Bir Çalışma’’ Süleyman Demirel Üniversitesi S.B.E. Dergisi, 2(16): 167- Shin, H. ve Soenen, L. (1998) ‘‘Efficiency of Working
  • Capital Management and Corporate Profitability’’ Financial Practice & Education, 8(2): 37-45. Slade, M.E. (2004) ‘‘Competing Models of Firm
  • Profitability’’ International Journal of Industrial Organization, 22(3): 289-308. Smith, K. (1980) ‘‘Profitability versus Liquidity
  • Tradeoffs in Working Capital Management’’ Smith, K. et al (eds.) Reading on the Management of Working Capital, USA, West Publishing Firm, 549-562. Stierwald, A. (2009), Determinants of Firm Profitability:
  • The Effect of Productivity and Its Persistence, https:// editorialexpress.com/cgi-bin/conference/download. cgi?db_name=ESAM09&paper_id=152, (22.11.2016)
  • Torres-Reyna, O. (2007), Panel Data Analysis: Fixed and Random Effects Using Stata, https://www.princeton. edu/~otorres/Panel101.pdf, (10.11.2016).
  • Uluyol, O., Lebe, F. ve Akbaş, Y.E. (2014) ‘‘Firmaların
  • Finansal Kaldıraç Oranları ile Özsermaye Kârlılığı Arasındaki İlişki: Hisseleri BİST’te İşlem Gören Şirketler Üzerinde Sektörler Bazında Bir Araştırma’’ İşletme Araştırmaları Dergisi, 6(1): 70-89. Van Horne, J.C. ve Wachowicz, J.M. (2008)
  • Fundamentals of Financial Management, London, Pearson Education. Wooldridge, J.M. (2012) Introductory Econometrics: A
  • Modern Approach, Ohio, Cengage Learning. WTO (World Trade Organization) (2015) International
  • Trade Statistics 2015, Geneva. tcmb.gov.tr (Türkiye Cumhuriyet Merkez Bankası) tuik.gov.tr (Türkiye İstatistik Kurumu)
Toplam 69 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA82UK69RB
Bölüm Makaleler
Yazarlar

N.savaş Demirci

Yayımlanma Tarihi 1 Ağustos 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 17 Sayı: 3

Kaynak Göster

APA Demirci, N. (2017). The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets. Ege Academic Review, 17(3), 381-394.
AMA Demirci N. The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets. eab. Ağustos 2017;17(3):381-394.
Chicago Demirci, N.savaş. “The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis With CBRT Sectoral Balance Sheets”. Ege Academic Review 17, sy. 3 (Ağustos 2017): 381-94.
EndNote Demirci N (01 Ağustos 2017) The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets. Ege Academic Review 17 3 381–394.
IEEE N. Demirci, “The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets”, eab, c. 17, sy. 3, ss. 381–394, 2017.
ISNAD Demirci, N.savaş. “The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis With CBRT Sectoral Balance Sheets”. Ege Academic Review 17/3 (Ağustos 2017), 381-394.
JAMA Demirci N. The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets. eab. 2017;17:381–394.
MLA Demirci, N.savaş. “The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis With CBRT Sectoral Balance Sheets”. Ege Academic Review, c. 17, sy. 3, 2017, ss. 381-94.
Vancouver Demirci N. The Determinants of Profitability in Manufacturing Industry Sector: Panel Data Analysis with CBRT Sectoral Balance Sheets. eab. 2017;17(3):381-94.