Türkiye İmalat Sanayindeki Yabancı Sermayeli Şirketlerin Profili ve Karlılıklarının Belirleyicileri

Yıl 2025, Cilt: 14 Sayı: 2, 348 - 390, 07.09.2025

Ahmet Adnan Eken , Cihan Yalçın , Didem Yazıcı

Öz

Doğrudan yabancı sermaye yatırımlarının, cari işlemler açığının sağlıklı bir kanaldan finanse edilmesi ve teknoloji transferine olanak sağlayarak ev sahibi ülkelerde toplam faktör verimliliğinin artırılması yoluyla ekonomik performansa katkıda bulunduğu literatürde kabul gören bir görüştür. Bu çalışmada 2009-2023 dönemi Türkiye imalat sanayinde faaliyet gösteren yabancı sermayeli firmalarla yerli firmaların temel bilanço rasyoları karşılaştırılmakta ve yabancı sermayeli firmaların kar marjlarının belirleyicileri dinamik panel yöntemiyle test edilmektedir. Literatürde sıklıkla kullanılan kontrol değişkenlerinin yanı sıra firmaların ihracat payı ve bu payın firmaların yabancı sermaye payları (YSP), ölçek ve yaş gruplarıyla etkileşimleri de regresyonlara bağımsız değişkenler olarak dahil edilmiştir. Bu çerçevede yapılan ekonometrik analiz, firmaların ihracat payları ile kar marjları arasında anlamlı pozitif bir ilişki olduğunu ortaya koymakta, söz konusu ilişkinin yüksek YSP olan firmalar ile genç ve göreli olarak küçük firma grupları için istatistiksel olarak daha belirgin olduğu tahmin edilmiştir. Dolayısıyla söz konusu firma gruplarının faaliyetlerinde sağlanacak artışın Türkiye’de dış dengenin sürdürülebilir olmasına katkı sunduğu ileri sürülebilir.

Anahtar Kelimeler

Doğrudan yabancı sermaye yatırımları , firma karakteristikleri , karlılık , dinamik panel

Profile of Foreign Owned Companies in Turkish Manufacturing Industry and Determinants of Their Profitability

Öz

It is a widely accepted view in the literature that foreign direct investments contribute to overall economic performance by financing the current account deficit in a healthy channel and increasing total factor productivity in host countries through technology transfer. In this study, basic balance sheet ratios of foreign owned companies are compared with those of domestic ones operating in Turkish manufacturing industry for the period of 2009-2023. In addition, the determinants of profit margins (an indicator of firm performance) of foreign owned companies are tested using the dynamic panel method. Moreover, export share and its interactions with companies’ foreign owned shares (CFS), scale and age groups are included as independent variables in the regressions. The results revealed that there is a positive relationship between export shares and profit margins. This positive relationship is more visible for younger, relatively smaller and firms with higher CFS. Therefore, increase in the activities of these company groups might contribute to the sustainability of the external balance in Türkiye.

Anahtar Kelimeler

Foreign direct investments , firm characteristics , profitability , dynamic panel.

Kaynakça

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