FINANCIAL RATIOS AFFECTING PROFITABILITY OF REAL ESTATE INVESTMENT TRUSTS

Öz

The pupose of this study is to forecast financial ratios that are related with the profitability of real estate investment trusts in Turkey. In order to get this purpose, Panel Data Analysis is used for the years between 2014-2019 with the yearly data of 32 real estate investment trusts in Turkey. In the analysis, return on asset and return on aquity are used as dependent variables and real estate investment ratio, equity ratio, long term debt ratio, price earning ratio, market value/book value ratio and earnings per share value are used as independent variables. At the end of the panel data analysis, it is concluded that both return on asset and return on equity have negative relationship with the long term debt ratio, but both of the dependent variables have no relationship with the rest of the ratios used in the analysis as independent variables.

Anahtar Kelimeler

• Real Estate
• Profitability
• Financial Ratios

FINANCIAL RATIOS AFFECTING PROFITABILITY OF REAL ESTATE INVESTMENT TRUSTS

Öz

The purpose of this study is to forecast financial ratios that are related with the profitability of real estate investment trusts in Turkey. In order to get this purpose, Panel Data Analysis is used for the years between 2014-2019 with the yearly data of 32 real estate investment trusts in Turkey. In the analysis, return on asset and return on equity are used as dependent variables and real estate investment ratio, equity ratio, long term debt ratio, price earning ratio, market value/book value ratio and earnings per share value are used as independent variables. At the end of the panel data analysis, it is concluded that both return on asset and return on equity have negative relationship with the long term debt ratio, but both of the dependent variables have no relationship with the rest of the ratios used in the analysis as independent variables.

Anahtar Kelimeler

• Real Estate
• Profitability
• Financial Ratios

Kaynakça

1. ACARAVCI, S. K., KANDIR, S. Y. and ZELKA, A (.2015). “Kurumsal Yönetimin BIST Şirketlerinin Performanslarına Etkisinin Araştırılması”, Ömer Halisdemir Üniversitesi İktisadi ve İdariBilimler Fakültesi Dergisi, 8(1), 171-183.
2. AKEL, V., TORUN, T. and AKSOY, B. (2016), “Türkiye’de Hayat Dışı Sigortacılık Sektöründe Kârlılık, Sermaye Yapısı ve Yoğunlaşma İlişkisine Yönelik Ampirik Bir Uygulama”, International Journal of Finance & Banking Studies, 5(5), 1-15.
3. AKTAŞ, M. and AVCI, T. (2017), “Katılım Bankacılığının Performansı Üzerinde Etkili Olan Finansal Oranlar”, İşletme Araştırmaları Dergisi, 9/4, 882-901. BORN, B. and BREITUNG, J.(2010). “Testing for Serial Correlation in FixedEffects Panel Data Models”, The Open Access Publication Server of the ZBW – Leibniz Information Centre for Economics, p 6-7.
4. BROWN, M. B. And FORSYTHE, A. B. (1974), “Small sample behavior of some statistics which test the equality of several means”, Technometrics, 16.
5. BURHAN, E. (2012). “Panel Veri Analizi İle Avrupa Birliği Ülkeleri ve Türkiye İçin Petrol Tüketimi ve Gayri Safi Yurtiçi Hasıla Arasındaki İlişkinin Araştırılması”Yüksek Lisans Tezi, Osmangazi Üniversitesi Fen Bilimleri Enstitüsü, Eskişehir.
6. CREEL, M. (2003).” Hausman Tests for Inefficient Estimators: Application to Demand for Health Care Services”, Department of Economics and Economic History, Universitat Autònoma de Barcelona, 08193 Bellaterra (Barcelona) Spain.
7. FUERST, F. and MATYSIAK, G. A. (2011), “Analysing the Performance of Nonlisted Real Estate Funds: A Panel Data Analysis”, Applied Economics, 45 (14).
8. GÖRAL, F. (2015), Doğal Gaz Fiyatlarını Etkileyen Faktörler: Panel Veri Analizi. Doktora Tezi, Hacettepe Üniversitesi Sosyal Bilimler Enstitüsü, Ankara.

9. HAUSMAN, J. (1978), “Specification Test in Econometrics”, Econometrrica, 46(6), 1251-1271.
10. HEPSEN, A., BERBEROGLU, M. G. and AYDIN, O. (2017), “Real Estate Investment Trusts In Turkey: Structure, Analysıs, And Strategy”, Journal of Business, Economics and Finance -JBEF, 6(2), 191-199.
11. KAYGIN Y., C. (2013). Hisse Senetleri Fiyatını Etkileyen Faktörlerin Panel Veri Analizi İle İncelenmesi: İmalat Sektörü Üzerine Bir Uygulama, Doktora Tezi, Atatürk Üniversitesi Sosyal Bilimler Enstitüsü, Erzurum.
12. KIRDÖK, F. E. ( 2012), Dynamic Relationship Between Macroeconomic Variables And Returns on Turkısh Real Estate Investment Trusts, In Partial Fulfilment of The Requirements For The Degree of Master of Science in The Department of Management, Bilkent University Ankara, Turkey.
13. LABRAHMI, B. (2020), An application of repeat sales methodology on Turkish real estate, İstanbul Aydın Üniversitesi, Istanbul,Turkey.
14. LEVENE, H. (1960), Robust Tests for Equality of Variances, Contributions to Probability and Statistics, Essay in Honor of Harold Hotelling, Stanford University Press.
15. TAŞ, N. (2012), Ekonomik Değişkenlerin Panel Veri Analizi İle Çözümlenmesi. Doktora Tezi, İstanbul Üniversitesi Sosyal Bilimler Enstitüsü.
16. TATOĞLU, Y. F. (2016). Panel Veri Ekonometrisi: Stata Uygulamalı