KONTEYNER TAŞIMACILIĞI SEKTÖRÜNDE FİNANSAL ETKİNLİĞİN BELİRLEYİCİLERİ

Yıl 2023, Cilt: 8 Sayı: 3, 793 - 801, 09.10.2023

Berk Yıldız

https://doi.org/10.29106/fesa.1342784

Öz

Bu çalışmanın amacı, büyüyen küresel ticaretin bir paydaşı olan 11 lider konteyner taşımacılık şirketinin satış karlılık oranlarına etki eden sektöre özgü faktörleri belirlemektir. Çalışmada, halka açık olmayan konteyner taşımacılık şirketlerinin 2010-2021 yıllarına ilişkin finansal verileri panel veri yöntemi kullanılarak analiz edilmiştir. Analiz sürecinde kullanılan veriler her bir şirketin kurumsal web sitelerinde yayınladıkları yıllık mali raporlardan faydalanarak elde edilmiştir. Elde edilen sonuçlar, kaldıraç ve işletme büyüklüğü faktörlerinin aksine, sabit varlık oranı, kârlılık (FVÖK) ve alacak devir hızı oranlarının konteyner taşımacılık şirketlerinin satış karlılık oranları üzerinde pozitif yönlü bir etkiye sahip olduklarını göstermiştir.

Anahtar Kelimeler

Konteyner Taşımacılık Endüstrisi, Satışların Karlılığı, Finansal Etkinlik, Performans Ölçümü, Panel Veri

DETERMINANTS OF FINANCIAL EFFICIENCY IN CONTAINER SHIPPING INDUSTRY

Öz

The purpose of this study is to identify the industry-specific factors affecting the return on sales ratios of 11 leading container shipping companies that are partners in the growing global trade. The study analyzes the financial data of non-publicly traded container shipping companies for the years 2010–2021 using panel data methodology. The data used in the analysis were obtained from the annual financial reports published by each company on its corporate website. The results show that, in contrast to the leverage and operating size factors, the fixed asset ratio, EBIT, and receivables turnover ratios have a positive effect on the return on sales ratios of container shipping companies.

Anahtar Kelimeler

Container Shipping Industry, Return on Sales, Financial Efficiency, Performance Measurement, Panel Data.

Kaynakça

• AHMED, A., REHAN, R., CHHAPRA, I. U. and SUPRO, S. (2018). Interest Rate and Financial Performance of Banks in Pakistan. International Journal of Applied Economics, Finance and Accounting, 2(1), 1-7.
• ALMAJALI, A.Y., ALAMRO, S.A. and AL-SOUB, Y. Z. (2012). Factors Affecting the Financial Performance of Jordanian Insurance Companies Listed at Amman Stock Exchange. Journal of Management Research, 4(2), 266-289.
• ANARFI, D., BOATENG, K. A. and ABABIO, K.A. (2016). Determinants of Return on Equity for A Sustainable Growth of the Manufacturing Industry in the Czech Republic. European Journal of Business Science and Technology, 2(1), 43-52.
• BEN AISSA, S. and GOAIED, M. (2016). Determinants of Tunisian Hotel Profitability: The Role of Managerial Efficiency. Tourism Management, 52, 478-487.
• CHIANG, C.H. and HWANG, C.C. (2007). Performance Evaluation of Shipping Companies with Financial Ratio and Intellectual Capital. Journal of the Eastern Asia Society for Transportation Studies, 7, 3089-3102.
• CHOU, T. Y. and LIANG, G.S. (2001). Application of A Fuzzy Multi - Criteria Decision Making Model for Shipping Company Performance Evaluation. Maritime Policy & Management, 28(4), 375-392.
• CHU, T. T. T., NGUYEN, T. H. and NGO, T.Q. (2015). Analyzing Factors Influencing Financial Performance: The Case Study of Non-Financial Listed Firms on Ho Chi Minh Stock Exchange. Journal of Economic Development, 215(1), 59-66.
• GUJARATI, D. N. and PORTER, D. C. (2008). Basic Econometrics, New York: The McGraw Hill.
• HADDADI, F. and YAGHOOBI, T. (2014). Key Indicators for Organizational Performance Measurement. Management Science Letters, 4(9), 2021-2030.
• HADI, N. S. and AYUMA, C. (2016). Factors Influencing Performance of Shipping Companies in Kenya (A Case Study of Mombasa County, Kenya). The Strategic Journal of Business & Change Management, 3(4), 789-809.
• HOANG, T.V. H., DANG, N. H., TRAN, M.D., VAN VU, T.T. and PHAM, Q.T. (2019). Determinants Influencing Financial Performance of Listed Firms: Quantile Regression Approach. Asian Economic and Financial Review, 9(1), 78-90.
• CARRIERE-SWALLOW, Y., DEB, P., FURCERI, D., JIMENEZ, D. and OSTRY, J. D. (2022). Shipping Costs and Inflation. (IMF Working Paper). Retrieved from https://www.imf.org/en/Publications/WP/Issues/2022/03/25/Shipping-Costs-and-Inflation-515144.
• KANG, H. W., WANG, G. W. Y., BANG, H.S. and WOO, S. H. (2016). Economic Performance and Corporate Financial Management of Shipping Firms. Maritime Economics & Logistics, 18(3), 317-330.
• KHALIFA, M. K. and ZURINA, S. (2013). Financial Performance and Identify Affecting Factors in This Performance of Non-Oil Manufacturing Companies Listed on Libyan Stock Market. European Journal of Business and Management, 5(12), 82-89.
• KHARATYAN, D., LOPES, J. C. and NUNES, A. (2017). Determinants of Return on Equity: Evidence from Nasdaq 100. XXVII Jornadas Hispano-Lusas de Géstion Científica, Alicante, Spain, 1-16.
• KONSTA, K. and PLOMARITOU, E. (2012). Key Performance Indicators (KPIs) and Shipping Companies’ Performance Evaluation: The Case of Greek Tanker Shipping Companies. International Journal of Business and Management, 7(10), 142-155.
• LIM, K. G. and LIM, M. (2020). Financial Performance of Shipping Firms that Increase LNG Carriers and the Support of Eco-Innovation. Journal of Shipping and Trade, 5(23), 1-25.
• LIU, W. C. and LIN, C. F. (2005). Performance Efficiency Evaluation of the Taiwan’s Shipping Industry: An Application of Data Envelopment Analysis. Proceedings of the Eastern Asia Society for Transportation Studies, 5, 467-476.
• MYERS, S. C. and MAJLUF, N. S. (1984). Corporate Financing and Investment Decisions When Firms Have Information that Investors Do Not Have. Journal of Financial Economics, 13(2), 187-221.
• MYERS, S. C. (1984). Capital Structure Puzzle. The Journal of Finance, 39(3), 575-592.
• NELSON, C. R. and PLOSSER, C. R. (1982). Trends and Random Walks in Macroeconomic Time Series: Some Evidence and Implications. Journal of Monetary Economics, 10(2), 139-162.
• NGUYEN, L. T. T. (2013). Factors Influencing Financial Performance of Listed Food Processing Firms on Vietnam Stock Exchange (unpublished MSc dissertation), University of Da Nang, Vietnam.
• NGUYEN, T. N. L. and NGUYEN, V. C. (2020). The Determinants of Profitability in Listed Enterprises: A Study from Vietnamese Stock Exchange. Journal of Asian Finance, Economics and Business, 7(1), 47-58.
• ONAOLAPO, A. A. and KAJOLA, S. O. (2010). Capital Structure and Firm Performance: Evidence from Nigeria. European Journal of Economics, Finance and Administrative Sciences, 25, 70-82.
• Pesaran, M.H., (2004). General diagnostic tests for cross section dependence in panels. Working Paper, The Institute for the Study of Labor Discussion Paper Series IZA, 1240, 1-41.
• POURAGHAJAN, A. and MALEKIAN, E. (2012). The Relationship between Capital Structure and Firm Performance Evaluation Measures: Evidence from the Tehran Stock Exchange. International Journal of Business and Commerce, 1(9), 166-181.
• SIMINICA, M., CIRCIUMARU, D. and SIMION, D. (2012). The Correlation between The Return on Assets and The Measures of Financial Balance for Romanian Companies. International Journal of Mathematical Models and Methods in Applied Sciences, 6(2), 232-253.
• TUGCU, C. T. (2018), Panel Data Analysis in the Energy-Growth Nexus (EGN), MENEGAKI, A. N. (Ed.), The Economics and Econometrics of the Energy-Growth Nexus, Elsevier, New York, ISBN: 978-0-12-812746-9
• ZEITUN, R. and TIAN, G. G. (2007). Capital Structure and Corporate Performance: Evidence from Jordan. Australasian Accounting, Business and Finance Journal, 1(4), 40-61. Internet Resources
• ICS. (2022). International Chamber of Shipping (2022). https://www.ics-shipping.org/shipping-fact/shipping-and-world-trade-global-supply-and-demand-for-seafarers/ [Date Accessed: November 29, 2022].
• UNCTAD. (2022). Review of Maritime Transport (2022). https://unctad.org/publication/review-maritime-transport-2022 [Date Accessed: December 15, 2022].