Firma Performansının Belirleyicileri: Türkiye Örneği (1990-2016)

Öz

Bu çalışmada, 1990-2016 dönemi için; nakde dönüşüm süresi, kaldıraç oranı, cari oran ve maddi duran varlık oranı değişkenlerinin BİST 30 Endeksinde yer alan 15 firmanın esas faaliyet kârı/aktif toplamı ile uzun dönem ilişkisinin tespit edilmesi amaçlanmıştır. Çalışmada, yatay kesit bağımlılığı altında ikinci nesil panel birim kök, panel eşbütünleşme, uzun dönemli katsayı tahmini gibi ekonometrik teknikler kullanılmıştır. Genişletilmiş Ortalama Grup yöntemiyle ile elde edilen uzun dönem katsayılarına göre, nakde dönüşüm süresi, kaldıraç oranı ve maddi duran varlık oranı değişkenlerinin esas faaliyet kârı/aktif toplamı üzerinde istatistiki olarak anlamlı ve negatif etkiye sahip oldukları; cari oranın istatistiksel olarak anlamlı olmadığı bulgusuna ulaşılmıştır

Anahtar Kelimeler

• Kârlılık,Yatay Kesit Bağımlılığı,Panel Veri Analizi,Panel Eşbütünleşme

Determinants of Firm Performance: The Case of Turkey (1990-2016)

Öz

In this study, we aimed to figure out the long term relationship between the variables of cash conversion cycle, leverage ratio, current ratio, fixed asset ratio, and the real operating profit/total assets of 15 firms in the BIST 30 Index for the 1990-2016 period. We made use of econometric techniques such as second generation panel unit root, panel cointegration, and estimation of long-run coefficients under the cross-sectional dependence. The long-run coefficients estimated by the Augmented Mean Group method indicated that cash conversion cycle, leverage ratio and fixed asset ratio had statistically significant and negative effects on the real operating profit/total assets, whereas the current ratio was found to be statistically insignificant

Anahtar Kelimeler

• Profitability,Cross Sectional Dependency,Panel Data Analysis,Panel Cointegration

Kaynakça

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