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2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri

Yıl 2017, Sayı: 634, 9 - 26, 01.12.2017

Öz

Several researches have been conducted to examine the effects of the 2008 global economic crisis on economy in many countries. This article brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on Bourse Istanbul between 2008 and 2011 on a quarterly basis. Panel data analysis was conducted to see effects of selected financial variables (net working capital/total assets, inventories/total assets, earnings before interest and tax/total assets, short-term financial debt /total assets and long-term financial debt/total assets) on firm financial performance (return on assets). The findings say that working capital and inventory management gained more importance during crisis time compared to pre-crisis period. The explanatory power of cash flows which are used to be main determinant of firm profitability before crisis is diminished during crisis period. The effect of financial debts on firm profitability was higher during crisis. It can be concluded that on general, leverage and liquidity management became more significant in crisis times compared to pre-crisis period and successful firms in these two aspects performed higher profitability during crisis time.

Kaynakça

  • ANDERSON, David, Dennis J. SWEENEY and Thomas A. WILLIAMS; (1996), Statistics for Business and Economics. 6th Edition, USA: West Publishing Company.
  • BAŞÇI, Erdem; (2008), Conference of Global Financial Crisis and Monetary Policy, Istanbul.
  • BENMELECH, Efraim and Eyal DVIR; (2011), “Does Shortterm Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis”. National Bureau of Economic Research (NBER) Working Paper Series. No.17468. http://www. nber.org/papers/w17468.
  • BERNANKE, Ben; (2012), The Federal Reserve’s Response to the Financial Crisis. College LectureSeries.WashingtonUniversity.http://www.federalreserve.gov/newsevents/lectures/ federal-reserve-response-to-the-financial-crisis.htm Bernanke, Ben; (2012), Aftermath of the Crisis. College Lecture Series. Washington University.http://www.federalreserve.gov/ newsevents/lectures/the-aftermath-of-the-crisis.htm
  • BRINGHAM, Eugene F. and Louis C. GAPENSKI; (1996), Intermediate Financial Management. 5th Edition. USA: The Dryden Press.
  • BÜYÜKŞALVARCI, Ahmet and Hasan ABDİOĞLU; (2010), “Kriz Öncesi ve Kriz Dönemlerinde İşletmelerde Çalışma Sermayesi Gereksiniminin Belirleyicileri: İMKB İmalat Sanayi Şirketleri üzerine Ampirik bir Uygulama”. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi. Vol. 24, No. 2, p.47-71.
  • CLAESSENS, Stijn, Simeon DJANKOV and Lixin Colin XU; (2000), “Corporate Performance in the East Asian Financial Crisis”. World Bank Research Observer. Oxford University Press, Vol. 15, No.1, p.23-46.
  • CLEARY, Sean; (1999), “The Relationship between Firm Investment and Financial Status”. Journal of Finance. Vol. 54, No. 2, p. 673-692.
  • DOMBEKCI, B. (2012). “The Effects of 2008 Global Economic Crisis on Manufacturing Companies Listed at Istanbul Stock Exchange: Pre-crisis and Crisis Comparison” Phd Thesis, Marmara University, Istanbul.
  • DOMBEKCİ, Berna; (2014), “The Effects Of 2008 Global Economic Crisis on Borrowing Rates of Manufacturing Companies: Pre-Crisis and Crisis Comparison”. Journal of Financial Researches and Studies. Vol. 5, No.10 p. 33-52.
  • DUCHIN, Ran, Oguzhan OZBAS and Berk A. SENSOY; (2010), “Costly External Finance, Corporate Investment, and the Subprime Mortgage Credit Crisis”. Journal of Financial Economics. Vol.97, p.418-435.
  • GUILLEN, Mauro F.; (2011), “The Global Economic & Financial Crisis: A Timeline”. The Lauder Institute. Wharton Arts & Sciences. GUJARATI, Damodar N.; (2006), Essentials of Econometrics. 3rd Edition. Singapore: Mc Graw Hill.
  • HAWAWINI, Gabriel and Claude VIALLET; (2011), Finance for Executives. 4th Edition. USA: South-Western Cengage Learning. HONG, Kiseok, Jong-Wha LEE and Young Soo LEE; (2007), “Investment by Korean Conglomerates before and after Crisis”. Japan and the World Economy. Vol. 19, p.347-373.
  • KARACA, Süleyman SERDAR and Özge KORKMAZ; (2014), “Üretim İşletmelerinde Firma Karlılığının Finansal Belirleyicileri ve BİST İmalat Sanayi Uygulaması”, Ege Akademik Bakış, Vol.14, No.1, pp.21-29.
  • KARACA, Süleyman SERDAR and Reşid ÇİĞDEM; (2013), “Türkiye Ekonomisi’nde Yaşanan 1994-2001 Ekonomik Krizlerinin ve 2008 Küresel Ekonomik Krizinin İmalat Sanayi Sektörüne Etkilerinin Finansal Oranlar ile İncelenmesi”. Business and Economics Research Journal, Vol.4, No.3, pp.41-54.
  • MULDER, Christian, Roberto PERRELLI and Manuel ROCHA; (2002), “The Role of Corporate, Legal and Macroeconomic Balance Sheet Indicators in Crisis Detection and Prevention”. IMF Working Paper Series. WP/02/59.
  • OPLER, Tim C. and Sheridan TITMAN; (1994), “Financial Distress and Corporate Performance”. Journal of Finance. Vol. 49, No. 3, p.1015-1040.
  • POMERLEONA, Michael; (1999). “The East Asia Crisis and Corporate Finances - The Untold Micro Story”. World Bank Policy Research Working Paper Series. No. 1990.
  • RAJAN, Raghuram and Luigi ZINGALES; (1998), “Financial Dependence and Growth”. American Economic Review. Vol. 88, p.559-586.
  • REYNA, Oscar-Torres; (2012), Panel Data Analysis, Fixed & Random Effects. http://dss.princeton.edu/training.
  • STATA Corp LP; (2012), Getting Started with STATA. Texas: STATA Press.
  • STATA Net Courses; (2011), Introduction to STATA. Web based, 6 July-17 August, Stata Company.
  • STONE, Mark R. and Se-Jik KIM; (1999), “Corporate Leverage, Bankruptcy and Output Adjustment in the Post-Crisis East Asia”. IMF Working Paper Series. WP/99/143.
  • STONE, Mark R.; (2000), “The Corporate Sector Dynamics of Systemic Financial Crises”. IMF Working Paper Series. WP/00/114.
  • STONE, Mark R. and Melvyn WEEKS; (2001), “The Role of Private Sector Balance Sheets in the Financial Crises of the 1990s”. IMF. Unpublished.
  • STONE, Mark R. and E. Philip DAVIS; (2004), “Corporate Financial Structure and Financial Stability”. Journal of Financial Stability. Vol.1, p.65–91.
  • ŞİRİN, Çağdaş; (2012), STATA Atelier: Basic Econometric Analysis, School of Research Methods, Istanbul Bahçeşehir University, 30 June-01 July 2012.
  • TCMB; (2008), Finansal İstikrar Raporu Sayı:7. Ankara.
  • TONG, Hui, Shang-Jin WEI and Stijn CLAESSENS; (2011), “From the Financial Crisis to the Real Economy: Using Firmlevel Data to Identify Transmission Channels”. NBER Working Paper Series. No.17360
  • TONG, Hui and Shang-Jin WEI; (2009), “The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis”. IMF Working Paper Series. WP/09/164.
  • UCLA Resources; (2010), http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture1.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture2.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture3.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture5.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture6.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture7.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture8.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture9.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture10.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture12.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture13.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture14.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture15.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture16.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture17.pdf
  • WOOLRIDGE, Jeffrey M.; (2002), Rudiments of STATA. http:// ebookbrowse.com/stata-wooldridge-pdf-d54094074

2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri

Yıl 2017, Sayı: 634, 9 - 26, 01.12.2017

Öz

2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmıştır. Bu çalışma, kriz etkilerinin mikro bazda diğer bir ifadeyle, Borsa İstanbul’da işlem gören 157 adet Türk imalat sanayi şirketinin 2008-2011 yılları arasında çeyrek bazda incelenmesi sebebiyle kriz literatürüne yenilik getirmiştir. Seçilmiş finansal değişkenlerin (net çalışma sermayesi/toplam aktifler, stoklar/toplam aktifler, faiz ve vergi öncesi faaliyet karı/toplam aktifler, kısa ve uzun vadeli finansal borç/toplam aktifler) firma performansına (aktif karlılığı) etkilerini görebilmek amacıyla panel veri analizi yapılmıştır. Bulgular, kriz döneminde işletme sermayesi ve stok yönetiminin karlılığa olan etkisinin kriz öncesine göre arttığını dolayısıyla daha da önem kazandığını göstermiştir. Kriz öncesinde şirket karlılığında en önemli unsur olan nakit girişlerinin açıklayıcı gücü kriz döneminde azalmıştır. Finansal borçların karlılık üzerindeki etkisi kriz döneminde büyümüştür. Genel sonuç olarak, kriz döneminde borç ve likidite yönetimi kriz öncesine göre daha da önem kazanmış ve bu konuda başarılı olan şirketler diğer şirketlere kıyasla kriz döneminde daha iyi bir performans sergilemişlerdir

Kaynakça

  • ANDERSON, David, Dennis J. SWEENEY and Thomas A. WILLIAMS; (1996), Statistics for Business and Economics. 6th Edition, USA: West Publishing Company.
  • BAŞÇI, Erdem; (2008), Conference of Global Financial Crisis and Monetary Policy, Istanbul.
  • BENMELECH, Efraim and Eyal DVIR; (2011), “Does Shortterm Debt Increase Vulnerability to Crisis? Evidence from the East Asian Financial Crisis”. National Bureau of Economic Research (NBER) Working Paper Series. No.17468. http://www. nber.org/papers/w17468.
  • BERNANKE, Ben; (2012), The Federal Reserve’s Response to the Financial Crisis. College LectureSeries.WashingtonUniversity.http://www.federalreserve.gov/newsevents/lectures/ federal-reserve-response-to-the-financial-crisis.htm Bernanke, Ben; (2012), Aftermath of the Crisis. College Lecture Series. Washington University.http://www.federalreserve.gov/ newsevents/lectures/the-aftermath-of-the-crisis.htm
  • BRINGHAM, Eugene F. and Louis C. GAPENSKI; (1996), Intermediate Financial Management. 5th Edition. USA: The Dryden Press.
  • BÜYÜKŞALVARCI, Ahmet and Hasan ABDİOĞLU; (2010), “Kriz Öncesi ve Kriz Dönemlerinde İşletmelerde Çalışma Sermayesi Gereksiniminin Belirleyicileri: İMKB İmalat Sanayi Şirketleri üzerine Ampirik bir Uygulama”. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi. Vol. 24, No. 2, p.47-71.
  • CLAESSENS, Stijn, Simeon DJANKOV and Lixin Colin XU; (2000), “Corporate Performance in the East Asian Financial Crisis”. World Bank Research Observer. Oxford University Press, Vol. 15, No.1, p.23-46.
  • CLEARY, Sean; (1999), “The Relationship between Firm Investment and Financial Status”. Journal of Finance. Vol. 54, No. 2, p. 673-692.
  • DOMBEKCI, B. (2012). “The Effects of 2008 Global Economic Crisis on Manufacturing Companies Listed at Istanbul Stock Exchange: Pre-crisis and Crisis Comparison” Phd Thesis, Marmara University, Istanbul.
  • DOMBEKCİ, Berna; (2014), “The Effects Of 2008 Global Economic Crisis on Borrowing Rates of Manufacturing Companies: Pre-Crisis and Crisis Comparison”. Journal of Financial Researches and Studies. Vol. 5, No.10 p. 33-52.
  • DUCHIN, Ran, Oguzhan OZBAS and Berk A. SENSOY; (2010), “Costly External Finance, Corporate Investment, and the Subprime Mortgage Credit Crisis”. Journal of Financial Economics. Vol.97, p.418-435.
  • GUILLEN, Mauro F.; (2011), “The Global Economic & Financial Crisis: A Timeline”. The Lauder Institute. Wharton Arts & Sciences. GUJARATI, Damodar N.; (2006), Essentials of Econometrics. 3rd Edition. Singapore: Mc Graw Hill.
  • HAWAWINI, Gabriel and Claude VIALLET; (2011), Finance for Executives. 4th Edition. USA: South-Western Cengage Learning. HONG, Kiseok, Jong-Wha LEE and Young Soo LEE; (2007), “Investment by Korean Conglomerates before and after Crisis”. Japan and the World Economy. Vol. 19, p.347-373.
  • KARACA, Süleyman SERDAR and Özge KORKMAZ; (2014), “Üretim İşletmelerinde Firma Karlılığının Finansal Belirleyicileri ve BİST İmalat Sanayi Uygulaması”, Ege Akademik Bakış, Vol.14, No.1, pp.21-29.
  • KARACA, Süleyman SERDAR and Reşid ÇİĞDEM; (2013), “Türkiye Ekonomisi’nde Yaşanan 1994-2001 Ekonomik Krizlerinin ve 2008 Küresel Ekonomik Krizinin İmalat Sanayi Sektörüne Etkilerinin Finansal Oranlar ile İncelenmesi”. Business and Economics Research Journal, Vol.4, No.3, pp.41-54.
  • MULDER, Christian, Roberto PERRELLI and Manuel ROCHA; (2002), “The Role of Corporate, Legal and Macroeconomic Balance Sheet Indicators in Crisis Detection and Prevention”. IMF Working Paper Series. WP/02/59.
  • OPLER, Tim C. and Sheridan TITMAN; (1994), “Financial Distress and Corporate Performance”. Journal of Finance. Vol. 49, No. 3, p.1015-1040.
  • POMERLEONA, Michael; (1999). “The East Asia Crisis and Corporate Finances - The Untold Micro Story”. World Bank Policy Research Working Paper Series. No. 1990.
  • RAJAN, Raghuram and Luigi ZINGALES; (1998), “Financial Dependence and Growth”. American Economic Review. Vol. 88, p.559-586.
  • REYNA, Oscar-Torres; (2012), Panel Data Analysis, Fixed & Random Effects. http://dss.princeton.edu/training.
  • STATA Corp LP; (2012), Getting Started with STATA. Texas: STATA Press.
  • STATA Net Courses; (2011), Introduction to STATA. Web based, 6 July-17 August, Stata Company.
  • STONE, Mark R. and Se-Jik KIM; (1999), “Corporate Leverage, Bankruptcy and Output Adjustment in the Post-Crisis East Asia”. IMF Working Paper Series. WP/99/143.
  • STONE, Mark R.; (2000), “The Corporate Sector Dynamics of Systemic Financial Crises”. IMF Working Paper Series. WP/00/114.
  • STONE, Mark R. and Melvyn WEEKS; (2001), “The Role of Private Sector Balance Sheets in the Financial Crises of the 1990s”. IMF. Unpublished.
  • STONE, Mark R. and E. Philip DAVIS; (2004), “Corporate Financial Structure and Financial Stability”. Journal of Financial Stability. Vol.1, p.65–91.
  • ŞİRİN, Çağdaş; (2012), STATA Atelier: Basic Econometric Analysis, School of Research Methods, Istanbul Bahçeşehir University, 30 June-01 July 2012.
  • TCMB; (2008), Finansal İstikrar Raporu Sayı:7. Ankara.
  • TONG, Hui, Shang-Jin WEI and Stijn CLAESSENS; (2011), “From the Financial Crisis to the Real Economy: Using Firmlevel Data to Identify Transmission Channels”. NBER Working Paper Series. No.17360
  • TONG, Hui and Shang-Jin WEI; (2009), “The Composition Matters: Capital Inflows and Liquidity Crunch During a Global Economic Crisis”. IMF Working Paper Series. WP/09/164.
  • UCLA Resources; (2010), http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture1.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture2.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture3.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture5.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture6.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture7.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture8.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture9.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture10.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture12.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture13.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture14.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture15.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture16.pdf
  • http://www.sscnet.ucla.edu/soc/faculty/emigh/lecture17.pdf
  • WOOLRIDGE, Jeffrey M.; (2002), Rudiments of STATA. http:// ebookbrowse.com/stata-wooldridge-pdf-d54094074
Toplam 46 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Research Article
Yazarlar

Berna D. Özçelik Bu kişi benim

Yayımlanma Tarihi 1 Aralık 2017
Yayımlandığı Sayı Yıl 2017 Sayı: 634

Kaynak Göster

APA Özçelik, B. D. (2017). 2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri. Finans Politik Ve Ekonomik Yorumlar(634), 9-26.
AMA Özçelik BD. 2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri. FPEYD. Aralık 2017;(634):9-26.
Chicago Özçelik, Berna D. “2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri”. Finans Politik Ve Ekonomik Yorumlar, sy. 634 (Aralık 2017): 9-26.
EndNote Özçelik BD (01 Aralık 2017) 2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri. Finans Politik ve Ekonomik Yorumlar 634 9–26.
IEEE B. D. Özçelik, “2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri”, FPEYD, sy. 634, ss. 9–26, Aralık 2017.
ISNAD Özçelik, Berna D. “2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri”. Finans Politik ve Ekonomik Yorumlar 634 (Aralık 2017), 9-26.
JAMA Özçelik BD. 2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri. FPEYD. 2017;:9–26.
MLA Özçelik, Berna D. “2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri”. Finans Politik Ve Ekonomik Yorumlar, sy. 634, 2017, ss. 9-26.
Vancouver Özçelik BD. 2008 Küresel Ekonomik Krizinin Borsa İstanbul’a Kote Olan İmalat Sanayi Şirketlerine Etkileri. FPEYD. 2017(634):9-26.