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

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

Berna D. Özçelik

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.

Anahtar Kelimeler

crisis, manufacturing companies, profitability, panel data analysis

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

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

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