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The Impact of Global Capital Flows on Firms’ Performance: Evidence from Turkey

Yıl 2017, Cilt: 4 Sayı: 2 (ICEFM 2017 Özel Sayısı / Special Issue of ICEFM 2017), 1 - 16, 01.02.2018
https://doi.org/10.17336/igusbd.323752

Öz

In the globalizing world, the impact of international
capital flows on the economies is increasing day by day. Firms, the smallest
units in the economy, are directly affected by developments. The purpose of
this study is to examine the effect of international capital flows on firm
performance. The study, using panel data analysis, covers 120 companies in the
Stock Exchange Istanbul (BIST) Industrial Production Index in the 2004-2015
period. Two models have been developed with ROA and ROE as dependent variables,
which are selected as company performance measures. According to the general
results of the study with employing Swamy's random coefficient model: the
ratios of the direct foreign capital flows to GDP and the portfolio investments
to GDP are not statistically significant on firm profitability; and it has been
conducted that the ratios of other investments and short-term foreign capital
flow to GDP have an effect on the profitability of the firms. The findings
include also eight sub-sectors results in the manufacturing industry.

Kaynakça

  • ASLANOGLU, Erhan, “Spillover Effects Of Foreign Direct Investments On Turkish Manufacturing Industry”, Journal of International Developments, 2000, 12: 1111–1130. doi:10.1002/jid.701.
  • ALFARO, Laura, “Foreign Direct Investment and Growth: Does the Sector Matter?” Harvard Business School, April 2003
  • BORSA ISTANBUL AS web page, http: //www.borsaistanbul.com/yatirimcilar/mali-tablolar-arsiv., Access Date: 18 March 2017
  • CENTRAL BANK OF THE REPUBLIC OF TURKEY web page, http://www.tcmb.gov.tr, Access Date: 18 March 2017
  • CHICAGO BOARD OPTIONS EXCHANGE web page, www.cboe.com, Access Date: 18 March 2017.
  • GROSSE, Robert and TREVINO, Len J. “Determinants of Foreign Direct Investment”, Journal of International Economics, 1996, Volume 45, 115- 135.
  • HSIAO, Cheng, Analysis of Panel Data, Cambridge University Press. Cambridge, Second Edition, 2003
  • INTERNATIONAL MONETARY FUND web page, Balance of Payments Manual. 5th edition. 1993, s.42
  • KINDLEBERGER, Charles Poor, American Business Abroad. Yale University Press, New Haven, Ct, 1969, United States.
  • KANG, S., etc., “Understanding the Determinants of Capital Flows in Korea: An Empirical Investigation”, Korea Institute for International Economic Policy, Policy Analyses, 02-03, 2002- 12-20.
  • MARKUSEN, James and VENABLES Atnhony. , Foreign Direct Investment as a Catalyst for Industrial Development, European Economic Review, 1999, 43: 335-338.
  • MOOSAI, Imad A, Foreign Direct Investment Theory, Evidence and Practice, Palgrave, 2002.
  • NAYAK Dinkar and CHOUDHURY, Rahul N. Choudhury, “A Selective Review of Foreign Direct Investment Theories”, Asia-Pacific Research and Training Network on Trade, ARTNeT Working Paper, 2014, No. 143
  • NOY, Ilan & VU, Tam. B., “Capital Account Liberalization and Foreign Direct Investment”. The North American Journal of Economics and Finance, 18(2), 2007, 175-194.
  • UNAL, Targan, Finans Kesiminin Reel Sektöre Kaynak Yaratma Kapasitesi: Türkiye Örneği, İTO Yay. İstanbul, Yayın No:1996-31, s.49
  • SHAW, Edward. Financial Deepening in Economic Development, Oxford University Press, London, 1973, s. 10-11.
  • SWAMY, P.A.V.B., Efficient inference in a random coefficient regression model, Econometrica, 38(2), 1970, 311-322.
  • TURKEY PUBLIC DISCLOSURE PLATFORM web page, www.kap.gov.tr, Access Date: 18 March 2017.
  • YERDELEN TATOGLU, Ferda, İleri Panel Veri, İstanbul: Beta Yayınları, 2012.

Uluslararası Sermaye Hareketlerinin Firma Performansına Etkisi: Türkiye Örneği

Yıl 2017, Cilt: 4 Sayı: 2 (ICEFM 2017 Özel Sayısı / Special Issue of ICEFM 2017), 1 - 16, 01.02.2018
https://doi.org/10.17336/igusbd.323752

Öz

Küreselleşen dünyada uluslararası sermaye hareketlerinin ülke
ekonomileri üzerindeki etkisi her geçen gün artmaktadır. Ekonomideki en küçük
ekonomik birim olan şirketler, yaşanan gelişmelerden doğrudan etkilenmektedir. Bu
çalışmanın amacı uluslarararası sermaye hareketlerinin şirket performansı
üzerindeki etkisinin araştırılmasıdır. Panel veri analizinin kullanıldığı
çalışma, 2004-2015 döneminde Borsa İstanbul (BIST) Ulusal Sınai Endeksi’nde yer
alan 120 adet şirketi kapsamaktadır. Çalışmada şirket performans ölçüsü olarak
seçilen ROA ve ROE’nin bağımlı değişken olduğu 2 ayrı model kurulmuştur.
Swamy’nin tesadüfi katsayılar modelinin kullanıldığı çalışmanın genel
sonuçlarına göre ödemeler dengesinde yer alan doğrudan yabancı sermaye
hareketleri ve portföy yatırımlarının GSYH’ya oranlarının şirket performansı
üzerinde istatistiki olarak etkisinin bulunmadığı; diğer yatırımlar kaleminin
ve kısa vadeli yabancı sermaye hareketlerinin GSYH’ya oranlarının şirket
karlılığı üzerinde etkisinin var olduğuna ulaşılmıştır. Çalışmada ayrıca imalat
sanayini oluşturan 8 alt sektöre ilişkin sonuçlara da yer verilmiştir.

Kaynakça

  • ASLANOGLU, Erhan, “Spillover Effects Of Foreign Direct Investments On Turkish Manufacturing Industry”, Journal of International Developments, 2000, 12: 1111–1130. doi:10.1002/jid.701.
  • ALFARO, Laura, “Foreign Direct Investment and Growth: Does the Sector Matter?” Harvard Business School, April 2003
  • BORSA ISTANBUL AS web page, http: //www.borsaistanbul.com/yatirimcilar/mali-tablolar-arsiv., Access Date: 18 March 2017
  • CENTRAL BANK OF THE REPUBLIC OF TURKEY web page, http://www.tcmb.gov.tr, Access Date: 18 March 2017
  • CHICAGO BOARD OPTIONS EXCHANGE web page, www.cboe.com, Access Date: 18 March 2017.
  • GROSSE, Robert and TREVINO, Len J. “Determinants of Foreign Direct Investment”, Journal of International Economics, 1996, Volume 45, 115- 135.
  • HSIAO, Cheng, Analysis of Panel Data, Cambridge University Press. Cambridge, Second Edition, 2003
  • INTERNATIONAL MONETARY FUND web page, Balance of Payments Manual. 5th edition. 1993, s.42
  • KINDLEBERGER, Charles Poor, American Business Abroad. Yale University Press, New Haven, Ct, 1969, United States.
  • KANG, S., etc., “Understanding the Determinants of Capital Flows in Korea: An Empirical Investigation”, Korea Institute for International Economic Policy, Policy Analyses, 02-03, 2002- 12-20.
  • MARKUSEN, James and VENABLES Atnhony. , Foreign Direct Investment as a Catalyst for Industrial Development, European Economic Review, 1999, 43: 335-338.
  • MOOSAI, Imad A, Foreign Direct Investment Theory, Evidence and Practice, Palgrave, 2002.
  • NAYAK Dinkar and CHOUDHURY, Rahul N. Choudhury, “A Selective Review of Foreign Direct Investment Theories”, Asia-Pacific Research and Training Network on Trade, ARTNeT Working Paper, 2014, No. 143
  • NOY, Ilan & VU, Tam. B., “Capital Account Liberalization and Foreign Direct Investment”. The North American Journal of Economics and Finance, 18(2), 2007, 175-194.
  • UNAL, Targan, Finans Kesiminin Reel Sektöre Kaynak Yaratma Kapasitesi: Türkiye Örneği, İTO Yay. İstanbul, Yayın No:1996-31, s.49
  • SHAW, Edward. Financial Deepening in Economic Development, Oxford University Press, London, 1973, s. 10-11.
  • SWAMY, P.A.V.B., Efficient inference in a random coefficient regression model, Econometrica, 38(2), 1970, 311-322.
  • TURKEY PUBLIC DISCLOSURE PLATFORM web page, www.kap.gov.tr, Access Date: 18 March 2017.
  • YERDELEN TATOGLU, Ferda, İleri Panel Veri, İstanbul: Beta Yayınları, 2012.
Toplam 19 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Makaleler
Yazarlar

Ebubekir Mollaahmetoğlu

Mehmet Sabri Topak

Yayımlanma Tarihi 1 Şubat 2018
Kabul Tarihi 28 Kasım 2017
Yayımlandığı Sayı Yıl 2017 Cilt: 4 Sayı: 2 (ICEFM 2017 Özel Sayısı / Special Issue of ICEFM 2017)

Kaynak Göster

APA Mollaahmetoğlu, E., & Topak, M. S. (2018). The Impact of Global Capital Flows on Firms’ Performance: Evidence from Turkey. İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi, 4(2 (ICEFM 2017 Özel Sayısı / Special Issue of ICEFM 2017), 1-16. https://doi.org/10.17336/igusbd.323752

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İstanbul Gelişim Üniversitesi Sosyal Bilimler Dergisi Creative Commons Atıf-GayriTicari-Türetilemez 4.0 Uluslararası Lisansı ile lisanslanmıştır.