Financial Features Related to the Risk Level of Zombie Companies: An Investigation with ISO 1000 Firms

Öz

The aim of this study is to investigate the zombie company presence and features in Turkey and to examine the relationship between the zombie companies' financial characteristics and zombie risk level. For this purpose, according to minimum three years negative equity criteria, 32 zombie firms were determined among ISO 1000 manufacturing enterprise between 1993 and 2019. The relationship between the zombie risk level of these 32 zombie companies and the indicators of firm size, capital type and sector variables of the year before they became zombies was analysed with correlation analysis. The years spent as a zombie (zombie duration) and, the ratio of negative equity to assets in the first year of being a zombie (zombie depth) represented the zombie risk level. According to the correlation analysis findings; there are positive relationships between size indicators (assets, equity, profit, exports, and number of employees) and zombie duration. There are also positive relationships between size in terms of equity, public share in capital, status of being in the manufacture of food products sector and zombie depth. Companies that were relatively larger in the year before they became zombies remained zombies for longer. Food products sector firms with relatively larger equity and higher public capital shares had a higher negative equity-asset ratio in the first year of being zombie. As a result, before becoming zombies, the zombie risk level of ISO 1000 companies, which are relatively larger, have a higher public share in their capital, and operate in the food products industry, are higher. In addition, according to the development of 557 negative equity records and 52 zombie enterprises detected during the analysis process; firm numbers in the both groups have declined over the years and the sectors of the manufacture of textile, manufacture of food products and mining-quarrying had the highest share in the sector distribution of the two groups, respectively.

Anahtar Kelimeler

• Zombie Companies
• Zombie Risk Level
• Negative Equity,
• ISO 1000

Zombi Şirketlerin Risk Düzeyi ile İlişkili Olan Finansal Özellikleri: İSO 1000 Firmaları ile Bir İnceleme

Öz

Bu çalışmanın amacı, Türkiye'de zombi şirket varlığını ve özelliklerini araştırmak ve zombi şirketlerin finansal özellikleri ile zombi risk seviyesi arasındaki ilişkiyi incelemektir. Bu amaçla 1993-2019 yılları arasında İSO 1000 üretim işletmesi arasından en az üç yıl negatif öz sermaye kriterlerine göre 32 zombi firma belirlenmiştir. Bu 32 zombi şirketin zombi risk düzeyi ile zombiye dönüşmeden önceki yılın firma büyüklüğü, sermaye türü ve sektör değişkenlerinin göstergeleri arasındaki ilişki korelasyon analizi ile incelenmiştir. Zombi risk düzeyini, zombi olarak geçirilen süre (zombi süresi) ve zombi olunan ilk yılda negatif öz kaynağın aktife oranı (zombi derinliği) göstergeleri temsil etmiştir. Korelasyon analizi bulgularına göre; büyüklük göstergeleri (aktif, öz kaynak, kar, ihracat ve çalışan sayısı) ile zombi süresi arasında pozitif ilişkiler vardır. Öz kaynak açısından büyüklük, sermayede kamu payı, gıda maddeleri sanayi sektöründe olma durumu ile zombi derinliği arasında da pozitif ilişki bulunmaktadır. Zombi olmadan önceki yıl nispeten daha büyük olan firmalar daha uzun süre zombi olarak kalmıştır. Öz kaynak açısından nispeten daha büyük, kamu sermaye payı yüksek ve gıda maddeleri sektörü firmalarının zombi olunan ilk yıl negatif öz kaynak-aktif oranı daha yüksektir. Sonuç olarak, zombi olmadan önce, nispeten daha büyük olan, sermayesinde kamu payı daha yüksek olan ve gıda maddeleri sanayi sektöründe faaliyet gösteren İSO 1000 firmalarının zombi risk seviyesi daha yüksektir. Ayrıca, analiz sürecinde tespit edilen 557 negatif öz kaynak kaydının ve 52 zombi işletmenin gelişimine göre; her iki gruptaki firma sayıları yıllar içinde azalmış ve iki grubun da sektör dağılımında en yüksek payı sırasıyla; dokuma sanayi, gıda maddeleri sanayi ve madencilik-taş ocakçılığı sektörleri almıştır.

Anahtar Kelimeler

• Zombi Şirketler,
• Zombi Risk Düzeyi
• Negatif Öz kaynak
• İSO 1000

Kaynakça

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