THE RELATIVE IMPACT OF AUDITING AND COLLATERAL ON ACCESS TO BANK CREDIT IN TÜRKIYE: EVIDENCE FROM 2008–2024

Öz

This study examines the relative impact of independent auditing and collateral on firms’ access to bank credit in Türkiye at the firm level. The analysis is conducted using data collected in 2008, 2013, 2019, and 2024 within the scope of the World Bank Enterprise Surveys. Access to credit is evaluated in three dimensions: bank loan usage, credit constraints, and the severity of credit constraints. The findings show that collateral has a strong and dominant effect on the likelihood of using bank credit. While independent auditing positively affects credit usage, its impact is more limited compared to collateral. While auditing does not have a significant effect in the models of credit constraints and the severity of credit constraints, collateral requirements are found to be positively associated with the likelihood of credit constraints. In terms of control variables, firm size and export status increase credit usage, while firm age shows a weak negative relationship with credit constraints. The foreign ownership variable is not statistically significant in the models. The results indicate that institutional mechanisms that enhance information quality in the Turkish bank credit market (auditing) are still at an early stage, and that asset-based traditional security mechanisms (collateral) continue to dominate credit allocation.

Anahtar Kelimeler

• Bank credit
• credit constraints
• audit
• collateral
• information asymmetry

TÜRKİYE’DE BANKA KREDİSİNE ERİŞİMDE BAĞIMSIZ DENETİM VE TEMİNATIN GÖRELİ ETKİSİ: 2008–2024 DÖNEMİ BULGULARI

Öz

Bu çalışma, Türkiye’de banka kredisine erişimde bağımsız denetim ve teminatın göreli etkisini firma düzeyinde incelemektedir. Analizler, Dünya Bankası Enterprise Surveys kapsamında 2008, 2013, 2019 ve 2024 yıllarında toplanan veriler kullanılarak gerçekleştirilmiştir. Krediye erişim üç boyutta ele alınmıştır: banka kredisi kullanımı, kredi kısıtı ve kredi kısıtı şiddeti. Bulgular, teminatın kredi kullanım olasılığı üzerinde güçlü ve belirleyici bir etkiye sahip olduğunu göstermektedir. Bağımsız denetim kredi kullanımını pozitif yönde etkilemekle birlikte, teminata kıyasla daha sınırlı bir etki üretmektedir. Kredi kısıtı ve kredi kısıtı şiddeti modellerinde denetimin anlamlı bir etkisi bulunmazken, teminat gerekliliklerinin kredi kısıtı olasılığı ile pozitif ilişkili olduğu tespit edilmiştir. Kontrol değişkenleri açısından, firma büyüklüğü ve ihracatçı olma durumu kredi kullanımını artırmakta; firma yaşı kredi kısıtı ile zayıf negatif ilişki göstermektedir. Yabancı ortaklık değişkeni ise modellerde istatistiksel olarak anlamlı değildir. Sonuçlar, Türkiye’de banka kredi piyasasında bilgi kalitesini artıran kurumsal mekanizmaların (denetim) henüz başlangıç aşamasında olduğunu ve kredi tahsisinde varlık temelli geleneksel güvence mekanizmalarının (teminat) baskınlığını koruduğunu göstermektedir.

Anahtar Kelimeler

• Banka kredisi
• kredi kısıtı
• bağımsız denetim
• teminat
• bilgi asimetrisi

Kaynakça

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