TÜRKİYE’DE TEKNOLOJİ SEKTÖRÜNÜN FİNANSALLAŞMA SÜRECİ VE FİRMA KARLILIKLARINA ETKİSİ

Öz

Bu çalışma, Türkiye’de teknoloji sektörünün finansallaşma sürecini güncel dinamikler çerçevesinde ele almakta ve Borsa İstanbul Teknoloji Endeksi (XUTEK) kapsamında yer alan firmalar özelinde finansallaşmanın karlılık üzerindeki etkisini incelemektedir. Finansallaşma, firmaların finansal yapılarını daha etkin kullanmalarını; borçlanma düzeyleri, özkaynak yapıları ve piyasa temelli göstergeleri kapsayan bir süreci ifade etmektedir. Bu çalışmada karlılık göstergesi olarak aktif karlılık (ROA) kullanılmış; finansal yapıyı temsilen finansal kaldıraç, fiyat/defter değeri (PD/DD) ve fiyat/kazanç (F/K) oranları modele dâhil edilmiştir. Ayrıca firma büyüklüğü ve sektör sabit etkileri kontrol edilmiştir. Veri seti 2022–2024 dönemini kapsamaktadır ve analiz yöntemi olarak en küçük kareler (OLS) regresyonu uygulanmıştır. Bulgular, teknoloji firmalarının sürdürülebilir karlılık elde edebilmesi için özkaynak temelli finansmanı güçlendirmesi ve sermaye piyasalarının derinleşmesinin önemini ortaya koymaktadır.

Anahtar Kelimeler

• Finansallaşma
• ROA
• Teknoloji Sektörü
• OLS Regresyon.

Etik Beyan

Yazar olarak bu çalışmada bilimsel ve etik ilkelere uyulduğunu ve kullanılan tüm kaynakların düzgün bir şekilde alıntılandığını beyan ederim.

THE FINANCIALIZATION PROCESS IN TÜRKİYE'S TECHNOLOGY SECTOR AND ITS EFFECTS ON FIRM PROFITABILITY

Öz

This study examines the financialization process of Turkey’s technology sector within the framework of current dynamics and analyzes the impact of financialization on profitability, focusing on firms listed in the Borsa Istanbul Technology Index (XUTEK). Financialization refers to a process in which firms use their financial structures more effectively, encompassing debt levels, equity composition, and market-based indicators. In this study, return on assets (ROA) is employed as the profitability indicator, while financial leverage, price-to-book ratio (P/B), and price-to-earnings ratio (P/E) are included as proxies for financial structure. Firm size and sector fixed effects are also controlled. The dataset covers the 2022–2024 period, and the ordinary least squares (OLS) regression method is applied. The findings indicate that technology firms should strengthen equity-based financing and enhance the depth of capital markets to achieve sustainable profitability.

Anahtar Kelimeler

• Financialization
• ROA
• Technology Sector
• OLS Regression

Etik Beyan

As the author, I hereby declare that this study was conducted in accordance with scientific and ethical principles and that all sources used have been properly cited.

Kaynakça

1. Akgün, A. E., ve Güner, M. (2021). The importance and development of technoparks in Türkiye. In TÜBA Bilim ve Düşün Serisi (pp. 235–258). Ankara: TÜBA.
2. Almeida, H., ve Campello, M. (2007). Financial constraints and investment-cash flow sensitivities: New identification and empirical tests. Review of Financial Studies, 20(5), 1909–1940.
3. Bekaert, G., Harvey, C. R., ve Lundblad, C. (2007). Liquidity and expected returns: Lessons from emerging markets. The Review of Financial Studies, 20(6), 1783–1831.
4. Bellégo, C., Benatia, D., ve Pape, L.-D. (2022, March 22). Dealing with logs and zeros in regression models (Working Paper). arXiv. https://arxiv.org/abs/2203.11820
5. Berger, A. N., ve Udell, G. F. (2003). Small business and debt finance. In Z. J. Acs ve D. B. Audretsch (Eds.), Handbook of Entrepreneurship Research (Vol. 1). Springer.
6. Bil, N., ve Özdemir, H. (2021). The effect of technological innovation capabilities on companies’ innovation and marketing performance: A field study on Technopark companies in Turkey. Journal of Life Economics, 8(3), 323–338.
7. Booth, L., Aivazian, V. A., Demirguc-Kunt, A., ve Maksimovic, V. (2001). Capital structures in developing countries. Journal of Finance, 56(1), 87–130.
8. Brown, J. R., Fazzari, S. M., ve Petersen, B. C. (2009). Financing innovation and growth: Cash flow, external equity, and the 1990s RveD boom. Journal of Finance, 64(1), 151–185. https://doi.org/10.1111/j.1540-6261.2008.01431.x

9. Campello, M., Graham, J. R., ve Harvey, C. R. (2010). The real effects of financial constraints: Evidence from a financial crisis. Journal of Financial Economics, 97(3), 470–487.
10. Chen, S., Nie, B., ve Huang, X. (2024). Nonlinear impact of corporate financialization on sustainable development ability: Evidence from listed companies in China. Sustainability, 16(8), 3402.
11. Damodaran, A. (2012). Investment valuation: Tools and techniques for determining the value of any asset (3rd ed.). John Wiley ve Sons. ISBN: 978-1-118-01152-2
12. Demirgüç-Kunt, A., ve Maksimovic, V. (1998). Law, finance, and firm growth. The Journal of Finance, 53(6), 2107–2137.
13. Demirgüç-Kunt, A., ve Maksimovic, V. (1999). Institutions, financial markets, and firm debt maturity. Journal of Financial Economics, 54(3), 295–336.
14. Erişen, S. (2023). An empirical study of the technoparks in Turkey in investigating the challenges and potential of designing intelligent spaces. Sustainability, 15(13), 10150.
15. Epstein, G. A. (2005). Financialization and the world economy. Edward Elgar Publishing. ISBN: 9781843768746, 1-253.
16. Fazzari, S. M., Hubbard, R. G., ve Petersen, B. C. (1988). Financing constraints and corporate investment. Brookings Papers on Economic Activity, 1988(1), 141–206.
17. Fazzari, S. M., ve Petersen, B. C. (1993). Working capital and fixed investment: New evidence on financing constraints. The RAND Journal of Economics, 24(3), 328–342.
18. Frank, M. Z., ve Goyal, V. K. (2009). Capital structure decisions: Which factors are reliably important? Financial Management, 38(1), 1–37.
19. Gujarati, D. N., ve Porter, D. C. (2009). Basic econometrics (5th ed.). McGraw-Hill Irwin. Hall, B. H. (2002). The financing of research and development. Oxford Review of Economic Policy, 18(1), 35–51.
20. Hall, B. H., ve Lerner, J. (2010). The financing of RveD and innovation. In B. H. Hall ve N. Rosenberg (Eds.), Handbook of the Economics of Innovation (Vol. 1, pp. 609–639). Elsevier.
21. Karakaplan, M. U., Kutlu, L., ve Tsionas, M. G. (2020). A solution to log of dependent variables with negative observations. Journal of Productivity Analysis, 54, 107–119.
22. Karwowski, E., Shabani, M., ve Stockhammer, E. (2019). Dimensions and determinants of financialisation: Comparing OECD countries since 1997. New Political Economy, 25(6), 957–977.
23. Keskin, B., ve Tekin, B. (2024). Performance evaluation of companies trading in Turkey Borsa Istanbul technology index with TOPSIS and COPRAS methods. International Journal of Business Excellence, 34(3), 305–323. https://doi.org/10.1504/IJBEX.2024.143192
24. Krippner, G. R. (2005). The financialization of the American economy. Socio-Economic Review, 3(2), 173–208.
25. Modigliani, F., ve Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. The American Economic Review, 48(3), 261–297.
26. Myers, S. C. (2001). Capital structure. Journal of Economic Perspectives, 15(2), 81–102.
27. Orhangazi, Ö. (2008). Financialisation and capital accumulation in the non-financial corporate sector: A theoretical and empirical investigation on the US economy: 1973–2003. Cambridge Journal of Economics, 32(6), 863–886.
28. Opler, T., ve Titman, S. (1994). Financial distress and corporate performance. Journal of Finance, 49(3), 1015–1040. https://doi.org/10.1111/j.1540-6261.1994.tb00086.x
29. Özer, G., Şuataman, O., ve Çam, İ. (2022). Firmaya özgü ve makroekonomik faktörlerin sermaye yapısı kararlarına etkileri: BIST’de bir uygulama. Muhasebe Bilim Dünyası Dergisi, 24(1), 60–88.
30. Rajan, R. G., ve Zingales, L. (1995). What do we know about capital structure? Some evidence from international data. The Journal of Finance, 50(5), 1421–1460. https://doi.org/10.1111/j.1540-6261.1995.tb05184.x
31. Sarıdoğan, H. Ö. (2020). BİST Teknoloji Endeksine Kayıtlı Firmaların Finansal Performanslarının Analizi. Çankırı Karatekin Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 11(2), 22-36.
32. Saona, P. (2016). Intra- and extra-bank determinants of Latin American banks' profitability. International Review of Economics ve Finance, 45, 197–214.
33. Stockhammer, E. (2004). Financialisation and the slowdown of accumulation. Cambridge Journal of Economics, 28(5), 719–741.
34. Titman, S., ve Wessels, R. (1988). The determinants of capital structure choice. The Journal of Finance, 43(1), 1–19.
35. Tori, D., ve Onaran, Ö. (2018). Financialization, income distribution, and investment: Evidence from emerging markets. Review of Political Economy, 30(4), 474–498.
36. Tutar, F., ve Ünlüleblebici, Y. (2014). Türkiye’de KOBİ kredilerinin ekonomik büyümeye etkisi (2006–2011). Global Journal of Economics and Business Studies, 3(5), 1–14.
37. Uslu, K., ve Gündoğdu, A. (2015). Küresel finansallaşmanın Türkiye’deki bankaların finansal faaliyetlerine ve bireyler üzerine etkileri. Marmara Üniversitesi İktisadi ve İdari Bilimler Dergisi, 31(2), 145–164.
38. Uyar, U., ve Rashid, A. (2021). İşletme sermayesi yönetiminin teknoloji firmalarının özsermaye karlılığı üzerine etkisi. Pamukkale Üniversitesi İşletme Araştırmaları Dergisi, 8(2), 403–419.
39. Xingmei Xu, ve Xuan, C. (2021). A study on the motivation of financialization in emerging markets: The case of Chinese nonfinancial corporations. International Review of Economics and Finance, 72, 606–623.
40. Yoloğlu, Z. (2021). Finansal performansın oran analizi ile ölçülmesi: Teknoloji sektöründe faaliyet gösteren firmalar üzerine ampirik bir uygulama. Bulletin of Economic Theory and Analysis, 6(2), 27–53.
41. Yu, X., Huang, Y., ve Xiao, K. (2021). Global economic policy uncertainty and stock volatility: Evidence from emerging economies. Journal of Applied Economics, 24(1), 416–440.
42. Zhang, Z., Wu, Y., ve Wang, H. (2024). Corporate financial fragility, RveD investment, and corporate green innovation: Evidence from China. Finance Research Letters, 62, Article 105190.