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A Research on the Profitability Expectations of Financial Institutions in Türkiye

Yıl 2025, Sayı: 106, 221 - 244, 15.04.2025
https://doi.org/10.25095/mufad.1623467

Öz

This study examines the macroeconomic factors that may influence the profitability expectations of financial institutions operating in Türkiye. Depending on availability, data covering the period from 2012Q3 to 2022Q4 were obtained from the Central Bank of the Republic of Türkiye, the Organisation for Economic Co-operation and Development, and Investing. The findings of the ARDL long-run coefficients indicate that the profitability expectations of financial institutions in Türkiye are positively correlated with composite leading indicator and the exchange rate, and negatively correlated with CDS premiums and stock prices. In the short run, the profitability expectations of financial institutions exhibit a negative relationship with both current and lagged stock prices, a positive relationship with the current exchange rate, a negative relationship with one- and two-period lagged values, and a positive relationship with all values of the VIX Index from two periods prior to the current period. The key takeaway from these results is that macroeconomic factors that can assist financial institutions in formulating appropriate strategies for profitability expectations should be both predictable and not adversely affect participation in financial markets.

Kaynakça

  • Abaidoo, Rexford - Agyapong, Elvis Kwame (2023). “Commodity price volatility, Risk exposure, and development of financial institutions”. International Journal of Emerging Markets, 19(11), 4132-4154.
  • Alam, Md. Nahid - Islam, K.M. Zahidul (2022). “Profitability determinants of non-bank financial ınstitutions under basel regulations: Evidence from a frontier market”. Global Business Review, 09721509221101102.
  • Alarussi, Ali Saleh - Sami Mohammed, Alhaderi (2018). “Factors affecting profitability in malaysia”. Journal of Economic Studies, 45(3), 442-458.
  • Al-Homaidi, Eissa A. - Tabash, Mosab, I. - H. S. Farhan, Najib - A. Almaqtari, Faozi (2018). “Bank-specific and macro-economic determinants of profitability of Indian commercial banks: A panel data approach”. Cogent Economics & Finance, 6(1), 1548072.
  • Anbar, Adem. - Alper, Deger (2011). “Bank specific and macroeconomic determinants of commercial bank profitability: Empirical evidence from Turkey”. Business and Economics Research Journal, 2(2), 139-152.
  • Baariu, M. James - Peter, Njuguna (2021). “Relationship between selected macroeconomic variables and the financial performance of investment banks in Kenya”. International Journal of Economics and Finance, 13(11), 1-98.
  • Bankacılık Denetleme ve Düzenleme Kurumu (BDDK) (2023). “BDDK Yıllık Faaliyet Raporu, 2023”. ISSN: 1307-5683. Bashir, Abdel-Hameed M. (2003). “Determinants of profitability in Islamic banks: Some evidence from the middle east”. Islamic Economic Studies, 11(1). 31-57.
  • Batten, Jonathan - Vo, Xuan Vinh (2019). “Determinants of bank profitability - Evidence from Vietnam”. Emerging Markets Finance and Trade, 55(6), 1417-1428.
  • Bernardelli, Leandro Coghi - Carrasco-Gutierrez, Carlos Enrique (2024). “Macroeconomic, industry-specific and bank-specific determinants of the profitability of Brazilian banks: Dynamic panel evidence”. Empirical Economics, 1-34.
  • Bernardelli, Michał - Korzeb, Zbigniew - Niedziółka, Paweł (2024). “What drives the profitability of banking sectors in the european union? The machine learning approach”. International Journal of Management and Economics, Sciendo, 60(4), 1-13.
  • Bonaccorsi Di Patti, Emilia - Palazzo, Francesco (2020). “Bank profitability and macroeconomic conditions: Are business models different”? Economic Notes, 49(2), e12155.
  • Chiladze, Izolda (2018). “Theoretical and Practical Aspects of Profitability Factorial Analysis”. Science & Studies of Accounting & Finance: Problems & Perspectives/Apskaitos ir Finansu Mokslas ir Studijos: Problemos ir Perspectyvos, 12(1). 12-19.
  • Cole, Rebel A. - Moshirian, Fariborz - Wu, Qiongbing (2008). “Bank Stock Returns and Economic Growth”. Journal of Banking & Finance, 32(6), 995-1007.
  • Çiftçi, Cemil - Durusu-Çiftçi, Dilek (2019). “Güçlü ekonomiye geçiş programı sonrası Türkiye’de banka karlılığının belirleyicileri”. Sosyoekonomi, 27(39), 111-131.
  • Demirguc-Kunt, Ash - Huizinga, Harry (1999). “Determinants of commercial bank interest margins and profitability: Some international evidence”. The World Bank Economic Review, 13, 379–408.
  • Demirhan, Aslıhan A. (2014). “Ekonomik faaliyet için Bileşik Öncü Göstergeler Endeksi’nde (MBÖNCÜ-SÜE) yöntemsel değişim”. TCMB Ekonomi Notları, Sayı: 2014-04, 1-9.
  • Dietrich, Andreas - Wanzenried, Gabrielle (2011). “Determinants of bank profitability before and during the crisis: Evidence from Switzerland”. Journal of International Financial Markets, Institutions and Money, 21(3), 307-327.
  • Doğan, Mesut - Yildiz, Feyyaz (2023). “Testing the factors that determine the profitability of banks with a dynamic approach: Evidence from Turkey”. Journal of Central Banking Theory and Practice, 12(1), 225-248.
  • Engle, Robert F. - Granger, Clive WJ. (1987). “Co-integration and error correction: representation, estimation, and testing”. Econometrica: Journal of the Econometric Society, 251-276.
  • Fidanoski, Filip - Choudhry, Moorad - Davidović, Milivoje - Sergi, Bruno S. (2018). “What does affect profitability of banks in Croatia”? Competitiveness Review: An International Business Journal, 28(4), 338-367.
  • Gikombo, Edna M. - Mbugua, Doris (2018). “Effect of select macro-economic variables on performance of listed commercial banks in Kenya”. International Academic Journal of Economics and Finance, 3(1), 80-109.
  • Harb, Etienne. - El Khoury, Rim - Mansour, Nadia - Daou, Rima (2023). “Risk management and bank performance: Evidence from the Mena Region”. Journal of Financial Reporting and Accounting, 21(5), 974-998.
  • Isayas, Yonas N. (2022). “Determinants of banks’ profitability: Empirical evidence from banks in Ethiopia”. Cogent economics & finance, 10(1), 2031433.
  • Joaqui-Barandica, Orlando - Manotas-Duque, Diego F. - Uribe, Jorge M. (2022). “Commonality, macroeconomic factors and banking profitability”. The North American Journal of Economics and Finance, 62, 101714.
  • Johansen, Søren (1988). “Statistical analysis of cointegration vectors”. Journal of Economic Dynamics and Control, 12(2-3), 231-254.
  • Katırcıoglu, Salih - Ozatac, Nesrin - Taspınar, Nigar (2020). The role of oil prices, growth and inflation in bank profitability”. The Service Industries Journal, 40(7-8), 565-584.
  • Kaya, Yasemin T. (2002). “Türk bankacılık sektöründe karlılığın belirleyicileri 1997-2000”. MSPD Çalışma Raporları, No: 2002/1.
  • Klein, Paul-Olivier - Weill, Laurent (2022). “Bank profitability and economic growth”. The Quarterly Review of Economics and Finance, 84, 183-199.
  • Knezevic, Ana - Dobromirov, Dusan (2016). “The determinants of serbian banking ındustry profitability”. Economic Research-Ekonomska Istraživanja, 29(1), 459-474.
  • Kohlscheen, Emanuel - Murcia Pabón, Andrés - Contreras, Julieta (2018). “Determinants of bank profitability in emerging markets”. BIS Working Paper No. 686.
  • Liu, Hong - Wilson, John O. (2010). “The profitability of banks in japan”. Applied Financial Economics, 20(24), 1851-1866.
  • Logan, Twila-Mae (2016). “Determinants of profitability of financial ınstitutions in Latin America and The Caribbean”. The Journal of Developing Areas, 50(4), 345-362.
  • Lutfi, Abdalwali - Ashraf, Maryam - Watto, Waqas A. - Alrawad, Mahmoad (2022). “Do uncertainty and financial development influence the FDI inflow of a developing nation? A time series ARDL approach”. Sustainability, 14(19), 12609.
  • Masood, Omar - Ashraf, Muhammad (2012). “Bank‐specific and macroeconomic profitability determinants of Islamic banks: The case of different countries”. Qualitative Research in Financial Markets, 4(2/3), 255-268.
  • Mofokeng, Tshepang - Moodley, Fabian (2025). “The Effects of Changing Macroeconomic Conditions on the Commercial Bank Returns in South Africa”. International Journal of Economics and Financial Issues, 15(2), 76-90.
  • Narayan, Paresh - Smyth, Russell (2005). “Trade liberalization and economic growth in Fiji an empirical assessment using the ARDL Approach”. Journal of The Asia Pacific Economy, 10(1), 96-115.
  • Ofoeda, Isaac (2017). “Corporate governance and non-bank financial institutions profitability”. International Journal of Law and Management, 59(6), 854-875.
  • Oluwatoyin, Matthew - Romanus, Osabohien - Fasina, Fagbeminiyi - Afolake, Fasina (2018). “Greenhouse gas emissions and health outcomes in Nigeria: Empirical insight from auto-regressive distribution lag technique”. International Journal of Energy Economics and Policy, 8(3), 43-50.
  • Pangestuti, Dewi C. - Muktiyanto, Ali - Geraldina, Ira (2022). “Role of profitability, business risk, and intellectual capital in increasing firm value”. Journal of Indonesian Economy and Business, 37(3), 311-338.
  • Pasiouras, Fotios - Kosmidou, Kyriaki (2007). “Factors influencing the profitability of domestic and foreign commercial banks in the European Union”. Research in International Business and Finance, 21(2), 222-237.
  • Pesaran, M. Hashem - Schuermann, Till - Weiner, Scott M. (2004), “Modeling regional interdependencies using a global error-correcting macroeconometric model”. Journal of Business & Economic Statistics, 22(2), 129-162.
  • Pesaran, M. Hashem - Shin, Yongcheol - Smith, Richard J. (1999), “Pooled mean group estimation of dynamic heterogeneous panels”. Journal of The American Statistical Association, 94(446), 621-634.
  • Pesaran, M. Hashem - Shin, Yongcheol - Smith, Richard J. (2001), “Bounds testing approaches to the analysis of level relationships”. Journal of Applied Econometrics, 16(3), 289-326.
  • Pesaran, M. Hashem - Shin, Yongcheol (1998), “Generalized impulse response analysis in linear multivariate models”. Economics Letters, 58(1), 17-29.
  • Rahman, Habib-ur - Yousaf, Muhammad W. - Tabassum, Nageena (2020). “Bank-specific and macroeconomic determinants of profitability: A revisit of Pakistani banking sector under dynamic panel data approach”. International Journal of Financial Studies, 8(3), 42.
  • Ritter, Jay R. (2005). “Economic growth and equity returns”. Pacific-Basin Finance Journal, 13(5), 489-503.
  • Ross, Stephen A. (1976). “The arbitrage theory of capital asset pricing”. Journal of EconomicTheory 13, 341-360.
  • Sarıtaş, Hakan - Kangallı Uyar, Sinem G. - Gökçe, Altan (2016). “Banka karlılığı ile finansal oranlar ve makroekonomik değişkenler arasındaki ilişkilerin sistem dinamik panel veri modeli ile analizi: Türkiye araştırması”. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 87-108.
  • Sayıl, Gizel B. - Emir, Mustafa (2022). “Brics-T ülkelerinde bankaların finansal başarısızlığın tahmin edilmesi”. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 7(3), 307-326.
  • Sholikhin, Mohammad Y. - Supriani, Indri - Amijaya, Rachmania N.F. (2021). “Examining the correlation between Islamic banks profitability and the business cycle in Indonesia”. IJIBE (International Journal of Islamic Business Ethics), 6(1), 37-53.
  • Sufian, Fadzlan - Parman, Suarddy (2009). “Specialization and other determinants of non‐commercial bank financial ınstitutions' profitability: Empirical evidence from Malaysia”. Studies in Economics and Finance, 26(2), 113-128.
  • Tan, Yong - Floros, Christos (2012). “Bank profitability and GDP growth in China: A note”. Journal of Chinese Economic and Business Studies, 10(3), 267-273.
  • Tekin, Bilgehan - Yener, Erol (2020). “Banka dışı finansal kurumlarda karlılık oranlarını etkileyen makro ve mikro düzeydeki faktörler”. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (58), 1-34.
  • Trujillo-Ponce, Antonio (2013). “What determines the profitability of banks? Evidence from Spain”. Accounting & Finance, 53(2), 561-586.
  • Tunay, Necla - Tunay, K. Batu (2023). “Türkiye’de enflasyonun sigorta şirketlerinin performansına ve prim üretimlerine etkileri”. Ekonomi Politika ve Finans Araştırmaları Dergisi, 8(1), 59-82.
  • Türkiye Sermaye Piyasaları Birliği (TSPB) (2024). “Türkiye sermaye piyasası 2023”. Yayın No. 95.
  • Yao, Hongxing - Haris, Muhammad - Tariq, Gulzara - Javaid, Hafiz M. - Khan, Muhammad A. S. (2019). “Intellectual capital, profitability, and productivity: Evidence from Pakistani financial institutions”. Sustainability, 11(14), 3842.
  • Yuan, Deli - Gazi, M. Abu Issa - Harymawan, Iman - Dhar, Bablu K. - Hossain, A. Ishaque (2022). “Profitability determining factors of banking sector: Panel data analysis of commercial banks in South Asian countries”. Frontiers in Psychology, 13, 1000412.
  • https://www.tcmb.gov.tr/wps/wcm/connect/34352274-ecd6-4c08-8ec4-50a19de26613/FHA-Metaveri.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-34352274-ecd6-4c08-8ec4-50a19de26613-oOvNvFH (Erişim Tarihi: 20.01.2025).

Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri

Yıl 2025, Sayı: 106, 221 - 244, 15.04.2025
https://doi.org/10.25095/mufad.1623467

Öz

Bu çalışma, seçili makroekonomik faktörlerin Türkiye’de faaliyet gösteren finansal kuruluşların karlılık beklentileri üzerine olan etkilerinin araştırılmasını amaçlamaktadır. Gecikmesi Dağıtılmış Otoregresif Sınır Testi yöntemi kullanılan çalışmanın, 2012:3-2022:4 çeyreklik dönemini kapsayan verileri, Türkiye Cumhuriyet Merkez Bankası, Ekonomik İşbirliği ve Kalkınma Örgütü ile Investing’den elde edilmiştir. Araştırmanın uzun dönem bulguları, Türkiye’de yer alan finansal kuruluşların karlılık beklentilerinin, bileşik öncü göstergeler ve döviz kuru ile pozitif; CDS primleri, enflasyon ve hisse senedi fiyatları ile negatif bir ilişki içerisinde olduğunu göstermektedir. Kısa dönem bulguları ise finansal kuruluşların karlılık beklentilerinin, bileşik öncü göstergeler, hisse senedi fiyatları, döviz kuru, enflasyon ve VIX Endeksi ile düzeltilebileceğine dikkat çekmektedir. Çalışmadan elde edilen genel sonuçların vurguladığı en önemli nokta, finansal kuruluşların karlılık beklentileri açısından doğru stratejilerin belirlenmesine yardımcı olabilecek makroekonomik faktörlerin hem öngörülebilir olmaları hem de finansal piyasalara katılımı olumsuz etkilememeleri gerektiğidir.

Kaynakça

  • Abaidoo, Rexford - Agyapong, Elvis Kwame (2023). “Commodity price volatility, Risk exposure, and development of financial institutions”. International Journal of Emerging Markets, 19(11), 4132-4154.
  • Alam, Md. Nahid - Islam, K.M. Zahidul (2022). “Profitability determinants of non-bank financial ınstitutions under basel regulations: Evidence from a frontier market”. Global Business Review, 09721509221101102.
  • Alarussi, Ali Saleh - Sami Mohammed, Alhaderi (2018). “Factors affecting profitability in malaysia”. Journal of Economic Studies, 45(3), 442-458.
  • Al-Homaidi, Eissa A. - Tabash, Mosab, I. - H. S. Farhan, Najib - A. Almaqtari, Faozi (2018). “Bank-specific and macro-economic determinants of profitability of Indian commercial banks: A panel data approach”. Cogent Economics & Finance, 6(1), 1548072.
  • Anbar, Adem. - Alper, Deger (2011). “Bank specific and macroeconomic determinants of commercial bank profitability: Empirical evidence from Turkey”. Business and Economics Research Journal, 2(2), 139-152.
  • Baariu, M. James - Peter, Njuguna (2021). “Relationship between selected macroeconomic variables and the financial performance of investment banks in Kenya”. International Journal of Economics and Finance, 13(11), 1-98.
  • Bankacılık Denetleme ve Düzenleme Kurumu (BDDK) (2023). “BDDK Yıllık Faaliyet Raporu, 2023”. ISSN: 1307-5683. Bashir, Abdel-Hameed M. (2003). “Determinants of profitability in Islamic banks: Some evidence from the middle east”. Islamic Economic Studies, 11(1). 31-57.
  • Batten, Jonathan - Vo, Xuan Vinh (2019). “Determinants of bank profitability - Evidence from Vietnam”. Emerging Markets Finance and Trade, 55(6), 1417-1428.
  • Bernardelli, Leandro Coghi - Carrasco-Gutierrez, Carlos Enrique (2024). “Macroeconomic, industry-specific and bank-specific determinants of the profitability of Brazilian banks: Dynamic panel evidence”. Empirical Economics, 1-34.
  • Bernardelli, Michał - Korzeb, Zbigniew - Niedziółka, Paweł (2024). “What drives the profitability of banking sectors in the european union? The machine learning approach”. International Journal of Management and Economics, Sciendo, 60(4), 1-13.
  • Bonaccorsi Di Patti, Emilia - Palazzo, Francesco (2020). “Bank profitability and macroeconomic conditions: Are business models different”? Economic Notes, 49(2), e12155.
  • Chiladze, Izolda (2018). “Theoretical and Practical Aspects of Profitability Factorial Analysis”. Science & Studies of Accounting & Finance: Problems & Perspectives/Apskaitos ir Finansu Mokslas ir Studijos: Problemos ir Perspectyvos, 12(1). 12-19.
  • Cole, Rebel A. - Moshirian, Fariborz - Wu, Qiongbing (2008). “Bank Stock Returns and Economic Growth”. Journal of Banking & Finance, 32(6), 995-1007.
  • Çiftçi, Cemil - Durusu-Çiftçi, Dilek (2019). “Güçlü ekonomiye geçiş programı sonrası Türkiye’de banka karlılığının belirleyicileri”. Sosyoekonomi, 27(39), 111-131.
  • Demirguc-Kunt, Ash - Huizinga, Harry (1999). “Determinants of commercial bank interest margins and profitability: Some international evidence”. The World Bank Economic Review, 13, 379–408.
  • Demirhan, Aslıhan A. (2014). “Ekonomik faaliyet için Bileşik Öncü Göstergeler Endeksi’nde (MBÖNCÜ-SÜE) yöntemsel değişim”. TCMB Ekonomi Notları, Sayı: 2014-04, 1-9.
  • Dietrich, Andreas - Wanzenried, Gabrielle (2011). “Determinants of bank profitability before and during the crisis: Evidence from Switzerland”. Journal of International Financial Markets, Institutions and Money, 21(3), 307-327.
  • Doğan, Mesut - Yildiz, Feyyaz (2023). “Testing the factors that determine the profitability of banks with a dynamic approach: Evidence from Turkey”. Journal of Central Banking Theory and Practice, 12(1), 225-248.
  • Engle, Robert F. - Granger, Clive WJ. (1987). “Co-integration and error correction: representation, estimation, and testing”. Econometrica: Journal of the Econometric Society, 251-276.
  • Fidanoski, Filip - Choudhry, Moorad - Davidović, Milivoje - Sergi, Bruno S. (2018). “What does affect profitability of banks in Croatia”? Competitiveness Review: An International Business Journal, 28(4), 338-367.
  • Gikombo, Edna M. - Mbugua, Doris (2018). “Effect of select macro-economic variables on performance of listed commercial banks in Kenya”. International Academic Journal of Economics and Finance, 3(1), 80-109.
  • Harb, Etienne. - El Khoury, Rim - Mansour, Nadia - Daou, Rima (2023). “Risk management and bank performance: Evidence from the Mena Region”. Journal of Financial Reporting and Accounting, 21(5), 974-998.
  • Isayas, Yonas N. (2022). “Determinants of banks’ profitability: Empirical evidence from banks in Ethiopia”. Cogent economics & finance, 10(1), 2031433.
  • Joaqui-Barandica, Orlando - Manotas-Duque, Diego F. - Uribe, Jorge M. (2022). “Commonality, macroeconomic factors and banking profitability”. The North American Journal of Economics and Finance, 62, 101714.
  • Johansen, Søren (1988). “Statistical analysis of cointegration vectors”. Journal of Economic Dynamics and Control, 12(2-3), 231-254.
  • Katırcıoglu, Salih - Ozatac, Nesrin - Taspınar, Nigar (2020). The role of oil prices, growth and inflation in bank profitability”. The Service Industries Journal, 40(7-8), 565-584.
  • Kaya, Yasemin T. (2002). “Türk bankacılık sektöründe karlılığın belirleyicileri 1997-2000”. MSPD Çalışma Raporları, No: 2002/1.
  • Klein, Paul-Olivier - Weill, Laurent (2022). “Bank profitability and economic growth”. The Quarterly Review of Economics and Finance, 84, 183-199.
  • Knezevic, Ana - Dobromirov, Dusan (2016). “The determinants of serbian banking ındustry profitability”. Economic Research-Ekonomska Istraživanja, 29(1), 459-474.
  • Kohlscheen, Emanuel - Murcia Pabón, Andrés - Contreras, Julieta (2018). “Determinants of bank profitability in emerging markets”. BIS Working Paper No. 686.
  • Liu, Hong - Wilson, John O. (2010). “The profitability of banks in japan”. Applied Financial Economics, 20(24), 1851-1866.
  • Logan, Twila-Mae (2016). “Determinants of profitability of financial ınstitutions in Latin America and The Caribbean”. The Journal of Developing Areas, 50(4), 345-362.
  • Lutfi, Abdalwali - Ashraf, Maryam - Watto, Waqas A. - Alrawad, Mahmoad (2022). “Do uncertainty and financial development influence the FDI inflow of a developing nation? A time series ARDL approach”. Sustainability, 14(19), 12609.
  • Masood, Omar - Ashraf, Muhammad (2012). “Bank‐specific and macroeconomic profitability determinants of Islamic banks: The case of different countries”. Qualitative Research in Financial Markets, 4(2/3), 255-268.
  • Mofokeng, Tshepang - Moodley, Fabian (2025). “The Effects of Changing Macroeconomic Conditions on the Commercial Bank Returns in South Africa”. International Journal of Economics and Financial Issues, 15(2), 76-90.
  • Narayan, Paresh - Smyth, Russell (2005). “Trade liberalization and economic growth in Fiji an empirical assessment using the ARDL Approach”. Journal of The Asia Pacific Economy, 10(1), 96-115.
  • Ofoeda, Isaac (2017). “Corporate governance and non-bank financial institutions profitability”. International Journal of Law and Management, 59(6), 854-875.
  • Oluwatoyin, Matthew - Romanus, Osabohien - Fasina, Fagbeminiyi - Afolake, Fasina (2018). “Greenhouse gas emissions and health outcomes in Nigeria: Empirical insight from auto-regressive distribution lag technique”. International Journal of Energy Economics and Policy, 8(3), 43-50.
  • Pangestuti, Dewi C. - Muktiyanto, Ali - Geraldina, Ira (2022). “Role of profitability, business risk, and intellectual capital in increasing firm value”. Journal of Indonesian Economy and Business, 37(3), 311-338.
  • Pasiouras, Fotios - Kosmidou, Kyriaki (2007). “Factors influencing the profitability of domestic and foreign commercial banks in the European Union”. Research in International Business and Finance, 21(2), 222-237.
  • Pesaran, M. Hashem - Schuermann, Till - Weiner, Scott M. (2004), “Modeling regional interdependencies using a global error-correcting macroeconometric model”. Journal of Business & Economic Statistics, 22(2), 129-162.
  • Pesaran, M. Hashem - Shin, Yongcheol - Smith, Richard J. (1999), “Pooled mean group estimation of dynamic heterogeneous panels”. Journal of The American Statistical Association, 94(446), 621-634.
  • Pesaran, M. Hashem - Shin, Yongcheol - Smith, Richard J. (2001), “Bounds testing approaches to the analysis of level relationships”. Journal of Applied Econometrics, 16(3), 289-326.
  • Pesaran, M. Hashem - Shin, Yongcheol (1998), “Generalized impulse response analysis in linear multivariate models”. Economics Letters, 58(1), 17-29.
  • Rahman, Habib-ur - Yousaf, Muhammad W. - Tabassum, Nageena (2020). “Bank-specific and macroeconomic determinants of profitability: A revisit of Pakistani banking sector under dynamic panel data approach”. International Journal of Financial Studies, 8(3), 42.
  • Ritter, Jay R. (2005). “Economic growth and equity returns”. Pacific-Basin Finance Journal, 13(5), 489-503.
  • Ross, Stephen A. (1976). “The arbitrage theory of capital asset pricing”. Journal of EconomicTheory 13, 341-360.
  • Sarıtaş, Hakan - Kangallı Uyar, Sinem G. - Gökçe, Altan (2016). “Banka karlılığı ile finansal oranlar ve makroekonomik değişkenler arasındaki ilişkilerin sistem dinamik panel veri modeli ile analizi: Türkiye araştırması”. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 11(1), 87-108.
  • Sayıl, Gizel B. - Emir, Mustafa (2022). “Brics-T ülkelerinde bankaların finansal başarısızlığın tahmin edilmesi”. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 7(3), 307-326.
  • Sholikhin, Mohammad Y. - Supriani, Indri - Amijaya, Rachmania N.F. (2021). “Examining the correlation between Islamic banks profitability and the business cycle in Indonesia”. IJIBE (International Journal of Islamic Business Ethics), 6(1), 37-53.
  • Sufian, Fadzlan - Parman, Suarddy (2009). “Specialization and other determinants of non‐commercial bank financial ınstitutions' profitability: Empirical evidence from Malaysia”. Studies in Economics and Finance, 26(2), 113-128.
  • Tan, Yong - Floros, Christos (2012). “Bank profitability and GDP growth in China: A note”. Journal of Chinese Economic and Business Studies, 10(3), 267-273.
  • Tekin, Bilgehan - Yener, Erol (2020). “Banka dışı finansal kurumlarda karlılık oranlarını etkileyen makro ve mikro düzeydeki faktörler”. Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, (58), 1-34.
  • Trujillo-Ponce, Antonio (2013). “What determines the profitability of banks? Evidence from Spain”. Accounting & Finance, 53(2), 561-586.
  • Tunay, Necla - Tunay, K. Batu (2023). “Türkiye’de enflasyonun sigorta şirketlerinin performansına ve prim üretimlerine etkileri”. Ekonomi Politika ve Finans Araştırmaları Dergisi, 8(1), 59-82.
  • Türkiye Sermaye Piyasaları Birliği (TSPB) (2024). “Türkiye sermaye piyasası 2023”. Yayın No. 95.
  • Yao, Hongxing - Haris, Muhammad - Tariq, Gulzara - Javaid, Hafiz M. - Khan, Muhammad A. S. (2019). “Intellectual capital, profitability, and productivity: Evidence from Pakistani financial institutions”. Sustainability, 11(14), 3842.
  • Yuan, Deli - Gazi, M. Abu Issa - Harymawan, Iman - Dhar, Bablu K. - Hossain, A. Ishaque (2022). “Profitability determining factors of banking sector: Panel data analysis of commercial banks in South Asian countries”. Frontiers in Psychology, 13, 1000412.
  • https://www.tcmb.gov.tr/wps/wcm/connect/34352274-ecd6-4c08-8ec4-50a19de26613/FHA-Metaveri.pdf?MOD=AJPERES&CACHEID=ROOTWORKSPACE-34352274-ecd6-4c08-8ec4-50a19de26613-oOvNvFH (Erişim Tarihi: 20.01.2025).
Toplam 59 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Finans, Finansal Piyasalar ve Kurumlar
Bölüm Makaleler
Yazarlar

Gökhan Özbilge 0000-0002-9060-091X

Behice Canatan 0000-0001-9588-386X

Yayımlanma Tarihi 15 Nisan 2025
Gönderilme Tarihi 20 Ocak 2025
Kabul Tarihi 6 Mart 2025
Yayımlandığı Sayı Yıl 2025 Sayı: 106

Kaynak Göster

APA Özbilge, G., & Canatan, B. (2025). Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri. Muhasebe ve Finansman Dergisi(106), 221-244. https://doi.org/10.25095/mufad.1623467
AMA Özbilge G, Canatan B. Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri. Muhasebe ve Finansman Dergisi. Nisan 2025;(106):221-244. doi:10.25095/mufad.1623467
Chicago Özbilge, Gökhan, ve Behice Canatan. “Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri”. Muhasebe ve Finansman Dergisi, sy. 106 (Nisan 2025): 221-44. https://doi.org/10.25095/mufad.1623467.
EndNote Özbilge G, Canatan B (01 Nisan 2025) Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri. Muhasebe ve Finansman Dergisi 106 221–244.
IEEE G. Özbilge ve B. Canatan, “Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri”, Muhasebe ve Finansman Dergisi, sy. 106, ss. 221–244, Nisan2025, doi: 10.25095/mufad.1623467.
ISNAD Özbilge, Gökhan - Canatan, Behice. “Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri”. Muhasebe ve Finansman Dergisi 106 (Nisan2025), 221-244. https://doi.org/10.25095/mufad.1623467.
JAMA Özbilge G, Canatan B. Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri. Muhasebe ve Finansman Dergisi. 2025;:221–244.
MLA Özbilge, Gökhan ve Behice Canatan. “Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri”. Muhasebe ve Finansman Dergisi, sy. 106, 2025, ss. 221-44, doi:10.25095/mufad.1623467.
Vancouver Özbilge G, Canatan B. Seçili Makroekonomik Göstergelerin Türkiye’deki Finansal Kuruluşların Karlılık Beklentileri Üzerine Etkileri. Muhasebe ve Finansman Dergisi. 2025(106):221-44.