Varlık devir hızı, sermaye yapısı ve finansal performans: Türkiye'deki gayrimenkul şirketleri üzerine bir inceleme

Öz

Bu çalışma, ekonomik dalgalanma döneminde (2020–2024) Türkiye’deki Gayrimenkul Yatırım Ortakıklarının (GYO’lar) finansal performansını etkileyen unsurları incelemektedir. Varlık devir hızı, sermaye yapısı ve likiditenin rolleri üzerine odaklanan araştırma, 23 firmanın dengelenmiş panel verisi kullanılarak gerçekleştirilmiş ve nicel bir yaklaşım benimsenmiştir. Sabit etkiler panel regresyon modeli uygulanmış; kapsamlı tanısal testler ve sağlamlık kontrolleri ile desteklenmiştir. Bulgularımıza göre, varlık devir hızı, aktif kârlılığı üzerinde anlamlı ve olumlu bir etki yaratmakta, bu da Türkiye gayrimenkul sektöründe varlıkların etkin kullanımının önemini ortaya koymaktadır. Likidite, kârlı firmalarda finansal performansı olumsuz etkilemektedir; ancak bu sonuç aykırı gözlemlere duyarlıdır, bu nedenle dikkatli yorumlanmalıdır. Sermaye yapısı (kaldıraç oranı ile ölçülmüştür) ise tutarlı bir etki göstermemektedir. Aykırı değer ayarlamaları ve ekonomik şoklara yönelik kontroller içeren sağlamlık analizleri, varlık devir hızının birincil belirleyici olduğunu doğrulamaktadır. Bu çalışma, gelişmekte olan bir piyasa bağlamında operasyonel verimlilik ve likidite arasındaki etkileşimi vurgulayarak literatüre özgün katkılar

Anahtar Kelimeler

• Finansal Performans
• Gayrimenkul Yatırım Ortaklıkları (GYO)
• Varlık Devir Hızı
• Sermaye Yapısı
• Likidite
• Türkiye

Destekleyen Kurum

yok

Etik Beyan

ullanılan tüm veriler kamuya açık ve ikincil kaynaklardan elde edilmiştir. Bu nedenle etik kurul onayı gerekmemektedir. Yazarlar, çıkar çatışması olmadığını beyan eder ve araştırmanın etik araştırma standartlarına uygun olarak yürütüldüğünü belirtir.

Teşekkür

Teşekkür ederim

Asset turnover, capital structure, and financial performance: A Study on Real Estate Companies in Turkey (2020–2024)

Öz

This study explores the drivers of financial performance among Turkish Real Estate Investment Trusts (GYOs) during a period of economic volatility (2020–2024). Focusing on the roles of asset turnover, capital structure and liquidity, we analyzed a balanced panel of 23 firms using a quantitative approach, fixed-effects panel regression models, supported by comprehensive diagnostic tests and robustness checks. Our findings reveal that asset turnover significantly enhances return on assets, underscoring the importance of efficient asset utilization in the Turkish real estate sector. Liquidity exhibits a negative effect on performance in profitable firms, though this result is sensitive to outliers, suggesting cautious interpretation. Capital structure, measured by leverage, shows no consistent impact. Robustness checks, including outlier adjustments and controls for economic shocks, confirm the primary role of asset turnover. The study contributes to the literature by providing novel evidence from an emerging market, highlighting the interplay of operational efficiency and liquidity under economic turbulence. These insights inform investors and policymakers navigating Türkiye’s real estate dynamics, emphasizing strategies to optimize asset use while managing liquidity. They also suggest avenues for future research into firm-specific and macroeconomic factors.

Anahtar Kelimeler

• Financial Performance
• Real Estate Investment Trusts
• Asset Turnover
• Capital Structure
• Liquidity
• Türkiye

Destekleyen Kurum

N/A

Etik Beyan

All data used are publicly available and derived from secondary sources. Therefore, ethical approval was not required. The authors declare that there are no conflicts of interest and that the research has been conducted in accordance with ethical research standards.

Teşekkür

Thanks

Kaynakça

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