YATIRIM İŞLEMLERİNİN DİJİTALLEŞMESİNİN PORTFÖY YÖNETİM ŞİRKETLERİ PERFORMASINA ETKİSİ VARMIDIR?

Yıl 2024, Sayı: 60, 321 - 347, 17.01.2024

Dr.öğretim Üyesi Serkan Demirel

https://doi.org/10.30794/pausbed.1353518

Öz

Bu çalışmanın amacı, dijital yatırım işlemlerinin bankaların portföy yönetim şirketleri işlem hacmine ve kârlarına etkisini
araştırmaktır. Çalışmadaki değişkenlere ait gözlemler 9 adet banka için 2015 1.çeyrek dönemi ile 2023 1.çeyrek dönemi
arasında eksiksiz olarak derlenerek 297 adet gözlem içeren dengeli bir panel veri seti oluşturulmuştur. Çalışmada Panel
ARDL modeli, eş bütünleşme anali ve korelasyon analizlerinden faydalanılmıştır. Çalışmada betimsel istatistikler ve normal
dağılım istatistiklerine göre, Toplam İşlem Hacmi değişkeninin normal dağılım gösterdiği, Portföy Yönetim Şirketi Kâr Tutarı,
Tahvil İşlem Hacmi, Hisse Senedi İşlem Hacmi ve VİOP İşlem Hacmi değişkenlerinin normal değil fakat normale yakın dağılım
gösterdiği tespit edilmiştir. CD Yatay Kesit Bağımlılık Testi bulgularına göre; Toplam İşlem Hacmi ve Portföy Yönetim Şirketi
Kâr Tutarı değişkenleri için yatay kesit bağımlılığın olduğu ve diğer değişkenlerin birimlere göre değişmediği tespit edilmiş.
Yatay kesit bağımlılık özelliği gösteren Toplam İşlem Hacmi ve Portföy Yönetim Şirketi Kâr Tutarı değişkenleri için yapılan
IPS (2003), LLC (2002) ve CADF (2007) 2.nesil panel birim kök testi bulgularına göre, araştırmanın bağımlı değişkenlerinin
düzeyde durağan olmayan ve birinci devresel farkında durağanlaşan değişkenler oldukları tespit edilmiştir (Toplam İşlem
Hacmi, Portföy Yönetim Şirketi Kâr Tutarı). Birim sabiti ve zaman değişkeni olan değişkenler için 1.nesil panel birim kök
testlerinden Breitung (1991) ve Harris-Tzavalis (1999) birim kök testi bulgularına göre, modellerdeki birim sabiti ve zaman
değişkeni olan Tahvil İşlem Hacmi, Hisse Senedi İşlem Hacmi, VİOP İşlem Hacmi ve Yatırım Fonu İşlem Hacmi değişkenlerinin
düzeyde durağan olmayan fakat birinci devresel farkında durağanlaşan değişkenler oldukları tespit edilmiştir. Değişkenler
arasındaki korelasyon analizi bulgularına göre, Toplam İşlem Hacmi ile Tahvil İşlem Hacmi, VİOP İşlem Hacmi ve Yatırım Fonu
İşlem Hacmi arasında %1 anlamlılık düzeyinde istatistiksel olarak anlamlı, orta düzeyde ilişki tespit edilmiştir. Toplam İşlem
Hacmi ile Hisse Senedi İşlem Hacmi arasında ise istatistiksel olarak anlamlı bir ilişkisi saptanmamıştır. Portföy Yönetim Şirketi
Kâr Tutarı değişkeni ile ise Tahvil İşlem Hacmi, Yatırım Fonu İşlem Hacmi ve Yatırım Fonu İşlem Hacmi arasında %1 anlamlılık
düzeyinde istatistiksel olarak anlamlı düşük ve orta düzey arasında değişen pozitif ilişkileri söz konusu iken, Portföy Yönetim
Şirketi Kâr Tutarı ile Hisse Senedi İşlem Hacmi arasında istatistiksel olarak anlamlı bir ilişkisi tespit edilmemiştir. Bağımsız
değişkenler arası ilişkiler incelendiğinde ise, Tahvil İşlem Hacmi ile VİOP İşlem Hacmi ve Yatırım Fonu İşlem Hacmi arasında %1
anlamlılık düzeyinde istatistiksel olarak anlamlı ve oldukça yüksek bir ilişki tespit edilmiştir.

Anahtar Kelimeler

Dijitalleşme, Dijital Yatırımlar, Portföy Yönetim Şirketleri.

DOES THE DIGITALIZATION OF INVESTMENT TRANSACTIONS HAVE AN EFFECT ON THE PERFORMANCE OF PORTFOLIO MANAGEMENT COMPANIES?

Öz

The purpose of this study is to investigate the impact of digital investment transactions on the trading volume and profitability
of banks' asset management companies. The observations of the variables in the study are compiled for 9 banks between the
1st quarter of 2015 and the 1st quarter of 2023, and a balanced panel data set containing 297 observations is formed. Panel
ARDL model, cointegration analysis and correlation analysis are utilized in the study. According to descriptive statistics and
normal distribution statistics, Total Trading Volume variable is normally distributed, while Asset Management Company Profit
Amount, Bond Trading Volume, Equity Trading Volume and VIOP Trading Volume variables are not normally distributed but
close to normal. According to the findings of the CD Horizontal Cross-Section Dependence Test, it is determined that there
is horizontal cross-section dependence for Total Trading Volume and Asset Management Company Profit Amount variables
and other variables do not vary across units. According to the findings of the IPS (2003), LLC (2002) and CADF (2007) 2nd
generation panel unit root tests for the variables Total Trading Volume and Portfolio Management Company Profit Amount,
the dependent variables of the study were found to be non-stationary at the level and stationary at the first cyclical difference
(Total Trading Volume, Portfolio Management Company Profit Amount). According to the findings of Breitung (1991) and HarrisTzavalis (1999) unit root tests, which are among the first generation panel unit root tests for variables with unit constant and
time variables, the variables with unit constant and time variables in the models, namely Bond Trading Volume, Equity Trading
Volume, VIOP Trading Volume and Mutual Fund Trading Volume, are found to be non-stationary in level but stationary in
first-cycle difference. According to the findings of the correlation analysis between variables, there is a statistically significant,
moderate relationship between Total Trading Volume and Bond Trading Volume, VIOP Trading Volume and Mutual Fund
Trading Volume at the 1% significance level. There is no statistically significant relationship between Total Trading Volume
and Equity Trading Volume. While there are statistically significant low to medium positive relationships between Asset
Management Company Profit Amount variable and Bond Trading Volume, Mutual Fund Trading Volume and Mutual Fund
Trading Volume at 1% significance level, there is no statistically significant relationship between Asset Management Company
Profit Amount and Equity Trading Volume. When the relationships between independent variables are analyzed, there is a
statistically significant and quite high relationship between Bond Trading Volume and VIOP Trading Volume and Mutual Fund
Trading Volume at the 1% significance level.

Anahtar Kelimeler

Digitalization, Digital Investments, Asset Management Companies.

Kaynakça

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