TÜRK SAVUNMA SANAYİİ İLE ABD SAVUNMA SANAYİİ'NİN FİNANSAL OLARAK KARŞILAŞTIRMASI

Yıl 2025, Cilt: 9 Sayı: 1-2, 58 - 65, 27.12.2025

Olcay Ölçen

https://doi.org/10.30711/utead.1779969

Öz

Dünya, büyük savaşlar, gerginlikler ve devletler arası çatışmalar nedeniyle büyük dönüşümlere tanık olmaya başlamıştır. Doğal olarak bu gerileme hükümetleri endüstriyel bağlamda yeni düzenlemeler yapmaya yöneltmiştir. Türk Savunma Sanayii (TDI) gelişimi, diğer yükselen devletlerle birlikte bu dönemin bir meyvesidir. Bu makale, Türk Savunma Sanayii'nin (TDI) Amerika Birleşik Devletleri Savunma Sanayi (USDI) ile karşılaştırıldığında finansal gücüne ışık tutmayı amaçlamaktadır. Bu amacı gerçekleştirmek için 2023 ve 2024 yılları için finansal tablo oranları ve Mann-Whitney U testleri kullanılmıştır. Analiz sonuçlarına göre TDI'nin likidite yönetimi ve karlılık konusunda zaafları bulunmaktadır. Öte yandan, ciro süreleri yüksektir ve varlık yönetim seviyesi USD'ye göre nispeten düşüktür. Borç yönetiminde sorunlar vardır. Ayrıca, Mann-Whitney U testlerine göre USDI ve TDI arasında homojenlik farklılıkları vardır. Sıradan bir yatırımcı USDI ve TDI'yi aynı şekilde gözlemlese de, bu ileri teknoloji ve savunma şirketlerinin ve endüstrilerinin küresel konumlanmaları farklıdır. Bu durumun temel nedenleri ve analiz sonuçları sonuç bölümünde tartışılmaktadır.

Anahtar Kelimeler

Savunma Endüstrileri , Finansal Oranlar , Mann-Whitney U testi

THE FINANCIAL COMPARISON OF THE TURKISH DEFENCE INDUSTRY WITH THE UNITED STATES DEFENCE INDUSTRY

Öz

The world has begun to witness big transformations due to the great wars, tensions, and conflicts between states. Naturally, this downturn led the governments to make new arrangements in the industrial context. The Turkish Defence Industry (TDI) development is a fruit of this era, along with other emerging states. This paper aims to shed light on the financial power of the Turkish Defence Industry (TDI) in comparison with the United States Defence Industry (USDI). Financial statement ratios and Mann-Whitney U tests are used for 2023 and 2024 to realise this purpose. According to the analysis results, TDI has vulnerabilities regarding liquidity management and profitability. On the other hand, the durations of turnovers are high, and the asset management level is relatively lower than that of USD. There are problems with debt management. Moreover, there are homogeneity differences between USDI and TDI regarding Mann-Whitney U tests. Although an ordinary investor observes USDI and TDI in the same way, the global positioning of these high-tech and defence companies and their industries is different. The main causes of this situation and the analysis results are discussed in the conclusion section.

Anahtar Kelimeler

Defence Industries , Financial Ratios , Mann-Whitney U test.

Kaynakça

• Abdullah, E. and Zahari, H. M. Challenges And Opportunities From The Perspective of The Local Industry Players: In The Context of The Malaysian Defence Industry.
• Ajdacic, L., Heemskerk, E. M., and Garcia-Bernardo, J. (2021). The wealth defence industry: A large-scale study on accountancy firms as profit-shifting facilitators. New Political Economy, 26(4), 690-706.
• Almeida, H. (2021). Liquidity management during the COVID-19 pandemic. Asia‐Pacific Journal of Financial Studies, 50(1), 7-24.
• Amadi-Echendu, J. E., Willett, R., Brown, K., Hope, T., Lee, J., Mathew, J., ... & Yang, B. S. (2010). What is engineering asset management? (pp. 3-16). Springer London.
• Amadi-Echendu, J. E., Willett, R., Brown, K., Hope, T., Lee, J., Mathew, J., ... & Yang, B. S. (2010). What is engineering asset management? (pp. 3-16). Springer London.
• Ball, R., Gerakos, J., Linnainmaa, J. T., & Nikolaev, V. V. (2015). Deflating profitability. Journal of Financial Economics, 117(2), 225-248.
• Bei, Z., & Wijewardana, W. P. (2012). Financial leverage, firm growth and financial strength in the listed companies in Sri Lanka. Procedia-social and behavioural sciences, 40, 709-715.
• Belin, J., & Fawaz, M. (2024). Profitability of Defence Companies in the US and Europe. Defence and Peace Economics, 35(4), 415-426.
• Ćutić, D. (2020). Defence resources management and capabilities building. In the Interdisciplinary Management Research Conference, Osijek (Vol. 16, No. 1, pp. 747-764).
• De la Brosse, G. (2017). Deploying financial tools in support of European defence cooperation. Comment. Armament Industry European Research Group (ARES).
• Gavrikova, E., Volkova, I., & Burda, Y. (2020). Strategic aspects of asset management: An overview of current research. Sustainability, 12(15), 5955.
• Geroski, P., Machin, S., & Van Reenen, J. (1993). The profitability of innovating firms. The Rand journal of economics, 198-211.
• Gill, A., & Obradovich, J. (2012). The impact of corporate governance and financial leverage on the value of American firms. International Research Journal of Finance and Economics, 91(2), 46-56.
• Göksidan, H. T., & Solakoğlu, E. (2025). How Product Lifecycle Management (PLM) Creates Value: An Evidence-Based Look at the Aerospace and Defence Industry. International Journal of Applied Industrial Engineering (IJAIE), 10(1), 1-18.
• Gryshchenko, I., Havrilenko, N., Krasnostanova, N., Kapyrulya, M., & Banchuk-Petrosova, O. (2024). The Role Of Industrial Policy In The Development Of The State's Defence Industry: International Legal And Economic Regulation. Financial & Credit Activity: Problems of Theory & Practice, 5(58).
• Hellberg, R., & Lundmark, M. (2025). Transformation in European Defence Supply Chains as Ukraine Conflict Fuels Demand. Scandinavian Journal of Military Studies, 8(1).
• Hmyria, V., Nikitchenko, V., Shynkarenko, O., Aleskerova, Y., & Kostyuk, O. Development of the defence industry of Ukraine to ensure national security. Financial and Credit Activity: Problems of Theory and Practice. 2024.№ 3 (56). P. 321-333. DOI: 10.55643/fcaptp. 3.56. 2024.4366.
• Ilyukhin, E. (2015). The impact of financial leverage on firm performance: Evidence from Russia. Корпоративные финансы, 9(2), 24-36.
• Ivan, L. (2020, December). Management of the COVID-19 Crisis at the Level of the Defence Industry. In International Conference Innovative Business Management & Global Entrepreneurship (IBMAGE 2020) (pp. 270-293). Editura Lumen, Asociatia Lumen.
• Kevorkova, Z. A., Petrov, A. M., & Savina, N. V. (2019). Towards liabilities of corporate systems. International Journal of Civil Engineering and Technology, 10(2), 1582-1593.
• Kurç, Ç., & Neuman, S. G. (2017). Defence industries in the 21st century: a comparative analysis. Defence Studies, 17(3), 219-227.
• Landers, J. (1981). Quantification in History, Topic 4: Hypothesis Testing II‐Differing Central Tendency. Oxford: All Souls College.
• McKnight, P. E., & Najab, J. (2010). Mann‐Whitney U Test. The Corsini encyclopedia of psychology, 1-1. Mölling, C., & Brune, S. C. (2011). The impact of the financial crisis on European defence: Annex. MISC. https://nbn-resolving.org/urn:nbn:de:0168-ssoar-256764
• Nachar, N. (2008). The Mann-Whitney U: A test for assessing whether two independent samples come from the same distribution. Tutorials in quantitative Methods for Psychology, 4(1), 13-20.
• Önaçan, M. B. K., Sezgin, V., Medeni, T. D., & Medeni, İ. T. (2022). Defence Expenditure and Financial Resources of Defence Expenditure In Turkey: A Comparative Conceptual Analysis. Journal of Naval Sciences and Engineering, 18(1), 1-29.
• Papadimitri, P., Pasiouras, F., & Tasiou, M. (2021). Financial leverage and performance: The case of financial technology firms. Applied Economics, 53(44), 5103-5121.
• Paul, S. C., & Rahman, M. A. (2021). Current Assets, Current Liabilities and Profitability: A Cross-Industry Analysis. Journal of Asian Business Strategy, 11(1), 55.
• Reis, J., Melão, N., Costa, J., & Pernica, B. (2022). Defence industries and open innovation: ways to increase military capabilities of the Portuguese ground forces. Defence Studies, 22(3), 354-377.
• Schneider, J., Gaul, A. J., Neumann, C., Hogräfer, J., Wellßow, W., Schwan, M., & Schnettler, A. (2006). Asset management techniques. International Journal of Electrical Power & Energy Systems, 28(9), 643-654.
• Siegel, S., & Castellan, N.J.Jr. (1988) Nonparametric statistics for the behavioural sciences, second edition. États‐Unis: McGraw‐Hill Book Company.
• Uysalkan, I. I. (2010). Milli Savunma Iskolunda Calisma Kosullari. [Doktora Tezi]. Dokuz Eylul Universitesi, Sosyal Bilimler Enstitusu.
• Varga, T. C. (2024). Kickstarting the Hungarian defence industry in the 2020s–Synergies, opportunities, and obstacles for smaller member states within EDTIB. European Integration Studies, 20(2), 7-32. Wall Emerson, R. (2023). Mann-Whitney U test and t-test. Journal of Visual Impairment & Blindness, 117(1), 99-100.
• Ziylan, A., Batmaca, S., Por, R., Uysal, I., Zaim, M., Tatar, Y., and Er, U. (1998). “Savunma Sanayii ve Tedarik: Ulkemizin Bilim ve Teknoloji Yeteneginin Yukseltilmesini Esas Alan Bir Yaklasim”. Bilim ve Teknoloji Strateji ve Politika Calismalari, TUBITAK BTP.