The Effect of Zombie Companies on Sector Productivity and an Application in Türkiye

Abstract

Purpose: The purpose of this article is to investigate the effect of zombie companies on productivity, the driving force of economic growth. Methodology: Using micro-level data for the period 2007-2022 obtained from the Enterprise Information System database, companies with an interest coverage ratio less than one and an investment ratio less than 10 percent for three consecutive years were classified as zombie companies. The possible effect of zombie shares on sector productivity was estimated with fixed-effect panel regression analysis for the period 2009-2022. Findings: The share of zombie companies are higher in the chemical industry, transportation vehicles, textile, food manufacturing sectors and less in the metal and machinery-equipment manufacturing sectors. An increase in the share of zombie companies in an industry significantly reduces productivity of that industry calculated in terms of added value but does not significantly affect the average productivity calculated in terms of gross output. Originality: It is the first study in Türkiye to examine the effect of zombie companies on the sector productivity and to use Entrepreneur Information System database about zombie companies. Additionally, a new method was developed to identify zombie companies.

Keywords

• Zombie Firms
• Productivity
• Misallocation

Zombi Şirketlerin Sektör Verimliliği Üzerine Etkisi ve Türkiye Uygulaması

Öz

Amaç: Bu makalenin amacı, normal koşullar altında rekabetçi piyasadan çekilmesi gereken, ancak çeşitli desteklerle hayatta tutulan zombi şirketlerin, ekonomik büyümenin itici gücü olan sektörel verimlilik üzerinde meydana getirdiği etkinin araştırılmasıdır. Yöntem: Çalışmada, Girişimci Bilgi Sisteminden elde edilen 2007-2022 dönemine ait mikro verilerden yararlanılarak; üç yıl üst üste faiz karşılama oranı birden az ve yatırım oranı brüt olarak yüzde 10’dan daha düşük şirketler zombi şirket olarak sınıflandırılmıştır. Zombi şirketlerin sektörel verimliliğe etkisi ise, Ulusal Verimlilik İstatistiklerinden sağlanan verimlilik verilerinin bağımlı değişken olduğu tek değişkenli sabit etkili panel regresyon analizi yoluyla 2009-2022 dönemi için tahmin edilmiştir. Bulgular: Kimyasal ürünler, ulaşım araçları, tekstil ve gıda imalatında bulunan şirketler arasında daha yüksek; buna karşın metal ve makine-ekipman imalatı sektörlerinde yer alan şirketler arasında daha az zombi şirkete rastlanılmıştır. Ayrıca sektördeki zombi şirket payındaki artışın, sektörün katma değer cinsinden hesaplanan ortalama verimliliğini anlamlı bir şekilde azalttığı, brüt çıktı cinsinden hesaplanan verimliliği üzerinde anlamlı bir etkisinin olmadığı tespit edilmiştir. Özgünlük: Bu çalışma, Türkiye’de zombi şirketlerin sektör ortalama verimliliğine etkisini inceleyen ve zombi şirketler konusunda Girişimci Bilgi Sistemi mikro verilerinden yararlanan ilk çalışmadır. Ayrıca, zombi şirketlerin belirlenmesinde yeni bir yöntem geliştirilmiştir.

Anahtar Kelimeler

• Zombi Şirketler
• Verimlilik
• Kaynak Tahsisinde Etkinsizlik

Kaynakça

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