Arş. Gör. Banu KÜLTER, Arş. Gör. Kartal DEMİRGÜNEŞ

Perakendeci Firmalarda Karlılığı Etkileyen Değişkenler Hisse Senetleri imkb’de işlem Gören Perakendeci Firmalar Üzerinde Ampirik Bir Çalışma

Perakendeci firmalarda karlılığı finansal getirileri etkileyen değişkenlerin tespit edilmesine yönelik çalışmalar giderek önem kazanmaktadır Bunun temel nedenlerinden birisi pazarlama maliyetlerinin artmasına bağlı olarak getirilerin azaldığı yönündeki yanlış önyargılar olmaktadır Bu çalışmada Türkiye’de faaliyet gösteren perakendeci firmaların karlılığını etkileyen değişkenlerin tespit edilmesi ve bu firmalara karlılığın artırılması çerçevesinde bir takım öneriler sunulması amaçlanmaktadır Bu amaç doğrultusunda hisse senetleri İstanbul Menkul Kıymetler Borsası İMKB ’nda işlem gören perakendeci firmaların 1997 2006 dönemindeki verileri kullanılarak yapılan “bütünleşik regresyon pooled regression ” analizi sonucunda karlılığın firma büyüklüğüne ve borç düzeyinin artmasına bağlı olarak azaldığı; işletme sermayesi yatırımlarının ve pazar payının artmasına bağlı olarak da arttığı tespit edilmiştir Anahtar Kelimeler: Perakendeci firmalar perakendeci değer zinciri karlılık bütünleşik regresyon analizi

Anahtar Kelimeler:

Perakendeci firmalar, perakendeci değer zinciri, karlılık, bütünleşik regresyon analizi

Perakendeci Firmalarda Karlılığı Etkileyen Değişkenler Hisse Senetleri imkb’de işlem Gören Perakendeci Firmalar Üzerinde Ampirik Bir Çalışma

Studies related with the determinants of profitability in retailing firms has gained greater importance due to the fallacious prejudgment that as marketing costs increase overall profitability decreases The aim of this study is to analyze the determinants of profitability in Turkish retailing firms and to give them some advisory suggestions in order to increase profitability In accordance with this aim as the result of “pooled regression” analysis by using the data regarding Istanbul Stock Exchange ISE listed retailing firms in the period of 1997 2006 it has been concluded that profitability of the retailing firms has decreased due to firm size and borrowing; and has increased due to working capital investments and market share Keywords: Retailing firms retailer value chain profitability pooled regression analysis

PDF

___

Ailawadi, K. L., B. A. Harlam, J. Cesar ve D. Trounce (2006), “Promotion Profitability for a Retailer: The Role of Promotion, Brand, Category, and Store Characteristics”, Journal of Marketing Research, Vol. XLIII: 518-535.
Ailawadi, K. L., N. Borin ve P. W. Farris (1995), “Market Power and Performance: A Cross-Industry Analysis of Manufacturers and Retailers”, Journal of Retailing, 71(3): 211-248.
Amato, L. H. ve C. H. Amato (2004), “Firm Size, Strategic Advantage, and Profit Rates in US Retailing”, Journal of Retailing and Consumer Services, 11: 181-193.
Amato, L. H. ve R. P. Wilder (1985), “The Effects of Firm Size on Profit Rates in US Manufacturing”, Southern Economic Journal, 52(1): 181-190.
Anastassopoulos, George (2004), “Profitability Differences between MNE Subsidiaries and Domestic Firms: The Case of Food Industry in Greece”, Agribusiness, Vol. 20 (1): 45-60.
Arnold, Glen (1998), Corporate Financial Management, London: William Clowes, Ltd.
Betancourt, R. R. ve D. A. Gautschi (1993), “The Outputs of Retail Activities: Concepts, Measurement, and Evidence from US Census Data”, Review of Economics and Statistics, 75(2): 294-301.
Borenstein, Severin (1991), “Selling Costs and Switching Costs: Explaining Retail Gasoline Margins”, Rand Journal of Economics, 22(3), 354-369.
Burt, S. ve L. Sparks (1997), “Performance in Food Retailing: A Cross-National Consideration and Comparison of Retail Margins”, British Journal of Management, Vol. 8: 133-150.
Caves, R. E. ve T. A. Pugel (1980), “Intra Industry Differences in Conduct and Performance: Viable Strategies in US Manufacturing”, New York University Monograph Series in Finance and Economics, Monograph 1980-2.
Cook, Victor J., Jr. (1985), “The Net Present Value of Market Share”, Journal of Marketing, 49 (Summer): 49-63.
Damodaran, Aswath (2002), Investment Valuation: Tools and Techniques for Determining The Value of Any Asset, New York: John Wiley&Sons, Inc.
Davies, S. ve B. Lyons (1996), Industrial Organization in the European Union, Oxford: Clarendon Press.
Deloof, Marc (2003), “Does Working Capital Management Affect Profitability of Belgian Firms?”, Business Finance and Accounting, 30: 573-588.
Domowitz, I., R. G. Hubbard ve B. C. Peterson (1986), “Business Cycles and the Relationship Between Concentration and Price-Cost Margins”, Rand Journal of Economics, 17: 1-17.
Droms, W. G., C. W. Miller ve G. A. Lacerte (1979), A Financial Profile of Small Retailing Firms”, American Journal of Small Business, Vol. III, Number 4, April: 42-53.
Eckard, E. (1995), “A Note on the Profit-Concentration Relationship”, Applied Economics, 27: 213-219.
Ercan, M. K., M. B. Öztürk ve K. Demirgüneş (2003), Değere Dayalı Yönetim ve Entellektüel Sermaye, Ankara: Gazi Kitabevi.
Farris, P. W. ve K. L. Ailawadi (1992), “Retail Power: Monster or Mouse?”, Journal of Retailing, 68(4): 351-369.
Farris, P. W., M. E. Parry ve F. E. Webster (1989), “Accounting for the Market Share- ROI Relationship”, Report No. 89-118, Marketing Science Institute.
Friend, S. C. ve Walker, P. H. (2001), “The New World of Merchandizing”, Harvard Business Review, November: 17-24.
Gasliano, K. B. ve J. Hathcote (1994), “Customer Expectations and Perceptions of Service Quality in Retail Apparel Specialty Stores”, Journal of Services Marketing, Vol. 8, No. 1: 60-69.
Gilbert, David (2003), Retail Marketing Management (2nd Edition), England: Pearson Education Limited, Prentice-Hall.
Goddard, J., M. Tavakoli ve J. O. S. Wilson (2005), “Determinants of Profitability in European Manufacturing and Services: Evidence from a Dynamic Panel Model”, Applied Financial Economics, 15: 1269-1282.
Gombola, M. J. ve J. E. Ketz (1983), “Financial Ratio Patterns in Retail and Manufacturing Organizations”, Financial Management, Summer: 45-56.
Jacobson, Robert (1988), “Distinguishing Among Competing Theories of the Market Share Effect”, Journal of Marketing, 52 (October): 68-80.
Jacobson, Robert (1990), “Unobservable Effects and Business Performance”, Marketing Science, 9 (Winter): 74-85.
Madran, Canan (1995), “Değişen Türkiye ve Pazarlamada Yeni Yönelimler”, Pazarlama Dünyası Dergisi, Yıl: 9, Sayı: 49 (Ocak Şubat): 19-26.
Messinger, P. ve C. Narasimhan (1995), “Has Power Shifted in the Grocery Channel”, Marketing Science, 14(2), 189-223.
Montgomery, Cynthia A. (1994), “Corporate Diversification”, Journal of Economic Perspectives, 8: 163-178.
Moyer, R. C., J. R. McGuigan ve W. J. Kretlow (1992), Contemporary Financial Management (5th Edition), Saint Paul: West Publishing Company.
Nickell, S. ve D. Nicolitsas (1999), “How Does Financial Pressure Affect Firms?”, European Economic Review, 43: 1435-1456.
Padmanabhan, V. ve I. P. L. Png (1997), “Manufacturers’ Returns Policies and Retail Price Competition”, Marketing Science, 16(1): 81-94.
Padmanabhan, V. ve I. P. L. Png (2004), “Reply to “Do Returns Policies Intensify Retail Competition?”, Marketing Science, Vol. 23, No. 4, Fall: 614-618.
Pariente, Simon (1994), “Comparative Profitability of Large French and British Retailers”, Working Paper, University of Toulouse: 239-256.
Pinches, George E. (1992), Essentials of Financial Management (4th Edition), New York: Harper Collins Publishers.
Pratibha, A. D., D. I. Thorpe ve J. O. Rentz (1995), “A Measure for Service Quality for Retail Stores: Scale Development and Validation”, Journal of the Academy of Marketing Science, Vol. 24, No. 1: 3-16.
Ramanujam, V. ve N. Venkatraman (1984), An Inventory and Critique of Strategy Research Using the PIMS Database”, Academy of Management Review, 9 (January): 138-151.
Ravenscraft, D. J. (1983), “Structure-Profit Relationships at the Line of Business and Industry Level”, Review of Economics and Statistics, 65: 22-31.
Ross, S. A., R. W. Westerfield ve B. D. Jordan (2003), Fundamentals of Corporate Finance (6th Edition), Boston: McGraw-Hill Irwin.
Rumelt, Richard (1982), “Diversification Strategy and Profitability”, Strategic Management Journal, 3: 359-369.
Schneider, B. ve D. E. Bowen (1992), “Personnel/Human Resources Management in the Service Sector”, Research in Personnel and Human Resources Management, 10: 1- 30.
Shepard, Andrea (1989), “Price Discrimination in Retail Markets”, MIT Working Paper, No. 536.
Sheth, J. N. ve A. Sharma (2001), “Efficacy of Financial Measures of Marketing: It Depends on Markets and Marketing Strategies”, Journal of Targeting, Measurement and Analysis for Marketing, Vol. 9, 4: 341-356.
Susskind, A. M., C. D. Borchgrevink, K. M. Kacmar ve R. A. Brymer (2000), “Customer Service Employees’ Behavioral Intentions and Attitudes: An Examination of Construct Validity Approach and a Path Model”, Hospitality Management, 19: 53-77.
Szymanski, D. M., S. G. Bharadwaj ve P. R. Varadarajan (1993), “An Analysis of the Market Share-Profitability Relationship”, Journal of Marketing, Vol. 57: 1-18.
TCMB (2004-2005-2006), Sektör Bilançoları.
Varinli, İnci (2005), Marketlerde Pazarlama Yönetimi, Ankara: Detay Yayıncılık.
Vinod, Ben (2005), “Retail Revenue Management and the New Paradigm of Merchandise Optimization”, Journal of Revenue and Pricing Management, Vol. 3, No. 4: 358-368.
Wang, Hao (2004), “Do Returns Policies Intensify Retail Competition?”, Marketing Science, 23(3): 611-613.