PAZARLAMA YATIRIMLARININ FİNANSAL PERFORMANS ÜZERİNDEKİ ETKİSİ VE BORSA İSTANBUL KOBİ SANAYİ ENDEKSİ FİRMALARININ ETKİNLİKLERİNİN DEĞERLENDİRİLMESİ

Bu çalışmada Borsa İstanbul KOBİ Sanayi Endeksinde (XKOBI) yer alan firmaların pazarlama yatırımlarının etkinlikleri analiz edilmektedir. KOBİlerin pazarlama yatırımları bakımındanbirbirleri ile göreli etkinlikleri 2012-2013 yıllarına ait veriler kullanılarak üç etkinlik türü üzerindenanaliz edilmektedir. Pazarlama yoğunluğunun tek girdi, vergi öncesi kar marjı ve piyasa değerininçıktılar olduğu CCR ve BCC veri zarflama modelleri kullanılmıştır. Toplam aktifler tutarı bakımından iki gruba ayrılan KOBİlerin etkinlik puanları arasında farklılık olup olmadığı da parametrikveya parametrik olmayan ortalama testleri ile araştırılmıştır. KOBİlerin pazarlama yatırımlarınınetkinliklerinin genel olarak düşük olduğu ve çoğunun ölçeğe göre artan getiride faaliyet gösterdiğiçalışmanın temel bulgusudur. Ayrıca, aktif büyüklüğü daha düşük olan firmalara kıyasla aktif büyüklüğü daha yüksek olan firmaların ölçek etkinliğinin daha fazla olduğu ortaya çıkmıştır. Firmaların pazarlama yatırımlarını artırarak optimal ölçek büyüklüğüne yaklaşıp faaliyet etkinliklerini(toplam teknik etkinlik) de artırabilecekleri söylenebilir.

THE EFFECT OF MARKETING INVESTMENTS ON FINANCIAL PERFORMANCE AND EVALUATION OF THE EFFICIENCIES OF FIRMS INCLUDED IN BORSA ISTANBUL SME INDUSTRIAL INDEX

This paper analyzes efficiencies of marketing investments of firms included in Borsa İstanbulSME Industrial Index. Based on 2012-2013 data, the relative efficiencies of SMEs, in terms of theirmarketing investments, are analyzed on the basis of three efficiency types. CCR, as well as BCCdata envelopment models are used, where marketing intensity is the only input and pre-tax marginand market capitalization are the two outputs. SMEs are broken down into two groups with respectto their asset size, and whether or not their efficiency scores are different is investigated throughparametric or non-parametric tests. The major finding of the paper is that in general SMEs have lowefficiency scores and most of them operate at increasing returns to scale. SMEs that have higherasset size are found to have higher scale efficiency scores than SMEs that have lower asset size.SMEs may be expected to increase their operating efficiency (total technical efficiency) by appro- aching optimal scale size through increased level of marketing investments

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