Hisseleri Borsa İstanbul'da İşlem Gören KOBİ'lerde Finansal Performansın İçsel ve Dışsal Belirleyicileri (2009-2012)

Ekonomilerin sürükleyici unsurları olarak kabul edilen KOBİ’ler; istihdam olanaklarını, üretim miktarlarını, ihracat kapasitesini ve inovasyon düzeyini artırarak ekonomik bü- yümeye katkı sağlamaktadır. Fakat KOBİ’ler özellikle gelişmekte olan ülkelerde, ye- terli finansman kaynağına uygun maliyetle erişememekte ve bu nedenle büyüme fır- satlarından yararlanamamaktadır. Bu noktada finansal sorunlar yaşayan KOBİ’ler, sı- nırlı kaynakları verimli bir şekilde değerlendirmek için finansal performanslarını ölç- mek ve denetlemek zorundadır. Çalışmada, hisseleri Borsa İstanbul’da işlem gören KOBİ’lerin finansal performanslarının hangi faktörlerden etkilendiğinin belirlenme- si amaçlanmış ve panel veri regresyon modelleri kurulmuştur. Ekonometrik analizde Borsa İstanbul’a kote 27 işletmenin 2009-2012 yılları arasında 16 döneme ilişkin üç aylık verileri kullanılmıştır. Model tahminlerinden elde edilen sonuçlar, KOBİ’lerin ak- tif kârlılık oranlarının; dönen varlıklar/toplam varlıklar oranından, işletme büyüklüğün- den, işletme yaşından ve varlık devir hızından pozitif; stoklar/toplam varlıklar oranın- dan ve enflasyon oranından negatif olarak etkilendiğini ortaya koymuştur. Diğer ba- ğımlı değişken Tobin’s q’nun ise net ticaret süresinden ve GSYİH büyüme oranından pozitif, dönen varlıklar/toplam varlıklar oranından ve işletme büyüklüğünden negatif olarak etkilendiği tespit edilmiştir.

The Internal and External Determinants of Financial Performance in SMEs Whose Shares are Traded on Borsa Istanbul (2009-2012)

SMEs recognized as fastmoving components of economies contribute to economic growth by enhancing employment possibilities, production quantities, export capacity and innovation level. However especially in developing countries, SMEs cannot reach sufficient financing resources at suitable cost and because of this reason they cannot benefit from growth opportunities. At this point SMEs facing financial problems have to measure and control financial performance for utilizing limited resources efficiently. In this study it has been aimed to determine which factors affect financial performan- ces of SMEs whose shares are traded on Borsa Istanbul and panel data regressi- on models have been established. In econometric analysis, quarterly data related to 16 periods between 2009-2012 of 27 companies quoted in Borsa Istanbul have been used. The results obtained from model estimates have proved that returns on assets of SMEs are affected positively by current assets/total assets ratio, size of company, age of company and asset turnover; and negatively by inventory/total asset ratio and inflation rate. It has been found that another dependent variable: Tobin’s q is affected positively by net trade cycle and GDP growth rate; and negatively by current assets/ total assets ratio and size of company.

Kaynakça

AKGÜÇ, Öztin; (1998), Finansal Yönetim, Avcıol Basım Yayın, İstanbul.

ARDIÇ, Oya Pınar, Nataliya MYLENKO ve Valentina SALTANE; (2011), Small and Medium Enterprises: A Cross- country Analysis with a New Data Set, http://elibrary.world- bank.org/content/workingpaper/10.1596/1813-9450-5538, 12.02.2013.

AYADI, Rym; (2005), The New Basel Capital Accord and SME Financing, Centre for European Policy Studies, Brussels.

AYYAGARI, Meghana, Thorsten BECK ve Aslı DEMİRGÜÇ- KUNT; (2007), ‘‘Small and Medium Enterprises Across the Globe’’, Small Business Economics, (29), pp. 415-434.

AYYAGARI, Meghana, Aslı DEMİRGÜÇ-KUNT ve Vojislav MAKSIMOVIC; (2011), Small vs. Young Firms Across the World (5631), wds.worldbank.org/servlet/WDSContentServer/ WDSP/IB/2012/11/06/000158349_20121106091157/Ren- dered/PDF/WPS5631.pdf , 22.12.2012.

BİRGİLİ, Erhan ve Murat DÜZER; (2010), ‘‘Finansal Anal- izde Kullanılan Oranlar ve Firma Değeri İlişkisi: İMKB’de Bir Uygulama’’, MUFAD Muhasebe ve Finansman Dergisi, (46), ss. 74-83.

BULLINGER, Hans-Jörg, Marc BANNERT ve Sabine BRUNSWICKER; (2007), ‘‘Managing Innovation Capabilities in SMEs’’, Tech Monitor, May-June, pp. 17-27.

CARVALHO, Pedro Guedes De, Zelia SERRASQUIERO ve Paulo Maças NUNES; (2013), ‘‘Profitability Determinants of Fitness SMEs: Empirical Evidence from Portugal Using Panel Data’’, Amfiteatru Economic, XV (34), pp. 417-430.

CELEP, Hatice; (2010), Kamu Sektöründe Performans Yönetimi ve Ölçümü (Mesleki Yeterlilik Tezi),T.C. Maliye Bakanlığı, Ankara.

CLARK, Tom ve Drew LINZER; (2012), Should I use fixed or random effects? (1315), http://polmeth.wustl.edu/mediaDetail. php?docId=1315, 27.09.2013.

ÇAKMAK, Nermin ve Emre OCAKLI; (2006), ‘‘Performans Değerlendirmesi Gerekli midir? Neden?’’ [Bildiri], Aytaç YILDIZELİ ve Hatice Kübra BAHŞİŞOĞLU (Ed.), ÜNAK Bilim- sel İletişim ve Bilgi Yönetimi Sempozyumu, Eylül 2006, Gazi Üniversitesi, Ankara, ss. 212-230.

ÇALIŞKAN, Esra, Başak İÇKE ve Yusuf AYTÜRK; (2011), ‘‘Corporate Reputation and Financial Performance: Evidence from Turkey’’, Research Journal of International Studies, 18, pp. 61-72.

DE KOK, Jan, Paul VROONHOF, Wim VERHOEVEN, Wiek TİMMERMANS, Tom KWAAK, Jacqueline SNIJDERS ve Florieke WESTHOF; (2011), Do SMEs create more and better jobs?. EIM Business & Policy Research, Zoetermeer.

DEJONCKHEERE, J., M. RAMIOUL ve G. VAN HOOTEGEM; (2003), Is Small Finally Becoming Beautiful?(391), The Insti- tute for Employment Studies, Brighton.

DPT; (2000), Kamu Yönetiminin İyileştirilmesi ve Yeniden Yapılandırılması Özel İhtisas Komisyonu Raporu, DPT, Ankara.

EGGER, Peter; (2000), ‘‘A note on the proper econometric specification of the gravity equation’’, Economics Letters, (66), pp. 25-31.

ELLER, Markus, Peter HAISS ve Katharina STAINER; (2005), Foreign Direct Investment in the Financial Sector. The Engine of Growth for Central and Eastern Europe? (69), EuropaInsti- tut, Vienna.

FRIEND, Irwin ve Joel HASBROUCK; (1982), Effect of Infla- tion on the Profitability and Valuations of U.S. Corporations (Report no: 3-81), Rodney L. White Center for Financial Research, Philadelphia.

GALA, Vito D. ve Brandon JULIO; (2011), Convergence in Corporate Investments, http://faculty.london.edu/vgala/Gala_ Julio_Micro.pdf, 3.01.2013.

GARRIGA, Judit Montoriol; (2006), The Effect of Relation- ship Lending on Firm Performance, http://apps.olin.wustl.edu/ FIRS/PDF/2008/245.pdf, 27.04.2013.

GRANGER, C.W.J. ve P. NEWBOLD; (1974), ‘‘Spurious Re- gression in Econometrics’’. Journal of Econometrics, 2 (1974), pp. 111-120.

GREENE, William H.; (2003), Econometric Analysis, Prentice Hall, New Jersey.

GSCHWANDTNER, A.; (2005), ‘‘Profit Persistance in the Very Long Run: Evidence from Survivors and Exiters’’, Applied Eco- nomics, 37 (7), pp. 793-806.

GUJARATI, Damodar N.; (2003), Basic Econometrics, McGraw-Hill Companies, New York.

GÜVENEK, Burcu ve Volkan ALPTEKİN; (2010), ‘‘Enerji Tüketimi ve Büyüme İlişkisi: OECD Ülkelerine İlişkin Bir Panel Veri Analizi’’. Enerji, Piyasa ve Düzenleme, 1 (2), ss. 172-193.

HAJIHA, Zohreh ve Hassan Ali AKHLAGHI; (2011), ‘‘Owner- ship Structure and Debt Maturity Structure: An Empirical Study on Iranian Firms’’, Middle-East Journal of Scientific Research, 9 (6), pp. 814-825.

HALL, Chris; (2007), ‘‘When the Dragon Awakes: Internaliza- tion Of SMEs in China and Implications for Europe’’, CISifo Forum, 8 (2), pp. 29-34.

HEBERER, Thomas, Arno KOHL, Tuong LAI ve Nguyen Duc VIN; (1999), Aspects of Private Sector Development in Viet- nam (24/1999), Institute for East Asian Studies, Duisburg.

HSU, Hsueh-En.; (2007), Boards of Directors and Audit Com- mittees in Initial Public Offerings, UMI, Ann Arbor.

HUTCHESON, Graeme D. ve Nick SOFRONIOU; (1999), The Multivariate Social Scientist, SAGE Publications, London. IFC; (2010), Scaling-Up SME Access to Financial Services in the Developing World (68734), http://www1.ifc.org/wps/wcm/ connect/bd1b060049585ef29e5abf19583b6d16/ScalingUp. pdf?MOD=AJPERES, 28.12.2012.

IFC; (2011), SME Policy Guide, http://www1.ifc.org/wps/ wcm/connect/Industry_EXT_Content/IFC_External_Corpo- rate_Site/Industries/Financial+Markets/Publications/Toolkits/, 10.02.2013.

IONITA, Ion, Popescu, Done FLORIN, Jean ANDREI, Mirela MATEI ve Jonel SUBIC; (2009), ‘‘Quality - a Factor for Com- petitiveness Improvement for Small and Medium Enterprises’’, Economics annd Applied Informatics, XV (2), pp. 215-224.

İLHAN, İlhami; (2011), ‘‘6085 Sayılı Sayıştay Kanunu’nda Per- formans Denetimine İlişkin Olarak Yapılan Değişiklik Üzerine Değerlendirmeler’’, Dış Denetim, (Ocak- Şubat-Mart 2011), ss. 112-117.

JOVANOVIC, B.; (1982), ‘‘Selection and Evolution of Indus- try’’, Econometrica, 50 (3), pp. 649-670.

KING, Robert D. ve Ross LEVINE; (1994), Capital Fundamen- talism, Economic Development and Economic Growth (1285), The World Bank, Washington.

KOSGEB; (2011). 2011-2013 KOBİ Stratejisi ve Eylem Planı, http://www.sanayi.gov.tr/Files/Documents/KOSGEB_Katalog. pdf, 10.1.2013.

MADDALA G.S. ve Shaowen WU; (1999), ‘‘A Comparative Study of Unit Root Tests With Panel Data and a New Sample Test’’, Oxford Bulletin of Economics and Statistics, 61 (S1), pp. 631-652.

MONTGOMERY, Douglas C. ve George C. RUNGER; (2011), Applied Statistics and Probability for Engineers, John Wiley&Sons, USA.

NAZIR, Mian Sajid ve Talat AFZA; (2009), ‘‘Working Capital Requirements and the Determining Factors in Pakistan’’, The Icfai Journal of Applied Finance, 15 (4), pp. 28-38.

NI, John C.I. ve Wen-Hung CHANG; (2004), Characteristics, Skills and Behaviours of Entrepreneurs: The Strength and Weakness of Taiwanese SMEs. http://www.sbaer.uca.edu/ research/icsb/1998/66.pdf, 25.11.2012.

NUNES, Paulo Maças, Ana VIVEIROS ve Zelia SERRASQUI- ERO; (2012), ‘‘Are the Determinants of Young SME Profitabil- ity Different? Empirical Analysis Using Dynamic Estimators’’, Journal of Business Economics and Management, 13 (3), pp. 443-470.

OECD; (2008), Removing Barriers to SME Access to Interna- tional Markets, OECD.

OECD; (2010), SMEs, Entrepreneurship and Innovation, OECD.

OTLEY, David; (2002), ‘‘Measuring Performance: The Ac- counting Perspective’’. Andy NEELY (Ed.), Business Per- formance Measurement: Theory and Practice, Cambridge University Press, Cambridge, pp. 3-21.

PEPRYN, Ales ve Lea KUBİCKOVA; (2011), ‘‘Evaluation Success Models of SMEs in the Internationalization Process’’, Piotr PACHURA (Ed.), The Economic Geography of Global- ization, Intech, Rijeka, pp. 165-184.

QUEK, Edmund; (2011), Economies of Scale and Size of a Firm, http://www.economicscafe.com.sg/economics-lecture- notes-chapter-7, 29.11.2012.

REED, Robert W. ve Haichun YE; (2011), ‘‘Which Panel Data Estimator Should I Use?’’, Applied Economics, (45), pp. 985- 1000.

ROSLI, M. Mohd.; (2011), ‘‘Determinants of Small and Me- dium Enterprises Performance in the Malaysian Auto-parts Industry’’, African Journal of Business Management, 5 (20), pp. 8235-8241.

SEVÜKTEKİN, Mustafa ve Mehmet NARGELEÇEKENLER; (2010), Ekonometrik Zaman Serileri Analizi, Nobel Yayın Dağıtım, Ankara.

SHIN, Hyun-Han ve Luc SOENEN; (1998), “Efficiency of Working Capital and Corporate Profitability”, Financial Prac- tice and Education, 8 (2), pp. 37–45.

SINGHAL, Vinod R.; (2005), Excess Inventory and Long-Term Stock Price Performance, http://www.kellogg.north- western.edu/research/operations/images/singhal_paper.pdf, 14.05.2013.

STEIN, Peer, Tony GOLAND ve Robert SCHIFF; (2010), Two Trillion and Counting, http://www.mspartners.org/download/ Twotrillion.pdf, 3.12.2012.

ŞAHİN, Osman; (2011), ‘‘KOBİ’lerde Finansal Performansı Belirleyen Faktörler’’, ZKÜ Sosyal Bilimler Dergisi, 7 (14), ss. 183-200.

TÜİK; (2012). Girişim Özelliklerine Göre Dış Ticaret İstatistikleri, 2011, http://www.tuik.gov.tr/PreHaberBultenleri. do?id=13141, 14.1.2013.

UCHIDA, Shigeru ve Sarwar Uddin AHMED; (2004), ‘‘The Role of Relationship Banking on the Performance of Japanese Firms: An Empirical Study on Small and Medium Enterprises”, Annual Review of Southeast Asian Studies, XLVI, pp. 13-21.

WANG, Songtao, Su Han CHAN ve Bohua XU; (2012), ‘‘The Estimation and Determinants of the Price Elasticity of Housing Supply: Evidence from China’’, JRER, 34 (3), pp. 311-344.

WTO; (2012), International Trade Statistics, WTO Publica- tions, Switzerland.

XIE, Sujuan, Liang GUO ve Lawrence KING; (2009), ‘‘Political Connection and Financial Performance: Evidence from Chi- nese Small and Medium Enterprises’’ [Bildiri], Johan BRAET (Ed.), The Proceedings of the 4th European Conference on Enterpreneurship and Innovation, Academic Publishing Limited, Reading, pp. 590-602.

YALÇIN, Neşe, Ali BAYRAKDAROĞLU ve Cengiz KAHRA- MAN; (2012), ‘‘Application of fuzzy multi-criteria decision mak- ing methods for financial performance evaluation of Turkish manufacturing industries’’, Expert Systems With Applications, (39), pp. 350-364.

Kaynak Göster