Bener GÜNGÖR, N. Savaş DEMİRCİ

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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.
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Finans Politik ve Ekonomik Yorumlar Dergisi-Cover
  • ISSN: 1307-7112
  • Yayın Aralığı: Yılda 4 Sayı
  • Başlangıç: 1963
  • Yayıncı: İSTANBUL OKAN ÜNİVERSİTESİ
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Bener GÜNGÖR, N. Savaş DEMİRCİ