PERFORMANCE OF PRIVATE ELECTRICITY AND NATURAL GAS DISTRIBUTION FIRMS DURING ENERGY REFORM, FINANCIAL CRISES AND EU ACCESSION

Bu çalışma varlıkların getirisi ve varlıkların faaliyet getirisi gibi muhasebe ölçütlerini kullanmak suretiyle 1990-2005 yılları arasında Türkiye’de faaliyet gösteren özel elektrik ve doğal gaz dağıtım firmalarının performansını araştırmaktadır. Bu süreç içerisinde Türkiye’deki enerji sektörü, farklı finansal krizler ve Türkiye ile Avrupa Birliği arasında atılan önemli adımların eşiğinde, üç büyük yeniden yapılandırma yaşanmıştır. Firma düzeyindeki verinin analizi için system-GMM metodolojisi kullanılmıştır. Sonuçlar göstermektedir ki söz konusu ölçütler firma büyüklüğü ile negatif, satışlardaki büyüme ile pozitif yönde ilişkilidir. Borçlanma oranı sadece ekonomik genişleme dönemlerinde söz konusu ölçütleri olumlu yönde etkilemektedir. Ölçütler GSYH’ya duyarsız ve zaman içerisinde düşme eğilimi göstermekte olup firmaların karlarını kendi dağıtım faaliyetlerinin dışındaki alanlarda elde ettiklerini onaylar şekilde firmaların varlıklarının faaliyet getirisi varlıkların getirisi düzeyinin hep altında yer almaktadır

Anahtar Kelimeler:

Firma performansı, enerji sektörü, finansal krizler

PERFORMANCE OF PRIVATE ELECTRICITY AND NATURAL GAS DISTRIBUTION FIRMS DURING ENERGY REFORM, FINANCIAL CRISES AND EU ACCESSION

This paper uses accounting measures, namely; Return on Assets and Operating Return on Assets to examine the performance of private electricity and natural gas distribution firms in Turkey through 1990-2005. In this period Turkish energy sector went through three major restructurings, each of which occurred just about a major step was taken between Turkey and European Union and during various financial crises. The period also reflects any changes in the industry due to each restructuring. System-GMM methodology is employed to analyze firm level data. The findings show that the measures are negatively associated with firm size but positively related to sales growth. Moreover the debt ratio positively affects the measures during the economic expansion periods. The measures display irrelevancy to GDP and a declining pattern in time. More importantly, the level of Operating Return on Assets is always below that of Return on Assets, suggesting that the firms are earning profit elsewhere than their own distribution activities.

Keywords:

Firm performance, energy sector, financial crises,

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