İş Grubu Üyeliği ve Firma Performansı: Türkiye’den Kanıtlar

Amaç – Bu çalışmanın amacı, iş grubu üyeliğinin firma performansı üzerindeki etkisini dinamik panel veri analizi ile araştırmaktır. Yöntem – 2013-2017 dönemini kapsayan çalışmada Türkiye’de faaliyette bulunan 271 firma verisinden ve Dinamik panel veri analizinden faydalanılmıştır. Bulgular – Çalışmanın ampirik bulguları, grup üyeliği ile hem muhasebe temelli hem de piyasa temelli firma performans ölçüleri arasında pozitif yönlü ve istatistiksel olarak anlamlı bir ilişki olduğunu göstermektedir. Ayrıca bulgularımız grup üyeliği-firma performansı ilişkisinin firma büyüklüğü ve finansal kaldıraç gibi firma düzeyindeki değişkenlerden önemli ölçüde etkilendiğini ortaya koymaktadır. Tartışma – Her ekonomide önemli roller oynayan iş gruplarının üye firmalar açısından sağladığı avantajlar literatürde tartışılmaya devam etmektedir. Çalışmanın bulgularına göre genel olarak iş grupları üye firmalar için fayda sağlamaktadır. Ancak, grup üyeliğinin firma performansı üzerindeki pozitif etkisi firmalar büyüdükçe azalmaktadır. Ayrıca, kaldıraç oranı düşük olan firmalar, grup üyeliğinden özellikle fayda sağlamaktadır.

Business Group Affiliation and Firm Performance: Evidence from Turkey

Purpose – The aim of this study is to examine the influence of business group affiliation on firm performance. Design/methodology/approach – In this study, dynamic panel data regression analysis is used to determine the association between group membership and firm performance. The estimates are based on yearly data of 271 firms for the period 2013-2017. Findings – Empirical findings of the study indicate that group membership increases a firm's accounting (ROA)and stock market performance (Tobin’s Q) measures. Our findings also imply that firm specific factors such as firm size and financial leverage effectively moderates the group affiliation-performance relationship for ROA model. Discussion – The advantages of business groups that play important roles in every economy for member firms continue to be discussed in the literature. According to the findings of the study, business groups are generally beneficial for member firms. However, the positive impact of group membership on firm performance decreases as firms grow. In addition, firms with low leverage benefit from group membership.

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