Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama

Bu çalışmanın amacı petrol fiyatları ve BIST Kimya, Petrol, Plastik endeksinde bulunan firmaların karlılıkları arasındaki ilişkiyi araştırmaktır. Çalışmada endekste bulunan 18 firmanın 2009-2019 arasındaki çeyrek dönemlik verileri kullanılmıştır. Seriler arasındaki uzun dönemli ilişki Tam Düzeltilmiş En küçük Kareler (FMOLS) ve Dinamik En Küçük Kareler (DOLS) yöntemleri kullanılarak tahmin edilmiştir. Araştırmada ROA, ROE, ROS değişkenleri bağımlı değişkenler olarak +alınmış petrol, cari oran, likidite oranı ve kaldıraç oranı bağımsız değişkenler olarak alınmıştır. Araştırma sonuçlarına göre petrol fiyatlarındaki artış firma karlılığını aynı yönde etkilemekte olup kaldıraç oranlarındaki artış ise firma karlılığını ters yönlü etkilemektedir.

Anahtar Kelimeler:

Firma Karlılığı, FMOLS-DOLS, Petrol Fiyatları, BIST Kimya Petrol Plastik Endeksi

Effect of Oil Prices on Firm Profitability: Evidence from BIST Chemical, Petrol, Plastic Index

The aim of the study is to investigate the effect of oil prices changes on firm profitability in BIST Chemical, Petrol, Plastic index companies using quarterly data in period from 2009 to 2019:Q3. The long-term relationship between the series has been estimated using Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) methods. ROA, ROE, ROS variables are used as dependent variables and the current ratio, liquid ratio, oil prices and leverage ratio are used as independent variables. According to the results, the increase in oil prices affects the profitability of the companies in the same direction however the increase in leverage ratios affects in the opposite direction.

Keywords:

Firm Profitability, FMOLS-DOLS, Oil Prices, BIST Chemical- Petrol- Plastic Index,

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