Uluslararasılaşma Düzeyi İle Finansal Performans İlişkisi: İmalat Sanayii Firmaları Üzerine Bir Araştırma

Günümüzde firmaların sadece kendi ülkelerinde değil, lojistik ve finansal hareketliliğin katkısı ile farklı coğrafyalarda da faaliyet gösterdikleri görülmektedir. Bu durum firmalara globalleşme sonucu artan rekabet ortamında kendi pazarında ayakta kalabilme, yeni pazarlardan kazanç elde edebilme imkanı sağlamaktadır. Öte taraftan farklı ülkelerde faaliyet göstermenin firmaya yüklediği işlem maliyetleri de söz konusudur. Bu anlamda uluslararası faaliyetlerin, firma performansını ne şekilde etkilediği literatürde sıkça tartışılan bir konu olmuştur. Bu çalışma ile BİST’te işlem gören imalat sanayii firmalarının uluslararasılaşma düzeylerinin firma performanslarına etkisinin tespit edilmesi amaçlanmıştır. 187 firmanın 2008-2015 yıllarına ait verileri ile yapılan panel veri analizi sonucunda firmaların performansları ile uluslararasılaşma düzeyleri arasında ters yatay S şekilde bir ilişki olduğu tespit edilmiştir. Bu ilişki literatürde firmaların uluslararasılaşmayı üç aşamada gerçekleştirdiklerini ileri süren üç aşama teorisini destekler bir bulgu niteliğinde olmakla birlikte, eğimin ters yatay S şeklinde olması uluslararasılaşma düzeyi ile firma performansı arasındaki ilişkinin uluslararasılaşmanın ilk aşamalarında firma performansını artırıcı, daha sonra azaltıcı ve sonra tekrar artırıcı etki yarattığını göstermektedir.

Anahtar Kelimeler:

Finansal Performans, Uluslararasılaşma, Panel Veri

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