Büyük ve Küçük Şirketlerin Finansal Performanslarındaki Farklılıklar: Borsa İstanbul’da İşlem Gören Konaklama Şirketlerinde Bir Araştırma

Bu araştırmanın amacı, büyük ve küçük konaklama şirketlerinin finansal performansları arasındaki farklılıkları tespit etmektir. Bu amaçla 2012-2019 yılları arasında Borsa İstanbul’da işlem gören konaklama şirketleri, aktif toplamlarının ortanca değerine göre büyük ve küçük olarak ayrılmıştır. Daha sonra büyük ve küçük konaklama şirketlerinin likidite, finansal yapı, faaliyet, karlılık ve piyasa performans oranları hesaplanmış ve Mann Whitney U farklılık testi uygulanmıştır. Analiz sonucunda küçük şirketlerin likidite, finansal yapı, faaliyet, karlılık ve piyasa performansı açısından büyük şirketlere göre daha başarılı oldukları saptanmıştır. Ayrıca hesaplanan bütün oranlar açısından büyük ve küçük şirketler arasında istatistiksel olarak anlamlı bir fark bulunmuştur.

Anahtar Kelimeler:

Şirket Büyüklüğü, Finansal Oranlar, Konaklama Şirketleri, Borsa İstanbul

Differences in Financial Performance of Large and Small Companies: A Research on Lodging Companies Trading in Borsa İstanbul

The purpose of this research is to determine the differences between the financial performance of large and small lodging companies. For this purpose, lodging companies traded in Borsa Istanbul between the years 2012-2019 are classified into large and small based on the median value of their total assets. Later, liquidity, financial structure, activity, profitability and market performance ratios of large and small lodging companies were calculated and Mann Whitney U difference test was applied. As a result of the analysis, it has been determined that small companies are more successful than large companies in terms of liquidity, financial structure, activity, profitability and market performance. In addition, a statistically significant difference was found between large and small companies in terms of all calculated ratios.

Keywords:

Company Size, Financial Ratios, Lodging Companies, , Borsa İstanbul.,

___

Abbadi, S. M. ve Abbadi, R. T. (2013), “The Determinants of Working Capital Requirements in Palestinian Industrial Corporations”, International Journal of Economics and Finance, 5 (1), ss. 65-75.
Aissa, S. B. ve Goaied, M. (2016), “Determinants of Tunisian Hotel Profitability: The Role of Managerial Efficiency”, Tourism Management, 52, ss. 478-487.
Akgüç, Ö.(2013), Mali Tablolar Analizi, Genişletilmiş 15. Baskı, İstanbul: Arayış Yayınevi.
Akmese, H., Aras, S. ve Akmeşe, K. (2016), “Financial Performance and Social Media: A Research on Tourism Enterprises Quoted in Istanbul Stock Exchange (BIST)”, Procedia Economics and Finance, ss.39, 705-710.
Andrew, W.P. ve Schmidgall, R.S.(1993), Financial Management for the Hospitality Industry, USA: AH&MA.
Anjum, S. ve Malik, Q.A. (2013),“Determinants of Corporate Liquidity-An Analysis of Cash Holdings”, Journal of Business and Management, 7 (2), ss. 94-100.
Audretsch, D. B. ve Elston, J. A. (2002), “Does Firm Size Matter? Evidence on the Impact of Liquidity Constraints on Firm Investment Behavior in Germany”, International Journal of Industrial Organization, 20 (1), ss. 1-17.
Bakır, H. veŞahin, C.(2009), Yöneticiler İçin Finansal Tablolar Analizi, Ankara:Detay Yayıncılık.
Banchuenvijit, W. (2012), “Determinants of Firm Performance of Vietnam Listed Companies”, Academic and Business Research Institute. http://aabri.com/SA12Manuscripts/SA12078.pdf (10.08.2020).
Barclay, M. J. ve Smith, C.W. (1996), “On Financial Architecture: Leverage, Maturity and Priority”, Journal of Applied Corporate Finance, 8 (4), ss. 4–17.
Bayyurt, N. (2007), “İşletmelerde Performans Değerlendirmenin Önemi ve Performans Göstergeleri Arasındaki İlişkiler”, Sosyal Siyaset Konferansları Dergisi, 53, ss. 577-592.
Becker-Blease, J. R., Kaen, F. R., Etebari, A. ve Baumann, H. (2010), “Employees, Firm Size and Profitability in US Manufacturing Industries”, Investment Management and Financial Innovations, 7 (2), ss.7-23.
Bevan, A.A. ve Danbolt, J. (2002), “Capital Structure and its Determinants in the United Kingdom – A Decompositional Analysis”, Applied Financial Economics, 12 (3), ss. 159–170.
Byoun, S. (2007), “Financial Flexibility, Firm Size, and Capital Structure”, Hankamer School of Business Research Paper, https://www.baylor.edu/business/finance/doc.php/ 230999.pdf (12.07.2020).
Chow, C. K. W. ve Fung, M. K. Y. (2000), “Small Businesses and Liquidity Constraints in Financing Business Investment: Evidence from Shanghai's Manufacturing Sector”, Journal of Business Venturing, 15 (4), ss. 363-383.
Claver‐Cortés, E., Molina‐Azorín, J.F. ve Pereira‐Moliner, J. (2007), “The Impact of Strategic Behaviours on Hotel Performance”, International Journal of Contemporary Hospitality Management, 19 (1), ss. 6-20.
Cooley, T.F. ve Quandrini, V. (2001), “Financial Markets and Firm Dynamics”, The American Economic Review, 91 (5), ss. 286‐310.
Davidson III, W. N. Ve Dutia, D. (1991),“Debt, Liquidity, and Profitability Problems in Small Firms”, Entrepreneurship Theory and Practice, 16 (1), ss. 53-64.
Dimitrić, M., Tomas Žiković, I. ve Arbula Blecich, A. (2019), “Profitability Determinants of Hotel Companies in Selected Mediterranean Countries”, Economic Research-Ekonomskaistraživanja, 32 (1), ss. 1977-1993.
Doğan, M. (2013), “Does Firm Size Affect the Firm Profitability? Evidence from Turkey”, Research Journal of Finance and Accounting, 4 (4), ss. 53-59.
Ebel Ezeoha, A. (2008), "Firm Size and Corporate Financial‐Leverage Choice in a Developing Economy: Evidence from Nigeria", Journal of Risk Finance, 9 (4), ss. 351-364.
Faulkender, M. ve Petersen, M.A. (2006), “Does the Source of Capital Affect Capital Structure?”, The Review of Financial Studies, 19 (1), ss. 45-79.
Ferreira, M. ve Vilela, A. (2004), “Why do Firms Hold Cash? Evidence from EMU Countries”, European Financial Management, 10 (2), ss. 295-319.
Fiegenbaum, A. ve Karnani, A. (1991), “Output Flexibility— A Competitive Advantage for Small Firms”, Strategic Management Journal, 12 (2), ss.101-114.
Fieldsend, S., Longford, N. ve McLeay, S. (1987), “Industry Effects and the Proportionality Assumption in Ratio Analysis. A Variance Component Analysis”, Journal of Business Finance & Accounting, 14 (4), ss. 497-517.
Goddard, J., Tavakoli, M. ve Wilson, J.O.S. (2005), “Determinants of Profitability in European Manufacturing and Services: Evidence from Dynamic Panel Model”, Applied Financial Economics, 15 (18), ss. 1269-1282.
González, V.M. ve González, F. (2011), “Firm Size and Capital Structure: Evidence Using Dynamic Panel Data”, Applied Economics, 44 (36), ss. 4745-4754.
Hall, M. ve Weiss, L. (1967), “Firm Size and Profitability”, The Review of Economics and Statistics, 49 (3), ss. 319 –331.
Hardwick, P. (1997), “Measuring Cost Inefficiency in the UK Life Insurance Industry”, Applied Financial Economics, 7, ss. 37–44.
Harris, M. ve Raviv, A. (1990), “Capital Structure and the Informational Role of Debt”, Journal of Finance, 45, ss. 321-49.
Hendricks, K.B. ve Singhal, V.R. (2001), “Firm Characteristics, Total Quality Management and Financial Performance”, Journal of Operations Management, 19 (3), ss. 269-285.
Hol S. ve Wijst, N.V. (2008), “The Financial Structure of Non Listed Firms”, Applied Financial Economics, 18 (7), ss. 559-568.
Huang, G. (2006). “The Determinants of Capital Structure: Evidence from China”. China Economic Review, 17(1), ss. 14-36.
Isik, O., Unal, E. A. ve Unal, Y. (2017), “The Effect of Firm Size on Profitability: Evidence from Turkish Manufacturing Sector”, Journal of Business Economics and Finance, 6 (4), ss. 301-308.
Israeli, A.A. (2002), “Star Rating and Corporate Affiliation: Their Influence on Room Price and Performance of Hotels in Israel”, International Journal of Hospitality Management, 21 (4), ss. 405-424.
Jónsson, B. (2007), “Does the Size Matter? The Relationship Between Size and Profitability of Icelandic Firms”, Bifröst Journal of Social Sciences, 1, ss. 43-55.
Kalaycı, Ş. (2010). SPSS Uygulamalı Çok Değişkenli İstatistik Teknikleri, 5.Baskı, Ankara: Asil Yayın Dağıtım.
Kamuyu Aydınlatma Platformu (2020), “Finansal Tablolar”, www.kap.org.tr (22.03.2020).
Karadeniz, E. ve İskenderoğlu, Ö. (2011), “İstanbul Menkul Kıymetler Borsası’nda İşlem Gören Turizm İşletmelerinin Aktif Kârlılığını Etkileyen Değişkenlerin Analizi”, Anatolia Turizm Araştırmaları Dergisi, 22 (1), ss. 65-75.
Karadeniz, E., Kandır, S.Y., Balcılar, M. ve Önal, Y.B. (2009), “Determinants of Capital Structure: Evidence from Turkish Lodging Companies”, International Journal of Contemporary Hospitality Management, 21 (5), ss. 594-609.
Karadeniz, E., Kandır, S.Y., Iskenderoglu, Ö. ve Önal, Y. B. (2011), “Firm Size and Capital Structure Decisions: Evidence from Turkish Lodging Companies”, International Journal of Economics and Financial Issues, 1 (1), ss. 1-11.
Karagöz, Y. (2010), “Nonparametrik Tekniklerin Güç ve Etkinlikleri”, Elektronik Sosyal Bilimler Dergisi, 9 (33), ss. 18-40.
Kurshev, A. ve Strebulaev, I. A. (2015), “Firm Size and Capital Structure”, Quarterly Journal of Finance, 5 (3), ss. 1 - 46.
Majumdar, S.K. (1997), “The Impact of Size and Age on Firm-Level Performance: Some Evidence from India”, Review of Industrial Organization, 12 (2), ss. 231-241.
Matias, F., Salsa, L. ve Afonso, C. (2018), “Capital Structure of Portuguese Hotel Firms: A Structural Equation Modelling Approach”, Tourism & Management Studies, 14 (1), ss. 73-82.
Mazur, K. (2007), “The Determinants of Capital Structure Choice: Evidence from Polish Companies”, International Advances in Economic Research, 13 (4), ss. 495-514.
Menicucci, E. (2018), “The Influence of Firm Characteristics on Profitability: Evidence from Italian Hospitality Industry”, International Journal of Contemporary Hospitality Management, 30 (8), ss. 2845-2868.
Moss, J. D. ve Stine, B. (1993), “Cash Conversion Cycle and Firm Size: A Study of Retail Firms”, Managerial Finance, 19 (8), ss. 25-34.
Myers, S.C. ve Majluf, N.S. (1984), “Corporate Financing and Investment Decisions when Firms have Information that Investors do not have”, Journal of Financial Economics, 13, ss. 187–221.
Niresh, A. ve Thirunavukkarasu, V. (2014), “Firm Size and Profitability: A Study of Listed Manufacturing Firms in Sri Lanka”, International Journal of Business and Management, 9 (4), ss.57-64.
Nunes, P.J.M., Serrasqueiro, Z.M. ve Sequeira, T.N. (2009), “Profitability in Portuguese Service Industries: A Panel Data Approach”, The Service Industries Journal, 29 (5), ss. 693-707.
Opler, T., Pinkowitz, L., Stulz, R. Ve Williamson,R. (1999), “The Determinants and Implications of Corporate Cash Holdings”, Journal of Financial Economics, 52, ss. 3-46.
Osteryoung, J., Constand, R. L. ve Nast, D. (1992), “Financial Ratios in Large Public and Small Private Firms”, Journal of Small Business Management, 30 (3), ss. 35-46.
Penrose, E. T. (1959), The Theory of the Growth of the Firm, Oxford: Basil Blackwell.
Pi, L. ve Timme, S. (1993), “Corporate Control and Bank Efficiency”, Journal of Banking and Finance, 17, ss. 515–530.
Rajan, R. ve Zingales L. (1995), “What do We Know About the Capital Structure? Some Evidence from International Data”, Journal of Finance, 50, ss. 1421-1460.
Rodríguez, F.J.G. ve Cruz, Y.D.M.A. (2007), “Relation Between Social-Environmental Responsibility and Performance in Hotel Firms”, International Journal of Hospitality Management, 26 (4), ss. 824-839.
Sami, B. A. ve Mohamed, G. (2014), “Determinants of Tourism Hotel Profitability in Tunisia”, Tourism and Hospitality Research, 14 (4), ss. 163-175.
Schneider, F. (1991), “Efficiency and Profitability: An Inverse Relationship According to the Size of Austrian Firm?”, Small Business Economics, 3(4), ss. 287-296.
Schneider, F. ve Lenzelbauer, W. (1993), “An Inverse Relationship Between Efficiency and Profitability According to size Of (Upper) Austrian Firms? Some Further Tentative Results”, Small Business Economics, 5(1), ss. 1-22.
Serrasqueiro, Z. S. ve Nunes, P. M. (2008)” “Performance and Size: Empirical Evidence from Portuguese SMEs”, Small Business Economics, 31 (2), ss.195-217.
Shepherd, W.G. (1972), “The Elements of Market Structure”, The Review of Economics and Statistics, 54 (1), ss. 25-37.
Sritharan, V. (2015), “Does Firm Size Influence on Firm’s Profitability? Evidence from Listed Firms of Sri Lankan Hotels and Travels Sector”, Research Journal of Finance and Accounting, 6 (6), ss. 201-207.
Şamiloğlu, F. ve Akgün, A.İ. (2015), Türkiye Finansal Raporlama Standartlarına Uygun Finansal Tablolar Analizi, Bursa:Ekin Basım Yayın Dağıtım.
Tang, C. H ve Jang, S. S. (2007), “Revisit to the Determinants of Capital Structure: A Comparison Between Lodging Firms and Software Firms”, International Journal of Hospitality Management, 26 (1), ss. 175-187.
Toroslu, V.M. veDurmuş, N.C.(2016), Finansal Tablolar Analizi, Ankara:Seçkin Yayıncılık.
Upneja, A. ve Dalbor, M. (2001), “The Choice of Long Term Debt in the US Lodging Industry”, UNVL Journal of Hospitality, Tourism and Leisure Science, 9 (1) ss.1-18.
http://hotel.unlv.edu/research/htl/pdf/articles/longTermDebt.pdf (24.06.2020).
Upneja, A., Kim, H. ve Singh, A. (2000), “Differences in Financial Characteristics Between Small and Large Firms: An Empirical Examination of the Casino Industry”, The Journal of Hospitality Financial Management, 8 (1), ss. 23-35.
Uyar, A. (2009),“The Relationship of Cash Conversion Cycle with Firm Size and Profitability: an Empirical Investigation in Turkey”, International Research Journal of Finance and Economics, 24 (2), ss. 186-193.
Wachilonga, L.W. (2013), “Firm Size and Capital Structure Decisions: Evidence from Hotel and Lodging SMEs in Eldoret Municipality, Kenya”, International Journal of Academic Research in Business and SocialSciences, 3 (8), ss. 561.
Walker, E. W. ve Petty, J. W. (1978), “Financial Differences Between Large and Small Firms”, Financial Management, 7 (4), ss. 61-68.
Withiam, G. (2000), “Size Matters”, Cornell Hospitality Quarterly, 41 (5), ss. 15.
Zou, H. ve Xiao, J.Z. (2006), “The Financing Behavior of Listed Chinese Firms”, The British Accounting Review, 38, ss. 239‐258.