DÖVİZ KURLARININ FİRMA KARINA ETKİLERİ: TOBIT ANALİZİ

Bu çalışmada Türk imalat sanayiinde faaliyet gösteren 22 imalat sektörü ve 45.712 firmayı kapsayan bir veri seti kullanarak, reel döviz kuru dalgalanmalarının firma düzeyindeki şirket kazançları üzerindeki etkisi araştırılmaktadır. Tahmin sonuçlarımız döviz kuru değişimlerinin firma düzeyindeki kârlar üzerindeki etkisine istinaden güçlü bir kanıt sunmamaktadır. Çalışmanın sonuçları ayrıca farklı ağırlıklandırma yöntemleriyle hesaplanmış sektörel döviz kuru serilerinin firma karlarına etkilerinin farklılaştığını göstermektedir. Bu durum kullanılan döviz kuru serisinin seçiminin önemini vurgulamaktadır. Buna ek olarak, çalışmada yüksek üretkenlik ve istihdama sahip olan firmalar ile yaşça büyük olan firmaların daha karlı oldukları rapor edilmiştir

EFFECTS OF EXCHANGE RATES ON CORPORATE PROFITS: A TOBIT ANALYSIS

Using a novel dataset on Turkish manufacturing firms covering 22 industries and 45,712 firms, we investigate the impact of real exchange rate fluctuations on firm level corporate profits. Our estimation results do not present strong evidence on the impact of exchange rate variations on firm level profits. The results are not robust to the industry specific exchange rate series constructed using different weighting schemes showing the importance of the choice of the exchange rate series used in the analysis. Moreover, firms with higher productivity and employment as well as older firms have found to be more profitable

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