Macro and Micro Dynamıcs of Profitability in the Textile, Wearing Apparel and Leather Industry in Turkey

Hakan Yıldırım

Makale detayları

Macro and Micro Dynamıcs of Profitability in the Textile, Wearing Apparel and Leather Industry in Turkey

Yazarlar:

Hakan Yıldırım

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

İşletme

Dergi:

Fiscaoeconomia Vol.7 Issue 1, pp.789-807

Belge Tipi:

Makale

Yayın Tarihi:

1/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001281897

pISSN:

2564-7504

Anahtar kelimeler:

Özet:

 The textile, wearing apparel, leather TWL industry has a labor-intensive production structure. Especially in developing countries, the sector is considered to be a very important sector for national economies due to its potential impact on industrialization, production volume and employment. In recent years Turkey is one of the leading countries in the world TGD industry and strengthens its position in the world market. For the development of this sector, the companies in the sector need to show a stable financial performance. One of the most important determinants of financial performance is profitability indicators. For this reason, it is important to determine the profitability of the companies in the sector and the factors affecting the profitability in order to continue the development of this sector. These factors can be internal as well as external. Therefore, the aim of the study is to determine the factors that affect the operating profitability of companies operating in the TWL sector, traded in Borsa Istanbul between the years 2013-2020. For this purpose, the annual financial data and selected macroeconomic indicators of 20 TWL traded in Borsa Istanbul during the relevant period has been analyzed with the Arrellano-BoverBlundell-Bond 1998 Two-Stage System GMM estimator. As a result of the analyzes, statistically significant relationships has been found between operating profit and lagged value of operating profit, financial leverage ratio, firm size, economic growth, manufacturing industry capacity utilization rate and inflation rate. According to the analysis findings, the lagged value of operating profit, firm size, economic growth and inflation rate are positive on operating profit and the use of financial leverage and interest rate have a negative effect on operating profit.during the relevant period.

 The textile, wearing apparel, leather TWL industry has a labor-intensive production structure. Especially in developing countries, the sector is considered to be a very important sector for national economies due to its potential impact on industrialization, production volume and employment. In recent years Turkey is one of the leading countries in the world TGD industry and strengthens its position in the world market. For the development of this sector, the companies in the sector need to show a stable financial performance. One of the most important determinants of financial performance is profitability indicators. For this reason, it is important to determine the profitability of the companies in the sector and the factors affecting the profitability in order to continue the development of this sector. These factors can be internal as well as external. Therefore, the aim of the study is to determine the factors that affect the operating profitability of companies operating in the TWL sector, traded in Borsa Istanbul between the years 2013-2020. For this purpose, the annual financial data and selected macroeconomic indicators of 20 TWL traded in Borsa Istanbul during the relevant period has been analyzed with the Arrellano-BoverBlundell-Bond 1998 Two-Stage System GMM estimator. As a result of the analyzes, statistically significant relationships has been found between operating profit and lagged value of operating profit, financial leverage ratio, firm size, economic growth, manufacturing industry capacity utilization rate and inflation rate. According to the analysis findings, the lagged value of operating profit, firm size, economic growth and inflation rate are positive on operating profit and the use of financial leverage and interest rate have a negative effect on operating profit.during the relevant period.

 The textile, wearing apparel, leather TWL industry has a labor-intensive production structure. Especially in developing countries, the sector is considered to be a very important sector for national economies due to its potential impact on industrialization, production volume and employment. In recent years Turkey is one of the leading countries in the world TGD industry and strengthens its position in the world market. For the development of this sector, the companies in the sector need to show a stable financial performance. One of the most important determinants of financial performance is profitability indicators. For this reason, it is important to determine the profitability of the companies in the sector and the factors affecting the profitability in order to continue the development of this sector. These factors can be internal as well as external. Therefore, the aim of the study is to determine the factors that affect the operating profitability of companies operating in the TWL sector, traded in Borsa Istanbul between the years 2013-2020. For this purpose, the annual financial data and selected macroeconomic indicators of 20 TWL traded in Borsa Istanbul during the relevant period has been analyzed with the Arrellano-BoverBlundell-Bond 1998 Two-Stage System GMM estimator. As a result of the analyzes, statistically significant relationships has been found between operating profit and lagged value of operating profit, financial leverage ratio, firm size, economic growth, manufacturing industry capacity utilization rate and inflation rate. According to the analysis findings, the lagged value of operating profit, firm size, economic growth and inflation rate are positive on operating profit and the use of financial leverage and interest rate have a negative effect on operating profit.during the relevant period.

 Emek yoğun bir üretim yapısına sahip olan tekstil, giyim eşyası ve deri ürünleri sektörü TGD; özellikle gelişmekte olan ülkelerde sanayileşme, üretim hacmi ve istihdam üzerindeki potansiyel etkisi nedeniyle ülke ekonomileri için oldukça önemli bir sektör olarak kabul edilmektedir. Son yıllarda dünya TGD sektörü içerisinde önde gelen ülkelerden biri olan Türkiye, dünya pazarı içerisindeki konumunu gün geçtikçe sağlamlaştırmaktadır. Bu sektörün gelişimi adına sektörde bulunan işletmelerin istikrarlı bir finansal performans göstermeleri gerekmektedir. Finansal performansın en önemli belirleyicilerinden biri kârlılık göstergeleridir. Bu sebeple sektördeki gelişimin devam etmesi için sektördeki işletmelerin kârlılıkları ve kârlılık üzerinde etkili etmenlerin belirlenmesi önem kazanmaktadır. Bu etmenler içsel olabildiği gibi dışsal da olabilmektedir. Dolayısıyla çalışmanın amacı, 2013-2020 yılları arasında BİST bünyesinde işlem gören, tekstil, giyim eşyası ve deri TGD sektöründe faaliyet gösteren firmaların kârlılıkları üzerinde etkili olan etmenlerin tespit edilmesi olarak belirlenmiştir. Bu amaç doğrultusunda ilgili dönemde Borsa İstanbulda işlem gören 20 adet tekstil işletmesinin yıllık finansal verileri ve makroekonomik göstergeler Arrellano-BoverBlundell-Bond 1998 İki Aşamalı Sistem GMM tahmincisiyle analize tabi tutulmuştur. Yapılan analizler neticesinde kârlılık ile kârlılığın gecikmeli değeri, finansal kaldıraç oranı, firma büyüklüğü, ekonomik büyüme, imalat sanayi kapasite kullanım oranı ve enflasyon oranı arasında istatistiksel olarak anlamlı ilişkiler tespit edilmiştir. Analiz bulgularına göre, ilgili dönemde kârlılığın gecikmeli değeri, firma büyüklüğü, ekonomik büyüme ve enflasyon oranı kârlılık üzerinde pozitif; finansal kaldıraç kullanımı ve faiz oranı ise negatif bir etkiye sahiptir.

Makale detayları

Macro and Micro Dynamıcs of Profitability in the Textile, Wearing Apparel and Leather Industry in Turkey

Yazarlar:

Hakan Yıldırım

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

İşletme

Dergi:

Fiscaoeconomia Vol.7 Issue 1, pp.789-807

Belge Tipi:

Makale

Yayın Tarihi:

1/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001281897

pISSN:

2564-7504

Textile Sector

Wearing Sector

Laether Sector

Profitability

Financial Performance

İstanbul Stock Exchange.

Tekstil Sektörü

Giyim Sektörü

Deri Sektörü

Kârlılık

Finansal Performans

Borsa İstanbul.

Sayı

Makale detayları

Yazarlar: Hakan Yıldırım

Yayıncı: Ahmet Arif EREN

Ana Başlıklar: İşletme

Dergi: Fiscaoeconomia Vol.7 Issue 1, pp.789-807

Belge Tipi: Makale

Yayın Tarihi: 1/2023

Belge Dili: Türkçe

Document ID (Org No.): 2001281897

pISSN: 2564-7504

Sayı

Yazarlar:

Hakan Yıldırım

Yayıncı:

Ahmet Arif EREN

Ana Başlıklar:

İşletme

Dergi:

Fiscaoeconomia Vol.7 Issue 1, pp.789-807

Belge Tipi:

Makale

Yayın Tarihi:

1/2023

Belge Dili:

Türkçe

Document ID (Org No.):

2001281897

pISSN:

2564-7504