ANATOMY OF RETURN ON ASSETS: PANEL CAUSALITY ANALYSIS IN BIST XGIDA INDEX COMPANIES

Mustafa Terzioğlu; Oğuzhan Çarıkçı

Makale detayları

ANATOMY OF RETURN ON ASSETS: PANEL CAUSALITY ANALYSIS IN BIST XGIDA INDEX COMPANIES

Yazarlar:

Mustafa Terzioğlu | Oğuzhan Çarıkçı

Yayıncı:

Burdur Mehmet Akif Ersoy University

Ana Başlıklar:

Mali Tablo Analizi

Dergi:

Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi Vol.9 Issue 2, pp.113-131

Belge Tipi:

Makale

Yayın Tarihi:

9/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001359969

pISSN:

2602-425X

Anahtar kelimeler:

Özet:

 The purpose of this study is to determine the internal factors affecting the return on assets ROA of 17 food and beverage companies listed on the BIST XGIDA Index through panel causality analysis within the framework of financial ratios. In the analysis, internal factors were examined in four main groups: liquidity, financial structure, activity, and growth ratios. First, cross-sectional dependence tests were applied; then, the stationarity of the series was checked using second-generation unit root tests. The Dumitrescu and Hurlin panel causality test was applied to the stationary series to analyse the causal relationships between ROA and related financial ratios. The findings show that financial structure and activity ratios, in particular, have a significant impact on ROA. The results of the study are of strategic importance for both investors and managers in their decision-making processes.

 The purpose of this study is to determine the internal factors affecting the return on assets ROA of 17 food and beverage companies listed on the BIST XGIDA Index through panel causality analysis within the framework of financial ratios. In the analysis, internal factors were examined in four main groups: liquidity, financial structure, activity, and growth ratios. First, cross-sectional dependence tests were applied; then, the stationarity of the series was checked using second-generation unit root tests. The Dumitrescu and Hurlin panel causality test was applied to the stationary series to analyse the causal relationships between ROA and related financial ratios. The findings show that financial structure and activity ratios, in particular, have a significant impact on ROA. The results of the study are of strategic importance for both investors and managers in their decision-making processes.

 The purpose of this study is to determine the internal factors affecting the return on assets ROA of 17 food and beverage companies listed on the BIST XGIDA Index through panel causality analysis within the framework of financial ratios. In the analysis, internal factors were examined in four main groups: liquidity, financial structure, activity, and growth ratios. First, cross-sectional dependence tests were applied; then, the stationarity of the series was checked using second-generation unit root tests. The Dumitrescu and Hurlin panel causality test was applied to the stationary series to analyse the causal relationships between ROA and related financial ratios. The findings show that financial structure and activity ratios, in particular, have a significant impact on ROA. The results of the study are of strategic importance for both investors and managers in their decision-making processes.

 Bu çalışmanın amacı, BIST XGIDA Endeksinde yer alan 17 gıda ve içecek şirketinin aktif kârlılığı ROA üzerinde etkili olan içsel faktörleri, finansal oranlar çerçevesinde panel nedensellik analizi ile belirlemektir. Analizde içsel faktörler likidite, mali yapı, faaliyet ve büyüme oranları olmak üzere dört temel grupta ele alınmıştır. Çalışmada öncelikle yatay kesit bağımlılığı testleri uygulanmış; ardından ikinci nesil birim kök testleri ile serilerin durağanlığı kontrol edilmiştir. Durağan serilere Dumitrescu ve Hurlin panel nedensellik testi uygulanarak ROA ile ilgili finansal oranlar arasındaki nedensel bağ durumları analiz edilmiştir. Bulgular, özellikle mali yapı ve faaliyet oranlarının ROA üzerinde önemli bir etkiye sahip olduğunu göstermektedir. Çalışmanın sonuçları hem yatırımcılar hem de yöneticiler açısından stratejik karar alma süreçlerine katkı sağlayabilecek niteliktedir.

Makale detayları

ANATOMY OF RETURN ON ASSETS: PANEL CAUSALITY ANALYSIS IN BIST XGIDA INDEX COMPANIES

Yazarlar:

Mustafa Terzioğlu | Oğuzhan Çarıkçı

Yayıncı:

Burdur Mehmet Akif Ersoy University

Ana Başlıklar:

Mali Tablo Analizi

Dergi:

Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi Vol.9 Issue 2, pp.113-131

Belge Tipi:

Makale

Yayın Tarihi:

9/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001359969

pISSN:

2602-425X

Return on Assets

Financial Ratios

Panel Causality

BIST XGIDA

Food and Beverage Sector

Panel Data AnalysisAktif Kârlılık

Finansal Oranlar

Panel Nedensellik Analizi

BIST XGIDA

Gıda ve İçecek Şirketleri

Panel Veri Ekonometrisi

Sayı

Makale detayları

Yazarlar: Mustafa Terzioğlu | Oğuzhan Çarıkçı

Yayıncı: Burdur Mehmet Akif Ersoy University

Ana Başlıklar: Mali Tablo Analizi

Dergi: Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi Vol.9 Issue 2, pp.113-131

Belge Tipi: Makale

Yayın Tarihi: 9/2025

Belge Dili: Türkçe

Document ID (Org No.): 2001359969

pISSN: 2602-425X

Sayı

Yazarlar:

Mustafa Terzioğlu | Oğuzhan Çarıkçı

Yayıncı:

Burdur Mehmet Akif Ersoy University

Ana Başlıklar:

Mali Tablo Analizi

Dergi:

Mehmet Akif Ersoy Üniversitesi Uygulamalı Bilimler Dergisi Vol.9 Issue 2, pp.113-131

Belge Tipi:

Makale

Yayın Tarihi:

9/2025

Belge Dili:

Türkçe

Document ID (Org No.):

2001359969

pISSN:

2602-425X