Abstract
In this study, although it has been neglected in the literature in general, internal and
macroeconomic factors that affect the profitability of non-bank financial institutions, which are one
of the important actors of financial systems, are analyzed. For this purpose, the effects of macro and
micro factors on four different profitability ratios of factoring, leasing and financing companies
sectors were examined. In the study, panel data analysis using the least squares method was
performed. The data cover the 1st Quarter of 2008 and 4th Quarter of 2018. As a result of the study,
in the context of micro-level variables of factors affecting profitability in non-bank financial
institutions, generally Non-performing Loans (Net) / Total Equity, Derivative Financial Assets /
Total Equity, Non-Financial Receivables / Total Receivables, NPLs (Gross) / Total Receivables,
Non-Operating Expenses / Income, Equity / Total Assets (Capital Adequacy), NPLs / Total Equity
and Derivative Financial Assets / Total Equity; GDP, interest and inflation were observed among
macroeconomic variables
References
- Abreu, M., & Mendes, V. (2001). Commercial bank interest margins and profitability: evidence for some EU countries. In Pan-European Conference Jointly Organised by the IEFS-UK & University of Macedonia Economic & Social Sciences, Thessaloniki, Greece, May (pp. 17-20).
- Acar, E., & Ulusan, H. (2018), “Banka Pay Senetlerinin Betasını Belirleyen Finansal Oranlar: BİST’te Bir Uygulama”, Sosyal, Beşeri ve İdari Bilimler’de Akademik Araştırmalar, 4, 151.
- Albulescu, C. T. (2015). Banks’ profitability and financial soundness indicators: A macro-level investigation in emerging countries. Procedia economics and finance, 23(2015), 203-209.
- Alp, A., Ban, U., Demirgunes, K., & Kilic, S. (2010). Internal determinants of profitability in Turkish banking sector. ISE Review, 12(46), 1-14.
- Atasoy, H., & Aydoğan, K. (2007). Türk Bankacilik Sektöründe Gelir-Gider Analizi ve Karlilik Performansinin Belirleyicileri. Uzmanlik Yeterlilik Tezi, TCMB, Bankacilik ve Finansal Kuruluslar Genel Mudurlugu, Ankara.
- Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253. Curak, Marijana, Poposki, Klime- Pepur, Sandra (2012), "Profitability Determinants of the Macedonian Banking Sector in Changing Environment", Procedia-Social and Behavioral Sciences(44), ss.406-416.
- De Hoyos, R., & Sarafidis, V. (2007). “XTCSD: Stata module to test for cross-sectional dependence in panel data models”.
- Demirguc-Kunt, Aslı - Huizinga, Harry. (2000),"Financial Structure and Bank Profitability", World Bank Working Paper.
- Ersoy, E., & Aydın, Y. (2018). “Bankaların Likiditesini Etkileyen Makroekonomik ve Bankaya Özgü Faktörlerin Ampirik Analizi: Türkiye Örneği”. Global Journal of Economics and Business Studies, 7(14), 158-169.
- Finansal Kurumlar Birliği (2018), Finansal Kurumlar Birliği Faaliyet Raporu, https://www.fkb.org.tr/raporlar-ve-yayinlar/raporlar/birlik-faaliyet-raporu/
- Gelos, R., Gaston (2006), "Banking Spreads in Latin America, International Monetary Fund", Washington DC: IMF Working Paper, No. 06/44.
- Göçer, İ. (2013). “Seçilmiş OECD Ülkelerinde Bütçe Açıklarının Sürdürülebilirliği: Yatay Kesit Bağımlılığı Altında Panel Eş-Bütünleşme Analizi”. Journal of Yasar University, 30(8), 5086-5104.
- Grob, J. (2003). “Linear Regression, Springer”, New York
- Gujaratı, Damodar N. (2004), Basic Econometrics (4th ed.), New York: MacGraw-Hill.
- Gunter, U., Krenn, G., & Sigmund, M. (2013). Macroeconomic, market and bank-specific determinants of the net interest margin in Austria. Oesterreichische nationalbank financial stability report, 25.
- Gupta, A. D., Afsana Yesmin, M., & Khan, O. F. (2013). “Growth of non bank financial institutions over time and contribution to economy: evidence from Bangladesh. Instead of present on”e. Global Journal of Management and Business Research.
- Güngör, B. (2007). Türkiye’de faaliyet gösteren yerel ve yabancı bankaların kârlılık seviyelerini Etkileyen faktörler: Panel veri analizi. Iktisat Isletme ve Finans, 22(258), 40-63.
- Güriş, S. (2018), Uygulamalı Panel Veri Ekonometrisi, Der Yayınları: İstanbul
- https://www.tbb.org.tr/tr/bankacilik/banka-ve-sektor-bilgileri/istatistiki-raporlar/59
- Kaya, V., Çömlekçi, İ., & Kara, O. (2013). “Hisse senedi getirilerini etkileyen makroekonomik değişkenler 2002–2012 Türkiye örneği”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (35).
- Kaya, Y. T. (2002). Türk bankacılık sektöründe karlılığın belirleyicileri. MSPD Çalışma Raporları, BDDK Yayınları, 1-21.
- Kıral, G., & Çelik, C. (2018). “Panel Veri Analizi ve Kümeleme Yöntemi ile Türkiye’de Konut Talebinin İncelenmesi”. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 32(4), 1009-1026.
- Korkmaz, Ö., & Karaca, S. S. (2013). “Firma Performansini Etkileyen Faktörler ve Türkiye Örnegi/The Factors Affecting Firm Performance: The Case of Turkey.” Ege Akademik Bakis, 13(2), 169.
- Korkmaz, T. (2010) “FVFM’nin İMKB Ulusal 100 Endeksindeki Geçerliliğinin Panel Veri Analizi İle Test Edilmesi” İstanbul Üniversitesi İşletme Fakültesi Dergisi, 30(1):95-105.
- Maudos, J., & De Guevara, J. F. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking & Finance, 28(9), 2259-2281.
Abstract
Bu çalışmada literatürde genel anlamda göz ardı edilmiş olmakla birlikte finansal sistemlerin önemli aktörlerinden biri olan banka dışı finansal kurumların finansal performans göstergeleri olan karlılıkları üzerinde etkili kurum içi ve makroekonomik faktörler incelenmiştir. Bu amaçla faktoring, finansal kiralama ve finansman şirketleri sektörlerinin dört farklı karlılık oranları üzerinde makro ve mikro faktörlerin etkisi incelenmiştir. Çalışmada en küçük kareler yönteminin kullanıldığı panel veri analizi yapılmıştır. Veriler 2008 1. Çeyrek - 2018 4. Çeyrek dönemini kapsamaktadır. Çalışma sonucunda banka dışı finansal kurumlarda karlılığı etkileyen unsurların mikro düzeydeki değişkenler bağlamında genel olarak Takipteki Alacaklar (Net) / Toplam Özkaynaklar, Türev Finansal Varlıklar/Toplam Özkaynaklar, Mali Olmayan Kuruluşlardan Alacaklar / Toplam Alacaklar, Takipteki Alacaklar (Brüt) / Toplam Alacaklar, Faaliyet Dışı Giderler / Gelirler, Özkaynaklar / Toplam Aktifler (Sermaye Yeterliliği), Takipteki Alacaklar / Toplam Özkaynaklar ve Türev Finansal Varlıklar/ Toplam Özkaynaklar; makro ekonomik değişkenlerden ise GSYİH, faiz ve enflasyon olduğu görülmüştür.
References
- Abreu, M., & Mendes, V. (2001). Commercial bank interest margins and profitability: evidence for some EU countries. In Pan-European Conference Jointly Organised by the IEFS-UK & University of Macedonia Economic & Social Sciences, Thessaloniki, Greece, May (pp. 17-20).
- Acar, E., & Ulusan, H. (2018), “Banka Pay Senetlerinin Betasını Belirleyen Finansal Oranlar: BİST’te Bir Uygulama”, Sosyal, Beşeri ve İdari Bilimler’de Akademik Araştırmalar, 4, 151.
- Albulescu, C. T. (2015). Banks’ profitability and financial soundness indicators: A macro-level investigation in emerging countries. Procedia economics and finance, 23(2015), 203-209.
- Alp, A., Ban, U., Demirgunes, K., & Kilic, S. (2010). Internal determinants of profitability in Turkish banking sector. ISE Review, 12(46), 1-14.
- Atasoy, H., & Aydoğan, K. (2007). Türk Bankacilik Sektöründe Gelir-Gider Analizi ve Karlilik Performansinin Belirleyicileri. Uzmanlik Yeterlilik Tezi, TCMB, Bankacilik ve Finansal Kuruluslar Genel Mudurlugu, Ankara.
- Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier test and its applications to model specification in econometrics. The review of economic studies, 47(1), 239-253. Curak, Marijana, Poposki, Klime- Pepur, Sandra (2012), "Profitability Determinants of the Macedonian Banking Sector in Changing Environment", Procedia-Social and Behavioral Sciences(44), ss.406-416.
- De Hoyos, R., & Sarafidis, V. (2007). “XTCSD: Stata module to test for cross-sectional dependence in panel data models”.
- Demirguc-Kunt, Aslı - Huizinga, Harry. (2000),"Financial Structure and Bank Profitability", World Bank Working Paper.
- Ersoy, E., & Aydın, Y. (2018). “Bankaların Likiditesini Etkileyen Makroekonomik ve Bankaya Özgü Faktörlerin Ampirik Analizi: Türkiye Örneği”. Global Journal of Economics and Business Studies, 7(14), 158-169.
- Finansal Kurumlar Birliği (2018), Finansal Kurumlar Birliği Faaliyet Raporu, https://www.fkb.org.tr/raporlar-ve-yayinlar/raporlar/birlik-faaliyet-raporu/
- Gelos, R., Gaston (2006), "Banking Spreads in Latin America, International Monetary Fund", Washington DC: IMF Working Paper, No. 06/44.
- Göçer, İ. (2013). “Seçilmiş OECD Ülkelerinde Bütçe Açıklarının Sürdürülebilirliği: Yatay Kesit Bağımlılığı Altında Panel Eş-Bütünleşme Analizi”. Journal of Yasar University, 30(8), 5086-5104.
- Grob, J. (2003). “Linear Regression, Springer”, New York
- Gujaratı, Damodar N. (2004), Basic Econometrics (4th ed.), New York: MacGraw-Hill.
- Gunter, U., Krenn, G., & Sigmund, M. (2013). Macroeconomic, market and bank-specific determinants of the net interest margin in Austria. Oesterreichische nationalbank financial stability report, 25.
- Gupta, A. D., Afsana Yesmin, M., & Khan, O. F. (2013). “Growth of non bank financial institutions over time and contribution to economy: evidence from Bangladesh. Instead of present on”e. Global Journal of Management and Business Research.
- Güngör, B. (2007). Türkiye’de faaliyet gösteren yerel ve yabancı bankaların kârlılık seviyelerini Etkileyen faktörler: Panel veri analizi. Iktisat Isletme ve Finans, 22(258), 40-63.
- Güriş, S. (2018), Uygulamalı Panel Veri Ekonometrisi, Der Yayınları: İstanbul
- https://www.tbb.org.tr/tr/bankacilik/banka-ve-sektor-bilgileri/istatistiki-raporlar/59
- Kaya, V., Çömlekçi, İ., & Kara, O. (2013). “Hisse senedi getirilerini etkileyen makroekonomik değişkenler 2002–2012 Türkiye örneği”. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (35).
- Kaya, Y. T. (2002). Türk bankacılık sektöründe karlılığın belirleyicileri. MSPD Çalışma Raporları, BDDK Yayınları, 1-21.
- Kıral, G., & Çelik, C. (2018). “Panel Veri Analizi ve Kümeleme Yöntemi ile Türkiye’de Konut Talebinin İncelenmesi”. Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 32(4), 1009-1026.
- Korkmaz, Ö., & Karaca, S. S. (2013). “Firma Performansini Etkileyen Faktörler ve Türkiye Örnegi/The Factors Affecting Firm Performance: The Case of Turkey.” Ege Akademik Bakis, 13(2), 169.
- Korkmaz, T. (2010) “FVFM’nin İMKB Ulusal 100 Endeksindeki Geçerliliğinin Panel Veri Analizi İle Test Edilmesi” İstanbul Üniversitesi İşletme Fakültesi Dergisi, 30(1):95-105.
- Maudos, J., & De Guevara, J. F. (2004). Factors explaining the interest margin in the banking sectors of the European Union. Journal of Banking & Finance, 28(9), 2259-2281.
Details
| Primary Language | Turkish |
|---|---|
| Journal Section | Makaleler |
| Authors | |
| Publication Date | April 30, 2021 |
| Acceptance Date | October 9, 2020 |
| Published in Issue | Year 2021 Issue: 58 |
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