PERFORMANCE OF PRIVATE ELECTRICITY AND NATURAL GAS DISTRIBUTION FIRMS DURING ENERGY REFORM, FINANCIAL CRISES AND EU ACCESSION

Year 2009, Volume: 27 Issue: 1, 143 - 159, 01.07.2009

Özgür Arslan Necmiddin Bağdadioğlu

Abstract

Bu çalışma varlıkların
getirisi ve varlıkların faaliyet getirisi gibi muhasebe ölçütlerini kullanmak
suretiyle 1990-2005 yılları arasında Türkiye’de faaliyet gösteren özel elektrik
ve doğal gaz dağıtım firmalarının performansını araştırmaktadır. Bu süreç içerisinde
Türkiye’deki enerji sektörü, farklı finansal krizler ve Türkiye ile Avrupa
Birliği arasında atılan önemli adımların eşiğinde, üç büyük yeniden
yapılandırma yaşanmıştır. Firma düzeyindeki verinin analizi için system-GMM
metodolojisi kullanılmıştır. Sonuçlar göstermektedir ki söz konusu ölçütler
firma büyüklüğü ile negatif, satışlardaki büyüme ile pozitif yönde ilişkilidir.
Borçlanma oranı sadece ekonomik genişleme dönemlerinde söz konusu ölçütleri olumlu
yönde etkilemektedir. Ölçütler GSYH’ya duyarsız ve zaman içerisinde düşme
eğilimi göstermekte olup firmaların karlarını kendi dağıtım faaliyetlerinin
dışındaki alanlarda elde ettiklerini onaylar şekilde firmaların varlıklarının
faaliyet getirisi varlıkların getirisi düzeyinin hep altında yer almaktadır

 

 

Keywords

Firma performansı, enerji sektörü, finansal krizler

PERFORMANCE OF PRIVATE ELECTRICITY AND NATURAL GAS DISTRIBUTION FIRMS DURING ENERGY REFORM, FINANCIAL CRISES AND EU ACCESSION

Abstract

This paper uses accounting
measures, namely; Return on Assets and Operating Return on Assets to examine
the performance of private electricity and natural gas distribution firms in Turkey
through 1990-2005. In
this period Turkish energy sector went through three major restructurings, each
of which occurred just about a major step was taken between Turkey and
European Union and during various financial crises. The period also reflects
any changes in the industry due to each restructuring. System-GMM methodology is
employed to analyze firm level data. The findings show that the measures are
negatively associated with firm size but positively related to sales growth. Moreover
the debt ratio positively affects the measures during the economic expansion
periods. The measures display irrelevancy to GDP and a declining pattern in
time. More importantly, the level of Operating Return on Assets is always below
that of Return on Assets, suggesting that the firms are earning profit
elsewhere than their own distribution activities.  

 

Keywords

Firm performance, energy sector, financial crises

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