DEĞİŞEN PİYASALARDA BÜYÜME, ÇEŞİTLENDİRME VE KÜÇÜLME STRATEJİLERİNİN FİRMA PERFORMANSINA ETKİSİ: SEKTÖREL ANALİZ

Year 2022, Volume: 3 Issue: 1, 74 - 109, 30.06.2022

Bahan Yenilmez

Abstract

Bu çalışma, Borsa İstanbul’da imalat sektöründe faaliyet gösteren firmaların piyasa yavaşlamalarında ve genişlemelerinde uyguladıkları büyüme, çeşitlendirme ve küçülme stratejilerinin firma performansı üzerindeki etkileri her sektöre göre karşılaştırmalı olarak incelemiştir. Bu amaçla 2000-2016 yılları arasında BIST 100 endeksinde yer alan ve inşaat, otomotiv, ilaç ve kimya, gıda sektöründe faaliyet gösteren firmaların piyasa yavaşlamalarında ve genişlemelerinde büyüme, çeşitlendirme ve küçülme stratejilerinden hangilerini uyguladıkları belirlenmiştir. Ayrıca bu stratejiler ile firma performansı arasında anlamlı bir ilişki olup olmadığı araştırılarak ve bu etkinin yönü ve derecesi analiz edilmiş ve sektörel bazda ve dönemsel (yavaşlama ve genişleme) olarak karşılaştırılmıştır. Bu çalışmanın diğer çalışmalardan farklı olan yönü henüz Türkiye’de söz konusu stratejilerin üçünün de bir arada değerlendirilmemiş ve sektörel olarak bu stratejilerin etkisinin sektörel bazda ve yavaşlama genişleme dönemleri için karşılaştırılmamış olmasıdır. Çalışmada firma performansı, varlık getiri oranı (ROA), nakit akışlarının varlık getiri oranı (nakit akışı getirisi), Tobin’s q, borsa kapanış fiyatları, varlıklardaki artış oranı, toplam performans, toplam hissedar getirisi ve hisse başına kazanç ile ölçülmüştür.

Keywords

Büyüme Stratejileri, Küçülme Stratejileri, Çeşitlendirme Stratejileri, İmalat Sektörü, Firma Performansı, Sektörel Karşılaştırma

THE EFFECT OF GROWTH, DIVERSIFICATION AND DOWNSIZING STRATEGIES ON FIRM PERFORMANCE IN CHAINCING MARKETS: SECTORAL ANALYSIS

Abstract

This study examines the effects of growth, diversification and downsizing strategies applied by companies operating in the manufacturing sector in Borsa Istanbul during market slowdowns and expansions on firm performance, according to each sector. For this purpose, it has been determined which of the growth, diversification and downsizing strategies are implemented in slowdown-expansion periods by the companies operating in the construction, automotive, pharmaceutical and chemical and food sectors, which are trading in the BIST 100 index between the years 2000-2016. In addition, it has been investigated whether there is a significant relationship between these strategies and firm performance, and the direction and degree of this relationship were analyzed and compared on a sectoral basis for slowdown-expansion periods. The difference of this study from other studies is that all three of the aforementioned strategies have not been evaluated together in Turkey and the effects of these strategies have not been compared on a sectoral basis for slowdown-expansion periods yet. In this study, firm performance was measured by the return on assets (ROA), the return on assets of cash flows (return on cash flows), Tobin's q, closing prices, rate of increase in assets, overall performance, total shareholder return and earnings per share.

Keywords

Growth Strategies, Downsizing Strategies, Diversification Strategies, Manufacturing Sector, Firm Performance, Sectoral Comparison

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