Kamu Sabit Sermaye Yatırımları ve Kamu İktisadi Teşebbüslerinin Performansı Arasındaki İlişki
Yıl 2022,
Sayı: 34, 75 - 96, 31.01.2022
Duygu Arslantürk Çöllü
,
Emine Kaya
Öz
Bu çalışmanın amacı, kamu sabit sermaye yatırımlarının kamu iktisadi teşebbüsleri (KİT)’nin performansı üzerindeki etkilerini incelemektir. Çalışma kapsamında, Türkiye'de faaliyet gösteren finansal olmayan 20 adet KİT'in 2011-2018 dönemine ait verileri kullanılmıştır. Firma performansının göstergesi olarak karlılık ve operasyonel verimlilik dikkate alınmıştır. Firma özelliklerini kontrol ettikten sonra elde edilen dinamik panel veri analizi sonuçları, kamu sabit sermaye yatırımlarının karlılığı kısmi ve olumlu yönde, operasyonel verimliliği ise olumsuz şekilde etkilediğini göstermektedir.
Kaynakça
- Abiad, A. & Furceri, D. & Topalova, P. (2015), The Macroeconomic effects of public investment: Evidence from advanced economies, IMF Working Paper, WP/15/95, 1-26.
- Aivaziana, V.A. & Geb, Y. & Qiu, J. (2005), ‘Can corporatization improve the performance of state-owned enterprises even without privatization? ’, Journal of Corporate Finance, 11: 791– 808.
- Aktas, N. & Croci, E. & Petmezas, D. (2015), ‘Is working capital management value‐enhancing? Evidence from firm performance and investments’, Journal of Corporate Finance, 30: 98–113.
- Aljinović B.Z. & Muminović, S. (2013), ‘The impact of capital investments on dairy processing industry features: Evidence from Slovenia, Croatia and Serbia’, Mljekarstvo Časopis Za Unaprjeđenje Proizv. I Prerade Mlijeka, 63:140–149.
- Alipour, M. & Mohammadi, M.F.S. & Derakhshan, H. (2015), ‘Determinants of capital structure: An empirical study of firms in Iran’, International Journal of Law and Management, 57(1): 53–83.
- Amoroso, S. & Moncada-Paternò-Castello, P. & Vezzani, A. (2017), ‘RandD profitability: The role of risk and Knightian uncertainty’, Small Business Economics, 48:331–343.
- An, H. & Chen, Y. & Luo, D. & Zhang, T. (2016), ‘Political uncertainty and corporate investment: Evidence from China’, Journal of Corporate Finance, 36:174–189.
- Arellano, M. & Bover, O. (1995), ‘Another look at the instrumental-variable estimation of error-components models’, Journal of Economics, 68(1): 29–52.
- Arnull-Almond, B. (2008), The prediction of Australian targets: A binomial and multinomial logit analysis (Unpublished Doctoral Dissertation). The University of Sydney.
- Assagaf, A. & Ali, H. (2017), ‘Determinants of financial performance of state-owned enterprises with government subsidy as moderator’, International Journal of Economics and Financial Issues,7(4): 330-342.
- Aw, B.Y. & Mark, J.R. & Daniel, Y.X. (2008), ‘RandD investments, exporting, and the evolution of firm productivity’, American Economic Review, 98: 451–456.
- Bahadur, F.K.C. (2004), ‘Performance of public enterprises in Nepal’, NRB Economic Review (Occasional Paper),15: 203-226.
- Bałtowski, M. & Kozarzewski, P. (2016), ‘Formal and real ownership structure of the Polish economy: State-owned versus state-controlled enterprises’, Post-Communist Economies, 28(3):1–15.
- Baumol, W.J. (1984), ‘Toward a theory of public enterprise’, Atlantic Economic Journal, 12:13-20.
- Bavon, A. (1998), ‘Does ownership matter? Comparing the performance of public and private enterprises in Ghana’, The Journal of Developing Areas, 33(1): 53-72.
- Bernier, L. (2014), ‘Public enterprises as policy instruments: The importance of public entrepreneurship’, Journal of Economic Policy Reform, vol. 17(3), pp. 253-266.
- Billon, S. & Gillanders, R. (2014), ‘State ownership and corruption’, HECER Discussion Paper, 378: 1-20.
- Blundell, R. & Bond, S. (1998), ‘Initial conditions and moment restrictions in dynamic panel data models’, Journal of Economics, vol. 87(1): 115–143.
- Boardman, A.E. & Vining, A.R. (1989), ‘Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises’, Journal of Law and Economics, 32: 1–33.
- Boycko, M. & Shliefer, A. & Vishny, R. (1993), ‘Privatizing Russia’, Brookings Papers on Economic Activity, 2: 139–192.
- Bradbury, M.E. (1999), ‘Government ownership and financial performance in a competitive environment: Evidence from the corporatisation of the New Zealand Government computing services’, Asia Pacific Journal of Management, 16: 157–172.
- Bradbury, M.E. & Hooks, J.J. (2008), ‘Ownership and performance in a lightly regulated non-competitive operating environment’. Paper presented at Accounting and Finance Association of Australia and New Zealand (AFAANZ)/International Association for Accounting Education and Research (IAAER) 2008 conference, Sydney, Australia.
- Chan, K.K.Y. & Chen L. & Wong, N. (2018), ‘New Zealand state-owned enterprises: Is stateownership detrimental to firm performance?’, New Zealand Economic Papers, 52(2):170-184.
- Chen, S. & Sun, Z. & Tang, S. & Wu, D. (2011), ‘Government intervention and investment efficiency: Evidence from China’, Journal of Corporate Finance, 17: 259–271.
- Christiansen, H. (2011), The size and composition of the SOE sector in OECD countries, Paris: OECD Publishing.
- Çevik, S. (2020), ‘You are suffocating me: Firm-level analysis of state-owned enterprises and private investment’, Journal of Comparative Economics, 48: 292–301.
- De Long, J.B. & Summers, L.H. (1991), ‘Equipment investment and economic growth’, Quarterly Journal of Economics, 106(2): 445–502.
- Dewenter, K.L. & Malatesta, P.H. (2001), ‘State-owned and privately-owned firms: An empirical analysis of profitability, leverage, and labour intensity’, American Economic Review, 91: 320–334.
- Dollar, D. & Wei, S.J.(2007), Das (Wasted) kapital: Firm ownership and investment efficiency in China, National Bureau of Economic Research Working Paper, 13103, 1-40.
- Ejelly, A.M.A. (2009), ‘Ownership and firm performance: The experience of Saudi Arabia’s emerging economy’, International Business and Economics Research Journal, 8: 25–34.
- Fama, E.F. & French, K.R. (1999), ‘The corporate cost of capital and the return on corporate investment’, Journal of Finance, 54: 1939–1967.
- Fernández-Rodríguez, E. & García‐Fernández, R. & Martínez‐Arias, A. (2019), ‘Influence of ownership structure on the determinants of effective tax rates of Spanish companies’, Sustainability,11(5): 14-41.
- Gal, P. (2013), Measuring total factor productivity at the firm level using OECD-ORBIS, OECD Economics Department Working Papers No. 1049. OECD, Paris.
- Goldeng, E. & Grünfeld, L.A. & Benito, G.R.G. (2008), ‘The performance differential between private and state owned enterprises: The roles of ownership, management and market structure’, Journal of Management Studies, 45(7): 1244-1273.
- Grazzi, M. & Nadia, J. & Tania, T. (2016), ‘Dynamics of investment and firm performance: Comparative evidence from manufacturing industries’, Empirical Economics, 51:125–179.
- Grozdi´c, V. & Mari´c, B. & Radiši´c, M. & Šebestová, J. & Lis, M. (2020), ‘Capital investments and manufacturing firms’ performance: Panel-Data analysis’, Sustainability, 12: 1-18.
Hemming, R. and Mansoor, A.M. (1987), ‘Privatization and public enterprises’, IMF Working Paper, WP/87/9, 1-59.
- Huang, Y. (2019), ‘Government intervention and corporate investment efficiency: Evidence from China’, Journal of Service Science and Management, 12: 267-276.
- İncekara, A. (1989), ‘KİT'ler ve özelleştirme’, İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 47(1-4): 151-166.
- Jindrichovska, I. & Ugurlu, E. & Kubickova, D. (2013), ‘Changes in capital structure of Czech SMEs: A dynamic panel data approach’, Ekonomika a Management, 3: 1-19.
- Joh, S.W. (2003), ‘Corporate governance and firm profitability: Evidence from Korea before the economic crisis’, Journal of Financial Economics, vol. 68(2), pp. 287–322.
- Johansson, B. & Lööf, H. (2008), The impact of firm’s RandD strategy on profit and productivity, CESIS Electronic Working Paper Series, Paper No. 156.
- Kabaciński, B. & Kubiak, J. & Szarzec, K. (2020), ‘Do state-owned enterprises underperform compared to privately owned companies? An examination of the largest Polish Enterprises’, Emerging Markets Finance and Trade, 56(13):3174-3192.
- Kalemli-Özcan, Ş. & Sorensen, B. &Villegas-Sanchez, C. & Volosovych, V. & Yeşiltaş, S. (2015), How to construct nationally representative firm-level data from the ORBIS Global Database, National Bureau of Economic Research, Cambridge, MA NBER Working Papers No. 21558.
- Keefer, P. & Knack, S. (2007), ‘Boondoggles, rent-seeking, and political checks and balances: Public investment under unaccountable governments’, Review of Economics and Statistics, 89: 566-572.
- Khan, M.S. & Reinhart, C.M. (1990), ‘Private investment and economic growth in developing countries’, World Development, 18(1): 19-27.
- Kim, S., Shin, H-H. & Yu, S. (2019), ‘Performance of state-owned enterprises during public elections: The case of Korea’, Emerging Markets Finance and Trade, 55(1): 78-89.
- Köseoğlu, M. (2005), Kamu iktisadi teşebbüslerinde performans ölçümü, Yıllık Programlar ve Konjonktür Değerlendirme Genel Müdürlüğü KİT ve Sosyal Güvenlik Dairesi Daire Başkanlığı (Uzmanlık Tezi), DPT: 2688.
- Lev, B. & Thiagarajan, S. R. (1993), ‘Fundamental information analysis’, Journal of Accounting Research, vol. 31(2): 190–215.
- Levine, R. & Renelt, D. (1992), ‘A sensitivity analysis of cross-country growth regressions’, American Economic Review, 82: 942–63.
- Lipsey, R. & Kravis, I. (1987), Saving and economic growth: Is the United States really falling behind?, New York: The Conference Board.
- Ljungqvist, A. & Chen, D. & Jiang, D. & Lu, H. & Zhou, M. (2015), State capitalism vs. private enterprise, NBER Working Paper, 20930, 1-54.
- Lööf, H. & Heshmati, A. (2008), ‘Investment and performance of firms: Correlation or causality?’, Corporate Ownership Control,. 6: 268–282.
- Mankiw, N.G. & Romer, D. & Well, D.N. (1992), ‘A contribution to the empirics of economic growth’, Quarterly Journal of Economics,107: 407-437.
- Maria-Dolores, R. (2004), ‘Public capital effects on Spanish regions productivity: A non-parametric approach (1965-1998)’, Hacienda Pública Española / Revista de Economía Pública, 171(4): 57-74.
- Megginson, W.L. & Netter, J.M. (2001), ‘From state to market: A survey of empircal studies of privatization’, Journal of Economic Literature, 39: 321-389.
- Megginson, W.L. & Nash, R.C. & Randenborgh, M.V. (1994), ‘The financial and operating performance of newly privatized firms: An international empirical analysis’, The Journal of Finance, XLIX(2): 403-453.
- Makuyana, G. & Odhiambo, M.N. (2019), ‘Public and private investment and economic growth in Malawi: An ARDL-bounds testing approach’, Economic Research-Ekonomska Istraživanja, 32(1): 673-689.
- Naveed, S. & Salman, Y. & Jabeen, N. & Jadoon, M.Z.I. & Irfan, S. (2018), ‘Governance and management of state- owned enterprises in Pakistan’, Pakistan Economic and Social Review, 56(1): 47-66.
- O’Toole, M.C. & Morgenroth, E. & Thuy, H.T.T. (2015), Investment efficiency, state-owned enterprises and privatisation: Evidence from Vietnam in transition, ESRI Working Paper, 498: 1-30.
- OECD (2016), Broadening the ownership of state-owned enterprises: A comparison of governance practices, OECD Publishing, Paris. <http://dx.doi.org/10.1787/9789264244603-en> 15.08.2020.
- OECD (2018), Ownership and governance of state-owned enterprises: A compendium of national practices, <http://www.oecd.org/corporate/ca/Ownership-and-Governance-of-State-Owned-Enterprises-A-Compendium-of-National-Practices.pdf>12.08.2020.
- Opie, W. & Tian, G.G. & Zhang, H.F. (2029), ‘Corporate pyramids, geographical distance, and investment efficiency of Chinese state-owned enterprises’, Journal of Banking and Finance, 99: 95–120.
- Pratuckchai, W. & Patanapongse, W. (2012), ‘The study of management control systems in state owned enterprises: A proposed conceptual framework’, The International Journal of Organizational Innovation, 5(2): 83-115.
- Qi, H. & Kotz, D. M. (2019), ‘The impact of state-owned enterprises on China's economic growth’, Review of Radical Political Economics, 52(2): 1–19.
- Robinson, J.A. & Torvik, R. (2005), ‘White Elephants’, Journal of Public Economics, 89: (2-3): 197-210.
- Shleifer, A. & Vishny, R.W. (1994), ‘Politicians and firms’, The Quarterly Journal of Economics, 109(4): 995–1025.
- Shleifer, A. & Vishny, R.W. (1998), The grabbing hand: Government pathologies and their cures, Cambridge. MA: Harvard University Press.
- Singh, J.N. & Chen, G.C. (2017), State-owned enterprises and the political economy of state–state relations in the developing world, Third World Quarterly, pp. 1-21.
- Stein, J.C. (2003), ‘Agency, information and corporate investment’, Handbook of The Economics of Finance, 1: 111-165.
- Sudiyatno, B. & Puspitasari, E. & Kartika, A. (2012), ‘The company’s policy, firm performance, and firm value: An empirical research on Indonesia stock exchange’, American International Journal of Contemporary Research, 2(12): 30–40.
- Szarzec, K. & Nowara, W. (2017), ‘The economic performance of state-owned enterprises in Central and Eastern Europe’, Post-Communist Economies, 29(3): 375–91.
- Ministery of the Republic of Turkey, Supreme Audit Institution Report (2012), Supreme Audit Institution from General Supervision Committee to the TCA (1938–2010), <https://www.sayistay.gov.tr/tr/Upload/95906369/files/yayinlar/yuksek_denetleme_kurulu_tarihcesi.pdf> 22.07.2020.
- Turkish Court of Accounts (2017), Public Enterprises 2016 General Report, <https://www.sayistay.gov.tr/tr/Upload/62643830/files/raporlar/genel_raporlar/kit_genel/2016_ki.pdf> 10.07.2020.
- Turkish Court of Accounts (2019), Public Enterprises 2018 General Report, <https://www.sayistay.gov.tr/tr/Upload/62643830/files/raporlar/genel_raporlar/kit_genel/2018_Ki.pdf> 10.07.2020.
- The Tenth Development Plan (2014), Türkiye Cumhuriyeti Kalkınma Bakanlığı, <http://www.sbb.gov.tr/wp-content/uploads/2018/11/Onuncu-Kalk%C4%B1nma-Plan%C4%B1-2014-2018.pdf > 01.07.2020.
- Tvaronavičius, V. & Tvaronavičiene, M. (2008), ‘Role of fixed investments in economic growth of country: Lithuania in European context’, Journal of Business Economics and Management, 9(1): 57-64.
- Xu, X. & Yan, Y. (2014), ‘Does government investment crowdout private investment in China?’, Journal of Economic Policy Reform, 17(1):1-12.
- Yu, X. & Dosi, G. & Grazzi, M. & Lei, J. (2017), ‘Inside the virtuous circle between productivity, profitability, investment and corporate growth: An anatomy of Chinese industrialization’, Research Policy, 46: 1020–1038.
THE NEXUS BETWEEN PUBLIC FIXED CAPITAL INVESTMENTS AND PERFORMANCE OF STATE OWNED ENTERPRISES
Yıl 2022,
Sayı: 34, 75 - 96, 31.01.2022
Duygu Arslantürk Çöllü
,
Emine Kaya
Öz
The aim of this study is to analyze the effects of public fixed capital investments on the performance of state-owned enterprises (SOEs). Within the scope of the study, we include the data of 20 non-financial SOEs operating in Turkey regarding the period of 2011-2018. We take into consideration the following performance dimensions: profitability and operational efficiency. Our dynamic panel data analysis results obtained after controlling the firm characteristics show that the public fixed capital investments have a partial and positive effect on the profitability, while it is a negative effect on the operational efficiency.
Kaynakça
- Abiad, A. & Furceri, D. & Topalova, P. (2015), The Macroeconomic effects of public investment: Evidence from advanced economies, IMF Working Paper, WP/15/95, 1-26.
- Aivaziana, V.A. & Geb, Y. & Qiu, J. (2005), ‘Can corporatization improve the performance of state-owned enterprises even without privatization? ’, Journal of Corporate Finance, 11: 791– 808.
- Aktas, N. & Croci, E. & Petmezas, D. (2015), ‘Is working capital management value‐enhancing? Evidence from firm performance and investments’, Journal of Corporate Finance, 30: 98–113.
- Aljinović B.Z. & Muminović, S. (2013), ‘The impact of capital investments on dairy processing industry features: Evidence from Slovenia, Croatia and Serbia’, Mljekarstvo Časopis Za Unaprjeđenje Proizv. I Prerade Mlijeka, 63:140–149.
- Alipour, M. & Mohammadi, M.F.S. & Derakhshan, H. (2015), ‘Determinants of capital structure: An empirical study of firms in Iran’, International Journal of Law and Management, 57(1): 53–83.
- Amoroso, S. & Moncada-Paternò-Castello, P. & Vezzani, A. (2017), ‘RandD profitability: The role of risk and Knightian uncertainty’, Small Business Economics, 48:331–343.
- An, H. & Chen, Y. & Luo, D. & Zhang, T. (2016), ‘Political uncertainty and corporate investment: Evidence from China’, Journal of Corporate Finance, 36:174–189.
- Arellano, M. & Bover, O. (1995), ‘Another look at the instrumental-variable estimation of error-components models’, Journal of Economics, 68(1): 29–52.
- Arnull-Almond, B. (2008), The prediction of Australian targets: A binomial and multinomial logit analysis (Unpublished Doctoral Dissertation). The University of Sydney.
- Assagaf, A. & Ali, H. (2017), ‘Determinants of financial performance of state-owned enterprises with government subsidy as moderator’, International Journal of Economics and Financial Issues,7(4): 330-342.
- Aw, B.Y. & Mark, J.R. & Daniel, Y.X. (2008), ‘RandD investments, exporting, and the evolution of firm productivity’, American Economic Review, 98: 451–456.
- Bahadur, F.K.C. (2004), ‘Performance of public enterprises in Nepal’, NRB Economic Review (Occasional Paper),15: 203-226.
- Bałtowski, M. & Kozarzewski, P. (2016), ‘Formal and real ownership structure of the Polish economy: State-owned versus state-controlled enterprises’, Post-Communist Economies, 28(3):1–15.
- Baumol, W.J. (1984), ‘Toward a theory of public enterprise’, Atlantic Economic Journal, 12:13-20.
- Bavon, A. (1998), ‘Does ownership matter? Comparing the performance of public and private enterprises in Ghana’, The Journal of Developing Areas, 33(1): 53-72.
- Bernier, L. (2014), ‘Public enterprises as policy instruments: The importance of public entrepreneurship’, Journal of Economic Policy Reform, vol. 17(3), pp. 253-266.
- Billon, S. & Gillanders, R. (2014), ‘State ownership and corruption’, HECER Discussion Paper, 378: 1-20.
- Blundell, R. & Bond, S. (1998), ‘Initial conditions and moment restrictions in dynamic panel data models’, Journal of Economics, vol. 87(1): 115–143.
- Boardman, A.E. & Vining, A.R. (1989), ‘Ownership and performance in competitive environments: A comparison of the performance of private, mixed, and state-owned enterprises’, Journal of Law and Economics, 32: 1–33.
- Boycko, M. & Shliefer, A. & Vishny, R. (1993), ‘Privatizing Russia’, Brookings Papers on Economic Activity, 2: 139–192.
- Bradbury, M.E. (1999), ‘Government ownership and financial performance in a competitive environment: Evidence from the corporatisation of the New Zealand Government computing services’, Asia Pacific Journal of Management, 16: 157–172.
- Bradbury, M.E. & Hooks, J.J. (2008), ‘Ownership and performance in a lightly regulated non-competitive operating environment’. Paper presented at Accounting and Finance Association of Australia and New Zealand (AFAANZ)/International Association for Accounting Education and Research (IAAER) 2008 conference, Sydney, Australia.
- Chan, K.K.Y. & Chen L. & Wong, N. (2018), ‘New Zealand state-owned enterprises: Is stateownership detrimental to firm performance?’, New Zealand Economic Papers, 52(2):170-184.
- Chen, S. & Sun, Z. & Tang, S. & Wu, D. (2011), ‘Government intervention and investment efficiency: Evidence from China’, Journal of Corporate Finance, 17: 259–271.
- Christiansen, H. (2011), The size and composition of the SOE sector in OECD countries, Paris: OECD Publishing.
- Çevik, S. (2020), ‘You are suffocating me: Firm-level analysis of state-owned enterprises and private investment’, Journal of Comparative Economics, 48: 292–301.
- De Long, J.B. & Summers, L.H. (1991), ‘Equipment investment and economic growth’, Quarterly Journal of Economics, 106(2): 445–502.
- Dewenter, K.L. & Malatesta, P.H. (2001), ‘State-owned and privately-owned firms: An empirical analysis of profitability, leverage, and labour intensity’, American Economic Review, 91: 320–334.
- Dollar, D. & Wei, S.J.(2007), Das (Wasted) kapital: Firm ownership and investment efficiency in China, National Bureau of Economic Research Working Paper, 13103, 1-40.
- Ejelly, A.M.A. (2009), ‘Ownership and firm performance: The experience of Saudi Arabia’s emerging economy’, International Business and Economics Research Journal, 8: 25–34.
- Fama, E.F. & French, K.R. (1999), ‘The corporate cost of capital and the return on corporate investment’, Journal of Finance, 54: 1939–1967.
- Fernández-Rodríguez, E. & García‐Fernández, R. & Martínez‐Arias, A. (2019), ‘Influence of ownership structure on the determinants of effective tax rates of Spanish companies’, Sustainability,11(5): 14-41.
- Gal, P. (2013), Measuring total factor productivity at the firm level using OECD-ORBIS, OECD Economics Department Working Papers No. 1049. OECD, Paris.
- Goldeng, E. & Grünfeld, L.A. & Benito, G.R.G. (2008), ‘The performance differential between private and state owned enterprises: The roles of ownership, management and market structure’, Journal of Management Studies, 45(7): 1244-1273.
- Grazzi, M. & Nadia, J. & Tania, T. (2016), ‘Dynamics of investment and firm performance: Comparative evidence from manufacturing industries’, Empirical Economics, 51:125–179.
- Grozdi´c, V. & Mari´c, B. & Radiši´c, M. & Šebestová, J. & Lis, M. (2020), ‘Capital investments and manufacturing firms’ performance: Panel-Data analysis’, Sustainability, 12: 1-18.
Hemming, R. and Mansoor, A.M. (1987), ‘Privatization and public enterprises’, IMF Working Paper, WP/87/9, 1-59.
- Huang, Y. (2019), ‘Government intervention and corporate investment efficiency: Evidence from China’, Journal of Service Science and Management, 12: 267-276.
- İncekara, A. (1989), ‘KİT'ler ve özelleştirme’, İstanbul Üniversitesi İktisat Fakültesi Mecmuası, 47(1-4): 151-166.
- Jindrichovska, I. & Ugurlu, E. & Kubickova, D. (2013), ‘Changes in capital structure of Czech SMEs: A dynamic panel data approach’, Ekonomika a Management, 3: 1-19.
- Joh, S.W. (2003), ‘Corporate governance and firm profitability: Evidence from Korea before the economic crisis’, Journal of Financial Economics, vol. 68(2), pp. 287–322.
- Johansson, B. & Lööf, H. (2008), The impact of firm’s RandD strategy on profit and productivity, CESIS Electronic Working Paper Series, Paper No. 156.
- Kabaciński, B. & Kubiak, J. & Szarzec, K. (2020), ‘Do state-owned enterprises underperform compared to privately owned companies? An examination of the largest Polish Enterprises’, Emerging Markets Finance and Trade, 56(13):3174-3192.
- Kalemli-Özcan, Ş. & Sorensen, B. &Villegas-Sanchez, C. & Volosovych, V. & Yeşiltaş, S. (2015), How to construct nationally representative firm-level data from the ORBIS Global Database, National Bureau of Economic Research, Cambridge, MA NBER Working Papers No. 21558.
- Keefer, P. & Knack, S. (2007), ‘Boondoggles, rent-seeking, and political checks and balances: Public investment under unaccountable governments’, Review of Economics and Statistics, 89: 566-572.
- Khan, M.S. & Reinhart, C.M. (1990), ‘Private investment and economic growth in developing countries’, World Development, 18(1): 19-27.
- Kim, S., Shin, H-H. & Yu, S. (2019), ‘Performance of state-owned enterprises during public elections: The case of Korea’, Emerging Markets Finance and Trade, 55(1): 78-89.
- Köseoğlu, M. (2005), Kamu iktisadi teşebbüslerinde performans ölçümü, Yıllık Programlar ve Konjonktür Değerlendirme Genel Müdürlüğü KİT ve Sosyal Güvenlik Dairesi Daire Başkanlığı (Uzmanlık Tezi), DPT: 2688.
- Lev, B. & Thiagarajan, S. R. (1993), ‘Fundamental information analysis’, Journal of Accounting Research, vol. 31(2): 190–215.
- Levine, R. & Renelt, D. (1992), ‘A sensitivity analysis of cross-country growth regressions’, American Economic Review, 82: 942–63.
- Lipsey, R. & Kravis, I. (1987), Saving and economic growth: Is the United States really falling behind?, New York: The Conference Board.
- Ljungqvist, A. & Chen, D. & Jiang, D. & Lu, H. & Zhou, M. (2015), State capitalism vs. private enterprise, NBER Working Paper, 20930, 1-54.
- Lööf, H. & Heshmati, A. (2008), ‘Investment and performance of firms: Correlation or causality?’, Corporate Ownership Control,. 6: 268–282.
- Mankiw, N.G. & Romer, D. & Well, D.N. (1992), ‘A contribution to the empirics of economic growth’, Quarterly Journal of Economics,107: 407-437.
- Maria-Dolores, R. (2004), ‘Public capital effects on Spanish regions productivity: A non-parametric approach (1965-1998)’, Hacienda Pública Española / Revista de Economía Pública, 171(4): 57-74.
- Megginson, W.L. & Netter, J.M. (2001), ‘From state to market: A survey of empircal studies of privatization’, Journal of Economic Literature, 39: 321-389.
- Megginson, W.L. & Nash, R.C. & Randenborgh, M.V. (1994), ‘The financial and operating performance of newly privatized firms: An international empirical analysis’, The Journal of Finance, XLIX(2): 403-453.
- Makuyana, G. & Odhiambo, M.N. (2019), ‘Public and private investment and economic growth in Malawi: An ARDL-bounds testing approach’, Economic Research-Ekonomska Istraživanja, 32(1): 673-689.
- Naveed, S. & Salman, Y. & Jabeen, N. & Jadoon, M.Z.I. & Irfan, S. (2018), ‘Governance and management of state- owned enterprises in Pakistan’, Pakistan Economic and Social Review, 56(1): 47-66.
- O’Toole, M.C. & Morgenroth, E. & Thuy, H.T.T. (2015), Investment efficiency, state-owned enterprises and privatisation: Evidence from Vietnam in transition, ESRI Working Paper, 498: 1-30.
- OECD (2016), Broadening the ownership of state-owned enterprises: A comparison of governance practices, OECD Publishing, Paris. <http://dx.doi.org/10.1787/9789264244603-en> 15.08.2020.
- OECD (2018), Ownership and governance of state-owned enterprises: A compendium of national practices, <http://www.oecd.org/corporate/ca/Ownership-and-Governance-of-State-Owned-Enterprises-A-Compendium-of-National-Practices.pdf>12.08.2020.
- Opie, W. & Tian, G.G. & Zhang, H.F. (2029), ‘Corporate pyramids, geographical distance, and investment efficiency of Chinese state-owned enterprises’, Journal of Banking and Finance, 99: 95–120.
- Pratuckchai, W. & Patanapongse, W. (2012), ‘The study of management control systems in state owned enterprises: A proposed conceptual framework’, The International Journal of Organizational Innovation, 5(2): 83-115.
- Qi, H. & Kotz, D. M. (2019), ‘The impact of state-owned enterprises on China's economic growth’, Review of Radical Political Economics, 52(2): 1–19.
- Robinson, J.A. & Torvik, R. (2005), ‘White Elephants’, Journal of Public Economics, 89: (2-3): 197-210.
- Shleifer, A. & Vishny, R.W. (1994), ‘Politicians and firms’, The Quarterly Journal of Economics, 109(4): 995–1025.
- Shleifer, A. & Vishny, R.W. (1998), The grabbing hand: Government pathologies and their cures, Cambridge. MA: Harvard University Press.
- Singh, J.N. & Chen, G.C. (2017), State-owned enterprises and the political economy of state–state relations in the developing world, Third World Quarterly, pp. 1-21.
- Stein, J.C. (2003), ‘Agency, information and corporate investment’, Handbook of The Economics of Finance, 1: 111-165.
- Sudiyatno, B. & Puspitasari, E. & Kartika, A. (2012), ‘The company’s policy, firm performance, and firm value: An empirical research on Indonesia stock exchange’, American International Journal of Contemporary Research, 2(12): 30–40.
- Szarzec, K. & Nowara, W. (2017), ‘The economic performance of state-owned enterprises in Central and Eastern Europe’, Post-Communist Economies, 29(3): 375–91.
- Ministery of the Republic of Turkey, Supreme Audit Institution Report (2012), Supreme Audit Institution from General Supervision Committee to the TCA (1938–2010), <https://www.sayistay.gov.tr/tr/Upload/95906369/files/yayinlar/yuksek_denetleme_kurulu_tarihcesi.pdf> 22.07.2020.
- Turkish Court of Accounts (2017), Public Enterprises 2016 General Report, <https://www.sayistay.gov.tr/tr/Upload/62643830/files/raporlar/genel_raporlar/kit_genel/2016_ki.pdf> 10.07.2020.
- Turkish Court of Accounts (2019), Public Enterprises 2018 General Report, <https://www.sayistay.gov.tr/tr/Upload/62643830/files/raporlar/genel_raporlar/kit_genel/2018_Ki.pdf> 10.07.2020.
- The Tenth Development Plan (2014), Türkiye Cumhuriyeti Kalkınma Bakanlığı, <http://www.sbb.gov.tr/wp-content/uploads/2018/11/Onuncu-Kalk%C4%B1nma-Plan%C4%B1-2014-2018.pdf > 01.07.2020.
- Tvaronavičius, V. & Tvaronavičiene, M. (2008), ‘Role of fixed investments in economic growth of country: Lithuania in European context’, Journal of Business Economics and Management, 9(1): 57-64.
- Xu, X. & Yan, Y. (2014), ‘Does government investment crowdout private investment in China?’, Journal of Economic Policy Reform, 17(1):1-12.
- Yu, X. & Dosi, G. & Grazzi, M. & Lei, J. (2017), ‘Inside the virtuous circle between productivity, profitability, investment and corporate growth: An anatomy of Chinese industrialization’, Research Policy, 46: 1020–1038.