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Uluslararasılaşma Düzeyi ve Finansal Performans İlişkisi: BİST İşletmeleri Üzerine Bir Araştırma

Year 2022, Volume: 23 Issue: 3, 643 - 654, 24.07.2022

Ayşe Kayacı

https://doi.org/10.37880/cumuiibf.1077104
Cited By: 1

Abstract

Gelişmekte olan ekonomilerin küresel ekonomideki görünürlüğü ve büyümesi arttıkça, bu ekonomilerde faaliyet gösteren işletmelerin faaliyetleri de daha önemli hale gelmektedir. Özellikle liberalleşme adımlarının hem gelişmiş hem de gelişmekte olan ülkelerdeki işletmelerin uluslararasılaşmasını arttırdığı bilinmektedir. Ancak artan uluslararasılaşmanın işletmelere sağladığı performans getirilerinin istenilen düzeyde gerçekleşmesi konusu tartışmalıdır. İlgili yazında uluslararasılaşma düzeyinin işletme performansı üzerinde olumsuz, olumlu ve karma etkileri olduğunu belirten birçok çalışma ortaya konmuştur. Bu çalışmada gelişmekte olan ekonomilerde olduğu gibi liberalleşme ve uluslararasılaşma sürecinin uzun yıllardır devam ettiği Türkiye’deki işletmelerin uluslararasılaşma ve finansal performans ilişkisi irdelenmiştir. BİST’te işlem gören 295 işletmeden 2005-2018 yıllarına dair elde edilen 3386 gözlem panel sabit etkiler modeli ile analize tabi tutulmuştur. Bulgulara göre, örneklemde yer alan işletmelerin uluslararasılaşması arttıkça finansal performansı düşmektedir. Benzer şekilde işletmelerin Ar-Ge yoğunluğu ve kaldıraç oranının artması finansal performanslarını olumsuz yönde etkilemektedir. Öte yandan, işletmelerin büyüklüğü arttıkça finansal performans düzeyleri de artmaktadır. Elde edilen bilgiler ışığında uluslararasılaşmanın getirilerinden Türkiye’deki işletmelerin henüz beklenen oranda faydalanamadığı sonucu elde edilmiştir. Ayrıca, Türkiye’deki işletmelerin uluslararası rekabet gücünün sadece ihracat teşvikleri ile artmasının mümkün olmadığı söylenebilir. Gelecekte yapılacak araştırmalarda Türkiye’deki işletmelerin çoğunda görülen aile sahipliği ve aile kontrolünün uluslararasılaşma ve performans ilişkisi üzerindeki rolü irdelenebilir. Birincil veri kaynakları ile küçük ve orta büyüklükteki işletmeler ile yapılacak araştırma bulguları da mevcut araştırmanın sonuçlarını genişletebilir.

Keywords

Uluslararasılaşma Finansal Performans Gelişmekte Olan Ekonomiler Türkiye

References

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  • Lu, J. W., & Beamish, P. W. (2004). International Diversification and Firm Performance: The S-curve Hypothesis. Academy of Management Journal, 47(4), 598–609. https://doi.org/10.5465/20159604
  • Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4), 481–498. https://doi.org/10.1057/palgrave.jibs.8400275
  • Mathews, J. A. (2006a). Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1), 5–27. https://doi.org/10.1007/s10490-006-6113-0
  • Mathews, J. A. (2006b). Response to professors Dunning and Narula. Asia Pacific Journal of Management, 23(2), 153–155. https://doi.org/10.1007/s10490-006-7163-z
  • Narula, R. (2006). Globalization, new ecologies, new zoologies, and the purported death of the eclectic paradigm. Asia Pacific Journal of Management, 23(2), 143–151. https://doi.org/10.1007/s10490-006-7162-0
  • Nguyen, Q. T. K., & Kim, S. (2020). The multinationality and performance relationship: Revisiting the literature and exploring the implications. International Business Review, 29(2), 101670. https://doi.org/10.1016/J.IBUSREV.2020.101670
  • Okan, T., Sarı, S., & İlhan-Nas, T. (2014). Yönetim Kurulu Yapısı ile Finansal Performans Arasındaki İlişkide Uluslararası Çeşitlenmenin Aracılk Etkisi. İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Yönetim Dergisi, 25(77), 39–79.
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  • Ramamurti, R. (2009a). Why study emerging-market multinationals? Içinde R. Ramamurti & J. V. Singh (Ed.), Emerging Multinationals in Emerging Markets (ss. 3–22). Cambridge University Press. https://doi.org/10.1017/CBO9780511576485.001
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  • Yaprak, A., & Karademir, B. (2010). The internationalization of emerging market business groups: an integrated literature review. International Marketing Review, 27(2), 245–262. https://doi.org/10.1108/02651331011037548
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The Relationship Between Internationalization Level and Financial Performance: A Study with BİST Companies

Year 2022, Volume: 23 Issue: 3, 643 - 654, 24.07.2022

Ayşe Kayacı

https://doi.org/10.37880/cumuiibf.1077104
Cited By: 1

Abstract

As the visibility and growth of emerging economies have increased in the global economy, the operations of the firms in these economies have become more significant. Especially, the liberalization attempts have increased the internationalization level of firms from both advanced and emerging countries. However, the performance returns of internationalization for firms is a controversial issue. Relevant literature involves many studies that have found negative, positive and mixed impact of internationalization level on financial performance. This study investigates the relationship of internationalization and financial performance of firms in Turkey which have a long history of liberalization and internationalization as other emerging economies. 3386 observations that are gathered from 295 firms listed in BİST for the years of 2005-2018 are analyzed with panel fixed effects model. According to findings, the financial performance of sample firms decreases as their internationalization increases. Similarly, the increase in R&D intensity and leverage ratio impacts their financial performance negatively. On the contrary, as the size of firms increases, the level of their financial performance also increases. According to the findings of the study, firms in Turkey could not get expected positive returns of internationalization so far. Furthermore, it can be said that the international competitive advantage of firms of Turkey could not be increased only by export incentives. Future studies can investigate the role of family ownership and control which are very common in Turkish firms on the relationship between internationalization and performance. Research findings of studies about small and medium sized firms by using primary data sources can also expand the results of current study.

Keywords

Internationalization Financial Performance Emerging Economies Turkey

References

  • Ataay, A. (2012). Türk Aile İşletme Gruplarının Uluslararasılaşma Deneyimleri. Içinde T. Koçel (Ed.), 5. Aile İşletmeleri Kongresi (5th Family Businesses Congress) (ss. 71–92).
  • Brewer, H. L. (1981). Investor Benefits from Corporate International Diversification. The Journal of Financial and Quantitative Analysis, 16(1), 113–126. https://doi.org/10.2307/2330669
  • Buckley, P. J., & Casson, M. (1976). The Future of the Multinational Enterprise (1. baskı). Palgrave Macmillan.
  • Buckley, P. J., Cross, A. R., Tan, H., Xin, L., & Voss, H. (2008). Historic and Emergent Trends in Chinese Outward Direct Investment. Management International Review, 48(6), 715–748. https://doi.org/10.1007/s11575-008-0104-y
  • Buğra, A. (1995). Devlet ve Işadamları: State and Business in Modern Turkey; a Comparative Study. İletişim Yayınları.
  • Calof, J. L., & Beamish, P. W. (1995). Adapting to foreign markets: Explaining internationalization. International Business Review, 4(2), 115–131. https://doi.org/https://doi.org/10.1016/0969-5931(95)00001-G
  • Cameron, A. C., & Trivedi, P. K. (2010). Microeconometrics using stata (C. 2). Stata press College Station, TX.
  • Colpan, A. M. (2010). Business Groups in Turkey. Içinde A. M. Colpan, T. Hikino, & J. R. Lincoln (Ed.), The Oxford Handbook of Business Groups (ss. 486–525). Oxford University Press.
  • Contractor, F. J., Kundu, S. K., & Hsu, C.-C. (2003). A three-stage theory of international expansion: the link between multinationality and performance in the service sector. Journal of International Business Studies, 34(1), 5–18. https://doi.org/10.1057/palgrave.jibs.8400003
  • Dunning, J. H. (1998). Location and the Multinational Enterprise: A Neglected Factor? Journal of International Business Studies, 29(1), 45–66. https://doi.org/10.1057/palgrave.jibs.8490024
  • Erdilek, A. (2008). Internationalization of Turkish MNEs. Journal of Management Development, 27(7), 744–760. https://doi.org/10.1108/02621710810883634
  • Gaur, A. S., & Kumar, V. (2009). International diversification, business group affiliation and firm performance: Empirical evidence from India. British Journal of Management, 20(2), 172–186. https://doi.org/10.1111/j.1467-8551.2007.00558.x Gomes, L., & Ramaswamy, K. (1999). An Empirical Examination of the Form of the Relationship Between Multinationality and Performance. Journal of International Business Studies, 30(1), 173–187. https://doi.org/10.1057/palgrave.jibs.8490065
  • Grant, R. M. (1987). Multinationality and Performance among British Manufacturing Companies. Journal of International Business Studies, 18(3), 79–89. http://www.jstor.org/stable/155111
  • Grant, R. M., Jammine, A. P., & Thomas, H. (1988). Diversity, Diversification, and Profitability Among British Manufacturing Companies, 1972–1984. Academy of Management Journal, 31(4), 771–801. https://doi.org/10.5465/256338
  • Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (1994). A mid-range theory of the interactive effects of international and product diversification on innovation and performance. Journal of Management, 20(2), 297–326. https://doi.org/https://doi.org/10.1016/0149-2063(94)90018-3
  • Hitt, M. A., Hoskisson, R. E., & Kim, H. (1997). International diversification : Effects on innovation and firm performance in product-diversi. Academy of Management Journal, 40(4), 767–798. https://doi.org/10.2307/256948
  • Hitt, M. A., Tihanyi, L., Miller, T., & Connelly, B. (2006). International diversification: Antecedents, outcomes, and moderators. Journal of Management, 32(6), 831–867. https://doi.org/10.1177/0149206306293575
  • Hoskisson, R. E., Wright, M., Filatotchev, I., & Peng, M. W. (2013). Emerging Multinationals from Mid-Range Economies: The Influence of Institutions and Factor Markets. Journal of Management Studies, 50(7), 1295–1321. https://doi.org/10.1111/j.1467-6486.2012.01085.x
  • Johanson, J., & Vahlne, J.-E. (1977). The Internationalization Process of the Firm—A Model of Knowledge Development and Increasing Foreign Market Commitments. Journal of International Business Studies, 8(1), 23–32. https://doi.org/10.1057/palgrave.jibs.8490676
  • Johanson, J., & Wiedersheim‐Paul, F. (1975). The internationalization of the firm—four swedish cases. Journal of Management Studies, 12(3), 305–323. https://doi.org/10.1111/j.1467-6486.1975.tb00514.x
  • Kandil Göker, İ. E., & Uysal, B. (2017). Uluslararasılaşma Düzeyi İle Finansal Performans İlişkisi: İmalat Sanayii Firmaları Üzerine Bir Araştırma. Muhasebe ve Finansman Dergisi, 76, 157–172. https://doi.org/10.25095/mufad.400227
  • Khanna, T., & Palepu, K. G. (2006). Emerging giants: Building world-class companies in developing countries. Harvard Business Review, 84(10), 1–20.
  • Khanna, T., Palepu, K. G., & Sinha, J. (2005). Strategies that fit emerging markets. Harvard Business Review, 83(6), 63–76. https://doi.org/10.2469/dig.v35.n4.1796
  • Kim, D., Kandemir, D., & Cavusgil, S. T. (2004). The role of family conglomerates in emerging markets: what Western companies should know. Thunderbird International Business Review, 46(517), 13–38. https://doi.org/10.1002/tie.10108
  • Kirca, A. H., Hult, G. T. M., Roth, K., Cavusgil, S. T., Perryy, M. Z., Akdeniz, M. B., Deligonul, S. Z., Mena, J. A., Pollitte, W. A., Hoppner, J. J., Miller, J. C., & White, R. C. (2011). Firm-Specific Assets, Multinationality, and Financial Performance: A Meta-analytic Review and Theoretical Integration. Academy of Management Journal, 54(1), 47–72. https://doi.org/10.5465/amj.2011.59215090
  • Lu, J. W., & Beamish, P. W. (2004). International Diversification and Firm Performance: The S-curve Hypothesis. Academy of Management Journal, 47(4), 598–609. https://doi.org/10.5465/20159604
  • Luo, Y., & Tung, R. L. (2007). International expansion of emerging market enterprises: A springboard perspective. Journal of International Business Studies, 38(4), 481–498. https://doi.org/10.1057/palgrave.jibs.8400275
  • Mathews, J. A. (2006a). Dragon multinationals: New players in 21st century globalization. Asia Pacific Journal of Management, 23(1), 5–27. https://doi.org/10.1007/s10490-006-6113-0
  • Mathews, J. A. (2006b). Response to professors Dunning and Narula. Asia Pacific Journal of Management, 23(2), 153–155. https://doi.org/10.1007/s10490-006-7163-z
  • Narula, R. (2006). Globalization, new ecologies, new zoologies, and the purported death of the eclectic paradigm. Asia Pacific Journal of Management, 23(2), 143–151. https://doi.org/10.1007/s10490-006-7162-0
  • Nguyen, Q. T. K., & Kim, S. (2020). The multinationality and performance relationship: Revisiting the literature and exploring the implications. International Business Review, 29(2), 101670. https://doi.org/10.1016/J.IBUSREV.2020.101670
  • Okan, T., Sarı, S., & İlhan-Nas, T. (2014). Yönetim Kurulu Yapısı ile Finansal Performans Arasındaki İlişkide Uluslararası Çeşitlenmenin Aracılk Etkisi. İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Yönetim Dergisi, 25(77), 39–79.
  • Önis, Z. (1992). Redemocratization and economic liberalization in Turkey: The limits of state autonomy. Studies In Comparative International Development, 27(2), 3–23. https://doi.org/10.1007/BF02687108
  • Purkayastha, A., Sharma, S., & Karna, A. (2020). Theoretical foundations of antecedents of internationalization and moderators in multinationality–performance relationship. Cross Cultural & Strategic Management, 27(2), 213–243. https://doi.org/10.1108/CCSM-03-2019-0055
  • Ramamurti, R. (2009a). Why study emerging-market multinationals? Içinde R. Ramamurti & J. V. Singh (Ed.), Emerging Multinationals in Emerging Markets (ss. 3–22). Cambridge University Press. https://doi.org/10.1017/CBO9780511576485.001
  • Ramamurti, R. (2009b). The Theoretical Value of Studying Indian Multinationals. Indian Journal of Industrial Relations, 45(1), 101–114. http://www.jstor.org/stable/27768257
  • Ruigrok, W., & Wagner, H. (2003). Internationalization and Performance: An Organizational Learning Perspective. MIR: Management International Review, 43(1), 63–83. http://www.jstor.org/stable/40835634
  • Şahin, K., Artan, S., & Tuysuz, S. (2015). The moderating effects of a board of directors on FDI’s international diversification in Turkey. International Journal of Organizational Analysis, 23(1), 61–88. https://doi.org/10.1108/IJOA-06-2013-0677
  • Sullivan, D. (1994). Measuring the Degree of Internationalization of a Firm. Journal of International Business Studies, 25(2), 325–342. https://doi.org/10.1057/palgrave.jibs.8490203
  • UNCTAD. (2022). No Title. https://unctadstat.unctad.org/wds/TableViewer/tableView.aspx
  • Welch, L. S., & Luostarinen, R. (1988). Internationalization: Evolution of a Concept. Journal of General Management, 14(2), 34–55. https://doi.org/10.1177/030630708801400203
  • Williamson, O. E. (1979). Transaction-Cost Economics : The Governance of Contractual Relations. The Journal of Law & Economics, 22(2), 233–261.
  • Wooldridge, J. M. (2012). Introductory Econometrics: A Modern Approach (5. baskı). Cengage Learning Publishing.
  • Yang, Y., & Driffield, N. (2012). Multinationality-Performance Relationship. Management International Review, 52(1), 23–47. https://doi.org/10.1007/s11575-011-0095-y
  • Yaprak, A., & Karademir, B. (2010). The internationalization of emerging market business groups: an integrated literature review. International Marketing Review, 27(2), 245–262. https://doi.org/10.1108/02651331011037548
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Details

Primary Language Turkish
Subjects Business Administration
Journal Section Makaleler
Authors

Ayşe Kayacı 0000-0001-5242-7805

Early Pub Date July 19, 2022
Publication Date July 24, 2022
Submission Date February 21, 2022
Published in Issue Year 2022 Volume: 23 Issue: 3

Cite

APA Kayacı, A. (2022). Uluslararasılaşma Düzeyi ve Finansal Performans İlişkisi: BİST İşletmeleri Üzerine Bir Araştırma. Cumhuriyet Üniversitesi İktisadi Ve İdari Bilimler Dergisi, 23(3), 643-654. https://doi.org/10.37880/cumuiibf.1077104

Cited By

AR-GE ve İhracat Yoğunluğunun Finansal Performansla İlişkisi: Türkiye’nin 500 Büyük Sanayi Kuruluşu Örneği
Ekonomi ve Finansal Araştırmalar Dergisi
https://doi.org/10.56668/jefr.1312495
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