Araştırma Makalesi
PERFORMANCE OF PRIVATE ELECTRICITY AND NATURAL GAS DISTRIBUTION FIRMS DURING ENERGY REFORM, FINANCIAL CRISES AND EU ACCESSION
Öz
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
Anahtar Kelimeler
Kaynakça
- Aksu, M. and A Kosedag (2006) “Transparency and Disclosure Scores and Their Determinants in the Istanbul Stock Exchange”, Corporate Governance: An International Review, 14, 277-296.
- Allison, G., P. Braidford, M. Houston and I. Stone (2006) “Myths Surrounding Growing a Business”, Working Paper, Durham Business School.
- Anderson, T.W. and C. Hsiao (1982) “Formulation and Estimation of Dynamic Models Using Panel Data”, Journal of Econometrics, 18, 47-82.
- Arellano, M., and S. Bond (1991) “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, Review of Economic Studies, 58, 277-297.
- Arslan Ö., C. Florackis and A. Ozkan (2006) “The Role of Cash Holdings on Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market”, Emerging Markets Review, 7, 320 - 338.
- Aydogan, K. and G. Gursoy (1999) “Ownership Structure, Risk and Performance: an Empirical Investigation in Turkish Companies”, Sixth Global Finance Conference, Istanbul.
- Bagdadioglu, N. (2005) “The Efficiency Consequences of Resisting Changes in a Changing World: Evidence from the Turkish Electricity Distribution”, International Journal of Business, Management and Economics, 1(2), 23-44.
- Bagdadioglu, N., P.C. Waddams and T. Weyman-Jones (2007) “Measuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-Parametric Model”, Energy Journal, 28(2), 83-110.
- Balat, M. (2008) “Energy Consumption and Economic Growth in Turkey During the Past Two Decades”, Energy Policy, 36(1), 118 – 127.
- Caves, R.E. (1982) Multinational Enterprise and Economic Analysis, Cambridge: Cambridge University Press.
- Central Bank of the Republic of Turkey. Balance of Payments Report, December, 2004. Available at http://www.tcmb.gov.tr
- Cetin, T. and F. Oguz (2007) “The Reform in the Turkish Natural Gas Market: a Critical Evaluation”, Energy Policy, 35(7), 3856–3867.
- Cizre, Ü. and E. Yeldan (2005) “The Turkish Encounter with Neo-Liberalism: Economics and Politics in the 2000/2001 Crises”, Review of International Political Economy, 12(3), 387–408.
- Eiteman, D.K., A.I. Stonehill and M. H. Moffett (2006) Multinational Business Finance, London: Prentice Hall
- Erdogdu, E. (2006) “Regulatory Reform in Turkish Energy Industry: an Analysis” Energy Policy, 35(2), 984-993.
- ESRPSP (2004) Electricity Sector Reform and Privatization Strategy Paper. Available at http://www.oib.gov.tr
- Fiegenbaum, A. and A. Karnani (1991) “Output Flexibility- a Competitive Advantage for Small Firms”, Strategic Management Journal, 12, 101-114.
- Gonenc, H., O.B. Kan and E.C. Karadagli (2007) ”Business Groups and Internal Capital Markets”, Emerging Markets Finance and Trade, 43(02), 63-81.
- Gunduz, L. and E. Tatoglu (2003) “A Comparison of the Financial Characteristics of Group Affiliated and Independent Firms in Turkey”, European Business Review, 15, 48-54.
- Hansen, L. (1982) “Large Sample Properties of Generalized Method of Moments Estimators”, Econometrica, 50, 1029-1054.
- Hawawini, G., V. Subramanian and P. Verdin (2002) “Is Performance Driven by Industry or Firm Specific Factors? A New Look at the Evidence”, Strategic Management Journal, 24, 1-16.
- Haynes, M., S. Thompson and M. Wright (2002) “The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies”, Journal of Industrial Economics, 50, 173-196.
- Jobert, T. and F. Karanfil (2007) ”Sectoral Energy Consumption by Source and Economic Growth in Turkey”, Energy Policy, 35(11), 5447-5456.
- Lazard. Bilgi dökumanı: Türkiye Elektrik Dağıtım Sektörü Özelleştirmesi. Available at http://www.oib.gov.tr/tedas/bilgi_dokumani_turkce.pdf
- Öniş, Z. (2006) Beyond the 2001 Financial Crises: the Political Economy of the New Phase of Neo-Liberal Restructuring in Turkey, Presented in the ISA Annual Convention, San Diego, California, USA, March 22-25, 2006. Available at: http://home.ku.edu.tr/~zonis/ONIS-SANDIEGO.pdf
- Öniş, Z.and C. Kirkpatrick (1991) “Turkey” in: Mosley, P., Herrigan, J., Toye, J. (eds.) Aid and Power: The World Bank and Policy Based Lending, Vol. 2, London: Routledge
- Ozkan F.G. (2005) “Currency and Financial Crises in Turkey 2000-2001: Bad Fundamentals or Bad Luck?”, World Economy, 28, 541-572.
- Ozkivrak, O. (2005) “Electricity Restructuring in Turkey”, Energy Policy, 33, 1339-1350.
- Prowse, S. (1992) “The Structure of Corporate Ownership in Japan”, Journal of Finance, 47, 1121-1140.
- Rebeiz, K.S. (2006) “Boardrooms of Energy Firms in the Post-Enron Era”, Journal of Energy Engineering, 152, 44-51.
- Rugman, A.M. (1979) International Diversification and the Multinational Enterprise, New York: Lexington Books.
- Somçağ, S. (2006) Türkiye’nin Ekonomik Krizleri: Oluşumu ve Çıkış Yolları, Istanbul: 2006 Yayınevi.
- World Bank (2005) “The World Bank in Turkey, 1993-2004: Country Assistance Evaluation”, Report No.34783, December 20, 2005, Washington. USA.
- Yılmaz, A.O. and T. Uslu (2007) “Energy Policies of Turkey during the Period 1923-2003”, Energy Policy, 35(1), 258-264.
PERFORMANCE OF PRIVATE ELECTRICITY AND NATURAL GAS DISTRIBUTION FIRMS DURING ENERGY REFORM, FINANCIAL CRISES AND EU ACCESSION
Öz
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
through 1990-
this period Turkish energy sector went through three major restructurings, each
of which occurred just about a major step was taken between
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.
Anahtar Kelimeler
Kaynakça
- Aksu, M. and A Kosedag (2006) “Transparency and Disclosure Scores and Their Determinants in the Istanbul Stock Exchange”, Corporate Governance: An International Review, 14, 277-296.
- Allison, G., P. Braidford, M. Houston and I. Stone (2006) “Myths Surrounding Growing a Business”, Working Paper, Durham Business School.
- Anderson, T.W. and C. Hsiao (1982) “Formulation and Estimation of Dynamic Models Using Panel Data”, Journal of Econometrics, 18, 47-82.
- Arellano, M., and S. Bond (1991) “Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations”, Review of Economic Studies, 58, 277-297.
- Arslan Ö., C. Florackis and A. Ozkan (2006) “The Role of Cash Holdings on Investment-Cash Flow Sensitivity: Evidence from a Financial Crisis Period in an Emerging Market”, Emerging Markets Review, 7, 320 - 338.
- Aydogan, K. and G. Gursoy (1999) “Ownership Structure, Risk and Performance: an Empirical Investigation in Turkish Companies”, Sixth Global Finance Conference, Istanbul.
- Bagdadioglu, N. (2005) “The Efficiency Consequences of Resisting Changes in a Changing World: Evidence from the Turkish Electricity Distribution”, International Journal of Business, Management and Economics, 1(2), 23-44.
- Bagdadioglu, N., P.C. Waddams and T. Weyman-Jones (2007) “Measuring Potential Gains from Mergers Among Electricity Distribution Companies in Turkey Using a Non-Parametric Model”, Energy Journal, 28(2), 83-110.
- Balat, M. (2008) “Energy Consumption and Economic Growth in Turkey During the Past Two Decades”, Energy Policy, 36(1), 118 – 127.
- Caves, R.E. (1982) Multinational Enterprise and Economic Analysis, Cambridge: Cambridge University Press.
- Central Bank of the Republic of Turkey. Balance of Payments Report, December, 2004. Available at http://www.tcmb.gov.tr
- Cetin, T. and F. Oguz (2007) “The Reform in the Turkish Natural Gas Market: a Critical Evaluation”, Energy Policy, 35(7), 3856–3867.
- Cizre, Ü. and E. Yeldan (2005) “The Turkish Encounter with Neo-Liberalism: Economics and Politics in the 2000/2001 Crises”, Review of International Political Economy, 12(3), 387–408.
- Eiteman, D.K., A.I. Stonehill and M. H. Moffett (2006) Multinational Business Finance, London: Prentice Hall
- Erdogdu, E. (2006) “Regulatory Reform in Turkish Energy Industry: an Analysis” Energy Policy, 35(2), 984-993.
- ESRPSP (2004) Electricity Sector Reform and Privatization Strategy Paper. Available at http://www.oib.gov.tr
- Fiegenbaum, A. and A. Karnani (1991) “Output Flexibility- a Competitive Advantage for Small Firms”, Strategic Management Journal, 12, 101-114.
- Gonenc, H., O.B. Kan and E.C. Karadagli (2007) ”Business Groups and Internal Capital Markets”, Emerging Markets Finance and Trade, 43(02), 63-81.
- Gunduz, L. and E. Tatoglu (2003) “A Comparison of the Financial Characteristics of Group Affiliated and Independent Firms in Turkey”, European Business Review, 15, 48-54.
- Hansen, L. (1982) “Large Sample Properties of Generalized Method of Moments Estimators”, Econometrica, 50, 1029-1054.
- Hawawini, G., V. Subramanian and P. Verdin (2002) “Is Performance Driven by Industry or Firm Specific Factors? A New Look at the Evidence”, Strategic Management Journal, 24, 1-16.
- Haynes, M., S. Thompson and M. Wright (2002) “The Impact of Divestment on Firm Performance: Empirical Evidence from a Panel of UK Companies”, Journal of Industrial Economics, 50, 173-196.
- Jobert, T. and F. Karanfil (2007) ”Sectoral Energy Consumption by Source and Economic Growth in Turkey”, Energy Policy, 35(11), 5447-5456.
- Lazard. Bilgi dökumanı: Türkiye Elektrik Dağıtım Sektörü Özelleştirmesi. Available at http://www.oib.gov.tr/tedas/bilgi_dokumani_turkce.pdf
- Öniş, Z. (2006) Beyond the 2001 Financial Crises: the Political Economy of the New Phase of Neo-Liberal Restructuring in Turkey, Presented in the ISA Annual Convention, San Diego, California, USA, March 22-25, 2006. Available at: http://home.ku.edu.tr/~zonis/ONIS-SANDIEGO.pdf
- Öniş, Z.and C. Kirkpatrick (1991) “Turkey” in: Mosley, P., Herrigan, J., Toye, J. (eds.) Aid and Power: The World Bank and Policy Based Lending, Vol. 2, London: Routledge
- Ozkan F.G. (2005) “Currency and Financial Crises in Turkey 2000-2001: Bad Fundamentals or Bad Luck?”, World Economy, 28, 541-572.
- Ozkivrak, O. (2005) “Electricity Restructuring in Turkey”, Energy Policy, 33, 1339-1350.
- Prowse, S. (1992) “The Structure of Corporate Ownership in Japan”, Journal of Finance, 47, 1121-1140.
- Rebeiz, K.S. (2006) “Boardrooms of Energy Firms in the Post-Enron Era”, Journal of Energy Engineering, 152, 44-51.
- Rugman, A.M. (1979) International Diversification and the Multinational Enterprise, New York: Lexington Books.
- Somçağ, S. (2006) Türkiye’nin Ekonomik Krizleri: Oluşumu ve Çıkış Yolları, Istanbul: 2006 Yayınevi.
- World Bank (2005) “The World Bank in Turkey, 1993-2004: Country Assistance Evaluation”, Report No.34783, December 20, 2005, Washington. USA.
- Yılmaz, A.O. and T. Uslu (2007) “Energy Policies of Turkey during the Period 1923-2003”, Energy Policy, 35(1), 258-264.
Toplam 34 adet kaynakça vardır.
Ayrıntılar
| Bölüm | Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi |
|---|---|
| Yazarlar | |
| Yayımlanma Tarihi | 1 Temmuz 2009 |
| Gönderilme Tarihi | 15 Mayıs 2017 |
| Yayımlandığı Sayı | Yıl 2009 Cilt: 27 Sayı: 1 |
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