THE EFFECTS OF COVID-19 PANDEMIC ON FINANCIAL PERFORMANCE ANALYSIS OF AUTOMOTIVE COMPANIES: A STUDY IN BIST
Abstract
The automotive sector, which makes great contribution to the world economy, was affected like other sectors during the pandemic process. Based on many studies published in various countries, the effect of the pandemic on the automotive industry has been investigated. The aim of this study is to determine whether the financial performances of automotive companies traded in BIST in Turkey are affected during and after the pandemic. According to the results obtained in the study, when the pre-pandemic and the pandemic period were compared, Anadolu Isuzu liquidity ratios, return on assets ratios and return on equity ratios results had decreased in financial performance. When 2021 and 2020 were compared, a greater increase in financial performance had been observed in this company compared to other companies. In Karsan, on the other hand, while an increase in financial performance was observed in the ratios obtained in the comparison of the pre-pandemic and the pandemic, there was a decrease in the comparison of the years 2020-2021. Another result of the study was that Covid-19 had significantly affected BIST automotive companies' profit before tax to equity, earnings before interest, taxes to equity and earnings before interest, taxes, depreciation and amortization to equity ratios.
Keywords
Finansal Performans Covid-19 Otomotiv Şirketleri Financial Performance Automotive Companies
References
- ACEA (2020). Passenger car registrations, https://www.acea.be/press- releases/article/passenger-car-registrations-38.1-first-half-of-2020-22.3-in-june. ; Date of Access: 09.01.2023.
- Biesebroeck, J. V. & Sturgeon, T. (2010). The automotive industry in developing countries. https://cepr.org/voxeu/columns/automotive-industry-developing-countries; Date of Access: 04.06.2023.
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- Çalış, N. & Sakarya, Ş. (2022). Covid-19 döneminde ve öncesinde firmaların finansal performanslarının CRITIC temelli CoCoSo yöntemi ile analizi; BIST otomotiv sektörü üzerine bir uygulama. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 287-322.
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- Demiraj, R., Dsouza, S. & Abiad, M. (2022). Working capital management impact on profitability: Pre-Pandemic and pandemic evidence from the European Automotive Industry. Risks, 10, 236, 1-21.
- George, D., & Mallery, M. (2010). SPSS for Windows Step by Step: A Simple Guide and Reference, 17.0 update (10a ed.) Boston: Pearson.
- Henricks, M. (2022). Return on equity (ROE): Definition and examples. SmartAsset. https://smartasset.com/investing/return-on-equity; Date of Access: 09.01.2023.
- Hoeft, F. (2021). The case of sales in the automotive industry during the Covid-19 pandemic. Strategic Change, 30, 117-125.
- Jewell, J. J. & Mankin, J. A. (2011). What is your ROA? An investigation of the many formulas for calculating return on assets. Academy of Educational Leadership Journal, 15, 79-91.
- JP Morgan, (2023). Supply chain issues and autos: When will the chip shortage end?. https://www.jpmorgan.com/insights/research/supply-chain-chip-shortage; Date of Access: 05.06.2023.
- Kablan, A. & Marşap, B. (2022). BIST otomotiv sektöründe listelenen şirketlerin finansal performanslarının Endüstri 4.0 ve Covid-19 kapsamında COPRAS yöntemi ile analizi. Muhasebe ve Denetime Bakış, 67, 41-56.
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- Özdurak, C. (2020). Covid-19 ve ÖTV artışlarının otomotiv hisse getirilerine etkisi. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 4(10), 19-28.
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- Rahmah, I. & Novianty, I. (2021). Comparative analysis of financial distress before and during Covid-19 pandemic: Emprical evidence in Indonesia. International Journal of Business, Economics and Law, 24(5), 216-222.
- Republic of Turkey Ministry of Industry and Technology, (2021). Automotive Industry Analysis Report and Guide: TR42 Region, Republic of Turkey Ministry of Industry and Technology, Ankara.
- Statista, (2020). Global automotive industry revenue between 2017 and 2030, Statista GmbH, Hamburg.
- Şahin, T. & Özkan, N. (2022). Covid-19’un Borsa İstanbul’da işlem gören otomotiv firmalarının finansal başarısına etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 7(3), 516-527.
- Şirin, E. (2016). Lojistik regresyon ve K-En yakın komşu. https://www.veribilimiokulu.com/siniflandirma-notlari/2/#:~:text=Lojistik%20regresyon%20ile%20lineer%20regresyon,veri%20setinde%20normal%20dağılım%20ister.; Date of Access: 05.06.2023.
- Yalçın, B. (2021). Covid-19 pandemisinin otomotiv sektörü üzerindeki etkilerinin panel veri ekonometrisi yaklaşımıyla araştırılması. (Yayınlanmamış Yüksek Lisans Tezi), Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü, Bursa.
- Zhurova, L.I. & Moshkova, T. A. (2022). The economic impact of the Covid-19 pandemic on the Russian automotive industry. Post-Covid Economic Revival, 2, 217-237.
COVİD-19 PANDEMİSİNİN OTOMOTİV ŞİRKETLERİNİN FİNANSAL PERFORMANS ANALİZİNE ETKİLERİ: BİST'TE BİR ARAŞTIRMA
Abstract
Dünya ekonomisine büyük katkı sağlayan otomotiv sektörü de pandemi sürecinde diğer sektörler gibi etkilenmiştir. Bu çalışmanın amacı, Türkiye'de BIST'te işlem gören otomotiv şirketlerinin finansal performanslarının pandemi sürecinde ve sonrasında etkilenip etkilenmediğini belirlemektir. Çalışmada elde edilen sonuçlara göre, pandemi öncesi ve pandemi dönemi karşılaştırıldığında, Anadolu Isuzu likidite oranları, aktif karlılık oranları ve özkaynak karlılığı oranları sonuçlarında düşüş yaşamıştır. 2021 ile 2020 yılları karşılaştırıldığında ise bu şirkette diğer şirketlere göre daha fazla finansal performans artışı gözlemlenmiştir. Karsan'da ise pandemi öncesi ve pandemi karşılaştırmasının sonucunda elde edilen oranlarda şirketin finansal performansında artış gözlemlenirken, 2020-2021 yılları karşılaştırmasında ise bu oranlarda düşüş yaşanmıştır. Çalışmanın bir diğer sonucu da, Covid-19'un BİST otomotiv şirketlerinin vergi öncesi kar/özkaynaklara oranını, faiz, vergi öncesi kâr /özkaynaklar oranını ve faiz, vergi ve amortisman öncesi kâr /özkaynaklara oranını önemli ölçüde etkilemiş olduğunun tespit edilmesidir.
Keywords
Finansal Performans Covid-19 Otomotiv Şirketleri Financial Performance Automotive Companies
References
- ACEA (2020). Passenger car registrations, https://www.acea.be/press- releases/article/passenger-car-registrations-38.1-first-half-of-2020-22.3-in-june. ; Date of Access: 09.01.2023.
- Biesebroeck, J. V. & Sturgeon, T. (2010). The automotive industry in developing countries. https://cepr.org/voxeu/columns/automotive-industry-developing-countries; Date of Access: 04.06.2023.
- Burkacky, O., Lingemann, S. & Pototzky, K. (2021). Coping with the auto semiconductor shortage: Strategies for success. McKinsey & Company, https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/coping-with-the-auto-semiconductor-shortage-strategies-for-success; Date of Access: 04.06.2023.
- Çalış, N. & Sakarya, Ş. (2022). Covid-19 döneminde ve öncesinde firmaların finansal performanslarının CRITIC temelli CoCoSo yöntemi ile analizi; BIST otomotiv sektörü üzerine bir uygulama. Bingöl Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 6(2), 287-322.
- Carlson, R. (2022). Financial leverage ratios to measure business solvency. The Balance, https://www.thebalancemoney.com/financial-leverage-ratios-to-measure-business-393195İ, Date of Access: 09.01.2023.
- Demiraj, R., Dsouza, S. & Abiad, M. (2022). Working capital management impact on profitability: Pre-Pandemic and pandemic evidence from the European Automotive Industry. Risks, 10, 236, 1-21.
- George, D., & Mallery, M. (2010). SPSS for Windows Step by Step: A Simple Guide and Reference, 17.0 update (10a ed.) Boston: Pearson.
- Henricks, M. (2022). Return on equity (ROE): Definition and examples. SmartAsset. https://smartasset.com/investing/return-on-equity; Date of Access: 09.01.2023.
- Hoeft, F. (2021). The case of sales in the automotive industry during the Covid-19 pandemic. Strategic Change, 30, 117-125.
- Jewell, J. J. & Mankin, J. A. (2011). What is your ROA? An investigation of the many formulas for calculating return on assets. Academy of Educational Leadership Journal, 15, 79-91.
- JP Morgan, (2023). Supply chain issues and autos: When will the chip shortage end?. https://www.jpmorgan.com/insights/research/supply-chain-chip-shortage; Date of Access: 05.06.2023.
- Kablan, A. & Marşap, B. (2022). BIST otomotiv sektöründe listelenen şirketlerin finansal performanslarının Endüstri 4.0 ve Covid-19 kapsamında COPRAS yöntemi ile analizi. Muhasebe ve Denetime Bakış, 67, 41-56.
- Kapparashetty, B. V. (2020). Impact of Covid-19 on industrial sector: A study. IJRAR, 7(1), 422-429. Klein, C., Høj, J. & Machlica, G. (2021). The impacts of the Covid-19 crisis on the automotive sector in Central and Eastern European Countries. OECD Economics Department Working Papers, 1658, https://www.oecd-ilibrary.org/docserver/a7d40030-en.pdf?expires=1674593212&id=id&accname=guest&checksum=28A3711DEFBCCAFC86526C6C0D7A4E78; Date of Access: 15.01.2023.
- Kufelova, I. & Rakova, M. (2020). Impact of the Covid-19 pandemic on the automotive industry in Slovakia and selected countries. SHS Web Conferences 83, 01040, Current Problems of the Corporate Sector 2020, 1-8.
- Myers, S. C. (1984). Finance theory and financial strategy. Interfaces, Strategic Management, 14:1, 126-137. OICA, (2021). Global sale statistics 2019-2021. OICA Sales Statistics, https://www.oica.net/category/sales-statistics/; Date of Access: 03.01.2023.
- Özçelik, A. E. & Karan, B. (2021). Pandemi sürecinin otomotiv sektörüne ve üretimine etkisi. Mas Journal of Applied Sciences, 6(4), 926-939.
- Özdurak, C. (2020). Covid-19 ve ÖTV artışlarının otomotiv hisse getirilerine etkisi. Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi, 4(10), 19-28.
- Racette, G. A. (1979). The role of financial theory in educating the financial managers. Journal of Financial Education, 8, 33-39.
- Rahmah, I. & Novianty, I. (2021). Comparative analysis of financial distress before and during Covid-19 pandemic: Emprical evidence in Indonesia. International Journal of Business, Economics and Law, 24(5), 216-222.
- Republic of Turkey Ministry of Industry and Technology, (2021). Automotive Industry Analysis Report and Guide: TR42 Region, Republic of Turkey Ministry of Industry and Technology, Ankara.
- Statista, (2020). Global automotive industry revenue between 2017 and 2030, Statista GmbH, Hamburg.
- Şahin, T. & Özkan, N. (2022). Covid-19’un Borsa İstanbul’da işlem gören otomotiv firmalarının finansal başarısına etkisi. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 7(3), 516-527.
- Şirin, E. (2016). Lojistik regresyon ve K-En yakın komşu. https://www.veribilimiokulu.com/siniflandirma-notlari/2/#:~:text=Lojistik%20regresyon%20ile%20lineer%20regresyon,veri%20setinde%20normal%20dağılım%20ister.; Date of Access: 05.06.2023.
- Yalçın, B. (2021). Covid-19 pandemisinin otomotiv sektörü üzerindeki etkilerinin panel veri ekonometrisi yaklaşımıyla araştırılması. (Yayınlanmamış Yüksek Lisans Tezi), Bursa Uludağ Üniversitesi Sosyal Bilimler Enstitüsü, Bursa.
- Zhurova, L.I. & Moshkova, T. A. (2022). The economic impact of the Covid-19 pandemic on the Russian automotive industry. Post-Covid Economic Revival, 2, 217-237.
Details
| Primary Language | English |
|---|---|
| Subjects | Business Administration |
| Journal Section | Makaleler |
| Authors | |
| Publication Date | December 30, 2023 |
| Submission Date | January 28, 2023 |
| Published in Issue | Year 2023 Volume: 14 Issue: 2 |
