Research Article
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The Effect of Capital Ownership and Ownership Spread on Economic Income Distribution

Year 2023, Volume: 73 Issue: 1, 533 - 554, 26.06.2023
https://doi.org/10.26650/ISTJECON2022-1058516

Abstract

This study makes a comparative analysis on the spread of ownership and capital ownership by associating it with income distribution. The spread of property and capital ownership to the base diversifies the type of income individuals receive from the functional income distribution. When these two elements spread to the base, inequality in the functional income distribution will affect the interpersonal income distribution less, and diversity TThis study makes a comparative analysis on the spread of ownership and capital ownership by associating it with income distribution. The spread of property and capital ownership to the base diversifies the type of income individuals receive from the functional income distribution. When these two elements spread to the base, inequality in the functional income distribution will affect the interpersonal income distribution less, and diversity in individuals’ income will contribute to social peace. The study emphasizes within its scope the distinction between income distribution and wealth distribution and numerically explains the relationship income distribution as a flow variable has with wealth distribution as a stock variable. In order to test the study’s theoretical discourse, it conducts a panel data analysis using the annual frequency data from 15 countries covering the 2003-2018 period. The analysis uses the ratio of market value to revenue from publicly offered shares traded in countries’ stock exchanges to represent the spread of ownership and capital to the base. According to the obtained results, an increase in the ratio of publicly traded stocks improves income distribution; in other words, the GINI coefficient decreases. This result was determined to be more intense in the Turkish economy with the dummy variables that were used. An increase in the consumption rate, which was used as a control variable in the model, results in income distribution deteriorating. The study will fill an important gap in the literature with its conclusions, determinations, and policy recommendations.

References

  • Akalın, G., & Yaşar, E. (2020). Servet Bileşenlerinin Gelir Dağılımı Üzerindeki Etkisi. In D. K. Dimitrov, D. Nikoloski, & R. Yılmaz (Eds.), XIV. International Balkan and Near Eastern Congress Series on Economics, Business and Management (ss. 596-603). IBANESS. google scholar
  • Baltagi, B. H., & Wu, P. X. (1999). Unequally Spaced Panel Data Regressions with AR(1) Disturbances. Econometric Theory, 15(6), 814-823. google scholar
  • Berman, Y., Ben-Jacob, E., & Shapira, Y. (2016). The Dynamics of Wealth Inequality and the Effect of Income Distribution. PLOS ONE, 11(4). https://doi.org/10.1371/journal.pone.0154196 google scholar
  • Brown, M. B., & Forsythe, A. B. (1974). Robust Tests for the Equality of Variances. Journal of the American Statistical Association, 69(346), 364-367. https://doi.org/10.2307/2285659 google scholar
  • Chu, A. C., Kou, Z., & Liu, X. (2017). Labor Union and the Wealth-Income Ratio (No. 84710; MPRA Paper). google scholar
  • Dalton, H. (1920). The Measurement of the Inequality of Incomes. The Economic Journal, 30(119), 348-361. https://doi.org/10.2307/2223525 google scholar
  • Daşdemir, E. (2019). Asya Türk Cumhuriyetlerinin Ekonomik Bütünleşmesi [Marmara Üniversitesi]. http://dspace.marmara.edu.tr/xmlui/handle/11424/55127 google scholar
  • Daşdemir, E. N. (2017). The Effects of Debt on Debtors and The Economy: An Observational Test on Consumer Credit and Wages. İktisat Politikası Araştırmaları Dergisi, 5(1), 58-72. https:// dergipark.org.tr/tr/pub/iuipad/371179 google scholar
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. The Review of Economics and Statistics, 80(4), 549-560. http://www. jstor.org/stable/2646837 google scholar
  • Durbin, J., & Watson, G. S. (1971). Testing for Serial Correlation in Least Squares Regression. III. Biometrika, 58(1), 1-19. https://doi.org/10.2307/2334313 google scholar
  • Fagereng, A., Guiso, L., Malacrino, D., & Pistaferri, L. (2016). Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality. American Economic Review, 106(5). https://doi. org/10.1257/aer.p20161022 google scholar
  • Frees, E. W. (2004). Longitudinal and Panel Data. Cambridge University Press. google scholar
  • Friedman, M. (1937). The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance. Journal of the American Statistical Association, 32(200), 675-701. https://doi. org/10.2307/2279372 google scholar
  • Gini, C. (1921). Measurement of Inequality of Incomes. The Economic Journal, 31(121), 124-126. https://doi.org/10.2307/2223319 google scholar
  • Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271. https:// doi.org/10.2307/1913827 google scholar
  • Hausman, J., & Taylor, W. (1981). Panel Data and Unobservable Individual Effects. Econometrica, 49(6), 1377-1398. google scholar
  • İncekara, A., Mutlugün, B., & Yılmaz, H. A. (2017). Borç Dolarizasyonunun Türk İmalat Sanayii Sektörü Büyümesi Üzerine Etkisi. Journal of Economic Policy Researches, 4(1), 16-38. google scholar
  • Keister, L. A., & Moller, S. (2000). Wealth Inequality in the United States. Annual Review of Sociology, 26(1). https://doi.org/10.1146/annurev.soc.26.1.63 google scholar
  • Kuhn, M., Schularick, M., & Steins, U. I. (2020). Income and Wealth Inequality in America, 19492016. Journal of Political Economy, 128(9), 3469-3519. https://doi.org/10.1086/708815 google scholar
  • Levene, H. (1960). Robust Tests for Equality of Variances. In I. Olkin, G. S. Ghurye, W. Hoeffding, G. W. Madow, & B. H. Mann (Eds.), Contributions to Probability and Statistics (ss. 278-292). Stanford University Press. google scholar
  • Lorenz, M. O. (1905). Methods of Measuring the Concentration of Wealth. Publications of the American Statistical Association, 9(70), 209-219. https://doi.org/10.2307/2276207 google scholar
  • Mazibaş, M., & Tuna, Y. (2017). Understanding the Recent Growth in Consumer Loans and Credit Cards in Emerging Markets: Evidence from Turkey. Emerging Markets Finance and Trade, 53(10), 2333-2346. https://doi.org/10.1080/1540496X.2016.1196895 google scholar
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Faculty of Economics, University of Cambridge. google scholar
  • Tatoğlu, F. Y., Tunalı, H., & Ustaoğlu, M. (2017). The Turkish Economy and Financing Growth by Dual Banking: Empirical Evidence. In M. USTAOĞLU & A. İNCEKARA (Eds.), Balancing Islamic and Conventional Banking for Economic Growth: Empirical Evidence from Emerging Economies (ss. 47-68). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-59554-2_4 google scholar
  • Tunalı, H., & Onuk, P. (2017). Finansal Gelişme ve Ekonomik Büyüme Arasındaki Nedensellik İlişkisi: Türkiye Örneği. Journal of Economic Policy Researches, 4(1), 1-15. google scholar
  • Tunalı, H., & Özkan, İ. (2016). Türkiye’de Tüketici Güven Endeksi ve Tüketici Fiyat Endeksi Arasındaki İlişkinin Ampirik Analizi. Journal of Economic Policy Researches, 3(2), 54-67. google scholar
  • World Bank. (2021). World Development Indicators. World Bank. https://databank.worldbank.org/ google scholar
  • Yerdelen Tatoğlu, F. (2016). Panel Veri Ekonometrisi. Beta Yayınevi. google scholar
  • Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi. Beta Yayıncılık. google scholar
  • Yerdelen Tatoğlu, F. (2020). İleri Panel Veri Analizi. Beta. google scholar

Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi

Year 2023, Volume: 73 Issue: 1, 533 - 554, 26.06.2023
https://doi.org/10.26650/ISTJECON2022-1058516

Abstract

Bu çalışma mülkiyetin ve sermaye sahipliğinin tabana yayılması konusunu gelir dağılımı ile ilişkilendirilerek karşılaştırmalı inceleme yapmıştır. Mülkiyetin ve sermaye sahipliğinin tabana yayılması, bireylerin fonksiyonel gelir dağılımından aldığı gelir türünü çeşitlendirmektedir. Bu iki unsurun tabana yayılması durumda fonksiyonel gelir dağılımındaki eşitsizlik, bireylerarası gelir dağılımını daha az etkileyecek ve bireylerin gelirlerindeki çeşitlilik toplumsal barışa katkı sağlayacaktır. Çalışma kapsamında gelir dağılımı ve servet dağılımı arasındaki ayrıma vurgu yapılmıştır. Akım bir değişken olan gelir dağılımı ve stok bir değişken olan servet dağılımı arasındaki ilişki sayısal olarak açıklanmıştır. Çalışmanın teorik söylemini sınamak için 2003-2018 dönemini kapsayan 15 ülkenin yıllık frekanslı verileri kullanılarak panel veri analizi yapılmıştır. Yapılan analizde mülkiyet ve sermayenin tabana yayılmasını temsilen, ülkelerin borsalarında işlem gören halka arz olmuş hisselerin piyasa değerinin hasılaya oranı kullanılmıştır. Elde edilen sonuçlara göre borsada işlem gören halka açık hisse senetlerinin oranı arttıkça gelir dağılımı iyileşmekte, diğer bir deyişle GINI katsayısı düşmektedir. Bu sonucun Türkiye ekonomisinde daha yoğun olduğu, kullanılan kukla değişkenler ile tespit edilmiştir. Modelde kontrol değişkeni olarak kullanılan tüketim oranındaki artışlar ise gelir dağılımını bozmaktadır.Çalışma; ulaştığı sonuçlar, yaptığı tespitler ve sunduğu politika önerileriyle literatürde önemli bir boşluğu dolduracaktır.

References

  • Akalın, G., & Yaşar, E. (2020). Servet Bileşenlerinin Gelir Dağılımı Üzerindeki Etkisi. In D. K. Dimitrov, D. Nikoloski, & R. Yılmaz (Eds.), XIV. International Balkan and Near Eastern Congress Series on Economics, Business and Management (ss. 596-603). IBANESS. google scholar
  • Baltagi, B. H., & Wu, P. X. (1999). Unequally Spaced Panel Data Regressions with AR(1) Disturbances. Econometric Theory, 15(6), 814-823. google scholar
  • Berman, Y., Ben-Jacob, E., & Shapira, Y. (2016). The Dynamics of Wealth Inequality and the Effect of Income Distribution. PLOS ONE, 11(4). https://doi.org/10.1371/journal.pone.0154196 google scholar
  • Brown, M. B., & Forsythe, A. B. (1974). Robust Tests for the Equality of Variances. Journal of the American Statistical Association, 69(346), 364-367. https://doi.org/10.2307/2285659 google scholar
  • Chu, A. C., Kou, Z., & Liu, X. (2017). Labor Union and the Wealth-Income Ratio (No. 84710; MPRA Paper). google scholar
  • Dalton, H. (1920). The Measurement of the Inequality of Incomes. The Economic Journal, 30(119), 348-361. https://doi.org/10.2307/2223525 google scholar
  • Daşdemir, E. (2019). Asya Türk Cumhuriyetlerinin Ekonomik Bütünleşmesi [Marmara Üniversitesi]. http://dspace.marmara.edu.tr/xmlui/handle/11424/55127 google scholar
  • Daşdemir, E. N. (2017). The Effects of Debt on Debtors and The Economy: An Observational Test on Consumer Credit and Wages. İktisat Politikası Araştırmaları Dergisi, 5(1), 58-72. https:// dergipark.org.tr/tr/pub/iuipad/371179 google scholar
  • Driscoll, J. C., & Kraay, A. C. (1998). Consistent Covariance Matrix Estimation with Spatially Dependent Panel Data. The Review of Economics and Statistics, 80(4), 549-560. http://www. jstor.org/stable/2646837 google scholar
  • Durbin, J., & Watson, G. S. (1971). Testing for Serial Correlation in Least Squares Regression. III. Biometrika, 58(1), 1-19. https://doi.org/10.2307/2334313 google scholar
  • Fagereng, A., Guiso, L., Malacrino, D., & Pistaferri, L. (2016). Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality. American Economic Review, 106(5). https://doi. org/10.1257/aer.p20161022 google scholar
  • Frees, E. W. (2004). Longitudinal and Panel Data. Cambridge University Press. google scholar
  • Friedman, M. (1937). The Use of Ranks to Avoid the Assumption of Normality Implicit in the Analysis of Variance. Journal of the American Statistical Association, 32(200), 675-701. https://doi. org/10.2307/2279372 google scholar
  • Gini, C. (1921). Measurement of Inequality of Incomes. The Economic Journal, 31(121), 124-126. https://doi.org/10.2307/2223319 google scholar
  • Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251-1271. https:// doi.org/10.2307/1913827 google scholar
  • Hausman, J., & Taylor, W. (1981). Panel Data and Unobservable Individual Effects. Econometrica, 49(6), 1377-1398. google scholar
  • İncekara, A., Mutlugün, B., & Yılmaz, H. A. (2017). Borç Dolarizasyonunun Türk İmalat Sanayii Sektörü Büyümesi Üzerine Etkisi. Journal of Economic Policy Researches, 4(1), 16-38. google scholar
  • Keister, L. A., & Moller, S. (2000). Wealth Inequality in the United States. Annual Review of Sociology, 26(1). https://doi.org/10.1146/annurev.soc.26.1.63 google scholar
  • Kuhn, M., Schularick, M., & Steins, U. I. (2020). Income and Wealth Inequality in America, 19492016. Journal of Political Economy, 128(9), 3469-3519. https://doi.org/10.1086/708815 google scholar
  • Levene, H. (1960). Robust Tests for Equality of Variances. In I. Olkin, G. S. Ghurye, W. Hoeffding, G. W. Madow, & B. H. Mann (Eds.), Contributions to Probability and Statistics (ss. 278-292). Stanford University Press. google scholar
  • Lorenz, M. O. (1905). Methods of Measuring the Concentration of Wealth. Publications of the American Statistical Association, 9(70), 209-219. https://doi.org/10.2307/2276207 google scholar
  • Mazibaş, M., & Tuna, Y. (2017). Understanding the Recent Growth in Consumer Loans and Credit Cards in Emerging Markets: Evidence from Turkey. Emerging Markets Finance and Trade, 53(10), 2333-2346. https://doi.org/10.1080/1540496X.2016.1196895 google scholar
  • Pesaran, M. H. (2004). General Diagnostic Tests for Cross Section Dependence in Panels. Faculty of Economics, University of Cambridge. google scholar
  • Tatoğlu, F. Y., Tunalı, H., & Ustaoğlu, M. (2017). The Turkish Economy and Financing Growth by Dual Banking: Empirical Evidence. In M. USTAOĞLU & A. İNCEKARA (Eds.), Balancing Islamic and Conventional Banking for Economic Growth: Empirical Evidence from Emerging Economies (ss. 47-68). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-59554-2_4 google scholar
  • Tunalı, H., & Onuk, P. (2017). Finansal Gelişme ve Ekonomik Büyüme Arasındaki Nedensellik İlişkisi: Türkiye Örneği. Journal of Economic Policy Researches, 4(1), 1-15. google scholar
  • Tunalı, H., & Özkan, İ. (2016). Türkiye’de Tüketici Güven Endeksi ve Tüketici Fiyat Endeksi Arasındaki İlişkinin Ampirik Analizi. Journal of Economic Policy Researches, 3(2), 54-67. google scholar
  • World Bank. (2021). World Development Indicators. World Bank. https://databank.worldbank.org/ google scholar
  • Yerdelen Tatoğlu, F. (2016). Panel Veri Ekonometrisi. Beta Yayınevi. google scholar
  • Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi. Beta Yayıncılık. google scholar
  • Yerdelen Tatoğlu, F. (2020). İleri Panel Veri Analizi. Beta. google scholar
There are 30 citations in total.

Details

Primary Language Turkish
Subjects Business Administration
Journal Section Research Article
Authors

Esat Daşdemir 0000-0001-8950-2020

Halil Tunalı 0000-0002-7065-4080

Publication Date June 26, 2023
Submission Date January 18, 2022
Published in Issue Year 2023 Volume: 73 Issue: 1

Cite

APA Daşdemir, E., & Tunalı, H. (2023). Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi. İstanbul İktisat Dergisi, 73(1), 533-554. https://doi.org/10.26650/ISTJECON2022-1058516
AMA Daşdemir E, Tunalı H. Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi. İstanbul İktisat Dergisi. June 2023;73(1):533-554. doi:10.26650/ISTJECON2022-1058516
Chicago Daşdemir, Esat, and Halil Tunalı. “Sermaye Sahipliği Ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi”. İstanbul İktisat Dergisi 73, no. 1 (June 2023): 533-54. https://doi.org/10.26650/ISTJECON2022-1058516.
EndNote Daşdemir E, Tunalı H (June 1, 2023) Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi. İstanbul İktisat Dergisi 73 1 533–554.
IEEE E. Daşdemir and H. Tunalı, “Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi”, İstanbul İktisat Dergisi, vol. 73, no. 1, pp. 533–554, 2023, doi: 10.26650/ISTJECON2022-1058516.
ISNAD Daşdemir, Esat - Tunalı, Halil. “Sermaye Sahipliği Ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi”. İstanbul İktisat Dergisi 73/1 (June 2023), 533-554. https://doi.org/10.26650/ISTJECON2022-1058516.
JAMA Daşdemir E, Tunalı H. Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi. İstanbul İktisat Dergisi. 2023;73:533–554.
MLA Daşdemir, Esat and Halil Tunalı. “Sermaye Sahipliği Ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi”. İstanbul İktisat Dergisi, vol. 73, no. 1, 2023, pp. 533-54, doi:10.26650/ISTJECON2022-1058516.
Vancouver Daşdemir E, Tunalı H. Sermaye Sahipliği ve Mülkiyetin Tabana Yayılmasının İktisadi Gelir Dağılımına Etkisi. İstanbul İktisat Dergisi. 2023;73(1):533-54.