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Journals / Muhasebe ve Denetime Bakış / 2026 / Cilt: 26 Sayı: 79

THE FINANCIALIZATION PROCESS IN TÜRKİYE'S TECHNOLOGY SECTOR AND ITS EFFECTS ON FIRM PROFITABILITY

TÜRKİYE’DE TEKNOLOJİ SEKTÖRÜNÜN FİNANSALLAŞMA SÜRECİ VE FİRMA KARLILIKLARINA ETKİSİ

Elif Gökgöz(UFUK ÜNİVERSİTESİ)0009-0002-6185-9428
Pages
665–686
Publication Date
2026-09-22
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AI Summary & Key Takeaways

AI Insight
⚡ TL;DR(Too Long; Didn't Read)

The findings indicate that technology firms should strengthen equity-based financing and enhance the depth of capital markets to achieve sustainable profitability.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This study examines the financialization process of Turkey’s technology sector within the framework of current dynamics and analyzes the impact of financialization on profitability, focusing on firms listed in the Borsa Istanbul Technology Index (XUTEK).
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Key Findings & Data:The dataset covers the 2022–2024 period, and the ordinary least squares (OLS) regression method is applied.
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Conclusion & Impact:The findings indicate that technology firms should strengthen equity-based financing and enhance the depth of capital markets to achieve sustainable profitability.
🔬Design:Araştırma Makalesi
📍Scope:2022–2024 Verileri
⚙️Variables:Finansallaşma · ROA · Teknoloji Sektörü

Abstract

This study examines the financialization process of Turkey’s technology sector within the framework of current dynamics and analyzes the impact of financialization on profitability, focusing on firms listed in the Borsa Istanbul Technology Index (XUTEK). Financialization refers to a process in which firms use their financial structures more effectively, encompassing debt levels, equity composition, and market-based indicators. In this study, return on assets (ROA) is employed as the profitability indicator, while financial leverage, price-to-book ratio (P/B), and price-to-earnings ratio (P/E) are included as proxies for financial structure. Firm size and sector fixed effects are also controlled. The dataset covers the 2022–2024 period, and the ordinary least squares (OLS) regression method is applied. The findings indicate that technology firms should strengthen equity-based financing and enhance the depth of capital markets to achieve sustainable profitability.

Özet

Bu çalışma, Türkiye’de teknoloji sektörünün finansallaşma sürecini güncel dinamikler çerçevesinde ele almakta ve Borsa İstanbul Teknoloji Endeksi (XUTEK) kapsamında yer alan firmalar özelinde finansallaşmanın karlılık üzerindeki etkisini incelemektedir. Finansallaşma, firmaların finansal yapılarını daha etkin kullanmalarını; borçlanma düzeyleri, özkaynak yapıları ve piyasa temelli göstergeleri kapsayan bir süreci ifade etmektedir. Bu çalışmada karlılık göstergesi olarak aktif karlılık (ROA) kullanılmış; finansal yapıyı temsilen finansal kaldıraç, fiyat/defter değeri (PD/DD) ve fiyat/kazanç (F/K) oranları modele dâhil edilmiştir. Ayrıca firma büyüklüğü ve sektör sabit etkileri kontrol edilmiştir. Veri seti 2022–2024 dönemini kapsamaktadır ve analiz yöntemi olarak en küçük kareler (OLS) regresyonu uygulanmıştır. Bulgular, teknoloji firmalarının sürdürülebilir karlılık elde edebilmesi için özkaynak temelli finansmanı güçlendirmesi ve sermaye piyasalarının derinleşmesinin önemini ortaya koymaktadır.

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Cite This Article

Gökgöz, E. (2026). THE FINANCIALIZATION PROCESS IN TÜRKİYE'S TECHNOLOGY SECTOR AND ITS EFFECTS ON FIRM PROFITABILITY. Muhasebe ve Denetime Bakış, Cilt: 26 Sayı: 79, 665–686. https://doi.org/10.55322/mdbakis.1994606

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