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Journals / Verimlilik Dergisi / 2026 / Cilt: 60 Sayı: 4

Asset Utilization and the Firm-Level Resource Curse in Resource-Rich Extractive Industries

Kaynak Zengini Ekonomilerde Çıkarım Sektöründe Varlık Kullanımı ve Firma Düzeyinde Kaynak Laneti

Arzu Şahin(Adana Alparslan Türkeş Bilim ve Teknoloji Üniversitesi)0000-0002-9944-1791
Elif Acar(ADANA ALPARSLAN TURKES SCIENCE AND TECHNOLOGY UNIVERSITY)0000-0003-0107-5517
Pages
1253–1266
Publication Date
2026-10-21
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AI Summary & Key Takeaways

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

Originality: This study contributes to the literature by expanding the resource curse literature from the country level to the firm level, directly measuring natural resource dependency through NRR using a multi-country sample.

📌 3 Key Takeaways

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Objective & Hypothesis:Purpose: The main objective of this study is to examine the impact of dependence on natural resource rents (NRR) and asset use efficiency on firm profitability in a sample that is rich in natural resources.
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Key Findings & Data:Methodology: A 20-year (2005-2024) panel dataset from 364 publicly traded extractive companies in ten countries with high NRR was analyzed using the System GMM estimator.
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Conclusion & Impact:Originality: This study contributes to the literature by expanding the resource curse literature from the country level to the firm level, directly measuring natural resource dependency through NRR using a multi-country sample.
🔬Design:Araştırma Makalesi
📍Scope:2005-2024 Verileri
⚙️Variables:Firma Düzeyinde Kaynak Laneti · Doğal Kaynak Rantı Yüksek Ekonomiler · Faaliyet Verimliği

Abstract

Purpose: The main objective of this study is to examine the impact of dependence on natural resource rents (NRR) and asset use efficiency on firm profitability in a sample that is rich in natural resources. Methodology: A 20-year (2005-2024) panel dataset from 364 publicly traded extractive companies in ten countries with high NRR was analyzed using the System GMM estimator. Additionally, comparative financial ratio analysis was conducted using Kazakhstan as a reference economy due to its rich hydrocarbon and mineral reserves. Findings: According to the panel data analysis results, the effect of asset use efficiency on the return on assets (ROA) of the extractive sector is higher than that of net profit margin. Furthermore, the level of NRR at the country level tends to reduce firm ROA. In addition, comparative analysis has shown that despite Kazakhstan having a high profit margin and high share of fixed assets, its ROA lags behind the sample average due to its weak asset turnover rate. These results provide firm-level evidence for the resource curse theory. Originality: This study contributes to the literature by expanding the resource curse literature from the country level to the firm level, directly measuring natural resource dependency through NRR using a multi-country sample.

Özet

Amaç: Bu çalışmanın temel amacı, doğal kaynak zengini bir örneklemde doğal kaynak rantlarına (NRR) bağımlılığın ve varlık kullanım verimliliğinin firma karlılığı üzerindeki etkisini incelemektir. Yöntem: Doğal kaynak rantı yüksek olan on ülkeden 364 halka açık çıkarım şirketine ait 20 yıllık (2005-2024) bir panel veri seti, Sistem GMM tahmincisi kullanılarak analiz edilmiştir. Ayrıca, zengin hidrokarbon ve mineral rezervleri nedeni ile Kazakistan referans ekonomi olarak kullanılarak karşılaştırmalı finansal oran analizi yapılmıştır. Bulgular: Panel veri analizi sonuçlarına göre çıkarım sektörünün aktif karlılığı üzerinde varlıkların kullanım verimliliği etkisi net kar marjından daha yüksektir. Ayrıca ülke düzeyinde NRR düzeyi firma varlık karlılığını düşürme eğilimindedir. Ayrıca karşılaştırmalı analiz Kazakistan’ın yüksek kar karjı ve sabit yatırım oranına sahip olmasına rağmen varlık devir hızının zayıf olması nedeni ile varlık karlılığının örneklem ortalamasının gerisinde kaldığını göstermiştir. Bu sonuçlar kaynak laneti teorisine firma düzeyinde altyapı sunmaktadır. Özgünlük: Bu çalışma, kaynak laneti literatürünü ülke düzeyinden firma düzeyine genişleterek, doğal kaynak bağımlılığını doğal kaynak rantları aracılığıyla doğrudan ve çok ülkeli bir örneklem ile ölçerek literatüre katkı sunmaktadır.

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Cite This Article

Şahin, A., Acar, E. (2026). Asset Utilization and the Firm-Level Resource Curse in Resource-Rich Extractive Industries. Verimlilik Dergisi, Cilt: 60 Sayı: 4, 1253–1266. https://doi.org/10.51551/verimlilik.1937908

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