SavedAdd your journal

Journals / Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi / 2025 / Cilt: 27 Sayı: Özel Sayı Özel Sayı

The impact of sectoral specialization and financial performance on the sustainability of companies in the TR33 region

TR33 bölgesinde sektörel uzmanlaşma ve finansal performansın şirketlerin sürdürülebilirliği üzerine etkisi

Salih Tutar

Pages
67–84
Publication Date
2025-03-19
🏛️Bibliographic metadata and full text access for this article are provided via DergiPark.
DergiPark Record ↗

Abstract

Sustainable growth, which is a prerequisite for long-term strategic and financial planning, is a future-oriented concept that focuses on companies creating value and securing their existence in the long term. The main objective of this article is to compare companies operating in the TR33 region and listed in the Borsa Istanbul Index within the framework of the sustainable growth rate and to determine the indicators that have an impact on the sustainable growth rate. The fixed effects method of model estimation was used to comprehensively analyze the factors affecting the sustainable growth rate. The analyses are based on 280 observations of companies from the TR33 region listed in the Borsa Istanbul Index for the eight-year period between 2017 and 2023. The results obtained show that leverage has a negative effect on the sustainable growth rate, while profitability and asset turnover have a positive effect on sustainable growth. It was also shown that company size and leverage ratio have no significant effect on the sustainable growth rate. The expected that this study will give company managers and other decision-makers ideas on how to achieve healthy growth without getting into financial difficulties. It will also be hoped to provide all internal and external stakeholders with an insight into the reality of the company's growth plans and future sustainable growth opportunities and provide a basis for predicting a company's long-term performance.

Özet

Uzun vadeli stratejik ve finansal planlamanın ön koşulu olan sürdürülebilir büyüme, şirketlerin değer yaratarak uzun vadede varlığını sürdürmesini esas alan geleceğe yönelik bir kavramdır. Bu makalenin temel amacı, TR33 bölgesinde faaliyet gösteren ve Borsa İstanbul Endeksi’nde listelenen şirketler sürdürülebilir büyüme oranı çerçevesinde karşılaştırmak ve sürdürülebilir büyüme oranı üzerinde etkisi olan göstergeleri belirlemektir. Sürdürülebilir büyüme oranını etkileyen faktörleri kapsamlı bir şekilde analiz etmek için geliştirilen model tahmini sabit etkiler yöntemi kullanılmıştır. Analizler, Borsa İstanbul’da endekslenen TR33 bölgesindeki şirketlere ait 2017-2023 yılları arasındaki sekiz yıllık döneme ait 280 gözleme dayanmaktadır. Elde edilen sonuçlar, borçlanma oranının sürdürülebilir büyüme oranı üzerinde olumsuz bir etkiye sahip olduğunu, kârlılığın ve varlık devir hızının ise sürdürülebilir büyüme üzerinde olumlu etkisi olduğunu göstermiştir. Ayrıca şirket büyüklüğünün ve kaldıraç oranının sürdürülebilir büyüme oranı üzerinde anlamlı bir etkisi olmadığını göstermiştir. Bu çalışma şirket yöneticilerine ve diğer karar alıcılara mali zorluklar yaşamadan sağlıklı bir şekilde büyümeyi sağlaması konusunda fikir vermesi beklenmektedir. Ayrıca, tüm iç ve dış paydaşlara şirket büyüme planlarının gerçekliği ve gelecekteki sürdürülebilir büyüme fırsatları hakkında iç görü sağlaması ve bir şirketin uzun vadeli performansını tahmin etmek için bir temel oluşturması umulmaktadır.

Keywords
🔖

Cite This Article

Tutar, S. (2025). The impact of sectoral specialization and financial performance on the sustainability of companies in the TR33 region. Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt: 27 Sayı: Özel Sayı Özel Sayı, 67–84. https://doi.org/10.33707/akuiibfd.1593263

📄 Full Text PDF Viewer

References (81)

  1. Abdoli Bidhandi, R., ve Valmohammadi, C. (2017). Effects of supply chain agility on profitability. Business Process Management Journal, 23(5), 1064-1082. https://doi.org/10.1108/BPMJ-05-2016-0089
  2. Akhtar, M., Yusheng, K., Haris, M., Ain, Q. U., ve Javaid, H. M. (2022). Impact of financial leverage on sustainable growth, market performance, and profitability. Economic Change and Restructuring, 1-38. https://doi.org/10.1007/s10644-021-09321-z
  3. Alayemi, S. A., ve Akintoye, R. I. (2015). Strategic management of growth in manufacturing companies in Sub-Saharan Africa: a case study of Nigeria. British Journal of Economics, Management ve Trade, 6(2), 151-160. https://doi.org/10.9734/BJEMT/2015/13796
  4. Al-Janabi, S. M. (2024). Fınancıal Effıcıency And Its Impact On Sustaınable Growth Rate. American Journal Of Social Sciences And Humanity Research, 4(06), 151-187. https://doi.org/10.37547/ajsshr/Volume04Issue06-25
  5. Al-Nasser, A. ve Al-Jubouri M. (2020). Use analysis of internal growth rate and sustainable growth rate and its relation to performance. Int. J. Psychosoc. Rehabil. 24, 8635-8651.
  6. Altahtamouni, F., Alfayhani, A., Qazaq, A., Alkhalifah, A., Masfer, H., Almutawa, R., ve Alyousef, S. (2022). Sustainable growth rate and ROE analysis: an applied study on Saudi banks using the PRAT model. Economies, 10(3), 70. https://doi.org/10.3390/economies10030070
  7. Amouzesh, N., Moeinfar, Z., ve Mousavi, Z. (2011). Sustainable growth rate and firm performance: Evidence from Iran Stock Exchange. International Journal of Business and Social Science, 2(23).
  8. Arora, L., Kumar, S., ve Verma, P. (2018). The anatomy of sustainable growth rate of Indian manufacturing firms. Global Business Review, 19(4), 1050-1071. https://doi.org/10.1177/0972150918773002
  9. Ashta, A. (2008). Sustainable growth rates: refining a measure. Strategic Change, 17(5‐6), 207-214. https://doi.org/10.1002/jsc.827
  10. Aslan, Ö. F., ve Erden, B. (Eds.). (2021). Güncel Finansal Yönetim Yaklaşımları. Efe Akademi Yayınları. Aydın, N. (2007). Finansal yönetim. Anadolu Universitesi Yayınları.
  11. Balcıoğlu, M. (2021). Bölgesel Kalkınmada Kurumlar Arası İşbirliğinin Sosyal Ağ Analizi İle İncelenmesi: Tr33 Bölgesi Örneği. Pamukkale Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, (45), 289-306. https://doi.org/10.30794/pausbed.780857
  12. Baltagi, B. H. (2021). Econometric Analysis of Panel Data (6th ed.). Wiley. https://doi.org/10.1007/978-3-030-53953-5.
  13. Baltagi, B. H., & Li, Q. (2021). Testing for serial correlation in panel data models. Journal of Econometrics, 209(1), 4-22.
  14. Bayrakcı, Ö. F. (2022). Ölçülülük İlkesi Işığında İktisadi Amaçlı Vergi Teşviklerinin Meşruluğu (Yayınlanmamış Doktora Tezi), Marmara Universitesi, İstanbul.
  15. Bellandi, F. (2023). Equilibrating financially sustainable growth and environmental, social, and governance sustainable growth. European Management Review, 20(4), 794-812. https://doi.org/10.1111/emre.12554
  16. Bhargava, A., Franzini, L., & Narendranathan, W. (1982). Serial Correlation and the Fixed Effects Model. Review of Economic Studies, 49(4), 533–549. https://doi.org/10.2307/2297285
  17. Breusch, T. S., & Pagan, A. R. (1980). The Lagrange multiplier Test and its Applications to Model Specification in Econometrics. The Review Of Economic Studies, 47(1), 239-253. https://doi.org/10.2307/2297111
  18. Budisaptorini, A. T., Chandrarin, G., ve Assih, P. (2019). The effect of company size on company profitability and company value: The case of manufacturing companies. International Journal of Economics and Business Administration, 7(2), 251-256. https://doi.org/10.35808/ijeba/241
  19. Büber, H., Yıldız, F., ve Kâraş, G. (2016). Girişimcilik Tutum ve Algısı İle Altyapı Algısı Özelliklerinin TR33 Bölgesi ve Almanya'daki Türk Girişimciler Açısından Analizi. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 2092-2105.
  20. Caba, N. (2017). Finansal Kaldıraç Ve Firma Büyüklüğünün Finansal Performans Üzerine Etkisi: Bıst Sınai Endeksinde İşlem Gören İşletmeler Üzerine Bir Uygulama. Uluslararası Yönetim İktisat ve İşletme Dergisi, 13(13), 796-811. https://doi.org/10.17130/ijmeb.2017ICMEB1735489
  21. Comporek, M., Kowalska, M., ve Misztal, A. (2021). The sustainable development of transport enterprises in the context of macroeconomic conditions. The case of Central and Eastern European countries. Entrepreneurship and Sustainability Issues, 8(3), 226. https://doi.org/10.9770/jesi.2021.8.3(13)
  22. Dayar, H., ve Sandalcı, U. (2016). Yatırım Teşviklerinin Göçler Üzerindeki Etkisi: TR33 Bölgesi. İnsan ve Toplum Bilimleri Araştırmaları Dergisi, 5(7), 2041-2064. https://doi.org/10.15869/itobiad.259553
  23. 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. https://doi.org/10.1162/003465398557825
  24. El Madbouly, D. (2022). Factors affecting the sustainable growth rate and its impact on firm value: Empirical evidence from the Egyptian stock exchange. Egyptian Journals, 11(1), 1-40.‎ https://doi.org/10.21608/naus.2022.229413
  25. Fonseka, M. M., Ramos, C. G., ve Tian, G. L. (2012). The most appropriate sustainable growth rate model for managers and researchers. Journal of Applied Business Research (JABR), 28(3), 481-500. https://doi.org/10.19030/jabr.v28i3.6963
  26. Gillani, S. M. A. H., Ramakrishnan, S., Raza, H., ve Ahmad, H. (2018). Review of corporate governance practices and financial distress prediction. International Journal of Engineering ve Technology, 7(4.28), 30-33. https://doi.org/10.14419/ijet.v7i4.28.22385
  27. Greene, W. H. (2020). Econometric Analysis (8th ed.). Pearson.
  28. Gujarati, D. N., & Porter, D. C. (2009). Basic Econometrics (5th ed.). McGraw-Hill Education.
  29. Guliyev, T., ve Muzaffarov, M. (2024). Deciphering Sustainable Growth: The Influence of Corporate Financial Metrics on SGR and Stock Returns. WSB Journal of Business and Finance, 58(1), SSRN: 4883487. https://doi.org/10.2139/ssrn.4883487
  30. Gürpınar, K. (2019). KOSGEB Uygulamalı Girişimcilik Eğitimleri ve Girişimciliği Geliştirme (Yeni Girişimci) Destek Programı: TR33 Bölgesi İçin Nitel Bir Araştırma. Journal of Entrepreneurship ve Development, 14(2).
  31. Hantekin, E., ve Akyüz, Y. (2015). TR33 Bölgesi Devlet Hastanelerinin Performanslarının Bulanık AHP Yöntemi İle Ölçümü. Optimum Ekonomi ve Yönetim Bilimleri Dergisi, 2(2). https://doi.org/10.17541/oeybd.11880
  32. Hartono, G. C., ve Utami, S. R. (2016). The comparison of sustainable growth rate, firm's performance and value among the firms in Sri Kehati index and IDX30 index in Indonesia stock exchange. International Journal of Advanced Research in Management and Social Sciences, 5(5), 68-81.
  33. Hayes, A. F., & Cai, L. (2007). Using Heteroskedasticity-Consistent Standard Error Estimators in OLS Regression: An Introduction and Software Implementation. Behavior Research Methods, 39(4), 709-722. https://doi.org/10.3758/BF03192961
  34. Hayman, A. N. (2004). Managing agility for profitability. In 2004 IEEE International Engineering Management Conference (IEEE Cat. No. 04CH37574) (Vol. 1, pp. 1-5). IEEE. https://doi.org/10.1109/IEMC.2004.1407064
  35. Hazman, G. G., ve Büyükben, N. K. (2020). Vergi Teşviklerinin Yerel Ekonomik Büyüme ve İstihdam Üzerindeki Etkisi: TR33 Bölgesi Açısından Değerlendirme. Maliye Dergisi, 179, 186-212.
  36. Higgins, R. C. (1977). How much growth can a firm afford?. Financial Management, 7-16. https://doi.org/10.2307/3665251
  37. Hsiao, C. (2014). Analysis of Panel Data (3rd ed.). Cambridge University Press, 410-435. https://doi.org/10.1017/CBO9781139839327
  38. Huang, X., ve Zhang, J. (2015). Research on the financial sustainable growth of the listed companies on GEM. International Business and Management, 10(2), 32-37.
  39. Jeong, J., Kim, J., Son, H., ve Nam, D. I. (2020). The role of venture capital investment in startups' sustainable growth and performance: Focusing on absorptive capacity and venture capitalists' reputation. Sustainability, 12(8), 3447. https://doi.org/10.3390/su12083447
  40. Jović, Z., Vićentijević, K., ve Glišović, N. (2016). Sustainable growth rate of agricultural and food enterprises in Serbia. Економика пољопривреде, 63(1), 9-28. https://doi.org/10.5937/ekoPolj1601009J
  41. Kumar, A. (2018). Financial distress and sustainability growth of Indian banks listed in BSE 30. Asian Journal of Multidimensional Research (AJMR), 7(6), 26-38.
  42. Levine, R. (2005). Finance and Growth: Theory and Evidence in Handbook of Economic Growth, Eds. Philippe Aghion and Steven Durlauf. Elsevier North% Holland. Publishers, 866, 934. https://doi.org/10.1016/S1574-0684(05)01012-9
  43. Lorek, S., & Spangenberg, J. H. (2014). Sustainable Consumption Within a Sustainable Economy–Beyond Green Growth and Green Economies. Journal of cleaner production, 63, 33-44. https://doi.org/10.1016/j.jclepro.2013.08.045
  44. Mamilla, R. (2019). A study on sustainable growth rate for firm survival. Strategic Change, 28(4), 273-277. https://doi.org/10.1002/jsc.2269
  45. Memon, M. Z., Channar, Z. A., ve Obaid, S. (2017). Dynamic relationship among sustainable growth rate, profitability and liquidity of firms: A case study from pharmaceutical sector in Pakistan. Journal of Business Administration and Management Sciences (JOBAMS), 1(2), 113-124.
  46. Mensah, J. (2019). Sustainable Development: Meaning, History, Principles, Pillars, and Implications for Human Action: Literature Review. Cogent Social Sciences, 5(1), 74-92, 1653531. https://doi.org/10.1080/23311886.2019.1653531
  47. Moore, G., ve Simpson, M. W. (2023). Which sustainable growth rate is best at forecasting actual growth?. American Journal of Business, 38(4), 173-192. https://doi.org/10.1108/AJB-12-2022-0196
  48. Mukherjee, T., ve Sen, S. S. (2018). Sustainable growth rate and its determinants: A study on some selected companies in India. Global Multidisciplinary, 10(1). https://doi.org/10.18535/afmj/v3i1.10
  49. Mumu, S., Susanto, S., ve Gainau, P. (2019). The sustainable growth rate and the firm performance: Case study of issuer at Indonesia stock exchange. International Journal of Management IT and Engineering, 9(12), 10-18.
  50. Nasim, A., ve Irnama, F. R. (2015). Pengaruh Profit Margin, Assets Turnover Dan Leverage Terhadap Sustainable Growth Rate Pada Perusahaan Sektor Jasa Yang Terdaftar Di Bursa Efek Indonesia Periode 2010- 2012. Jurnal Riset Akuntansi Dan Keuangan, 3(1), 632-648. https://doi.org/10.17509/jrak.v3i1.6609
  51. Nastiti, P. K. Y., Atahau, A. D. R., ve Supramono, S. (2020). Does Workıng Capıtal Management Able To Increase Sustaınable Growth Through Asset Utılızatıon?. The European Journal of Applied Economics, 17(2). https://doi.org/10.5937/EJAE17-26056
  52. Naumoski, A. (2022). Financial Policy and Companies' Sustainable Growth. Economic Themes, 60(3), 281-301. https://doi.org/10.2478/ethemes-2022-0016
  53. O'Brien, R. M. (2007). A Caution Regarding Rules of Thumb for Variance Inflation Factors. Quality & Quantity, 41(5), 673-690. https://doi.org/10.1007/s11135-006-9018-6
  54. Oral, B. G., ve Sayın, F. (2013). Bölgesel Eşitsizliklerin Sağlık Gösterleri İle Analizi: Manisa İlinin Sağlık Statüsü. Sosyal Bilimler Dergisi, 11(3).
  55. Pesaran, M. H. (2021). General Diagnostic Tests for Cross-Sectional Dependence in Panels. Empirical Economics, 60(1), 13-50. https://doi.org/10.1007/s00181-020-01875-7
  56. Rahim, N. (2017). Sustainable growth rate and firm performance: A case study in Malaysia. International Journal of Management, Innovation ve Entrepreneurial Research, 3(2), 48-60. https://doi.org/10.18510/ijmier.2017.321
  57. Sahin, A., ve Ergun, B. (2018). Financial Sustainable Growth Rate and Financial Ratios: A Research on Borsa İstanbul Manufacturing Firms. Journal of Business Research Turk, 10(1), 172-197. https://doi.org/10.20491/isarder.2018.376
  58. Sandalcı, U. (2019). Vergi Harcamalarına İlişkin Toplumsal Algı Tr33 Bölgesi Alan Araştırması. Uluslararası Yönetim İktisat ve İşletme Dergisi, 15(4), 1040-1061. https://doi.org/10.17130/ijmeb.2019456397
  59. Sandalcı, U., ve Kaya, F. (2023). Vergi Şeffaflığının Belirlenmesine Yönelik Alan Araştırması: TR33 Bölgesi. Financial Analysis/Mali Cozum Dergisi, 33(179).
  60. Sasanti, E. E., Muhsyaf, S. A., & Hendri, S. (2023). Advancing Sustainable Development Goals: The Impact of Corporate Governance Mechanisms and Industry Type on Business Contributions. Riset Akuntansi dan Keuangan Indonesia, 8(2), 111-121. https://doi.org/10.23917/reaksi.v8i2.3055
  61. Satapathy, S. (2021). Sustainable Supply Chain Management Barriers in Shrimp Food Supply Chain: A Case Study of India by MCDM Method. International Journal of Social Ecology and Sustainable Development (IJSESD), 13(7), 1-20. https://doi.org/10.4018/IJSESD.290395
  62. Seens, D. (2013). Small and Medium-sized Enterprises Growth Study: Actual Vs Sustainable Growth. Industry Canada.
  63. Spurlin, W. P. (2022). Market share, larger competition and the profitability of rural, small community banks. Managerial Finance, 48(11), 1579-1590. https://doi.org/10.1108/MF-07-2020-0387
  64. Steblyanskaya, A., Bi, K., Denisov, A., Wang, Z., Wang, Z., ve Bragina, Z. (2021). Changes in sustainable growth dynamics: The case of China and Russia gas industries. Energy Strategy Reviews, 33, 100586. https://doi.org/10.1016/j.esr.2020.100586
  65. Şengür, E. D., ve Püskül, S. Ö. (2011). İMKB Kurumsal Yönetim Endeksindeki Şirketlerin Yönetim Kurulu Yapısı Ve İşletme Performansının Değerlendirilmesi. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (31).
  66. Taşkın, E., ve Kosat, A. (2022). Sürdürülebilir Kalkınmanın Rekabet Gücü Ve Şehir Markalaşmasına Etkisi: TR 33 Bölgesi Üzerine Nitel Bir Araştırma. Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, (72). https://doi.org/10.51290/dpusbe.979496
  67. TUİK, Coğrafi İstatistik Portalı, https://cip.tuik.gov.tr/
  68. Türker, M., Stamos, I., ve Vega Rapun, M. (2023). Monitoring the SKAs in TR33 region, Türkiye: Diş rapor. https://policycommons.net/artifacts/12523984/monitoring-the-skas-in-tr33-region-turkiye-dis-rapor/13425213/
  69. Utami, S.R. ve Gunawan, R. (2015). Analyzing Sustainable Growth Rate of the Firms in Kehati Sustainable and Responsible Investment Index in Indonesia. Case Stud. J., 4, 84-93.
  70. Van Horne, J.C. (1987). Sustainable growth modeling. Journal of Corporate Finance, 2 (3), 19-26.
  71. Vasiu, D. E., ve Ilie, L. (2018). Sustainable growth rate: An analysis regarding the most traded companies on the Bucharest Stock Exchange. In Emerging Issues in the Global Economy: 2017 International Economics Conference in Sibiu (IECS) (pp. 381-394). Springer International Publishing. https://doi.org/10.1007/978-3-319-71876-7_34
  72. Vuković, B., Peštović, K., Mirović, V., Jakšić, D., ve Milutinović, S. (2022). The analysis of company growth determinants based on financial statements of the European companies. Sustainability, 14(2), 770. https://doi.org/10.3390/su14020770
  73. Vuković, B., Tica, T., ve Jakšić, D. (2022). Sustainable growth rate analysis in Eastern European companies. Sustainability, 14(17), 10731. https://doi.org/10.3390/su141710731
  74. Wooldridge, J. M. (2019). Introductory Econometrics: A Modern Approach (7th ed.). Cengage Learning
  75. Xing, C. (2023). The Relationship Between The SDGs and Corporate Performance: Key Factors Contributing to the Achievement of the SDGs. Advances in Economics, Management and Political Sciences, 42(1), 27-32. https://doi.org/10.54254/2754-1169/42/20232074
  76. Yaffee, R. (2003). A primer for panel data analysis. Connect Information Technology at NYU, 1-11. Retrieved from: papers2. publication/uuid/811319C1-BFB6-43F6-B729-65AC1FA20A4D.
  77. Yerdelen Tatoğlu, F. (2020). Panel Zaman Serileri Analizi Stata Uygulamalı (3. Baskı), Beta Yayınları, 2, 138.
  78. Yerdelen Tatoğlu, F. (2021). Panel Veri Ekonometrisi. Ekin Yayınevi.
  79. Zafer Kalkınma Ajansı (2013), TR33 Bölgesi 2014-2023 Bölge Planı, https://www.kalkinmakutuphanesi.gov.tr/assets/upload/dosyalar/tr33-bolgesi-bolge-plani-2014-2023.pdf
  80. Zafer Kalkınma Ajansı (2024), TR33 Bölgesi 2024-2028 Bölge Planı Mevcut Durum Analizi, https://dokuman.zafer.gov.tr/uiassets/filemanagement/KAYNAKLAR/Raporlar%20Strateji%20Belgeleri/Raporlar/Diger/TR33%20B%C3%B6lgesi%202024-2028%20B%C3%B6lge%20Plan%C4%B1%20Mevcut%20Durum%20Analizi.pdf
  81. Zheng, M., ve Escalante, C. L. (2020). Banks' sustainable growth challenge under economic recessionary pressure. Agricultural Finance Review, 80(3), 437-451. https://doi.org/10.1108/AFR-07-2019-0077