Zombi Şirketlerin Sektör Verimliliği Üzerine Etkisi ve Türkiye Uygulaması

Yıl 2024, Cilt: 58 Sayı: 3, 413 – 428, 22.07.2024

Zeynep Kaplan , Emine Ebru Aksoy

https://doi.org/10.51551/verimlilik.1471332

Öz

Amaç: Bu makalenin amacı, normal koşullar altında rekabetçi piyasadan çekilmesi gereken, ancak çeşitli desteklerle hayatta tutulan zombi şirketlerin, ekonomik büyümenin itici gücü olan sektörel verimlilik üzerinde meydana getirdiği etkinin araştırılmasıdır.
Yöntem: Çalışmada, Girişimci Bilgi Sisteminden elde edilen 2007-2022 dönemine ait mikro verilerden yararlanılarak; üç yıl üst üste faiz karşılama oranı birden az ve yatırım oranı brüt olarak yüzde 10’dan daha düşük şirketler zombi şirket olarak sınıflandırılmıştır. Zombi şirketlerin sektörel verimliliğe etkisi ise, Ulusal Verimlilik İstatistiklerinden sağlanan verimlilik verilerinin bağımlı değişken olduğu tek değişkenli sabit etkili panel regresyon analizi yoluyla 2009-2022 dönemi için tahmin edilmiştir.
Bulgular: Kimyasal ürünler, ulaşım araçları, tekstil ve gıda imalatında bulunan şirketler arasında daha yüksek; buna karşın metal ve makine-ekipman imalatı sektörlerinde yer alan şirketler arasında daha az zombi şirkete rastlanılmıştır. Ayrıca sektördeki zombi şirket payındaki artışın, sektörün katma değer cinsinden hesaplanan ortalama verimliliğini anlamlı bir şekilde azalttığı, brüt çıktı cinsinden hesaplanan verimliliği üzerinde anlamlı bir etkisinin olmadığı tespit edilmiştir.
Özgünlük: Bu çalışma, Türkiye’de zombi şirketlerin sektör ortalama verimliliğine etkisini inceleyen ve zombi şirketler konusunda Girişimci Bilgi Sistemi mikro verilerinden yararlanan ilk çalışmadır. Ayrıca, zombi şirketlerin belirlenmesinde yeni bir yöntem geliştirilmiştir.

Anahtar Kelimeler

Zombi Şirketler, Verimlilik, Kaynak Tahsisinde Etkinsizlik

Kaynakça

• Andrews, D., ve Petroulakis, F. (2017). “Breaking The Shackles: Zombie Firms, Weak Banks and Depressed Restructuring in Europe”. OECD Economics Department Working Papers, No. 1433, OECD Publishing, Paris.
• Banerjee, R. ve Hofmann, B. (2018). “The Rise of Zombie Firms: Causes and Consequences”, BIS Quarterly Review, Bank for International Settlements, September.
• Banerjee, R. ve Hofmann, B. (2020). “Corporate Zombies: Anatomy and Life Cycle”, Bank for International Settlements.
• Belullo, A., Broz, T. ve Ridzak, T. (2017). “Are Zombies Productive or Not?”, 8th International Conference “Future World by 2050”, Pula, Hırvatistan.
• Caballero, R.J., Hoshi, T. ve Kashyap, A. (2008). “Zombie Lending and Depressed Restructuring in Japan”, The American Economic Review, 98(5), 1943-1977.
• Carreira, C., Teixeira, P. ve Nieto-Carrillo, E. (2021). “Recovery and Exit of Zombie Firms in Portugal”, Small Business Economics, 59, 491-519.
• Dai, Y., Li, W. ve Wang, Y. (2019). “How Do Zombie Firms Affect Innovation? Evidence from China's Industrial Firms”, VoxChina: https://www.voxchina.org/show-3-128.html, (Erişim Tarihi:12.03.2024)
• Dinçer, N.N., Pektekin, P. ve Tekin-Koru, A. (2023). “Long Shadow of the Walking Dead on Economic Activity”, Central Bank Review, 23(4), 100140.
• Fukuda, S. ve Nakamura, J. (2011). “Why Did Zombie Firms Recover in Japan?”, The World Economy, 34(7), 1124-1137.
• Geng, Y., Liu, W. ve Wu, Y. (2021). “How Do Zombie Firms Affect China’s Industrial Upgrading?”, Economic Modelling, 97, 79-94.
• Gouveia, A. ve Osterhold, C. (2018). “Fear the Walking Dead: Zombie Firms, Spillovers and Exit Policies”, OECD Productivity Working Papers, No. 13, OECD Publishing, Paris.
• Gregory, C., Mouel, M. ve Sgaravatti, G. (2022). “The Low Productivity of European Firms: How Can Policies Enhance the Allocation of Resurces”, Bruegel Working Paper.
• Hoshi, T. ve Kim, Y. (2012). “Macroprudential Policy and Zombie Lending in Korea”, Asian Bureau of Finance and Economic Research, 1-33.
• Imai, K. (2016). “A Panel Study of Zombie SMEs in Japan: Identification, Borrowing and Investmenr Behavior”, Journal of The Japanese and International Economies, 39, 91-107.
• Kwon, H.U., Narita, F. ve Narita, M. (2015). “Resource Reallocation and Zombie Lending in Japan in the 1990s”, Review of Economic Dynamics, 18(4), 709-732.
• Logarusic, M. ve Kristic, I.R. (2022). “The Impact of Zombie Companies on the Performance of Healthy Companies and Economies in Selected Countries of Central and Eastern Europe”, Ekonomski Pregled, 73(2), 157-185.
• McGowan, M.A., Andrews, D. ve Millot, V. (2017). “The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries”, OECD Economics Department Working Papers, No. 1372, OECD Publishing, Paris.
• Papava, V. (2010). “Economy of Post-Communist Capitalism under the Financial Crisis”, Studies in Economics and Finance, 27(2), 135-147.
• Rashid, S., Khan, K.I., Nasir, A. ve Rashid, T. (2022). “Unveiling Living Dead: Characteristics and Consequences of Zombie Firms”, Cogent Business & Management, 9(1), 2121240.
• Rodano, G. ve Sette, E. (2019). “Zombie Firms in Italy: A Critical Assessment”, The Bank of Italy, Number 483. Schivardi, F., Sette, E. ve Tabellini, G. (2020). “Identifying the Real Effects of Zombie Lending”, CEPR Discussion Paper.
• Silva, A. ve Gonçalves, A. (2022). “How Zombie Firms Affect Healthy Firms: The Case of Portuguses Trade Sector”, Revista Galega de Economia, 31(3), 1-18.
• Storz, M., Koetter, M., Setzer, R. ve Westphal, A. (2017). “Do We Want These Two to Tango? On Zombie Firms and Stressed Banks in Europe”, European Central Bank Working Paper.
• T.C. Cumhurbaşkanlığı Strateji ve Bütçe Başkanlığı. (2019). “On Birinci Kalkınma Planı (2019-2023)”, Ankara.
• Tan, Y., Huang, Y. ve Woo, W. T. (2016). “Zombie Firms and The Crowding-Out of Private Investment in China”, Asian Economics Paper, 15(3), 32-55.
• Tatoğlu, F.Y. (2021). “Panel Veri Ekonometrisi Stata Uygulamalı”, Beta Yayınları, İstanbul.
• Torres-Reyna, O. (2007). “Panel Data Analysis Fixed and Random Effects Using Stata”, https://www.princeton.edu/~otorres/Stata/statnotes, (Erişim Tarihi:24.02.2024)
• Wang, Y., ve Zhu, Y. (2020). The Financing and Investment Crowding-Out Effect of Zombie Firms on Non-Zombie Firms: Evidence from China. Emerging Markets Finance and Trade, 57(7), 1959-1985.

The Effect of Zombie Companies on Sector Productivity and an Application in Türkiye

Yıl 2024, Cilt: 58 Sayı: 3, 413 – 428, 22.07.2024

Zeynep Kaplan , Emine Ebru Aksoy

https://doi.org/10.51551/verimlilik.1471332

Öz

Purpose: The purpose of this article is to investigate the effect of zombie companies on productivity, the driving force of economic growth.
Methodology: Using micro-level data for the period 2007-2022 obtained from the Enterprise Information System database, companies with an interest coverage ratio less than one and an investment ratio less than 10 percent for three consecutive years were classified as zombie companies. The possible effect of zombie shares on sector productivity was estimated with fixed-effect panel regression analysis for the period 2009-2022.
Findings: The share of zombie companies are higher in the chemical industry, transportation vehicles, textile, food manufacturing sectors and less in the metal and machinery-equipment manufacturing sectors. An increase in the share of zombie companies in an industry significantly reduces productivity of that industry calculated in terms of added value but does not significantly affect the average productivity calculated in terms of gross output.
Originality: It is the first study in Türkiye to examine the effect of zombie companies on the sector productivity and to use Entrepreneur Information System database about zombie companies. Additionally, a new method was developed to identify zombie companies.

Anahtar Kelimeler

Zombie Firms, Productivity, Misallocation

Kaynakça

• Andrews, D., ve Petroulakis, F. (2017). “Breaking The Shackles: Zombie Firms, Weak Banks and Depressed Restructuring in Europe”. OECD Economics Department Working Papers, No. 1433, OECD Publishing, Paris.
• Banerjee, R. ve Hofmann, B. (2018). “The Rise of Zombie Firms: Causes and Consequences”, BIS Quarterly Review, Bank for International Settlements, September.
• Banerjee, R. ve Hofmann, B. (2020). “Corporate Zombies: Anatomy and Life Cycle”, Bank for International Settlements.
• Belullo, A., Broz, T. ve Ridzak, T. (2017). “Are Zombies Productive or Not?”, 8th International Conference “Future World by 2050”, Pula, Hırvatistan.
• Caballero, R.J., Hoshi, T. ve Kashyap, A. (2008). “Zombie Lending and Depressed Restructuring in Japan”, The American Economic Review, 98(5), 1943-1977.
• Carreira, C., Teixeira, P. ve Nieto-Carrillo, E. (2021). “Recovery and Exit of Zombie Firms in Portugal”, Small Business Economics, 59, 491-519.
• Dai, Y., Li, W. ve Wang, Y. (2019). “How Do Zombie Firms Affect Innovation? Evidence from China's Industrial Firms”, VoxChina: https://www.voxchina.org/show-3-128.html, (Erişim Tarihi:12.03.2024)
• Dinçer, N.N., Pektekin, P. ve Tekin-Koru, A. (2023). “Long Shadow of the Walking Dead on Economic Activity”, Central Bank Review, 23(4), 100140.
• Fukuda, S. ve Nakamura, J. (2011). “Why Did Zombie Firms Recover in Japan?”, The World Economy, 34(7), 1124-1137.
• Geng, Y., Liu, W. ve Wu, Y. (2021). “How Do Zombie Firms Affect China’s Industrial Upgrading?”, Economic Modelling, 97, 79-94.
• Gouveia, A. ve Osterhold, C. (2018). “Fear the Walking Dead: Zombie Firms, Spillovers and Exit Policies”, OECD Productivity Working Papers, No. 13, OECD Publishing, Paris.
• Gregory, C., Mouel, M. ve Sgaravatti, G. (2022). “The Low Productivity of European Firms: How Can Policies Enhance the Allocation of Resurces”, Bruegel Working Paper.
• Hoshi, T. ve Kim, Y. (2012). “Macroprudential Policy and Zombie Lending in Korea”, Asian Bureau of Finance and Economic Research, 1-33.
• Imai, K. (2016). “A Panel Study of Zombie SMEs in Japan: Identification, Borrowing and Investmenr Behavior”, Journal of The Japanese and International Economies, 39, 91-107.
• Kwon, H.U., Narita, F. ve Narita, M. (2015). “Resource Reallocation and Zombie Lending in Japan in the 1990s”, Review of Economic Dynamics, 18(4), 709-732.
• Logarusic, M. ve Kristic, I.R. (2022). “The Impact of Zombie Companies on the Performance of Healthy Companies and Economies in Selected Countries of Central and Eastern Europe”, Ekonomski Pregled, 73(2), 157-185.
• McGowan, M.A., Andrews, D. ve Millot, V. (2017). “The Walking Dead? Zombie Firms and Productivity Performance in OECD Countries”, OECD Economics Department Working Papers, No. 1372, OECD Publishing, Paris.
• Papava, V. (2010). “Economy of Post-Communist Capitalism under the Financial Crisis”, Studies in Economics and Finance, 27(2), 135-147.
• Rashid, S., Khan, K.I., Nasir, A. ve Rashid, T. (2022). “Unveiling Living Dead: Characteristics and Consequences of Zombie Firms”, Cogent Business & Management, 9(1), 2121240.
• Rodano, G. ve Sette, E. (2019). “Zombie Firms in Italy: A Critical Assessment”, The Bank of Italy, Number 483. Schivardi, F., Sette, E. ve Tabellini, G. (2020). “Identifying the Real Effects of Zombie Lending”, CEPR Discussion Paper.
• Silva, A. ve Gonçalves, A. (2022). “How Zombie Firms Affect Healthy Firms: The Case of Portuguses Trade Sector”, Revista Galega de Economia, 31(3), 1-18.
• Storz, M., Koetter, M., Setzer, R. ve Westphal, A. (2017). “Do We Want These Two to Tango? On Zombie Firms and Stressed Banks in Europe”, European Central Bank Working Paper.
• T.C. Cumhurbaşkanlığı Strateji ve Bütçe Başkanlığı. (2019). “On Birinci Kalkınma Planı (2019-2023)”, Ankara.
• Tan, Y., Huang, Y. ve Woo, W. T. (2016). “Zombie Firms and The Crowding-Out of Private Investment in China”, Asian Economics Paper, 15(3), 32-55.
• Tatoğlu, F.Y. (2021). “Panel Veri Ekonometrisi Stata Uygulamalı”, Beta Yayınları, İstanbul.
• Torres-Reyna, O. (2007). “Panel Data Analysis Fixed and Random Effects Using Stata”, https://www.princeton.edu/~otorres/Stata/statnotes, (Erişim Tarihi:24.02.2024)
• Wang, Y., ve Zhu, Y. (2020). The Financing and Investment Crowding-Out Effect of Zombie Firms on Non-Zombie Firms: Evidence from China. Emerging Markets Finance and Trade, 57(7), 1959-1985.

Toplam 27 adet kaynakça vardır.

Ayrıntılar

Kaynak Göster

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