Araştırma Makalesi
BibTex RIS Kaynak Göster

Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama

Yıl 2020, Sayı: 88, 225 - 236, 05.10.2020

Ahmet Oğuz Akgüneş

https://doi.org/10.25095/mufad.801465

Öz

Bu çalışmanın amacı petrol fiyatları ve BIST Kimya, Petrol, Plastik endeksinde bulunan firmaların karlılıkları arasındaki ilişkiyi araştırmaktır. Çalışmada endekste bulunan 18 firmanın 2009-2019 arasındaki çeyrek dönemlik verileri kullanılmıştır. Seriler arasındaki uzun dönemli ilişki Tam Düzeltilmiş En küçük Kareler (FMOLS) ve Dinamik En Küçük Kareler (DOLS) yöntemleri kullanılarak tahmin edilmiştir. Araştırmada ROA, ROE, ROS değişkenleri bağımlı değişkenler olarak +alınmış petrol, cari oran, likidite oranı ve kaldıraç oranı bağımsız değişkenler olarak alınmıştır. Araştırma sonuçlarına göre petrol fiyatlarındaki artış firma karlılığını aynı yönde etkilemekte olup kaldıraç oranlarındaki artış ise firma karlılığını ters yönlü etkilemektedir.

Anahtar Kelimeler

Firma Karlılığı FMOLS-DOLS Petrol Fiyatları BIST Kimya Petrol Plastik Endeksi

Kaynakça

  • Al Mudhaf, Anwar - Goodwın, Thomas, H. (1993), “Oil Shocks and Oil Stocks: Evidence From the 1970s”, Applied Economics 25, pp.181–190.
  • Alper, Değer – Aydoğan, Ebru – Özkan, Nesrin - Kara, Esen (2016), “Petrol Fiyatlarının Firma Karlılığına Etkisi: Borsa İstanbul’da Bir Uygulama”, Muhasebe ve Finansman Dergisi, Ekim, ss.151-162.
  • Arourı, Muhammed El Hedi (2011), “Does Crude Oil Move Stock Markets in Europe? A Sector Investigation”, Economic Modelling, 28 (4), pp.1716-1725.
  • Barsky, Robert - Kılıan, Lutz (2004), “Oil and the Macro-Economy since the 1970s”, Journal of Economic Perspectives, 18, pp.115–134.
  • Chen, Nai-Fu - Roll, Richard - ROSS, Stephen, A. (1986), “Economic Forces and the Stock Market”, Journal of Business, 59, pp.383–403.
  • Chrıstopoulos, D.K. - Tsıonas, E.G. (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, 73, pp.55-74.
  • Dayanandan, Ajit - Donker, Han (2011), ‘‘Oil Prices and Accounting Profits of Gas Companies’’, Internetional Review of Financial Analaysis, 20, pp.252-257.
  • Fılıs, George - Degıannakıs, Stavros - FLOROS, Christos (2011), “Dynamic Correlation Between Stock Market and Oil Prices: The Case of Oil-Importing and Oil-Exporting Countries”, International Review of Financial Analysis, 20 (3), pp.152-164.
  • Hamılton, James, D. (1996), “This What Happened to the Oil Price–Macro-Economy Relationship”, Journal of Monetary Economics, 38, pp.215–220.
  • Hammoudeh, Shawkat - Bhar, Ramaprasad - Thompson, Mark, A. (2010), “Re-Examining the Dynamic Causal Oil– Macroeconomy Relationship”, International Review of Financial Analysis, 19, pp.298–305.
  • Hammoudeh, Shawkat, M. - Lı, Huimin (2004), “Risk–Return Relationships in Oil-Sensitive Stock Markets”, Finance Letters, 2, pp.228–248.
  • Hansen, Bruce, E. -Phıllıps, Peter, C.B. (1990),” Statistical Inference in Instrumental Variable Regression With I(1) Processes”, Review of Economic Studies. 57, pp.99-125.
  • Huang, Roger, D. - Mausulıs, Ronald, W. - Stoll, Hans R. (1996), “Energy Shocks and Financial Markets”, Journal of Futures Markets, 16, pp.1–27.
  • Huang, Xuan - An, Haizhong - Gao, Xiangyun - Hao, Xiaoqing - Lıu, Pengpeng (2015), “Multiresolution Transmission Of The Correlation Modes Between Bivariate Time Series Based On Complex Network Theory” Phys. A: Stat. Mech. Appl., 428, pp.493-506.
  • İşcan, Erhan (2010), ‘‘Petrol Fiyatının Hisse Senedi Piyasası Üzerindeki Etkisi’’, Maliye Dergisi, Sayı. 158, ss. 607-617.
  • Jones, Charles, M. - Kaul, Gautam (1996), “Oil and The Stock Markets” Journal of Finance, 51 (2), pp.463-491.
  • Kapusuzoğlu, Ayhan (2011), ‘‘Relationships between Oil Price and Stock Market: An Empirical Analysis from Istanbul Stock Exchange (ISE)’’, International Journal of Economics and Finance, Vol. 3(6), pp. 99-106.
  • Kılıan, Lutz - Park, Cheolbeom (2009), “The Impact of Oil Price Shocks on the US Stock Market”, International Economic Review, 50, pp.1267–1287.
  • Küçükaksoy, İsmail - Çifçi, İsmail - Özbek, Rabia, İnci (2015), “İhracata Dayalı Büyüme Hipotezi: Türkiye Uygulaması”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt 5, Sayı 2, ss.691-720.
  • Malık, Farooq - Ewıng, Bradley (2009), “Volatility Transmission Between Oil Prices and Equity Sector Returns”, International Review of Financial Analysis, 18, pp.95–100.
  • Manımaran, P. - Panıgrahı, Prasanta, K. - Parıkh, Jitendra, K. (2009), “Multiresolution Analysis of Fluctuations in Non-Stationary Time Series Through Discrete Wavelets” Phys. A: Stat. Mech. Appl., 388 (12), pp.2306-2314.
  • Mohanty, Sunil, K. - Akhıgbe, Aigbe - Al-Khyal, Tawfeek A. - Bugshan, Turki (2013), “Oil and Stock Market Activity When Prices Go Up and Down: The Case of The Oil And Gas Industry”, Review of Quantitative Finance and Accounting, 41(2), pp.253-272.
  • Nandha, Mohan - Faff, Robert (2008), “Does Oil Move Equity Prices? A Global View”, Energy Economics, 30, pp.986–997.
  • Narayan, Paresh, Kumar - Narayan, Seema (2014), “Psychological Oil Price Barrier and Firm Returns”, Journal of Behavioral Finance, 15 (4), pp.318-333.
  • Narayan, Paresh, Kumar - Sharma, Susan, Sunila (2014), “Firm Return Volatility and Economic Gains: The Role of Oil Prices”, Economic Modelling, Vol.38 (C), pp.142-151.
  • Pedronı, Peter (2000), “Fully-Modified OLS for Heterogeneous Cointegration Panel, In Non-stationary Panels, Panel Cointegration and Dynamic Panels”, Advances in Econ. 15, pp. 93-130.
  • Pradhan, Kalandi, Charan (2016), “Does Remittance Drive Economic Growth in Emerging Economies: Evidence from FMOLS and Panel VECM”, Theoretical and Applied Economics, Vol.23, No.4 (609), pp.57-74
  • Raza, Naveed - Shahzad, Syed – Jawad, Hussain - Tıwarı, Awiral, Kumar - Shahbaz, Muhammed (2016), “Asymmetric Impact of Gold, Oil Prices and Their Volatilities on Stock Prices of Emerging Markets”, Resources Policy, Vol.49, pp.290-301.
  • Sadorsky, Perry (2001), “Risk Factors in Stock Returns of Canadian Oil and Gas Companies”, Energy Economics, 23, pp.17-28.
  • Stock, James, H. - Watson, Mark, W. (1993), “A Simple Estimator of Co-integrating Vectors in Higher Order Integrated Systems”, Econometrica, Vol. 61, No. 4, pp.783-820.
  • Wattanatorn, Woraphon - Kanchanapoom, Termkiat (2012), “Oil Prices and Profitability Performance: Sector Analysis”, Procedia - Social and Behavioral Sciences 40 ( 2012 ) pp.763 – 767.

Effect of Oil Prices on Firm Profitability: Evidence from BIST Chemical, Petrol, Plastic Index

Yıl 2020, Sayı: 88, 225 - 236, 05.10.2020

Ahmet Oğuz Akgüneş

https://doi.org/10.25095/mufad.801465

Öz

The aim of the study is to investigate the effect of oil prices changes on firm profitability in BIST Chemical, Petrol, Plastic index companies using quarterly data in period from 2009 to 2019:Q3. The long-term relationship between the series has been estimated using Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) methods. ROA, ROE, ROS variables are used as dependent variables and the current ratio, liquid ratio, oil prices and leverage ratio are used as independent variables. According to the results, the increase in oil prices affects the profitability of the companies in the same direction however the increase in leverage ratios affects in the opposite direction.

Anahtar Kelimeler

Firm Profitability FMOLS-DOLS Oil Prices BIST Chemical- Petrol- Plastic Index

Kaynakça

  • Al Mudhaf, Anwar - Goodwın, Thomas, H. (1993), “Oil Shocks and Oil Stocks: Evidence From the 1970s”, Applied Economics 25, pp.181–190.
  • Alper, Değer – Aydoğan, Ebru – Özkan, Nesrin - Kara, Esen (2016), “Petrol Fiyatlarının Firma Karlılığına Etkisi: Borsa İstanbul’da Bir Uygulama”, Muhasebe ve Finansman Dergisi, Ekim, ss.151-162.
  • Arourı, Muhammed El Hedi (2011), “Does Crude Oil Move Stock Markets in Europe? A Sector Investigation”, Economic Modelling, 28 (4), pp.1716-1725.
  • Barsky, Robert - Kılıan, Lutz (2004), “Oil and the Macro-Economy since the 1970s”, Journal of Economic Perspectives, 18, pp.115–134.
  • Chen, Nai-Fu - Roll, Richard - ROSS, Stephen, A. (1986), “Economic Forces and the Stock Market”, Journal of Business, 59, pp.383–403.
  • Chrıstopoulos, D.K. - Tsıonas, E.G. (2004), “Financial Development and Economic Growth: Evidence from Panel Unit Root and Cointegration Tests”, Journal of Development Economics, 73, pp.55-74.
  • Dayanandan, Ajit - Donker, Han (2011), ‘‘Oil Prices and Accounting Profits of Gas Companies’’, Internetional Review of Financial Analaysis, 20, pp.252-257.
  • Fılıs, George - Degıannakıs, Stavros - FLOROS, Christos (2011), “Dynamic Correlation Between Stock Market and Oil Prices: The Case of Oil-Importing and Oil-Exporting Countries”, International Review of Financial Analysis, 20 (3), pp.152-164.
  • Hamılton, James, D. (1996), “This What Happened to the Oil Price–Macro-Economy Relationship”, Journal of Monetary Economics, 38, pp.215–220.
  • Hammoudeh, Shawkat - Bhar, Ramaprasad - Thompson, Mark, A. (2010), “Re-Examining the Dynamic Causal Oil– Macroeconomy Relationship”, International Review of Financial Analysis, 19, pp.298–305.
  • Hammoudeh, Shawkat, M. - Lı, Huimin (2004), “Risk–Return Relationships in Oil-Sensitive Stock Markets”, Finance Letters, 2, pp.228–248.
  • Hansen, Bruce, E. -Phıllıps, Peter, C.B. (1990),” Statistical Inference in Instrumental Variable Regression With I(1) Processes”, Review of Economic Studies. 57, pp.99-125.
  • Huang, Roger, D. - Mausulıs, Ronald, W. - Stoll, Hans R. (1996), “Energy Shocks and Financial Markets”, Journal of Futures Markets, 16, pp.1–27.
  • Huang, Xuan - An, Haizhong - Gao, Xiangyun - Hao, Xiaoqing - Lıu, Pengpeng (2015), “Multiresolution Transmission Of The Correlation Modes Between Bivariate Time Series Based On Complex Network Theory” Phys. A: Stat. Mech. Appl., 428, pp.493-506.
  • İşcan, Erhan (2010), ‘‘Petrol Fiyatının Hisse Senedi Piyasası Üzerindeki Etkisi’’, Maliye Dergisi, Sayı. 158, ss. 607-617.
  • Jones, Charles, M. - Kaul, Gautam (1996), “Oil and The Stock Markets” Journal of Finance, 51 (2), pp.463-491.
  • Kapusuzoğlu, Ayhan (2011), ‘‘Relationships between Oil Price and Stock Market: An Empirical Analysis from Istanbul Stock Exchange (ISE)’’, International Journal of Economics and Finance, Vol. 3(6), pp. 99-106.
  • Kılıan, Lutz - Park, Cheolbeom (2009), “The Impact of Oil Price Shocks on the US Stock Market”, International Economic Review, 50, pp.1267–1287.
  • Küçükaksoy, İsmail - Çifçi, İsmail - Özbek, Rabia, İnci (2015), “İhracata Dayalı Büyüme Hipotezi: Türkiye Uygulaması”, Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Cilt 5, Sayı 2, ss.691-720.
  • Malık, Farooq - Ewıng, Bradley (2009), “Volatility Transmission Between Oil Prices and Equity Sector Returns”, International Review of Financial Analysis, 18, pp.95–100.
  • Manımaran, P. - Panıgrahı, Prasanta, K. - Parıkh, Jitendra, K. (2009), “Multiresolution Analysis of Fluctuations in Non-Stationary Time Series Through Discrete Wavelets” Phys. A: Stat. Mech. Appl., 388 (12), pp.2306-2314.
  • Mohanty, Sunil, K. - Akhıgbe, Aigbe - Al-Khyal, Tawfeek A. - Bugshan, Turki (2013), “Oil and Stock Market Activity When Prices Go Up and Down: The Case of The Oil And Gas Industry”, Review of Quantitative Finance and Accounting, 41(2), pp.253-272.
  • Nandha, Mohan - Faff, Robert (2008), “Does Oil Move Equity Prices? A Global View”, Energy Economics, 30, pp.986–997.
  • Narayan, Paresh, Kumar - Narayan, Seema (2014), “Psychological Oil Price Barrier and Firm Returns”, Journal of Behavioral Finance, 15 (4), pp.318-333.
  • Narayan, Paresh, Kumar - Sharma, Susan, Sunila (2014), “Firm Return Volatility and Economic Gains: The Role of Oil Prices”, Economic Modelling, Vol.38 (C), pp.142-151.
  • Pedronı, Peter (2000), “Fully-Modified OLS for Heterogeneous Cointegration Panel, In Non-stationary Panels, Panel Cointegration and Dynamic Panels”, Advances in Econ. 15, pp. 93-130.
  • Pradhan, Kalandi, Charan (2016), “Does Remittance Drive Economic Growth in Emerging Economies: Evidence from FMOLS and Panel VECM”, Theoretical and Applied Economics, Vol.23, No.4 (609), pp.57-74
  • Raza, Naveed - Shahzad, Syed – Jawad, Hussain - Tıwarı, Awiral, Kumar - Shahbaz, Muhammed (2016), “Asymmetric Impact of Gold, Oil Prices and Their Volatilities on Stock Prices of Emerging Markets”, Resources Policy, Vol.49, pp.290-301.
  • Sadorsky, Perry (2001), “Risk Factors in Stock Returns of Canadian Oil and Gas Companies”, Energy Economics, 23, pp.17-28.
  • Stock, James, H. - Watson, Mark, W. (1993), “A Simple Estimator of Co-integrating Vectors in Higher Order Integrated Systems”, Econometrica, Vol. 61, No. 4, pp.783-820.
  • Wattanatorn, Woraphon - Kanchanapoom, Termkiat (2012), “Oil Prices and Profitability Performance: Sector Analysis”, Procedia - Social and Behavioral Sciences 40 ( 2012 ) pp.763 – 767.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular İşletme
Bölüm Makaleler
Yazarlar

Ahmet Oğuz Akgüneş Bu kişi benim 0000-0003-3852-9332

Yayımlanma Tarihi 5 Ekim 2020
Gönderilme Tarihi 6 Ocak 2020
Yayımlandığı Sayı Yıl 2020 Sayı: 88

Kaynak Göster

APA Akgüneş, A. O. (2020). Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama. Muhasebe Ve Finansman Dergisi(88), 225-236. https://doi.org/10.25095/mufad.801465
AMA Akgüneş AO. Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi. Ekim 2020;(88):225-236. doi:10.25095/mufad.801465
Chicago Akgüneş, Ahmet Oğuz. “Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama”. Muhasebe Ve Finansman Dergisi, sy. 88 (Ekim 2020): 225-36. https://doi.org/10.25095/mufad.801465.
EndNote Akgüneş AO (01 Ekim 2020) Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi 88 225–236.
IEEE A. O. Akgüneş, “Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama”, Muhasebe ve Finansman Dergisi, sy. 88, ss. 225–236, Ekim 2020, doi: 10.25095/mufad.801465.
ISNAD Akgüneş, Ahmet Oğuz. “Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama”. Muhasebe ve Finansman Dergisi 88 (Ekim 2020), 225-236. https://doi.org/10.25095/mufad.801465.
JAMA Akgüneş AO. Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi. 2020;:225–236.
MLA Akgüneş, Ahmet Oğuz. “Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama”. Muhasebe Ve Finansman Dergisi, sy. 88, 2020, ss. 225-36, doi:10.25095/mufad.801465.
Vancouver Akgüneş AO. Petrol Fiyatlarının Firma Karlılığı Üzerine Etkisi: BIST Kimya, Petrol, Plastik Endeksi Firmaları Üzerine Bir Uygulama. Muhasebe ve Finansman Dergisi. 2020(88):225-36.