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COMPARATIVE FINANCIAL ANALYSIS: TURKISH VS. ROMANIAN CASES

Journal Name:

  • Yönetim-İstanbul Üniversitesi İşletme Fakültesi İşletme İktisadı Enstitüsü Dergisi

Publication Year:

  • 2011

Key Words:

Keywords (Original Language):

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Abstract (2. Language): 
There have been similar research studies done previously in developed economies and also in emerging ones. This study in the developing economies of Turkey and Romania might differ from previous studies in some significant ways: Turkey and Romania have similarities; both of those located in Southeastern Europe. Romania has been member of the European Union, and Turkey has been on the way of that. The data used in this study were prepared under the compliance with the international financial reporting standards (IFRS). We have investigated the listed companies in Istanbul Stock Exchange and Bucharest Stock Exchange. The data were gathered from the web pages of the Stock Exchanges. Financial analysis was done through ratio analysis, and results were compared. We have found out that Turkish non-financial companies were to maintain better asset management, lower performance profitability, and stronger cash flow returns compared to the Romanian ones. On the other hand, we have concluded that Turkish financial companies demonstrated lower cash flow return, weaker debt management performance with higher financial risk and lower profitability performance.
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Abstract (Original Language): 
Literatürde gelişmiş ve gelişmekte olan ülkelerde benzer araştırmalar yapıldığı görülmektedir. Gelişmekte olan ülkelerden Türkiye ve Romanya'da yapılan bu çalışma daha önce yapılmış olan çalışmalardan bazı önemli yönleri ile farklıdır. Türkiye ve Romanya ortak bazı özelliklere sahiptir. Her iki ülke de Güneydoğu Avrupa'da yer almaktadır. Romanya Avrupa Birliği üyesidir, Türkiye ise Avrupa Birliği üyesi olma yolundadır. Bu çalışmada kullanılan veriler Uluslararası Finansal Raporlama Standartları'na (UFRS) göre hazırlanmış finansal tablolardan elde edilmiştir. Araştırmada, İstanbul Menkul Kıymetler Borsası ve Bükreş Menkul Kıymetler Borsası'nda işlem gören 30 şirketin finansal tabloları incelenmiştir. Finansal tablolar, İstanbul Menkul Kıymet Borsası ve Bükreş Menkul Kıymet Borsası internet sitelerinden elde edilmiştir. Rasyo analizi ile finansal analiz yapılmış ve sonuçlar karşılaştırılmıştır. Araştırma sonuçlarına göre, finansal olmayan işletmeler açısından Türk şirketlerinin Romen şirketlerine göre varlık yönetiminde daha iyi olduğu, daha düşük performans kârlılığına sahip olduğu ve daha yüksek nakit akış getirişi sağladığı tespit edilmiştir. Finansal işletmeler açısından ise, Türk şirketlerinin Romen şirketlere göre daha düşük nakit akış getirişi sağladığı, yüksek finansal risk ile daha zayıf borç yönetim performansı sergilediği ve daha düşük kârlılık performansı gösterdiği tespit edilmiştir.
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REFERENCES

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Appendix 1: Ratios Used for Non-Financial Companies

1- Cash Management Performance:

a. Cash Flow Yield: Cash Flows from Operating Activities/Net Income

b. Cash Flow Return on Assets: Cash Flows from Operating Activities/Average Total Assets

c. Cash Flow Return on Equity: Cash Flows from Operating Activities/Average Stockholders' Equity.

2- Debt Management Performance:

a. Current Ratio: Current Assets/Current Liabilities

b. Debt Ratio: Total Liabilities/Total Assets

c. Debt to Equity: ((Total Assets-Stockholders' Equity)/Stockholders' Equity)

3- Asset Management Performance:

a. Total Asset Turnover: Net Sales/Average Total Assets

b. Net Working Capital to Total Assets: ((Current Assets-Current Liabilities)/Total Assets)

4- Profitability:

a. Profit Margin: Net Income/Net Sales

b. Return on Equity: Net Income / Average Common Equity

c. Return on Assets: Net Income/Average Total Assets

Appendix 2: Ratios Used for Financial Companies

1- Cash Management Performance:

a. Cash Flow Yield: Cash Flows from Operating Activities/Net Income

b. Cash Flow Return on Assets: Cash Flows from Operating Activities/Average Total Assets

c. Cash Flow Return on Equity: Cash Flows from Operating Activities/Average Stockholders' Equity.

2- Debt Management Performance:

a. Debt Ratio: Total Liabilities/Total Assets

b. Debt to Equity: ((Total Assets-Stockholders' Equity)/Stockholders' Equity)

3- Profitability:

a. Profit Margin: Net Income/Net Sales

b. Return on Equity: Net Income / Average Common Equity

c. Return on Assets: Net Income/Average Total Assets

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