TÜRKİYE’DE BÜYÜME İLE FİNANSAL KİRALAMA SEKTÖRÜ ARASINDAKİ İLİŞKİNİN ANALİZİ


Köse S. M., Yaşar Akçalı B.

in: Current Methods and Applications in Econometrics (In Honor of Prof. Dr. Ahmet M. Gökçen), Nilgün ÇİL, Editor, İstanbul Üniversitesi Yayınları, İstanbul, pp.391-409, 2021

  • Publication Type: Book Chapter / Chapter Research Book
  • Publication Date: 2021
  • Publisher: İstanbul Üniversitesi Yayınları
  • City: İstanbul
  • Page Numbers: pp.391-409
  • Editors: Nilgün ÇİL, Editor
  • Istanbul University Affiliated: Yes

Abstract

Extended Abstract

Leasing was used for the first time in the 1930s, after the economic crisis. It is a rapidly

developing financing method, however, leasing only started to develop in Turkey in the 1980s.

In this context, as compared to other countries, leasing in Turkey took place too late in the

financial sector. The leasing method is defined as a form of financing in which enterprises can

obtain required goods through a leasing company. However, this is possible if the maturity

and lease amount determined within the scope of a contract is paid and is extensively used

in the world. However, when compared globally, the leasing sector in Turkey is at a very

low level among the private sector’s financial resources. In this context, this study aims to

evaluate the current status of the high development potential leasing sector in Turkey and

the relationship between growth, which is one basic macroeconomic variable. Leasing is

used as an alternative way of financing by investors and it has been a matter of curiosity

for researchers; many studies have been carried out on the increasing use of leasing. This

research has mostly focused on issues, such as accounting of leasing, leasing contracts, types

of leasing, and evaluating leasing on a sectoral basis. In this regard, the lacking econometric

studies in the literature related to the leasing sector in Turkey reveals the originality of this

study. During the study, data related to consolidated financial statement items and ratios of

the leasing sector before 2008 could not be obtained. Therefore, the sample volume is limited.

These issues constitute the limitations of the study.

In this study, firstly, general leasing information is provided, and then studies on leasing

from existing literature are briefly mentioned. Finally, the Toda-Yamamoto causality analysis

is used to analyze the relationship between growth and the leasing sector in Turkey.

The study is conducted with a total of 46 observations for the 2008Q1–2019Q2 period.

Four ratios (Leasing Transactions, Non-performing Loans, Return on Assets, and Return

on Capital) are selected from the consolidated financial statements of companies operating

in the leasing sector. The effect of growth on these selected ratios has been investigated

bilaterally. According to empirical findings obtained from the study, there is no significant

ekonomik büyümedeki artışın sektöre yönelik bir katkı sağlamadığını, sektörün ise sermaye karlılığından

büyümeye yönelik artı bir değer sağladığını göstermektedir. Diğer taraftan geri dönmeyen kredileri gösteren

takipteki alacaklar ile büyüme arasında çift yönlü nedenselliğin tespit edilmesi ile takipteki alacakların

artmasının, hem sektörü hem de büyümeyi olumsuz etkilediği; büyümedeki azalışın da takipteki kredileri

arttırdığı ifade edilebilmektedir.

Anahtar Kelimeler: Finansal Kiralama, Leasing, Ekonomik Büyüme, Nedensellik Analizi


Serdar Murat KÖSE, Burçay YAŞAR AKÇALI 405

causal relationship between growth, return on assets, and leasing transactions of the sector.

A bilateral causality relationship is found between non-performing loans and growth. Also, a

unilateral causality relationship has been found between return on capital and growth. Results

obtained from the study show that the sector is still developing. In addition, it is determined

that an increase in economic growth does not contribute to the sector. The sector has been

found to provide added value for growth from return on capital. On the other hand, it can be

said that determining bilateral causality between non-performing loans/non-return loans and

growth, and the increase in non-performing loans, negatively affect the sector and growth. It

can also be stated that decreases in growth increase non-performing loans.

Keywords: Financial Leasing, Leasing, Economic Growth, Causality Analysis