Research Article
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Varlık devir hızı, sermaye yapısı ve finansal performans: Türkiye'deki gayrimenkul şirketleri üzerine bir inceleme

Year 2025, Volume: 7 Issue: 1, 296 - 309, 29.06.2025

İbrahim Erem Şahin , Saeed Hassan Mohamed

https://doi.org/10.56574/nohusosbil.1706844

Abstract

Bu çalışma, ekonomik dalgalanma döneminde (2020–2024) Türkiye’deki Gayrimenkul Yatırım Ortakıklarının (GYO’lar) finansal performansını etkileyen unsurları incelemektedir. Varlık devir hızı, sermaye yapısı ve likiditenin rolleri üzerine odaklanan araştırma, 23 firmanın dengelenmiş panel verisi kullanılarak gerçekleştirilmiş ve nicel bir yaklaşım benimsenmiştir. Sabit etkiler panel regresyon modeli uygulanmış; kapsamlı tanısal testler ve sağlamlık kontrolleri ile desteklenmiştir. Bulgularımıza göre, varlık devir hızı, aktif kârlılığı üzerinde anlamlı ve olumlu bir etki yaratmakta, bu da Türkiye gayrimenkul sektöründe varlıkların etkin kullanımının önemini ortaya koymaktadır. Likidite, kârlı firmalarda finansal performansı olumsuz etkilemektedir; ancak bu sonuç aykırı gözlemlere duyarlıdır, bu nedenle dikkatli yorumlanmalıdır. Sermaye yapısı (kaldıraç oranı ile ölçülmüştür) ise tutarlı bir etki göstermemektedir. Aykırı değer ayarlamaları ve ekonomik şoklara yönelik kontroller içeren sağlamlık analizleri, varlık devir hızının birincil belirleyici olduğunu doğrulamaktadır. Bu çalışma, gelişmekte olan bir piyasa bağlamında operasyonel verimlilik ve likidite arasındaki etkileşimi vurgulayarak literatüre özgün katkılar

Keywords

Finansal Performans Gayrimenkul Yatırım Ortaklıkları (GYO) Varlık Devir Hızı Sermaye Yapısı Likidite Türkiye

Ethical Statement

ullanılan tüm veriler kamuya açık ve ikincil kaynaklardan elde edilmiştir. Bu nedenle etik kurul onayı gerekmemektedir. Yazarlar, çıkar çatışması olmadığını beyan eder ve araştırmanın etik araştırma standartlarına uygun olarak yürütüldüğünü belirtir.

Supporting Institution

yok

Thanks

Teşekkür ederim

References

  • Ahmed Abo Alkomsan, A. (2024). The effect of capital structure, total assets turnover, and liquidity on the financial performance of companies listed on the Egyptian Stock Exchange. المجلة العلمية للإقتصاد و التجارة [The Scientific Journal of Economics and Commerce], 54(1), 117–160.
  • Ayrancı, A. E., & Gürel, C. A. (2020). Gayrimenkul yatırım ortaklıklarının finansal performansı: BİST i̇şletmeleri örneği. International Journal of Applied Economic and Finance Studies, 5(1), 1–14.
  • Baltagi, B. H., Jung, B. C., & Song, S. H. (2010). Testing for heteroskedasticity and serial correlation in a random effects panel data model. Journal of Econometrics, 154(2), 122–124.
  • Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate governance and performance: The REIT effect. Real Estate Economics, 38(1), 1–29.
  • 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.
  • Cahyarani, N. P. E. N., & Kusmayadi, I. (2024). Kemampulabaan perusahaan sektor property dan real estate: Investigasi faktor yang mempengaruhinya. Jurnal Sosial Ekonomi dan Humaniora, 10(1), 72–82.
  • Çelik, E., & Arslanli, K. Y. (2022). The idiosyncratic characteristics of Turkish REITs: Evidence from financial ratios. Journal of European Real Estate Research, 15(2), 192–207.
  • Coşkuner, A., Rençber, Ö., & Çelik, Z. (2024). The factors that affect the profitability in real estate investment trust companies: Comparison of Turkey and Malaysia. Trends in Business and Economics, 38(1), 2–11.
  • Damayanti, E., & Chaerudin, C. (2021). The role of current ratio (CR), debt to equity ratio (DER), and total asset turnover (TATO) on return on asset (ROA) in multi-industrial sector manufacturing companies that were registered to the Indonesia Stock Exchange for 2015-2019. Dinasti International Journal of Management Science, 2(6), 915–924.
  • Daryanto, W. M., Samidi, S., & Siregar, J. (2018). The impact of financial liquidity and leverage on financial performance: Evidence from property and real estate enterprises in Indonesia. Management Science Letters, 8(12), 1345–1352.
  • Erol, I., & Tirtiroglu, D. (2011). Concentrated ownership, no dividend payout requirement and capital structure of REITs: Evidence from Turkey. The Journal of Real Estate Finance and Economics, 43, 174–204. Fairfield, P. M., & Yohn, T. L. (2001). Using asset turnover and profit margin to forecast changes in profitability. Review of Accounting Studies, 6, 371–385.
  • Fox, J. (2015). Applied regression analysis and generalized linear models. Sage publications. Golec, J. H. (1994). Compensation policies and financial characteristics of real estate investment trusts. Journal of Accounting and Economics, 17(1–2), 177–205.
  • Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251–1271.
  • Hudson-Wilson, S., Fabozzi, F. J., & Gordon, J. N. (2003). Why real estate? Journal of Portfolio Management, 12.
  • Islamoglu, M., Apan, M., & Oztel, A. (2015). An evaluation of the financial performance of REITs in Borsa Istanbul: A case study using the entropy-based TOPSIS method. International Journal of Financial Research, 6(2), 124–138.
  • J Jolly Cyril, E., & Singla, H. K. (2020). Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: Evidence from India. Journal of Financial Management of Property and Construction, 25(2), 273–291. https://doi.org/10.1108/JFMPC-08-2019-0069.
  • Melihatin, M., Yusnita, R. T., & Patimah, T. (2024). Return On Equity Analysis Reviewed from debt To equity ratio and total asset turnover (Study On The Textile And Garment Sectors Listed On The IDX For The 2020-2022 Period). Jurnal Ekonomi, Manajemen, Bisnis Dan Akuntansi, 1(2), 217–232.
  • Morri, G., & Beretta, C. (2008). The capital structure determinants of REITs. Is it a peculiar industry? Journal of European Real Estate Research, 1(1), 6–57.
  • Montgomery, N., Squires, G., & Syed, I. (2018). Disruptive potential of real estate crowdfunding in the real estate project finance industry: A literature review. Property Management, 36(5), 597–619.
  • Mujariyah. (2016). Pengaruh Struktur Modal terhadap Kinerja Keuangan (Studi pada Bank Milik Bumn yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2014). Jurnal Online Mahasiswa Fakultas Ilmu Sosial Dan Ilmu Politik Universitas Riau, 3(2), 1–15.
  • Newell, G., Yue, W., Kwong Wing, C., & Siu Kei, W. (2010). The development and performance of REITs in Hong Kong. Pacific Rim Property Research Journal, 16(2), 190–206.
  • Nurlaela, S., Mursito, B., & Kustiyah, E. (2019a). Asset turnover, capital structure and financial performance consumption industry company in indonesia stock exchange. Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange, 297–301.
  • Nurlaela, S., Mursito, B., & Kustiyah, E. (2019b). Asset turnover, capital structure and financial performance consumption industry company in indonesia stock exchange. Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange, 297–301.
  • Nurlaela, S., Mursito, B., & Kustiyah, E. (2019c). Asset turnover, capital structure and financial performance consumption industry company in indonesia stock exchange. Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange, 297–301.
  • Özcan, N., & Gurol, B. (2020). Gayrimenkul yatırım ortaklıklarının performanslarının incelenmesi: Türkiye’deki gayrimenkul yatırım ortaklıkları üzerine bir araştırma. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 18(Özel Sayı), 1–16.
  • Payne, J. E., & Waters, G. A. (2007). Have equity REITs experienced periodically collapsing bubbles? The Journal of Real Estate Finance and Economics, 34, 207–224.
  • Permata, A. C., Muktiadji, N., Khim, S., & Silaen, U. (2025). The Effect Of Liquidity, Leverage And Profitability On Company Value: Case Study of a Listed Pharmaceutical Sub-Sector Company On the Indonesia Stock Exchange (2018-2022). Jurnal Ilmiah Akuntansi Kesatuan, 13(1), 85–96.
  • Prasetio, A. E., Azizah, A., Salma, U., & Daulay, Y. (2021). The Effect of Total Assets Turnover, Current Ratio and Financial TECHNOLOGY on the Profitability of Banking Companies in Indonesia. Jurnal Ilmiah Manajemen Dan Bisnis, 7(2), 253–262.
  • Rachman, S., Karyatun, S., & Digdowiseiso, K. (2023). The Effect of Current Ratio, Debt to Equity Ratio, Debt to Asset Ratio, and Total Asset Turnover on The Financial Performance of Property and Real Estate Companies Listed in The Idx For The 20162020 Period. Jurnal Syntax Admiration, 4(2), 361–377.
  • Rahman, A., & Sutisna, E. (2023). Unaffected by Working Capital, Liquidity, and Solvency Profitability: Evidence from Indonesia. Advances: Jurnal Ekonomi & Bisnis, 1(2), 108–115.
  • Saleh, M., Zahirdin, G., & Octaviani, E. (2017). Ownership structure and corporate performance: Evidence from property and real estate public companies in Indonesia. Investment Management and Financial Innovations, 14,2 (contin. 1), 252–263.
  • Saribekyan, A. S. (2023). Global economic growth tendencies and recessional developments. World, 3(3.8), 3–6. Susyanti, J., & Wahono, B. (2018). Analisa Kinerja Keuangan Perusahaan Real Estate Dan Property Sebelum Dan Selama Diberlakukannya PP No. 34 Tahun 2016. E-JRM: Elektronik Jurnal Riset Manajemen, 7(03).
  • Tekin, B. (2021). The factors affecting the market value/book value and profitability of REITs in Turkey. The Factors Affecting the Market Value/Book Value and Profitability of REITs in Turkey. International Real Estate Review, 24(3), 469–499.
  • Turkish Statistical Institute. (2022). Consumer Price Index, October 2022 (Government Report No. 45799). TURKSTAT. https://data.tuik.gov.tr/Bulten/Index?dil=2&p=Consumer-Price-Index-October-2022-45799.
  • Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data MIT press. Cambridge, Ma, 108(2), 245–254.
  • YESHITLA, H. (2022). THE EFFECT OF ASSET STRUCTURE ON FINANCIAL PERFORMANCE OF INSURANCE COMPANIES IN ETHIOPIA.
  • Zaman, M. B. (2021). Influence of debt to total asset ratio (dar) current ratio (cr) and total asset turnover (tato) on return on asset (roa) and its impact on stock prices on mining companies on the indonesia stock exchange in 2008-2017. Journal of Industrial Engineering & Management Research, 2(1), 114–132.
  • Zelalem, B. A., & Abebe, A. A. (2022). Do intangible assets affect the financial performance and policy of commercial banks in the emerging market? PLOS ONE, 17(8), e0272018. https://doi.org/10.1371/journal.pone.0272018

Asset turnover, capital structure, and financial performance: A Study on Real Estate Companies in Turkey (2020–2024)

Year 2025, Volume: 7 Issue: 1, 296 - 309, 29.06.2025

İbrahim Erem Şahin , Saeed Hassan Mohamed

https://doi.org/10.56574/nohusosbil.1706844

Abstract

This study explores the drivers of financial performance among Turkish Real Estate Investment Trusts (GYOs) during a period of economic volatility (2020–2024). Focusing on the roles of asset turnover, capital structure and liquidity, we analyzed a balanced panel of 23 firms using a quantitative approach, fixed-effects panel regression models, supported by comprehensive diagnostic tests and robustness checks. Our findings reveal that asset turnover significantly enhances return on assets, underscoring the importance of efficient asset utilization in the Turkish real estate sector. Liquidity exhibits a negative effect on performance in profitable firms, though this result is sensitive to outliers, suggesting cautious interpretation. Capital structure, measured by leverage, shows no consistent impact. Robustness checks, including outlier adjustments and controls for economic shocks, confirm the primary role of asset turnover. The study contributes to the literature by providing novel evidence from an emerging market, highlighting the interplay of operational efficiency and liquidity under economic turbulence. These insights inform investors and policymakers navigating Türkiye’s real estate dynamics, emphasizing strategies to optimize asset use while managing liquidity. They also suggest avenues for future research into firm-specific and macroeconomic factors.

Keywords

Financial Performance Real Estate Investment Trusts Asset Turnover Capital Structure Liquidity Türkiye

Ethical Statement

All data used are publicly available and derived from secondary sources. Therefore, ethical approval was not required. The authors declare that there are no conflicts of interest and that the research has been conducted in accordance with ethical research standards.

Supporting Institution

N/A

Thanks

Thanks

References

  • Ahmed Abo Alkomsan, A. (2024). The effect of capital structure, total assets turnover, and liquidity on the financial performance of companies listed on the Egyptian Stock Exchange. المجلة العلمية للإقتصاد و التجارة [The Scientific Journal of Economics and Commerce], 54(1), 117–160.
  • Ayrancı, A. E., & Gürel, C. A. (2020). Gayrimenkul yatırım ortaklıklarının finansal performansı: BİST i̇şletmeleri örneği. International Journal of Applied Economic and Finance Studies, 5(1), 1–14.
  • Baltagi, B. H., Jung, B. C., & Song, S. H. (2010). Testing for heteroskedasticity and serial correlation in a random effects panel data model. Journal of Econometrics, 154(2), 122–124.
  • Bauer, R., Eichholtz, P., & Kok, N. (2010). Corporate governance and performance: The REIT effect. Real Estate Economics, 38(1), 1–29.
  • 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.
  • Cahyarani, N. P. E. N., & Kusmayadi, I. (2024). Kemampulabaan perusahaan sektor property dan real estate: Investigasi faktor yang mempengaruhinya. Jurnal Sosial Ekonomi dan Humaniora, 10(1), 72–82.
  • Çelik, E., & Arslanli, K. Y. (2022). The idiosyncratic characteristics of Turkish REITs: Evidence from financial ratios. Journal of European Real Estate Research, 15(2), 192–207.
  • Coşkuner, A., Rençber, Ö., & Çelik, Z. (2024). The factors that affect the profitability in real estate investment trust companies: Comparison of Turkey and Malaysia. Trends in Business and Economics, 38(1), 2–11.
  • Damayanti, E., & Chaerudin, C. (2021). The role of current ratio (CR), debt to equity ratio (DER), and total asset turnover (TATO) on return on asset (ROA) in multi-industrial sector manufacturing companies that were registered to the Indonesia Stock Exchange for 2015-2019. Dinasti International Journal of Management Science, 2(6), 915–924.
  • Daryanto, W. M., Samidi, S., & Siregar, J. (2018). The impact of financial liquidity and leverage on financial performance: Evidence from property and real estate enterprises in Indonesia. Management Science Letters, 8(12), 1345–1352.
  • Erol, I., & Tirtiroglu, D. (2011). Concentrated ownership, no dividend payout requirement and capital structure of REITs: Evidence from Turkey. The Journal of Real Estate Finance and Economics, 43, 174–204. Fairfield, P. M., & Yohn, T. L. (2001). Using asset turnover and profit margin to forecast changes in profitability. Review of Accounting Studies, 6, 371–385.
  • Fox, J. (2015). Applied regression analysis and generalized linear models. Sage publications. Golec, J. H. (1994). Compensation policies and financial characteristics of real estate investment trusts. Journal of Accounting and Economics, 17(1–2), 177–205.
  • Hausman, J. A. (1978). Specification tests in econometrics. Econometrica: Journal of the Econometric Society, 1251–1271.
  • Hudson-Wilson, S., Fabozzi, F. J., & Gordon, J. N. (2003). Why real estate? Journal of Portfolio Management, 12.
  • Islamoglu, M., Apan, M., & Oztel, A. (2015). An evaluation of the financial performance of REITs in Borsa Istanbul: A case study using the entropy-based TOPSIS method. International Journal of Financial Research, 6(2), 124–138.
  • J Jolly Cyril, E., & Singla, H. K. (2020). Comparative analysis of profitability of real estate, industrial construction and infrastructure firms: Evidence from India. Journal of Financial Management of Property and Construction, 25(2), 273–291. https://doi.org/10.1108/JFMPC-08-2019-0069.
  • Melihatin, M., Yusnita, R. T., & Patimah, T. (2024). Return On Equity Analysis Reviewed from debt To equity ratio and total asset turnover (Study On The Textile And Garment Sectors Listed On The IDX For The 2020-2022 Period). Jurnal Ekonomi, Manajemen, Bisnis Dan Akuntansi, 1(2), 217–232.
  • Morri, G., & Beretta, C. (2008). The capital structure determinants of REITs. Is it a peculiar industry? Journal of European Real Estate Research, 1(1), 6–57.
  • Montgomery, N., Squires, G., & Syed, I. (2018). Disruptive potential of real estate crowdfunding in the real estate project finance industry: A literature review. Property Management, 36(5), 597–619.
  • Mujariyah. (2016). Pengaruh Struktur Modal terhadap Kinerja Keuangan (Studi pada Bank Milik Bumn yang Terdaftar di Bursa Efek Indonesia Tahun 2008-2014). Jurnal Online Mahasiswa Fakultas Ilmu Sosial Dan Ilmu Politik Universitas Riau, 3(2), 1–15.
  • Newell, G., Yue, W., Kwong Wing, C., & Siu Kei, W. (2010). The development and performance of REITs in Hong Kong. Pacific Rim Property Research Journal, 16(2), 190–206.
  • Nurlaela, S., Mursito, B., & Kustiyah, E. (2019a). Asset turnover, capital structure and financial performance consumption industry company in indonesia stock exchange. Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange, 297–301.
  • Nurlaela, S., Mursito, B., & Kustiyah, E. (2019b). Asset turnover, capital structure and financial performance consumption industry company in indonesia stock exchange. Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange, 297–301.
  • Nurlaela, S., Mursito, B., & Kustiyah, E. (2019c). Asset turnover, capital structure and financial performance consumption industry company in indonesia stock exchange. Asset Turnover, Capital Structure and Financial Performance Consumption Industry Company in Indonesia Stock Exchange, 297–301.
  • Özcan, N., & Gurol, B. (2020). Gayrimenkul yatırım ortaklıklarının performanslarının incelenmesi: Türkiye’deki gayrimenkul yatırım ortaklıkları üzerine bir araştırma. Manisa Celal Bayar Üniversitesi Sosyal Bilimler Dergisi, 18(Özel Sayı), 1–16.
  • Payne, J. E., & Waters, G. A. (2007). Have equity REITs experienced periodically collapsing bubbles? The Journal of Real Estate Finance and Economics, 34, 207–224.
  • Permata, A. C., Muktiadji, N., Khim, S., & Silaen, U. (2025). The Effect Of Liquidity, Leverage And Profitability On Company Value: Case Study of a Listed Pharmaceutical Sub-Sector Company On the Indonesia Stock Exchange (2018-2022). Jurnal Ilmiah Akuntansi Kesatuan, 13(1), 85–96.
  • Prasetio, A. E., Azizah, A., Salma, U., & Daulay, Y. (2021). The Effect of Total Assets Turnover, Current Ratio and Financial TECHNOLOGY on the Profitability of Banking Companies in Indonesia. Jurnal Ilmiah Manajemen Dan Bisnis, 7(2), 253–262.
  • Rachman, S., Karyatun, S., & Digdowiseiso, K. (2023). The Effect of Current Ratio, Debt to Equity Ratio, Debt to Asset Ratio, and Total Asset Turnover on The Financial Performance of Property and Real Estate Companies Listed in The Idx For The 20162020 Period. Jurnal Syntax Admiration, 4(2), 361–377.
  • Rahman, A., & Sutisna, E. (2023). Unaffected by Working Capital, Liquidity, and Solvency Profitability: Evidence from Indonesia. Advances: Jurnal Ekonomi & Bisnis, 1(2), 108–115.
  • Saleh, M., Zahirdin, G., & Octaviani, E. (2017). Ownership structure and corporate performance: Evidence from property and real estate public companies in Indonesia. Investment Management and Financial Innovations, 14,2 (contin. 1), 252–263.
  • Saribekyan, A. S. (2023). Global economic growth tendencies and recessional developments. World, 3(3.8), 3–6. Susyanti, J., & Wahono, B. (2018). Analisa Kinerja Keuangan Perusahaan Real Estate Dan Property Sebelum Dan Selama Diberlakukannya PP No. 34 Tahun 2016. E-JRM: Elektronik Jurnal Riset Manajemen, 7(03).
  • Tekin, B. (2021). The factors affecting the market value/book value and profitability of REITs in Turkey. The Factors Affecting the Market Value/Book Value and Profitability of REITs in Turkey. International Real Estate Review, 24(3), 469–499.
  • Turkish Statistical Institute. (2022). Consumer Price Index, October 2022 (Government Report No. 45799). TURKSTAT. https://data.tuik.gov.tr/Bulten/Index?dil=2&p=Consumer-Price-Index-October-2022-45799.
  • Wooldridge, J. M. (2002). Econometric analysis of cross section and panel data MIT press. Cambridge, Ma, 108(2), 245–254.
  • YESHITLA, H. (2022). THE EFFECT OF ASSET STRUCTURE ON FINANCIAL PERFORMANCE OF INSURANCE COMPANIES IN ETHIOPIA.
  • Zaman, M. B. (2021). Influence of debt to total asset ratio (dar) current ratio (cr) and total asset turnover (tato) on return on asset (roa) and its impact on stock prices on mining companies on the indonesia stock exchange in 2008-2017. Journal of Industrial Engineering & Management Research, 2(1), 114–132.
  • Zelalem, B. A., & Abebe, A. A. (2022). Do intangible assets affect the financial performance and policy of commercial banks in the emerging market? PLOS ONE, 17(8), e0272018. https://doi.org/10.1371/journal.pone.0272018
There are 38 citations in total.

Details

Primary Language English
Subjects Financial Economy
Journal Section Research Articles
Authors

İbrahim Erem Şahin 0000-0002-0442-8499

Saeed Hassan Mohamed 0000-0003-4123-4252

Publication Date June 29, 2025
Submission Date May 26, 2025
Acceptance Date June 23, 2025
Published in Issue Year 2025 Volume: 7 Issue: 1

Cite

APA Şahin, İ. E., & Mohamed, S. H. (2025). Asset turnover, capital structure, and financial performance: A Study on Real Estate Companies in Turkey (2020–2024). Niğde Ömer Halisdemir Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 7(1), 296-309. https://doi.org/10.56574/nohusosbil.1706844
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