Performance Analysis of Agriculture, Livestock and Hunting Sector Firms Using Piotroski F-Score Method
Öz
The agricultural sector is critical in providing nutrition, which is one of the basic needs of the world population. The financial performance of the industry, which has been affected by global climate changes in recent years and is sensitive to social, economic, and technological risks, is a point that should be emphasized for investors and countries in terms of sectoral development. This study will discuss the financial performance of agriculture, livestock and hunting sector firms traded in Borsa Istanbul (BIST) between 2020-2023 through the Piotroski F Score. Piotroski F Score calculations used nine financial indicators showing the firms' profitability, operating efficiency, leverage and liquidity status. In the research on four firms listed on the BIST, averages were calculated and grouped by scoring from 9 to 1. As a result of the Piotroski F Score method, agricultural sector firms differed yearly. In general, according to the Piotroski F scores of the firms, their financial performance was at a medium level, and they were worth investing in. It can be said that only one of the two firms has a strong financial position in two years and the other in one year, while the financial position of the other firm is at a medium level in all years during the analysis period. In the analysis, it was determined that the top three financial indicators of the firms according to the F score method are the return on assets, the change in return on assets and the change in the current ratio. Conversely, earnings quality and the change in leverage ratios are the least successful indicators. Also, their asset turnover rates are low.
Anahtar Kelimeler
Financial performance Agriculture sector Piotroski F-score Borsa İstanbul
Kaynakça
- Abdioğlu N, Aytekin S. 2024. On the financial determinants of the Piotroski F-Score: An analysis of Borsa İstanbul firms. J Mehmet Akif Ersoy Univ Econ Adm Sci Fac, 11(4): 1457-1476. https://doi.org/10.30798/makuiibf.1477251.
- Ağızan K, Bayramoğlu Z. 2023. Organik tarım pazarlama işletmelerinin sermaye yapıları ve finansal analizleri. Igdir Univ J Inst Sci Technol, 13(1): 636-650.
- Asmadi D, Izzaty N, Erwan F. 2021. Performance analysis of sharia share companies using the Piotroski F-score method. J Ekon Keuang Syariah, 5(1): 67-75.
- Duran-Vazquez R, Lorenzo-Valdes A, Castillo-Ramirez C. 2014. Effectiveness of corporate finance valuation methods: Piotroski score in an Ohlson model: the case of Mexico. J Econ Finance Adm Sci, 19: 104-107.
- Food and Agriculture Organisation (FAO). 2024. Statistical Year Book, World Food and Agriculture. URL: https://openknowledge.fao.org/ (accessed date: March 02, 2025).
- Gökten S, Başer F, Yalçın İF. 2017. F-Skor göstergelerinin hisse senedi değeri üzerindeki etkisinin defter değerinin aracılık rolü çerçevesinde incelenmesi. J Bus Res Turk, 9(4): 837-857. https://doi.org/10.20491/isarder.2017.361.
- Intan DR, Malau LRE, Rambe KR, Damanik M. 2024. Factors affecting the financial performance of agricultural companies: Evidence from the Indonesia Stock Exchange. Agrisocionomics: J Soc Econ Agric Policy, 8(2): 457-470.
- Kamuyu Aydınlatma Platformu (KAP). URL: https://www.kap.org.tr/tr/Sektorler (accessed date: February 01, 2025).
- Karadeniz E, İskenderoğlu Ö. 2024a. Borsa İstanbul’da işlem gören sağlık şirketlerinde finansal performansın Piotroski F-skor yöntemiyle analizi. SDU J Health Manag, 6(1): 1-12.
- Karadeniz E, İskenderoğlu Ö. 2024b. Financial strength assessment of football clubs: An international comparison. Fin Econ Soc Res J, 9(2): 145-156. https://doi.org/10.29106/fesa.1453695.
- Koç S, Zengin N, Yıldız Z. 2016. BİST’de işlem gören tarım ve hayvancılık işletmelerinin performans analizleri (2010-2015). J Manag Econ Res, 14(3): 17-31. https://doi.org/10.11611/JMER193778.
- Odalo SK, Achoki G, Njuguna A. 2016. Relating company size and financial performance in agricultural firms listed in the Nairobi Securities Exchange in Kenya. Int J Econ Finance, 8(9): 34-40.
- Özbay Ü. 2024. Türkiye’de tarımsal faaliyetler karbon emisyonunu etkiler mi? ARDL testinden elde edilen kanıtlar. Turk J Agric Nat Sci, 11(2): 536-546. https://doi.org/10.30910/turkjans.1380091.
- Piotroski JD. 2000. Value investing: The use of historical financial statement information to separate winners from losers. J Account Res, 38: 1-41.
- Pokharel KP, Regmi M, Featherstone MA, Archer DW. 2019. Examining the financial performance of agricultural cooperatives in the USA. Agric Finance Rev, 79(2): 271-282. https://doi.org/10.1108/AFR-11-2017-0103.
- Sasikala D. 2021. Altman Z, Messod Beneish M, Piotroski F-scores of Samsung Electronics Limited. Int J Manag Res Soc Sci, 8(1): 1-6. https://doi.org/10.30726/ijmrss/v8.i1.2021.81002.
- Şahin A. 2025. Financing challenges of the agriculture: A comprehensive sectoral and company-level financial analysis for Türkiye. Eskisehir Osmangazi Univ J Fac Econ Adm Sci, 20(2): 380-399. https://doi.org/10.17153/oguiibf.1543218.
- T.C. Tarım ve Orman Bakanlığı. 2024. Gayri Safi Yurt İçi Hasıla Değerleri. URL: https://www.tarimorman.gov.tr/SGB/Belgeler/Veriler/GSYH.pdf (accessed date: February 20, 2025).
- Tepeli Y, Kahraman Y. E. 2023. Firmalarda borçlanma yapısının finansal başarı üzerindeki etkisi: BİST tüm endeksi şirketlerinde bir araştırma. Muhasebe ve Finansman Dergisi, 100: 1-18.
- Tiryaki MF, Kandil Göker İE. 2021. Türkiye'de tarım sektörünün finansal yapısı ve tarımın finansmanı üzerine bir çalışma: Alternatif bir finansman yöntemi olarak selem sözleşmeleri. J Econ Adm Polit Res, 6(14): 1-18.
- Türkiye İstatistik Kurumu (TÜİK). 2023. İşgücü İstatistikleri Raporu. URL: https://data.tuik.gov.tr/Bulten/Index?p=Isgucu-Istatistikleri-2023-53521 (accessed date: February 20, 2025).
- World Bank Group. 2025. Agriculture finance and agriculture insurance. URL: https://www.worldbank.org/en/topic/financialsector/brief/agriculture-finance (accessed date: March 05, 2025).
Performance Analysis of Agriculture, Livestock and Hunting Sector Firms Using Piotroski F-Score Method
Öz
The agricultural sector is critical in providing nutrition, which is one of the basic needs of the world population. The financial performance of the industry, which has been affected by global climate changes in recent years and is sensitive to social, economic, and technological risks, is a point that should be emphasized for investors and countries in terms of sectoral development. This study will discuss the financial performance of agriculture, livestock and hunting sector firms traded in Borsa Istanbul (BIST) between 2020-2023 through the Piotroski F Score. Piotroski F Score calculations used nine financial indicators showing the firms' profitability, operating efficiency, leverage and liquidity status. In the research on four firms listed on the BIST, averages were calculated and grouped by scoring from 9 to 1. As a result of the Piotroski F Score method, agricultural sector firms differed yearly. In general, according to the Piotroski F scores of the firms, their financial performance was at a medium level, and they were worth investing in. It can be said that only one of the two firms has a strong financial position in two years and the other in one year, while the financial position of the other firm is at a medium level in all years during the analysis period. In the analysis, it was determined that the top three financial indicators of the firms according to the F score method are the return on assets, the change in return on assets and the change in the current ratio. Conversely, earnings quality and the change in leverage ratios are the least successful indicators. Also, their asset turnover rates are low.
Anahtar Kelimeler
Financial performance Agriculture sector Piotroski F-score Borsa İstanbul
Kaynakça
- Abdioğlu N, Aytekin S. 2024. On the financial determinants of the Piotroski F-Score: An analysis of Borsa İstanbul firms. J Mehmet Akif Ersoy Univ Econ Adm Sci Fac, 11(4): 1457-1476. https://doi.org/10.30798/makuiibf.1477251.
- Ağızan K, Bayramoğlu Z. 2023. Organik tarım pazarlama işletmelerinin sermaye yapıları ve finansal analizleri. Igdir Univ J Inst Sci Technol, 13(1): 636-650.
- Asmadi D, Izzaty N, Erwan F. 2021. Performance analysis of sharia share companies using the Piotroski F-score method. J Ekon Keuang Syariah, 5(1): 67-75.
- Duran-Vazquez R, Lorenzo-Valdes A, Castillo-Ramirez C. 2014. Effectiveness of corporate finance valuation methods: Piotroski score in an Ohlson model: the case of Mexico. J Econ Finance Adm Sci, 19: 104-107.
- Food and Agriculture Organisation (FAO). 2024. Statistical Year Book, World Food and Agriculture. URL: https://openknowledge.fao.org/ (accessed date: March 02, 2025).
- Gökten S, Başer F, Yalçın İF. 2017. F-Skor göstergelerinin hisse senedi değeri üzerindeki etkisinin defter değerinin aracılık rolü çerçevesinde incelenmesi. J Bus Res Turk, 9(4): 837-857. https://doi.org/10.20491/isarder.2017.361.
- Intan DR, Malau LRE, Rambe KR, Damanik M. 2024. Factors affecting the financial performance of agricultural companies: Evidence from the Indonesia Stock Exchange. Agrisocionomics: J Soc Econ Agric Policy, 8(2): 457-470.
- Kamuyu Aydınlatma Platformu (KAP). URL: https://www.kap.org.tr/tr/Sektorler (accessed date: February 01, 2025).
- Karadeniz E, İskenderoğlu Ö. 2024a. Borsa İstanbul’da işlem gören sağlık şirketlerinde finansal performansın Piotroski F-skor yöntemiyle analizi. SDU J Health Manag, 6(1): 1-12.
- Karadeniz E, İskenderoğlu Ö. 2024b. Financial strength assessment of football clubs: An international comparison. Fin Econ Soc Res J, 9(2): 145-156. https://doi.org/10.29106/fesa.1453695.
- Koç S, Zengin N, Yıldız Z. 2016. BİST’de işlem gören tarım ve hayvancılık işletmelerinin performans analizleri (2010-2015). J Manag Econ Res, 14(3): 17-31. https://doi.org/10.11611/JMER193778.
- Odalo SK, Achoki G, Njuguna A. 2016. Relating company size and financial performance in agricultural firms listed in the Nairobi Securities Exchange in Kenya. Int J Econ Finance, 8(9): 34-40.
- Özbay Ü. 2024. Türkiye’de tarımsal faaliyetler karbon emisyonunu etkiler mi? ARDL testinden elde edilen kanıtlar. Turk J Agric Nat Sci, 11(2): 536-546. https://doi.org/10.30910/turkjans.1380091.
- Piotroski JD. 2000. Value investing: The use of historical financial statement information to separate winners from losers. J Account Res, 38: 1-41.
- Pokharel KP, Regmi M, Featherstone MA, Archer DW. 2019. Examining the financial performance of agricultural cooperatives in the USA. Agric Finance Rev, 79(2): 271-282. https://doi.org/10.1108/AFR-11-2017-0103.
- Sasikala D. 2021. Altman Z, Messod Beneish M, Piotroski F-scores of Samsung Electronics Limited. Int J Manag Res Soc Sci, 8(1): 1-6. https://doi.org/10.30726/ijmrss/v8.i1.2021.81002.
- Şahin A. 2025. Financing challenges of the agriculture: A comprehensive sectoral and company-level financial analysis for Türkiye. Eskisehir Osmangazi Univ J Fac Econ Adm Sci, 20(2): 380-399. https://doi.org/10.17153/oguiibf.1543218.
- T.C. Tarım ve Orman Bakanlığı. 2024. Gayri Safi Yurt İçi Hasıla Değerleri. URL: https://www.tarimorman.gov.tr/SGB/Belgeler/Veriler/GSYH.pdf (accessed date: February 20, 2025).
- Tepeli Y, Kahraman Y. E. 2023. Firmalarda borçlanma yapısının finansal başarı üzerindeki etkisi: BİST tüm endeksi şirketlerinde bir araştırma. Muhasebe ve Finansman Dergisi, 100: 1-18.
- Tiryaki MF, Kandil Göker İE. 2021. Türkiye'de tarım sektörünün finansal yapısı ve tarımın finansmanı üzerine bir çalışma: Alternatif bir finansman yöntemi olarak selem sözleşmeleri. J Econ Adm Polit Res, 6(14): 1-18.
- Türkiye İstatistik Kurumu (TÜİK). 2023. İşgücü İstatistikleri Raporu. URL: https://data.tuik.gov.tr/Bulten/Index?p=Isgucu-Istatistikleri-2023-53521 (accessed date: February 20, 2025).
- World Bank Group. 2025. Agriculture finance and agriculture insurance. URL: https://www.worldbank.org/en/topic/financialsector/brief/agriculture-finance (accessed date: March 05, 2025).
Ayrıntılar
| Birincil Dil | İngilizce |
|---|---|
| Konular | Ziraat Mühendisliği (Diğer) |
| Bölüm | Research Articles |
| Yazarlar | |
| Yayımlanma Tarihi | 15 Mayıs 2025 |
| Gönderilme Tarihi | 10 Mart 2025 |
| Kabul Tarihi | 15 Nisan 2025 |
| Yayımlandığı Sayı | Yıl 2025 Cilt: 8 Sayı: 3 |
