Publication: Çeşitlendirme stratejisi örgütsel performans ilişkisi: İstanbul Menkul Kıymetler Borsası’nda kayıtlı olan işletmeler üzerine bir araştırma
Abstract
TEZİN ADI: “ÇEŞİTLENDİRME STRATEJİSİ ÖRGÜTSEL PERFORMANS İLİŞKİSİ: İSTANBUL MENKUL KIYMETLER BORSASI’NDA KAYITLI OLAN İŞLETMELER ÜZERİNE BİR ARAŞTIRMA” Bu çalışmada, çeşitlendirme stratejisi ile örgütsel performans arasındaki ilişki araştırılmıştır. İlişkili çeşitlendirme stratejilerinin avantajları olarak; fiziksel ve fiziksel olmayan kaynakların ve yönetim becerilerinin paylaşımı söz konusu olurken, ilişkisiz çeşitlendirme stratejilerinin avantajı olarak ise; tek bir alanda faaliyet göstermenin olası risklerini azaltma, işlem maliyetinde ve hizmet maliyetlerinde azalma, çevrenin başka iş alanlarına verebileceği olası fırsatları görebilme olanakları söz konusudur. Öte yandan, büyük olmanın getirdiği bürokratik maliyetler, yöneticilerin kendi çıkarlarını işletme çıkarlarından üstün görmesi ve buna yönelik davranışlarından kaynaklanabilecek vekalet problemi ve başka alanlardaki olası fırsatların değerlendirilememesinden kaynaklanan getiri riski çeşitlendirme yapmış işletmeler için öngörülen risklerdir. Çeşitlendirme stratejisi örgütsel performans ilişkisinin gelişmiş ve gelişmekte olan ülkelerde farklılık gösterdiği anlaşılmaktadır. Gelişmiş ülkelerdeki bu ilişkiye yönelik çalışmaların 2000 yılı öncesinde bitirildiği, ilişkinin ters çevrilmiş U biçiminde olduğunun kabul edildiği ve çalışmaların ilişkinin nedenleri üzerine yoğunlaştığı görülmektedir. Gelişmiş ülkelerdeki sonuç, çeşitlendirme stratejisi ile örgütsel performans arasındaki ilişkinin ortalama değere kadar artış gösterdiği, ortalama değerden sonra ise performansın azaldığı biçimindedir. Ancak gelişmekte olan ülkelerde, hükümet-işletme ilişkileri, pazar, üretim, emek faktörlerinin ve politik-ekonomik değişkenlerin etkisiyle çeşitlendirme stratejisi-örgütsel performans ilişkisinin farklılık gösterdiği anlaşılmaktadır. Literatür taramasıyla çeşitlendirme ölçüsü ile örgütsel performans göstergeleri (ROA, ROS, ROE) arasındaki ilişkileri gösteren bir model geliştirilmiştir. Bu modeldeki ilişkileri test etmek için Türkiye’de İstanbul Menkul Kıymetler Borsası’nda kayıtlı olan işletmelerin verileri elde edilerek Kruskall Wallis yöntemiyle analizler yapılmıştır. Analizlerin sonuçlarından elde edilen bulgular ortalama bazında literatürdeki araştırmaları desteklemekte istatistiki anlamlılık olarak gelişmiş ülkelerden farklı fakat gelişmekte olan ülkelere benzer niteliktedir. tlendirme Stratejisi, Örgütsel Performans, Gelişmekte Olan Ülkelerde Çeşitlendirme Stratejisi, Rumelt’in Çeşitlendirme Ölçüsü, İstanbul Menkul Kıymetler Borsası
THE RELATIONSHIP BETWEEN DIVERSIFICATION STRATEGY AND ORGANIZATIONAL PERFORMANCE: A RESEARCH ABOUT THE FIRMS REGISTERED IN İSTANBUL STOCK EXCHANGE Key words: diversification strategy, organizational perfomance, diversification strategy in developing countries, Rumelt’s diversification measure, Istanbul Stock Exchange The relationship between diversification strategy and organizational peformance is examined in this study. While sharing physical and non-physical sources and management skills exists as the advantages of related diversification strategies, reducing the possible risks of having operations in a single area, reduction in transaction cost and noticing the possible opportunities that the environment can give in different business areas are considered as the adventages of unrelated diversification strategies. Additionally, the bureaucratic costs of being a big business, putting their own interests of managers before the business interests ,the proxy problems that can be resulted from the these attitudes and the profit risk resulted from not evaluating the possible opportunities in other areas are the risks predicted for diversified businesses. It is emerged that the relationship between diversification strategy and organizational performance shows differences in developed countries and developing countries. It is generally accepted that the studies intended for identifying the trend of this relationship in developed countries were finished before 2000 and the relationship is in the form of inverted U shape. It is also concluded that the studies are mostly focused on the determining factors of the relationship. However, in the developing countries, it is stated that there are differences in the trend of the relationship between diversification strategy and organizational performance with the effect of government- business relations, market circumstances, production structures, labour and politic-economic variables. The relationship between the diversification measure used widely in literature and organizational performance indicators (ROA, ROS, ROE) were identified as research hypothesis. Analysis were made on the five-year data of the firms registered in Istanbul Stock Exchange using the Kruskall Wallis method in order to test these relations. When the performance average of the findings were considered, it was stated that the results in our country support the results of similar researches in the literature, the perfomance of the related-diversified businesses as of averages is the highest and the performance of the single businesses is the lowest.
THE RELATIONSHIP BETWEEN DIVERSIFICATION STRATEGY AND ORGANIZATIONAL PERFORMANCE: A RESEARCH ABOUT THE FIRMS REGISTERED IN İSTANBUL STOCK EXCHANGE Key words: diversification strategy, organizational perfomance, diversification strategy in developing countries, Rumelt’s diversification measure, Istanbul Stock Exchange The relationship between diversification strategy and organizational peformance is examined in this study. While sharing physical and non-physical sources and management skills exists as the advantages of related diversification strategies, reducing the possible risks of having operations in a single area, reduction in transaction cost and noticing the possible opportunities that the environment can give in different business areas are considered as the adventages of unrelated diversification strategies. Additionally, the bureaucratic costs of being a big business, putting their own interests of managers before the business interests ,the proxy problems that can be resulted from the these attitudes and the profit risk resulted from not evaluating the possible opportunities in other areas are the risks predicted for diversified businesses. It is emerged that the relationship between diversification strategy and organizational performance shows differences in developed countries and developing countries. It is generally accepted that the studies intended for identifying the trend of this relationship in developed countries were finished before 2000 and the relationship is in the form of inverted U shape. It is also concluded that the studies are mostly focused on the determining factors of the relationship. However, in the developing countries, it is stated that there are differences in the trend of the relationship between diversification strategy and organizational performance with the effect of government- business relations, market circumstances, production structures, labour and politic-economic variables. The relationship between the diversification measure used widely in literature and organizational performance indicators (ROA, ROS, ROE) were identified as research hypothesis. Analysis were made on the five-year data of the firms registered in Istanbul Stock Exchange using the Kruskall Wallis method in order to test these relations. When the performance average of the findings were considered, it was stated that the results in our country support the results of similar researches in the literature, the perfomance of the related-diversified businesses as of averages is the highest and the performance of the single businesses is the lowest.