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Persistence of firm-level profitability in Turkey

  • B. Burcin Yurtoglu

The dynamics of company profits for 172 of the largest manufacturing firms in Turkey are studied. A time-series analysis is used to estimate the long-run projected profits and firm-specific speed of adjustment parameters that measures the rate at which short-run rents are eroded. While persistent profitability differences across firms are observed, there is also a moderately quick erosion of rents except for the most highly profitable firms. Firm characteristics rather than industry effects account for the differences in permanent profits. Contrary to the widespread view that developing countries suffer from uncompetitive markets, the results in this paper suggest that the intensity of competition in Turkey is no less than in developed countries and similar to other developing countries.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/0003684042000217652
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Article provided by Taylor & Francis Journals in its journal Applied Economics.

Volume (Year): 36 (2004)
Issue (Month): 6 ()
Pages: 615-625

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Handle: RePEc:taf:applec:v:36:y:2004:i:6:p:615-625
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  1. Glen, Jack & Lee, Kevin & Singh, Ajit, 2001. "Persistence of profitability and competition in emerging markets," Economics Letters, Elsevier, vol. 72(2), pages 247-253, August.
  2. Im, Kyung So & Pesaran, M. Hashem & Shin, Yongcheol, 2003. "Testing for unit roots in heterogeneous panels," Journal of Econometrics, Elsevier, vol. 115(1), pages 53-74, July.
  3. B. Yurtoglu, 2000. "Ownership, Control and Performance of Turkish Listed Firms," Empirica, Springer, vol. 27(2), pages 193-222, June.
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