Total Factor Productivity Analysis in Food Sector
Abstract
In this study we to try to analyze the total factor productivity of 22 firms listed in Borsa Istanbul (BIST) in terms of economics perspective with the 2011-2015 years data. Equity, raw material cost and personnel cost were used as input variables; total sales and total export values also as output variables in accordance with the data acquired from BIST. Malmquist Total Factor Productivity Index was applied to data with input oriented models. According to research findings; all firms seems to have decreasing values only in technical efficiency; but on the contrary increasing values in technological efficiency, pure efficiency, scale efficiency and total factor productivity. The most improvements was observed to be approximately 4.5% in total factor productivity. A.V.O.D, Tarım and Dardanel were seen to be firms improving their values in all efficiency forms for five years; whereas Kent, Oylum and Pınar Et were observed to have decreasing values in all efficiency forms for five years.
Keywords: Borsa Istanbul, Food Industry, Efficiency, Malmquist Total Factor, Productivity.Â
References
Kalirajan KP, Shand RT (1999) Frontier Production Functions and Technical Efficiency Measures. Journal of EconomicSurveys, 13(2):149-172. http://doi.org/10. 1111/1467-6419.00080
Perçin S, Ustasüleyman T (2007) “Efficiency Measurement in Food and Textile Sector: DEA Application-Malmquist Total Factor productivityâ€. The Journal of Economics, Business and Finance, 22(250):154-171.
Dizkırıcı AS (2014) “Measuring the Financial Performances of the Companies Listed on Istanbul Stock Exchange Food, Beverage Index via Data Envelopment Analysis and Their Comparision According to Malmquist Indexâ€. The Journal of Accounting and Finace, July/2014, 151-170.
Çakır SP, erçin S (2012) Efficiency Measurement in Public Sugar Refineries: Dea-Malmquist Tfp Applicationâ€. Journal of Social Sciences of Anatolian University, 12(4):49-64.
Sevim C (2006) “The Structure of Turkish Agriculture, Agricultural Policies and Efficiency Comparisons in the Process of Adaptation to European Unionâ€. (Unpublished Thesis of M.Sc., Gazi University Social Sciences Institute, Ankara).
Bilik M, Aydın Ãœ, KahyaoÄŸlu H (2016) “Short and Long Run Efficiency of Turkish Food Industry: A Stochastic Frontier Analysisâ€. Çankırı Karatekin University Journal of The Faculty of Economics and Administrative Sciences, http://dx.doi.org/10.18074/cnuiibf.449
Chang CL, Robin, S (2008) “Public Policy, Innovationand Total Factor Productivity: An Application to Taiwan’s Manufacturing Industryâ€. Mathematics and Computers in Simulation, 79:352-367.
Georganta Z (1997) “The Effect of a Free Market Price Mechanism on Total Factor Productivity: The Case of The Agricultural Crop Industry in Greeceâ€. International Journal of Production Economics, 52:55-71
DeliktaÅŸ E (2002) “Efficiency and Total factor Productivity Analysis in Private Manufacturing Industry in Turkeyâ€. The Journal of METU Development, 29(3-4): 247-284.
Lorcu F (2010) “Malmquist Producticity Index: An Application of Turkish Automotive Industryâ€. Istanbul University Journal of the School of Business Administration, 39 (2): ss.276-289.
Yaylacı Ö (2009) “An Empirical Analysis of Efficiency and Productivity Change In The Global Automotive Industry: A Malmquist Productivity Index Approachâ€. (Yayımlanmamış Yüksek Lisans Tezi, Bilkent Ãœniversitesi Sosyal Bilimler Enstitüsü, Ankara).
Madden G, Savage SJ (1999) “Telecommunications Productivity, Catch- Up and Innovationâ€. Telecommunications Policy, 23(1):65-81.
Managi S, Opaluch D, Grigalunas TA (2006) “Stochastic Frontier Analysis of Total factor Productivity in the Off-Shore Oil and Gas Industryâ€. Ecological Economics, 60:204-215.
Chen Y (2011) “Productivity of Automobile Industries Using The Malmquist Index: Evidence From The Last Economic Recessionâ€. Journal of Centrum Cathedra, 4(2): 165-181.
Sheng Y, Song L (2013) “Re-Estimation of Firms' Total Factor Productivity in China's Iron and Steel Industryâ€. China Economic Review, 24:177-188.
Yalçıner K, Atan M, Boztosun D (2005) “The Relationship between Financial Ratios and Stock Returnsâ€. The Journal of Accounting and Finance, 3 (27):176-187.
Grifell T, ve Lovell CA (1995) “A Note on the Malmquist Productivity Indexâ€. Economic Letters, 47,169:175.
Caves DW, Christensen LR, Diewert WE (1982)"Multilateral Comparisons of Output, Input, and Productivity Using Superlative Index Numbers". The Economic Journal, 92(365), 73:86.
Grosskopf S (1993) The Measurement of Productive Efficiency: Techniques and Applications. H.O.Fried, C.A.K. Lovelland S.S. Schmith (Ed.). New York: Oxford University Press.
Cingi S, Tarım A (2000) “Performance Appraisal in Turkish Banking System-A Study of Malmquist TFPIâ€. Journal of Researches Notification, (01):1-34.
Coelli TJ, Rao DSP, O’Donnell TJ, Battese GE (2005) An Introduction to Efficiency and Productivity Analysis, USA: Springer.
Cingi S, Tarım ÅžA (2000) “Performance Appraisal in Turkish Banking System: A DEA Approach with TFP Indexâ€. Journal of the Banks Association of Turkey, (01):1-34.
Färe R, GrosskopfS, Norris M, Zong ZY (1994) “Productivity Growth Technical Progress and Efficiency Change in Industryâ€. American Economic Review Combine with Journal of Economics Literature and Journal of Economic Respect, N.84:66-80.
Rezitis AN (2006) “Productivity Growth in the Grek Banking Industry: A Nonparametric Approachâ€. Journal of Applied Economics, 9 (1):119:138.
Mahadevan R (2002) “A DEA Approach to Understanding The Productivity Growth of Malaysia’s Manufacturing Industriesâ€. Asiapasific Journal of Management, 19, 587-600.
Kök R, ÅžimÅŸek N (2006) “Industry Domestic Trade, Patents and International Technological Spreadâ€. UE-TEK International Conference of Economy, Ankara: Turkish Economic Association.
Herrero IP, ascoe S (2004) “Analysing the Effect of Technical Change on Individual Outputs Using Modified Quasi-Malmquist Indexesâ€. Journal of The Operational Research Society, 55:1081-1089.
Akhisar Ä°, veTezergil SA (2014) “Malmquist Total Productivity Index: The Application of Turkish Insurance Sectorâ€. Journal of Financial Researches and Studies, 5 (10), 1:14.
Norman M, ve Stoker B (1991) Data Envelopment Analysis: The Assessment of Performance. John Wiley&Sons, New York.
Coelli TJ (1996) “A Guide to DEAP Version 2.1: A Data Envelopment Analysis Programâ€. Center for Efficiency and Productive Analysis Working Paper, No.8.
Ministry of Science, Industry and Technolgy, Industry General Directorate. (2016). Food and Beverages Sectoral Report, Sectoral Reports and Series of Analysis. http://sgm.sanayi.gov.tr /Files/Documents/gida-ve-icecek-sektoru-ra-352016143642.pdf. (Accessed Date: 20.09.2016).
OH D, Heshmati A, ve Lööf H (2014) “Total Factor Productivity of Korean Manufacturing Industries: Comparison of Competing Models with Firm-level Dataâ€. Japan and the World Economy, 30:25-36.
Özdemir A, Düzgün R (2009) “Efficiency Analysis of Automotive Firms in Turkey According to Capital Structureâ€. Ataturk University Journal of Economics and Administrative Sciences, 23(1):147-164.
Rodmaneeand S, Huang WC (2013) “Efficiency Evaluation of Food and Beverage Companies in Thailand: An Application of Relational Two-Stage Data Envelopment Analysisâ€. International Journal of Social Science and Humanity, 3(3):202-205, DOI:10.7763/IJSSH.2013.V3.227
Social Security Institurion (2013). Statistics Yearbooks 2013.
Süleyman Y, AtaÄŸan G (2009) “Confusion of Efficiency, Effectiveness and Productivityâ€. Journal of Economics and Administrative Sciences of Atatürk University, 23(4), 1:13
United Nations Department of Economic and Social Affairs. (2015). World Population Prospects: 2015 Revision. United Nations.https://esa.un.org/unpd/wpp/publications/files/key_findings_ wpp_2015.pdf, (Accessed Date: 18/09/2016)
