Abstract:

In this study, the total factor productivity of manufacturing enterprises traded in Borsa Istanbul BIST 100 was measured with the Malmquist total factor productivity (MTFV) index. In the working period covering the years 2010-2017, the current ratio, asset turnover, receivables turnover, inventory turnover, financial leverage ratio, long-term debts/equity ratio and fixed assets/permanent capital ratio of 37 enterprises as input variables; net profit margin, operating profit margin, return on equity and return on assets were also used as output variables. According to the results obtained, the average total factor productivity values of manufacturing enterprises decreased in 2012-2013 and 2016-2017 periods, and increased in other periods. The period in which the enterprises worked most effectively was the period of 2013-2014. According to the Malmquist total factor productivity index, manufacturing enterprises showed an average annual productivity increase of 26.9% during the 2010-2017 period. This increase in productivity of enterprises resulted from the increase in technical efficiency and technological progress. In the evaluation made on the basis of enterprises, it was determined that KARSN (221.1%), GEREL (79.1%) and AFYON (64.0%) enterprises with the highest productivity gains took the first three places.

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