Özet:

Crude oil and natural gas, which are the most important energy resources, have a significant impact on the global economy and financial markets, and it is seen that these markets are also affected by fluctuations in both their prices and exchange rates. Therefore, the aim of this study is to examine the effect of energy prices and exchange rate fluctuations on firm performance. The study is based on the quarterly data of companies operating in the Food, Beverage and Tobacco sector of Borsa Istanbul (BIST) over the period of 2011-2021 and these data are tested with the Panel Data Analysis method. Thus, in the study, first of all, the stationarity properties of the variables are tested with unit root tests. Then, the long-term coefficients of the variables are estimated with long-term forecasters. Finally, the causality relationship between variables in the model is examined by the causality method. Thus, in the study, first of all, the stationarity properties of the variables are investigated with the Im-Pesaran-Shin and ADF Fisher unit root tests. In the second stage, the existence of cointegration between the variables in the models is examined with Kao and Pedroni cointegration approaches. In the third stage, the long-term coefficients of the variables are estimated with the DOLS method, which is a long-term estimator. In the last stage, the causality relationship between the variables is examined with the Dumitrescu-Hurlin panel causality test. According to the empirical findings, oil prices, natural gas prices, exchange rate and financial leverage ratio affect the performance of firms negatively, while current ratio and firm size increase firm performance. At the same time, these findings also show that there is bidirectional causality between firm performance and natural gas prices and exchange rate. Finally, these findings make important contributions to the literature and provide important recommendations for managers and policy makers.

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