Akademik Veri Yönetim Sistemi
Ünalmış İ. (Yürütücü), Yücel Ö., Alp E.
Yükseköğretim Kurumları Destekli Proje, 2022 - 2023
"Economics literature mostly uses company specific and macroeconomic variables to explain companies’ indebtedness ratios (such as ratio of debt to total assets). Apart from all these variables, Covid19 pandemic caused an external impact on companies’ balance sheets. In this regard, it is possible to analyze companies’ financials before and after pandemic and construct economic policies with respect to observed changes. Although there are articles that study the effects of the epidemic on the debt structure of companies in developed countries (Francis, Garcia and Sharma, 2021), a similar study has not yet been conducted in Turkey. Conducting such a study for our country is important to reveal the differences in debt management policies of enterprises during crisis periods and suggest policy recommendations in terms of crisis management in the light of the findings. Helping high value added companies to overcome problems caused by pandemics is considered to be essential for improving and preserving Turkey’s growth potential. We aim to show the change in indebtedness ratios of companies which operate in sectors adversely affected by the pandemic. Especially observing a significant increase in debt levels of these adversely affected companies probably will indicate a negative impact on next period’s financial health. In this context, it is possible to show changes in indebtedness ratios of these companies and construct economic policies. For example, if indebtedness levels of highly affected companies increased statistically significantly, these companies can be given credit restructuring opportunities and priority in credit restructures. In addition, to lower the financial pressure on highly affected companies, zero credit repayment periods can be constructed. Using a credit guarantee fund to provide better financing is another possible alternative policy to consider. On the other hand, for the banking sector it is important to know which sectors’ debt burden increased significantly. Banking sector can determine how much risk weight to apply on adversely affected sectors with the help of this data and can use this data to construct credit portfolios."