INVESTMENT-ORIENTED FINANCIAL INSTITUTIONS IN TURKEY: A COMPARATIVE SECTORAL ANALYSIS OF FINANCIAL RATIOS USING BORSA ISTANBUL DATA (2017–2024)

Authors : Muhammed Mustafa Tuncer Çalışkan

Pages : 301-327

Doi:10.54452/jrb.1674452

View : 187 | Download : 1196

Publication Date : 2025-12-12

Article Type : Research Paper

Abstract :This study conducts a comparative analysis of the financial performance of investment-oriented financial institutions (IOFIs) operating on Borsa Istanbul over the 2017–2024 period, both at the sectoral level and across different firm sizes. The dataset comprises 119 companies from five subsectors—brokerage firms, real estate investment trusts (REITs), venture capital investment trusts (VCITs), securities investment trusts (SITs), and holding/investment companies—and was obtained from the Central Securities Depository of Turkey (MKK). A multi-dimensional analysis was conducted using distribution-based indicators such as the first quartile (Q1), median, and third quartile (Q3), focusing on profitability, liquidity, capital structure, operational efficiency, expense composition, and growth ratios. The findings reveal substantial variations in financial performance both across sectors and between firm size categories. While large-scale firms exhibit strong financial indicators, smaller firms display significant fragility. Notably, even in equity-intensive sectors, high losses and liquidity constraints were observed. These results underscore the necessity of employing distributional measures over traditional mean-based approaches and highlight the importance of scale-sensitive policy mechanisms for regulators and decision-makers.
Keywords : Yatırım Odaklı Finansal Kurumlar, Finansal Performans Analizi, Çeyreklik Dağılım (Q1–Q3), Borsa İstanbul, Sektörel Karşılaştırma

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