Uzun Dönem Değer Sürücüsü Olarak Gömülü Finans: Türkiye’de Önde Gelen Bir Telekomünikasyon Operatöründen ARDL Kanıtı
DOI:
https://doi.org/10.63556/tisej.2026.1737Anahtar Kelimeler:
Finansal Performans- entellektüel sermaye- kurumsal yönetim- öngörücü marjlar- panel veri analiziÖzet
Telekomünikasyon sektörü, geleneksel bağlantı sağlayıcısı konumundan dijital ekosistem oyuncusuna dönüşerek bir paradigma değişimi geçirmekte ve bu süreçte Gömülü Finans (EmFi) önemli bir araç olarak öne çıkmaktadır. Gömülü finans üzerine yapılan araştırmalar, özellikle de banka dışı sektörlere odaklanan ampirik araştırmaların eksikliği dikkat çekmektedir. Bu çalışma, Türkiye'nin önde gelen telekomünikasyon operatörü Turkcell'in piyasa değeri üzerinde, gömülü finans gelir akışlarının uzun dönemli etkisini ampirik olarak incelemektedir. Çoklu teorik çerçevelerden yararlanan bu araştırma, gömülü finansın, işlem maliyetlerini düşürerek, kilitlenme etkisi yaratarak ve sermaye piyasalarına teknolojik çeviklik sinyalleri göndererek, firma değerini desteklediğini ileri sürmektedir. 2016Ç4 ile 2025Ç3 dönemini kapsayan çeyreklik finansal verilerin kullanıldığı çalışmada, şirketin gömülü finans yoğunluğu ile piyasa değeri arasındaki eş bütünleşme dinamiklerini analiz etmek için ARDL sınır testi yaklaşımı kullanılmıştır. Ampirik sonuçlar, istatistiksel olarak anlamlı bir eş bütünleşme ilişkisinin varlığını doğrulamakta; gömülü finans gelirlerinin uzun vadede firma piyasa değerinin pozitif ve anlamlı bir belirleyicisi olduğunu göstermektedir. Bu bulgular,telekomünikasyon şirketleri için dijital finansal hizmetlere yatırım yapmanın yalnızca bir çeşitlendirme stratejisi değil, aynı zamanda hissedar değerinin temel bir belirleyicisi olduğunu ortaya koymaktadır. Çalışma, Türkiye gibi önemli bir gelişmekte olan piyasa bağlamından ampirik kanıtlar sunarak banka dışı finansal sağlayıcılar üzerine sınırlı olan literatüre katkıda bulunmaktadır.
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