Investigation of internal factors affecting the financial performance of venture capital investment trusts operating in Turkey

The aim of this doctoral thesis is to analyze the performance of Venture Capital Investment Trusts operating in Turkey and to determine the factors affecting their performance. In the study, analysis was carried out using Data Envelopment Analysis and Panel Data Analysis methods, using the annual data of Venture Capital Investment Partnerships operating in Turkey for the period 2013-2019. In Data Envelopment Analysis, while fixed assets/total assets and equity capital/total liabilities were used as input variables; net profit/total equity and net profit/total assets were used as output variables. In Panel Data Analysis, while net profit/total equity and net profit/total assets were used as independent variables, current assets/short-term foreign resources, current assets/total assets, fixed assets/total assets, short-term debt/total assets and equity capital/total assets ratios were used as independent variables. According to the effectiveness and efficiency results of the Data Envelopment Analysis, it is seen that Verusatürk was effective in all years, while Hedef GSYO was far from effective in all years. In efficiency analysis; It is seen that all venture capital investment partnerships increased their productivity in 2019, and all venture capital investment partnerships decreased their productivity in 2014. As a result of the panel data analysis; In Model-1, while there was a positive relationship between the return on equity ratio and the current ratio, equity ratio, and short-term debt ratios, a negative relationship was found between the return on equity ratio and the security investment rate. In Model-2, while there was a positive relationship between asset profitability rate, current ratio, equity ratio, and short-term debt ratios, a negative relationship was found between asset profitability rate and securities investment rate.