The financial impact of COVID-19 to manufacturing sector companies: A case of BIST-100

The main purpose of this study is to examine the financial effects of Covid-19 on manufacturing industry companies traded in BIST-100 with causality analysis. In this context, monthly period BIST-Industrial, BIST-100, industrial production index, manufacturing sector capacity utilization rate, manufacturing industry turnover index, manufacturing industry export data, manufacturing industry import data, Covid-19 case and death numbers covering the periods 2017M01-2022M09 were used. The unit root of the variables created for this purpose was determined in the Extended Dickey-Fuller tests, and for this reason, the logarithmic differences of the series were taken to be stationary. Toda-Yamamoto causality test was applied because the series were not stationary at the level level. As a result of the test, it has been determined that there is a causality relationship from the number of cases and patients to the industrial production index, capacity utilization rate and manufacturing industry exports.