Efficiency analysis of the companies that have foreign partnership in İstanbul Stock Exchange Market: An application of manufacturing industry (1996-2004)

Aiming put forward the effects of foreign direct investments on performances of manufacturing industry firms of which shares registered in İstanbul Stock Exchange Market, in terms of efficiency, for consideration, in this study, the performance of the firms with foreign partner and the that of the firms with no foreign share holders in different six industry are to be compared.With that objective, previously among the nonparametric procedures Data Envelopment Analysis was chosen for efficiency analysis, then, for the stationary test a panel unit root testing as an econometric method, for any relationship among the variables Granger Causality Test, in the case of existence of a relationship, for the direction and strenght, Spearmen and Pearson Correlation test were used.According to the findings in the empirical section of the study, while the firms with highest technological changes are the ones that have foreing partners, the firms with the highest values in supper effiency, technical effiency and Total Factor Productivity are the ones which have hundred percent domestic shareholders. According to the causality test and correlation test no relation between the proportion of the foreign shares of firms and effiency levels can be found. Correlation test findings also verify this result.