Journal of Social Policy Conferences

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Research Article


DOI :10.26650/jspc.2023.86.1358696   IUP :10.26650/jspc.2023.86.1358696    Full Text (PDF)

The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis

Ali İhsan Öztürk

Economic growth is simply the increase in the amount of goods and services produced as the production capacity of a country’s economy increases. Production is possible by bringing together factors of production such as physical capital, human capital, labor, and natural resources by entrepreneurs. Labor, one of these factors, refers to the physical and mental human contribution used in the production process. The amount of labor to be used in the production process may vary depending on the efficiency and costs of this factor. In this paper, the effects of changes in efficiency and costs of the labor factor on physical capital investments are investigated. In the study where the Dynamic Panel Data Method was applied; annual data of 22 selected European Union member countries and Turkey covering the period between 2006-2019 were used. According to the results obtained with Two-Stage GMM and Two-Stage System GMM estimators, there is a positive relationship between physical capital investments and labor efficiency. On the other hand, the labor cost and the 2008 global financial crisis negatively affect physical capital investments. Especially in terms of labor efficiency, it is suggested that human capital and technology investments should be considered as priority policies.

Keywords: Physical Capital Investments, Labor Efficiency, Labor Cost, Production Function, Dynamic Panel Data Analysis
DOI :10.26650/jspc.2023.86.1358696   IUP :10.26650/jspc.2023.86.1358696    Full Text (PDF)

Emek Faktöründeki Verimlilik ve Maliyet Değişimlerinin Fiziksel Sermaye Yatırımları Üzerindeki Etkisi: Dinamik Panel Veri Analizi

Ali İhsan Öztürk

İktisadi büyüme basitçe ülke ekonomisinin üretim kapasitesinin artmasıyla birlikte üretilen mal ve hizmet miktarının da artmasıdır. Üretimin yapılması ise; fiziki sermaye, beşeri sermaye, emek ve doğal kaynaklar gibi üretim faktörlerinin girişimciler tarafından bir araya getirilmesi ile mümkündür. Bu faktörlerden biri olan emek, üretim sürecinde kullanılan fiziksel ve zihinsel insan katkısını ifade eder. Üretim sürecinde kullanılacak olan emek miktarı, bu faktörün verimliliğine ve maliyetlerine bağlı olarak değişebilmektedir. Bu makalede, emek faktörünün verimlilik ve maliyetlerindeki değişimlerin fiziki sermaye yatırımlarına olan etkisi araştırılmaktadır. Dinamik Panel Veri Yönteminin uygulandığı çalışmada; seçilmiş Avrupa Birliği üyesi 22 ülke ve Türkiye’ye ait, 2006-2019 arası dönemi kapsayan yıllık veriler kullanılmıştır. İki Aşamalı GMM ve İki Aşamalı Sistem GMM tahmincileri ile elde edilen sonuçlara göre; fiziki sermaye yatırımları ile emeğin verimliliği arasında pozitif bir ilişki söz konusudur. Diğer taraftan, emeğin maliyeti ve 2008 küresel finansal krizi fiziki sermaye yatırımlarını negatif yönde etkilemektedir. Bilhassa emek verimliliği hususunda, beşeri sermaye ve teknoloji yatırımlarının öncelikli politikalar olarak değerlendirilmesi önerilmektedir. 

Keywords: Fiziki Sermaye Yatırımları, Emek Verimliliği, Emek Maliyeti, Üretim Fonksiyonu, Dinamik Panel Veri Analiz

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APA

Öztürk, A.İ. (2024). The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis. Journal of Social Policy Conferences, 0(86), 18-25. https://doi.org/10.26650/jspc.2023.86.1358696


AMA

Öztürk A İ. The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis. Journal of Social Policy Conferences. 2024;0(86):18-25. https://doi.org/10.26650/jspc.2023.86.1358696


ABNT

Öztürk, A.İ. The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis. Journal of Social Policy Conferences, [Publisher Location], v. 0, n. 86, p. 18-25, 2024.


Chicago: Author-Date Style

Öztürk, Ali İhsan,. 2024. “The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis.” Journal of Social Policy Conferences 0, no. 86: 18-25. https://doi.org/10.26650/jspc.2023.86.1358696


Chicago: Humanities Style

Öztürk, Ali İhsan,. “The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis.” Journal of Social Policy Conferences 0, no. 86 (Mar. 2025): 18-25. https://doi.org/10.26650/jspc.2023.86.1358696


Harvard: Australian Style

Öztürk, Aİ 2024, 'The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis', Journal of Social Policy Conferences, vol. 0, no. 86, pp. 18-25, viewed 10 Mar. 2025, https://doi.org/10.26650/jspc.2023.86.1358696


Harvard: Author-Date Style

Öztürk, A.İ. (2024) ‘The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis’, Journal of Social Policy Conferences, 0(86), pp. 18-25. https://doi.org/10.26650/jspc.2023.86.1358696 (10 Mar. 2025).


MLA

Öztürk, Ali İhsan,. “The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis.” Journal of Social Policy Conferences, vol. 0, no. 86, 2024, pp. 18-25. [Database Container], https://doi.org/10.26650/jspc.2023.86.1358696


Vancouver

Öztürk Aİ. The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis. Journal of Social Policy Conferences [Internet]. 10 Mar. 2025 [cited 10 Mar. 2025];0(86):18-25. Available from: https://doi.org/10.26650/jspc.2023.86.1358696 doi: 10.26650/jspc.2023.86.1358696


ISNAD

Öztürk, Aliİhsan. “The Effect of Efficiency and Cost Changes in Labor Factor on Physical Capital Investments: Dynamic Panel Data Analysis”. Journal of Social Policy Conferences 0/86 (Mar. 2025): 18-25. https://doi.org/10.26650/jspc.2023.86.1358696



TIMELINE


Submitted12.09.2023
Accepted29.01.2024
Published Online11.07.2024

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