Abstract
Foreign trade companies are the driving force of the economies especially in developing countries. These companies are the ones most affected by the crises caused by both internal and external factors. Rapid worldwide spread of the 2008 global crisis has produced enormous successive effects on the countries’ foreign trade rates. Considering the fact that export is the core of development worldwide, and foreign trade companies have an important share (25 to 30%) in total exports of Turkey, the importance of these companies for the country’s economy is better understood. In this study, a questionnaire has been conducted on 56 foreign trade companies which are the backbone of Turkish economy. By doing this, it is intended to provide a solution for these companies’ increasing problems caused by the ongoing crisis. Through this survey, the effects of the global economic crisis on these companies, the crisis countermeasures they take and the strategies they follow especially in terms of finance and accounting practices were intended to be identified. Key words: Economic crisis, foreign trade companies, foreign trade, financial management.
Highlights
The developments in the world economy have complicated the competing conditions and forced enterprises to enlarge in order to survive
Considering the fact that export is the core of development worldwide, and foreign trade companies have an important share (25 to 30%) in total exports of Turkey, the importance of these companies for the country’s economy is better understood
A questionnaire has been conducted on 56 foreign trade companies which are the backbone of Turkish economy
Summary
The developments in the world economy have complicated the competing conditions and forced enterprises to enlarge in order to survive. The SMSEs in our country have difficulty in withstanding against the rapidly developing economic conditions, their flexible structures, entrepreneurships and their ability to subsist are some of the most important advantages of them. In order to subsist and guarantee their sustainable enlargement, enterprises require an institutional formation in due course in areas such as finance, marketing, management, research and development, and joint business culture. Considering the fact that 99% of the enterprises in our country- which is a great majority- consists of SMSEs, this structural change will naturally increase the competition advantages of the national economy. Various initiative mechanisms have been developed to enable enterprises, especially SMSEs, to export, to help them in their institutionalisation process and be a trademark on a global scale
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