TFŞ Composite Effort Score — Firm-Year Panel Dataset (Chaabo & Yıldırım, 2026)
Description
This dataset accompanies the paper "Asymmetric Information and Incentive Design in Türkiye's Interest-Free Savings Finance Companies: A Principal–Agent Framework under Inflation" (Chaabo & Yıldırım, 2026, submitted to Borsa Istanbul Review). The file contains a firm-year panel for six of the nine BDDK-licensed Tasarruf Finansman Şirketleri (TFŞ) — Birevim, Emin Evim, Emlak Katılım Tasarruf Finansman, Fuzul, Katılımevim, and Sinpaş Tasarruf Finansman — covering 19 observations over 2022–2025. Three firms (Adil Finans/İyi Finans, Albayrak Tasarruf Finansman, İmece Tasarruf Finansman) are excluded as their audited financial statements are not publicly available. Variables include core operating revenue (EFG), operating expenses (EFGid), total assets (VT), non-performing receivables (NPL), the cost-to-income ratio (CIR), the non-performing asset ratio (NPA), min–max normalized effort proxies (CIR_eff, NPA_eff), and the composite managerial effort score (Eᵢ) constructed following the multitask principal–agent framework of Holmström and Milgrom (1991). Macro variables include the cumulative CPI (TÜİK) and housing price index (TCMB) and their ratio (Φ/Π) for 2022–2024. All monetary values are in million Turkish lira (₺M). The mortgaged-property share (Mᵢ), the third component of Eᵢ, is unavailable pending TKGM/BDDK cadastral data access; Eᵢ is therefore a partial score computed on two components only. Key methodological caveats are documented in the README sheet and the Variable Codebook.
Files
Steps to reproduce
Paste this directly into the Steps to Reproduce field: 1. Source data collection Extract the following line items from each firm's audited annual report (or KAP/GetBorsa for Katılımevim): Esas Faaliyet Gelirleri (EFG), Esas Faaliyet Giderleri (EFGid), Varlık Toplamı (VT), and Takipteki Alacaklar (NPL). Reports are available from the respective audit firms (Arsen/SFAI, Aksis Uluslararası Bağımsız Denetim) and from KAP (kap.org.tr) for listed entities. All values are converted to million Turkish lira (₺M). 2. Ratio computation CIR_raw = EFGid / EFG. NPA_raw = NPL / VT (Birevim exception: VT replaced by gross savings-finance portfolio TFA — see README). 3. Min–max normalization CIR_eff = 1 − (CIR_raw − CIR_min) / (CIR_max − CIR_min + 0.0001), where min and max are taken across all 19 firm-year observations. NPA_eff is constructed identically. The inversion ensures that higher values reflect higher managerial effort. 4. Composite effort score Eᵢ = 0.333 · CIR_eff + 0.334 · NPA_eff. The mortgaged-property share (Mᵢ) is set to zero pending TKGM/BDDK cadastral access; its weight (0.333) is therefore inactive. Emlak Katılım (inaugural partial year, IAS 29 adjusted) is excluded from Eᵢ computation. 5. Macro variables Cumulative CPI (Π) and housing price index (Φ) are sourced from TÜİK (tuik.gov.tr) and TCMB (tcmb.gov.tr) respectively at year-end (December) for FY observations and at September for the 2024 Q3 observation. The Φ/Π ratio is computed as HPI_index / CPI_index. 6. Verification All computed values in the Panel_Data sheet can be independently verified against the raw inputs in columns EFG, EFGid, VT, and NPL using the formulas above. The Variable_Codebook sheet documents every variable definition, unit, and formula.
Institutions
- Istanbul UniversityIstanbul, Istanbul