Papers by SALIH KATIRCIOGLU
Problems and Perspectives in Management, 2005
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SAGE Open
This study examines the effects of business and finance conditions on the stock performances of f... more This study examines the effects of business and finance conditions on the stock performances of firms operating in the tourism, hospitality, and leisure industries. This research employs panel-based first- and second-generation estimators, such as Westerlund cointegration, dynamic ordinary least squares (DOLS), and Dumitrescu–Hurlin panel Granger causality tests, to explore long-term links between business conditions, financial development, and tourism growth in major tourist destination countries selected in this study. To our knowledge, this is the first study to attempt to explore this linkage. The long-run estimation underscores that business and finance environments are significant drivers of stock price movements in this industry. Therefore, any shock in business and finance activities will have long-term effects on tourism firms’ stock prices. Moreover, the results show that the most significant factor that explains changes in the tourism stock price is foreign tourist arriva...
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Economic Research-Ekonomska Istraživanja
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Ekonomista, 2012
among the main issues of development economics is to investigate the major determinants of econom... more among the main issues of development economics is to investigate the major determinants of economic growth. The relationship and the direction of causality between financial development and economic growth have been empirically tested in the literature. after the extensive studies in this field, it is now well recognized that financial development is crucial for economic growth [Calderon, Liu 2003] as it is a necessary condition for achieving a high rate of economic growth [Chang 2002] and has a strong positive relationship with economic growth [Mazur, Alexander 2001]. However, according to De Gregorior and Guidotti [1995] financial development significantly reduces economic growth for countries (especially in Latin America) experiencing relatively high inflation rates. Thus, this causal relationship generally remains unclear [Calderon, Liu 2003]. In the early studies of economic development, relatively little attention was paid to the financial aspects of the process and the role o...
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Research on searching the empirical relationship between international tourism and foreign direct... more Research on searching the empirical relationship between international tourism and foreign direct investment (FDI) is quite rare in the relevant literature. [16] find that FDI is a catalyst for inter- national tourism in the case of China. However, more empirical works are needed in the literature; therefore, this paper contributes to this literature by empirically investigating the level relationship and the direction of causality between the net FDI inflows and international tourism in a developing economy, Turkey. The present study employs the bounds test for long run equilibrium relationship as developed by [12] and Granger causality tests under vector error correction modeling with that respect. Results suggest that both variables are in long-run equilibrium relationship only when FDI is dependent variable under the ARDL (auto-regressive distributed lag) modeling approach. Re- sults did not reveal any long run equilibrium relationship amongst these variables when internatio- na...
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Heliyon
This study investigates the role of the financial system in energy demand in the cases of develop... more This study investigates the role of the financial system in energy demand in the cases of developed and developing countries. Time-series analyses are carried out using the annual data period from 2000 to 2015. Results indicate that the financial system and financial markets are long-term catalysts for energy consumption in both groups under consideration. Results show that domestic credits by banks positively impact energy demand in developing countries, while this is money supply impacting positively on energy demand in the case of developed nations. The results of this study reveal important policy implications.
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Environmental Science and Pollution Research
This study investigates the dynamic effects of the shadow economy and environmental pollution on ... more This study investigates the dynamic effects of the shadow economy and environmental pollution on the energy stock prices in the case of the Organization for Economic Co-operation and Development (OECD) countries via generalized methods of moments (GMM) and during the years from 2004 to 2014. Results suggest significant links between the volume of shadow economies, energy stock prices, and environmental pollution. Negative effects of carbon dioxide emissions on energy stock prices are found in this study. Furthermore, a U-shaped relationship is also found between the shadow economy and energy stock prices; that is the initial levels of the shadow economy the response of energy stock prices is negative; then, beyond a trough point, its response starts to be positive at the further stages of the level of shadow economies. Despite energy consumption raises energy stock prices, environmental pollution mitigates the value of energy stock prices.
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International Journal of Islamic and Middle Eastern Finance and Management
Purpose This study aims to investigate the role and spillover effects of the financial sector on ... more Purpose This study aims to investigate the role and spillover effects of the financial sector on the size of the informal economic activity in Turkey. Design/methodology/approach Time series analysis has been adopted for annual data of the 1970-2017 period. New approaches in unit root and cointegration tests have been used in this study. Estimations have been done via dynamic ordinary least squares and fully modified ordinary least square approaches. Findings Results confirm the existence of a long-run equilibrium relationship between the financial system and informal economic activities in Turkey. At the earlier stages of financial development (FD), informality tends to rise while in further stages, informality tends to decline over time. This study confirms the U-shaped relationship between FD and the informal economy in Turkey. Research limitations/implications This study has used logarithmic values of series in the econometric analysis except for real interest rates because of n...
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Current Issues in Tourism
ABSTRACT This study investigated the effects of terrorist attacks on the stock performance of tou... more ABSTRACT This study investigated the effects of terrorist attacks on the stock performance of tourism, travel, and leisure industries. The major tourist countries have been selected for this purpose. The novelty of this research is that not only it focuses on the relationship between terrorism and tourism stock performance and volatility but also uses an event study to examine this relationship. The results of this study revealed the significant effects of terrorist attacks on tourism firms’ performance and stock volatility in France, Spain, Thailand, Turkey, the United Kingdom, and the United States, while no significant effects were obtained for China and Germany. The overall panel event study analysis as well as the event study for individual countries illustrated the considerable adverse effects of terrorist attacks on firms’ performance in tourism, travel, and leisure industries.
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Air Quality, Atmosphere & Health
This study searches the impact of tourism growth on emission pollutants in Cyprus (north), which ... more This study searches the impact of tourism growth on emission pollutants in Cyprus (north), which is a small island in the Mediterranean and has shown significant development in hotel and casino sectors in the last two decades. Results from time-series analyses reveal that an inverted U-shaped EKC hypothesis is confirmed for Cyprus with and without tourism development. Tourism also exerts positively significant and long-term effects on the levels of carbon emissions, revealing that growth in the tourism sector causes degradation in the environment.
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Air Quality, Atmosphere & Health
This study estimates the effects of higher education development on climate changes through energ... more This study estimates the effects of higher education development on climate changes through energy consumption in the case of Cyprus (North), which progressed successfully in this sector although countries other than Turkey do not recognize its state (Turkish Republic of Northern Cyprus). The results of this study reveal that there is strong evidence for the positive and significant impact of higher education growth on climate change via energy consumption. Therefore, it is concluded that educational development in Cyprus is a long-term contributor to the energy sector and, therefore, climate change.
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The Service Industries Journal
ABSTRACT The main objective of this paper is to investigate if a wage difference exists between f... more ABSTRACT The main objective of this paper is to investigate if a wage difference exists between formal and informal sectors in the case of the Turkish labour market using a sample of wageworkers. To this end, we use data for 2004 and 2009 and a novel definition of the informal sector. On the methodological front, we adopt three alternative decomposition techniques, namely, the Oaxaca-Ransom [(1994). On discrimination and the decomposition of wage differentials. Journal of Econometrics, 61, 5–21] decomposition in the context of mean regression, the Machado and Mata [(2005). Counterfactual decomposition of changes in wage distributions using quantile regression. Journal of Applied Econometrics, 20(4), 445–465] decomposition in the quantile regression framework and the non-parametric decomposition method proposed by Nopo [(2008). Matching as a tool to decompose wage gap. The Review of Economics and Statistics, 90(2), 290–299]. The results reveal the existence of a wage gap between the two sectors. We found education and experience to be key determinants of earnings. The findings of this paper have implications for policies, which might be directed towards developing approaches with a focus on education and experience.
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Environmental and Ecological Statistics
This study investigates the role of tourism growth in generating additional energy consumption in... more This study investigates the role of tourism growth in generating additional energy consumption in the case of major tourist countries. Panel data that range from 1995 to 2014 have thus been constructed. Significant results of this study confirm long term economic effects of tourism growth in energy usage in tourist destinations; tourism exerts positively significant but inelastic effects on the overall energy consumption. Finally, this study finds that changes in exchange rates cause changes in tourism and changes in tourism cause significant changes in energy consumption in the same direction; therefore, it is proposed that tourism sector acts as a successful mediator between exchange rate changes and energy consumption which is an essential policy concern for countries heavily depending on foreign energy imports.
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Managerial and Decision Economics
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Environmental Science and Pollution Research
This study introduces a new research topic that investigates the relationship between fiscal deve... more This study introduces a new research topic that investigates the relationship between fiscal development and carbon emissions in Turkey through testing Environmental Kuznets Curve (EKC) hypothesis. Annual data covering the period, 1960–2013, has been used and in addition to gross domestic product and energy consumption, fiscal policy variables have been regressed on the level of carbon emissions in Turkey. Results reveal that fiscal policies and carbon emissions are in long-term equilibrium relationship in Turkey; carbon dioxide emission level converges towards long-term paths as contributed by fiscal policy. The effects of fiscal aggregates on the level of carbon dioxide emissions are negatively significant revealing that growth in fiscal aggregates leads to declines on the levels of carbon emissions. This proves that as far as environmental effects are concerned, fiscal policies regarding energy sector is successful in Turkey. Thus, the major finding of this study confirmed the validity of the fiscal policy-induced EKC hypothesis in the case of Turkey.
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The Service Industries Journal
ABSTRACT The present study investigates the long-run equilibrium relationship between banking sec... more ABSTRACT The present study investigates the long-run equilibrium relationship between banking sector’s profitability and its internal and external determinants such as inflation, growth and oil prices in Turkey. The study adopts two separate models in order to differentiate the direct and indirect effects of oil price changes on bank profitability. Results of the study provide evidence that oil price changes significantly affect the Turkish banking sector’s profitability indirectly through the channels of inflation. Moreover, it is found that bank profitability is affected by oil prices directly and negatively because of the decreased oil-related business lending. The causality test results indicate that there are unidirectional relationships running from oil prices to inflation and from inflation to banking sector’s profitability. It is believed that findings of the study can be generalized for oil importing and developing countries in order to initiate precautions against oil price changes.
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Environmental Science and Pollution Research
This article examines the role of climate change on tourist flows to Malta, Cyprus (north), and C... more This article examines the role of climate change on tourist flows to Malta, Cyprus (north), and Cyprus (south) which are major tourist destinations in the Mediterranean. Results from time series analyses reveal that climate change positively impacts on foreign tourist flows to these island states. Thus, this finding is reasonable where we argue that global warming leads to increases in international tourist arrivals to small island states. This paper has also found statistically significant effects of overall energy consumption on foreign tourist arrivals to Malta and Cyprus revealing that energy efficiency policies are essential in small island states.
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Environmental Science and Pollution Research
The interaction among the energy unit prices, which are considered as the most effective factor o... more The interaction among the energy unit prices, which are considered as the most effective factor on the realization of economic growth, and the distribution of this interaction throughout the manufacturing process have become popular subjects in research recently. Especially, the scarcity of energy resources and the problems encountered in their supply make it necessary to utilize alternative energy resources. Thus, the realization of production using different energy inputs simultaneously results in an interaction between the factors and the spillover effect. Thus, in the study, alternative vector autoregressive M-GARCH (VAR [-MA] -MGARH) models would be predicted based on the spillover effect between the conditional variance and alternative energy input prices.
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Economic Research-Ekonomska Istraživanja
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Environmental Science and Pollution Research
This study investigates the role of external debt stock in Turkey, which has suffered from heavy ... more This study investigates the role of external debt stock in Turkey, which has suffered from heavy (external and domestic) debt stock for many years. Annual data from 1960 to 2013 was analyzed using time series analysis in order to study this. The results confirm the validity of the conventional environmental Kuznets curve (EKC) in the case of Turkey. However, this study also found that Turkey’s external debt stock did not influence the Turkish economy’s long-term EKC behavior. Fortunately, the results suggest that there are important interactions among external debt stock, CO2 emissions, energy consumption, and real income; that is, changes in external debt volume precede changes in these aggregates’ volumes.
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Papers by SALIH KATIRCIOGLU