Research Interests: Business and Panel Data
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Bu calisma Umut Burak GEYIKCI’nin 2009 yilinda Turkiye Istatistik Kurumu Uzmanlik Tezine ait verilerin guncellenmesi ile olusturulmustur. Calismada oncelikle Manisa’nin iklimsel karakteristikleri ve uzum uretimi icin neden uygun bir... more
Bu calisma Umut Burak GEYIKCI’nin 2009 yilinda Turkiye Istatistik Kurumu Uzmanlik Tezine ait verilerin guncellenmesi ile olusturulmustur. Calismada oncelikle Manisa’nin iklimsel karakteristikleri ve uzum uretimi icin neden uygun bir bolgede bulundugu incelenmis, ardindan Manisa’nin uzum uretiminde, Turkiye ve Dunyadaki yeri, Manisa’da uzum uretimi ile ugrasan ureticilerin kullandiklari hormon, ilac, gubre miktarlari, sulama yontemleri, baglarin terbiye sistemleri, toprak analizi yaptirma durumlari incelenmis, yapilan incelemeler neticesinde Manisa Ili Uzum uretiminin mevcut durumu tespit edilerek Manisa’da bagciligin guclu ve zayif yonleri ile firsatlar ve tehditler tespit edilmeye calisilip elde edilen sonuclarin ilgililere yol gosterici olmasi amaclanmistir.
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Veri Zarflama Analizi ticari ve sınai işletmelerinde etkinliğin ölçülmesi amacıyla kullanılan doğrusal programlama tekniğidir. Verimliliğin ve işletme etkinliğinin s on derece önemli olduğu günümüzde, bu yöntemin birimlere ait birden... more
Veri Zarflama Analizi ticari ve sınai işletmelerinde etkinliğin ölçülmesi amacıyla kullanılan doğrusal programlama tekniğidir. Verimliliğin ve işletme etkinliğinin s on derece önemli olduğu günümüzde, bu yöntemin birimlere ait birden fazla girdi - çıktının aynı anda değerlendirilmesine imkân vermesi yoğun olarak tercih edilmesini sağlamıştır. Bu çalışmada Borsa İstanbul A.Ş. (BİSTİ)’de faaliyet gösteren 16 Toptan ve Pera kende Ticaret firmasının teknik ve ölçek etkinlikleri ölçülmüştür. Bu firmalardan BIMAS ve MEPET’in en etkin ve verimli firmalar olması nedeniyle iyi yönetildikleri, kaynaklarını etkin ve verimli kullandıkları, yatırımcılar açısından diğer şirketlere nazar an daha güvenli oldukları, UZERB firmasın ise en düşük etkinlik değerlerine sahip firma olarak iyi yönetilemediği, kaynaklarını etkin ve verimli kullanamadığı ve yatırımcılar açısından en riskli firma olduğu gözlemlenmiştir.
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Calismanin amaci, reel sektor firmalarinin, kredi derece notlarini bankalara veya bagimsiz derecelendirme kuruluslarina gitmeden kendi kendilerine tespit edebilecekleri bir model ortaya koymaktir. Calismada Analitik Ag Sureci yaklasimi ve... more
Calismanin amaci, reel sektor firmalarinin, kredi derece notlarini bankalara veya bagimsiz derecelendirme kuruluslarina gitmeden kendi kendilerine tespit edebilecekleri bir model ortaya koymaktir. Calismada Analitik Ag Sureci yaklasimi ve Super Decision programi yardimi ile kredi derecelendirmede kullanilacak oranlar ve agirliklari belirlenmistir. Oran agirliklarinin belirlenebilmesi icin bankalarin istihbarat, mali tahlil ve kredi derecelendirme bolumlerinde calisan bankacilarla gerceklestirilen anketlerden elde edilen sonuclar ikili karsilastirmalar matrislerinin olusturulmasinda kullanilmistir. Oran agirliklarinin belirlenmesinden sonra degisik sektorlerde bagimsiz derecelendirme kuruluslarindan kredi derece notuna sahip firmalara, calismadan elde edilen yontemle skorlama yapilmis ve verilen notlar karsilastirilmistir. Calisma neticesinde onerilmis olan derecelendirme yonteminden elde edilen notlar ile bagimsiz derecelendirme kuruluslarindan alinmis notlarin tutarli oldugu tespit edilmistir. Calismada onerilen kredi derecelendirme yonteminin, tum firmalar icin kullanilabilecek duzeyde oldugu, sadece sektor kartillerini degistirerek kendi durumunu degerlendirmek isteyecek firmalara isik tutabilecegi, ayrica elde edilen skorlarin, bagimsiz kredi derecelendirme kuruluslarinda verilen notlarla tutarli olmasinin, firmalarin cok yuksek meblaglar odeyerek sahip olabildikleri kredi derece skorlarinin aslinda cok basit yontemlerle elde edilebilecegi ve ilgililere ornek olusturabilecegi dusunulmektedir.
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Mikro, Kucuk ve Orta olcekli firmalar, tecrubelerine bakilmaksizin farkli gelisim surecleri ve evrelerinde bulunabilmekte ve halka kapali oluslari finansal onceliklerini ve tercihlerini dolayisiyla sermaye yapilarini degistirebilmektedir.... more
Mikro, Kucuk ve Orta olcekli firmalar, tecrubelerine bakilmaksizin farkli gelisim surecleri ve evrelerinde bulunabilmekte ve halka kapali oluslari finansal onceliklerini ve tercihlerini dolayisiyla sermaye yapilarini degistirebilmektedir. Sermaye yapilari, bircok faktorden etkilenerek bicimlenebilmektedir. Bu calismada, Manisa’da faaliyet gosteren halka kapali 148 KOBI’nin 2013-2014 yillari itibariyle sermaye yapisi incelenmekte, etkileyen faktorler olceklere gore belirlenmektedir. Bulgularimiza gore,(a) firmalar yogun olarak ticari borc finansmani kullanmaktadir,(b) otofinansman kullanimlari firma olcegine paralel olarak degismemektedir (c) firmalarin sermaye yapilari, firmalarin buyuklugu, varlik yapilari, kârliliklari ve borclanma maliyetlerinden etkilenmektedir.
This study examines the effect of the June 15th coup d’état attempts in Turkey on the abnormal returns of the participation-30 index. In the study, an event study method was used and the ISE 100 index was taken as the base index. The AR... more
This study examines the effect of the June 15th coup d’état attempts in Turkey on the abnormal returns of the participation-30 index. In the study, an event study method was used and the ISE 100 index was taken as the base index. The AR and CAR of the participation 30 index were calculated. As a result of the findings for the day of the coup d’état attempt the AR value is found to be - 1.08% and the CAR value (-3 +3) is found to be -2.69% showing negative abnormal returns of the participating index that are significantly higher than the ISE 100 index. On July 20th the state of emergency was announced. The effects of it began to appear on July 22nd. The effects of the results of the findings of the state of emergency was seen on 22.07.2016 and on 25.07.2016 when the AR value was found to be 1.44% and 1.2% and the CAR value (-3 +3) was found to be 1.9% resulting in a positive abnormal return of participating index which are significantly higher than the ISE 100 index. The power of the ruling party has an impact on the abnormal returns (AR) of the Participation-30 index. As the power of the ruling party increases so does the Participation-30 index.
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The theory of public finance suggests that public sector intervention in the economy primarily concerns the efficient allocation of resources, equal distribution of wealth, and stabilization of economic activity throughout the operating... more
The theory of public finance suggests that public sector intervention in the economy primarily concerns the efficient allocation of resources, equal distribution of wealth, and stabilization of economic activity throughout the operating cycle. Given that prisons are a public investment, this study identified the criteria involved in selecting the location of prisons in Turkey, a topic that has not been discussed before. The criteria for locating these establishments were analysed using an analytical network process in which the weight of each criterion in the total was determined by conducting a face‐to‐face survey with officials in the justice system who are difficult to access. The results show that political factors (50.89%) had the biggest influence on the location selection of a prison, and the positive impact on economic development of the selected region was only 13.56%. In contrast to the existing literature, location selection in Turkey does not follow the theory of public finance: the economic impacts are not considered, and decisions are taken politically.
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This qualitative study evaluated a training intervention aimed at increasing the personal development curves of the ABC company’s white-collar employees and developing presentation preparation techniques. The participants prepared... more
This qualitative study evaluated a training intervention aimed at increasing the personal development curves of the ABC company’s white-collar employees and developing presentation preparation techniques. The participants prepared presentations using the 10/20/70 learning rule for the competencies they identified. After academicians and business managers evaluated the presentations, semi-structured one-on-one interviews were conducted to identify the intervention’s benefits and limitations. The eight participants, who were white-collar professionals from the ABC company, were identified using non-probabilistic purposive sampling and interviewed online for about 30 min using Microsoft Teams. The interviews were audio recorded. The Maxqda-2022 program was used to examine the interview data. The analysis showed that the participants had negative feelings about the performance process based on their personal development competencies, particularly regarding process management. They also ...
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Turkey after USA is the second important raisin grape producer by cv “Sultana” in the world (Kara, 2014). The Manisa district alone accounts for 31% of total grape production and 80% of the whole sultana seedless raisin grape production... more
Turkey after USA is the second important raisin grape producer by cv “Sultana” in the world (Kara, 2014). The Manisa district alone accounts for 31% of total grape production and 80% of the whole sultana seedless raisin grape production in Turkey. 95% of total grape output generated in Manisa is made up of Sultana seedless grape (TUIK, 2012). In this study, the added value of grape production in Manisa has been calculated and according to the findings, the per capita added value of grape production has been computed. In order to calculate the added value of grape production in Manisa, costs of labor, fuel, fertilizer, disinfection, hormone, repair and maintenance of the businesses around have been investigated. After calculated costs had been deducted from total business income, the total added value of grape production in Manisa and the per capita added value of grape production in Manisa were attained The efficiency per hectare in the sample production units, which was investigate...
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[EN] Shocks to exchange rates have drawn special attention particularly in emerging market economies (EMEs) not only because they are seen as the most important indicator of vulnerability in EMEs , but also because exchange rate movements... more
[EN] Shocks to exchange rates have drawn special attention particularly in emerging market economies (EMEs) not only because they are seen as the most important indicator of vulnerability in EMEs , but also because exchange rate movements can have serious effects on the real economy. Studies on the excha nge rates mostly focus on the impact of the exchange rate shocks yet the question of what causes those shocks remains unanswered. Hence, the primary interest of this study is to decompose local, regional or global factors in exchange rate movements in EMEs and to develop daily local, regional and global shock indices for 19 major EMEs. To decompose shocks, the spread between forward exchange rates and concurrent spot exchange rates are taken into account since under rational expectations and risk neutrality it is expected that forward exchange rates are unbiased estimator of future spot rates. Findings point out that introduced local, regional and global shock indices match with the local and regional events as well as with global developments.[TR] Doviz piyasasinin ulke kirilganliginin iyi bir gostergesi olmasi, ayrica reel ekonomiye etkisinin guclu olmasi nedeniyle ozellikle gelismekte olan ulkelerdeki (GOU) kur hareketlerindeki soklarin ayristirilmasi onem arz etmektedir. Doviz piyasasini ele alan calismalarin cogu doviz piyasasindaki soklarin etkilerine yogunlasirken, soklarin kaynaklarinin ayristirilmasina odaklanan calismalar sinirlidir. Bu baglamda, bu calismada kur hareketlerindeki yerel, bolgesel ve kuresel etkenlerin ayristirilmasi ve 19 tane baslica GOU icin gunluk bazda yerel, bolgesel ve kuresel sok endekslerinin gelistirilmesi amaclanmistir. Vadeli ve ilgili vadedeki spot doviz kurlari arasindaki fark, rasyonel beklentiler ile riske karsi kayitsizliktaki bozulmayi yansittigi icin yerel, bolgesel ve kuresel sok endekslerinin gelistirilmesinde temel alinmistir. Olusturulan yerel, bolgesel ve kuresel sok endekslerinin yerel, bolgesel ve kuresel gelismeler ile uyumlu oldugu gozlenmistir.
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Abstract In this paper, we show that the carry strategy matters in the emerging markets in the sense that the dollar neutral carry strategy outperforms the dollar carry strategy. We also show that carry trade is not a profitable strategy,... more
Abstract In this paper, we show that the carry strategy matters in the emerging markets in the sense that the dollar neutral carry strategy outperforms the dollar carry strategy. We also show that carry trade is not a profitable strategy, compared to the returns from U.S. stocks and/or U.S. dollar risk-free rate. Our findings indicate that risk factors explain the dollar carry strategies better than the dollar neutral strategy particularly in the post-crisis period. Because emerging markets are riskier than developed ones, investors are expected to hedge using FX options. However, we find that hedging carry trade is not a good idea in the emerging markets because crash risk that is priced in the options seems to evaporate carry profits.
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Research Interests: Business and Panel Data
In this study, the effects of financial and economic development on energy consumption and CO2 emissions are analyzed using multiple structural breaks, second-generation panel unit root tests, the Westerlund Cointegration Test, and PMG... more
In this study, the effects of financial and economic development on energy consumption and CO2 emissions are analyzed using multiple structural breaks, second-generation panel unit root tests, the Westerlund Cointegration Test, and PMG and MG estimators. Unlike classical studies, financial development is included, in the analysis, as an indicator of the accumulated capital as a result of industrial production that has been realized for many years. We conducted a panel data analysis on 13 developing countries for which we could obtain uninterrupted data in the Morgan Stanley Developing Countries index. We found significant relationships between economic growth, energy usage, and CO2 emissions. Financial development and carbon emissions are cointegrated in the long-term, and financial development is found to accelerate environmental pollution. Therefore, energy economists should consider the effect of financial development on energy use and carbon emissions in future studies. Policy-m...
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Bibliometric anaylsis identifies the most prolific countries and universities, and the most influential authors, studies, and journals. The data set for the study was taken from Scopus. While Web of Science was also scanned, it was... more
Bibliometric anaylsis identifies the most prolific countries and universities, and the most influential authors, studies, and journals. The data set for the study was taken from Scopus. While Web of Science was also scanned, it was excluded from the evaluation because it provided considerably fewer studies than Scopus. The financial technology industry is a fairly new concept that has become the center of attention for all sectors in recent years. This concept moves beyond the traditional financial system by combining technology with finance to design and offer new and unorthodox technological financial services in various fields. This study presents an important network analysis that provides detailed information and assessments within the scope of the FinTech concept. The study shows that FinTech studies are concentrated in four areas: computer sciences, business management, economics, and social sciences. FinTech research also focuses on financial services, financial inclusion, a...
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The financial-technology industry has recently attracted the attention of many sectors. The financial-technology industry designs new and unusual technological financial services in many areas. It combines technology with finance and... more
The financial-technology industry has recently attracted the attention of many sectors. The financial-technology industry designs new and unusual technological financial services in many areas. It combines technology with finance and provides an alternative to the traditional financial system. In the scope of this study, 636 publications were obtained from Scopus. Various tools, such as Microsoft Excel for frequency analysis, and VOSviewer for data visualization, were used. The open-source codes used for bibliometric analysis through the R Studio program were developed by the authors and used for citation-metrics analysis. The main aim of this study was to find out the most influential studies and authors and to reveal the distributions and impacts of publications in the FinTech area between 2015 and 2021 from the Scopus database. The results indicate that the most influential journal is Sustainability Switzerland, and the most cited author is Gomber et al. Additionally, Rabbani has...
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Bu calisma Umut Burak GEYIKCI’nin 2009 yilinda Turkiye Istatistik Kurumu Uzmanlik Tezine ait verilerin guncellenmesi ile olusturulmustur. Calismada oncelikle Manisa’nin iklimsel karakteristikleri ve uzum uretimi icin neden uygun bir... more
Bu calisma Umut Burak GEYIKCI’nin 2009 yilinda Turkiye Istatistik Kurumu Uzmanlik Tezine ait verilerin guncellenmesi ile olusturulmustur. Calismada oncelikle Manisa’nin iklimsel karakteristikleri ve uzum uretimi icin neden uygun bir bolgede bulundugu incelenmis, ardindan Manisa’nin uzum uretiminde, Turkiye ve Dunyadaki yeri, Manisa’da uzum uretimi ile ugrasan ureticilerin kullandiklari hormon, ilac, gubre miktarlari, sulama yontemleri, baglarin terbiye sistemleri, toprak analizi yaptirma durumlari incelenmis, yapilan incelemeler neticesinde Manisa Ili Uzum uretiminin mevcut durumu tespit edilerek Manisa’da bagciligin guclu ve zayif yonleri ile firsatlar ve tehditler tespit edilmeye calisilip elde edilen sonuclarin ilgililere yol gosterici olmasi amaclanmistir.
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This study examines the effect of the June 15th coup d’état attempts in Turkey on the abnormal returns of the participation-30 index. In the study, an event study method was used and the ISE 100 index was taken as the base index. The AR... more
This study examines the effect of the June 15th coup d’état attempts in Turkey on the abnormal returns of the participation-30 index. In the study, an event study method was used and the ISE 100 index was taken as the base index. The AR and CAR of the participation 30 index were calculated. As a result of the findings for the day of the coup d’état attempt the AR value is found to be - 1.08% and the CAR value (-3 +3) is found to be -2.69% showing negative abnormal returns of the participating index that are significantly higher than the ISE 100 index. On July 20th the state of emergency was announced. The effects of it began to appear on July 22nd. The effects of the results of the findings of the state of emergency was seen on 22.07.2016 and on 25.07.2016 when the AR value was found to be 1.44% and 1.2% and the CAR value (-3 +3) was found to be 1.9% resulting in a positive abnormal return of participating index which are significantly higher than the ISE 100 index. The power of the ruling party has an impact on the abnormal returns (AR) of the Participation-30 index. As the power of the ruling party increases so does the Participation-30 index.
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Research Interests: Business and Productivity
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Increasing crime rates and prison occupancy are major problems for every country. Previous studies were conducted in countries with high national incomes. Therefore, there is a gap in the literature as to whether different results can be... more
Increasing crime rates and prison occupancy are major problems for every country. Previous studies were conducted in countries with high national incomes. Therefore, there is a gap in the literature as to whether different results can be achieved in countries with different income levels. For this reason we aimed to determine whether the level of financial literacy differs between types of crimes, and, if there is a difference, which types of crimes are associated with low financial literacy. The quantitative data set consists of a survey conducted in February 2020, with 670 out of the 712 convicts incarcerated in the Manisa E-type closed penal institution in western Turkey who agreed to respond. Within the scope of the study, the basic and sophisticated financial literacy of convicts were measured and then basic and sophisticated literacy indices were created. There are 3 hypotheses in this context. H1: The convicts have lower financial literacy than the general public hypothesis i...
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The purpose of this study is to examine whether Istanbul Stock Exchange Tourism Index reactions to terrorist attacks are determined by (1) the time and (2) the target, and (3) whether the market values of the tourism index had different... more
The purpose of this study is to examine whether Istanbul Stock Exchange Tourism Index reactions to terrorist attacks are determined by (1) the time and (2) the target, and (3) whether the market values of the tourism index had different reactions to the plane crisis with Russia and the July 15th coup attempt. Data were collected from the ISE tourism index, and an event study method was used to calculate abnormal returns, while the GARCH method was used to calculate conditional volatility. The results indicate that there were no significant differences according to the time, but small differences by the target in relation to abnormal returns for the tourism index. Moreover, capital markets reacted immediately to the July 15th coup attempt and Russian plane crash. There was also a significant relationship between terrorist attacks and stock return volatility when all 12 events were analysed together. When GARCH analyses were performed separately for each attack, the results obtained s...
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CaliŞmada 2005 - 2015 yillari arasini kapsayan donemde BIST Turizm endeksine ait aylik seriler kullanilmiŞtir. Tarim diŞi istihdam rakamlari ve otel ve motellere ait doluluk oranlarinin birbirleri ve BĠST Turizm endeksi uzerine yaratacagi... more
CaliŞmada 2005 - 2015 yillari arasini kapsayan donemde BIST Turizm endeksine ait aylik seriler kullanilmiŞtir. Tarim diŞi istihdam rakamlari ve otel ve motellere ait doluluk oranlarinin birbirleri ve BĠST Turizm endeksi uzerine yaratacagi karŞilikli etkiyi ve bu etkinin yonunu ortaya cikarmak caliŞmanin amacini oluŞturmuŞtur. CaliŞma kapsaminda mevsimsellik etkisinden arindirilan serilerin once logaritmalari alinmiŞ, ardindan ADF ve PP birim kok testleri yapilmiŞ ve serilerin tumunun 1. farklarinda duragan olduklari tespit edilmiŞtir. Sonrasinda gercekleŞtirilen analizler ile serilerin gecikme uzunlugu 1 olarak bulunmuŞ ve Johansen EŞbutunleŞme testleri gercekleŞtirilmiŞtir. GercekleŞtirilen eŞbutunleŞme testi neticesinde tum serilerin uzun donemde eŞbutunleŞik olduklarinin tespit edilmiŞtir. Ardindan kisa donemli nedenselliklerine ve ayni anda kisa donemli bozulmalarin uzun donemde dengeye gelip gelmedigine bakmak icin Vektor Hata Duzeltme Modeli(VECM)/Granger nedensellik testi ger...
Business sector is the backbone of Turkish economy and is one of the most important keys to the survival of society. Rapid changes in the environment, globally or locally, affect all the policy makers including business management. The... more
Business sector is the backbone of Turkish economy and is one of the most important keys to the survival of society. Rapid changes in the environment, globally or locally, affect all the policy makers including business management. The main purpose of The Turkish Business Studies is to summarize the recent knowledge in Turkish business. This collection of over 13 articles varying in depth and length presents the major areas of business: economics, finance and marketing. The readers encounter both qualitative and quantitative studies with a variety of approaches and perspectives. All articles share the same task of providing useful and recent information. The knowledge presented in this book does not bring forward a definitive and final word for Turkish business surely. However, the selected topics are presented adequately. The book addresses different types of users such as researching university students, researchers focusing on Turkish business studies, business teachers preparing...
Yapilan bu calismada isletmelerin reklam harcamalarinin finansal duruma olan etkisinin incelenmesi amaclanmistir. Bu amac dogrultusunda reklam harcamalarini finansal tablolarinda aciklayan ve hizmet sektorunde yer alan on isletmenin... more
Yapilan bu calismada isletmelerin reklam harcamalarinin finansal duruma olan etkisinin incelenmesi amaclanmistir. Bu amac dogrultusunda reklam harcamalarini finansal tablolarinda aciklayan ve hizmet sektorunde yer alan on isletmenin reklam harcamalari, karliliklari, net satislari ve toplam aktifleri ile ilgili veriler kap.gov.tr uzerinden elde edilerek incelemeye alinmistir.Incelenen firmalarin (2009-2016) yillari arasindaki ceyreklik verilerinde doneme gore veya firmaya gore katsayilarda herhangi bir degisiklik olmayacagi varsayildigi icin bu calismada dinamik panel analizi uygulanmistir. 10 firmaya ait 29 ceyreklik veri uzerinde gerceklestirilen panel regresyon analizi sonuclarina gore reklam harcamalarinin net satislar ve karlilik uzerinde yuksek duzeyde bir etkiye sahip oldugu tespit edilmistir.
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Bu calisma 1986-2016 yillari arasinda dorudan yabanci yatirimlarin Turk hisse senedi piyasalarina etkisini, ARDL sinir testi, vektor hata duzeltme modeli ve granger nedensellik testi vasitasiyla analiz etmistir. Elde edilmis sonuclar,... more
Bu calisma 1986-2016 yillari arasinda dorudan yabanci yatirimlarin Turk hisse senedi piyasalarina etkisini, ARDL sinir testi, vektor hata duzeltme modeli ve granger nedensellik testi vasitasiyla analiz etmistir. Elde edilmis sonuclar, uzun vadede incelenen tum degiskenlerin esbutunlesik olduklarini gostermistir. Hata duzeltme modeli sonucunda, kisa sureli bozulmalarin %82’lik kisminin bir sonraki donemde dengeye geldigi gorulmektedir. Diger yandan GSYH ve DYY’nin PD uzerinde kisa sureli onemli bir pozitif etkiye sahipken, YT’nin PD uzerinde kisa surede onemli negatif bir etkisi bulgulanmistir. ENF ise PD uzerinde kisa surede herhangi bir etkisi gorulmemektedir. Granger Nedensellik / Blok Exojenite Wald Testleri sonuclarina gore incelenen tum degiskenlerin hisse senetlerinin toplam piyasa degerleri (PD) uzerinde olumlu ve pozitif bir etkisi bulgulaniren, bu etkinin ozellikle dogrudan yabanci yatirimlarla karsilikli olmasi da literaturle uyumludur. Bu calisma ile Turkiye ozelinde dogr...
Bu calismanin amaci derecelendirme kuruluslari tarafindan verilen ulke derecelendirme notlarinin ulkelerin borsa endeksleri uzerindeki etkilerini ortaya koymaktir. Bu amacla, S&P, Moody’s ve Fitch derecelendirme kuruluslari tarafindan... more
Bu calismanin amaci derecelendirme kuruluslari tarafindan verilen ulke derecelendirme notlarinin ulkelerin borsa endeksleri uzerindeki etkilerini ortaya koymaktir. Bu amacla, S&P, Moody’s ve Fitch derecelendirme kuruluslari tarafindan 2004-2019 yillari arasinda T-BRICS ulkelerine verilen derecelendirme notlarinin hisse senedi piyasalari uzerine etkileri olay calismasi yontemiyle incelenmistir. Anormal getirilerin varligi, olayin etkilerini acik bir sekilde ortaya koyabilmek amaciyla ±15, ±10, ±5 ve ±1 gunluk olay pencereleri dahilinde incelenmistir. Analiz sonucunda bazi ulkelerin borsa endekslerinde negatif (pozitif) olayla ayni yonde negatif (pozitif) anormal getiriler tespit edilmistir. Ek olarak bazi ulkelerin ise cografi konumlari itibariyla ayni olaylar karsisinda farkli tepkiler verebildigi sonucuna ulasilmistir. Analiz sonucunda not duyurularinin istatistiki olarak anlamli kumulatif anormal getiri, ortalama anormal getiri ve kumulatif ortalama anormal getiriye yol actigi tespit edilmis, ilgili ulkelerdeki mevcut piyasalarin yari-etkin piyasa formunda etkin olmadigi sonucuna ulasilmistir. Anahtar Kelimeler: Kredi Derecelendirme, Ulke Kredi Derecelendirme, T-BRICS, Olay Calismasi, Anormal Getiri, Kumulatif Anormal Getiri. JEL Siniflandirmasi: G14, G24, N20
The relation between R&D expenditures and sales/profitability are widely discussed in the last century. Most of the former studies demonstrated that there were strong relations between R&D expenditures and sales/ profitability. Although... more
The relation between R&D expenditures and sales/profitability are widely discussed in the last century. Most of the former studies demonstrated that there were strong relations between R&D expenditures and sales/ profitability. Although previous studies declare the positive effect of R&D expenditures on Net Sales and Profits, none of them has this kind of large scale for the Turkish manufacturing sector. This study reiterates the correlation of R&D expenditures and benefits directly on the Turkish Manufacturing Sector. In the study, the effectiveness of R&D expenditures, which explain sales and profitability, were tested using the regression model. In a consequence of the study it was found that there were strong relations between R&D expenditures and sales; and, contrary to expectations, there were weak relations between R&D expenditures and profit before tax. Öz Arge harcamaları ile satış/karlılık arasındaki ilişki son yüzyılda giderek artan şekilde tartışma konusu olmaktadır. Önceki çalışmaların pek çoğu Arge harcamaları ile satış/karlılık arasında güçlü bir ilişki olduğunu göstermektedir.. Önceki çalışmaların Arge harcamalarının net satışlar ve karlılık üzerinde pozitif etkisi olduğunu belirtmesine ragmen, hiç biri Türk imalat sektörü üzerinde bu denli geniş bir örneklemle çalışmamıştır. Bu çalışma Arge harcamalarının Türk imalat sektörü üzerindeki direkt etkisini net şekilde ortaya koymaktadır. Çalışmada satış ve karlılığı etkileyen Arge harcamalarının verimliliği regresyon modeli ile test edilmiştir. Çalışma neticesinde Arge harcamaları ile satışlar arasında güçlü ilişki tespit edilirken, beklenenin aksine Arge harcamalarının vergi öncesi kar üzerindeki etkisinin zayıf olduğu sonucuna varılmıştır.
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The concept of ethics has been discussed from the ancient ages. On the other hand the business ethics is a new concept that has taken place in literature since the beginning of the century. Because of the ethical problems in the big... more
The concept of ethics has been discussed from the ancient ages. On the other hand the business ethics is a new concept that has taken place in literature since the beginning of the century. Because of the ethical problems in the big auditing companies in last decades, accountancy has become a highly controversial topic. Thus perception of ethical behavior of the accountants arouse public curiosity increasingly. The aim of this study is to find out ethical perception of the accounting professionals. For this reason, a survey was conducted to the accountanats in Manisa in order to find out that how they perceive the ethical principles they have to obey, and whether the demografic characteristics of the accountants have an effects on ethical perceptions or not. Cronbach Alpha reliability coefficient of the survey resuts was calculated then t-test, Anova and correlation analysis were done. According to the findings, independent accountants and financial advisors and certified public accountants have different views about ethical principle of " Independency " and ethical principles have negative and low correlation each other.
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Mali başarısızlığın tahminlenebilmesi için yürütmüş çalışmalar öncelikle halka açık şirketlere odaklanmaktadır. Literatürde başarısızlığı önceden tahminleyebilmek için farklı yöntemler kullanılmış olmakla birlikte en sık kullanılanı çoklu... more
Mali başarısızlığın tahminlenebilmesi için yürütmüş çalışmalar öncelikle halka açık şirketlere odaklanmaktadır. Literatürde başarısızlığı önceden tahminleyebilmek için farklı yöntemler kullanılmış olmakla birlikte en sık kullanılanı çoklu diskriminant analizidir. Çalışmamızda 2011-2014 dönemlerinde Borsa İstanbul’a kote olmuş 15 başarısız ve 15 başarılı firmada, 4 yıllık finansal oranlar test edilmiş, normal dağılım gösterenlerde başarıyı belirlemek için diskriminant analizi uygulanmıştır.
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This paper examines the Effect of Foreign Direct Investments (FDI) on the Development of stock market capitalization in Sub-Saharan African countries from 1984 to 2015. The study selected three sample countries in Sub-Saharan Africa... more
This paper examines the Effect of Foreign Direct Investments (FDI) on the Development of stock market capitalization in Sub-Saharan African countries from 1984 to 2015. The study selected three sample countries in Sub-Saharan Africa namely, Nigeria, South Africa and Kenya and obtained secondary data namely Market capitalization ratio (dependent variable), Foreign Direct Investment ratio (independent variable)and Gross Domestic Product from the International monetary funds, World Bank, Bureau of Statistics, Central Banks of respective study countries. The methodology adopted include the unit root tests, least square regression and panel data analysis which were tested at the 5% level of significance and the result showed that FDI had a negative but statistically significant effect on market capitalization in both short-run and long-run equilibrium periods. The study concludes that there exist a significant effect of the FDI on the development of stock market capitalization in Sub-Saharan African countries and recommends that the region's government provide an enabling environment to attract and sustain FDIspillovers as well as provide marketfriendly regulations especially investor protection to attract FDI to boast the development of stock market capitalization in the Sub-Saharan African Countries.