Renewable energy sources are becoming increasingly popular due to their advantages over fossil fu... more Renewable energy sources are becoming increasingly popular due to their advantages over fossil fuels, their economic benefits, and growing environmental concerns. Researchers are particularly focused on understanding the factors that affect the efficiency of various energy sources. This paper explores the relationship between renewable energy consumption and trade openness from 1990 to 2018 among the top 15 countries that consume the most renewable energy. The study also considers economic growth, natural resources, capital, and financial globalization as additional factors influencing renewable energy use. To analyze the data, the paper utilizes advanced panel data techniques, including the dynamic Seemingly Unrelated Regression (DSUR) and Dimutrescu-Hurlin panel bootstrap causality methods. The findings reveal cross-sectional dependence and slope heterogeneity in the model. The results show that trade openness, economic growth, and capital investment promote renewable energy consumption, while financial globalization tends to reduce it. Additionally, the study finds one-way causality from trade openness, economic growth, natural resources, capital, and financial globalization to renewable energy consumption. These insights can inform the development of renewable energy policies in the countries examined.
ChatGPT is a derivative of the GPT model and is an artificial intelligence technology used in the... more ChatGPT is a derivative of the GPT model and is an artificial intelligence technology used in the field of natural language processing. This model is used to generate appropriate responses to the user's text-based input by pretraining large amounts of text. The aim of this study is to examine the advantages, disadvantages, opportunities and threats of using ChatGPT in financial markets by performing a SWOT analysis. As a result of the analysis, it was determined that ChatGPT has potential advantages in financial analysis and decision-making processes. ChatGPT offers fast and direct communication, instant data analysis and personalized investment recommendations. These features can help investors track market movements and create personal investment strategies. At the same time, predicting future price movements by analyzing large amounts of data can ensure effective and efficient use in financial markets.
Öz 6 Şubat 2023'te dokuz saat aralıklarla Kahramanmaraş'ın Pazarcık ve Ekinözü ilçesi merkezli ik... more Öz 6 Şubat 2023'te dokuz saat aralıklarla Kahramanmaraş'ın Pazarcık ve Ekinözü ilçesi merkezli iki büyük deprem gerçeklemiştir ve 11 il depremden doğrudan etkilenmiştir. Bu bağlamda çalışmanın amacı söz konusu depremin Borsa İstanbul'da işlem gören pay senedi fiyatları üzerindeki etkisi incelemektir. Başka bir ifade ile Türkiye'de yaşanan deprem döneminde anormal getiri elde edilip edilemeyeceği tespit edilmeye çalışılmıştır. Olay gününden 15 gün öncesi ile 15 gün sonrasının pay senedi getirilerinin pazar getirisinden farkı belirlenerek anormal bir getirinin olup olmadığı tespit edilmiştir. Çalışmada BIST 30 firmalarının 16.01.2023 ile 03.03.2023 arasındaki günlük verilerinden yararlanılmıştır. Olay analizi (event study) yönteminin kullanıldığı çalışmada olay günü olarak depremin gerçekleştiği 6 Şubat 2023 belirlenmiştir. Ampirik analizlerde Stata 13.0 programından yararlanılmıştır. Analiz sonucunda olay günü [0] ve olay sonrası birinci [+1] ve ikinci [+2] gün ortalama anormal getiri elde edildiği tespit edilmiştir. Ayrıca olay günü ve olay sonrası tüm günlerde pozitif kümülatif anormal getiri elde edildiği belirlenmiştir. Bu açıdan elde edilen ortalama anormal ve kümülatif anormal getiriler BIST 30 endeksi açısından yarı güçlü formda etkin bir piyasa olmadığını göstermektedir.
Understanding and examining energy markets correctly is crucial for stakeholders to attain maximu... more Understanding and examining energy markets correctly is crucial for stakeholders to attain maximum benefit and avoid risks. As a matter of fact, the volatility that occurred in energy markets and recent crises had major impacts on national economies. Dynamic connectedness relationships (DCRs) can make quite powerful predictions for both low-frequency data and limited time-series data. The objective of this study is to explicate the dynamic connectedness relationships among the BIST sustainability index, BIST 100 index, S&P Global Clean Energy index (S&P GCEI), and S&P GSCI carbon emission allowances (EUA). The daily data obtained over the period 11 April 2014–11 November 2022 were used for the research study. The DCRs among the variables used in the study were investigated by employing the time-varying parameter vector autoregressive (TVP-VAR) model. As a result of the study, the volatility from carbon emission allowances was determined to spill over to S&P GCEI, BIST 100, and BIST ...
Understanding and examining energy markets correctly is crucial for stakeholders to attain maximu... more Understanding and examining energy markets correctly is crucial for stakeholders to attain maximum benefit and avoid risks. As a matter of fact, the volatility that occurred in energy markets and recent crises had major impacts on national economies. Dynamic connectedness relationships (DCRs) can make quite powerful predictions for both low-frequency data and limited time-series data. The objective of this study is to explicate the dynamic connectedness relationships among the BIST sustainability index, BIST 100 index, S&P Global Clean Energy index (S&P GCEI), and S&P GSCI carbon emission allowances (EUA). The daily data obtained over the period 11 April 2014–11 November 2022 were used for the research study. The DCRs among the variables used in the study were investigated by employing the time-varying parameter vector autoregressive (TVP-VAR) model. As a result of the study, the volatility from carbon emission allowances was determined to spill over to S&P GCEI, BIST 100, and BIST sustainability indexes. During the COVID-19 pandemic, significant reductions were detected in the volatility spillover (VS) from carbon emission allowances to S&P GCEI, BIST 100, and BIST sustainability indexes. Moreover, it was revealed that a weak VS existed from S&P GCEI to BIST sustainability and BIST 100 indexes. The findings reveal the importance of policymakers taking some incentive measures in EUA prices and also its role in portfolio diversification.
Bu çalışmanın amacı "Pazarlama Harcamalarının" firma değeri üzerindeki etkisini incelemektir. Ara... more Bu çalışmanın amacı "Pazarlama Harcamalarının" firma değeri üzerindeki etkisini incelemektir. Araştırmada Borsa İstanbul'da (BIST) imalat sanayide hisse senetleri işlem gören 120 firmanın 2009-2012 yıllarına ait verilerinden yararlanılmıştır. Çalışmada bağımlı değişken olarak muhasebe temelli performans göstergesi "Varlık Karlılığı" (ROA) ve "Öz Sermaye Karlılığı" (ROE) ile piyasa esaslı performans göstergesi Tobin's q (Q) oranı kullanılmıştır. Ampirik analizlerde çoklu regresyon ve korelasyon yöntemleri ile tanımlayıcı istatistiklere yer verilmiştir. Yapılan analiz sonucunda pazarlama harcamaları ile firma değeri arasında pozitif ve istatistiksel olarak anlamlı bir ilişki tespit edilmiştir. Sonuç olarak; işletmeler pazarlama harcamalarını bir gider olarak değil, işletmeye değer yaratan bir yatırım olarak düşünmelidir.
Journal of Central Banking Theory and Practice, 2023
The present study aims to identify the internal and external factors that affect the profitabilit... more The present study aims to identify the internal and external factors that affect the profitability of banks operating in Turkey. For this purpose, the study used data from 23 public, private, and foreign banks, covering the period from 2007 to 2020. Two dependent variables were used as the profitability indicators of banks, namely, the Return on Equity (ROE) and the Return on Assets (ROA). In order to increase the reliability of the models developed during the study, Dynamic Generalized Method of Moments (GMM) and Fixed Effect Model (FEM) were applied. Results of the analysis indicate a positive and statistically significant relation between inflation rate and GDP growth rate, and ROA and ROE. According to the results of GMM, there was a positive relation between ROA and ROE, and 1-year and 2-year lagged ROA and ROE. This situation may be explained by the fact that profits acquired in the Turkish banking sector are steady. ROA and ROE were observed to have a positive relation with inflation rate and economic growth rate. In other words, the increase in inflation rate and GDP growth rate positively affect profitability of public, private, and foreign banks.
Eastern-European Journal of Enterprise Technologies, 2022
Environmental dimensions have been included in every area of life and every activity with the inc... more Environmental dimensions have been included in every area of life and every activity with the increasing environmental sensitivity and the concern to leave resources for future generations. This strategic path and strategic decisions gained an environmental dimension under the name of green supply chain management and green supplier selection, and attracted great attention in both academic and corporate life. New strategies such as green principles and related environmental performance are imperative and very important for companies, with increasing awareness of environmental issues and increasing concerns for future generations and our world. In order to address the growing environmental concerns of various stakeholders, companies have focused on external partners in the supply chain. The purpose of the current study is to investigate the effect of green supply chain practices on firm performance. To this end, a survey was conducted with the managers of 120 large-scale firms operating in Turkey in order to measure this effect. Explanatory and confirmatory factor analyses, correlation analysis and multiple regression estimators were used in the empirical analysis. Since all items of the Green Supply Chain Applications Scale and Firm Performance Scale had factor loads (>60), all items remained in the analysis. In DFA, item factor weight values with 3 sub-dimensions are in the range (0.73; 0.90). According to these results, the internal and external supply chain practices have a positive and significant effect on all the indicators of firm performance that are reduction of pollutants, reduction of green costs and firm competitiveness. Similarly, reduction of pollutants and reduction of green costs, two indicators of green performance, positively affect firm competitiveness.
• Examines the effect of banking performance on renewable energy consumption (REC). • Improved ba... more • Examines the effect of banking performance on renewable energy consumption (REC). • Improved banking performance enhances renewable energy consumption globally. • Heterogenous effect of the relationship between banking performance and REC across income groups. • Market capitalization, asset quality and managerial inefficiency explain REC in HI countries. • Return on asset, market capitalization, asset quality and z-score explain REC in MI and LC countries. • Heterogenous effect of the relationship between banking performance and REC types is observed.
The aim of this study is to investigate the impacts of wind and geothermal energy consumption on ... more The aim of this study is to investigate the impacts of wind and geothermal energy consumption on economic growth and financial development over the period 2016:M1 and 2020:M11. The data obtained from Germany, Iceland, Italy, Japan, Mexico, New Zealand, Portugal, Turkey, and the United States of America, which consume wind and geothermal energy, were utilized in the research study. To this end, after determining the cointegration relationship between the variables, the long-term elasticity coefficients were estimated by employing the FMOLS (2000) and DOLS (2001) models. As a result of the analysis, it was determined that geothermal energy consumption had a positive impact on financial development. Nonetheless, wind energy had no impact on financial development, whereas it had a negative impact on economic growth. According to the Dumitrescu–Hurlin causality test results, it was determined that a unilateral causality existed from wind and geothermal energy consumption to economic grow...
Bu araştırmanın amacı kurumsal yönetim derecelendirme notu duyurularının hisse senedi getirisi üz... more Bu araştırmanın amacı kurumsal yönetim derecelendirme notu duyurularının hisse senedi getirisi üzerindeki etkisinin incelenmesidir. Bu amaçla kurumsal yönetim derecelendirme endeksinde bulunan 29 firmanın 2007-2019 verileri analiz edilmiştir. Araştırmada olay çalışması yöntemi kullanılmıştır. Bunun yanı sıra Kurumsal Yönetim Derecelendirme Notu'nun açıklandığı güne bağlı olarak 5 gün öncesi ve 5 gün sonrası günlük hisse senedi getirisinin farklılaşıp farklılaşmadığını belirlemek için eşleştirilmiş (paired) t-testinden, firmaların kurumsal yönetim derecelendirme notu ile hisse senedi getirisi arasındaki ilişkiyi tespit etmek amacıyla pearson korelasyon analizinden yararlanılmıştır. Araştırmadan elde edilen sonuçlar derecelendirme notunun açıklanma tarihinden 5 gün öncesine ve 5 gün sonrasına göre hisse senedi getirilerinde anlamlı farklılıklar olduğunu ortaya koymaktadır. Bunun yanında kurumsal yönetim derecelendirme notu ile hisse senedi getirileri arasında anlamlı bir ilişki bulunmakta olup kurumsal yönetim derecelendirme notu arttıkça hisse senedi getirisi artış göstermektedir. Elde edilen sonuçlar kurumsal yönetim ve vekâlet teorisi çerçevesinde hem teorik hem de yönetsel katkı sunmaktadır.
This research aims to determine the most crucial financial performance indicators for Islamic ban... more This research aims to determine the most crucial financial performance indicators for Islamic banks and to rank Islamic countries according to their financial performance. In line with the purpose of the research, entropy and Weighted Aggregated Sum Product Assessment (WASPAS) methods were used to examine 10 selected Islamic countries (Turkey, Malaysia, Bangladesh, Indonesia, Jordan, Kuwait, Nigeria, Oman, Pakistan, and the UAE) using annual data for the 2013–2020 period. The results of the entropy method showed that the financial performance of Islamic banking is mostly affected by the net non-performing loans ratio and profitability ratios. The results of the WASPAS method indicated that the country with the highest financial performance was Bangladesh. It was followed by Jordan, Turkey, Pakistan, the United Arab Emirates (UAE), Malaysia, Indonesia, Kuwait, and Nigeria, respectively. The lowest financial performance was that of Oman. A low non-performing loan ratio leads to higher...
This study aims to test the validity of the Fama–French Asset Pricing Model, which has become a s... more This study aims to test the validity of the Fama–French Asset Pricing Model, which has become a six-factor along with the inclusion of the momentum factor, in terms of Borsa Istanbul. In this context, nested asset pricing models were assessed, and different estimators were developed to determine which of the models explains the stock returns more strongly. The returns (more than the risk-free interest rate) of 24 different portfolios and a total of 9,504 portfolios for 396 weeks, throughout October 2013–May 2021, are utilized based on the BV/MV, profitability, investment, and momentum factors. The results obtained from the research study indicate the Fama–French Six-Factor Asset Pricing Model (FF6F) as the most effective model in explaining stock returns for Borsa Istanbul. For investors, the momentum factor is the one that needs to be regarded and allows higher returns to be obtained, and the necessity of considering it before making investment decisions is one of the practical con...
The aim of this paper is to investigate the effect of the Russia-Ukraine war on the stock returns... more The aim of this paper is to investigate the effect of the Russia-Ukraine war on the stock returns of companies. Russian President Vladimir Putin declared that they started to invade Ukraine on February 24, 2022, with the approval of the Russian parliament. In terms of this pre-and post-historical period, the returns on the stock prices of 209 companies operating in Borsa Istanbul (BIST) were examined. In the research where the event study method was used, one-sample t-test was used to determine whether the abnormal returns were different from zero. As a result of the research, the average abnormal and cumulative abnormal returns were positive on the first day of the war; the second, third, fourth, and fifth days were found to be negative and statistically significant. In addition, the first day before the war was positive, whereas the second, third, and fourth days before the war were negative, average abnormal and cumulative abnormal returns were determined. In this respect, the average abnormal and cumulative abnormal returns show that BIST is not an efficient market in semi-strong form for the BIST companies. The results obtained from the study are important for investors who invest in short-term stocks.
Innovation efforts aim to attain important competitiveness by improving performance criteria. It ... more Innovation efforts aim to attain important competitiveness by improving performance criteria. It has led to very strong ties between innovation and performance, which is also accepted by the recent business understanding. The purpose of the current study, which is designed in compliance with this understanding, is to examine the effect of innovation strategies on business performance in enterprises using high technology. Innovation strategies consist of 6 dimensions: proactive strategy, risk-oriented strategy, defensive strategy, future-oriented strategy, offensive strategy, and analytical strategy. Business performance was measured as product performance, employee-based performance, customer-based performance, financial performance, and process performance. The study involved the innovation strategies and business performance scale developed by Morgan and Strong (1998), Chandy and Tellis (1998), and Eskici (2020). The current study conducted a survey on 346 managers of companies op...
The financial statements of companies have been evaluated in financial performance analysis for m... more The financial statements of companies have been evaluated in financial performance analysis for many years. However, today, investors and business stakeholders, who want to invest in businesses, demand not only the information presented in financial statements, but also non-financial information to see future status and test whether it have a sustainable structure. In this context, the reporting of information on the economic, social, and environmental dimensions of businesses is possible through sustainability reporting. The purpose of this study is to reveal the sustainability scores of banks operating in the Turkish Banking sector. Another aim of the study is to determine the relationship between the sustainability score of banks, financial performance indicators, and ownership structure. In the study, the compliance scores of banks along with a sustainability report determined the framework of criteria for sustainability reports standardized by the GRI. From 2013-2018, the data of 10 banks that published sustainability reports in the Turkish Banking Sector were analysed. According to the results obtained from the research, the sustainability score of banks was not effective based on their financial performance. On the other hand, an increase in the shares of the largest shareholder capital caused a decrease in the sustainability scores of banks.
Journal of the Human and Social Science Researches, 2017
Bu calismanin amaci; yenilikcilik ile firmalarin operasyonel ve finansal performans arasindaki il... more Bu calismanin amaci; yenilikcilik ile firmalarin operasyonel ve finansal performans arasindaki iliskiyi tespit etmektir. Calismada Istanbul, Ankara ve Antalya'da faaliyet gosteren ve yuksek teknolojiye sahip 150 firma uzerinde anket yapilmistir. Arastirmada Zhining Wanga ve Nianxin Wang (2012) gelistirmis oldugu ve uluslararasi literaturde kabul edilen ve guvenirligi yuksek bir olcek tercih edilmistir. Analiz sonuclarinda; yenilikcilik ile firma performansi arasinda pozitif bir iliski tespit edilmistir.
The aim of this study is to determine relationship between knowledge sharing, innovation and firm... more The aim of this study is to determine relationship between knowledge sharing, innovation and firm performance. In the current study, a survey was conducted on a total of 150 high-tech companies operating in Istanbul, Ankara and Antalya. In the analysis results, it is seen that innovation speed and quality affect both the operational and financial performance of firms. In other words, as innovation speed and quality increase, so does the operational and financial performance of firms. Another important finding obtained in the current study is that explicit knowledge sharing, and tacit knowledge sharing have a positive effect on firm performance. A high level of innovation encompasses new products, processes or applications in most company activities. As a result, innovation can create a competitive advantage by creating synergy in the activities of companies and encourage creativity.
In this study, relationship between board gender diversity and financial performance was studied ... more In this study, relationship between board gender diversity and financial performance was studied on firms listed at Borsa Istanbul (BIST) 100 Index for the years 2009-2012. In this study, firms were divided into two groups as; firms with female directors and firms without female directors and difference between two groups in terms of accounting and market based financial performance was investigated. Multi-regression and t-test methods were used in empirical analysis. After the analysis, it was found that gender diversity has a positive effect on return on assets. However, it was also found that gender diversity has no effect on Return on Equity and Tobin’s Q. This study is one of the first studies on board gender diversity’s effect on financial performance in Turkey
Renewable energy sources are becoming increasingly popular due to their advantages over fossil fu... more Renewable energy sources are becoming increasingly popular due to their advantages over fossil fuels, their economic benefits, and growing environmental concerns. Researchers are particularly focused on understanding the factors that affect the efficiency of various energy sources. This paper explores the relationship between renewable energy consumption and trade openness from 1990 to 2018 among the top 15 countries that consume the most renewable energy. The study also considers economic growth, natural resources, capital, and financial globalization as additional factors influencing renewable energy use. To analyze the data, the paper utilizes advanced panel data techniques, including the dynamic Seemingly Unrelated Regression (DSUR) and Dimutrescu-Hurlin panel bootstrap causality methods. The findings reveal cross-sectional dependence and slope heterogeneity in the model. The results show that trade openness, economic growth, and capital investment promote renewable energy consumption, while financial globalization tends to reduce it. Additionally, the study finds one-way causality from trade openness, economic growth, natural resources, capital, and financial globalization to renewable energy consumption. These insights can inform the development of renewable energy policies in the countries examined.
ChatGPT is a derivative of the GPT model and is an artificial intelligence technology used in the... more ChatGPT is a derivative of the GPT model and is an artificial intelligence technology used in the field of natural language processing. This model is used to generate appropriate responses to the user's text-based input by pretraining large amounts of text. The aim of this study is to examine the advantages, disadvantages, opportunities and threats of using ChatGPT in financial markets by performing a SWOT analysis. As a result of the analysis, it was determined that ChatGPT has potential advantages in financial analysis and decision-making processes. ChatGPT offers fast and direct communication, instant data analysis and personalized investment recommendations. These features can help investors track market movements and create personal investment strategies. At the same time, predicting future price movements by analyzing large amounts of data can ensure effective and efficient use in financial markets.
Öz 6 Şubat 2023'te dokuz saat aralıklarla Kahramanmaraş'ın Pazarcık ve Ekinözü ilçesi merkezli ik... more Öz 6 Şubat 2023'te dokuz saat aralıklarla Kahramanmaraş'ın Pazarcık ve Ekinözü ilçesi merkezli iki büyük deprem gerçeklemiştir ve 11 il depremden doğrudan etkilenmiştir. Bu bağlamda çalışmanın amacı söz konusu depremin Borsa İstanbul'da işlem gören pay senedi fiyatları üzerindeki etkisi incelemektir. Başka bir ifade ile Türkiye'de yaşanan deprem döneminde anormal getiri elde edilip edilemeyeceği tespit edilmeye çalışılmıştır. Olay gününden 15 gün öncesi ile 15 gün sonrasının pay senedi getirilerinin pazar getirisinden farkı belirlenerek anormal bir getirinin olup olmadığı tespit edilmiştir. Çalışmada BIST 30 firmalarının 16.01.2023 ile 03.03.2023 arasındaki günlük verilerinden yararlanılmıştır. Olay analizi (event study) yönteminin kullanıldığı çalışmada olay günü olarak depremin gerçekleştiği 6 Şubat 2023 belirlenmiştir. Ampirik analizlerde Stata 13.0 programından yararlanılmıştır. Analiz sonucunda olay günü [0] ve olay sonrası birinci [+1] ve ikinci [+2] gün ortalama anormal getiri elde edildiği tespit edilmiştir. Ayrıca olay günü ve olay sonrası tüm günlerde pozitif kümülatif anormal getiri elde edildiği belirlenmiştir. Bu açıdan elde edilen ortalama anormal ve kümülatif anormal getiriler BIST 30 endeksi açısından yarı güçlü formda etkin bir piyasa olmadığını göstermektedir.
Understanding and examining energy markets correctly is crucial for stakeholders to attain maximu... more Understanding and examining energy markets correctly is crucial for stakeholders to attain maximum benefit and avoid risks. As a matter of fact, the volatility that occurred in energy markets and recent crises had major impacts on national economies. Dynamic connectedness relationships (DCRs) can make quite powerful predictions for both low-frequency data and limited time-series data. The objective of this study is to explicate the dynamic connectedness relationships among the BIST sustainability index, BIST 100 index, S&P Global Clean Energy index (S&P GCEI), and S&P GSCI carbon emission allowances (EUA). The daily data obtained over the period 11 April 2014–11 November 2022 were used for the research study. The DCRs among the variables used in the study were investigated by employing the time-varying parameter vector autoregressive (TVP-VAR) model. As a result of the study, the volatility from carbon emission allowances was determined to spill over to S&P GCEI, BIST 100, and BIST ...
Understanding and examining energy markets correctly is crucial for stakeholders to attain maximu... more Understanding and examining energy markets correctly is crucial for stakeholders to attain maximum benefit and avoid risks. As a matter of fact, the volatility that occurred in energy markets and recent crises had major impacts on national economies. Dynamic connectedness relationships (DCRs) can make quite powerful predictions for both low-frequency data and limited time-series data. The objective of this study is to explicate the dynamic connectedness relationships among the BIST sustainability index, BIST 100 index, S&P Global Clean Energy index (S&P GCEI), and S&P GSCI carbon emission allowances (EUA). The daily data obtained over the period 11 April 2014–11 November 2022 were used for the research study. The DCRs among the variables used in the study were investigated by employing the time-varying parameter vector autoregressive (TVP-VAR) model. As a result of the study, the volatility from carbon emission allowances was determined to spill over to S&P GCEI, BIST 100, and BIST sustainability indexes. During the COVID-19 pandemic, significant reductions were detected in the volatility spillover (VS) from carbon emission allowances to S&P GCEI, BIST 100, and BIST sustainability indexes. Moreover, it was revealed that a weak VS existed from S&P GCEI to BIST sustainability and BIST 100 indexes. The findings reveal the importance of policymakers taking some incentive measures in EUA prices and also its role in portfolio diversification.
Bu çalışmanın amacı "Pazarlama Harcamalarının" firma değeri üzerindeki etkisini incelemektir. Ara... more Bu çalışmanın amacı "Pazarlama Harcamalarının" firma değeri üzerindeki etkisini incelemektir. Araştırmada Borsa İstanbul'da (BIST) imalat sanayide hisse senetleri işlem gören 120 firmanın 2009-2012 yıllarına ait verilerinden yararlanılmıştır. Çalışmada bağımlı değişken olarak muhasebe temelli performans göstergesi "Varlık Karlılığı" (ROA) ve "Öz Sermaye Karlılığı" (ROE) ile piyasa esaslı performans göstergesi Tobin's q (Q) oranı kullanılmıştır. Ampirik analizlerde çoklu regresyon ve korelasyon yöntemleri ile tanımlayıcı istatistiklere yer verilmiştir. Yapılan analiz sonucunda pazarlama harcamaları ile firma değeri arasında pozitif ve istatistiksel olarak anlamlı bir ilişki tespit edilmiştir. Sonuç olarak; işletmeler pazarlama harcamalarını bir gider olarak değil, işletmeye değer yaratan bir yatırım olarak düşünmelidir.
Journal of Central Banking Theory and Practice, 2023
The present study aims to identify the internal and external factors that affect the profitabilit... more The present study aims to identify the internal and external factors that affect the profitability of banks operating in Turkey. For this purpose, the study used data from 23 public, private, and foreign banks, covering the period from 2007 to 2020. Two dependent variables were used as the profitability indicators of banks, namely, the Return on Equity (ROE) and the Return on Assets (ROA). In order to increase the reliability of the models developed during the study, Dynamic Generalized Method of Moments (GMM) and Fixed Effect Model (FEM) were applied. Results of the analysis indicate a positive and statistically significant relation between inflation rate and GDP growth rate, and ROA and ROE. According to the results of GMM, there was a positive relation between ROA and ROE, and 1-year and 2-year lagged ROA and ROE. This situation may be explained by the fact that profits acquired in the Turkish banking sector are steady. ROA and ROE were observed to have a positive relation with inflation rate and economic growth rate. In other words, the increase in inflation rate and GDP growth rate positively affect profitability of public, private, and foreign banks.
Eastern-European Journal of Enterprise Technologies, 2022
Environmental dimensions have been included in every area of life and every activity with the inc... more Environmental dimensions have been included in every area of life and every activity with the increasing environmental sensitivity and the concern to leave resources for future generations. This strategic path and strategic decisions gained an environmental dimension under the name of green supply chain management and green supplier selection, and attracted great attention in both academic and corporate life. New strategies such as green principles and related environmental performance are imperative and very important for companies, with increasing awareness of environmental issues and increasing concerns for future generations and our world. In order to address the growing environmental concerns of various stakeholders, companies have focused on external partners in the supply chain. The purpose of the current study is to investigate the effect of green supply chain practices on firm performance. To this end, a survey was conducted with the managers of 120 large-scale firms operating in Turkey in order to measure this effect. Explanatory and confirmatory factor analyses, correlation analysis and multiple regression estimators were used in the empirical analysis. Since all items of the Green Supply Chain Applications Scale and Firm Performance Scale had factor loads (>60), all items remained in the analysis. In DFA, item factor weight values with 3 sub-dimensions are in the range (0.73; 0.90). According to these results, the internal and external supply chain practices have a positive and significant effect on all the indicators of firm performance that are reduction of pollutants, reduction of green costs and firm competitiveness. Similarly, reduction of pollutants and reduction of green costs, two indicators of green performance, positively affect firm competitiveness.
• Examines the effect of banking performance on renewable energy consumption (REC). • Improved ba... more • Examines the effect of banking performance on renewable energy consumption (REC). • Improved banking performance enhances renewable energy consumption globally. • Heterogenous effect of the relationship between banking performance and REC across income groups. • Market capitalization, asset quality and managerial inefficiency explain REC in HI countries. • Return on asset, market capitalization, asset quality and z-score explain REC in MI and LC countries. • Heterogenous effect of the relationship between banking performance and REC types is observed.
The aim of this study is to investigate the impacts of wind and geothermal energy consumption on ... more The aim of this study is to investigate the impacts of wind and geothermal energy consumption on economic growth and financial development over the period 2016:M1 and 2020:M11. The data obtained from Germany, Iceland, Italy, Japan, Mexico, New Zealand, Portugal, Turkey, and the United States of America, which consume wind and geothermal energy, were utilized in the research study. To this end, after determining the cointegration relationship between the variables, the long-term elasticity coefficients were estimated by employing the FMOLS (2000) and DOLS (2001) models. As a result of the analysis, it was determined that geothermal energy consumption had a positive impact on financial development. Nonetheless, wind energy had no impact on financial development, whereas it had a negative impact on economic growth. According to the Dumitrescu–Hurlin causality test results, it was determined that a unilateral causality existed from wind and geothermal energy consumption to economic grow...
Bu araştırmanın amacı kurumsal yönetim derecelendirme notu duyurularının hisse senedi getirisi üz... more Bu araştırmanın amacı kurumsal yönetim derecelendirme notu duyurularının hisse senedi getirisi üzerindeki etkisinin incelenmesidir. Bu amaçla kurumsal yönetim derecelendirme endeksinde bulunan 29 firmanın 2007-2019 verileri analiz edilmiştir. Araştırmada olay çalışması yöntemi kullanılmıştır. Bunun yanı sıra Kurumsal Yönetim Derecelendirme Notu'nun açıklandığı güne bağlı olarak 5 gün öncesi ve 5 gün sonrası günlük hisse senedi getirisinin farklılaşıp farklılaşmadığını belirlemek için eşleştirilmiş (paired) t-testinden, firmaların kurumsal yönetim derecelendirme notu ile hisse senedi getirisi arasındaki ilişkiyi tespit etmek amacıyla pearson korelasyon analizinden yararlanılmıştır. Araştırmadan elde edilen sonuçlar derecelendirme notunun açıklanma tarihinden 5 gün öncesine ve 5 gün sonrasına göre hisse senedi getirilerinde anlamlı farklılıklar olduğunu ortaya koymaktadır. Bunun yanında kurumsal yönetim derecelendirme notu ile hisse senedi getirileri arasında anlamlı bir ilişki bulunmakta olup kurumsal yönetim derecelendirme notu arttıkça hisse senedi getirisi artış göstermektedir. Elde edilen sonuçlar kurumsal yönetim ve vekâlet teorisi çerçevesinde hem teorik hem de yönetsel katkı sunmaktadır.
This research aims to determine the most crucial financial performance indicators for Islamic ban... more This research aims to determine the most crucial financial performance indicators for Islamic banks and to rank Islamic countries according to their financial performance. In line with the purpose of the research, entropy and Weighted Aggregated Sum Product Assessment (WASPAS) methods were used to examine 10 selected Islamic countries (Turkey, Malaysia, Bangladesh, Indonesia, Jordan, Kuwait, Nigeria, Oman, Pakistan, and the UAE) using annual data for the 2013–2020 period. The results of the entropy method showed that the financial performance of Islamic banking is mostly affected by the net non-performing loans ratio and profitability ratios. The results of the WASPAS method indicated that the country with the highest financial performance was Bangladesh. It was followed by Jordan, Turkey, Pakistan, the United Arab Emirates (UAE), Malaysia, Indonesia, Kuwait, and Nigeria, respectively. The lowest financial performance was that of Oman. A low non-performing loan ratio leads to higher...
This study aims to test the validity of the Fama–French Asset Pricing Model, which has become a s... more This study aims to test the validity of the Fama–French Asset Pricing Model, which has become a six-factor along with the inclusion of the momentum factor, in terms of Borsa Istanbul. In this context, nested asset pricing models were assessed, and different estimators were developed to determine which of the models explains the stock returns more strongly. The returns (more than the risk-free interest rate) of 24 different portfolios and a total of 9,504 portfolios for 396 weeks, throughout October 2013–May 2021, are utilized based on the BV/MV, profitability, investment, and momentum factors. The results obtained from the research study indicate the Fama–French Six-Factor Asset Pricing Model (FF6F) as the most effective model in explaining stock returns for Borsa Istanbul. For investors, the momentum factor is the one that needs to be regarded and allows higher returns to be obtained, and the necessity of considering it before making investment decisions is one of the practical con...
The aim of this paper is to investigate the effect of the Russia-Ukraine war on the stock returns... more The aim of this paper is to investigate the effect of the Russia-Ukraine war on the stock returns of companies. Russian President Vladimir Putin declared that they started to invade Ukraine on February 24, 2022, with the approval of the Russian parliament. In terms of this pre-and post-historical period, the returns on the stock prices of 209 companies operating in Borsa Istanbul (BIST) were examined. In the research where the event study method was used, one-sample t-test was used to determine whether the abnormal returns were different from zero. As a result of the research, the average abnormal and cumulative abnormal returns were positive on the first day of the war; the second, third, fourth, and fifth days were found to be negative and statistically significant. In addition, the first day before the war was positive, whereas the second, third, and fourth days before the war were negative, average abnormal and cumulative abnormal returns were determined. In this respect, the average abnormal and cumulative abnormal returns show that BIST is not an efficient market in semi-strong form for the BIST companies. The results obtained from the study are important for investors who invest in short-term stocks.
Innovation efforts aim to attain important competitiveness by improving performance criteria. It ... more Innovation efforts aim to attain important competitiveness by improving performance criteria. It has led to very strong ties between innovation and performance, which is also accepted by the recent business understanding. The purpose of the current study, which is designed in compliance with this understanding, is to examine the effect of innovation strategies on business performance in enterprises using high technology. Innovation strategies consist of 6 dimensions: proactive strategy, risk-oriented strategy, defensive strategy, future-oriented strategy, offensive strategy, and analytical strategy. Business performance was measured as product performance, employee-based performance, customer-based performance, financial performance, and process performance. The study involved the innovation strategies and business performance scale developed by Morgan and Strong (1998), Chandy and Tellis (1998), and Eskici (2020). The current study conducted a survey on 346 managers of companies op...
The financial statements of companies have been evaluated in financial performance analysis for m... more The financial statements of companies have been evaluated in financial performance analysis for many years. However, today, investors and business stakeholders, who want to invest in businesses, demand not only the information presented in financial statements, but also non-financial information to see future status and test whether it have a sustainable structure. In this context, the reporting of information on the economic, social, and environmental dimensions of businesses is possible through sustainability reporting. The purpose of this study is to reveal the sustainability scores of banks operating in the Turkish Banking sector. Another aim of the study is to determine the relationship between the sustainability score of banks, financial performance indicators, and ownership structure. In the study, the compliance scores of banks along with a sustainability report determined the framework of criteria for sustainability reports standardized by the GRI. From 2013-2018, the data of 10 banks that published sustainability reports in the Turkish Banking Sector were analysed. According to the results obtained from the research, the sustainability score of banks was not effective based on their financial performance. On the other hand, an increase in the shares of the largest shareholder capital caused a decrease in the sustainability scores of banks.
Journal of the Human and Social Science Researches, 2017
Bu calismanin amaci; yenilikcilik ile firmalarin operasyonel ve finansal performans arasindaki il... more Bu calismanin amaci; yenilikcilik ile firmalarin operasyonel ve finansal performans arasindaki iliskiyi tespit etmektir. Calismada Istanbul, Ankara ve Antalya'da faaliyet gosteren ve yuksek teknolojiye sahip 150 firma uzerinde anket yapilmistir. Arastirmada Zhining Wanga ve Nianxin Wang (2012) gelistirmis oldugu ve uluslararasi literaturde kabul edilen ve guvenirligi yuksek bir olcek tercih edilmistir. Analiz sonuclarinda; yenilikcilik ile firma performansi arasinda pozitif bir iliski tespit edilmistir.
The aim of this study is to determine relationship between knowledge sharing, innovation and firm... more The aim of this study is to determine relationship between knowledge sharing, innovation and firm performance. In the current study, a survey was conducted on a total of 150 high-tech companies operating in Istanbul, Ankara and Antalya. In the analysis results, it is seen that innovation speed and quality affect both the operational and financial performance of firms. In other words, as innovation speed and quality increase, so does the operational and financial performance of firms. Another important finding obtained in the current study is that explicit knowledge sharing, and tacit knowledge sharing have a positive effect on firm performance. A high level of innovation encompasses new products, processes or applications in most company activities. As a result, innovation can create a competitive advantage by creating synergy in the activities of companies and encourage creativity.
In this study, relationship between board gender diversity and financial performance was studied ... more In this study, relationship between board gender diversity and financial performance was studied on firms listed at Borsa Istanbul (BIST) 100 Index for the years 2009-2012. In this study, firms were divided into two groups as; firms with female directors and firms without female directors and difference between two groups in terms of accounting and market based financial performance was investigated. Multi-regression and t-test methods were used in empirical analysis. After the analysis, it was found that gender diversity has a positive effect on return on assets. However, it was also found that gender diversity has no effect on Return on Equity and Tobin’s Q. This study is one of the first studies on board gender diversity’s effect on financial performance in Turkey
ANALYSIS OF THE RELATIONSHIP BETWEEN INTELLECTUAL CAPITAL AND FIRM PERFORMANCE: AN EMPIRICAL RESEARCH ON BORSA ISTANBUL, 2020
Purpose-Dividend is the share allocated by companies from the profit of the period to payout to t... more Purpose-Dividend is the share allocated by companies from the profit of the period to payout to their shareholder. The issue of dividend payouts seeks an answer to the question of how much of the profit obtained by companies in the fiscal year will be payed to shareholders. Investors act with two basic expectations when investing in stocks. The first is to earn dividend from the company's profit for the period, the second is to benefit from the increase in stock price and to earn capital gain. Joint stock companies may decide to payout dividends or not. In this context, announcing the decisions to payout or not to payout dividends is important for investors. Referred to as the four major football clubs in Turkey, Besiktas, Fenerbahce, Galatasaray and Trabzonspor's shares are traded on Borsa Istanbul (BIST). Like other BIST companies, clubs have investors and these investors deal with dividend payout decisions. The research aims to bridge the gap in the field. In the study, the relationship between the announcement of the dividend payout decisions of four big clubs operating in BIST and stock returns was examined. Methodology-In the study, five days before and five days after the clubs' Public Disclosure Platform (PDP) notifications were made, stock returns were analyzed using the event analysis method. 2009-2010 / 2019-2020 season data of the clubs were used in the research. Findings-According to the results obtained from the research, announcing that dividends will be payout has a significant and positive effect on stock returns, while announcing that no dividends will be payout has a significant and negative effect on stock returns. Conclusion-Research results are important in terms of revealing the effect of public disclosure announcements on performance. Accordingly, club managers can play a role in increasing financial performance by making the announcements fully, completely and on time within the framework of effective corporate management.
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and very important for companies, with increasing awareness of environmental issues and increasing concerns for future generations and our world. In order to address the growing environmental concerns
of various stakeholders, companies have focused on external partners in the supply chain. The purpose of the current study is to investigate the effect of green supply chain practices on firm performance. To this
end, a survey was conducted with the managers of 120 large-scale firms operating in Turkey in order to measure this effect. Explanatory and confirmatory factor analyses, correlation analysis and multiple
regression estimators were used in the empirical analysis. Since all items of the Green Supply Chain Applications Scale and Firm Performance Scale had factor loads (>60), all items remained in the analysis. In DFA, item factor weight values with 3 sub-dimensions are in the range (0.73; 0.90). According to these results, the internal and external supply chain practices have a positive and significant effect on all the indicators of firm performance that are reduction of pollutants, reduction of green costs and firm competitiveness. Similarly, reduction of pollutants and
reduction of green costs, two indicators of green performance,
positively affect firm competitiveness.
and very important for companies, with increasing awareness of environmental issues and increasing concerns for future generations and our world. In order to address the growing environmental concerns
of various stakeholders, companies have focused on external partners in the supply chain. The purpose of the current study is to investigate the effect of green supply chain practices on firm performance. To this
end, a survey was conducted with the managers of 120 large-scale firms operating in Turkey in order to measure this effect. Explanatory and confirmatory factor analyses, correlation analysis and multiple
regression estimators were used in the empirical analysis. Since all items of the Green Supply Chain Applications Scale and Firm Performance Scale had factor loads (>60), all items remained in the analysis. In DFA, item factor weight values with 3 sub-dimensions are in the range (0.73; 0.90). According to these results, the internal and external supply chain practices have a positive and significant effect on all the indicators of firm performance that are reduction of pollutants, reduction of green costs and firm competitiveness. Similarly, reduction of pollutants and
reduction of green costs, two indicators of green performance,
positively affect firm competitiveness.