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The Cultural Diversity of the Board of Directors and Capital Structure

The Cultural Diversity of the Board of Directors and Capital Structure

Article Information
Journal: Business and Economics Research Journal
Title of Article: The Cultural Diversity of the Board of Directors and Capital Structure
Author(s): Bahadır Karakoç, Uğur Arcagök
Volume: 14
Number: 3
Year: 2023
Page: 351-368
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.421
Abstract
Cultural characteristics and personal values can play a significant role in financial decision-making process, alongside economic factors. This study contributes to the existing literature by investigating the impact of cross-cultural board members on capital structure decisions in publicly traded firms in Turkey. Using panel data methodology to analyze the capital structures of these firms between 2011 and 2020, we found that firms with at least 30% cross-cultural representation on their boards tend to borrow more than firms with less diverse boards. Similarly, firms with at least one cross-cultural board member borrow more than firms managed entirely by locals. These findings are significant in contributing to the understanding of the role of cultural diversity in financial decision-making and offer practical implications for firms aiming to optimize their capital structures. The results remain robust even after alternative regression specifications and other corporate financing decisions have been considered.

Keywords: Capital Structure, Cross-Culture, Board of Directors, Corporate Borrowing

JEL Classification: G10, G20, N20, O16

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Is the Convergence Hypothesis Valid for Per Capita Energy Consumption among G20 Countries? Findings from the Nahar-Inder Test

Is the Convergence Hypothesis Valid for Per Capita Energy Consumption among G20 Countries? Findings from the Nahar-Inder Test

Article Information
Journal: Business and Economics Research Journal
Title of Article: Is the Convergence Hypothesis Valid for Per Capita Energy Consumption among G20 Countries? Findings from the Nahar-Inder Test
Author(s): Cihat Karademir, Şencan Felek, Reşat Ceylan
Volume: 14
Number: 3
Year: 2023
Page: 337-350
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.420
Abstract
The aim of this study is to examine whether the per capita primary energy consumption levels in G-20 countries exhibit convergence behavior in the period 1965-2021. In the convergence analysis, the ADF unit root test based on Bernard and Durlauf (1996) and the Nahar-Inder (2002) test, which states that convergence behavior can occur even in the presence of a unit root in the analyzed series, are used. According to the findings, while two countries exhibit convergence behavior in the ADF unit root test, convergence behavior is observed in 16 countries according to the Nahar-Inder (2002) technique. Thus, it is observed that the Nahar-Inder (2002) technique yields stronger results than the ADF unit root test. Moreover, the convergence findings indicate that the success rate of the policies to be developed for energy integration will be high. Accordingly, the policy recommendations of the study include the expansion of international agreements, the creation of institutions that will increase the sanctioning power, and the establishment of an international monetary fund to support developing countries in realizing a green transformation in energy use.

Keywords: Convergence, Energy Consumption, G-20 Countries, Nahar-Inder Test

JEL Classification: O13, Q40, C22

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Anonymous and Separable Hedonic Coalition Formation Games: Nash Stability Under Different Membership Rights

Anonymous and Separable Hedonic Coalition Formation Games: Nash Stability Under Different Membership Rights

Article Information
Journal: Business and Economics Research Journal
Title of Article: Anonymous and Separable Hedonic Coalition Formation Games: Nash Stability Under Different Membership Rights
Author(s): Mehmet Karakaya , Seçkin Özbilen
Volume: 14
Number: 3
Year: 2023
Page: 303-319
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.419
Abstract
We consider hedonic coalition formation games. A hedonic coalition formation game is a pair which consists of a finite set of agents and a list of agents’ preferences such that each agent has preferences over all coalitions containing her. We study the existence of a Nash stable partition under different membership rights for anonymous and separable hedonic coalition formation games. We prove that for anonymous and separable hedonic games, the existence of a Nash stable partition is always guaranteed when the membership rights are Free Exit-Approved Entry or Approved Exit-Free Entry, but the existence of a Nash stable partition is not guaranteed when the membership rights are Free Exit-Free Entry. We also analyze the relation of the anonymity and separability with the other sufficient conditions which guarantee the existence of a Nash stable partition under different membership rights.

Keywords: Coalition Formation, Hedonic Games, Nash Stability, Membership Rights

JEL Classification: C71, C78, D71

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Oil Price Pass-Through on Sector-Level Prices: Evidence from Turkey

Oil Price Pass-Through on Sector-Level Prices: Evidence from Turkey

Article Information
Journal: Business and Economics Research Journal
Title of Article: Oil Price Pass-Through on Sector-Level Prices: Evidence from Turkey
Author(s): Mehmet Fatih Ekinci, Hülya Saygılı
Volume: 14
Number: 3
Year: 2023
Page: 321-335
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.418
Abstract
As energy dependency is one of the main drivers of rising global inflation, understanding the sectoral outlook for the effects of oil prices on inflation is crucial. This paper investigates oil price pass-through to consumer prices in Turkey utilizing a Phillips Curve estimation approach. Extending the results in the literature, we estimate Brent crude petroleum price pass-through coefficients for the 2-digit sectoral components of the consumer price index. Then, we compare the sector-level pass-through rates to the ones obtained from the headline and core inflation. We also apply a recursive estimation modeling to track pass-through behavior over time for each inflation series. The paper has several conclusions. First, the long-run oil price pass-through to headline inflation is around 7%. Second, pass-through to the core and sectoral inflation rates exhibit a significant amount of variation from headline inflation. Results with core inflation rates depend on whether energy prices are included or excluded from the consumer basket. Third, the sectoral pass-through rate depends on the weight of the energy-related items in that sector. Our findings suggest that the transport sector has the highest degree of pass-through. Fourth, the rate of pass-through to all prices increases following the hikes in inflation rates in September 2018 and October 2021.

Keywords: Brent Crude Oil Prices, Headline Inflation, Core Inflation, 2-Digit Sectoral Consumer Inflation, Oil Price Pass-Through, Phillips Curve

JEL Classification: C32, E31, Q43

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Determinants of Users’ In-App Purchase Behavioral Intention in Mobile Applications: A Model Proposal with Extended Planned Behavior Theory

Determinants of Users’ In-App Purchase Behavioral Intention in Mobile Applications: A Model Proposal with Extended Planned Behavior Theory

Article Information
Journal: Business and Economics Research Journal
Title of Article: Determinants of Users’ In-App Purchase Behavioral Intention in Mobile Applications: A Model Proposal with Extended Planned Behavior Theory
Author(s): Görkem Erdoğan
Volume: 14
Number: 2
Year: 2023
Page: 289-301
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.417
Abstract
The aim of the study is to determine the antecedents of users’ in-app purchase (IAPU) behavioral intention. The population of the research consists of individuals over the age of 18 who live in Turkey and have experienced IAPU. The proposed model of the IAPU is evaluated empirically by applying a questionnaire to 479 users. The structural equation model is used to test the hypotheses about the variables forming the model of the study. In the study, it is determined that attitude, subjective norm, perceived behavioral control, and stickness have a direct and positive effect on IAPU behavioral intention. In addition, the research findings show that the variables of interpersonal influence and influence of external resources affect the subjective norm positively. Results indicate that attitude affects stickness, and this in turn affects IAPU behavioral intention.

Keywords: In-App Purchase, Mobile Applications, Theory of Planned Behavior

JEL Classification: M30, M31

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Determining The Relationships Between Gamification, Consumer Engagement, Brand Loyalty and Intention to Continue Using

Determining The Relationships Between Gamification, Consumer Engagement, Brand Loyalty and Intention to Continue Using

Article Information
Journal: Business and Economics Research Journal
Title of Article: Determining The Relationships Between Gamification, Consumer Engagement, Brand Loyalty and Intention to Continue Using
Author(s): Leyla Gökmerdan Önder
Volume: 14
Number: 2
Year: 2023
Page: 277-288
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.416
Abstract
The concept of game has turned into the concept of gamification with the rapid development of digitalization. Increasingly used in many areas, gamification is a new and attractive way for businesses to connect with their consumers and strengthen their relationships. On the other hand, thanks to mobile applications attracting the attention of consumers, businesses can create brand loyalty by offering a pleasant experience to their consumers. With gamified mobile applications designed by combining gamification and mobile applications, it is aimed to increase customers’ interest in the brand. Moreover, it will help repeat customer purchasing behavior, and to ensure that they continue to use the application by involving them in the process. From this point of view, the main objective of the research is to determine the relations between gamified mobile applications, consumer participation, brand loyalty, and intention to continue using. For this purpose, a survey study was conducted on consumers aged 18 years and old living in Ankara and using mobile applications of coffee chain brands. The model demonstrating the relations between the variables using the collected data was tested with the least squares path analysis using the Smart-PLS program. According to the results, story, mechanics, technology, and aesthetic dimensions used for designing gamified mobile applications that are predicted by the elemental tetrad model positively affect consumer participation. Moreover, the results show that consumer participation affects brand loyalty and intention to continue using.

Keywords: Gamification, Consumer Engagement, Brand Loyalty, Intention to Continue Using, Elemental Tetrad Model

JEL Classification: M10, M30, M31

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The Effect of Authentic Leadership on Employees’ Voice and Moral Identities

The Effect of Authentic Leadership on Employees’ Voice and Moral Identities

Article Information
Journal: Business and Economics Research Journal
Title of Article: The Effect of Authentic Leadership on Employees’ Voice and Moral Identities
Author(s): Kübra Terzioğlu Karabıyıkoğlu, Engin Kanbur
Volume: 14
Number: 2
Year: 2023
Page: 257-275
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.415
Abstract
The increasing fluctuations in the changing and developing business world with the effect of globalization have led organizations to questionize the efficiency and moral behaviors of leaders. Authentic leadership, among the topics of positive organizational behavior, is a leadership style that impacts many organizational outputs, such as performance, motivation, commitment, voice and moral identities of employees. Authentic leaders, who are trying to improve their organization in the competitive conditions of a dynamic environment, are also aware that the most significant role in this development is themselves and their followers. Authentic leaders, who focus on improving themselves and their followers, support the employees to raise their voices in favor of the organization and improve their moral behavior. This research aims to examine the effects of authentic leadership on the voice of employees and their moral identities. Research data were collected in this context with a survey technique from 326 employees who worked in the solution center department of Hepsiburada e-commerce company. Multiple regression analysis was used in the analysis of the research data. The research findings show that authentic leadership and its subdimensions have a positive and significant effect on employee voice and moral identities of employees.

Keywords: Leadership Authenticity, Authentic Leadership, Employee Voice, Moral Identity

JEL Classification: M10, M19

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The Effect of Organizational Pride on Job Satisfaction: A Research in the Tourism Sector

The Effect of Organizational Pride on Job Satisfaction: A Research in the Tourism Sector

Article Information
Journal: Business and Economics Research Journal
Title of Article: The Effect of Organizational Pride on Job Satisfaction: A Research in the Tourism Sector
Author(s): Belkıs Dilek Özbezek, Hacı Mustafa Paksoy, Veysel Mehmet Gültekin
Volume: 14
Number: 2
Year: 2023
Page: 243-255
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.414
Abstract
The tourism sector generally has features such as labor intensive, simultaneous production and consumption, and inability to store the product. Due to these features, the human element has great importance and role in terms of both production and business profitability. The main purpose of this study is to examine the effect of organizational pride on job satisfaction in terms of tourism sector employees. The research was carried out by survey method on 392 personnel in five-star the hotels in Antalya region. The results of the correlation analyses showed that it was determined that organizational pride and its sub-dimensions had a positive and low-level relationship with job satisfaction and its sub-dimensions. According to the results of the multiple regression analysis, it was concluded that the emotional pride dimension, which is one of the sub-dimensions of organizational pride, has a significant effect on job satisfaction and its sub-dimensions.

Keywords: Organizational Pride, Job Satisfaction, Tourism, Hotel Management, Employee

JEL Classification: M10, M12, M19

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Analyzing the Challenges to Adoption of Drones in the Logistics Sector Using the Best-Worst Method

Analyzing the Challenges to Adoption of Drones in the Logistics Sector Using the Best-Worst Method

Article Information
Journal: Business and Economics Research Journal
Title of Article: Analyzing the Challenges to Adoption of Drones in the Logistics Sector Using the Best-Worst Method
Author(s): Sinan Çıkmak, Gökhan Kırbaç, Buşra Kesici
Volume: 14
Number: 2
Year: 2023
Page: 227-242
ISSN: 2619-9491
DOI Number: 10.20409/berj.2023.413
Abstract
Drones, which are unmanned aerial vehicles, are used in various areas. Some important worldwide companies have been interested to integrate drone technology into their logistics applications. Although the use of drones promises various advantages such as reducing costs and improving responsiveness in the logistics sector, there are also various challenges to the adoption of this technology. Therefore, this study aims to identify and prioritize the challenges to drone technology adoption in the logistics sector. Initially, 34 challenges under seven major dimensions for the study were identified by a thorough literature review and consultation with selected experts. Then, the best-worst method (BWM) is applied to rank these major challenges and associated sub-criteria. The results show that “terrorist attacks”, “lack of legal regulations”, “difficulty of flight permit processes”, “flight area limitation due to restrictive visual line of sight (VLOS)”, and “personal data protection” are the top five challenges that confront the logistics sector for adopting drone technology. The findings of this research will provide important insights to practitioners and researchers interested in new technologies that can be applied in the logistics sector.

Keywords: Drones, Logistics, Unmanned Aerial Vehicle, Challenge Analysis, Best-Worst Method

JEL Classification: L93, O33, Q55

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The Effect of Corporate Governance on the Cost of Debt: Evidence from Borsa İstanbul

The Effect of Corporate Governance on the Cost of Debt: Evidence from Borsa İstanbul

Makale Bilgileri
Dergi: Business and Economics Research Journal
Makalenin Başlığı: Kurumsal Yönetimin Borç Maliyetine Etkisi: Borsa İstanbul’da Bir Uygulama
Yazar(lar): Gökhan Özer, İlhan Çam, Sedat Çerez
Cilt: 14
Sayı: 2
Yıl: 2023
Sayfa: 217-226
ISSN: 2619-9491
DOI Numarası: 10.20409/berj.2023.412
Öz
Kurumsal yönetim uygulamalarının kalitesi, paydaşların haklarının korunduğuna dair bir güvence vermekte, vekâlet problemleri ve bilgi asimetrisinden kaynaklı maliyetleri azaltmakta ve firma faaliyetleri ile ilgili izleme ve denetim fonksiyonlarını güçlendirmektedir. Bu çalışmada iyi kurumsal yönetim uygulamalarının risk primlerini azaltarak borçlanma maliyetlerini düşürüp düşürmediği sorusuna cevap aranmıştır. Bu çerçevede, 2007 – 2019 yılları arasında Borsa İstanbul’da işlem gören 29 firmanın kurumsal yönetim derecelendirme notları ile borçlanma maliyetleri arasındaki ilişki araştırılmıştır. Panel veri tahmin modeli test sonuçlarına göre, tesadüfi etkiler panel veri analiz yöntemi tercih edilmiştir. Analiz sonuçlarında, borç maliyeti değişkeninin katsayısı istatistiksel olarak anlamlı ve negatif olarak elde edilmiştir. Buna göre, işletmelerin kurumsal yönetim derecelendirme notlarının yükselmesi borç maliyetleri üzerinde azaltıcı bir etkiye neden olmaktadır. Sonuç olarak, kurumsal yönetimin güçlendirilmesine yönelik yapılacak yatırımlar borçlanma maliyetlerini azaltarak, firmaların kâr marjlarının artmasına, nakit akışlarının güçlenerek finansal esnekliklerinin artmasına ve daha iyi bir finansal duruma sahip olmalarına yardımcı olabilir ve böylelikle firmaların uzun vadeli büyümesine ve sürdürülebilirliğine katkıda bulunabilir.

Anahtar Kelimeler: Kurumsal Yönetim, Borç Maliyeti, Finansmana Erişim, Panel Veri Analizi, Borsa İstanbul

JEL Sınıflandırması: G34, G32, C23

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