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Financial Performance Evaluation of Turkish Energy Companies with Fuzzy AHP and Fuzzy TOPSIS Methods

Posted on Wednesday September 14th, 2016Friday September 16th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Financial Performance Evaluation of Turkish Energy Companies with Fuzzy AHP and Fuzzy TOPSIS Methods
Author(s):	Kemal Eyuboglu, Pelin Celik
Volume:	7
Number:	3
Year:	2016
Page:	21-37
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016321806

Abstract

Turkey’s economy has expanded in recent years with the increase in energy consumption. Energy is a key input in production and plays a crucial role in the development of an economy. Energy sector interacts with other sectors hence the performances of energy firms are inevitable to follow-up. In the study thirteen energy firms are evaluated with 5 main and 15 sub-criteria for the period of 2008-2013. The 15 sub-criteria are classified in the following main criteria: liquidity, activity, financial leverage, profitability and growth ratios. The weights of the ratios are determined by Fuzzy AHP and then Fuzzy TOPSIS method is used for the rankings of the energy firms. Traditional multi-criteria decision making methods are not used in this study, due to the fact that they are insufficient under uncertainty. After 2008 global financial crisis, the uncertainty has increased all over the world hence the usage of fuzzy methods can provide better results under these conditions. Findings show that Avrasya Oil, Turcas and Aksu have the highest ranking.

Keywords:

Performance Evaluation, Fuzzy AHP, Fuzzy TOPSIS, Energy Sector, Multi-Criteria Decision Making

JEL Classification:

L61, G11, Q40

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Impact of Financial Literacy on the Behavioral Biases of Individual Stock Investors: Evidence from Borsa Istanbul

Posted on Wednesday September 14th, 2016Friday September 16th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Impact of Financial Literacy on the Behavioral Biases of Individual Stock Investors: Evidence from Borsa Istanbul
Author(s):	Sinem Ateş, Ali Coşkun, M. Abdullah Şahin, M. Levent Demircan
Volume:	7
Number:	3
Year:	2016
Page:	1-19
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016321805

Abstract

Financial literacy and behavioral biases are critical factors affecting the financial decisions and behaviors of investors. We survey 596 individual stock investors to measure their financial literacy, to examine their behavioral biases and to investigate the relationship between financial literacy and behavioral biases. Results suggest that around half of the investors have a low financial literacy level, their main source of financial information is advice from parents or friends, and they have a high level of behavioral biases. While some of these behavioral biases are independent of the level of financial literacy, there is a significant relationship between a number of other biases and the level of financial literacy.

Keywords:

Behavioral Finance, Financial Literacy, Behavioral Bias, Financial Decision, Stock Investors

JEL Classification:

G02, G11

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The Technical Efficiency of Hospital Inpatient Care Services: an Application for Turkish Public Hospitals

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Technical Efficiency of Hospital Inpatient Care Services: An Application for Turkish Public Hospitals
Author(s):	Emre Atilgan
Volume:	7
Number:	2
Year:	2016
Page:	203-214
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217537

Abstract

In this study, the efficiency analysis of Turkish Ministry of Health (MoH) hospitals’ inpatient care services is done by using the Stochastic Frontier Analysis (SFA) method. In the analysis, cross-sectional data on 459 acute-care hospitals in 2013 were used and the sample was consisted of only MoH general and teaching hospitals. A cross sectional version of SFA inefficiency effects model specification is used to estimate the inpatient care service production efficiency. The results of this paper suggest that, the technical inefficiency of inpatient care services of MoH hospitals is closely related with the hospital size. As the hospital capacity decreases or/and the role group of the hospital lowers down, the hospital efficiency scores reduces significantly. The other important finding of this paper is that the efficiency scores are inversely related with the socio-economic development level of the region or province where the hospital is located. The mean efficiency scores decreases in the western part of the Turkey which has the regions that are socio-economically more developed and more populated compared to the others.

Keywords:

Stochastic Frontier Analysis; Technical Efficiency; Hospital Efficiency; Inpatient Care Services; Inefficiency Effects

JEL Classification:

D24, I11

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Application of Fuzzy Multi-Criteria Decision Making Methods on Six Sigma Projects Selection

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Application of Fuzzy Multi-Criteria Decision Making Methods on Six Sigma Projects Selection
Author(s):	Engin Cakir, Muhsin Ozdemir
Volume:	7
Number:	2
Year:	2016
Page:	167-201
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217536

Abstract

Six sigma method widely applied in production and service businesses is known as a project-oriented method. In six sigma method, selection of the prior project among others can be considered as a multi-criteria decision-making problem. The conducted literature review has revealed that there is a large number of methods to select six sigma projects. It is more appropriate to use fuzzy multi-criteria decision making methods in project selection since evaluation criteria of six sigma projects include uncertainties. The aim of this study is to select the most appropriate project as a result of evaluating the projects by Fuzzy VIKOR, Fuzzy TOPSIS and Fuzzy COPRAS as methods of fuzzy multi-criteria decision-making and integrating the ranking scores obtained from each method by Copeland method. The proposed method has been implemented in a large scale production company, operating in Aydın ASTİM Organized Industrial Zone.

Keywords:

Six Sigma Projects, Fuzzy VIKOR, Fuzzy TOPSIS, Fuzzy COPRAS, Fuzzy AHP, Copeland Method

JEL Classification:

M11, C44, L20, C02, D70, O22

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The Moderating Effect of Price Conscious Purchasing Style on the Relationship of Quality Conscious Purchasing Style and Consumers Confusion

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Moderating Effect of Price Conscious Purchasing Style on the Relationship of Quality Conscious Purchasing Style and Consumers Confusion
Author(s):	Aydın Kayabasi, H. Feyyaz Ebeoglugil, Omur Ozkuk
Volume:	7
Number:	2
Year:	2016
Page:	149-166
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217535

Abstract

The shortening of product life cycle, heavy message traffic along with the products placed in the market with innovative strategies to meet the needs of different market segments, similar perceived characteristics and uncertainty can confuse the consumers. Businesses can reach the consumers through many different channels and consumers can obtain different consumers experiences, these made it possible that a lot of information can be assessed during the purchasing process. In addition to that, purchasing styles of consumers can be influenced by very different purchasing styles. This study aims to investigate the moderating effect of price-conscious purchasing style on the relationship of quality-conscious purchasing style and consumer confusion. Research is based on descriptive and relational model. Data were collected through structured questionnaires. Convenience sampling method was used as the sampling method. Factor analysis and hierarchical multiple regression were used during the data analysis. According to the research results, it is determined that price conciousness purchasing style has a moderating effect on the relationship of quality consciousness purchasing style and consumer confusion.

Keywords:

Cunsomers Confusion, Purchasing Style, Price-Conscious Purchasing Style, Quality-Conscious Purchasing Style

JEL Classification:

M31, D11

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The Effect of Perceived Quality of Meal Service Provided by Organization on Organizational Commitment and Job Satisfaction

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effect of Perceived Quality of Meal Service Provided by Organization on Organizational Commitment and Job Satisfaction
Author(s):	Haluk Erdem, Meral Calis Duman
Volume:	7
Number:	2
Year:	2016
Page:	135-149
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217500

Abstract

This study aims to determine the effects of perceived quality of meal service provided by organization on organizational commitment and job satisfaction. In order to analyse these relationships, data is gathered from public employees (n=204) whose lunch is organizationally provided in Bitlis Province. The results of the analysis (exploratory and confirmatory factor analyses, correlation and regression analysis) demonstrate that taste and management factors of perceived quality of organizationally provided meal service affect employees’ emotional commitment positively and significantly. Besides, the dimensions of the perceived quality of meal service namely taste, hygiene and managerial are observed to have no relationship with continual and normative commitment. In addition, management factors related to the way meal is served affect employees’ job satisfaction positively and significantly. It is also found that the demographic variables such as gender age and education have no significant effects on examined variables. The results are discussed through comparing with the studies in the literature.

Keywords:

Quality of Meal Service Provided by Organization, Taste Perception, Organizational Commitment, Job Satisfaction

JEL Classification:

L20, M54, M12, C31, C12

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Antecedents of Opportunity at Work: Evidence from White-Collar Employees in Turkey

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Antecedents of Opportunity at Work: Evidence from White-Collar Employees in Turkey
Author(s):	Elif Cicekli, Hayat Kabasakal
Volume:	7
Number:	2
Year:	2016
Page:	115-134
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217499

Abstract

Opportunities provided to employees at work facilitate important organizational outcomes. Although opportunity at work is a significant topic of research, antecedents of opportunity are under-explored. The study aims to analyze the relationships between opportunity at work and possible antecedents of opportunity, i.e. different types of leadership and high performance work practices. For this purpose, factor analyses and hierarchical multiple regression analyses are carried out using data from 550 white-collar employees. The results of analyses show that opportunity at work is explained with reference to three factors: Promotion, development, and recognition opportunities. Transactional, transformational, and participative leadership create at least one type of opportunity for employees. High performance work practices (HPWPs) predict development and promotion opportunity for employees working in different industries. The study fills a gap in the literature by exploring antecedents of opportunity at work, with important implications for both research and practice. Managers are advised to adopt the characteristics of transactional, transformational, and participative leadership in order to create opportunities for their subordinates. Moreover, organizations are recommended to employ HPWPs to create opportunities for their employees.

Keywords:

Promotion Opportunity, Development Opportunity, Recognition Opportunity, High Performance Work Practices, Leadership

JEL Classification:

M51, M53, M54

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The Impact of Real Oil Price on Real Exchange Rate in Oil Dependent Countries

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Impact of Real Oil Price on Real Exchange Rate in Oil Dependent Countries
Author(s):	Fatih Kaplan, Ali Riza Aktas
Volume:	7
Number:	2
Year:	2016
Page:	103-113
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217498

Abstract

The paper aims to research the effects of real oil prices on real exchanges rates in oil dependent countries. Panel data for 1995-2014 of 5 oil dependent countries is taken into consideration for this purpose. The originality of the paper is its use of new approach with cross-sectional dependency and cross-country heterogeneity both taken into account. Panel data analysis suggest that, increase in the real oil prices has a positively effect on real exchange rates. Moreover, when countries are taken into account separately, increase in the real oil prices has no effect on USA and China, positively effects in Canada and Mexico, but negatively effects real exchange rates in Russia.

Keywords:

Oil Price, Exchange Rate, Oil Dependent Countries, Panel Data Analysis

JEL Classification:

C23, F31, F41

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The Effects of Turkish Inward Processing Regime on Foreign Trade, Employment and Competitiveness

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effects of Turkish Inward Processing Regime on Foreign Trade, Employment and Competitiveness
Author(s):	Omer Tarik Gencosmanoglu
Volume:	7
Number:	2
Year:	2016
Page:	83-102
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217497

Abstract

This paper explores the impacts of an export promotion policy, namely the Inward Processing Regime, on Turkish trade, employment and competitiveness. Several trade indices as well as descriptive statistics are used to assess the effects of the regime for the period of 2002-2014. It is concluded that its implementation has not been effective more than the average progress in trade flows, employment and competitiveness. There is no clear evidence that Turkish exporters use the regime in order to avoid customs taxes and trade remedies. By reducing the cost of imported inputs with world prices and providing them in a timely manner, the regime places Turkish exporters on an equal footing with others in third countries. In addition, thanks to this regime Turkish businesses, in order to sell good quality products to the world, can reach raw materials, semi-manufactured products or high technology equipment that cannot be provided from the domestic market and that are necessary for an ambitious manufacturing process. Therefore, the application of Inward Processing Regime should be continued as a complementary part of the global supply chain.

Keywords:

Inward Processing Regime, Export Incentives, Competitiveness, Competitiveness Indices

JEL Classification:

F13, F14

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The Effect of Social Capital on Women Employment: A Study on Women Entrepreneurs in Tokat Province

Posted on Tuesday April 19th, 2016Tuesday April 19th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effect of Social Capital on Women Employment: A Study on Women Entrepreneurs in Tokat Province
Author(s):	Elif Ozlem Askin, Serap Baris
Volume:	7
Number:	2
Year:	2016
Page:	63-82
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016217496

Abstract

In this paper, the effects of social capital on women’s entrepreneurs which is an important way of increasing employment opportunities for women were examined in Tokat province. Within this framework, it has been aimed to suggest proposals about increasing women participation to employment as entrepreneurs and providing women entrepreneurs to utilize the social capital effectively in order to enhance their contiditions in employment. As a result of the study, it has been found that the social capital defined as strong ties with families, relatives and friends is effective on women employment as entrepreneurs when starting a business and sustaining it; but, weak ties defined as the cooperation with public institutions and organizations, non-govermental organizations, universities, professional organizations and other firms in the sector which provide greater and more chances have been found to be insufficient for obtaining resource and for their success compared to strong ties. Lower levels of education, responsibilities related to gender based occupational division cause women’s social networks to be limited. Pursuing the policies which enhance the social capital of women entrepreneurs in order to provide them to benefit from the social capital effectively is highly significant for increasing employment by the way of women entrepreneurship in the labor market.

Keywords:

Social Capital, Women Employment, Women Entrepreneurship, Gender, Tokat

JEL Classification:

E24, J21

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