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The Relationship Between the Indices of Volatility (VIX) and Sustainability (DJSEMUP): An ARDL Approach

Posted on Saturday January 28th, 2023Sunday January 29th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Relationship Between the Indices of Volatility (VIX) and Sustainability (DJSEMUP): An ARDL Approach
Author(s):	Gizem Vergili, Mehmet Sinan Celik
Volume:	14
Number:	1
Year:	2023
Page:	19-29
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.401

Abstract

This study aims to determine the cointegration relationship between Dow Jones Sustainability Emerging Markets Index (DJSEMUP) and the VIX Fear Index with monthly series between February 2013 and March 2020. This study, which examines the cointegration relationship between sustainability and volatility index from the perspective of emerging markets, is novel. First, unit root tests are utilized to understand the stationarity of the series. The unit root test results show that the VIX Index and DJSEMUP Index are not stationary at the same level. To this end, the ARDL (Autoregressive Distributed Lag) bounds test, which allows to detection of stationarity relationships at different levels, is applied to examine the cointegration relationship. The results show that there is a long-term relationship between the DJSEMUP Index and the VIX Index with a negative coefficient. As a result, long-term investors of companies included in the DJSEMUP Index can be recommended to invest by considering the VIX Index.

Keywords:

Sustainability, Sustainability Index, VIX Index, Stock Market, ARDL Bounds Test

JEL Classification:

C58, G11, Q56

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Unemployment – Corruption Relationship in OECD Countries: System GMM Approach

Posted on Saturday January 28th, 2023Sunday January 29th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Unemployment – Corruption Relationship in OECD Countries: System GMM Approach
Author(s):	Fatih Kirsanli
Volume:	14
Number:	1
Year:	2023
Page:	1-17
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.400

Abstract

Corruption, abuse of public office for private gain, is mainly found to impact macroeconomic indicators adversely in the long run. In this vein, this paper investigates the impact of corruption on unemployment in Organization of Economic Cooperation and Development (OECD) countries between 1996-2020. Utilizing World Governance Indicators (WGI) corruption data and implementing the system generalized method of moments (GMM) methodology to overcome endogeneity and reverse causality issues, the results indicate that corruption increases unemployment in all models when various variables are controlled for. The robustness checks with alternative econometric estimations (i.e., difference GMM, fixed effect, and ordinary least squares (OLS) regressions) and corruption index (i.e., Corruption Perception Index (CPI)) verify the conclusion of system GMM that higher corruption leads to higher unemployment. However, the magnitude depends on the model and specification. The results reveal that specific policies should be implemented to eliminate corruption in political and bureaucratic spheres so that the unemployment rate can be maintained around the natural rate of each country.

Keywords:

Unemployment, Corruption, OECD, System GMM, Fixed Effects

JEL Classification:

D73, E02, E24, J64

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(Turkish) Demografik Özelliklere Göre Çalışanların Uzaktan Çalışma Algıları Arasındaki Farklılıkların Analizi

Posted on Friday December 2nd, 2022Sunday January 29th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Analysis of the Differences between Employees’ Perceptions of Remote Working According to Demographic Characteristics
Author(s):	Duygu Toygur Eroglu, Ramazan Gundem, Umut Eroglu
Volume:	14
Number:	1
Year:	2023
Page:	87-107
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.399

Abstract

Although remote working has developed quite slowly from the 1970s when it came to the agenda until the time of the Covid-19 pandemic, it has turned into a necessary working practice due to the extraordinary conditions caused by the pandemic. The prominence of remote working as a phenomenon that has become widespread with the pandemic has made its possible benefits in terms of organizations, employees, society, and the environment more visible. At the same time, the difficulties encountered in remote working practices have drawn the attention of both researchers and practitioners in this direction. This study aims to reveal whether the perceptions of remote workers in businesses about their remote working experiences differ according to their demographic characteristics. Data were collected from 667 people with remote working experience using a survey method. Data were analyzed using t-test and one-way analysis of variance (ANOVA). The findings of the study showed that there is no statistically significant difference between the general remote working perceptions of the employees according to the stated demographic variables. In spite of that, it was determined that there are significant differences according to demographic variables in the relevance, impact on society, organizational support, affecting relationships, work-life balance, financial contribution and skill development dimensions of the remote working perception scale.

Keywords:

Remote Working, Teleworking, Working from Home, Perceptions of Remote Working

JEL Classification:

M12, J20, L20

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Mediating Roles of the Switching Costs and Attraction of Alternatives in the Value-Satisfaction-Loyalty Chain: GSM Operators Implementation

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Mediating Roles of the Switching Costs and Attraction of Alternatives in the Value-Satisfaction-Loyalty Chain: GSM Operators Implementation
Author(s):	Alaiddin Kosar, Umit Dogrul
Volume:	13
Number:	4
Year:	2022
Page:	707-724
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.398

Abstract

In this study, the relationships between value-satisfaction-loyalty are examined. It is also examined whether switching costs and the attractiveness of alternatives have mediating roles in the effect of customer satisfaction on customer loyalty. The study is important because there is no similar study in the national literature in the context of the variables used, the model created, and the sector examined. In this context, the data is collected through face-to-face questionnaires from 400 people residing in Mersin province in Turkey. Structural equation modeling is used in the data analysis. A result of the research, it is found that all perceived value dimensions, except emotional value, have a significant and positive effect on customer satisfaction, customer satisfaction affects customer loyalty and switching costs positively, while the attractiveness of alternatives affects negatively, the attractiveness of alternatives affects customer loyalty negatively, and switching costs do not have a significant effect on the attractiveness of alternatives. Moreover, in the effect of customer satisfaction on customer loyalty, both switching costs and the attractiveness of alternatives have partial mediating roles.

Keywords:

Value, Customer Satisfaction, Customer Loyalty, Switching Costs, Attractiveness of Alternatives

JEL Classification:

M10, M31

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Factors Building Consumer Trust in Instagram Stores and the Influence of Trust in Instagram Stores on Purchasing Intention

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Factors Building Consumer Trust in Instagram Stores and the Influence of Trust in Instagram Stores on Purchasing Intention
Author(s):	Yesevi Alperen Yasa, Ruziye Cop
Volume:	13
Number:	4
Year:	2022
Page:	687-705
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.397

Abstract

That Instagram is one of the most used social media platforms around the world which makes this application also one of the largest global markets in the world. People or businesses may easily set up a virtual store by employing the application Instagram. However, in order to achieve success in Instagram, it is necessary to gain the trust of consumers just like in e-commerce sites. The aim of this study is to determine factors forming the trust in Instagram stores and effect of the trust in Instagram stores on the purchase intention. Within this scope, 439 people were surveyed, which were selected by means of convenience sampling method, are Instagram users. Variance-based structural equation modeling was employed for analyses. In the conclusion of analyses carried out, it was detected that factors pertaining to the propensity to trust, customer endorsement, user likes and the number of followers, the perceived integrity, perceived benevolence, and perceived competence of an Instagram vendor have an effect on the trust of consumers in Instagram stores. Furthermore, it was concluded that the trust in Instagram stores had an effect on the purchase intention of users from Instagram stores.

Keywords:

Instagram Stores, Instagram Shopping, Online Retailing, Consumer Trust, Social Media Marketing

JEL Classification:

M31, L81, L82

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Determination of Factors Related to the Acceptability of Obesity Tax by Logistic Regression Analysis

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Determination of Factors Related to the Acceptability of Obesity Tax by Logistic Regression Analysis
Author(s):	Zuhal Akbelen, Zehra Berna Aydin, Hatice Resber
Volume:	13
Number:	4
Year:	2022
Page:	671-685
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.396

Abstract

Obesity is a common disease all over the world recently. Obesity poses a significant threat to national and global public health in terms of prevalence, spread, and economic burden. In the international arena, states are taking precautions against obesity. One of these measures is the obesity tax on unhealthy foods. However, although the obesity tax is applied by many states today, the success of this tax will vary depending on the attitudes of individuals towards the obesity tax. In this context, the aim of the research is to determine the factors related to the acceptability of obesity tax by using binary logistic regression analysis, which is one of the logistic regression methods. In the research, data were collected from 504 people on the internet using the convenience sampling technique. As a result of the analysis, it was seen that the views on the obesity tax and obesity culture have a significant effect on the acceptability of the obesity tax. Despite that, weight, education, monthly net income, food consumption, and sports habits variables did not have a significant effect on the acceptability of the obesity tax.

Keywords:

Obesity, Obesity Tax, Obesity Culture, Obesity Costs, Logistic Regression

JEL Classification:

H23, H27

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Investigation of The Relationship of Tax Revenues and Government Expenditures in Turkey: Evidence by Fourier Approaches

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Investigation of The Relationship of Tax Revenues and Government Expenditures in Turkey: Evidence by Fourier Approaches
Author(s):	Abdullah Emre Caglar, Ersin Yavuz
Volume:	13
Number:	4
Year:	2022
Page:	657-669
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.395

Abstract

The aim of the study is to test the validity of tax-spend, spend-tax, fiscal synchronization, and institutional separation hypotheses in the relationship between tax revenues and government expenditures in Turkey for the period 1975-2021. In analysis, Enders and Lee (2012) ADF type Fourier unit root test, Tsong et al. (2016) Fourier cointegration approach, DOLS estimator, and Nazlioglu et al. (2016) Fourier Toda-Yamamoto causality test is applied. As a result of the analysis, the Fourier cointegration approach reveals that there is a cointegration relationship between the variables in the model where tax revenues are the dependent variable. According to the DOLS estimator, a 1% increase in government expenditures positively affects tax revenues by 0.66%. The causality findings provide evidence that there is unidirectional causality from government expenditures to tax revenues. As a result, the findings indicate that the expenditure-tax hypothesis is valid in the examined period. Therefore, governments should focus on government expenditures in order to balance the budget.

Keywords:

Tax Revenues, Government Expenditures, Fourier Causality, Fourier Cointegration

JEL Classification:

C23, H20, H50

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Prioritizing the Digitalization Barriers: An AHP Application in the Turkish Logistics Industry

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Prioritizing the Digitalization Barriers: An AHP Application in the Turkish Logistics Industry
Author(s):	Ipek Akman Durgut, Ilke Sezin Ayaz, Esra Baran Kasapoglu
Volume:	13
Number:	4
Year:	2022
Page:	639-656
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.394

Abstract

Digitalization has become an essential part of the logistics industry in the rapidly developing and changing environment. Considering the benefits that might provide to the logistics industry, revealing the barriers to digitalization has significant importance. In this study, barriers encountered in the transition to digital systems in the logistics sector in Turkey were prioritized with the Analytical Hierarchy Process method. According to the evaluations of ten experts, the barriers encountered are categorized under five groups as organizational, managerial, technical, financial, and the barriers arising from customer expectations. It has been determined that financial barriers were identified as the main barrier to the digitalization of the logistics industry. Technical barriers were determined in the second place, and barriers from customer expectations were the least prioritized barrier. With this exploratory study, it is expected to contribute to the literature by determining and prioritizing the barriers to digitalization in the Turkish logistics sector.

Keywords:

Digitalization, Barriers, Logistics, Logistics Industry, Analytical Hierarchy Process Method

JEL Classification:

O33, L91

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The Relationship Between Geopolitical Risk and Foreign Direct Investments and Financial Development: Kónya Panel Causality Analysis

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Relationship Between Geopolitical Risk and Foreign Direct Investments and Financial Development: Kónya Panel Causality Analysis
Author(s):	Turgay Ceyhan, Nazlıgul Gulcan
Volume:	13
Number:	4
Year:	2022
Page:	625-637
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.393

Abstract

Geopolitical developments have significant effects on the economic and financial indicators of the countries due to the fact that the economies of the countries are open to external shocks. Rising geopolitical risks increase political and economic uncertainties and cause significant fluctuations in financial investments and capital movements. In this context, in this study, the effect of geopolitical risk on foreign direct investments and financial development was investigated. The 1985-2020 annual data of Canada, France, Germany, Italy, Japan, Russia, the United States, and the United Kingdom (G8 countries) were analyzed with the Kónya (2006) panel causality test. As a result of the analysis, it was found that there is a causality from geopolitical risk to foreign direct investments and financial development. In the case of countries, geopolitical risks in Canada, France, Germany, Russia and the United Kingdom are the Granger cause of foreign direct investment; geopolitical risks in Japan, Russia, the United States and the United Kingdom were determined to be the Granger cause of financial development.

Keywords:

Geopolitical Risk, Foreign Direct Investments, Financial Development, Cross-Section Dependence, Panel Causality

JEL Classification:

G32, F21, C23

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The Relation Between Trading Volume and Return Volatility: Evidence from Borsa Istanbul

Posted on Monday October 17th, 2022Wednesday October 19th, 2022 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Relation Between Trading Volume and Return Volatility: Evidence from Borsa Istanbul
Author(s):	Deniz Ikizlerli
Volume:	13
Number:	4
Year:	2022
Page:	607-623
ISSN:	2619-9491
DOI Number:	10.20409/berj.2022.392

Abstract

This study investigates the relationship between volume and volatility in the context of the Mixture of Distribution Hypothesis (MDH) and Sequential Information Arrival Hypothesis (SIAH) with respect to company size in Borsa Istanbul (BIST). Employing the generalized method of moments (GMM) method and granger causality tests, we find statistical evidence supporting the MDH for large-cap stocks, whereas we document no evidence of contemporaneous interaction between volume and volatility for mid-cap and small-cap stocks. This suggests that the dissemination of information in the stock market appears to be primarily through large firms. Our findings for large cap stocks have not changed across economic states. In terms of SIAH, for the stocks of companies of any size, we document uni-directional causality running from volatility to volume but not the other way around which is not consistent with the SIAH. However, we find supporting evidence of the SIAH for large cap stocks during the expansion periods.

Keywords:

Mixture of Distribution Hypothesis (MDH), Sequential Information Arrival Hypothesis (SIAH), Trading Volume, Return Volatility, Granger Causality, GMM

JEL Classification:

G10, G12, G14

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