Manuscript2 – Page 26 – BUSINESS AND ECONOMICS RESEARCH JOURNAL

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Integrated Usage of the SERVQUAL and Quality Function Deployment Techniques in the Assessment of Public Service Quality: The Case of Ardahan Municipality

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Integrated Usage of the SERVQUAL and Quality Function Deployment Techniques in the Assessment of Public Service Quality: The Case of Ardahan Municipality
Author(s):	Kursad Emrah Yildirim, Ali Yildirim, Sami Ozcan
Volume:	10
Number:	4
Year:	2019
Page:	885-901
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.208

Abstract

Public services delivered by municipalities can be directly evaluated by citizens living within the border of the services presented. The purpose of this study is to introduce perception differences between the expectations and meeting these expectations of the citizens living in the service area of Ardahan Municipality and to present suggestions to the municipal authorities. Within the scope of this purpose, SERVQUAL (Service Quality) scale was used, perception about the municipality services was evaluated and service design was developed to increase the service quality of the Municipality through the Quality Function Deployment (QFD) technique. As a result of the survey applied to 382 citizens living in Ardahan centrum, the biggest difference between perception and expectation has found out in the reliability factor with 28.92%. Tangibles factor has been possessed the lowest importance percentage with 12.42%. Examining the technical requirements, the most important requirements have been found out as follows: height of service banks (8.17%), increasing landscaping works (7.07%), virtual support and private telephone line application (6.8%).

Keywords:

Public Service, Service Quality, Municipality, SERVQUAL, Quality Function Deployment

JEL Classification:

C63, H70, Z18

Full Text ( ↓ 2103)

The Functioning Of The Bank Credit Channel: The Application Of Turkey (2011-2018)

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Functioning Of The Bank Credit Channel: The Application Of Turkey (2011-2018)
Author(s):	Alparslan Serel, Huseyin Guvenoglu
Volume:	10
Number:	4
Year:	2019
Page:	867-883
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.207

Abstract

The monetary authorities are trying to be effective on the real economy with their monetary policies. Monetary policies affect economic activities through monetary transmission mechanism. In the literature, it is seen that monetary policy transmission channels are gathered under five different headings as interest rate channel, asset prices channel, exchange rate channel, credit channel and expectation channel. In order for the monetary authorities to reach their desired targets on economic activities, it is important to determine which transmission channel operate effectively. In this study, the effectiveness of the bank credit channel in Turkey, vector autoregression (VAR) with the help of the method, 2011: 01-2018: 12 period were analyzed using monthly data. The findings of the analysis show that the bank credit channel in Turkey is effective.

Keywords:

Monetary Transmission Mechanism, Bank Credit Channel, VAR Model

JEL Classification:

E44, E52, C32

Full Text ( ↓ 2475)

The Effect of Sociodemographic Variables and Love of Money on Financial Risk Tolerance of Bankers

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effect of Sociodemographic Variables and Love of Money on Financial Risk Tolerance of Bankers
Author(s):	Adem Anbar, Melek Eker
Volume:	10
Number:	4
Year:	2019
Page:	855-866
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.206

Abstract

The purpose of this study is to explore the effect of sociodemographic variables and love of money on financial risk tolerance levels among bankers. The sociodemographic variables used in the study are age, gender, marital status, number of children, education, monthly income, years in occupation and sector (public or private). The study also investigates the relationship between love of money which is one of the personal characteristics and financial risk tolerance. Data is gathered from 259 bankers with a structured questionnaire. Results of the multiple regression analysis show that while there is a positive and significant relationship between number of children, education, and monthly income and financial risk tolerance, there is a negative and significant relationship between marital status and years in occupation. According to t-test and ANOVA analysis, there are significant differences in financial risk tolerance level according to the love of money, age, number of children, level of education, and years in occupation.

Keywords:

Financial Risk, Financial Risk Tolerance, Bankers

JEL Classification:

G11, G20, G41

Full Text ( ↓ 2246)

The Stock Price Behavior of Participation Index Firms: The Event Study on Borsa Istanbul

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Stock Price Behavior of Participation Index Firms: The Event Study on Borsa Istanbul
Author(s):	Yasemin Deniz Koc, Sibel Celik, Hakan Celikkol
Volume:	10
Number:	4
Year:	2019
Page:	845-853
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.205

Abstract

The index type created from the stocks of companies operating in accordance with Islamic principles is called “participation index”. In this study, whether the inclusion of companies operating in Borsa Istanbul National Market and in accordance with Participation Banking principles in the BIST Participation 30 Index had an effect on the price of stocks, was analyzed with the event study method. As a result of the analysis, it was observed that the cumulative abnormal returns had been on decline before the companies were included in the participation index, and the decline continued on the day of the event and the following days. The findings obtained are meaningful and typical for all relevant economic units, especially for investors and market makers.

Keywords:

Participation Index, BIST Participation 30 Index, Borsa Istanbul, Event Study Method, Stock Prices, Cumulative Abnormal Return

JEL Classification:

G10, G14, G21

Full Text ( ↓ 2232)

Impact of Forward Looking Disclosures on Stock Prices: Evidence from Borsa İstanbul

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Impact of Forward Looking Disclosures on Stock Prices: Evidence from Borsa İstanbul
Author(s):	Saim Kilic
Volume:	10
Number:	4
Year:	2019
Page:	833-844
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.204

Abstract

The study examines the impact of disclosures of forward looking statements by companies listed on Borsa İstanbul on stock prices during the period of January 2014 – January 2019. For this purpose, a total of 43 disclosures, 23 of which were positive and 20 of which were negative, were included in the study and analyzed by the Event Study method. According to the results of the study, firstly, it has been found that forward looking disclosures have statistically significant impact on stock returns and investor’s investment decisions. Secondly, when the impact of the positive disclosures and the impact of the negative disclosures were compared; it has been seen that the first impact of the negative disclosures is stronger than the first impact of the positive disclosures, whereas the effect of the negative disclosures lasts shorter than the effect of the positive disclosures. Especially it has been observed that a great majority of the positive disclosures have been effective on the stock prices up to next five transaction days and a great majority of the negative disclosures on the next three transaction days.

Keywords:

Forward Looking Statements, Forward Looking Information, Disclosure, Abnormal Return, Event Study

JEL Classification:

G14, G19

Full Text ( ↓ 2303)

Macroeconomic Fundamentals of Turkey Stock Market Volatility

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Macroeconomic Fundamentals of Turkey Stock Market Volatility
Author(s):	Huseyin Tastan, Arifenur Gungor
Volume:	10
Number:	4
Year:	2019
Page:	823-832
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.203

Abstract

The aim of this study is to investigate the relationship between the slowly moving long-run component of daily volatility of Turkish stock market and a set of monthly macroeconomic variables. In the first stage, we estimate the long-term volatility of BIST100 index using GARCH-MIDAS (Mixed Data Sampling) method. Subsequently, we examine the relationship between the long-term volatility component and interest rate, USD/TL exchange rate, inflation rate, CDS premium, real sector confidence index and the volatility of S&P500 index using an autoregressive distributed lag (ARDL) model. Empirical results suggest that the most significant macroeconomic variable affecting the long-run volatility of BIST100 index is the exchange rate. Also, we show that the long-run volatility of BIST100 index is positively associated with both CDS premium and the volatility of S&P500. Finally, we find that an increase in real sector confidence index leads to a decrease in the long-run component of the BIST100 index volatility.

Keywords:

Stock Market, Volatility, Macroeconomy, MIDAS, ARDL, BIST100

JEL Classification:

C22, C58, G10

Full Text ( ↓ 2450)

Examining the Dynamics of Macroeconomic Indicators and Banking Stock Returns with Bayesian Networks

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Examining the Dynamics of Macroeconomic Indicators and Banking Stock Returns with Bayesian Networks
Author(s):	Fatma Busem Hatipoglu, Umut Uyar
Volume:	10
Number:	4
Year:	2019
Page:	807-822
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.202

Abstract

According to the modern portfolio theory, the direction of the relationship between the securities in the portfolio is stated to be effective in reducing the risk. Moreover, securities in high correlation are avoided by taking place in the same portfolio. The models structured by the Bayesian networks are capable of visually illustrate the probabilistic relationship. Also, portfolio returns could be refreshed simultaneously when new information has arrived. The study aims to provide dynamic information through Bayesian networks and to investigate the relationship between macroeconomic indicators and stock returns of Turkish major bank stocks based on the Arbitrage Pricing Model. The dataset includes stock returns of four banks listed in the Borsa Istanbul from June 2001 to January 2017. Besides, macroeconomic variables such as BIST-100 Index, oil prices, inflation, exchange, and interest rate & money supply are gathered for the same period. The results suggest that the Bayesian network models allow dynamics among stock returns could be investigated in more detail. Additionally, it determines that macroeconomic variables would have various impacts on stock returns on bank stocks by comparison of the conventional methods.

Keywords:

Arbitrage Pricing Model, Bayesian Networks, Machine Learning, Portfolio Selection Theory, Banking Stocks

JEL Classification:

C11, G11, G12

Full Text ( ↓ 2260)

An Evaluation of the Effects of Turkey’s New Policy Mix on Financial Stability and Price Stability

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	An Evaluation of the Effects of Turkey’s New Policy Mix on Financial Stability and Price Stability
Author(s):	Ali Ilhan, Metin Ozdemir
Volume:	10
Number:	4
Year:	2019
Page:	789-806
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.201

Abstract

After the global financial crisis, it has been seen that many emerging markets like Turkey have developed policy frameworks that allow for price stability and financial stability taken together. The CBRT has implemented new policy mix since November 2010, in response to need to respond flexibly to the problems faced by orthodox inflation targeting and the changes in global capital flows. In this study, it is aimed to evaluate the policies implemented under new policy mix. Analyzing the monetary policy and macroprudential policy practices within the framework of new policy mix, it has seen that policies have shown a successful performance in achieving the intermediate targets that determined in line with financial stability. On the other hand, it should be noted that policymakers -to keep single digit interest rates permanent and sustain economic growth- ignored the internal risks of the new policy mix and delayed the steps that required for normalization of monetary policy. However, the use of macroprudential policy for the purpose of economic growth has created policy dilemmas due to an unstable course of economic growth that caused by to the rise in inflation rate and changing the global policy environment. Although the new policy mix has seen to be successful in achieving financial stability, it has to be stated that due to the delay in normalization and the lack of price stability make it a victim of its own success.

Keywords:

Financial Stability, Price Stability, Macroprudential Policy, Monetary Policy, Turkish Economy

JEL Classification:

E52, E58, G18

Full Text ( ↓ 2857)

Analysis of the Causality Relationship between Brent Crude Oil Prices and Energy Import in Turkey Under Structural Breaks

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Analysis of the Causality Relationship between Brent Crude Oil Prices and Energy Import in Turkey Under Structural Breaks
Author(s):	Esra N. Kilci
Volume:	10
Number:	4
Year:	2019
Page:	777-788
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.200

Abstract

Turkey, struggling with the problem of high current account deficit, is an energy dependent country due to lack of oil reserves. Therefore, the changes in energy prices do have impacts on balance of payments through import channel. Considering that energy imports constitutes the biggest share of current account deficit, it is expected that the rise in oil prices will increase the imports upwards. The purpose of this study is to analyze the causality relationship from Brent crude oil prices to energy import by using the monthly data in the period of 2006:08-2018:12. The unit root properties of the series are tested by using Fourier KPSS (2006) unit root test and the causality relationship between the series is investigated by employing Fourier Granger (2016) causality test. Both these tests take into account the impact of multiple structural breaks. The results indicate that there is a causality relationship from Brent crude oil prices to energy import in Turkey in the relevant period.

Keywords:

Crude Oil Prices, Energy Import, Current Account Deficit, Structural Breaks

JEL Classification:

C10, Q41, Q43

Full Text ( ↓ 2461)

The Impact of Government Size on Output Volatility: Evidence from World Economies

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Impact of Government Size on Output Volatility: Evidence from World Economies
Author(s):	Gamze Oz-Yalaman, Deniz Sevinc, Guven Sevil
Volume:	10
Number:	4
Year:	2019
Page:	761-776
ISSN:	2619-9491
DOI Number:	10.20409/berj.2019.199

Abstract

One of the most important goals of policy-makers is to achieve macroeconomic stability, which could significantly be affected by output volatility. In an effort to provide insights with regard to macroeconomic stability, this study aims to model the volatility of output by using univariate GARCH models and to examine the impact of government size on output volatility by using extensive data set from eight different classifications of world economies for the period between 1960 and 2017. The study also employs the Granger Causality Analysis to determine the direction of this relationship. The results provide strong evidence for a negative relation between government size and output volatility. Output volatility is largely dependent on its own shocks and negatively influenced by outside shock as government size. Moreover, confirming Keynesian Hypothesis, the results show that there is mostly one-way causality from government size to output volatility. The results are robust in terms of different classifications of world economies, different measurements of output volatility, different methodologies and controlling for the effect of different sets of exogenous variables.

Keywords:

Output Volatility, Government Expenditure, Univariate GARCH Model, Granger Causality

JEL Classification:

C01, H5, N10, O47

Full Text ( ↓ 2445)