Manuscript2 – Page 34 – BUSINESS AND ECONOMICS RESEARCH JOURNAL

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The Role of the Innovation in the Relationship between Intellectual Capital and Organizatıonal Performance in the Maritime Firms

Posted on Sunday July 29th, 2018Monday July 30th, 2018 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Role of the Innovation in the Relationship between Intellectual Capital and Organizatıonal Performance in the Maritime Firms
Author(s):	Murat Yorulmaz, Guler Alkan
Volume:	9
Number:	3
Year:	2018
Page:	631-650
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.128

Abstract

The main objective of this study is to determine the causal relationships between intellectual capital, organizational performance and innovation in maritime transport firms operating in a global and dynamic competitive environment. It is also another purpose of the study to find out whether there is a mediating variable role in this related innovation. For the purpose of the study, data were collected by survey from 413 executives working in 262 maritime transport operations registered in Istanbul and Marmara, Aegean, Mediterranean and Black Sea Regions Maritime Chamber of Commerce (İMEAK) and Mersin Chamber of Shipping (MDTO). Using the obtained data, research hypotheses were tested with the aid of statistical package programs SPSS 21 and AMOS 21. As a result of the analysis, it was found that the intellectual capital consisting of human, structural and relational capital components has a positive and significant effect on organizational performance and innovation, also innovation has a partial mediating variable effect on this.

Keywords:

Intellectual Capital, Innovation, Marine Management, Maritime Transport

JEL Classification:

M10, M12

Full Text ( ↓ 2563)

Taxation of Payments to The Member of the Board of Directors of Joint-Stock Company

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Taxation of Payments to The Member of the Board of Directors of Joint-Stock Company
Author(s):	Ugur Yigit
Volume:	9
Number:	3
Year:	2018
Page:	619-630
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.127

Abstract

Chairman and the members of the board of directors can be made payments in different names by the joint-stock companies. A member of the board of directors of a company may be a shareholder of this company at the same time. Because of being a shareholder of the company, the member of the board of directors can be paid dividend. It is possible that a member of the board of directors of a company who is at the same time a shareholder of the company, may also be employed as general manager or assistant general manager based on a contract of employment and in return of this employment, wage can be payed. In this case, payment can be made to the relevant person based on the three titles (member of the board of directors/shareholder of the company/employee of the company). Both the payments made to a natural person chairman of the board of directors and a member, being a shareholder and an employee of the company at the same time and taxation of these payments constitute the subject of this study.

Keywords:

Member of the Board of Directors, Shareholder of a Company, Employee, Wage, Dividend

JEL Classification:

H27, H29, K34

Full Text ( ↓ 8344)

Effects of 2008 Financial Crisis on Dividend Payout Policies of Istanbul 100 Index Listed Companies

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Effects of 2008 Financial Crisis on Dividend Payout Policies of Istanbul 100 Index Listed Companies
Author(s):	Hazal Tasci, Turhan Korkmaz
Volume:	9
Number:	3
Year:	2018
Page:	605-618
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.126

Abstract

In this study, both the factors affecting the dividend policy and the effect of the financial crises on the dividend policy of the companies were examined based on the 2008 Crisis. For this purpose, the analysis period is divided into three parts as whole period; 2004-2016, pre-crisis period; 2004-2008 and post-crisis period; 2009-2016 and the analysis has been performed by exercising panel data method as using financial data of 43 firms listed in ISE 100 Index. Consequently, a positive relation has been detected among dividend payout ratio being a dependent variable, firm profitability, growth opportunities, retain earning/equity ratio and cash ratio. Contrary to expectations, a positive relationship was found between growth opportunities and dividend payout ratio. On the other hand, it is identified that the factors influencing dividend policy of the firms change and cash ratio increase substantially at crisis periods. Due to the current liquidity problem, many companies have reduced dividend payout ratios in 2009-2010, but continue to pay. This proves that the information content and signaling effect of the dividend is valid even in times of crisis.

Keywords:

Dividend Policy, Financial Crisis, BIST 100, Panel Data, Signaling Theory

JEL Classification:

G35, G10

Full Text ( ↓ 2109)

Effects of 2008 Financial Crisis on Dividend Payout Policies of Istanbul 100 Index Listed Companies

Posted on Sunday July 29th, 2018 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Effects of 2008 Financial Crisis on Dividend Payout Policies of Istanbul 100 Index Listed Companies
Author(s):	Hazal Tasci, Turhan Korkmaz
Volume:	9
Number:	3
Year:	2018
Page:	605-618
ISSN:	2619-9491
DOI Number:

Abstract

Keywords:

Dividend Policy, Financial Crisis, BIST 100, Panel Data, Signaling Theory

JEL Classification:

G35, G10

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Do Accounting Standards affect the Business Performance and Financial Statement Manipulation on the banks

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Do Accounting Standards affect the Business Performance and Financial Statement Manipulation on the banks
Author(s):	Ali Ihsan Akgun
Volume:	9
Number:	3
Year:	2018
Page:	589-603
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.125

Abstract

Financial statement manipulation has been well-rounded analyzed in both finance and accounting literature as it is important to determine whether firms could affect both performance and accounting standards. The purpose of this study is to examine cases of financial reporting manipulations which were subject to published enforcement actions by the Securities Exchange Commission (SEC), Securities Class Action Clearinghouse (SCAC), Accounting and Auditing Enforcement Releases (AAERs) and General Accounting Office (GAO) between 1996 and 2014 for reasons of alleged financial misstatements in the USA. Therefore, this study will provide to examine the relationship between bank performance and financial statement manipulations in the accounting standards. More importantly, although financial misconduct such as financial reporting manipulation is an emerging topic of great importance, a comprehensive literature review of the subject has yet to be carried out in terms of accounting standards. In this context, this study focuses on financial reporting manipulation within the context of International Financial Reporting Standards (IFRS). This study is contributed to the literature by examining the impact of financial reporting manipulation within the same or different systems of accounting standards on bank financial reporting. Findings suggest that banks that manipulate financial statements increase their operating profitability and productivity as a measure of financial performance used in the IFRS.

Keywords:

Financial Statement Manipulation, Corporate Governance, Firm Performance, International Financial Reporting Standards

JEL Classification:

G14, G30, G34, M40, M41

Full Text ( ↓ 2410)

Effect of Mandatory IFRS Adoption on Cost of Debt in Turkey

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Effect of Mandatory IFRS Adoption on Cost of Debt in Turkey
Author(s):	Hakan Ozkaya
Volume:	9
Number:	3
Year:	2018
Page:	579-588
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.124

Abstract

The ultimate aim of financial reporting is the communication between companies and their stakeholders. To better serve this ultimate aim, International Accounting Standards Board (IASB) required all European Union listed companies to adopt International Financial Reporting Standards (IFRS) starting from January 1, 2005. Some of other emerging countries like Turkey also complied with this requirement. In this paper, whether mandatory adoption of IFRS in 2005 caused a decrease in average cost of debt of Turkish manufacturing firms or not is tested. A cross-section fixed effect panel model was employed for a data set of 138 companies and 646 firm-year observations between years 2002 and 2008. Results show that firms in the sample have a significantly lower cost of debt after adoption year. Moreover, while; firm size, current ratio, GDP growth and interest rates have a positive association with the cost of debt, tangibility and interest coverage have a negative effect on the cost of debt.

Keywords:

IFRS Adoption, Cost of Debt, Financial Reporting, Information Asymmetry, Determinants of the Cost of Debt

JEL Classification:

M41, M48

Full Text ( ↓ 2341)

Invidual Investors’ Behaviour on Stock Selection Decision: A Case of BIST

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Invidual Investors’ Behaviour on Stock Selection Decision: A Case of BIST
Author(s):	Duygu Arslanturk Collu
Volume:	9
Number:	3
Year:	2018
Page:	559-578
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.123

Abstract

The study seeks to determine the main factors influencing stock selection decisions of individual investors in Borsa İstanbul (BİST). To achieve this objective, an integrated Decision Making Trial and Evaluation Laboratory (DEMATEL) and Analytic Network Process (ANP) method was used and a five-point Likert scale survey questionnaire was designed. The questionnaire included twenty one factors that belong to five categories, namely, accounting information; recommendations; personal financial needs, firm specific attributes and other factors. The results show that there are six most important factors affecting the stock selection decisions of individual investors at the BIST which are brokerage house recommendations, willingness of taking risk for high returns, get rich quick, opinions of the firm’s majority stockholders, suggestions from friends and family and diversification needs. On the other hand, three factors were found to be the least influencing factors on individual investors’ stock selection decisions. The least influencing factors in order of importance were sensitivity of firm performance to overall market performance, fluctuations/developments in the indices of the major markets, affordable share price.

Keywords:

Stock Selection Decision, Invidual Investor, DEMATEL, ANP, BIST

JEL Classification:

G11, G41, C39

Full Text ( ↓ 2271)

Adjustment to Target Capital Structure and Global Financial Crisis: Evidence from Turkey

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Adjustment to Target Capital Structure and Global Financial Crisis: Evidence from Turkey
Author(s):	Yilmaz Yildiz
Volume:	9
Number:	3
Year:	2018
Page:	543-557
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.122

Abstract

The aim of this study is to investigate the adjustment speed towards target capital structures of the publicly-traded firms in Turkey for the period 2003-2016. To observe the impact of the 2007-2009 global financial crisis on the adjustment speed, additional estimations for the sub-periods are also employed. Consistent with the dynamic trade-off theory, Turkish firms adjust their capital structures to reach the target but the adjustment speed is relatively slow. The findings reveal that firms tend to close the gap between their current and target level of leverage by approximately 12% – 14%, each year. However, the adjustment speed is significantly lower for the post-crisis period (9% – 10%) than the crisis and pre-crisis periods (14%-16%). Additional findings also show that over-levered firms tend to adjust their capital structures more quickly than the under-levered firms. The findings are robust to different methods of estimations and also different considerations of the time periods.

Keywords:

Speed of Adjustment; Dynamic Capital Structure; Trade-off Theory; Financial Crisis; Turkey

JEL Classification:

C23, G3, G32

Full Text ( ↓ 2359)

Forecasting Sales Revenues of Turkish Manufacturing Industry by Grey Forecasting and Markov Model

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Forecasting Sales Revenues of Turkish Manufacturing Industry by Grey Forecasting and Markov Model
Author(s):	Selahattin Kaynak, Mirac Eren
Volume:	9
Number:	3
Year:	2018
Page:	531-542
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.121

Abstract

Turkish manufacturing industry has been increasingly important with the adoption of free market economy. It has become the driving force of the Turkish economy in terms of employment, production and exports. In terms of capital ownership, in Turkish manufacturing industry; public, private and foreign capital type companies operate in different status. The aim of this study is to predict the sales income trends of the public, private and foreign capital types operating in different positions in terms of capital ownership in the Turkish manufacturing industry through the Grey and Markov model. The grey model for estimating the total sales revenue of the firms, and the new Markov approach based on the quadratic programming model for their trends have been proposed. These models were used to forecast the total sales of firms for the period 2004-2014 and to estimate the trends of 2017-2022 period. In the scope of the research, the sales revenues of Turkey’s largest 500 industrial firms, operating in the manufacturing industry were analyzed. The analyzed dataset covers the period 1993-2014. As a result of the analyzes, it has been found that in the Turkish manufacturing industry, the weight of public capital is gradually decreasing and that the private capital has a high level of penetration.

Keywords:

Manufacturing Industry, Markov Model, Quadratic Programming, Grey Model

JEL Classification:

D29, D41, E23

Full Text ( ↓ 2142)

Institutional Change and Economic Policy Coordination for Turkey

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Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Institutional Change and Economic Policy Coordination for Turkey
Author(s):	Pinar Ozdemir Cukadar, Nese Algan
Volume:	9
Number:	3
Year:	2018
Page:	513-529
ISSN:	2619-9491
DOI Number:	10.20409/berj.2018.120

Abstract

Aim of this study is to investigate instiutional change of economic policies and to examine whether policies are well coordinated or not for the 1980-2016 period of Turkey. The coordination between economic policies may succeed in through trust, coordination and complementarity between institutions. Turkish economy transformed planned economy to free market system and institutional structure has changed dramatically in that period. Moreover in that period Turkey had exposed to several structural changes and economic crises too. The analysis can be significant when the suitable methods are used for these datas. This is the main reason why non linearity is tested by Harvey, Leybourne and Xiao (2008) and results supports that series are nonlinear. Fourier ADF unit root test is used nonlinear variables and Kapetanios, Shin and Snell (2003) cointegration test is applied for to analyze long run relations between variables. The empirical findings support that there is no relationship between monetary and fiscal policy variables. Secondly, Arby and Hanif (2010) methodology is used for calculating a coordination coefficient for Turkey. The low coordination coefficient supports that coordination institutions has not worked efficiently.

Keywords:

Institutional Change, Nonlinear Time Series, Coordination, Turkish Economy

JEL Classification:

C32, E61, E02

Full Text ( ↓ 2358)