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Analyzing Retrenchment Strategies of Five Star Hotels during the Crisis Periods Using Fuzzy DEMATEL Method

Posted on Wednesday April 19th, 2017Monday April 24th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Analyzing Retrenchment Strategies of Five Star Hotels during the Crisis Periods Using Fuzzy DEMATEL Method
Author(s):	Nisa Eksili, Zeynep Unal, Emre Ipekci Cetin
Volume:	8
Number:	2
Year:	2017
Page:	259-273
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.49

Abstract

The crisis emerged between Turkey and Russia at the end of 2015 caused significant negative effects on the tourism sector as well as on many sectors. According to the Ministry of Culture and Tourism, the number of Russian Federation tourists coming to Turkey between January and December 2016 decreased by 76,26% compared to the same period of previous year. Hotels, which have to fight against the crisis, have made an effort to survive in the sector by developing a number of retrenchment strategies. The aim of this study is to examine the retrenchment strategies of five star hotels during the crisis periods with the fuzzy DEMATEL method. Firstly, the retrenchment strategies applied against the crises used in this study were determined by reviewing the related literature and face to face interviews with the general managers of five star hotels located in Antalya. Then the interrelationship of these retrenchment strategies was evaluated by using a multi-criteria decision making technique, the fuzzy DEMATEL method. It was stated that the strategy “Reduce the number of staff in all departments” was the most affected strategy among the other seven retrenchment strategies.

Keywords:

Crisis Management, Retrenchment Strategies, Fuzzy DEMATEL Method, Hospitality Industry

JEL Classification:

M10, C61

Full Text ( ↓ 2775)

Financial Distress and Capital Structure Decision: An Aplication on BIST 100 Firms

Posted on Wednesday April 19th, 2017Monday April 24th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Financial Distress and Capital Structure Decision: An Aplication on BIST 100 Firms
Author(s):	Tuncay Turan Turaboglu, Asli Yikilmaz Erkol, Emre Esat Topaloglu
Volume:	8
Number:	2
Year:	2017
Page:	247-258
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.48

Abstract

This study aims to reveal the relationship between capital structure decisions and financial distress of the firms. In the study, the financial distressed are represented by the variables, Altman Z-Score and Springate S-Score while the capital structure decisions are represented by maturity structure of external debt and the equity capital ratio. The variables, namely firm size and the ratio of fixed assets are incorporated as control variables in the analysis. The results indicate a negative and significant relationship between financial distress and debt and equity ratios, namely total debt, short-term debt and equity ratios. The negative relationship between the external equity ratio (new equity issuance) and the financial failure score supports the Myers (1984) Pecking Order Theory. Moreover, a positive and statistically significant relationship is found between the control variables and financial success scores. The results of the study are consistent with the evidence of other studies and trade off theory that shows the debt ratio increases the probability of financial distress of the firms.

Keywords:

Financial Distress, Capital Structure Decision, Altman Z-Score, Springate S-Score, Borsa İstanbul

JEL Classification:

G32, G35

Full Text ( ↓ 3732)

Testing Capital Structure Theories with CBRT Sectoral Balance Sheets: A Panel Data Analysis on Manufacturing Industry Sector (2001-2015)

Posted on Wednesday April 19th, 2017Monday April 24th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Testing Capital Structure Theories with CBRT Sectoral Balance Sheets: A Panel Data Analysis on Manufacturing Industry Sector (2001-2015)
Author(s):	N. Savas Demirci
Volume:	8
Number:	2
Year:	2017
Page:	231-245
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.47

Abstract

Nowadays however various theories for optimum capital structure that can minimize cost of capital and maximize value of firm are discussed, there is no universal capital structure theory agreed upon. Testing main capital structure theories in manufacturing industry sector which is the main source of exporting and one of the most strategic sectors of economy in our country may give opinion about debt dynamics of the sector. In this article, in the context of Trade-off and Pecking Order Theories, main determinants at firm level of capital structure have been studied with the Central Bank of the Republic of Turkey (CBRT) sectoral balance sheets which is the largest real sector data set in our country by using two-way panel data analysis in the period 2001-2015. Econometric analysis results show that in Turkish manufacturing industry sector leverage ratio is negatively affected by return on assets, current ratio, tangible assets to total assets ratio and assets growth rate and positively affected by real volume of net sales. According to the results of study debt behaviours in Turkish manufacturing industry sector are mostly explained by Pecking Order Theory and partly explained by Trade-off Theory.

Keywords:

Capital Structure Theories, Manufacturing Industry Sector, Panel Data Analysis, CBRT Sectoral Balance Sheets

JEL Classification:

C58, G31, C33, L60

Full Text ( ↓ 2155)

Factors Affecting Number of Board Meetings: Evidence from Borsa İstanbul

Posted on Wednesday April 19th, 2017Monday April 24th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Factors Affecting Number of Board Meetings: Evidence from Borsa İstanbul
Author(s):	Murat Ocak, Evrim Altuk Ozden
Volume:	8
Number:	2
Year:	2017
Page:	217-230
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.46

Abstract

This study aims to determine the factors affecting the number of board meetings using 931 firm-year observations over the periods 2005 to 2013. Manufacturing, wholesale and retail trade, hotels and restaurants, and technology sectors were analyzed by negative binomial regression. For all observations, it was found that proportions of independent members and women on board are positively related to number of meetings. Board size was negatively related to number of meetings. In manufacturing and technology sectors, proportion of independent members is positively associated with number of board meetings, whereas board size is negatively associated with number of board meetings. In wholesale and retail trade, hotels and restaurants sector, women on board is positively associated with number of meetings.

Keywords:

Board of Directors, Board Meetings, Independent Members, Women on Board, Borsa İstanbul

JEL Classification:

M10, M14, G30

Full Text ( ↓ 2398)

The Relationship between Investor Attention and Stock Markets: An Application on ISE-100 Index

Posted on Wednesday April 19th, 2017Monday April 24th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Relationship between Investor Attention and Stock Markets: An Application on ISE-100 Index
Author(s):	Turhan Korkmaz, Emrah Ismail Cevik, Nuket Kirci Cevik
Volume:	8
Number:	2
Year:	2017
Page:	203-215
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.45

Abstract

The most of theoretical financial models that have been used in the literature depend on the conceptual terms such as information, information flow, information supply and demand for information. It is well known that investors take into account information about market and company in the process of investment decision. In this context, there have been extensive studies that focus on the relation between investors’ relation and financial markets and different proxy variables for measuring investors’ relation have been used in the literature due to investors’ relation cannot be directly measure. The aim of this study is to examine the empirical relation between investor attention and stock market empirically. In order to determine the investor attention toward stock market, Google search queries statistics are employed. Differently from existing literature, the relationship between investor attention and stock market is analyzed in terms of stock returns and volumes by means of causality in mean and variance test suggested by Hong (2001). Empirical findings suggest weak causal link going from investors’ attention to stock returns. On the other hand, stock volume is found to be Granger cause of investors’ relation.

Keywords:

Investors’ Relation, Stock Market, BIST 100, Google Search Trends

JEL Classification:

G12, C58, F31

Full Text ( ↓ 2514)

Determinants of the External Debt Stock in Turkey

Posted on Wednesday April 19th, 2017Monday April 24th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Determinants of the External Debt Stock in Turkey
Author(s):	Umut Akdugan
Volume:	8
Number:	2
Year:	2017
Page:	183-202
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.44

Abstract

In this study, the determinants of Turkey’s external debt stock were tried to be explained by taking into consideration the factors affecting the original sin. By using the annual time series data for the period 1970-2015, long term relationships were determined via the cointegration approach and short term dynamics were examined using ECM. According to the ARDL bounds test result, cointegration relations were found between the variables. In this context, the long-term ARDL estimation results can be stated as follows: i) The effect of inflation rate, exchange rate regime and money supply on external debt stock are statistically significant and negative. ii) The effect of GDP per capita, debt service, budget balance, domestic credits and trade openness variables on external debt stock are statistically significant and positive.iii) Among these variables, per capita GDP and exchange rate regime effects were found to be more influential on external debt than other variables. On the other hand, the estimation results of the ECM reveal that the short-term imbalances can be removed in the long-term and that variables can converge to their eigenvalues.

Keywords:

External Debt, Original Sin, Cointegration, ARDL, Error Correction Model

JEL Classification:

C22, F34, H63

Full Text ( ↓ 2870)

The Econometric Analysis of Student Expenditures: A Case Study of Amasya Univesity

Posted on Wednesday April 19th, 2017Thursday May 4th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Econometric Analysis of Student Expenditures: A Case Study of Amasya University
Author(s):	Rüştü Yayar, Nagehan Karanfil, Hilal Şeker
Volume:	8
Number:	2
Year:	2016
Page:	167-181
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017.43

Abstract

In this study, the consumption expenditures of the students, one of the important income sources of regional economies, were revealed, and it was investigated that whether these expenditures are in relation with socio-demographic factors or not. Used data was collected via survey study done to the students in Amasya University. The income-expenditure functions of the students, the share of fourteen expenditure groups in total expenditures, and income elasticity were estimated with the help of Engel’s functions. Sampling was used for sample selection. SPSS and Eviews Packet Programs were used in data analysis. 717 out of 800 surveys were approved and attached to analysis. 14 expenditure items were formed by based on “classification of individual consumption by purpose“. It is also searched that whether the gender of the students; studying in daytime or evening education; getting scholarship or loan; being student in faculty or high school; possession of credit card; studying in medical, social or technical departments; and accommodating in houses or dorms had a meaningful difference on consumption expenditures or not. In the study, while a clear observation related to the marginal propensity to consume of the students in daytime education in Amasya University cannot be stated, that their autonomous consumption is 47,5 TL lower than the students in evening education can be stated. It is also observed that the income elasticity values related to alcohol-tobacco, household goods, hotel-restaurant, chance-games, and sport expenditures are higher than 1, and the income elasticity values related to the other expenditure items are lower than 1.

Keywords:

Consumption Expenditures, Engel Curve, Income Elasticity, University Student, Amasya University

JEL Classification:

D12, I25, C21

Full Text ( ↓ 2861)

Managerial Issues in Multi-Storey Buildings

Posted on Wednesday March 15th, 2017Saturday March 18th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Managerial Issues in Multi-Storey Buildings
Author(s):	Aydem Ciftcioglu, Seref Gunduz
Volume:	8
Number:	1
Year:	2017
Page:	153-166
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017126250

Abstract

Along with the changing environment and technology, it is observed that many new approaches are now being structured in management. Administrative problems arising in the context of quality, speed and competition in the summer, largely based on the needs and problems of production and service enterprises, often address mass production and consumption. However, the new living and working understanding gaining momentum with the technological developments that have started with the industrial revolution is leading the way in the management of multi-storey buildings which have not been discussed much in management science before. These structures, increasing in number and volume, are antagonistic as living and working place of today’s modern city. Within this scope, the concept of multi-storey building, which is supposed to be new in terms of management and deemed necessary to be developed, will be studied in this study. Although the concept of multi-storey building, which is increasing rapidly in our country and in the world, is a subject that is mainly studied in the field of technical sciences, the concept should also be examined in the context of social sciences. In this context, this study discuss the concept of multi-storey building in our country and the development process and the proposed administrative processes and elements.

Keywords:

Multi – Storey Building, Facilities Management, Multi Storey Buildings Management Model, Real Estate

JEL Classification:

M10, R30, R38, L85

Full Text ( ↓ 2072)

An Empirical Research on the Antecedents and Consequences of Corporate Entrepreneurship in Turkish Industry Companies

Posted on Wednesday March 15th, 2017Saturday March 18th, 2017 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	An Empirical Research on the Antecedents and Consequences of Corporate Entrepreneurship in Turkish Industry Companies
Author(s):	Metin Ocak, H. Nejat Basim
Volume:	8
Number:	1
Year:	2017
Page:	131-151
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017126249

Abstract

This study was conducted to explore some antecedents and the consequences of corporate entrepreneurship which is an important factor of successful organizations in a structural equation model. For this purpose, a field study was executed on 411 managers who work in different firms which are members of Istanbul Chamber of Industry Organization. The structural equation modeling was used for analyzing the data. Results showed that the antecedents of corporate entrepreneurship those environment, organizational size and structure had significant effects on corporate entrepreneurship behaviors. In addition to this, it was found that corporate entrepreneurship behaviors had significant effects on perceptual organizational performance. Thus, with the help of correlations between the variables, the equation model was generally supported. With the examination of all results, it was found that it is possible to form a model in which the corporate entrepreneurship behaviors are in the center; environment, organizational size and structure are the antecedents and organizational performance is the consequence of Corporate Entrepreneurship. All these results were discussed in the light of the findings in the literature.

Keywords:

Corporate Entrepreneurship, Environment, Organizational Structure, Organizational Size, Perceptual Organizational Performance

JEL Classification:

L22, L25, L26

Full Text ( ↓ 2230)

Advergames Aiming Children in Turkey: A Content Analysis of 65 Advergames

Posted on Wednesday March 15th, 2017Saturday October 12th, 2019 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Advergames Aiming Children in Turkey: A Content Analysis of 65 Advergames
Author(s):	Raife Meltem Yetkin Ozbuk, Duygu Aydin Unal
Volume:	8
Number:	1
Year:	2017
Page:	115-130
ISSN:	1309-2448
DOI Number:	10.20409/berj.2017126248

Abstract

The purpose of this study is to examine advergame practices of top performing companies targeting children and operating in Turkey. Top 500 leading companies operating in Turkey was determined. Among them, websites of the companies targeting children were analysed and the prevalence of advergames integrated in the Websites of these companies was evaluated by conducting content analysis according to the determined features from an extensive literature review. Among top 500 leading companies, only 10 companies, which are all operating in the food-beverage industry, integrated a total of 84 advergames on their Web sites. However, only 65 advergames of 8 companies were reached in the coding process. The results demonstrated that the companies operating in Turkey do not use advergames extensively and these games are lack of many features of advergames. A content analysis of advergames has not yet been conducted in Turkey. By introducing Persuasion Knowledge Model and the model of Processing of Commercial Media Content, the present paper provided a different approach for evaluating the effects of various features of advergames on children.

Keywords:

Advergames, Content Analysis, Food Industry and Turkey, Persuasion Knowledge Model, Processing of Commercial Media Content

JEL Classification:

M31, M37

Full Text ( ↓ 2707)