Makale – Sayfa 21 – BUSINESS AND ECONOMICS RESEARCH JOURNAL

Kategori: Makale

The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul
Yazar(lar):	Neilan Soylu
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	131-146
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.240

Öz

Nowadays, due to economic fluctuations, increasing competition and technological development companies need to continuously and rapidly adapt to changing business environment. Furthermore, internal conditions like financial distress or strategy changing make the restructuring inevitable for companies. Within this frame, tangible assets sales might have an effect on firm value both by generating a source of financing and allowing companies to optimize their asset structure. In this study, the impact of tangible assets sales on stock returns of manufacturing companies listed on Borsa Istanbul was examined for the period of January, 2016-December, 2017 using event study method. The empirical results show significant positive average abnormal returns associated with the asset sales on announcement day.

Anahtar Kelimeler:

Tangible Asset Sales, Event Study, Restructuring, Abnormal Return, BIST Manufacturing Industry

JEL Sınıflandırması:

G14, G34, L60

Tam Metin

Volatility Spillover between Uncertainty in Financial and Commodity Markets and Turkish Stock Market

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Volatility Spillover between Uncertainty in Financial and Commodity Markets and Turkish Stock Market
Yazar(lar):	Barış Kocaarslan
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	119-129
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.239

Öz

The aim of this study is to investigate risk spillovers between uncertainty about financial and commodity markets and Turkish stock market by using a causality-in-variance test. To this end, we use implied volatility indexes (the implied volatility of the gold, oil, stock, and currency prices from options markets) and Morgan Stanley Capital International (MSCI) Turkish stock market index. The volatility model estimates demonstrate that implied volatilities and Turkish stock market index are strongly influenced by long-run volatility. The causality-in-variance test results provide evidence of a significant one-way volatility spillover effect from uncertainty in financial and commodity markets to the Turkish stock market. The results suggest that Turkish stock market returns are highly sensitive to uncertainty shocks in global markets, and hence this high-sensitivity reduces the attractiveness of investments in the Turkish market. Our findings present important implications for the implementation of sound economic policies and for the formation of optimal portfolios.

Anahtar Kelimeler:

Implied Volatility, Uncertainty, Causality-in-Variance, Volatility Spillover, Turkish Stock Market

JEL Sınıflandırması:

C58, G15

Tam Metin

On the Relationship between Operational Risk and Tunisian Banks Performance: Does the Interaction between the Other Risks Matter?

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	On the Relationship between Operational Risk and Tunisian Banks Performance: Does the Interaction between the Other Risks Matter?
Yazar(lar):	Abdelaziz Hakimi, Sid’Ahmed Boukaira
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	107-118
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.238

Öz

The main purpose of this paper is to investigate the interactional relationship between operational risk, credit risk, liquidity risks and the Tunisian bank performance. We used a sample of Tunisian banks over the period 1990-2017. Results of the panel data analysis show that an increase in required capital charge to hedge operational risk significantly increases the level of bank performance. Findings also indicate that the interaction between operational risk and loan activities exerts a positive and significant effect on the level of bank performance. However, no significant effect of the interaction between operational and liquidity risk was found. These results could bring some important policy recommendations to policymakers toward the reinforcement of the capital charge and for improving the analysis and the management process of bank risks.

Anahtar Kelimeler:

Operational Risk, Loans Activity, Liquidity Risk, Tunisian Banks, Panel Data Analysis

JEL Sınıflandırması:

F30, G21, O16, L25

Tam Metin

Türkiye’de Beceri Açığı: Firma Verisi Analizi

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Türkiye’de Beceri Açığı: Firma Verisi Analizi
Yazar(lar):	Z. Bilgen Susanlı
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	95-106
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.237

Öz

Beceri açığı (skill shortage) terimi işgücü piyasasında becerili işgücüne ihtiyacın, mevcut işgücü arzından ne kadar fazla olduğunu gösterir. Bu çalışma Dünya Bankası tarafından derlenen Enterprise Surveys anketleri 2008 ve 2013 verilerinden faydalanarak beceri açığının Türkiye’deki firmalar arasındaki yaygınlığını ve beceri açığı olasılığının belirleyicilerini incelemeyi amaçlamaktadır. Firma düzeyinde beceri açığı, anketlere katılan firmaların yetersiz eğitimli işgücünün firma faaliyetlerine engel teşkil edip etmediği sorusuna verdikleri cevap ile ölçülmüştür. Probit modeli tahmin sonuçlarına göre firma büyüklüğü ve kayıt dışı rakiplerin faaliyetleri ile beceri açığı olasılığı arasında pozitif ve istatistiki olarak anlamlı bir ilişki vardır. Beceri açığının belirleyicileri 2008 ve 2013 yılları arasında değişkenlik göstermiştir.

Anahtar Kelimeler:

Beceri açığı, Firma verisi, Türkiye

JEL Sınıflandırması:

J23, J63

Tam Metin

Para Birliği Uygulamaları ve Avrupa Ekonomik ve Parasal Birliği İçin Dersler

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Para Birliği Uygulamaları ve Avrupa Ekonomik ve Parasal Birliği İçin Dersler
Yazar(lar):	Derya Yılmaz
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	77-93
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.236

Öz

Para birliği, iktisadi ilişkileri yoğun olan ülkelerin paralarını sabit kurlarla birbirlerine bağladıktan sonra tek para ve merkez bankasına geçmeleri olarak tanımlanmaktadır. Para birliğine giren ülkeler parasal alanda bağımsızlıklarını büyük ölçüde kaybederler. Para birliği teorisi de bu doğrultuda bir para birliğine hangi ülkelerin daha uygun olduğu sorusunu sorar. Avrupa Ekonomik ve Parasal Birliği (EPB), günümüzde en bilinen para birliği örneğidir. Maastricht Antlaşması ile kurulan EPB, 1999 yılından beri tek para (Euro) ve tek merkez bankası (Avrupa Merkez Bankası) ile genişleyerek yoluna devam etmektedir. Ancak Avrupa Ekonomik ve Parasal Birliği, ilk para birliği denemesi değildir. Bazı farklılıklar olsa da tarihte para birliği deneyimleri olmuştur. Bu denemeler kimi zaman bir ulusun inşasında karşımıza çıkmış, kimi zaman da bir iktisadi birleşme hareketinin sonucu olmuştur. Bu para birliklerinden bazıları başarılı olmuş, bazıları ise yıkılmıştır. Avrupa Ekonomik ve Parasal Birliği’nin de kurulduğu günden beri devam edip etmeyeceği tartışma konusudur. Bu çalışmanın amacı da geçmiş para birliği deneyimlerinden yola çıkarak bu tartışmaya yeni bir boyut kazandırmaktır. Elde edilen sonuçlara göre; politik istek, mali entegrasyon ve geri dönülmez kurumsal ağlar para birliğinin devamlılığı için gereklidir.

Anahtar Kelimeler:

Para Birliği Teorisi, Optimum Para Sahası, Ulusal Para Birlikleri, Mali Entegrasyon, Ekonomik ve Parasal Birlik (EPB)

JEL Sınıflandırması:

E42, F15, F44, F42, F59

Tam Metin

Türkiye’de İstihdam Yaratmayan Büyüme Olgusunun Dinamik Analizi

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Türkiye’de İstihdam Yaratmayan Büyüme Olgusunun Dinamik Analizi
Yazar(lar):	Ezgi Demiral, Abreg S. Celem
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	63-76
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.235

Öz

Türkiye ekonomisinde uzun döneme yayılan büyüme trendine rağmen işsizlik oranlarında istenilen düşüşün sağlanamamış olduğu görülmektedir. Bu durum, ekonomik büyümenin yeterli düzeyde istihdam artışı sağlayamadığına yani literatürde bilinen adıyla istihdam yaratmayan büyüme olgusunun varlığına işaret etmektedir. Bu çalışmada 2005-2015 döneminde Türkiye’nin ulusal gelirindeki değişimin işsizlik oranlarında kısa ve uzun dönemde yarattığı dinamik etkiler incelenmiştir. Bu amaca yönelik olarak öncelikle 2008 küresel krizinin değişkenler üzerinde yarattığı kırılmaların incelenmesi için Perron birim kök testi uygulanmış, ardından VAR modeline dayanan etki-tepki analizi ve varyans ayrıştırma analizine başvurulmuştur. Ampirik analiz sonucunda belirtilen dönemde ulusal gelirde ortaya çıkan büyümenin işsizliği azaltıcı etkisinin sadece kısa dönemde geçerli olduğu, uzun dönemde ise ekonomik büyümenin işsizlik oranlarını düşürmediği sonucuna ulaşılmıştır.

Anahtar Kelimeler:

İstihdam Yaratmayan Büyüme, İşsizlik, Büyüme, 2008 Küresel Krizi, VAR Modeli Analizi

JEL Sınıflandırması:

E24, C32, J21

Tam Metin

Exchange Rate Private Sector Debt Nexus: Lessons from Turkish Experience

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Exchange Rate Private Sector Debt Nexus: Lessons from Turkish Experience
Yazar(lar):	Melek Kıdemli, Dilek Sürekçi Yamaçlı
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	51-62
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.234

Öz

External debt stock of the private sector is increased from 2002 to 2018 in Turkey. In this period, Turkish Lira depreciated against foreign currencies. This study is investigated the relationship between real exchange rate and private sector external debt during the period 2002-2018 in Turkey. Auxiliary variables included in the model are LIBOR, domestic interest rates and real GDP. Application methods of the study are Delayed Distributed Autoregressive Model (ARDL) and Error Correction Model (ECM). Results of the study shows that, respectively domestic interest rate, LIBOR and exchange rate effective variables on the private sector external borrowing in the long term. Beside, exchange rate’s effects on the private sector external debt is higher in the short term than long term. Other hand, there is no relationship between private sector external borrowing and domestic production in the short and long term.

Anahtar Kelimeler:

Private Sector External Borrowing, Real Exchange Rate, Borrowing, ARDL, ECM

JEL Sınıflandırması:

F34, F31, F30

Tam Metin

Revisit Exports-Growth Nexus in Turkey

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Revisit Exports-Growth Nexus in Turkey
Yazar(lar):	Alper Yılmaz
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	33-50
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.233

Öz

The aim of this paper is to investigate exports and economic growth causality in Turkish economies. In this sense, we employed seasonally adjusted quarterly data of economic growth (real GDP) rate and exports that cover 1987Q1-2018Q4 periods. We analyze the relationship between variables by taking into account standard bootstrap Granger non-causality test and fixed-size rolling-window estimation approach. Standard Granger causality test indicates one direction causality that running from exports to real GDP. But according to test of parameters constancy, conducted VAR model points to parameters instability both in the short and long-run periods. Parameters constancy test indicate that empirical results are not uniform for different sample periods and vary due to structural changes. Consideringly, under parameters inconstancy, results of rolling window estimation method indicate that there is positive two way Granger causality (predictive power) between variables from the early 1990s to end of 2018 periods.

Anahtar Kelimeler:

Export-led Growth (ELG), Output-driven Export, Time-Varying Causality

JEL Sınıflandırması:

F43, O10, Q48

Tam Metin

Generating Economic Growth in Countries with Migration and Fractionalization

Posted on Çarşamba Ocak 22nd, 2020Cuma Ocak 24th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Generating Economic Growth in Countries with Migration and Fractionalization
Yazar(lar):	David L. Ortmeyer, Michael A. Quinn
Cilt:	11
Sayı:	1
Yıl:	2020
Sayfa:	1-14
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2020.232

Öz

Poverty and instability continue to plague many developing countries. Previous research has modelled economic growth and political instability simultaneously accounting for exogenous factors such as ethnic fractionalization. This study builds on that literature by using a three equation system which deals with the endogeneity of fractionalization. Another contribution is the incorporation of migration into the model. Results from a cross-country, panel data set over the years 1996-2014 find that linguistic fractionalization and migration work to lower growth indirectly via increased political instability. Endogeneity is found to be important as religious fractionalization becomes insignificant after accounting for its endogeneity. Results vary by region, with the impact of fractionalization and instability being most important in Sub-Saharan Africa. These results suggest that linguistic and religious diversity are not having the same effects on stability and growth across countries. While some policy makers in the West have expressed concern about migration and fractionalization, they do not seem related to either long-run political stability or economic growth in their countries. Migration and ethnic fractionalization should be a larger concern to policy makers in countries with weak institutions and records of political instability. International organizations and donors need to increase support to developing countries which have received large inflows of migrants and refugees, with this aid being directed towards bolstering the quality of institutions.

Anahtar Kelimeler:

Fractionalization, Growth, Migration, Instability, Aid, Institutions, Africa

JEL Sınıflandırması:

O11, O43

Tam Metin

Is There a Relationship Between CO2 Emissions and Health Expenditures? Evidence from BRICS-T Countries

Posted on Cumartesi Aralık 14th, 2019Cumartesi Nisan 4th, 2020 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Is There a Relationship Between CO2 Emissions and Health Expenditures? Evidence from BRICS-T Countries
Yazar(lar):	Seyfettin Erdoğan, Mustafa Kırca, Ayfer Gedikli
Cilt:	11
Sayı:	2
Yıl:	2020
Sayfa:	293-305
ISSN:	2619-9491
DOI Numarası:	10.20409/berj.2019.231

Öz

One of the most important indicators of deterioration in environmental quality is the increase in carbon dioxide emissions. Increasing carbon dioxide emissions negatively affect the health of individuals and lead to the emergence of a number of chronic diseases. The most significant cost of chronic diseases which reduces employee productivity, is the impact on health expenditures. The purpose of this study is to investigate the relationship between carbon dioxide emissions and health expenditures for BRICS-T countries (Brazil, Russia, India, China, South Africa and Turkey) over the period 2000 -2016. Panel causality test developed by Kónya (2006) was used as the method. According to the findings, there is a unidirectional positive causal relationship running from carbon dioxide emission to health expenditures in China. In the other countries, no such relationship has been identified.

Anahtar Kelimeler:

CO2 Emissions, Health Expenditures, BRICS-T Countries, Panel Causality Test, Environmental Pollution

JEL Sınıflandırması:

H51, N50

Tam Metin