Kategori: Manuscript

İmalat Performansı Ölçümü İçin Alternatif Bir Yaklaşım:  Tercih İndeksi (PSI) Yöntemi

İmalat Performansı Ölçümü İçin Alternatif Bir Yaklaşım: Tercih İndeksi (PSI) Yöntemi

Makale Bilgileri
Dergi: İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı: İmalat Performansı Ölçümü İçin Alternatif Bir Yaklaşım:
Tercih İndeksi (PSI) Yöntemi
Yazar(lar): Gökhan Akyüz, Salih Aka
Cilt: 6
Sayı: 1
Yıl: 2015
Sayfa: 63-77
ISSN: 1309-2448
Öz
İmalatçı firmaların rekabetçi özelliklerini koruyabilmeleri ve gelişimlerini sürdürebilmeleri için performanslarını sürekli olarak takip etmeleri gerekmektedir. Bu çalışmada, belirli bir zaman aralığında imalat performans indekslerini hesaplamak amacıyla Tercih İndeksi (Preference Selection Index – PSI) yöntemine dayalı bir yaklaşım önerilmiştir. Yöntem, literatürdeki birçok yöntemin aksine kriterlerin görece ağırlıklarını belirlemeye ihtiyaç duymadan, basit hesaplamalarla sistematik bir çözüm sunmaktadır. Uygulama cam sektöründe faaliyet gösteren bir firmanın üç ayrı imalat hattı için yapılmış ve sekiz aylık dönemde hatların performans gelişimi incelenmiştir.
Anahtar Kelimeler: İmalat performansı, tercih indeksi yöntemi, performans indeksi
JEL Sınıflandırması: M11, L61

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Short Run and Long Run Reasons That Affect The Nauri Model in Turkey

Short Run and Long Run Reasons That Affect The Nauri Model in Turkey

Article Information
Journal: Business and Economics Research Journal
Title of Article: Short Run and Long Run Reasons That Affect The Nauri Model in Turkey
Author(s): Cem Mehmet Baydur, Bora Süslü
Volume: 6
Number: 1
Year: 2015
Page: 43-62
ISSN: 1309-2448
Abstract
In this article, the study is done with the view of Nauri model, Keynes and Classical doctrine. According to the Classical doctrine, while the ratio of technology and mark-up depends on data, the value balance of unemployment level is determined by the share that the employees get from the whole salary. Aggressive salary policy increases the natural unemployment level. According to Nauri, in the situations where the expectations of inflation is right, the natural unemployment level is determined with the demand of salary related to the ratio. To Keynes doctrine, the natural unemployment level is explained with the investment expenses and the demand side. From the point of view of Keynes, instability in investment expenses, insufficiency in demands, decreased productivity increase the natural unemployment level. In the light of this view, between 2000 and 2013, in Turkey the development of variations such as salary, growing, investment which affect Nairu is studied. The evaluation of the natural unemployment is examined from the point of Classical and Keynes doctrine. As a result, it is found that the factor which affects the unemployment in Turkey is insufficiency in the demand.
Keywords: Nairu, Keynesian doctrine, classic doctrine, ARDL
JEL Classification: E66, E61, B22

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Türkiye’de Nairu’yu Etkileyen Kısa ve Uzun Vadeli Etmenler

Türkiye’de Nairu’yu Etkileyen Kısa ve Uzun Vadeli Etmenler

Makale Bilgileri
Dergi: İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı: Türkiye’de Nairu’yu Etkileyen Kısa ve Uzun Vadeli Etmenler
Yazar(lar): Cem Mehmet Baydur, Bora Süslü
Cilt: 6
Sayı: 1
Yıl: 2015
Sayfa: 43-62
ISSN: 1309-2448
Öz
Bu makalede Nairu modeli, Keynesgil ve Klasik doktrin bakış açılarıyla incelenmiştir. Klasik doktrine göre, teknoloji ve mark-up oranları veri iken, işsizlik düzeyinin denge değerini işçilerin toplam gelirden aldıkları pay belirler, agresif ücret politikaları doğal işsizlik düzeyini arttırır. Nairu’ya göre, enflasyon beklentilerinin doğru olduğu bir ortamda, ücret talebi ile orantılı olarak doğal işsizlik düzeyi belirlenmektedir. Keynesgil doktrinde ise yatırım harcamaları ve talep cephesi ile doğal işsizlik düzeyi açıklanmaktadır. Yatırım harcamalarındaki istikrarsızlık, talep yetersizliği ve düşen verim doğal işsizlik düzeyini Keynesgil doktrin açısından arttırmaktadır. Bu bilgilerin ışığında 2000-2013 yılları arasında Türkiye’de Nairu’yu etkileyen ücret, büyüme, yatırım v.b. değişkenlerin gelişimleri incelenmiş, doğal işsizliğin gelişimi Klasik ve Keynesgil doktrinler açısından değerlendirilmiştir. Sonuç olarak, Türkiye’de işsizliği etkileyen unsurun toplam talep yetersizliği olduğu sonucuna ulaşılmıştır.
Anahtar Kelimeler: Nairu, Keynesgil doktrin, klasik doktrin, ARDL
JEL Sınıflandırması: E66, E61, B22

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Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul

Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul

Article Information
Journal: Business and Economics Research Journal
Title of Article: Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul
Author(s):  Eda Oruç Erdoğan, Murat Erdoğan, Vesile Ömürbek
Volume: 6
Number: 1
Year: 2015
Page: 35-42
ISSN: 1309-2448
Abstract
The purpose of this study was to determine the impact on the corporate financial performance to the several financial indicators. Companies that are traded continuously in Borsa İstanbul-30 (BIST-30) between 2002-2013 periods were analyzed in this study for this purpose. Current ratio, earnings per share, leverage ratio, firm size and market value to book value ratio were used as independent variables. Net profit margin was used as a dependent variables. The relationship between variables was analyzed by using panel data. According to the results of analysis, there is a positive and significant relation between corporate performance (t-period) and current ratio and corporate size (t- period) and there is a negative and significant relation between corporate performance (t-period) and leverage ratio (t-period).
Keywords: Financial ratios, current ratio, leverage ratio, company performance, panel data analysis
JEL Classification: G30, G32

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Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul-tr

Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul-tr

Makale Bilgileri
Dergi: İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı: Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul
Yazar(lar): Eda Oruç Erdoğan, Murat Erdoğan, Vesile Ömürbek
Cilt: 6
Sayı: 1
Yıl: 2015
Sayfa: 35-42
ISSN: 1309-2448
Öz
The purpose of this study was to determine the impact on the corporate financial performance to the several financial indicators. Companies that are traded continuously in Borsa İstanbul-30 (BIST-30) between 2002-2013 periods were analyzed in this study for this purpose. Current ratio, earnings per share, leverage ratio, firm size and market value to book value ratio were used as independent variables. Net profit margin was used as a dependent variables. The relationship between variables was analyzed by using panel data. According to the results of analysis, there is a positive and significant relation between corporate performance (t-period) and current ratio and corporate size (t- period) and there is a negative and significant relation between corporate performance (t-period) and leverage ratio (t-period).
Anahtar Kelimeler: Financial ratios, current ratio, leverage ratio, company performance, panel data analysis
JEL Sınıflandırması: G30, G32

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Tracking Ability and Pricing Efficiency of Exchange Traded Funds:  Evidence from Borsa Istanbul

Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul

Article Information
Journal: Business and Economics Research Journal
Title of Article: Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul
Author(s): Nazlı Kalfa Baş, Serra Eren Sarıoğlu
Volume: 6
Number: 1
Year: 2015
Page: 19-33
ISSN: 1309-2448
Abstract
The purpose of this study is to evaluate the performance and pricing efficiency of the exchange-traded funds (ETFs) operating in the Turkish Capital Markets. In this paper, we examine the tracking errors and pricing efficiencies of 16 ETFs during the period 2005-2013. This is the first paper that makes an investigation with covering all ETFs in Turkish Capital Markets. Using daily data, we find out that Turkish ETFs underperform their underlying indices. We use three different methods (arithmetic mean, absolute mean and quadratic tracking error) to measure the tracking errors and find that these errors are significantly different from zero. The pricing efficiencies of ETFs are computed using four different methods: premiums and discounts calculated in Turkish Liras (TL) and percentage and absolute values of these calculations. As a result of our analysis, we find that Turkish ETFs are priced closely to their net asset values and there exists no arbitrage opportunities in this context.
Keywords: Exchange traded funds, tracking error, pricing efficiency, Borsa Istanbul
JEL Classification: G12, G23

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Tracking Ability and Pricing Efficiency of Exchange Traded Funds:  Evidence from Borsa Istanbul-tr

Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul-tr

Makale Bilgileri
Dergi: İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı: Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul
Yazar(lar): Nazlı Kalfa Baş, Serra Eren Sarıoğlu
Cilt: 6
Sayı: 1
Yıl: 2015
Sayfa: 19-33
ISSN: 1309-2448
Öz
The purpose of this study is to evaluate the performance and pricing efficiency of the exchange-traded funds (ETFs) operating in the Turkish Capital Markets. In this paper, we examine the tracking errors and pricing efficiencies of 16 ETFs during the period 2005-2013. This is the first paper that makes an investigation with covering all ETFs in Turkish Capital Markets. Using daily data, we find out that Turkish ETFs underperform their underlying indices. We use three different methods (arithmetic mean, absolute mean and quadratic tracking error) to measure the tracking errors and find that these errors are significantly different from zero. The pricing efficiencies of ETFs are computed using four different methods: premiums and discounts calculated in Turkish Liras (TL) and percentage and absolute values of these calculations. As a result of our analysis, we find that Turkish ETFs are priced closely to their net asset values and there exists no arbitrage opportunities in this context.
Anahtar Kelimeler: Exchange traded funds, tracking error, pricing efficiency, Borsa Istanbul
JEL Sınıflandırması: G12, G23

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Inflation, Business Cycles, and Commodity Investing in Financialized Markets

Inflation, Business Cycles, and Commodity Investing in Financialized Markets

Article Information
Journal: Business and Economics Research Journal
Title of Article: Inflation, Business Cycles, and Commodity Investing in Financialized Markets
Author(s): Adam Zaremba
Volume: 6
Number: 1
Year: 2015
Page: 1-18
ISSN: 1309-2448
Abstract
Financialization of commodity markets has been a broadly discussed topic in recent years. However, its implications for commodity investors have not yet been fully explored. This paper concentrates on the macroeconomic determinants of commodity returns in financialized and non-financialized markets and on their role for a tactical asset allocation. The study aims to contribute to the academic literature in four ways. First, it provides fresh evidence on the interdependences between commodity returns, inflation and the business activity. Second, it documents increased correlation of the commodity returns with the business activity in the financialized markets. Third, it explores changes in the lead/lag relationship of commodity prices and the business cycle. Fourth, it proves that the commodities retained their inflation hedging abilities in the financialized markets. The computations are based on listings of various commodity indices, which are calculated by S&P-GSCI, JP Morgan, and Dow Jones-UBS, between 1970 and 2013.
Keywords: Commodities, inflation hedging, macroeconomic determinants, business cycle, financialization
JEL Classification: G11, G13, Q02

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Inflation, Business Cycles, and Commodity Investing in Financialized Markets-tr

Inflation, Business Cycles, and Commodity Investing in Financialized Markets-tr

Makale Bilgileri
Dergi: İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı: Inflation, Business Cycles, and Commodity Investing in Financialized Markets
Yazar(lar): Adam Zaremba
Cilt: 6
Sayı: 1
Yıl: 2015
Sayfa: 1-18
ISSN: 1309-2448
Öz
Financialization of commodity markets has been a broadly discussed topic in recent years. However, its implications for commodity investors have not yet been fully explored. This paper concentrates on the macroeconomic determinants of commodity returns in financialized and non-financialized markets and on their role for a tactical asset allocation. The study aims to contribute to the academic literature in four ways. First, it provides fresh evidence on the interdependences between commodity returns, inflation and the business activity. Second, it documents increased correlation of the commodity returns with the business activity in the financialized markets. Third, it explores changes in the lead/lag relationship of commodity prices and the business cycle. Fourth, it proves that the commodities retained their inflation hedging abilities in the financialized markets. The computations are based on listings of various commodity indices, which are calculated by S&P-GSCI, JP Morgan, and Dow Jones-UBS, between 1970 and 2013.
Anahtar Kelimeler: Commodities, inflation hedging, macroeconomic determinants, business cycle, financialization
JEL Sınıflandırması: G11, G13, Q02

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Strengths and Weaknesses of Financing Hospitals in Germany

Strengths and Weaknesses of Financing Hospitals in Germany

Makale Bilgileri
Dergi: Business and Economics Research Journal
Makalenin Başlığı: Strengths and Weaknesses of Financing Hospitals in Germany
Yazar(lar): Kemal Yaman
Cilt: 5
Sayı: 4
Yıl: 2014
Sayfa: 1-17
ISSN: 1309-2448
Özet
In this study strengths and weaknesses of financing hospitals in the German health care sector are examined. In the first part of the paper key data of hospitals, subsidies granted by federal states to hospitals, allocation of expenses in the statutory and private health sector are examined. Moreover, in the same part precautions taken in the German health care industry are analyzed. In the second part of the study compensation system, in particular Diagnosis Related Groups, as a financial resource for the activities performed in hospitals are investigated. For comparison the system before 2003 is also considered. In the third part critical view of the dual system in Germany is discussed. Change in financing of hospitals from 2003 shows improvement in financial situation of these institutions in Germany. However, the new implemented dual system reveals deficits in investment expenditures supported by federal states. The monistic model proposed by Rürup for a financing system from a single resource may provide a better financial base for well-equipped hospitals to meet the challenges among the competitive German hospitals.
Anahtar Kelimeler: Financing of hospitals, dual financing principle, diagnosis related groups, investment shortfalls, monistic financing principle
JEL Sınıflandırması: I11, I13, G22, G28

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