Manuscript2 – Sayfa 48 – BUSINESS AND ECONOMICS RESEARCH JOURNAL

Kategori: Manuscript2

Unconventional Monetary Policies in the Eurozone: Considering Theoretical Backgrounds and Policy Outcomes

Posted on Salı Eylül 15th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Unconventional Monetary Policies in the Eurozone: Considering Theoretical Backgrounds and Policy Outcomes
Author(s):	Derya Yılmaz
Volume:	6
Number:	3
Year:	2015
Page:	51-68
ISSN:	1309-2448

Abstract

Global Financial Crisis erupted as a sub-prime mortgage market crisis in US and became a full-fledged global crisis after the fall of Lehman Brothers. Thus, the effects of financial crisis spread to all over the world. In the Eurozone, the financial crisis became more challenging as it provoked the sovereign debt problems of some countries and triggered a sovereign debt crisis. Sovereign Debt Crisis was the first crisis in the Eurozone after forming a monetary union and put the viability of the union under risk. In this tranquil environment, European Central Bank (ECB) responded the crisis with set of monetary policy tools- conventional and unconventional. ECB pursued unconventional monetary policy parallel to its conventional monetary policy tool- policy rate. It provided liquidity support to markets, purchase public and private assets and guide markets about future short-term interest rates in the context of unconventional monetary policy. The aims of using these policies are similar for all central banks: alleviating the financial market tensions and stimulating aggregate demand. This study evaluated the effectiveness of these policies on the basis of these aims. The study finds out that ECB has been effective on depressing the financial market stress but ECB has not been effective on stimulating the aggregate demand.

Keywords:

Unconventional monetary policy, Policy effectiveness, ECB, global financial crisis, sovereign debt crisis

JEL Classification:

E44, E52, E58

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Corporate Sustainability: A Research on Firms That Issue Sustainability Reports in Turkey

Posted on Salı Eylül 15th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Corporate Sustainability: A Research on Firms That Issue Sustainability Reports in Turkey
Author(s):	Funda Özçelik, Burcu Avcı Öztürk, Sevda Gürsakal
Volume:	6
Number:	3
Year:	2015
Page:	33-49
ISSN:	1309-2448

Abstract

In recent years, because of stakeholders’ transparency demand from enterprises and want information about financial performance as well as environmental and social performance, sustainability reporting attracts more attention of stakeholders. In this study, a survey was conducted on firms that issue sustainability reports in Turkey. The purpose of this study is to examine the issues that lead enterprises to sustainable activities, enterprises’ priorities, barriers, training and technical support requirements. According to the results of the research, sustainability practices have been seen as an important element of corporate reputation; areas that are regulated by law are among priorities of enterprises; areas that bring additional cost are not among priorities of enterprises. It is identified that lack of incentives for sustainability performance has been seen as an obstacle for sustainability practices.

Keywords:

Sustainable development, corporate sustainability, corporate social responsibility, accountability, sustainability reporting

JEL Classification:

M10, M14, Q01

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Level of Accommodation Enterprises in Using Modern Financing Techniques: A Study on Managers of 4 and 5 Star Hotels Operating in Alanya

Posted on Salı Eylül 15th, 2015Çarşamba Eylül 16th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Level of Accommodation Enterprises in Using Modern Financing Techniques: A Study on Managers of 4 and 5 Star Hotels Operating in Alanya
Author(s):	Mehmet Akif Öncü, İstemi Çömlekçi, Çiğdem Mutlu, Emre Zengin
Volume:	6
Number:	3
Year:	2015
Page:	19-32
ISSN:	1309-2448

Abstract

The purpose of this study is to determine the levels of use of the modern financing techniques by the managers of accommodation enterprises which have a high-level financing requirement within the tourism industry. Four- and five-star accommodation enterprises which provide services in Alanya were determined to be the population of study. Survey technique was used as the data collection method. As a result of the study, it was found that the accommodation enterprises choose the financial leasing among the modern financing techniques, and the trade banks among the financial institutions. In addition, another result achieved by the study is that the economic expectations of the accommodation enterprises regarding these techniques increase, as their awareness on modern financing techniques is raised.

Keywords:

Accommodation enterprises, financing techniques, leasing, risk capital, factoring, forfaiting, barter

JEL Classification:

L83, G22

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Intraday Lead-Lag Relationship between Stock Index and Stock Index Futures Markets: Evidence from Turkey

Posted on Salı Eylül 15th, 2015Perşembe Ocak 14th, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Intraday Lead-Lag Relationship between Stock Index and Stock Index Futures Markets: Evidence from Turkey
Author(s):	Ersan Ersoy, Levent Çıtak
Volume:	6
Number:	3
Year:	2015
Page:	1-18
ISSN:	1309-2448

Abstract

In perfectly frictionless and rational markets, spot markets and futures markets should simultaneously reflect new information. However, due to market imperfections, one of these markets may reflect information faster than the other and therefore may lead to the other. This study examines the lead-lag relationship between stock index and stock index futures, in terms of both price and volatility, by using 5 minute data over 2007-2010 period. The findings of this study indicate that a stable long-term relationship between Turkish stock index and stock index futures exists, however stock index futures do not lead stock index and there is a two way interaction between them. Therefore neither of the markets is dominant over the other one in the price formation process.

Keywords:

Lead-Lag relationship, price discovery, volatility relationship

JEL Classification:

G13, G14, G15

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The Determination of Preference Ranking of A Group Travel Agencies in Turkey with PROMETHEE Method

Posted on Cumartesi Nisan 18th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Determination of Preference Ranking of A Group Travel Agencies in Turkey with PROMETHEE Method
Author(s):	Hasan Uygurtürk, Turhan Korkmaz
Volume:	6
Number:	2
Year:	2015
Page:	141-155
ISSN:	1309-2448

Abstract

Travel agencies are the main actors of the tourism industry. Many touristic customers are involved in tourism activities benefiting from the services provided by the travel agencies. Travel agencies play an important role in advising them to make decisions and agencies also are being an information source for customers. In addition, travel agencies contribute the improvement of alternatives for touristic customers by improving continually their product and services. There are three different travel agency groups in Turkey. These groups are A group, B group and C group travel agencies. A-Group travel agencies are in the first place in terms of diversity of functions and economic size. A very large part of the travel agencies in Turkey is A group agencies. An excessive number of travel agencies make complicated the selection of agency for the touristic customers. This study aimed at evaluating the A group travel agencies operating in Turkey and presenting a choice of suggestion for potential touristic customers. For this purpose PROMETHEE method is used in analysis process. According to the results of the findings an order of preference for touristic customers is determined.

Keywords:

Tourism industry, A group travel agency, preference functions, PROMETHEE, GAIA plane

JEL Classification:

C44, L83

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Analysis of Forecasting Performance of Investors in Turkey Within Framework of the Random Walk Model

Posted on Cumartesi Nisan 18th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Analysis of Forecasting Performance of Investors in Turkey Within Framework of the Random Walk Model
Author(s):	Banu Tanrıöver, Duygu Arslantürk Çöllü
Volume:	6
Number:	2
Year:	2015
Page:	127-139
ISSN:	1309-2448

Abstract

The purpose of this study is to test the weak form efficiency within framework of the random walk model by using price movements of BIST-100 Index and to evaluate forecasting performance of investors in Turkish stock market. Whether investors can earn excess returns or not has been decided with determination of whether the stock price movements and expectations of investors follow a random walk or not at the period of 1990:01-2014:06 in Turkey. Firstly for this purpose, the randomness of price movements of BIST-100 Index has been tested by using Ljung-Box and LM analysis. The second assumption of random walk model, randomness of expectations of investor and each of information entering market has been analysed with BDS test. Empirical evidences show that investors in Turkish capital market can forecast by using historical stock price movements, investors can have all information which is likely to affect the stock price in advance, and investors can earn excess returns by taking decisions based on this information.

Keywords:

Random walk model, weak-form efficiency, autocorrelation analysis, BDS test

JEL Classification:

C12, C22, C58, G14

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Ethics on Accounting Education: A Research of Ethics Perception on Vocational High Schools Students

Posted on Cumartesi Nisan 18th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Ethics on Accounting Education: A Research of Ethics Perception on Vocational High Schools Students
Author(s):	Gönül İpek Alkan
Volume:	6
Number:	2
Year:	2015
Page:	113-125
ISSN:	1309-2448

Abstract

Ethical behavior of the accountants is important to maintain the public confidence. The objective of this study is to determine the ethical values of accounting students according to some variables. 724 students joined the research Project. Research were asked by survey technic. The Ethical Perception levels of the students were determined by applying them the research data Mann-Whitney U and Kruskal-Wallis techniques. The level of 0,05 was determined statistically in the findings. According to the results, there is a meaningful difference at the Ethical Judgement levels of the students according to some variables. According the research results levels of ethical perceptions of female students higher than male students. Ethical perceptions are affected by the level of income. The family income level increases ethical perception is decreasing. Father’s education does not affect students’ perception of ethics but mother education affects student’s perception of ethics. The mother education increases ethical perception is decreasing.

Keywords:

Ethics, professional ethics, accounting professional ethics, accounting education, perception of ethics

JEL Classification:

M41, M53

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The Fiscal Costs of Banking Intervention in the Eurozone

Posted on Cumartesi Nisan 18th, 2015Pazartesi Mayıs 4th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Fiscal Costs of Banking Intervention in the Eurozone
Author(s):	Derya Yılmaz, Dilek Murat
Volume:	6
Number:	2
Year:	2015
Page:	91-112
ISSN:	1309-2448

Abstract

This study aimed to reveal the fiscal cost of banking interventions in the Eurozone. To this end, firstly, the theoretical underpinnings of a banking crisis and its management policies are explained, then the policies used in the Eurozone and their costs are analyzed in detail. For analysis of banking interventions on budgets, Multidimensional Scaling (MDS) Analysis was used to see similarities and dissimilarities between countries. Two important conclusions emerged. First; countries that have faced a systemic banking crisis (Germany, the Netherlands and Ireland) were dissimilar from the group as a whole from the beginning of the financial crisis. After a sovereign debt crisis, the indebted countries were also affected and disintegrated (Greece and Spain). The second was that the net budgetary impact of these measures was found to be smaller than anticipated but the rise in gross debt was considerable in some countries. Furthermore, in those countries, contingent liabilities posed a threat for future public finances. In order to minimize the fiscal cost of a banking crisis, union-wide crisis management and institutions should be established. This calls for the completion of The Banking Union.

Keywords:

Banking crisis, banking crisis management, fiscal cost of banking crisis, MDS Analysis

JEL Classification:

G01, G21, H12

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Relative Deprivation and Inter-regional Migration: The Turkish Case

Posted on Cumartesi Nisan 18th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Relative Deprivation and Inter-regional Migration: The Turkish Case
Author(s):	Pınar Narin Emirhan
Volume:	6
Number:	2
Year:	2015
Page:	79-89
ISSN:	1309-2448

Abstract

Relative deprivation hypothesis asserts that the individuals’ migration decisions are affected not from their absolute income levels, but from their relative position to the reference group living in the same region. The aim of this study is to test the validity of the relative deprivation hypothesis for Turkey. In other words, the study aims to analyze the effects of regional inequalities on inter-regional migration flows. In the study, the determinants of inter-regional migration flows are analyzed for the regions defined at the İBBS 1st level. Inter-regional migration flows are calculated by Turkish Statististical Institute and are only available for the 2008-2012 period, so the study covers this period. The findings of this study reveal that, inter-regional migration flows are not affected by regional inequalities in Turkey, but absolute income level is important.

Keywords:

Relative deprivation, migration, Gini coefficient, per capita GDP, panel data

JEL Classification:

D31, J61

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Public Opinions in Obesity Tax: A Field Research in Turkey

Posted on Cumartesi Nisan 18th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Public Opinions in Obesity Tax: A Field Research in Turkey
Author(s):	Yaşar Ayyıldız, Yunus Demirli
Volume:	6
Number:	2
Year:	2015
Page:	59-78
ISSN:	1309-2448

Abstract

The threat generated by obesity is increasing in terms of health of both individuals and society day by day. States are using different tools in fighting against this threat. One of these tools is taxing obesity. In fighting against obesity, in order to protect health, while there are tax proposals and practices in different names and subjects, Obesity Tax” is used as a generic name. We conducted a field questionnaire study applied all around Turkey, in order to measure the public opinion related with “Obesity Tax” that probably would be applied in Turkey. In this paper it is determined that public believe the necessity of fighting obesity; however, this struggle must be based on non-tax instruments because they have concern the tax might be applied for the fiscal purposes. According to results of the study, we offer specifically to the policy makers that regulative, public supported, efficient and unique “Obesity Tax” must be implemented, but, such tax revenues must be spent for fighting against obesity or subsidies for healthy products.

Keywords:

Obesity, Obesity tax, fighting against obesity, tax policy

JEL Classification:

I18, H20, H29

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