In the last decade a process improvement technique, known as Six Sigma, is implemented by many pioneers of the industry as an approach used to more productive and increase profits in all business process from production to human resources management, from finance to marketing.

The companies would like to keep and improve their position in a daily changing world market while new techniques and concepts are introduced to the global markets every day and this is only possible through continuous improvements and breakthroughs. In this study, it has been presented the six sigma practice of a power plant owned by Enerjisa, a major energy company in Turkey. In order to achieve Six Sigma project targets, quality techniques and statistical techniques (hypothesis testing, design of experiment etc.) are used.

Keywords:Six Sigma, Quality, DMAIC

From 1980s to today social welfare idea was changed and a neoliberal economic thought takes its place. In 1989, Berlin Wall and then Soviet Union was collapsed which is also the reason for free market system and privatization in transition economies of Eastern Europe. Developing countries in general were also modified their trade and competing policies. Today, globalization has lifting the barriers on capital inflows but also the financial transactions. From another view, it changes policies and triggers integration of world economies. As a result of this process, taxation of international transactions is becoming a more interesting subject in time being. As known, the growing international financial activities and transactions have also some effects on the countries’ financial structure, direct or indirect ways. Since 1990s, these increases have some benefits for helping to overcome the problems of liquidity or investment. On the other hand, it has some financial instability kind contrary effects which make countries’ development process into question. In this study, financial transaction phenomenon will discuss and then taxation proposes will suggest for instability cases.

Keywords:Financial Transaction Tax, Tobin, Spahn, Robin Hood, International Taxation

The purpose of the study is to adapt Organizational Virtuousness Scale which was developed by Cameron, Bright and Caza (2004) into Turkish and investigate the validity and reliability analysis of the scale. It can be referred to the studies in our country as organizational virtuousness has become an important and popular concept in the field of Organizational Behavior with its relationship to other organizational variables. The study was conducted with 290 employees from different subsectors of service industry (education, finance, health). Exploratory factor analysis and confirmatory factor analysis were conducted for validity studies; reliability analyses were conducted to understand the internal validity of the model. According to the results of the study, it was found that Organizational Virtuousness Scale is a valid and reliable and it is explained by integrity and forgiveness, trust and courtesy and optimism dimensions.

Keywords:Organizational Virtuousness, Validity, Reliability

A services trade, which has increasingly got important and a subject of trade due to improvements in knowledge and communication technologies, has been one of the important sources of economic growth for many countries. In this study, the effect of services trade on economic growth for country groups classified according to their development levels has been empirically investigated using panel data techniques for 1980-2007. The results reveal that while the coefficient which shows the relationship between services trade and economic growth is insignificant for developed countries, it is found significant for developing countries and for the whole sample which comprises both country groups. However, it is also observed that this effect is larger for developing countries which have higher services trade shares.

Keywords:Services Trade, Economic Growth, Developed Countries, Developing Countries, Panel Data Analysis

The aim of this study is to investigate the seasonal patterns of five Turkish manufacturing industry series which have the main characteristics of Turkish economy during the1977:1-2008:4 periods. Many economic time series are often subject to systematic fluctuations within the year such as seasonal movements. All the studies concerning time series methods are useful only when the series do not show seasonal patterns or the methods that care of seasonal patterns used. For this reason, it is important to investigate the seasonal patterns of the series when working with economic time series data. The analysis is conducted using the HEGY approach developed by Hylleberg, Engle, Granger and Yoo (1990). It is important to determine what kind of seasonality is present in the data. For this reason, we search for the seasonal unit root with five different models that concern, trends, constant and seasonal dummies. We provide evidence on the presence of seasonal unit roots in the Turkish manufacturing industry series. The main finding is that there are both deterministic and non-stationary stochastic seasonality in the series.

Keywords:Seasonality, Seasonal Unit Root, HEGY Test Approach, Turkish Industrial Production Series

The purpose of this study is to identify the factors affecting the use of internet banking as one of the banking services, and to determine relationship of the demographic characteristics of customers with these factors. For this purpose, six hypotheses have been developed within the framework of the research model. A questionnaire form was developed to determine these factors and was applied in 5 provinces in the Aegean region. From the all questionnaire applied, only 525 of them provided useable data. The data obtained were analyzed in steps by factor analysis, regression analysis, t-test and Anova analysis. According to results of the study, it is determined that especially security and privacy, then factors such as trust, being innovative, ease of use, awareness, quality of internet connection, the effect of social environment and ability to use computer had impact on the use of internet banking. Furthermore, evaluations of factors that affect the usage of internet banking vary according to demographic characteristics of individuals.

Keywords:Internet Banking, Costumer Perception, ANOVA

This study aims to compare Black Litterman Model and Markowitz Mean Variance Model with beta factor, unsystematic risk and total risk. The data set used in this study covers daily corrected prices of 17 firms’ listed on ISE for the period between 2003 and 2009. By using Markowitz Mean Variance Model and Black Litterman Model, totally 26 portfolios are formed. Portfolios formed with two model are compared with their risks. The results of the study illustrates that the portfolios formed with Black Litterman Model have lower beta factor, unsystematic risk and total risk.

Keywords:Black-Litterman Model, Markowitz Mean-Variance Model, Beta Factor, Unsystematic Risk, Total Risk

Participation banks that have gradually established an important presence for itself within the financial system firstly started their activities in 1983 by the name of special finance institutions. Establishment aim of special finance institutions is to bring in appropriations of the sector which have interest sensitivity to economy and to call up similar quality foreign funds to the country. Those institutions have got the name of participation banks since 2005 being included into the scope of banking law have carried on their business with 4 banks as of today in Turkey. Efficiency and productivity are the important performance indicators of firms at the present time and whereas efficiency indicates the level of attaining the current objective productivity is defined as the rate of available sources and acquired output to input. Efficiency and productivity criteria are described in the data and method section of the study. In this study, efficiency and productivity of fast growing and developing participation banks’ activities between the years of 2005-2011 within the financial system in Turkey was tried to be measured using TOPSIS (Technique for Order Preference by Similarity to An Ideal Solution) method. According to analysis results, Albaraka Turk was defined as the most efficient and Bank Asya as the most productive. In parallel with Kuveyt Turk’s diversifying its financial

Keywords:Participation Banks, Efficiency, Productivity, TOPSIS Method.

This study attempts to develop new market efficiency tests depending on the spot and future prices, or the differences of them alternative to traditional unit root test build on univariate time series. As a result of the autocorrelation, normality and run tests applied to spot and futures prices or differences of them, and Adopted Purchasing Power Parity test based on a regression the future markets of ISE30, ISE100 index indicators, USD and Euro currencies, all of which have been traded dailly in the Izmir Futures and Options Market for five years, are found inefficient. Autocorrelation, normality and run tests on the differences between spot and futures prices series, and Adopted Purchasing Power Parity test, or autocorrelation, normality and run tests test based on spot series all rejected “the acceptance of efficient market hypothesis” under the existence of unit root in a series. The results of autocrrelation, normality and run tests based on univariate series are found contradictory to the unit root test result. As a result, the acceptance of “efficient market hypothesis” under the existence of unit root is not supported by alternative tests developed in this study. It is suggested that efficiency test shall be stepping on the spot and futures prices; differences of them or Adopted Purchasing Power Parity test developed here rather than unit root test based on univariate series, which is also not appropriate to the definition of futures market efficiency. In addition, one must be sure that the errors disturbances are randomized in deciding whether market is efficient or not.

Keywords:Futures markets, spot and futures prices, alternative efficiency tests, unit root, autocorrelation, normality, run, Adopted PPP test, Turkey

Article Information

Abstract

Although the EU has financial rules stipulated in the Maastricht Criteria, the 2008 global financial crisis had a negative impact on the financial performance of EU countries with reference to fiscal rules. Some EU member countries have slacked their fiscal policies, had budget deficit and postponed their fiscal rule policies to cope with global financial crisis. The fiscal rule is revived to establish fiscal discipline in EU member countries aftermath of financial crisis in Greece. Furthermore, the enormous levels of budget deficits in Portugal, Spain and Italian economies contributed the revival of discussions on harmonization to Maastricht Criteria. The EU Commission proposed a Six-Pack Application to effective co-ordination and monitoring of economic policies, on September 29th, 2010. The European Council approved the Six-Pack on October 4th, 2011, aiming to co-ordinate the economic policies of EU countries with reference to European Semester application. This paper aims to discuss the functionality and effectiveness of the Six-Pack Application and evaluate Turkey’s financial indicators with reference to the Six-Pack Application. 

Keywords:EU, Fiscal Rules, Six-Pack, Turkey