42 sonuçlar
Arama Sonuçları
Listeleniyor 1 - 10 / 42
Yayın Why invest globally in family firms?(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Demirel, EsinPurpose- Family firms have a significant economic role in many countries around the world. Family firms make a significant contribution to World GDP and employ a significant part of the global workforce. The scope of this study covers the top 25 largest and publicly owned family firms announced by Ernst & Young’s 2021 Report for Family Businesses. These 25 family firms generated more than 2 trillion USD and employed 6.5 million in 2021. This empirical study aims to investigate the excess stock returns of family firms over the related country stock market indexes and the risks (betas) for the period between 2002 and 2021. Therefore, this study explores the question of “why invest globally in family firms and whether this investment pays off with higher returns and less risk”. Methodology- The World's Largest Family Companies" list is published every other two years by Ernst & Young and the last issue was published in 2021. The world’s largest family companies list includes both private and publicly owned family firms. This study employs 25 world’s largest family firms after the exclusion of privately held family firms. The monthly stock prices of family firms, related country stock market index values, and global stock market index values are obtained from Refinitiv Eikon (Reuters) database for the period between 2002 and 2021 (20 years). Therefore, a total of 9120 observations are extracted for this empirical study. Eviews-10 is utilized for all econometric analysis. Findings- This study investigates whether an individual or intuitional investor can earn more than the average return of the stock markets by investing in publicly traded family firms meanwhile exposing less risk. The empricial results reveal that Maersek shows 354% (beta of 1.18) excess return over the 20 year period and followed by Hanwha with a 335% (beta of 0.69) excess return. Later, all family firms are grouped based on country of headquartered and 7 country portfolios are formed. The highest excess returns are provided by South Koean portfolio (an excess return of 189% with a beta of 0.83) and it is followed by Indian portfolio (an excess return of 174% with a beta of 1.0). Finaly, a best performer portfolio is formed by the 10 family firms with highest excess returns. This portfolio provides a 131% excess return with a beta of 1.18 over 20-year peirod. Conclusion- The empirical results show that the individual firm returns and portfolio returns of family firms are higher than the returns of the stock market indexes. Those who invest in family businesses get higher returns with less risk. Investments in publicly traded family firms pay off.Yayın Yönetim kurulu üyeleri mali raporları nasıl okumalıdır?(PressAcademia, 2019-12-30) Teker, Suat; Kayıkçıoğlu, SalihAmaç- Yönetim kurullarında daha çok sayıda profesyonel yöneticilerin yer almaya başlaması ve rekabetçi piyasa koşullarının her geçen gün zorlaşması, hem şirket performansını hem de yöneticilerin kendi performanslarını olduğundan daha iyi göstermeye teşvik etmektedir. Yöntem- Yönetim kurulu üyelerinin ihtiyaçlarını karşılamak üzere, finansal tabloların analitik incelemesi yapılmıştır. Bulgular- Yönetim kurulları ve diğer paydaşlar için şirket performans çıktıkları olarak değerlendirilen finansal raporlar, aldatıcı veya yönlendirici veriler içerebilmektedir. Şirket performansının olduğundan daha iyi gösterilebilmesi için; finansal raporlarda yanıltıcı ve yönlendirici muhasebe yöntemler kullanılabilir, gelir ve giderler raporlama dönemleri arasında kaydırılabilir ve yoruma açık işlemler objektiflikten uzak yorumlanarak muhasebe kayıtlarına geçirilebilir. Sonuç- Bu çalışmada yönetim kurulu üyelerinin bakış açısıyla, yanıltıcı ve yönlendirici finansal raporlamaya karşı farkındalık yaratabilecek hususlara dikkat çekilmektedir.Yayın Konukevi işletmeciliği: Ayvalık bölgesi için bir araştırma(PressAcademia, 2019-07-30) Işık, Munise; Teker, SuatAmaç- Bu makalede; son yıllarda deniz, kum, güneş turizmi dışında özellikle tarihi ve doğal güzellikleriyle de dikkat çeken Kuzey Ege Bölgesi’nin, önemli turizm merkezlerinden biri olan Ayvalık ve çevresinin turizm potansiyelini bilimsel veriler ışığı altında konukevi işletmeciliğinin ne düzeyde olduğunun tespit edilmesi amaçlanmıştır. Bunun için bölgenin karakteristik özelliklerini yansıtan Ayvalık ve çevresinde bulunan tarihi, kültürel, doğal güzelliklerinin yanı sıra bölge de geleneksel mimari tarzındaki Ayvalık-Cunda evlerinde yapılan konukevi işletmeciliği ele alınmıştır. Bu bağlamda amaç, konukevi işletmeciliğinde sunulan hizmetlerden hangilerinin müşteri tercihini ve memnuniyetini etkilediğinin araştırılmasıdır. Yöntem- Bu çalışma yapılırken günümüzde önemli bir bilgi kaynağı olan Türkiye'nin tatil ve konaklama rehberi operatörlerinin web siteleri sayfalarından toplam 636 müşteri incelenmiştir. Bunlardan mimari tarzları, fiyat, temizlik, kahvaltı, lokasyon, karşılama ve ilgilenme, ev atmosferi başlıkları altındaki, konuk görüşleri her pansiyon (konukevi) için ayrı ayrı karşılaştırılmış konuk yorumlarında en çok öne çıkan konular başlık olarak seçilmiştir. Bulgular- Çalışma kapsamında Ayvalık merkez ve Cunda Adasındaki eski Rum mimari yapısı özelliğini taşıyan geleneksel Ayvalık evlerinde yapılan konukevi işletmeciliğinde sunulan hizmetlerden hangilerinin müşteri tercihini ve memnuniyetini etkilediği araştırılmıştır. Ayvalık Merkez ve Cunda Adasındaki konukevlerinde yapılan her iki çalışmada elde edilen toplam veriler doğrultusunda; Ayvalık merkezindeki konukların tercihlerinde öncelikli olarak temizlik ve kahvaltı, Cunda adasında konaklayanların ise karşılama ve lokasyon beğenilerinin öne çıktığı görülmüştür. Sonuç- Ayvalık’ta mevcut geleneksel mimari tarzındaki konukevi işletmelerine olan talep alternatif turizmde değer yaratmada önemli bir işleve ve potansiyele sahiptir. Bu doğrultuda Geleneksel Ayvalık evlerinin sonraki kuşaklara miras bırakılabilmesi için terk edilen "sit" lerin yeniden inşa edilmesi, eski binaların kullanılabilir hale getirilmesi ve aynı zamanda Ayvalık’ın tarihi ve kültürel değerleri ve mekansal farklılıklarının öne çıkarılarak kendine özgü kentsel bir turizm politikası önerilmektedir.Yayın Dolaylı vergilerin Türk vergi sistemindeki yeri ve gelişimi(PressAcademia, 2019-07-30) Bal, Barış; Teker, SuatAmaç- Bu çalışmanın amacı, Türk vergi sisteminde dolaylı vergilerin konumunu belirlemektir. Dolaylı vergilerin toplam vergi gelirleri içindeki belirlerken, çeşitli ülkelerle karşılaştırmalar yapılmış ve dolaylı vergilerin diğer ülkelerdeki uygulama şekilleri gözden geçirilmiştir. Yöntem- Araştırmada dolaylı vergilerle ilgili istatistiki verilerden yararlanılarak, sonuca ulaşılmaya çalışılmıştır. Ayrıca toplanan vergilerin kullanılma alanları da araştırılmıştır. Bulgular- İstatistiki veriler resmi kurumların paylaşımlarından ve web sitelerinden elde edilmiştir. Elde edilen verilerin karşılaştırılmasıyla, anlamlı sonuçlar ortaya çıkmıştır. Sonuç- Yapılan araştırma sonucunda, Türkiye’de dolaylı vergilerin çok yoğun bir şekilde kullanıldığı gözlemlenmiştir. Diğer gelişmiş ülkelerle karşılaştırıldığında, bu yoğunluğun kademli olarak azaltılması ve dolaylı vergilerin bireyler üzerindeki olumsuz etkilerinden arındırılması önerilmektedir.Yayın Digital transformation and universities(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Tavman, Emine BaşakPurpose- This study aims to examine how digitalization has affected and changed higher education. It focuses on the current situation of universities and their current processes and what they need to do to become digital. It aims to present a roadmap for universities to integrate and organize these important changes into their strategies by examining the digital transformation that affects the vision of universities. Methodology- The study employs a literature review using secondary data analysis. Findings- The analysis reveals that the role of universities in many aspects such as society and economy has changed and is expected to change disruptively over the next decade. Universities need to make a differentiation through emerging business models in such a competitive higher education sector. Higher education institutions have to adapt to technological changes for sustainabilty. The pandemic dramatically accelerated the pace of technological adoption worldwide. The drivers of digital transformation in universiteis can be summarized as the increase compteteiveness, user experience and agility while reduction in operating expenses. Conclusion- It may be concluded that a university should be part of present technological trends and include digitalization in their strategies to be competitive in the future. Universities need to focus mainly on exploring more innovative measures to create technology development centres through research to deal with skills shortages. Universities should support those academics who lead the improvement of digital skills and innovative teaching methods, promote digital literacy in the academia and encourage the use of learning platforms. It is important to set a clear policy to adopt digital age in higher education. Universities will be competing globally for students, academic staff and funding. Adoption and implementation of new technologies in universities are inevitable.Yayın Whether development indices affect economic growth: a cross-country analysis(Elsevier Science BV, 2016-11-23) Teker, Suat; Güner, AyşegülThis study aims to examine the relationship between economic growth and highly featured development indices using a cross sectional data of 12 countries from both developed and developing world between the years 2000 and 2013. The indices of corruption, democracy, freedom of press, human development, global competitiveness, economic freedom, and the featured development indicators of World Bank such as average schooling years, life expectancy, female labour force participation rate, health expenditures rate in GDP, export rate of high technology, and employment rate are used to investigate the relationship in between economic growth and development indices. In order to exploit this relationship, all individual indices are reformed to produce form a single index, what we call harmonic index. The findings show that the higher scores of harmonic Index are associated with higher GDP per capita all levels except Saudi Arabia.Yayın Digital payment systems: a future outlook(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Orman, IrmakPurpose- This study examines the development of digital payment systems with the evolution of communication technologies, financial institutions and fintech companies. Also, this study analyzes the expected effects of developing payment systems and fintech applications. Methodology- The study defines different types of digital payment systems, compares general characteristics of digital payments, provides a timeline of developments for digital payment systems and compares most used digital payment applications. Findings- The payments market is changing in line with consumer behavior. Cashless economies, mobile banking, instant payments, digital commerce, and the growing impact of regulatory agencies are a few trends affecting the payments market. Contactless payments also make the payment process easier and more convenient for consumers who benefit from shorter lines, cash-on-hand issue elimination, and faster moving queues.The Asia-Pacific region is anticipated to witness significant growth in the market such as China and India. Digital and mobile wallets account for 58% of regional e-commerce payments in the region and are expected to reach 68.2% by 2023. The e-commerce sector is witnessing a spike in demand as consumers order essential items such as food and clothes through e-commerce websites, where most consumers prefer the digital mode of payment.Transition towards the cashless economy, emergence of new online financial institutions, a decentralized monetary governance with the adoption of blockchain and cryptocurrencies are envisioned. Advancements in payment technologies as well as digital payment systems adoption will create momentum and create further investments towards digitalization of monetary exchange. Conclusion- It is concluded that evolution of digital payment systems will extend convenience, return, convergence, cross-border and timelimitless transaction. Inclusion of the unbanked is expected to drive growth and create new opportunities. There is a clear transition towards a cashless economy with the increasing adoption of digital payment systems by all spenders. Speed, privacy, convenience, security and decentralization will mean a wider inclusion for all global citizens; even including some unbanked population. Decentralization and blockchain will mean a blur in distribution of wealth, some money leaving the traditional banking systems. Digital payment systems provide a wide range of transaction options to its users; swiped credit cards, electronic checks, mobile wallets and contactless payment. By 2050s, the circulation of physical money is expected to vanish, leaving its place to virtual currencies changed on digital platforms.Yayın Financial performance ranking of airlines in the Covid-19 era(PressAcademia, 2021-12-31) Teker, Dilek; Teker, Suat; Çobandağ, MelikePurpose- The purpose of this study is to give rankings of the top 20 airlines in the world according to some financial performance indicators for the time period between years 2018 and 2020. Additionally, this study will highlight some of the financial performance indicators of this top 20 airline companies during the COVID-19 era in 2020. Airline industry is very important for modern society and it has a crucial role for globalization and businesses by connecting regions, promoting global trade and tourism and hence enabling economic and social development. Over the last two decades, the troubled airline companies were often on news delebrating financial difficulties, layouts and distrupted scheduled flights. Many well-known airline companies needed financial rescue and either received government fundings or seeked consolidation or a partnership. COVID-19 also had a crucial impact on the deterioration of the airline industry due to quarantinas and shutdowns for travel and business. Because of these reasons, it is very important to see the rankings of the top 20 airlines in the world and indicate some of the financial performance measures of these companies during the COVID-19 era. Methodology- In this study, first the top 20 airlines of the world was listed by ranking the 111 public airline companies in the world according to their total assets in 2020. The data was gathered from the REUTERS database. From again the REUTERS database, total assets, total equity, total revenue, net income, total short-term liabilities and total long-term liabilities of this 20 airline companies was obtained in terms of USD for the period between years 2018 and 2020. In addition, the number of employees and the number of aircrafts data was gathered to show some operational indicators of these same airline companies for the same term. Then the rankings of this top 20 airline companies was made considering all of these indicators and the change in the place of the rankings of airlines between years 2018 and 2020 was indicated. In this study, it was also showed whether the ranking of the airline companies according to financial performance differed in the COVID-19 era in 2020. Findings- The analysis of this study reveals that although the largest asset size was reported by Delta Airlines in 2020, the highest revenue was generated by American Airlines. On the other hand, the highest number of aircrafts were employed by American Airlines in 2018, 2019 and 2020, whereas the highest number of employees worked for Lufthansa in the same years. Although American Airlines reported to gain the highest amount of total revenues in 2020; Cathay Pacific Airlines was ranked as the number one airline company in the same year if revenue per employee and if revenue per aircraft were considered as the performance criteria. None of these airlines was ranked as one of the top three performers considering net income for the year 2020, which was the COVID-19 era. The change in the rankings of the top 20 airlines according to net income in 2020 clearly showed that in the COVID-19 era, the financial performance of the airline companies was hit hard by the economic shutdowns. Conclusion- Based upon the findings of the analysis, it may be concluded that different financial indicators must be considered together instead of solely considering total assets, total revenues or net income to analyze financial performance of the airline companies. As it was also stated by the related literature, both operational and financial indicators are important in the performance measurement of airline companies. The financial performance of the airline companies influences short and long term company decisions as well as it shapes strategic planning. Hence, a comprehensive financial performance measurement must be employed in strategic planning of airline companies.Yayın Industrial revolutions and its effects on quality of life(PressAcademia, 2019-07-30) Koç, Tayfun Çağlar; Teker, SuatPurpose- This paper intends to put forward the historical perspectives of industrial revolutions and analyze the effcets of revolutions on the quality of life. Methodology- This research uses a review and analysis approach for the historical evolment of industrial revolutions in general. Findings- All industrial revolutions strongly affected the quality of life of people. However, the industry 4.0 has completely changed the way of living for every single paty, e.g. businesses, governmets, people. Conclusion- The new definition of internet-of-things looks to rule the new order of competetiveness in the World. The jobs have been recently created we never imagined ten years ago. Most jobs have started to disappear we never thought about. Technological innovation and advancement activities have a significant impact on international competitiveness.Yayın Market risk premiums in BIST 100 in the Covid era(PressAcademia, 2021-12-31) Teker, Suat; Teker, Dilek; Demirel, EsinPurpose- Capital Asset Pricing Model (CAPM) is the most widely used and popular method in analysis of investment projects, stock valuation, firm valuation, mergers and acquisitions, initial public offerings and secondary public offerings. The determination of market risk premium is one of the most important inputs in the application of this model. The determination of market risk premium for the Turkish market has not deeply studied in the literature so far. This study intends to calculate the market risk premium for the Turkish Stock Market with a special emphasis on the Covid-19 era. Methodology- The monthly data from the Reuters Database are collected for the BIST100 and 17 different sectoral indexes for the years of 2019 and 2020. Moreover, the monthly average short term interest rates on the Turkish Treasury Bonds are obtained from the database of Central Bank of Turkey for the years of 2019 and 2020. Based upon the historical observations, the market risk premium is defined as the difference in between the market index returns (BIST100 and 17 sectoral indexes) and the average short term interest rates on monthly basis. Findings- The market risk premiums measured on BIST100 index are about 10% in 2019 and 20% in 2020. The market risk premium is doubled in the Covid era. The volatilities of BIST100 index are 7.86% in 2019 and 8.15% in 2020. The volatility of market risk premiums are also significantly increased in the Covid era. Conclusion- Covid era has significantly increased the market risk premiums and volatilities of the Turkish market. The results of this study may be used as a reference study for local and international financial institutions, valuation industry and trade firms and academics for an approximation of market risk premium in the Covid era.
