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Yayın The moderating role of environmental munificence on innovativeness in B2B markets(Emerald Group Publishing Limited, 2019-09-30) Gül, Mısra ÇağlaPurpose: The purpose of this paper is to understand the relationship between two business orientations, namely, entrepreneurial orientation and market orientation, and innovativeness taking into account the moderating influence of environmental munificence. Design/methodology/approach: This is a multiple respondent quantitative study. A total of 312 marketing managers middle level and above from 79 firms participated in the survey. Multiple regression and hierarchical multiple regression was the method of choice for data analysis. Findings: Findings indicate that environmental munificence moderates the entrepreneurial orientation – innovativeness relationship. Findings reveal that even though a significant impact of entrepreneurial orientation is not present on innovativeness, this insignificance may be due to environmental munificence. Market orientation has a direct positive impact on innovativeness, and environmental munificence negatively moderates this relationship suggesting that when the environment is less munificent, the market orientation – innovation link becomes stronger. Practical implications: Managers should be aware that the more munificent an environment becomes, having an entrepreneurial orientation will be more important for innovativeness. In addition, results of this study suggest that being market oriented more strongly impacts a firm’s ability to innovate in non-munificent environments where growth opportunities are undesirable. Originality/value: This study is unique in that it is a multi-respondent study with respondents from different layers of each participating organization, incorporating the moderating impact of the business environment’s munificence on business orientations–innovativeness relationship.Yayın Location and determinants of productivity: The case of the manufacturing industry in Turkey(M E Sharpe Inc, 2011-11-01) Falcıoğlu, PınarDiscussions in this paper are based on arguments from the geography, economic, and management literatures suggesting that exploring the spatial reasons for productivity in Turkey became significantly important after Turkey became a candidate country. The aim of this paper is to complement the findings of the studies on productivity differences in Turkey's manufacturing industry by exploring the spatial determinants of productivity at the regional level. The discussion is based on an econometric analysis for the years between 1980 and 2000. The results suggest that related variety, proximity to core areas, high wages, and capital intensity contribute to regional productivity.Yayın An empirical examination of the generalized Fisher effect using cross-sectional correlation robust tests for panel cointegration(Elsevier Science BV, 2015-03) Omay, Tolga; Yüksel, Aslı; Yüksel, Sadettin AydınThis study examines the generalized Fisher hypothesis as applied to common stocks by using the recently proposed second generation panel cointegration tests. Unlike their predecessors, these new tests assume the existence of cross-section dependence in the data. For the sample analyzed, we report that these new tests, but not their predecessors, provide strong support for the existence of cointegration between stock and goods prices. Moreover, further analysis cannot reject the hypothesis that the cointegration relation is linear. Finally, our Fisher coefficient estimates are in the range between 0.68 and 1.27 and give support to the generalized Fisher hypothesis.Yayın Oil price uncertainty, global industry returns and active investment strategies(Elsevier B.V., 2020-11) Demirer, Rıza; Yüksel, Aydın; Yüksel, AslıThis paper shows that time-varying oil return volatility predicts regime transitions across a majority of global stock sectors, particularly for durables, financials, industrials, oil & gas, telecommunications and utilities. Global stock sectors yield significantly higher returns during periods of low oil market uncertainty and an active, forward-looking investment strategy conditional on the state of oil market volatility yields significantly positive excess returns even after adjusting for systematic risk exposures. The findings show that the predictive information captured by oil market fundamentals can be utilized in active sector rotation strategies.Yayın Bounds for certain linear combinations of the Faber coefficients of functions analytic in an ellipse(Cambridge University Press, 2007-02) Haliloğlu, EnginLet S? be a bounded, simply connected domain in C with 0 is an element of Omega and partial derivative Omega analytic. Let S(Omega) denote the class of functions F(z) which are analytic and univalent in Omega with F(0) = 0 and F'(0) = 1. Let {phi(n), (z)}(n=0)(infinity) be the Faber polynomials associated with Omega. If F(z) is an element of S(Omega), then F(z) can be expanded in a series of the form [GRAPHICS] in terms of the Faber polynomials. Let where r > 1. In this paper, we obtain sharp bounds for certain linear combinations of the Faber coefficients of functions F(z) in S(E(r)) and in certain related classes.Yayın On the performance of West's bubble test: A simulation approach(Elsevier science inc, 2010-12-01) Yüksel, Sadettin Aydın; Akdeniz, Levent; Altay Salih, AslıhanIn this research we examine the ability of West's bubble test [1] in detecting speculative bubbles using Brock's (1982) [2] intertemporal general equilibrium model of asset pricing as the basis for a simulation study. In this setting, (1) the economy, by construction is efficient and produces the maximally possible amount of welfare for society, and (2) asset prices reflect the utility-maximizing behavior of consumers and the profit-maximizing behavior of firms. We find that the West's bubble test flag as "bubbles" in the simulated data yet the data is produced from an economy in which markets are efficient in welfare production.Yayın REITs, Growth Options and Beta(Springer New York LLC, 2016-11-08) Tırtıroğlu, Doğan; Nguyen, Thu Ha; Tırtıroǧlu, Ercan; Wee, TanchengAre REITs income stocks, only? Following Myers (1977) and Bernardo et al. (2007), we examine empirically REITs’ unlevered betas, betas of growth options, betas of assets-in-place and the difference between the latter two in detail for 1983–2012, and also for three sequential, distinct, and mutually-exclusive REIT sub-periods. We find that, (i) the betas of growth options are larger than those of assets-in-place, (ii) there are differences in these betas across Equity REITs’ sub-sectors and sub-periods, (iii) REITs with a high growth profile tend to employ more short-term debt and are mainly listed on NASDAQ, and (iv) the Global Financial Crisis has influenced considerably the beta estimates across all sub-sectors and REIT types. These findings raise a question mark about the ‘income stock, only’ description of REITs. Our findings have important implications for the cost of capital of REITs and their capital budgeting practices. We discuss them, when appropriate, with numerical examples.Yayın Love my selfie: selfies in managing impressions on social networks(Routledge, 2019-04-03) Ozansoy Çadırcı, Tuğçe; Sağkaya Güngör, AyşegülThis study aims to provide insights on personal branding and impression management practices in the context of selfie production and sharing on online social networking sites (oSNSs). The theoretical framework of the study was constructed according to Goffman’s ‘Dramaturgy Theory’ and Belk’s ‘Digital Extended Self’ theory. Four constructs; de-materialization of photography, co-construction of the self, sharing economy of digital media and online social networks, and distributed memory were included in the study. The results of the literature review were further explained according to the production and consumption of selfies. This study provides detailed information about how selfies can be used as a mediator for purposes of self-extension and personal branding. Even though selfies are seen as an everyday activity and a raw presentation of the subject, they also include extra contextual information about the subject. The results of the study exert that selfies shared online can be used as a tool for impression management in oSNSs.Yayın Adequacy of audit committees: A study of deposit banks in Turkey(Elsevier Science SA, 2018-06) Kartal, Mustafa Tevfik; İbiş, Cemal; Çatıkkaş, ÖzgürThe purpose of this study is to investigate the adequacy of the audit committees in Turkish Banking Sector. Considering national and international legislation, and best practices, audit committees' adequacy involves the issues regarding committees and the responsibilities of committees. Interviews and questionnaires in 6 deposit banks were carried out to investigate the adequacy of the audit committees. The data, collected through the interviews and questionnaires, were analyzed by frequency analyses, alfa test and t-tests. According to the results, a variety of deficiencies were determined in the audit committees' structure and responsibilities of internal control, risk management, accounting and financial reporting, independent auditing, valuation services, and rating bureaus. Although all the banks examined in the study were deposit banks, the adequacy of the audit committees varied according to the banks. Banks' board of directors and the audit committees should update their approach in order to carry out their duties more efficiently.Yayın Flight to quality and the predictability of reversals: The role of market states and global factors(Elsevier Science BV, 2017-12) Demirer, Rıza; Yüksel, Aslı; Yüksel, Sadettin AydınThis paper examines the time-series predictability of reversals in an emerging stock market, Borsa Istanbul. We show that short-term reversals, thus the payoffs to the contrarian strategy, are predictable with the market state found as the primary predictor. The reversal effect is driven by flight to quality stocks with high earnings and low price multiples during negative market states, which then gives rise to subsequent reversals in those stocks, thus predicting higher contrarian payoffs. Interestingly, oil return is found to absorb much of the predictive power of macroeconomic variables and global risk proxies. Our findings lend partial support to risk-based as well as behavioral explanations for reversals and suggest that a contrarian strategy with value stocks, conditional on the market state, could be employed within a managed fund in order to generate abnormal profits that cannot be earned by conventional models.
