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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 Failure of an exchange-rate-based stabilization plan in Turkey(M E Sharpe, 2003-02) Gökkent, Giyas; Moslares, Carlos; Amiel-Saenz, RafaelThe Turkish exchange-rate-based stabilization plan adopted in 2000 has been a spectacular failure, lasting a mere fourteen months despite a relatively flexible peg regime and preannounced exit strategy. The final three months of the currency regime were marred by the eruption of a banking sector crisis that quickly developed into a currency crisis, quelled only by external loans and a blanket guarantee by the sovereign of all banking sector liabilities. This was ultimately to no avail as the lira was allowed to float following a full-fledged currency crisis in late February 2001. The usual indicators of crisis did not point to imminent turmoil in November 2000 despite widespread concern about eventual dire developments. To identify the source of the November crisis, one must weigh the factors that led economic agents, and banks in particular, to expect higher interest rates after the fall.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 Employee ownership and management: The case of Kardemir iron and steel mill industry(Academic Journals, 2011-12-21) Soykut Sarıca, Yeşim PınarThe information which was obtained through in-depth interviews with several informants on the general evaluation of the Kardemir privatization indicate that, whether or not Kardemir was introduced as a permanently successful model, its success was realistic at least until the year 2001, notwithstanding the fact that the present state of affairs seems to run counter to the general logic of labor unionism. The article then argues for a research agenda to re-examine and revise the ways that can make the employee ownership process more successful in the light of ongoing changes in employment relations at Kardemir Industry, Turkey.Yayın İstanbul Menkul Kıymetler Borsası'nda işlem gören hisse senetlerinin fiyatlandırılmasında likiditenin rolü(Bilgesel Yayıncılık San Tic Ltd, 2010-08) Yüksel, Aslı; Yüksel, Sadettin Aydın; Doğanay, MeteBu çalışma hisse senetlerinin likiditesi ve fiyatı arasındaki ilişkiyi bu konunun henüz araştırılmadığı bir pazar olan İstanbul Menkul Kıymetler Borsası'nın verisi kullanarak incelemektedir. Çalışmada iki sorunun cevabı aranmıştır. İlk olarak, likiditenin yatay kesit hisse senedi getirilerini etkileyen firma karakteristikleri arasında yer alıp almadığı araştırılmıştır. İkinci olarak ise Fama ve French (1993) modeli baz alınarak ilave bir risk faktörü olarak likiditenin rolü incelenmiştir. Fama ve MacBeth (1973) tarzı analizler yatay kesit hisse senedi getirilerini etkileyen istatistiki açıdan anlamlı değişkenlerin defter değeri/piyasa değeri oranı ve likidite olduğunu belirlemiştir. Zaman serisi regresyon analizleri ise Fama ve French modelinin likiditeyi temsil eden risk faktörü eklenmiş şeklinin, modelin determinasyon katsayısı ve Gibbons, Ross ve Shanken(1989) testi baz alındığında, iyi bir performans sergilediğini göstermiştir. Bu bulgular ışığında çalışmanın kapsadığı 1997-2007 arasındaki dönemde İstanbul Menkul Kıymetler Borsası'nda işlem gören hisse senetlerinin fiyatlamasında likiditenin önemli bir rolü olduğu sonucuna varılmıştır.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 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 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 Global risk aversion and emerging market return comovements(Elsevier Science SA, 2018-12) Demirer, Rıza; Omay, Tolga; Yüksel, Aslı; Yüksel, Sadettin AydınUtilizing the recently developed measure of global risk aversion by Xu (2017), we show that global risk aversion is a significant determinant of international equity correlations, consistently across all emerging markets examined. The positive effect of risk aversion on emerging market comovements is particularly strong for South Africa and Turkey and is consistent with contagion effects. The results underscore the importance of non-cash flow shocks in models of contagion and portfolio risk.
