İşletme Fakültesi

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Citation - WoS: 20
Citation - Scopus: 22
Who Was Colonized and When? a Cross-Country Analysis of Determinants
(Elsevier Science Bv, 2016) Ertan, Sabri Arhan; Fiszbein, Martin; Futterman, Louis
The process of colonization has shaped the economic and demographic contours of the modern world. In this paper we study the determinants of the occurrence and timing of colonization of non-European countries by Western European powers. Of particular interest is the role of early development measures that are known to be strong correlates of present-day levels of income. We show that non-European societies with longer histories of agriculture and statehood and higher levels of technology adoption in 1500 were less likely to be colonized and tended to be colonized later if at all. We also find that proximity to the colonizing powers disease environment and latitude are significant predictors of the occurrence and timing of colonization although their impacts are less robust to choice of country sample. Our models have high explanatory power and their support for the significance of early development is robust to the use of alternative indicators of early development and disease to the use of instruments to focus on the exogenous component of early development and to the joint estimation of the colonization and timing equations to correct for potential selection bias. (C) 2015 Elsevier B.V. All rights reserved.
Citation - WoS: 8
Citation - Scopus: 9
Perceived Financial Needs, Income Sources, and Subjective Financial Well-Being in an Emerging Market
(Springer Publishing Co, 2019) Kiymaza, Halil; Öztürkkal, Belma
This study investigates perceived financial needs and subjective financial well-being using data from a national survey of 2,567 households in Turkey. Financial needs are measured by consumer perceived ability to meet current living expenses in the short-term as well as their assessment for the retirement security in the long-term. We also investigate how income sources are related to subjective financial well-being. Findings show that households' daily concerns including the inability to meet short-term expenses including healthcare, daily living expenses (food and utilities), and the inability to maintain the existing living standard are highly significant factors in explaining their subjective financial well-being. We also find that having enough income during retirement and ability to find a job in the future are positively related to subjective financial well-being. Finally, when households ' incomes are from work, rental properties, family, and pension, they feel more financially secure.
Citation - Scopus: 128
Corporate Social Responsibility and Financial Performance: the Moderating Role of Ownership Concentration in Turkey
(MDPI, 2019) Akben Selçuk, Elif
The objective of this study is to investigate the impact of corporate social responsibility (CSR) engagement on firm financial performance in a developing country, Turkey, and to analyze the moderating role of ownership concentration in the CSR-financial performance relationship. The sample consists of non-financial public firms listed on the Borsa Istanbul (BIST)-100 index and covers the period between 2014 and 2018. Empirical results using an instrumental variable approach show that corporate social responsibility has a positive relationship with financial performance. Furthermore, findings indicate that this relationship is negatively moderated by ownership concentration even when endogeneity is controlled for.
Citation - WoS: 20
Citation - Scopus: 25
Unpacking the Relationship Between Materialism Status Consumption and Attitude To Debt the Role of Islamic Religiosity
(Emerald Group Publishing Limited, 2016) Yeniaras, Volkan
Purpose - The purpose of the study is to investigate how religiosity affects these relationships inTurkey where consumption is de-stigmatized among a new economic elite with strong ties to Islamism. The literature commonly associates religion and ideology with anti-capitalism and anti-consumption. Although consumer researchers have studied both topics examination of whether materialistic values translate into status consumption and whether religiosity has an effect on the relationship between status consumption and consumer attitude to debt remains scant. Design/methodology/approach - This paper investigates the relationship of materialism to status consumption and the mediating role of Islamic religiosity on the relationship between status consumption and attitude to debt. Structural equations modeling was used on a judgmental sample of 267. Findings - The results showed that the materialistic values positively affect status consumption for the Islamists. This paper concludes that Islamic religiosity not only does not reject consumption but also augments the relationship between status consumption and consumer attitude to debt. Originality/value - The findings have shown that previous studies that identify Islam as a threat to consumerism have overseen the class struggles and the role of status consumption. This paper successfully provided empirical evidence that the religiosity not only does not reject consuming but intensifies the relationship between status consumption and attitude to debt for those with Islamist dispositions.
Citation - Scopus: 28
Strategic Positioning and Quality Determinants in Banking Service
(2011) Akdag, Hatice Camgöz; Zineldin, Mosad
Purpose - The aim of this paper is to investigate and define the competitive positioning of banks including state-owned domestic and foreign banks operating in Istanbul Turkey. The aim is to check the competitive marketplace and to identify the major quality attributes which bankers themselves and their customers used in determining the overall perception of a given bank and services offered. Design/methodology/approach - The investigation was held in Istanbul Turkey. In total 30 banks were included in the research which includes state-owned local and foreign-owned banks. A total of 1530 questionnaires were submitted answers collected and analyzed. Reliability test and frequency analysis were used to analyze the data. Findings - From the banks' customers' point of view determinants relating to functional quality or how the customers wish to receive banking services became evident. It also became clear that customers of banks are not fully receiving what they want or need and their expectations especially on the most important attributes of quality are not being met. Research limitations/implications - The survey showed how the banks were selected and including their employees in relation to the other competitors' banks in the Turkish banking industry. Originality/value - The paper demonstrates an integrated technology use of staff talent and streamlined operations that respond to customer needs and encourage customers to use the whole range of banking products/services rather than only a few as the end game. The results were used by bank staff later on to reengineer and redesign creatively their positioning strategy and the future direction for creating more effective quality strategies. © 2011 Emerald Group Publishing Limited.
Citation - WoS: 10
Citation - Scopus: 9
Efficiency in Turkish Banking: Post-Restructuring Evidence
(Routledge Journals Taylor & Francis Ltd, 2017) Davutyan, Nurhan; Yıldırım, Canan
Turkish banking sector went through a significant restructuring process in the aftermath of the country's financial crisis of 2000-2001. In this paper we analyze the evolution of banking performance using a novel approach due to Ray [(2007). Shadow Profit Maximization and a Measure of Overall Inefficiency. Journal of Productivity Analysis 27 231-236]. We derive shadow unrealized profit scores' as well as shadow input-output prices' for each year and bank in the sector from 2002 to 2011. We argue these scores operationalize the Hicksian concept of monopolistic quiet life'. We provide some evidence the sector came closer to the zero profit condition' as well as displaying a closer approximation to the law of one price' over time. We show the variability of these shadow prices' essentially coincides with that of corresponding actual prices. We utilize shadow price information to show that business models and competitive choices of banks differ across ownership types with foreign banks competing on the broadest front compared to state-owned and privately owned Turkish banks.
Citation - WoS: 1
Citation - Scopus: 3
When Sharing Less Means More: How Gender Moderates the Impact of Quantity of Information Shared in a Social Network Profile on Profile Viewers' Intentions About Socialization
(Routledge, 2014) Baruh, Lemi; Chisik, Yoram; Bisson, Christophe; Şenova, Başak
This study summarizes the results from a 2 (low vs. high information) × 2 (female vs. male profile) experiment that investigates the impact of quantity of information shared on a Social Network Site (SNS) profile on viewers' intentions to pursue further interactions with the profile owner. Quantity of information had no statistically significant effect on intentions to further socialize online. The two-way interaction between information quantity and profile gender was such that for male profiles more information increased profile viewers' intentions to further socialize with the profile owner whereas for female profiles the opposite was the case. The three-way interactions among quantity of information profile gender and profile viewer's gender underline a tendency for male profile viewers to respond more positively to higher information shared by profiles from their own gender. For female viewers this effect although in the same direction was smaller. © 2014 Copyright Eastern Communication Association.
Citation - WoS: 9
Citation - Scopus: 12
Art Investment: Hedging or Safe Haven Through Financial Crises
(Springer, 2020) Öztürkkal, Belma; Toğan-Eğrican, Aslı
We analyze long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market. We have the view that art can be considered a hedging mechanism on average to enhance returns and to decrease the risk of portfolios and improve diversification. However, we do not discard the safe-haven hypothesis, either. Although the auction data on the crisis period is limited, results of and around crisis periods show art returns are positively correlated with various volatility indices. In addition, the number of art transactions also increases after the crisis years, which may be a sign of liquidity requirement of some investors and an opportunity for buyers. The benefit is visible especially during years of contractions, which do not end with a very severe crisis, since the art auction market liquidity dries if the crisis is severe.
Citation - WoS: 4
Citation - Scopus: 4
Babbling Through Social Media: a Cross-Country Study Mapping Out Social Networks Using Ewom Intentions
(Springer, 2023) Zülal, İşler; Kıygı-Çallı, Meltem; El Oraiby, Maryam
This research aims to determine the factors affecting the users’ electronic word-of-mouth (eWOM) seeking and sharing intentions and to reveal the interactions among and within clusters using social network analysis (SNA). This study includes three hierarchical sub-studies conducted in two countries, Turkey and Poland. First, we develop a segmentation for social networking site (SNS) users based on the frequency of sharing product-related information on SNSs. Second, we investigate the impact of several factors that affect eWOM seeking and sharing intentions using regression analysis. In the second sub-study, we also include the identified segments developed in the first sub-study as another factor that may have differentiated eWOM intentions. Third, to understand the degree of interaction among SNS users, we apply an SNA using the forecasted eWOM intentions scores from the second sub-study, which gives us hypothetical social networks. The results of SNA present strong interactions inter- and intra-clusters in both countries. Some key findings include the identification of three SNS user segments, including “Middlers,” that may be of particular interest to brands. We also find that in terms of eWOM intentions, users in Turkey are more active than in Poland. Although some predictors of eWOM seeking and sharing intentions differ between the two countries, users intend to be more active in eWOM seeking than in eWOM sharing. The comparative study provides valuable insights for decision-makers to engage different market segments via SNSs with various proposed features using suggested information contents for selected product categories.
Citation - Scopus: 47
Patterns of B2b E-Commerce Usage in Smes
(Emerald Group Publishing Limited, 2012) Sila, Ismail; Dobni, Dawn M.
Purpose - The purpose of this paper is to identify the B2B e-commerce (B2BEC) usage patterns of North American small- and medium-sized enterprises (SMEs) in their supply chains the contextual factors that influence usage patterns and the subsequent effects of these patterns on firm performance. Design/methodology/approach - The authors conducted an online survey of North American SMEs and obtained 229 responses. They utilized several statistical methods including cluster analysis and profile analysis to test five hypotheses. Findings - The TOE framework supplemented with interorganizational factors provides a valid theoretical guideline to study firms' B2BEC usage patterns. Three distinct types of B2BEC usage patterns - E-Limiteds E-Leaders and E-Laggards - emerged. Different sets of contextual factors contribute to the formation of these three patterns of B2BEC adoption. Higher levels of B2BEC usage result in stronger firm performance. Research limitations/implications - Future clustering variables could be more specific. The effects of other potential contextual factors should also be explored by future studies. This study can be replicated in other countries to determine whether the findings can be generalized. Practical implications - In light of the potential performance improvements that B2BEC adoption offers managers should assess the risks associated with maintaining their current speed of e-business deployment versus the risks associated with escalating it. Organizations that have been more reactive should consider how well or ill their sluggish approach prepares them for navigating the inevitability of increasing sophistication in supply chain management. Originality/value - Limited empirical research exists on theB2BECusage patterns of NorthAmerican SMEs the contextual factors that motivate them to adopt different B2BEC technologies in their supply chains and how each of these usage patterns affects their performance. The current study contributes to the literature by shedding light on these issues. © Emerald Group Publishing Limited.
Citation - WoS: 27
Citation - Scopus: 45
Unsupervised Anomaly Detection in Multivariate Spatio-Temporal Data Using Deep Learning: Early Detection of Covid-19 Outbreak in Italy
(Ieee-Inst Electrıcal Electronıcs Engıneers Inc, 2020) Karadayı, Yıldız; Aydın, Mehmet Nafiz; Öğrenci, Arif Selçuk
Unsupervised anomaly detection for spatio-temporal data has extensive use in a wide variety of applications such as earth science, traffic monitoring, fraud and disease outbreak detection. Most real-world time series data have a spatial dimension as an additional context which is often expressed in terms of coordinates of the region of interest (such as latitude - longitude information). However, existing techniques are limited to handle spatial and temporal contextual attributes in an integrated and meaningful way considering both spatial and temporal dependency between observations. In this paper, a hybrid deep learning framework is proposed to solve the unsupervised anomaly detection problem in multivariate spatio-temporal data. The proposed framework works with unlabeled data and no prior knowledge about anomalies are assumed. As a case study, we use the public COVID-19 data provided by the Italian Department of Civil Protection. Northern Italy regions' COVID-19 data are used to train the framework; and then any abnormal trends or upswings in COVID-19 data of central and southern Italian regions are detected. The proposed framework detects early signals of the COVID-19 outbreak in test regions based on the reconstruction error. For performance comparison, we perform a detailed evaluation of 15 algorithms on the COVID-19 Italy dataset including the state-of-the-art deep learning architectures. Experimental results show that our framework shows significant improvement on unsupervised anomaly detection performance even in data scarce and high contamination ratio scenarios (where the ratio of anomalies in the data set is more than 5%). It achieves the earliest detection of COVID-19 outbreak and shows better performance on tracking the peaks of the COVID-19 pandemic in test regions. As the timeliness of detection is quite important in the fight against any outbreak, our framework provides useful insight to suppress the resurgence of local novel coronavirus outbreaks as early as possible.
Citation - WoS: 23
Citation - Scopus: 28
A Behavioral Analysis of Investor Diversification
(Routledge Journals Taylor & Francis Ltd, 2014) Fuertes, Ana-Maria; Muradoğlu, Gülnur; Öztürkkal, Belma
This paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59951 individual investors' accounts with a total of 3248654 million transactions over the period 2008-2010. Wealthier highly educated older investors working in the finance sector and those trading relatively often show higher diversification levels possibly because they are better equipped to obtain and process information. Finance professionals married investors and those placing high-volume orders through investment centers show poorer diversification possibly as a reflection of overconfidence. Our analysis reveals important nonlinear effects implying that the marginal impact of overconfidence on diversification is not uniform across investors but varies according to the investor's information gathering and processing abilities.
Citation - WoS: 11
Citation - Scopus: 14
Family Involvement, Corporate Governance and Dividends in Turkey
(Emerald Group Publishing Limited, 2019) Sener, Pinar; Akben Selçuk, Elif
Purpose: The purpose of this paper is to investigate the relationship between dividends and family involvement as well as corporate governance characteristics among Turkish public firms. Design/methodology/approach: Using panel data on Turkish firms listed on the Borsa Istanbul 100 index for 2006–2014 three models are estimated. For the first two models where the dependent variables are the dividend payout ratio and dividend yield respectively tobit regressions are run. The last model which employs a dividend dummy as the dependent variable is estimated with logistic regression. Findings: There is a positive and concave relationship between family ownership and dividends. The existence of a family chairman reduces dividends. There is a positive association between board size and dividends and this relationship is weaker for firms with higher levels of family ownership. Finally the ratio of independent directors on the board is negatively associated with dividends. Practical implications: The findings imply that firms with substantial family ownership and active family participation in management are more likely to send a negative signal to minority shareholders by paying lower dividends. In addition minority shareholders should pay attention to the board structure of firms in which they invest. Originality/value: This study is one of the few to analyze the nonlinear relationship between family ownership and dividend payments as well as the role of family management in a developing country. Second it investigates the role of board characteristics in explaining dividend payment decisions. © 2019 Emerald Publishing Limited.
Citation - WoS: 3
Citation - Scopus: 6
Competition in Turkish Banking: Impacts of Restructuring and the Global Financial Crisis
(Wiley, 2014) Yıldırım, Canan
This paper investigates the evolution of competition in the Turkish banking industry by taking into account the transformation in the sector in the aftermath of the country's financial crisis of 2000 to 2001 and the global financial crisis. The results demonstrate that the level of competition in the system did not increase despite the restructuring that was undertaken and the increased foreign bank participation. In addition the level of competition in the sector deteriorated during the global crisis. There is also some evidence that the market power of banks with different ownership characteristics varied and did not converge over time.
Citation - WoS: 4
Citation - Scopus: 6
Harmony Search Algorithm Based Management of Distributed Energy Resources and Storage Systems in Microgrids
(MDPI, 2020) Ceylan, Oğuzhan; Sezgin, Mustafa Erdem; Goel, Murat; Verga, Maurizio; Lazzari, Riccardo; Kwaye, Marcel Pendieu; Sandroni, Carlo
Microgrids are composed of distributed energy resources (DERs), storage devices, electric vehicles, flexible loads and so on. They may either operate connected to the main electricity grid (on-grid operation) or separated from the grid (islanded operation). The outputs of the renewable energy sources may fluctuate and thus can cause deviations in the voltage magnitudes especially at islanded mode. This may affect the stability of the microgrids. This paper proposes an optimization model to efficiently manage controllable devices in microgrids aiming to minimize the voltage deviations both in on-grid and islanded operation modes. RSE Distributed Energy Resources Test Facility (DER-TF), which is a low voltage microgrid system in Italy, is used to verify the algorithm. The test system's data is taken through an online software system (REDIS) and a harmony search based optimization algorithm is applied to control the device parameters. The experimental results show that the harmony search based optimization approach successfully finds the control parameters, and can help the system to obtain a better voltage profile.
Citation - WoS: 6
Citation - Scopus: 4
The Relationship Between Economic Growth and Income Distribution in Turkey and the Turkish Republics of Central Asia and Caucasia: Dynamic Panel Data Analysis With Structural Breaks
(Springer International Publishing, 2013) Mercan, Mehmet; Azer, Özlem Arzu
In this study the effect of economic growth on income distribution was tested using data from Central Asian and Caucasian countries’ economies (Azerbaijan Kazakhstan Kyrgyzstan Tajikistan Turkmenistan and Uzbekistan) and Turkish economy over the period of 1995 to 2009. New generation panel data methods which consider cross-section dependence and structural breaks among countries were used for the analysis. The results indicate that there exists co-integration among the series. We found that that the economic growth had a negative effect on the income distributions across the countries. In particular the results show that the economic growth improved the income distribution in Turkey and Azerbaijan. © 2013 Eurasia Business and Economics Society.
Citation - WoS: 19
Citation - Scopus: 17
Efficiency Analysis of Black Sea Container Seaports: Application of an Integrated Mcdm Approach
(Routledge, 2020) Ömer Faruk, Görçün
The current paper carries out an examination about the selection of the proper container seaport, which in the Black sea region. This paper focuses on a research question. Is it possible to apply multi-criteria decision-making methods that can be applied more easily than the DEA technique for decision-makers? In order to determine the best performance analysis technique that can give successful results, two-hybrid multi-criteria decision-making models were selected and operational performances of the container ports in the Black Sea region were analyzed with the help of these integrated approaches. While the first MCDM model consists of the entropy and OCRA technique, the second hybrid model consists of the Entropy and EATWIOS method. The main aim of this paper is to discuss whether these proposed hybrid models can be implemented to make an effective performance analysis for the maritime industry. The second aim of this paper is to evaluate the Black sea container seaports with the help of this suggested model. The study reveals that the proposed MCDM models can be implemented for container port selection successfully and easily and both of them have given very closer results to each other in aspects of the evaluation of the criteria and options.
Citation - WoS: 2
Citation - Scopus: 2
Informed Trading, Order Flow Shocks and the Cross Section of Expected Returns in Borsa Istanbul
(Routledge Journals, 2020) Tiniç, Murat; Salih, Aslihan
This paper examines the relationship between information asymmetry and stock returns in Borsa Istanbul. For all stocks that are traded in Borsa Istanbul between March 2005 and April 2017, we estimate the probability of informed trading (PIN) to proxy for information asymmetry.? Firm-level cross-sectional regressions indicate a statistically insignificant relationship between PIN estimates and future returns. Moreover, univariate and multivariate portfolio analyses assert that investors that hold stocks that have high information asymmetry do not obtain significant future returns. Consequently, our results suggest that information asymmetry proxied by PIN is a firm-specific risk and can be eliminated with portfolio diversification. Findings are robust to different factorizations in estimating PIN and free of any bias due to trade classification algorithms, boundary solutions, floating-point exceptions and symmetric?order flow shocks.
Citation - WoS: 1
Citation - Scopus: 2
The Maximum Surplus in a Finite-Time Interval for a Discrete-Time Risk Model With Exchangeable Dependent Claim Occurrences
(John Wiley and Sons Ltd, 2019) Gebizlioğlu, Ömer Lütfi; Eryilmaz, Serkan
This paper investigates a discrete-time risk model that involves exchangeable dependent loss generating claim occurrences and compound binomially distributed aggregate loss amounts. First a general framework is presented to derive the distribution of a surplus sequence using the model. This framework is then applied to obtain the distribution of any function of a surplus sequence in a finite-time interval. Specifically the distribution of the maximum surplus is obtained under nonruin conditions. Based on this distribution the computation of the minimum surplus distribution is given. Asset and risk management–oriented implications are discussed for the obtained distributions based on numerical evaluations. In addition comparisons are made involving the corresponding results of the classical discrete-time compound binomial risk model for which claim occurrences are independent and identically distributed. © 2018 John Wiley & Sons Ltd.
Citation - WoS: 1
Citation - Scopus: 1
Judgments of Capability and Conformity as Distinct Forms of Social Judgments, and the Way They Interact To Shape Evaluator Decisions
(Wiley, 2020) Topaler, Başak; Küp, Eyuep Tolunay
Objective Social judgments are evaluators' opinions about the social properties of a set of actors. Different types of judgments rendered by the evaluators and potential interactions between them may have major consequences for the actors who are evaluated. In this article, we distinguish between judgments of capability and conformity, and examine their concurrent and interdependent effects on evaluator impressions. Methods We investigate these dynamics in the context of authors competing for the best paper award at the Academy of Management (AoM) conference. Results Findings of our empirical analyses demonstrate interdependent effects of capability and conformity judgments on the committee members' decisions. We demonstrate that evaluators expect greater conformity to their ideal template from more capable actors who have greater potential to contribute to these ideals. Conclusion Our study advances the literature on social judgments by showing that congruence (or incongruence) among distinct types of judgment shape evaluators' decisions, beyond their independent effects.

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