Ayşe Belma Öztürkkal

Öztürkkal, Ayşe Belma

Name Variants

Ozturkkal, Ayse Belma
Ayşe Belma Oztürkkal
Ö., Ayşe Belma
AYŞE BELMA ÖZTÜRKKAL
Ayşe Belma Öztürkkal
Ozturkkal,Ayse Belma
Oztürkkal, A.
Öztürkkal, AYŞE BELMA
Ӧztürkkal B.
Öztürkkal, Ayşe Belma
O.,Ayse Belma
Öztürkkal, A. B.
Ayşe Belma ÖZTÜRKKAL
Ayse Belma, Ozturkkal
Oztürkkal, Ayşe Belma
ÖZTÜRKKAL, AYŞE BELMA
O., Ayse Belma
Öztürkkal, A.
Öztürkkal,A.B.
A. Öztürkkal
Ozturkkal,A.B.
ÖZTÜRKKAL, Ayşe Belma
A. Oztürkkal
Öztürkkal B.
A. B. Öztürkkal
Ozturkkal, Belma
Öztürkkal, Belma

Job Title

Prof. Dr.

Email Address

belma.ozturkkal@khas.edu.tr

ORCID ID

0000-0003-1918-7293

Scopus Author ID

55512229700

Full item page

Scholarly Output

19

Articles

16

Citation Count

0

Supervised Theses

2 Scholarly Output Search Results

Now showing 1 - 10 of 19

Citation Count: 1
The Role of Environmental, Social, Governance (ESG) Practices and Ownership on Firm Performance in Emerging Markets
(Routledge Journals, Taylor & Francis Ltd, 2023) Bilyay-Erdogan, Seda; Ozturkkal, Belma
This paper investigates: (i) the effect of environmental, social, and governance (ESG) engagement and ownership attributes on firm performance and (ii) whether different ownership attributes (institutional, foreign, and state ownership) moderate the association between ESG engagement and firm performance. Employing an extensive sample from 22 emerging countries worldwide, we provide cross-country evidence that ESG engagement and its three pillars, i.e. environmental, social, and governance pillars, enhance firm performance, proxied with ROA and Tobin's Q. Moreover, institutional and foreign ownership positively impact firm performance. We present novel evidence that the positive impact of superior ESG engagement on firm performance is lower for higher institutional ownership companies than lower institutional ownership companies, but greater for higher foreign ownership companies than lower foreign ownership companies.
Effect of Family Controlled Firms on Cost of Equity Evidence of Turkish Listed Firms During 2008 Financial Crisis
(Kadir Has Üniversitesi, 2020) Qahtan, Abdulrahman; Öztürkkal, Belma
Önceki çalışmalar, şirket yönetiminin mali bir krizin, özellikle de bu kritik zamanlarda ortaya birçok ekonomik olgu koyan yakın zamandaki ekonomik krizlerin önlenmesinde ya da etkilerinin azaltılmasında başarısız olduğuna inanmıştır. Bu olaylardan biri de vasıta problemi ve hissedarlar arası el koyma meseleleridir. Bir önceki araştırmalar kriz zamanlarında, hissedarların çoğunluğunun azınlıkta olan hissedarların malına el koyma dürtüsünün genellikle böyle bir dürtünün daha az olduğu aile şirketi olmayan şirketlerin aksine aile ya da bireyler tarafından yönetilen şirketlerde gözlemlendiğini iddia etmektedir. Bu araştırma, aile şirketleri ile 2008 yılındaki ekonomik kriz zamanında sonuçta büyük bir rolü olan öz sermaye maliyetinde belirgin olan vasıta maliyeti arasındaki ilişkiyi incelemektedir. Veriler Türk menkul kıymetler borsasındaki 331 şirketi kapsayarak Bist All Share (XUTUM) halka açık şirketlerinden toplanmıştır. Zaman aralığı, 2008'deki ekonomik krizden iki yıl önce ve iki yıl sonra olmak üzere 2006'dan 2010'a kadarki zaman olarak belirlenip farklı yapısından ötürü mali sektörü dışarıda bırakarak mali verileri ve son mülkiyeti bir araya getirmede ikinci veri metodunu kullanarak belirlenmiştir Sonuçlar, Türkiye'deki aile kontrolündeki ve aile kontrolündeki olmayan firmaların özkaynak maliyetinde önemli bir fark olmadığını göstermektedir.
Citation Count: 20
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 Count: 1
Turkish Ipos in a Changing Regulatory and Economic Environment
(Elsevier, 2022) Tanyeri, Basak; Ozturkkal, Belma; Tirtiroglu, Dogan
The larger underpricing (15 percent) in the early years following the inauguration of Borsa Istanbul indicates the importance of investors, intermediaries, and firm insiders learning about the trading and pricing of firms in organized stock markets. The underpricing in recent years (from 2010 to 2020) averages 5 percent. Micro-level uncertainties about the firm as evidenced by the smaller underpricing in IPOs marketed using fixed offer prices, and the IPOs where underwriters signed on for firm commitment also prove important. Underpricing also proves smaller in larger IPO firms.& nbsp;Copyright (C)& nbsp;2021, Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.& nbsp;
Citation Count: 8
Does mood affect institutional herding?
(Elsevier, 2020) Gavriilidis, Konstantinos; Kallinterakis, Vasileios; Öztürkkal, Belma
Drawing on a unique data set of daily portfolio holdings for Turkish mutual funds we investigate the relationship between mood and institutional herding on the premises of various established mood proxies (weekend effect; holiday effect; Ramadan; sunshine). Results indicate that fund managers in Turkey herd significantly, with their herding growing in magnitude as the number of active funds per stock rises and appearing stronger on the buy-than the sell-side. Although the relationship of mood with institutional herding occasionally assumes the correct sign as per theoretical expectations, institutional herding is found to be insignificantly different across various mood states, thus denoting that mood does not impact the propensity of fund managers to herd. (C) 2020 Elsevier B.V. All rights reserved.
Citation Count: 1
A Survey Analysis on the Investment Attitudes of Individual Investors
(Bilgesel Yayincilik San & Tic Ltd, 2013) Öztürkkal, Belma
This study aims to analyze determinants of trading behavior of individual investors where a survey of 55 questions on 85 people is used. The survey is composed of four parts: demographic properties perceived emotions investment preferences portfolio diversification. The findings show that investors are subject to home bias and the surveyed investors prefer to invest in local equity market. The findings show that older investors have less investment confidence and more diversification where number of different stocks and HHI (Hezfindahl-Hirshman Index) are used as two diversification measures in the analysis. The OLS regression and logit response results prove that male investors trade more and when the investor's equity portion of the total portfolios increases the number of trades also increases. The self-reported investment confidence level and greed have positive effect on diversification. Hence diversification level increases with the investor's equity portion of their total portfolios. The findings suggest that male investors on the average are more confident than females in their investment decisions and males who are more confident have better portfolio diversification choices.
Citation Count: 0
The Relationship Between Firm Size and Export Sales: Sector or Size What Matters?
(Physica-Verlag, 2017) Berk, Niyazi; Öztürkkal, Belma
This paper examines the performance of export focused companies listed on the Borsa Istanbul trading in the emerging market of Turkey. Using the panel data of stock market prices (1995–2011) we study the performance of companies in different sectors and their return performance in the volatile exchange rate environment and devaluation periods of 1996 1997 1998 1999 2001 and 2008. The paper investigates sales market capitalization or asset performances’ statistical significance level with regard to these companies’ export level. We review the performance of these operational measures in an environment of changing foreign exchange rates. Regression analysis is used to measure the effects of currency devaluation on the companies analyzed. Finally the study analyzes the export sales of companies by sector following a period of sharp devaluation. © Springer International Publishing AG 2017.
Citation Count: 5
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 Count: 5
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 Count: 0
Explaining Mortgage Defaults Using Shap and Lasso
(Springer, 2024) Ozturkkal, Belma; Wahlstrom, Ranik Raaen
We utilize machine learning methods to model the credit risk of mortgages in a significant emerging market. For this purpose, we investigate a multitude of variables that explain the characteristics of the loans, the demographics of the borrowers, and macroeconomic factors. We employ SHapley Additive exPlanations (SHAP) values in conjunction with five different tree-based machine learning methods, as well as the least absolute shrinkage and selection operator (LASSO) in conjunction with logistic regressions. Our findings, which are robust across two sampling schemes, reveal that while demographic variables are significant and important, loan-specific and macroeconomic variables are the most crucial in explaining mortgage defaults. As existing literature on mortgage default has primarily focused on advanced markets, we aim to bridge this gap by concentrating on emerging market data. We also share our code, which we hope will encourage others to utilize the methods we have applied.