Öztürk Danışman, Gamze

Öztürk Danışman, Gamze

Name Variants

Öztürk Danışman, Gamze
G.,Öztürk Danışman
G. Öztürk Danışman
Gamze, Öztürk Danışman
Ozturk Danisman, Gamze
G.,Ozturk Danisman
G. Ozturk Danisman
Gamze, Ozturk Danisman
Danışman, Gamze Öztürk
Ozturk-Danisman, Gamze
Danisman, Gamze Ozturk

Job Title

Dr. Öğr. Üyesi

Email Address

Gamze.danısman@khas.edu.tr

Full item page

Scholarly Output

17

Articles

15

Citation Count

0

Supervised Theses

2 Scholarly Output Search Results

Now showing 1 - 10 of 17

Citation Count: 1
Asimetrik Maliyet Davranışı ve Alıcıların Getirileri: A.B.D. Birleşmelerinden Bulgular
(2019) Öztürk Danışman, Gamze; Vural Yavaş, Çiğdem; Bılyay-erdogan, Seda; Vural-yavas, Cigdem
Bu çalışma alıcıların satış, genel ve yönetim maliyetlerinin asimetrik davranışlarını incelemekle birlikte; “Birleşme ve Satın Alma” performanslarına olan etkisini 1 yıllık olay penceresinden analiz etmektedir. Çalışma A.B.D.’de 2003-2015 yılları arasında tamamlanan 6,888 birleşme ve satınalmaya dayanmakta ve panel veri regresyonları kullanmaktadır. Sonuçlar alıcıların 73%’ünün maliyetlerinin asimetrik davranış sergilediğini göstermektedir. Birleşme duyurusunun ardından maliyet yapışkanlığı ile alıcıların olağandışı getirileri arasında anlamlı ve negatif bir ilişki olduğu saptanmıştır. Piyasadaki rekabet alıcıların getirilerini olumlu etkiler, ancak yapışkan maliyetlerin alıcıların olağandışı getirileri üzerindeki olumsuz etkisini daha da artırır. Ayrıca alıcıların temerrüt riskinin olağandışı getiriler üzerinde anlamlı ve negatif yönde etkisi vardır. Bununla birlikte, temerrüt riskinin getiriler üzerindeki olumsuz etkisi yapışkan olmayan maliyet yapısı olan alıcılar için daha kuvvetlidir. Alıcıların riski rekabetin getiriler üzerindeki pozitif etkisini azaltmaktadır. Bir yıllık olay penceresinden incelendiğinde, yapışkan maliyet yapısına sahip alıcıların yapışkan olmayan maliyet yapısına sahip alıcılara göre daha az olağandışı getirilere sahip olduğu gözlemlenmiştir. Bu çalışma 2003-2015 yılları arasında gerçekleşen birleşmelerde rol alan alıcıların asimetrik maliyet davranışlarını ortaya çıkararak ve alıcı firmaların daha düşük olağandışı getiri elde etmelerine alternatif bir açıklama getirerek literatüre katkıda bulunmuştur.
Citation Count: 34
The impact of economic uncertainty and geopolitical risks on bank credit
(Elsevier Inc., 2021) Öztürk Danışman, Gamze; Danışman, Gamze Öztürk
This paper compares the effects of economic uncertainty and geopolitical risks on bank credit growth. Using a sample of 2439 banks from 19 countries for the period of 2010–2019, our findings indicate that economic uncertainty causes a significant decrease in overall bank credit growth while no such significant overall effect of geopolitical risks is documented. Further analysis on loan types shows that the highest negative impact of economic uncertainty is observed on corporate loans. Geopolitical risk, however, dampens consumer and mortgage loans. Additional analyses on bank heterogeneity reveal that the credit behavior of foreign and publicly listed banks are more immune to such risks.
Citation Count: 45
Banking sector reactions to COVID-19: The role of bank-specific factors and government policy responses
(Elsevier, 2021) Öztürk Danışman, Gamze; Danisman, Gamze Ozturk
This paper examines the impact of bank-specific factors and variations in the context of stringency of government policy responses on bank stock returns because of the COVID-19 pandemic. A sample of 1,927 publicly listed banks from 110 countries is used for the period of the first major wave of COVID-19, that is, January to May 2020. Our findings indicate that stock returns of banks with higher capitalization and deposits, more diversification, lower non-performing loans, and larger size are more resilient to the pandemic. While banks' environment and governance scores do not have a significant impact, higher social and corporate social responsibility strategy scores intensify the negative stock price reaction to COVID-19. We further observe that the pandemic induced reduction in bank stock prices is mitigated as the strictness of government policy responses increases, mainly through economic responses such as income support, debt and contract relief, and fiscal measures from governments.
Determinants of bank lending 'Evidence from BRICS countries'
(Kadir Has Üniversitesi, 2023) Öztürk Danışman, Gamze; Öztürk Danışman, Gamze
This thesis aims to investigate the determinants of bank lending for the countries forming BRICS, namely Brazil, Russia, India, China, and South Africa. The empirical analysis is performed using a sample of 130 listed commercial banks between 2000 and 2021. While bank-level data is obtained from Thomson Reuters Refinitiv Eikon, country-level data is extracted from the World Bank. The study uses panel data estimation techniques with fixed effects regression models. Study findings show that bank size, capital adequacy ratio, credit risk, the share of deposits and return on asset have a direct influence on bank lending in BRICS countries since all these variables are statistically significant. Larger banks are observed to lend more, and banks with higher shares of deposit, higher capital adequacy ratios, higher return on assets and higher credit risk are observed to lend more. Country-level variables such as gross domestic product per capita, real interest rate, deposit interest rate, and lending interest rate have no direct impact on bank lending. In contrast, banks in countries with higher inflation lend more. This study points out differences in the determinants of bank lending in the BRICS countries versus the rest of the world and offers important policy implications.
Citation Count: 6
ESG performance and investment efficiency: The impact of information asymmetry
(Elsevier, 2024) Erdoğan, Seda; Öztürk Danışman, Gamze; Demir, Ender
This paper investigates the relationship between firms' engagement in environmental, social, and governance (ESG) activities and corporate investment efficiency, using 1,094 firms from 21 countries in Europe, covering the years 2002-2019. We conduct our estimations using fixed effects panel data techniques and address potential endogeneity with instrumental variables (IV) estimations. We provide evidence that overall ESG engagement is positively and significantly associated with investment efficiency. Analyzing overinvestment and underinvestment scenarios shows that ESG engagement decreases only overinvestment problems. Within the underinvestment scenario, we observe that ESG engagement is beneficial only for firms with higher information asymmetries. Thus, information asymmetry matters in the underinvestment case. We next show that four firm-level channels-information asymmetry, financial constraints, cash flows, and risk-link ESG performance to investment inefficiency. Additional analysis shows that firms with extreme ESG scores (i.e., very low and very high) do not experience significant reductions in investment inefficiency. Altogether, our findings draw attention to the critical role of ESG performance and information asymmetry in determining corporate investment efficiency.
Citation Count: 1
The Effect of Pandemics on Domestic Credit: A Cross-country Analysis
(Economics Bulletin, 2021) Öztürk Danışman, Gamze; Demir, Ender
Using a panel of 140 countries covering the period 1996-2018, this paper examines how previous pandemics (such as SARS, MERS, Ebola, Swine flu, etc.) have influenced the lending behavior of banks. We take advantage of a new index developed by Ahir et al. (2020) which measures discussions about pandemics at the country level. Our findings reveal that uncertainty related to pandemics significantly hamper domestic credit available to the private sector. The negative effect of pandemics on credit levels is more prevalent for the low-income & emerging economies and non-OECD countries.
Citation Count: 1
Asymmetric Cost Behavior and Acquirer Returns: Evidence from U.S. Mergers
(Ege Univ, 2019) Öztürk Danışman, Gamze; Vural Yavaş, Çiğdem; Bilyay-Erdoğan, Seda; Vural-Yavaş, Çiğdem
This paper investigates the asymmetric behavior of the selling, general and administrative (SG&A) costs of acquirers, and reveals its effects on mergers & acquisitions (M&A) performance in a one-year event window. It is based on a sample of 6888 M&As completed in the U.S. during the 2003-2015 period and employs panel data regressions. The results show that 73% of the acquirers display asymmetric cost behavior. A significant negative relation is found between cost stickiness and acquirers' abnormal returns following the merger announcement. Competition in the market for corporate control is positively related with acquirer returns but exacerbates the negative effects of cost-stickiness on abnormal returns of acquirers. The acquirers' risk of default is significantly negatively related to the abnormal returns they generate. This adverse effect of default risk on returns is stronger for acquirers with anti-sticky costs. Acquirer risk offsets the positive effects of competition on returns. Acquirers with sticky costs have lower abnormal returns than those with anti-sticky costs in a one-year window. The present study contributes to the literature by revealing the asymmetric cost behavior of acquirers involved in merger activity during the last decade, and provides evidence for an alternative explanation for the lower abnormal returns of the acquiring firms.
Citation Count: 44
Economic Policy Uncertainty And Bank Credit Growth: Evidence From European Banks
(Elsevier B.V., 2020) Ersan, Oğuz; Öztürk Danışman, Gamze; Demir, Ender
Using a sample of 2977 private and listed banks in the EU-5 countries (the United Kingdom, Germany, Spain, Italy, France) for the years 2009–2018, this paper explores the impact of Economic Policy Uncertainty (EPU) on credit growth. Using panel data fixed effects methodology and controlling for endogeneity using two-step difference GMM estimators, our findings indicate that uncertainty in economic policies hampers the credit growth of European banks. Our bank type-based analyses indicate that the effect is mainly valid for cooperative banks. Additional analyses imply that the negative impact of EPU on credit growth is more pronounced in civil law countries, increases with debt maturity, and weakens for banks with a larger number of employees and branches. Furthermore, the unfavorable effects are stronger in well-capitalized banks, banks with foreign subsidiaries, and banks with a higher share of wholesale funding. We also provide several policy implications for different economic actors.
Citation Count: 3
How organizational and geographic complexity influence performance: Evidence from European banks
(Elsevier B.V., 2021) Öztürk Danışman, Gamze; Sauvlat, Alain; Tarazi, Amine; Danışman, Gamze Öztürk
We empirically investigate how bank internationalization, organizational complexity, and geographical complexity stemming from foreign-affiliate type and geographic dispersion affect parent bank stability and profitability. We base our analysis on unique, hand-collected data for the worldwide locations of subsidiaries and branches of EU banks. Our results show that internationalization benefits bank stability by reducing default risk, and it is significantly associated with lower earnings volatility but poorer profitability. With regard to foreign organizational complexity, banks with both foreign subsidiaries and foreign branches are more stable than banks with foreign branches exclusively, which are more stable than banks with only foreign subsidiaries. Nevertheless, higher geographic complexity is associated with lower default risk, higher volatility in earnings, and higher profitability. Further investigations on the sovereign debt crisis and bank size indicate that the sovereign debt crisis in 2011 amplified the relationship and our findings mainly hold for small banks.
Citation Count: 29
Bank credit in uncertain times: Islamic vs. conventional banks
(Elsevier Ltd, 2020) Öztürk Danışman, Gamze; Danışman, Gamze Öztürk; Demir, Ender; Tarazi, Amine
This paper explores whether the impact of economic uncertainty on credit growth differs for Islamic vs. conventional banks. Using a sample of 416 banks (58 Islamic and 358 conventional) in 12 countries, the findings indicate that an increase in economic uncertainty significantly decreases the credit growth of conventional banks but does not have any significant impact on Islamic banks’ credit growth. Our results are robust to alternative specifications and addressing endogeneity concerns using GMM estimators. We further observe that our findings are stronger for the following countries: (1) countries with explicit deposit insurance protection system for Islamic banks, (2) lower foreign dominance, and (3) countries with a higher share of deposits and assets in Islamic banks.