Vural Yavaş, Çiğdem

Vural Yavaş, Çiğdem

Name Variants

Vural Yavaş, Çiğdem
Ç.,Vural Yavaş
Ç. Vural Yavaş
Çiğdem, Vural Yavaş
Vural Yavas, Cigdem
C.,Vural Yavas
C. Vural Yavas
Cigdem, Vural Yavas
Vural-yavas, Cigdem
Vural-Yavas, Cigdem
Vural-Yavaş, Ç.
Vural-Yavaş, Çiğdem
Yavas, Cigdem Vural
Vural, Mustafa

Job Title

Dr. Öğr. Üyesi

Email Address

Cıgdem.yavas@khas.edu.tr

Full item page

Scholarly Output

8

Articles

7

Citation Count

0

Supervised Theses

1 Scholarly Output Search Results

Now showing 1 - 8 of 8

Citation Count: 13
Economic Policy Uncertainty and Climate Change: Evidence from CO2 Emission
(Springer, 2023) Benlemlih, Mohammed; Yavas, Cigdem Vural
In this paper, we study the relationship between Economic Policy Uncertainty (EPU) and carbon dioxide (CO2) emissions. Using an extensive dataset from 23 countries consisting of 6800 firm-year observations, we provide strong evidence that EPU increases firms' CO2 emissions. Our main inference is robust when using alternative measures of CO2 emissions and EPU, alternative econometric specifications and samples, and several approaches to control for possible endogeneity. In a set of additional analyses, we first show that a board's characteristics (i.e., board gender diversity and board independence) significantly moderate the studied relationship. Second, cross-country characteristics (i.e., government effectiveness, control of corruption, and democracy) seem important in the relationship between EPU and CO2 emissions. Our findings significantly contribute to the debate on firms' ethical responsibility in managing climate change and CO2 emissions.
Citation Count: 48
Corporate risk-taking in developed countries: The influence of economic policy uncertainty and macroeconomic conditions
(Elsevier, 2020) Vural-Yavas, Cigdem
Using 74,974 firm-year observations covering 15 developed European countries over the time period 1999-2017, this paper explores the effect of economic policy uncertainty on corporate risk-taking. The findings indicate that firms become more risk averse with an economic policy uncertainty shock. The relationship is valid under idiosyncratic and earnings volatility risk measures, regardless of whether the macroeconomic condition is favorable or not. Moreover, the competition level in the industry is a crucial factor moderating the effect of economic policy uncertainty on corporate risk-taking. Firms operating in concentrated industries decrease their risk-taking. Conversely, firms operating in highly competitive industries do not change their risk-taking with an economic policy uncertainty shock, no matter what the market condition is. However, financial constraint affects the risk aversion of firms. In fact, when the macroeconomic outlook is unfavorable, financially constrained firms diminish risk-taking under all competition levels. On the other hand, the favorable stock market conditions encourage managers of financially constrained firms and reduce the impact of economic policy uncertainty on corporate risk-taking. All in all, the results support the negative impact of economic policy uncertainty on risk-taking, conditioned on the macroeconomic outlook in the country and the competition in the industry. (C) 2020 Elsevier B.V. All rights reserved.
Dişhekiminin Yasal Sorumluluğu
(Kadir Has Üniversitesi, 2012) Bulut, Gamze; Vural, Mustafa
Mesleki uygulamaları sırasında alınan kararlar ve yapılan müdahaleler açısından, tıbbi etik ve tıbbi deontolojinin yanı sıra hukuk açısından da sorumluluklar taşıyan dişhekiminin tıbbi müdahalelerini doğrudan ya da dolaylı olarak düzenleyen birçok kanun, tüzük, yönetmelik, yönerge ve tebliğlerin sağlık mevzuatımız içinde yer almasına rağmen bunların hiç birinde dişhekiminin hukuki sorumluluğuna yer veren özel hükümler bulunmamaktadır. Genel hekimlik uygulamalarına ilişkin olarak kabul edilen ilkeler dişhekimleri açısından da geçerli olmakta, mesleki sorumluluklara aykırı davranışlar da yine genel yasal düzenlemeler çerçevesinde çözümlenmektedir. Son zamanlarda gittikçe artan bir şekilde hem kamuoyunun hem de hekim ve hukukçuların gündemini meşgul eden sağlık hukuku alanındaki gelişmelerin yanı sıra; bu alanda daha çok hekimlerin hukuki sorumluluğu ele alınıp incelenmiş, dişhekimlerinin yasal sorumluluğu üzerinde pek fazla durulmamıştır. Bu tezde, dişhekimlerinin hastaları ile olan ilişkilerinin hukuki niteliği ve dişhekimlerinin tıbbi müdahaleleri sırasında hastalarına verebilecekleri zararlar nedeniyle oluşacak hukuki sorumluluğun temelleri üzerinde durulacaktır.
Citation Count: 62
Economic Policy Uncertainty, Stakeholder Engagement, and Environmental, Social, and Governance Practices: the Moderating Effect of Competition
(Wiley, 2020) Vural-Yavaş, Çiğdem
his paper investigates the effect of the economic policy uncertainty (EPU) on corporate environmental, social, and governance practices (ESG), using 6,562 firm-year observations from 15 developed European countries covering the period from 2004 to 2017. The results show that during periods of high uncertainty, firms increase their overall ESG performance, corporate environmental performance, and performance in governance. The relationship is valid for emission, resource use, workforce, management, and corporate social responsibility (CSR) strategy subdimensions of ESG. Furthermore, during periods of high uncertainty, firms operating in concentrated industries increase their overall ESG activities and corporate environmental performance. These results suggest that firms use ESG practices as risk-reducing activities like insurance, during high periods of uncertainty. Overall, consistent with the stakeholder theory, the results indicate that firms increase their ESG practices not only to reduce corporate risk-taking but also to follow value-increasing activities during periods of high uncertainty, implying an improved stakeholder engagement.
Citation Count: 1
Asimetrik Maliyet Davranışı ve Alıcıların Getirileri: A.b.d. Birleşmelerinden Bulgular
(2019) Ugurlu, Mine; Danışman, Gamze Öztürk; 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: 1
Asymmetric Cost Behavior and Acquirer Returns: Evidence From U.s. Mergers
(Ege Univ, 2019) Uğurlu, Mine; Öztürk Danışman, Gamze; 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: 0
Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?
(EGE UNIV, 2020) Vural-Yavaş, Çiğdem
The primary purpose of this paper is to explore the relationship between corporate dividend-payout policy and the competition in the product market for the listed companies in Turkey using a panel data of non-financial firms over the period 2007 to 2015. Turkey is an emerging market classified as a French-civil-law country with weak protection of investors. Using Turkish firms, we analyze the effect of competition on dividend-payout policy, under weak investor protection. Our results indicate that competition measured by the Herfindahl-Hirschman Index and 5-firm concentration ratio significantly affects dividend payout. Our findings show that competition in the industry negatively influences the dividend payout. The results demonstrate that in highly competitive industries, Turkish firms pay lower dividends than the firms in concentrated industries to remain competitive in the market. Moreover, large profitable firms with lower investment opportunities and lower tangible assets distribute higher dividends to their shareholders in Turkey.
Citation Count: 49
Corporate Risk-Taking in Developed Countries: the Influence of Economic Policy Uncertainty and Macroeconomic Conditions
(Elsevier B.V., 2020) Vural-Yavaş, Ç.
Using 74,974 firm-year observations covering 15 developed European countries over the time period 1999–2017, this paper explores the effect of economic policy uncertainty on corporate risk-taking. The findings indicate that firms become more risk averse with an economic policy uncertainty shock. The relationship is valid under idiosyncratic and earnings volatility risk measures, regardless of whether the macroeconomic condition is favorable or not. Moreover, the competition level in the industry is a crucial factor moderating the effect of economic policy uncertainty on corporate risk-taking. Firms operating in concentrated industries decrease their risk-taking. Conversely, firms operating in highly competitive industries do not change their risk-taking with an economic policy uncertainty shock, no matter what the market condition is. However, financial constraint affects the risk aversion of firms. In fact, when the macroeconomic outlook is unfavorable, financially constrained firms diminish risk-taking under all competition levels. On the other hand, the favorable stock market conditions encourage managers of financially constrained firms and reduce the impact of economic policy uncertainty on corporate risk-taking. All in all, the results support the negative impact of economic policy uncertainty on risk-taking, conditioned on the macroeconomic outlook in the country and the competition in the industry. © 2020 Elsevier B.V.