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Auditing of Financial Sustainability for Publicly and Non-Publicly Listed Companies and A Research in Bursa

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Auditing of Financial Sustainability for Publicly and Non-Publicly Listed Companies and A Research in Bursa
Author(s): Umit Gucenme Gencoglu, Alp Aytac
Volume: 8
Number: 2
Year: 2017
Page: 349-361
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.54
Abstract
According to the independent auditing standards, the auditor has to carry out the auditing of the annual report from 2014 and in this regards the financial adequacy of the enterprises, determination of the debt payment power and the operating risks are determined. This process has a positive effect on the financial sustainability of the public sector, which is subject to independent examination since 2005 as it is subject to the Capital Market Law. Since independent auditing process is new for companies outside the capital market, it is possible that adequate measures have not been taken to protect financial continuity in these enterprises. Based on this assumption, in this study, in order to compare financial sustainability of publicly traded and non-publicly traded companies which operate in Bursa and subjected to independent audit has been selected. After this selection, these companies’ average ratios of 2014-2015 period was entered to the SPSS 24 statistical program. The evaluation has been made based on Mann Whitney U test which is a non-parametric statistical method. As a result of the analysis, it was determined that there is a significant difference between only the turnover ratios, the turnover rate of return on equity and the return on equity ratio among publicly traded and non-publicly traded companies in Bursa.

Keywords: Financial Sustainability, Independent Auditing, Publicly-listed Companies, Non-publicly Listed Companies

JEL Classification: M40, M41

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The Impact of The Employees’ Organizational Justice and Burnout Levels on Perceptions of Organizational Silence

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: The Impact of The Employees’ Organizational Justice and Burnout Levels on Perceptions of Organizational Silence
Author(s): Kemal Erogluer, Recep Caner Erselcan
Volume: 8
Number: 2
Year: 2017
Page: 325-348
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.53
Abstract
Employees in organizations that are important actors of social life are the basic element of organizational success. Accomplishment of an organization is closely tied to the management applications to be followed. Perception of employees on justice of organizational operations and procedures affect their support and participation in the processes Employee’ perception of organizational justice may have impact on burnout levels. It can be argued that low employee perception of justice can lead to increase in the level of burnout and decrease of their support and attandance tol procedures and diminishs with the time being finally causes employee silence. This study has been made on 209 employees of three manufacturing company which are operating in İzmir, Bursa and Balıkesir. Obtained data has been evaluated by the corelation, regression analyzes and decriptive stastistics. In this study following results have been reached; sub-dimensions of organizational justice affected emotional burnout, depersonalization and decline in personal sense of achievement negatively and sub-dimensions of organizational justice affect the employee silence negatively, although depersonalization and sense of decline in personal achievement affect employee silence positively. It is thought that the number of studies that deal with these three subjects is very limited and it will contribute in this sense.

Keywords: Organizational Justice, Burnout, Employee Silence, Manufacturing Sector

JEL Classification: M10, M12, J53

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Business’ Perceptions and Attitudes in Transition Process to Green and Low-Carbon Economy: Bursa Case Study

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Business’ Perceptions and Attitudes in Transition Process to Green and Low-Carbon Economy: Bursa Case Study
Author(s): Yasemin Kaya, Sevda Gursakal
Volume: 8
Number: 2
Year: 2017
Page: 305-324
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.52
Abstract
Green economy has become a central concept with the advent of the arguments contending green investments should take precedence in order to both prevent crisis and revitalize economies especially after the 2008 economic crisis. Green economy is regarded as an approach that presents significant opportunities in rendering the growth more inclusive and sustainable as well as invigorating the economy via investment in new green sectors, increasing productivity of resources and enabling the decarbonation of existing sectors. However green economy requires fundemental changes and a different perception in various venues such as international relations, private and public sector policies, personal behaviors and attitudes. In this study, transition to the green economy has been evaluated from the perspective of private sector since private organisations are viewed as the ones that should play a role. The study intends to inquire whether the private sector institutions are willing to carry out the expected transition or posses a voluntary attitude towards it. A survey form has been prepared to measure it and implemented to 134 firms of various scales and sectors in 8 orginized industrial zones in Bursa. First a coneceptual framework has been laid out for the green economy and then survey results has been analyzed.

Keywords: Green Economy, Low-Carbon Economy, Sustainable Development, Bursa, Green Business

JEL Classification: O13, O40

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Reflection of Job Stress and Work Life Quality Perception: A Research on Sales Representatives

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Reflection of Job Stress and Work Life Quality Perception: A Research on Sales Representatives
Author(s): Ismail Dulgeroglu, Oguz Basol
Volume: 8
Number: 2
Year: 2017
Page: 293-304
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.51
Abstract
The behavior of employees is shaped by the standards of the workplace. While the good conditions offered at the workplace motivate employees, the bad conditions have a negative effect on employees. Examining employee behavior in the service sector, which is one of the important areas of the economy, is an important situation for revealing both macroeconomic balances and employee behavior. In this context, the current research aims to reveal the relations among job satisfaction, job performance and turnover intention of the perceptions of job stress and work life quality of sales representatives, working in Kirklareli. According to the results of the survey, conducted with the participation of 128 sales representatives, there is a negative relation between job stress and job satisfaction; a positive relation between job stress and job turnover intention; a positive relation between work life quality and job satisfaction; a positive relation between work life quality and job performance and a negative relation between work life quality and turnover intention. Finally, it is concluded that there is no relationship between job stress level and job performance.

Keywords: Job Stress, Job Performance, Work Life Quality, Job Satisfaction, Job Turnover İntention, Sales Representatives

JEL Classification: M30, M12

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The Consequences of Consumer Engagement in Social Networking Sites

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: The Consequences of Consumer Engagement in Social Networking Sites
Author(s): Abubakar Lujja, F. Zeynep Ozata
Volume: 8
Number: 2
Year: 2017
Page: 275-291
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.50
Abstract
Consumer Engagement is increasingly becoming one of the important issues in the competitive business environment and with its unique features and structure, Social Networking Sites offer an upper advantage to build consumer brand relationships and instant consumer engagement. This study set out to determine the consequences of consumer engagement in social networking sites. Consumer engagement was viewed as a multi-dimensional concept comprising behavioral, cognitive and emotional dimensions and as such the hypotheses were aimed at determining how each of the three dimensions of consumer engagement affect the individual consequences of consumer engagement such as brand loyalty, satisfaction, commitment and trust. The study used a quantitative research design. It used a questionnaire survey to collect data from university students. Facebook is chosen as a case for this study. 400 questionnaires were collected and the analyses were conducted with the 387 valid questionnaire. The results suggest that emotional and behavioral engagement dimensions were significant predictors for brand loyalty; emotional engagement for satisfaction, cognitive and behavioral engagement for commitment, while behavioral and emotional engagement dimensions were found to be significant predictors for trust.

Keywords: Consumer Engagement, Social Networking Sites, Loyalty, Trust, Satisfaction

JEL Classification: M31, L86

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Analyzing Retrenchment Strategies of Five Star Hotels during the Crisis Periods Using Fuzzy DEMATEL Method

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Analyzing Retrenchment Strategies of Five Star Hotels during the Crisis Periods Using Fuzzy DEMATEL Method
Author(s): Nisa Eksili, Zeynep Unal, Emre Ipekci Cetin
Volume: 8
Number: 2
Year: 2017
Page: 259-273
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.49
Abstract
The crisis emerged between Turkey and Russia at the end of 2015 caused significant negative effects on the tourism sector as well as on many sectors. According to the Ministry of Culture and Tourism, the number of Russian Federation tourists coming to Turkey between January and December 2016 decreased by 76,26% compared to the same period of previous year. Hotels, which have to fight against the crisis, have made an effort to survive in the sector by developing a number of retrenchment strategies. The aim of this study is to examine the retrenchment strategies of five star hotels during the crisis periods with the fuzzy DEMATEL method. Firstly, the retrenchment strategies applied against the crises used in this study were determined by reviewing the related literature and face to face interviews with the general managers of five star hotels located in Antalya. Then the interrelationship of these retrenchment strategies was evaluated by using a multi-criteria decision making technique, the fuzzy DEMATEL method. It was stated that the strategy “Reduce the number of staff in all departments” was the most affected strategy among the other seven retrenchment strategies.

Keywords: Crisis Management, Retrenchment Strategies, Fuzzy DEMATEL Method, Hospitality Industry

JEL Classification: M10, C61

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Financial Distress and Capital Structure Decision: An Aplication on BIST 100 Firms

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Financial Distress and Capital Structure Decision:
An Aplication on BIST 100 Firms
Author(s): Tuncay Turan Turaboglu, Asli Yikilmaz Erkol, Emre Esat Topaloglu
Volume: 8
Number: 2
Year: 2017
Page: 247-258
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.48
Abstract
This study aims to reveal the relationship between capital structure decisions and financial distress of the firms. In the study, the financial distressed are represented by the variables, Altman Z-Score and Springate S-Score while the capital structure decisions are represented by maturity structure of external debt and the equity capital ratio. The variables, namely firm size and the ratio of fixed assets are incorporated as control variables in the analysis. The results indicate a negative and significant relationship between financial distress and debt and equity ratios, namely total debt, short-term debt and equity ratios. The negative relationship between the external equity ratio (new equity issuance) and the financial failure score supports the Myers (1984) Pecking Order Theory. Moreover, a positive and statistically significant relationship is found between the control variables and financial success scores. The results of the study are consistent with the evidence of other studies and trade off theory that shows the debt ratio increases the probability of financial distress of the firms.
Keywords: Financial Distress, Capital Structure Decision, Altman Z-Score, Springate S-Score, Borsa İstanbul

JEL Classification: G32, G35

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Testing Capital Structure Theories with CBRT Sectoral Balance Sheets: A Panel Data Analysis on Manufacturing Industry Sector (2001-2015)

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Testing Capital Structure Theories with CBRT Sectoral Balance Sheets: A Panel Data Analysis on Manufacturing Industry Sector (2001-2015)
Author(s): N. Savas Demirci
Volume: 8
Number: 2
Year: 2017
Page: 231-245
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.47
Abstract
Nowadays however various theories for optimum capital structure that can minimize cost of capital and maximize value of firm are discussed, there is no universal capital structure theory agreed upon. Testing main capital structure theories in manufacturing industry sector which is the main source of exporting and one of the most strategic sectors of economy in our country may give opinion about debt dynamics of the sector. In this article, in the context of Trade-off and Pecking Order Theories, main determinants at firm level of capital structure have been studied with the Central Bank of the Republic of Turkey (CBRT) sectoral balance sheets which is the largest real sector data set in our country by using two-way panel data analysis in the period 2001-2015. Econometric analysis results show that in Turkish manufacturing industry sector leverage ratio is negatively affected by return on assets, current ratio, tangible assets to total assets ratio and assets growth rate and positively affected by real volume of net sales. According to the results of study debt behaviours in Turkish manufacturing industry sector are mostly explained by Pecking Order Theory and partly explained by Trade-off Theory.

Keywords: Capital Structure Theories, Manufacturing Industry Sector, Panel Data Analysis, CBRT Sectoral Balance Sheets

JEL Classification: C58, G31, C33, L60

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Factors Affecting Number of Board Meetings: Evidence from Borsa İstanbul

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: Factors Affecting Number of Board Meetings: Evidence from Borsa İstanbul
Author(s): Murat Ocak, Evrim Altuk Ozden
Volume: 8
Number: 2
Year: 2017
Page: 217-230
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.46
Abstract
This study aims to determine the factors affecting the number of board meetings using 931 firm-year observations over the periods 2005 to 2013. Manufacturing, wholesale and retail trade, hotels and restaurants, and technology sectors were analyzed by negative binomial regression. For all observations, it was found that proportions of independent members and women on board are positively related to number of meetings. Board size was negatively related to number of meetings. In manufacturing and technology sectors, proportion of independent members is positively associated with number of board meetings, whereas board size is negatively associated with number of board meetings. In wholesale and retail trade, hotels and restaurants sector, women on board is positively associated with number of meetings.

Keywords: Board of Directors, Board Meetings, Independent Members, Women on Board, Borsa İstanbul

JEL Classification: M10, M14, G30

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The Relationship between Investor Attention and Stock Markets: An Application on ISE-100 Index

 
Article Information
Journal: Business and Economics Research Journal
Title of Article: The Relationship between Investor Attention and Stock Markets: An Application on ISE-100 Index
Author(s): Turhan Korkmaz, Emrah Ismail Cevik, Nuket Kirci Cevik
Volume: 8
Number: 2
Year: 2017
Page: 203-215
ISSN: 1309-2448
DOI Number: 10.20409/berj.2017.45
Abstract
The most of theoretical financial models that have been used in the literature depend on the conceptual terms such as information, information flow, information supply and demand for information. It is well known that investors take into account information about market and company in the process of investment decision. In this context, there have been extensive studies that focus on the relation between investors’ relation and financial markets and different proxy variables for measuring investors’ relation have been used in the literature due to investors’ relation cannot be directly measure. The aim of this study is to examine the empirical relation between investor attention and stock market empirically. In order to determine the investor attention toward stock market, Google search queries statistics are employed. Differently from existing literature, the relationship between investor attention and stock market is analyzed in terms of stock returns and volumes by means of causality in mean and variance test suggested by Hong (2001). Empirical findings suggest weak causal link going from investors’ attention to stock returns. On the other hand, stock volume is found to be Granger cause of investors’ relation.

Keywords: Investors’ Relation, Stock Market, BIST 100, Google Search Trends

JEL Classification: G12, C58, F31

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