Makale – Page 25 – BUSINESS AND ECONOMICS RESEARCH JOURNAL

Category: Makale

The Determinants of Banking Sector Profitability in Turkey

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Determinants of Banking Sector Profitability in Turkey
Author(s):	M. M. Tuncer Caliskan, Hale Kirer Silva Lecuna
Volume:	11
Number:	1
Year:	2020
Page:	161-167
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.242

Abstract

Banking sector plays a crucial role in the financial system in terms of economic development of a country. The aim of this study is to investigate the determinants of the banking sector profitability in Turkey for the years between 1980 and 2017. We gather the data from the Turkish Statistical Institute (TurkStat) and The Banks Association of Turkey. In this context we use return on assets (ROA) and return on equity (ROE) as profitability indicators and form two models separately by taking them as dependent variables. We put both banking sector variables and control variables as independent variables. Within this framework we employ bank size, deposit conversion ratio, and liquidity as banking sector variables; whereas inflation rate, interest rate and exchange rate as control variables. To examine our models, we run a Regression Analysis. According to our findings, macroeconomic indicators such as inflation, interest rates and exchange rates play a significant role in shaping the performance of the banking system. However, banking sector variables such as assets, efficiency and liquidity are more crucial for profitability.

Keywords:

Banking Sector, Profitability, Commercial Banks, ROA, ROE

JEL Classification:

C10, C22, G10

Full Text ( ↓ 3186)

The Level and Determinants of Financial Inclusion in Turkey

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Level and Determinants of Financial Inclusion in Turkey
Author(s):	Rifat Karakus
Volume:	11
Number:	1
Year:	2020
Page:	147-160
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.241

Abstract

The aim of the study is to identify the level of financial inclusion in Turkey and to determine the individual factors affecting the financial inclusion. In addition, factors that hinder the financial inclusion and the individual factors affecting these factors are also investigated. In this study, probit analysis is applied by using the data obtained from World Bank’s 2011 and 2014 Global Findex database. It is determined that saving and credit from financial institutions were increased in Turkey from 2011 to 2014. As a result of the study, it is determined that women have less chance of having a formal account, saving formally and using formal credits. Age has a positive effect on the components of the financial inclusion, but not linear. The positive effect of the education and income level on the financial inclusion is another result of the study. It is established that the barriers of formal account in the financial institution were more prominent in 2014 than in 2011.

Keywords:

Financial Inclusion, Global Findex, Probit Regression Analysis

JEL Classification:

G20, G21, O16

Full Text ( ↓ 2778)

The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Impact of Tangible Asset Sales on Stock Returns: A Research on Manufacturing Companies Listed in Borsa Istanbul
Author(s):	Neilan Soylu
Volume:	11
Number:	1
Year:	2020
Page:	131-146
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.240

Abstract

Nowadays, due to economic fluctuations, increasing competition and technological development companies need to continuously and rapidly adapt to changing business environment. Furthermore, internal conditions like financial distress or strategy changing make the restructuring inevitable for companies. Within this frame, tangible assets sales might have an effect on firm value both by generating a source of financing and allowing companies to optimize their asset structure. In this study, the impact of tangible assets sales on stock returns of manufacturing companies listed on Borsa Istanbul was examined for the period of January, 2016-December, 2017 using event study method. The empirical results show significant positive average abnormal returns associated with the asset sales on announcement day.

Keywords:

Tangible Asset Sales, Event Study, Restructuring, Abnormal Return, BIST Manufacturing Industry

JEL Classification:

G14, G34, L60

Full Text ( ↓ 3013)

Volatility Spillover between Uncertainty in Financial and Commodity Markets and Turkish Stock Market

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Volatility Spillover between Uncertainty in Financial and Commodity Markets and Turkish Stock Market
Author(s):	Baris Kocaarslan
Volume:	11
Number:	1
Year:	2020
Page:	119-129
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.239

Abstract

The aim of this study is to investigate risk spillovers between uncertainty about financial and commodity markets and Turkish stock market by using a causality-in-variance test. To this end, we use implied volatility indexes (the implied volatility of the gold, oil, stock, and currency prices from options markets) and Morgan Stanley Capital International (MSCI) Turkish stock market index. The volatility model estimates demonstrate that implied volatilities and Turkish stock market index are strongly influenced by long-run volatility. The causality-in-variance test results provide evidence of a significant one-way volatility spillover effect from uncertainty in financial and commodity markets to the Turkish stock market. The results suggest that Turkish stock market returns are highly sensitive to uncertainty shocks in global markets, and hence this high-sensitivity reduces the attractiveness of investments in the Turkish market. Our findings present important implications for the implementation of sound economic policies and for the formation of optimal portfolios.

Keywords:

Implied Volatility, Uncertainty, Causality-in-Variance, Volatility Spillover, Turkish Stock Market

JEL Classification:

C58, G15

Full Text ( ↓ 2501)

On the Relationship between Operational Risk and Tunisian Banks Performance: Does the Interaction between the Other Risks Matter?

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	On the Relationship between Operational Risk and Tunisian Banks Performance: Does the Interaction between the Other Risks Matter?
Author(s):	Abdelaziz Hakimi, Sid’Ahmed Boukaira
Volume:	11
Number:	1
Year:	2020
Page:	107-118
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.238

Abstract

The main purpose of this paper is to investigate the interactional relationship between operational risk, credit risk, liquidity risks and the Tunisian bank performance. We used a sample of Tunisian banks over the period 1990-2017. Results of the panel data analysis show that an increase in required capital charge to hedge operational risk significantly increases the level of bank performance. Findings also indicate that the interaction between operational risk and loan activities exerts a positive and significant effect on the level of bank performance. However, no significant effect of the interaction between operational and liquidity risk was found. These results could bring some important policy recommendations to policymakers toward the reinforcement of the capital charge and for improving the analysis and the management process of bank risks.

Keywords:

Operational Risk, Loans Activity, Liquidity Risk, Tunisian Banks, Panel Data Analysis

JEL Classification:

F30, G21, O16, L25

Full Text ( ↓ 3250)

Skill Shortages in Turkey: Evidence Firm-Level Data

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Skill Shortages in Turkey: Evidence Firm-Level Data
Author(s):	Z. Bilgen Susanli
Volume:	11
Number:	1
Year:	2020
Page:	95-106
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.237

Abstract

The term skill shortage refers to a situation in which the demand for skilled labor exceeds the supply of it in the labor market. By drawing on firm level data from Enterprise Surveys conducted by the World Bank, this study explores the incidence and likelihood of skill shortages in Turkey in 2008 and 2013. The responses given by the firms as to whether an inadequately educated workforce is an obstacle to their operations serves as an indication of skill shortages. Probit model estimations indicate that there is a positive and statistically significant association between firm size and the likelihood of skill shortages. The activities of informal competitors are also found to increase skill shortages. The determinants of skill shortages vary across 2008 and 2013.

Keywords:

Skill shortages, Firm-level data, Turkey

JEL Classification:

J23, J63

Full Text ( ↓ 2733)

Monetary Union Experiences and Lessons for European Monetary Integration

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Monetary Union Experiences and Lessons for European Monetary Integration
Author(s):	Derya Yilmaz
Volume:	11
Number:	1
Year:	2020
Page:	77-93
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.236

Abstract

In monetary unions, economically integrated countries pegged their exchange rates and abandon their monetary independency by adopting a union wide currency and central bank. In this vein, the theory of monetary union specifies criteria to overcome the loss of monetary policy autonomy. The mostly cited monetary union today is European Economic and Monetary Union (EMU). EMU was constituted with Maastricht Treaty. This treaty envisaged the monetary union by 1999. However, EMU is not the first monetary union experience. There have been plenty of other monetary union experiences. We observe some monetary union experiences parallel to forming nation states or as a consequence of economic integration. Some of these unions have prospered, but some come to an end. In these circumstances, the prosperity of EMU has always been discussed. This study is aiming to contribute this debate by analyzing the other monetary union experiences. According to the findings; politic will, fiscal integration and the institutional dependency of the nations in the monetary union is vital for the survival of the monetary union.

Keywords:

Monetary Union Theory, Optimum Currency Areas, National Monetary Unions, Fiscal Integration, Economic and Monetary Union (EMU)

JEL Classification:

E42, F15, F44, F42, F59

Full Text ( ↓ 3115)

Dynamic Analysis of Jobless Growth in Turkey

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Dynamic Analysis of Jobless Growth in Turkey
Author(s):	Ezgi Demiral, Abreg S. Celem
Volume:	11
Number:	1
Year:	2020
Page:	63-76
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.235

Abstract

The indicators of Turkey’s economy show that the long-term growth seems not to have provided the desired reduction in the unemployment rate. This indicates that economic growth cannot create sufficient growth in employment, that is known as the jobless growth phenomenon in economics literature. In this study, we examine the dynamic effects of the national income on the unemployment rates in Turkey for the 2005-2015 period. For this purpose, primarily, Perron unit root test was applied to examine the structural breaks in the variables caused by the global crisis in 2008. Subsequently, impulse-response analysis and variance decomposition analysis based on VAR model were applied. As a result of the empirical analysis, it was concluded that the unemployment reduction effect of the growth in national income was only valid in the short term in Turkey.

Keywords:

Jobless Growth, Unemployment, Growth, 2008 Global Crisis, VAR Model Analysis

JEL Classification:

E24, C32, J21

Full Text ( ↓ 2799)

Exchange Rate Private Sector Debt Nexus: Lessons from Turkish Experience

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Exchange Rate Private Sector Debt Nexus: Lessons from Turkish Experience
Author(s):	Melek Kidemli, Dilek Surekci Yamacli
Volume:	11
Number:	1
Year:	2020
Page:	51-62
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.234

Abstract

External debt stock of the private sector is increased from 2002 to 2018 in Turkey. In this period, Turkish Lira depreciated against foreign currencies. This study is investigated the relationship between real exchange rate and private sector external debt during the period 2002-2018 in Turkey. Auxiliary variables included in the model are LIBOR, domestic interest rates and real GDP. Application methods of the study are Delayed Distributed Autoregressive Model (ARDL) and Error Correction Model (ECM). Results of the study shows that, respectively domestic interest rate, LIBOR and exchange rate effective variables on the private sector external borrowing in the long term. Beside, exchange rate’s effects on the private sector external debt is higher in the short term than long term. Other hand, there is no relationship between private sector external borrowing and domestic production in the short and long term.

Keywords:

Private Sector External Borrowing, Real Exchange Rate, Borrowing, ARDL, ECM

JEL Classification:

F34, F31, F30

Full Text ( ↓ 2053)

Revisit Exports-Growth Nexus in Turkey

Posted on Wednesday January 22nd, 2020Friday January 24th, 2020 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Revisit Exports-Growth Nexus in Turkey
Author(s):	Alper Yilmaz
Volume:	11
Number:	1
Year:	2020
Page:	33-50
ISSN:	2619-9491
DOI Number:	10.20409/berj.2020.233

Abstract

The aim of this paper is to investigate exports and economic growth causality in Turkish economies. In this sense, we employed seasonally adjusted quarterly data of economic growth (real GDP) rate and exports that cover 1987Q1-2018Q4 periods. We analyze the relationship between variables by taking into account standard bootstrap Granger non-causality test and fixed-size rolling-window estimation approach. Standard Granger causality test indicates one direction causality that running from exports to real GDP. But according to test of parameters constancy, conducted VAR model points to parameters instability both in the short and long-run periods. Parameters constancy test indicate that empirical results are not uniform for different sample periods and vary due to structural changes. Consideringly, under parameters inconstancy, results of rolling window estimation method indicate that there is positive two way Granger causality (predictive power) between variables from the early 1990s to end of 2018 periods.

Keywords:

Export-led Growth (ELG), Output-driven Export, Time-Varying Causality

JEL Classification:

F43, O10, Q48

Full Text ( ↓ 2399)