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Evaluation of the Corporate Sustainability Performance of Manufacturing Companies in the BIST Sustainability Index with Multi-Criteria Decision Making Methods

Posted on Monday October 16th, 2023Tuesday October 17th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Evaluation of the Corporate Sustainability Performance of Manufacturing Companies in the BIST Sustainability Index with Multi-Criteria Decision Making Methods
Author(s):	Şerife Uğuz Arsu, Talip Arsu
Volume:	14
Number:	4
Year:	2023
Page:	479-501
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.427

Abstract

This study aims to evaluate the corporate sustainability performance of manufacturing companies listed in the Borsa Istanbul (BIST) Sustainability Index using multi-criteria decision-making (MCDM) methods. For this purpose, by examining the literature, 11 criteria, including economic, social, and environmental, were determined and the criteria were weighted with method based on the removal effects of criteria (MEREC), one of the objective MCDM methods. According to the weights obtained through the MEREC method, the most important criteria were “return on equity”, “operating profitability”, and “asset profitability”, while the least important criteria were “employee turnover rate”, “training hours per employee” and “proportion of female employees”. Subsequently, using the weights derived from the MEREC method, the companies were ranked using the CoCoSo (Combined Compromise Solution) method. According to the rankings, the companies demonstrating the highest corporate sustainability performance are Türk Traktor, Ford, Tofaş, and Otokar, while the companies with the lowest corporate sustainability performance are Kerevitaş, Coca-Cola, Petkim, and Tüpraş, respectively. Sensitivity analysis is carried out to test the consistency of the results obtained. Although these results contribute to the literature, in subsequent studies, MEREC and CoCoSo methods can be used to measure different performance criteria of companies. The fact remains that corporate sustainability performances of companies can be measured by using combinations of different MCDM methods.

Keywords:

Corporate Sustainability, BIST Sustainability Index, Corporate Sustainability Performance, MEREC, CoCoSo

JEL Classification:

Q56, C44, L60

Full Text ( ↓ 1133)

Immigrants, Foreign Workers and Bilateral Trade: Evidence from Türkiye

Posted on Monday October 16th, 2023Tuesday October 17th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Immigrants, Foreign Workers and Bilateral Trade: Evidence from Türkiye
Author(s):	Ömer Tarık Gençosmanoğlu
Volume:	14
Number:	4
Year:	2023
Page:	465-477
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.426

Abstract

This study scrutinizes distinctively the impact of immigrants and foreign workers on Türkiye’s bilateral trade with their countries of origin. For this purpose, we use data related to the total migration stock of the country and the foreign workers in Turkish firms from 2015 to 2021. Poisson Pseudo Maximum Likelihood (PPML) estimation results indicate a positive association between migration and trade in Türkiye in line with previous studies. The results show that a 10% growth in the immigrant stock from a country contributes to Türkiye’s exports to that country by 1.8% and imports from that country by 1.4%. These effects are 1.6% and 2.4%, respectively, in the case of foreign workers per se. The findings partially confirm that the trade facilitating effects of foreign workers, which are assumed to be more qualified than the average in terms of education, skill, and experience, are larger than all immigrants. To put it differently, immigrants generally improve Türkiye’s exports more than skilled immigrants who increase its imports less than immigrants overall.

Keywords:

Immigrants, Trade, Foreign Workers

JEL Classification:

F14, F16, F22, J61

Full Text ( ↓ 900)

Drivers of Popularity of Online Information: Content, Context and Psychological Processes

Posted on Monday October 16th, 2023Tuesday October 17th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Drivers of Popularity of Online Information: Content, Context and Psychological Processes
Author(s):	M. Utku Özmen, M. Eray Yücel
Volume:	14
Number:	4
Year:	2023
Page:	445-464
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.425

Abstract

This paper aims to study how people utilize (search for, choose, process, and evaluate) information provided on online domains, emphasizing the balance between context identifiers and the actual content of information and the psychological processes. The study assesses the popularity of online provided materials, TED Talks, in relation to the length of information, user ratings, and several content-related features. The paper employs a comprehensive naturalistic data set that covers the titles, duration, viewer-assigned ratings/tags, transcripts, various content identifiers, and popularity (number of views) of 2685 TED Talks. The results reveal the relevance of both content and context-related factors, as well as psychological processes, on the popularity of the talks. On the context side, using certain words in the title and the text, optimizing the talk pace and the length of the talk; on the content side, carefully incorporating rhetorical features are major factors that influence the popularity of the talks. On the psychological processes front, the popularity of talks is associated with positive emotions and anxiety among affective processes, and insight and tentativeness among cognitive processes.

Keywords:

TED Talks, Online viewing behavior, Popularity, Content and context, Psychological processes, LIWC, Economics of online information

JEL Classification:

D91, L86

Full Text ( ↓ 1198)

Color Selection in Brand Management: Color Clustering Model

Posted on Saturday July 22nd, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Color Selection in Brand Management: Color Clustering Model
Author(s):	Doğuş Yüksel
Volume:	14
Number:	3
Year:	2023
Page:	433-444
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.424

Abstract

Color choice is crucial in branding. Starting with logo design, brands use a consistent color theme across all corporate identity and marketing materials. This applies both to newly established brands and their repositioning processes. Consumers are constantly exposed to the visual elements of brands through traditional and digital media channels. Herein, consumers have a color perception developed towards brands, products, and sectors. Today’s technology makes it possible to determine the colors that consumers are most exposed to in a particular subject. Determining those colors has a role in influencing the color decision in the branding process. To this end, the research aims to present a model proposal for color selection in brand management. The model presented is explained with a case analysis. In the analysis, a database was created for the banking sector, the obtained images were analyzed using the “k-means” clustering method, and the five most commonly used colors in the banking sector were identified. This study is one of the first in Turkish literature to systematically present outcomes regarding brand color selection and propose a color selection model.

Keywords:

Color, Brand Management, Marketing Communication, Sensory Marketing, Color Clustering Model

JEL Classification:

M30, M31, M37

Full Text ( ↓ 1061)

The Effect of Ethnocentric Consumer Behaviors on Brand Evangelism, Brand Loyalty and Brand Commitment about Domestic and National Brands

Posted on Saturday July 22nd, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effect of Ethnocentric Consumer Behaviors on Brand Evangelism, Brand Loyalty and Brand Commitment about Domestic and National Brands
Author(s):	Bora Göktaş
Volume:	14
Number:	3
Year:	2023
Page:	409-432
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.423

Abstract

Domestic and national brands are issues that have come to the fore in Turkey recently; therefore, consumers often encounter this concept. This study aims to examine the attitudes of ethnocentric consumers towards domestic and national brands, their levels of commitment, loyalty, or evangelistic tendencies, and the effects of consumer ethnocentrism on brand commitment, brand loyalty, and brand evangelism. When the literature is reviewed, it is determined that the number of studies testing the effect of consumer ethnocentrism on brand loyalty, brand commitment, and brand evangelism together with all of its subjects is quite limited, and it seems that not enough research has been done. In this study, using the convenience sampling method, data were collected from 654 participants with the online survey technique, and regression analysis was used to test the hypotheses. According to the research findings, it was concluded that consumer ethnocentrism has a significant and positive linear effect on brand commitment, brand loyalty, and brand evangelism. In addition, for participants with ethnocentric tendencies, it was seen that attitudes towards the elements of “positive brand referrals” of brand evangelism, “cognitive loyalty” of brand loyalty, and “affective commitment” of brand commitment were higher.

Keywords:

Consumer Ethnocentrism, Brand Evangelism, Brand Loyalty, Brand Commitment, Consumer Attitudes

JEL Classification:

M30, M31, M38

Full Text ( ↓ 929)

Examination of the Existence of Month of the Year, Day Effect of the Week, and Seasonal Anomalies in Gold Futures Contracts: The Case of Turkey

Posted on Saturday July 22nd, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Examination of the Existence of Month of the Year, Day Effect of the Week, and Seasonal Anomalies in Gold Futures Contracts: The Case of Turkey
Author(s):	Yasemin Karataş Elçiçek
Volume:	14
Number:	3
Year:	2023
Page:	369-387
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.422

Abstract

This study aims to examine the existence of the month of the year effect, the day of the week effect, and seasonal anomalies in the return of gold futures contracts traded in the Borsa Istanbul Derivatives Market (BIST-VIOP) in the period of 02.09.2013 – 30.11.2022 through the Autoregressive Moving Average Models (ARMA)(2,2) and Generalized Autoregressive Conditional Heteroskedastic (GARCH)(1,1) model. According to the results, positive returns were found on other days except Thursday from the model examining the relationship between the gold futures contract and the day of the week effect, positive returns were found in January and March from the model results examining the relationship between the gold futures contract and the month of the year effect, and positive as well as statistically significant returns were found in other seasons except for summer from the model examining the relationship between the gold futures contract and seasonal anomalies.

Keywords:

Gold Futures Contract, Anomaly, Seasonal Effect, Month of the Year Effect, Day of the Week Effect

JEL Classification:

C13, G14, G40

Full Text ( ↓ 858)

The Cultural Diversity of the Board of Directors and Capital Structure

Posted on Saturday July 22nd, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Cultural Diversity of the Board of Directors and Capital Structure
Author(s):	Bahadır Karakoç, Uğur Arcagök
Volume:	14
Number:	3
Year:	2023
Page:	351-368
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.421

Abstract

Cultural characteristics and personal values can play a significant role in financial decision-making process, alongside economic factors. This study contributes to the existing literature by investigating the impact of cross-cultural board members on capital structure decisions in publicly traded firms in Turkey. Using panel data methodology to analyze the capital structures of these firms between 2011 and 2020, we found that firms with at least 30% cross-cultural representation on their boards tend to borrow more than firms with less diverse boards. Similarly, firms with at least one cross-cultural board member borrow more than firms managed entirely by locals. These findings are significant in contributing to the understanding of the role of cultural diversity in financial decision-making and offer practical implications for firms aiming to optimize their capital structures. The results remain robust even after alternative regression specifications and other corporate financing decisions have been considered.

Keywords:

Capital Structure, Cross-Culture, Board of Directors, Corporate Borrowing

JEL Classification:

G10, G20, N20, O16

Full Text ( ↓ 861)

Is the Convergence Hypothesis Valid for Per Capita Energy Consumption among G20 Countries? Findings from the Nahar-Inder Test

Posted on Saturday July 22nd, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Is the Convergence Hypothesis Valid for Per Capita Energy Consumption among G20 Countries? Findings from the Nahar-Inder Test
Author(s):	Cihat Karademir, Şencan Felek, Reşat Ceylan
Volume:	14
Number:	3
Year:	2023
Page:	337-350
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.420

Abstract

The aim of this study is to examine whether the per capita primary energy consumption levels in G-20 countries exhibit convergence behavior in the period 1965-2021. In the convergence analysis, the ADF unit root test based on Bernard and Durlauf (1996) and the Nahar-Inder (2002) test, which states that convergence behavior can occur even in the presence of a unit root in the analyzed series, are used. According to the findings, while two countries exhibit convergence behavior in the ADF unit root test, convergence behavior is observed in 16 countries according to the Nahar-Inder (2002) technique. Thus, it is observed that the Nahar-Inder (2002) technique yields stronger results than the ADF unit root test. Moreover, the convergence findings indicate that the success rate of the policies to be developed for energy integration will be high. Accordingly, the policy recommendations of the study include the expansion of international agreements, the creation of institutions that will increase the sanctioning power, and the establishment of an international monetary fund to support developing countries in realizing a green transformation in energy use.

Keywords:

Convergence, Energy Consumption, G-20 Countries, Nahar-Inder Test

JEL Classification:

O13, Q40, C22

Full Text ( ↓ 924)

Anonymous and Separable Hedonic Coalition Formation Games: Nash Stability Under Different Membership Rights

Posted on Saturday July 22nd, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Anonymous and Separable Hedonic Coalition Formation Games: Nash Stability Under Different Membership Rights
Author(s):	Mehmet Karakaya , Seçkin Özbilen
Volume:	14
Number:	3
Year:	2023
Page:	303-319
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.419

Abstract

We consider hedonic coalition formation games. A hedonic coalition formation game is a pair which consists of a finite set of agents and a list of agents’ preferences such that each agent has preferences over all coalitions containing her. We study the existence of a Nash stable partition under different membership rights for anonymous and separable hedonic coalition formation games. We prove that for anonymous and separable hedonic games, the existence of a Nash stable partition is always guaranteed when the membership rights are Free Exit-Approved Entry or Approved Exit-Free Entry, but the existence of a Nash stable partition is not guaranteed when the membership rights are Free Exit-Free Entry. We also analyze the relation of the anonymity and separability with the other sufficient conditions which guarantee the existence of a Nash stable partition under different membership rights.

Keywords:

Coalition Formation, Hedonic Games, Nash Stability, Membership Rights

JEL Classification:

C71, C78, D71

Full Text ( ↓ 918)

Oil Price Pass-Through on Sector-Level Prices: Evidence from Turkey

Posted on Friday May 26th, 2023Tuesday July 25th, 2023 by editor

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Oil Price Pass-Through on Sector-Level Prices: Evidence from Turkey
Author(s):	Mehmet Fatih Ekinci, Hülya Saygılı
Volume:	14
Number:	3
Year:	2023
Page:	321-335
ISSN:	2619-9491
DOI Number:	10.20409/berj.2023.418

Abstract

As energy dependency is one of the main drivers of rising global inflation, understanding the sectoral outlook for the effects of oil prices on inflation is crucial. This paper investigates oil price pass-through to consumer prices in Turkey utilizing a Phillips Curve estimation approach. Extending the results in the literature, we estimate Brent crude petroleum price pass-through coefficients for the 2-digit sectoral components of the consumer price index. Then, we compare the sector-level pass-through rates to the ones obtained from the headline and core inflation. We also apply a recursive estimation modeling to track pass-through behavior over time for each inflation series. The paper has several conclusions. First, the long-run oil price pass-through to headline inflation is around 7%. Second, pass-through to the core and sectoral inflation rates exhibit a significant amount of variation from headline inflation. Results with core inflation rates depend on whether energy prices are included or excluded from the consumer basket. Third, the sectoral pass-through rate depends on the weight of the energy-related items in that sector. Our findings suggest that the transport sector has the highest degree of pass-through. Fourth, the rate of pass-through to all prices increases following the hikes in inflation rates in September 2018 and October 2021.

Keywords:

Brent Crude Oil Prices, Headline Inflation, Core Inflation, 2-Digit Sectoral Consumer Inflation, Oil Price Pass-Through, Phillips Curve

JEL Classification:

C32, E31, Q43

Full Text ( ↓ 902)