Category: Manuscript

A Study of Nonlinear Dynamics in Equity Market Index: Evidence from Turkey

Posted on Thursday March 31st, 2016Friday April 1st, 2016 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	A Study of Nonlinear Dynamics in Equity Market Index: Evidence from Turkey
Author(s):	Riza Emekter, Benjamas Jirasakuldech
Volume:	7
Number:	1
Year:	2016
Page:	1-19
ISSN:	1309-2448
DOI Number:	10.20409/berj.2016116801

Abstract

The dynamics of Istanbul Stock Exchange (ISE) 100 index is explored in this study for the past 25 years. The main motivation of this paper is to find out the source and nature of any dependence in the ISE index. There is dependence in the log returns of the ISE. This dependence is not a linear dependence since no ARIMA models remove the dependence. Moreover, the dependence cannot be explained by nonlinear autoregressive process (GARCH) and important relevant macroeconomics variables. The persistence in the return dependence is not short term (3-months or less) in nature. Nonlinearity in the ISE index is caused by non-Gaussian innovations and it is not likely to be caused by chaos. Duration dependence test suggests that there is no evidence of a rational bubble in the log returns. There is some evidence of a structural break in the Turkish equity market around May 2000. However, the results do not change significantly when the same analyses are applied on the pre-and post- May 2000 periods. These results suggest that ISE 100 index is relatively efficient. Although there is dependence, the predictable component of the index is nonlinear, non-chaotic, and bubble-free. The predictable component is uncorrelated with any macro factors and cannot be explained by conditional autoregressive variance.

Keywords:

Nonlinearity, Chaos, Turkish Equity Market, Market Efficiency, Random Walk

JEL Classification:

G12, G14, G17

Full Text ( ↓ 3054)

The Effect of Advanced Management Accounting Practices on the Competitive Strategies and Performance

Posted on Sunday December 20th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effect of Advanced Management Accounting Practices on the Competitive Strategies and Performance
Author(s):	Rahmi Yücel, Kayhan Ahmetoğulları
Volume:	6
Number:	4
Year:	2015
Page:	179-201
ISSN:	1309-2448

Abstract

This study is based on a sample of 300 managers from the production industry of West Marmara Region. The goal of this study is to examine the interaction among advanced management accounting practices, competitive strategies and company performance. As a result of study, it is found that advanced accounting management practices have a positive effect on the company performance and competitive strategies. In addition, competitive strategies have an effect on the company performance positively. Furthermore, there is a positive and significant relation between long-term strategy based on management accounting practices and non-financial company performance and between activity based on management accounting practices and financial performance.

Keywords:

Advanced management accounting practices, competitive strategies, performance

JEL Classification:

M40, M49

Full Text ( ↓ 3835)

İleri Yönetim Muhasebesi Uygulamalarının Rekabet Stratejileri ve Performans Üzerindeki Etkisi

Posted on Sunday December 20th, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	İleri Yönetim Muhasebesi Uygulamalarının Rekabet Stratejileri ve Performans Üzerindeki Etkisi
Yazar(lar):	Rahmi Yücel, Kayhan Ahmetoğulları
Cilt:	6
Sayı:	4
Yıl:	2015
Sayfa:	179-201
ISSN:	1309-2448

Öz

Bu çalışma, Batı Marmara Bölgesinde imalat sektöründe yer alan 300 yöneticiden oluşan örneklemi esas almaktadır. Bu çalışmanın amacı, ileri yönetim muhasebesi uygulamaları, rekabet stratejileri ve firma performansı arasındaki etkileşimi incelemektir. Çalışmanın sonuçları olarak, ileri yönetim muhasebesi uygulamalarının firma performansı ve rekabet stratejileri pozitif bir etkiye sahip olduğunu göstermektedir. Ek olarak, rekabet stratejileri firma performansı üzerinde pozitif bir etkiye sahiptir. Ayrıca uzun vadeli stratejiye dayalı yönetim muhasebesi uygulamaları ile finansal olmayan firma performansı ve faaliyete dayalı yönetim muhasebesi uygulamaları ile finansal firma performansı arasında pozitif ve anlamlı bir ilişkiye sahiptir.

Anahtar Kelimeler:

İleri yönetim muhasebesi uygulamaları, rekabet stratejileri, performans

JEL Sınıflandırması:

M40, M49

Full Text ( ↓ 3835)

Posted on Sunday December 20th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Exploring the Relationship between Ethical Leadership and Job Satisfaction with the Mediating Role of the Level of Loyalty to Supervisor
Author(s):	Tarhan Okan, Ahmet Mutlu Akyüz
Volume:	6
Number:	4
Year:	2015
Page:	155-177
ISSN:	1309-2448

Abstract

The purpose of this study was to examine the impact of ethical leadership behaviour on employees’ both intrinsic and extrinsic job satisfaction and also to find out a possible mediator effect of loyalty to supervisor in this relationship. A total of 223 academic and administrative staff who worked in Gümüşhane University in Turkey constituted the sample of the study. Mediation analysis was used to test the research model. Findings of our analysis have confirmed that ethical leadership is effective on loyalty to supervisor and also loyalty to supervisor increases employees’ job satisfaction. It was understood that from the intrinsic dimension side of job satisfaction, indirect effect had been defined over “Extra Effort for Supervisor, Identification with Supervisor and Internalization of Supervisor’s Values” dimensions of loyalty to supervisor. On the extrinsic dimension side of job satisfaction, “Dedication and Attachment to Supervisor (Ded*Attach), Identification with Supervisor and Internalization Supervisor’s Values” dimensions of loyalty to supervisor variable had mediated the relationship between ethical leadership and job satisfaction. Briefly, as a result of mediator analysis we confirmed that a certain part of the relationship between ethical leadership and job satisfaction came out over loyalty to supervisor.

Keywords:

Ethical leadership, loyalty to supervisor, job satisfaction, intrinsic and extrinsic job satisfaction, mediation model

JEL Classification:

M10, M12, M19

Full Text ( ↓ 2885)

Exploring the Relationship between Ethical Leadership and Job Satisfaction with the Mediating Role of the Level of Loyalty to Supervisor

Posted on Sunday December 20th, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	Exploring the Relationship between Ethical Leadership and Job Satisfaction with the Mediating Role of the Level of Loyalty to Supervisor
Yazar(lar):	Tarhan Okan, Ahmet Mutlu Akyüz
Cilt:	6
Sayı:	4
Yıl:	2015
Sayfa:	155-177
ISSN:	1309-2448

Öz

Anahtar Kelimeler:

Ethical leadership, loyalty to supervisor, job satisfaction, intrinsic and extrinsic job satisfaction, mediation model

JEL Sınıflandırması:

M10, M12, M19

Full Text ( ↓ 2885)

Competitive Importance Performance Analysis (CIPA): An Illustration from Thermal Tourism Destinations

Posted on Sunday December 20th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Competitive Importance Performance Analysis (CIPA): An Illustration from Thermal Tourism Destinations
Author(s):	Emre Erbaş, Nilüfer Şahin Perçin
Volume:	6
Number:	4
Year:	2015
Page:	137-154
ISSN:	1309-2448

Abstract

This paper introduces a syntheses of traditional Importance-Performance Analysis and Analytical Hierarchy Process under the name of Competitive Importance-Performance Analysis (CIPA), to empower managers to make better decisions in creating competitive advantage. A questionnaire of a Turkish thermal tourism destination is utilized to illustrate the execution of the proposed approach. The results of the current case study illustrate the practicability and supplementary insights of specifying the priorities of attributes through the proposed approach for gaining competitive advantage. The results suggested that, from the expert’s perspective, plentiful natural hot springs, sound local transportation network, availability of sufficient accommodation, hygiene standards for hot springs spa equipment, public interest in health-leisure activities are important factors shaping the competitiveness of thermal tourism destinations. Therefore, thermal tourism destinations in Turkey might focus more on these attributes to gain competitive advantage. Moreover, increase in visitors seeking for health-oriented leisure time is increasing and hence the future of Turkish thermal tourism seems encouraging. Hence, the adapted undertakings will be required by augmenting the core thermal tourism product to reach the competitors.

Keywords:

Competitiveness, thermal tourism, competitive importance-performance analysis

JEL Classification:

L83, L52, D70

Full Text ( ↓ 3343)

Competitive Importance Performance Analysis (CIPA): An Illustration from Thermal Tourism Destinations

Posted on Sunday December 20th, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	Competitive Importance Performance Analysis (CIPA): An Illustration from Thermal Tourism Destinations
Yazar(lar):	Emre Erbaş, Nilüfer Şahin Perçin
Cilt:	6
Sayı:	4
Yıl:	2015
Sayfa:	137-154
ISSN:	1309-2448

Öz

Anahtar Kelimeler:

Competitiveness, thermal tourism, competitive importance-performance analysis

JEL Sınıflandırması:

L83, L52, D70

Full Text ( ↓ 3343)

Evaluation by Integrated AHP and TOPSIS Method of Logistics Performance in Turkey’s Regions

Posted on Sunday December 20th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Evaluation by Integrated AHP and TOPSIS Method of Logistics Performance in Turkey’s Regions
Author(s):	Ramazan Eyüp Gergin, Birdoğan Baki
Volume:	6
Number:	4
Year:	2015
Page:	115-135
ISSN:	1309-2448

Abstract

The evaluation by the logistics performance of the countries/regions/cities and making necessary improvements has great importance according to the evaluation. The aim of this study is to rank regions in Turkey by logistics performances. For this purpose, the weighting of the criteria have been determined using the Analytic Hierarchy Process. Then, the logistics performances of the regions in Turkey are evaluated through TOPSIS method. The order of the regions is listed Marmara, Aegean, Mediterranean, Black sea, Central Anatolia, South-eastern Anatolia and lastly Eastern Anatolia Regions, respectively.

Keywords:

Logistics performance, regions of Turkey, AHP, TOPSIS, multi criteria decision making

JEL Classification:

C61, L91, R40

Full Text ( ↓ 3354)

Türkiye’deki Bölgelerin Lojistik Performanslarının Bütünleştirilmiş AHS ve TOPSIS Yöntemiyle Değerlendirilmesi

Posted on Sunday December 20th, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	Türkiye’deki Bölgelerin Lojistik Performanslarının Bütünleştirilmiş AHS ve TOPSIS Yöntemiyle Değerlendirilmesi
Yazar(lar):	Ramazan Eyüp Gergin, Birdoğan Baki
Cilt:	6
Sayı:	4
Yıl:	2015
Sayfa:	115-135
ISSN:	1309-2448

Öz

Ülkelerin/Bölgelerin/İllerin lojistik performansının değerlendirilmesi ve bu değerlendirmelere göre gerekli iyileştirmelerin yapılması büyük önem arz etmektedir. Bu çalışmada Türkiye’deki bölgelerin lojistik performanslarına göre değerlendirilmesi amaçlanmıştır. Bu amaçla, lojistik performansın belirleyicisi olarak seçilen kriterlerin ağırlıkları Analitik Hiyerarşi Süreci yöntemiyle tespit edilmiştir. Daha sonra, TOPSIS yöntemi ile Türkiye’deki bölgelerin lojistik performansları sıralanmıştır. Elde edilen genel sonuçlara göre bölgelerin sıralaması Marmara, Ege, Akdeniz, Karadeniz, İç Anadolu, Güney Doğu Anadolu ve Doğu Anadolu olarak tespit edilmiştir.

Anahtar Kelimeler:

Lojistik performans, Türkiye’deki bölgeler, AHS, TOPSIS, çok kriterli karar verme

JEL Sınıflandırması:

C61, L91, R40

Full Text ( ↓ 3354)

The Effect of Money Supply on the Inflation the Period between 1980-2013 in Turkey Economy

Posted on Sunday December 20th, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Effect of Money Supply on the Inflation the Period between 1980-2013 in Turkey Economy
Author(s):	İsmail Şahin, Muhammet Karanfil
Volume:	6
Number:	4
Year:	2015
Page:	97-113
ISSN:	1309-2448

Abstract

To provide the economic stability, in the fight against the inflation problem, various monetary and fiscal policies have been applied in different periods in Turkey. In spite of these policies, inflation has not been taken to the expected level in the certain period. However, in recent years the decline in the inflation has demonstrated that the policies which were implemented were effective. At the end of these policies, the object is achieved partly which, was targeted in the inflation. The main purpose of the study is to search the effect of money supply on inflation. Besides, the relationship between the effectiveness of the implemented policies and the other macro-economic variables which are related to the inflation phenomenon has been evaluated. In this context, for the period between 1980 and 2013 in Turkey, the money supply, reel exchange rates and budget deficit and their impact on the inflation has been discussed. In this paper, the effect of some macro-economic variables such as the money supply, reel exchange rate and budget deficit on inflation has been analyzed by using the time series analysis. In the model, the inflation rate is dependent variable, while the money supply, reel exchange rate and budget deficit are independent variables. At the same time, the relationship between variables has been researched by using the Johansen’s co-integration and Granger’s causality methodology. In conclusion, there has been a long-term relationship between the variables in the model. On the other hand, there has been no direct causality between the money supply and inflation variables.

Keywords:

Inflation rate, money supply (m2), monetary policy, co-integration, causality

JEL Classification:

C13 C32, E31

Full Text ( ↓ 4785)