Category: Manuscript

Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul

Posted on Saturday February 21st, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul
Author(s):	Eda Oruç Erdoğan, Murat Erdoğan, Vesile Ömürbek
Volume:	6
Number:	1
Year:	2015
Page:	35-42
ISSN:	1309-2448

Abstract

The purpose of this study was to determine the impact on the corporate financial performance to the several financial indicators. Companies that are traded continuously in Borsa İstanbul-30 (BIST-30) between 2002-2013 periods were analyzed in this study for this purpose. Current ratio, earnings per share, leverage ratio, firm size and market value to book value ratio were used as independent variables. Net profit margin was used as a dependent variables. The relationship between variables was analyzed by using panel data. According to the results of analysis, there is a positive and significant relation between corporate performance (t-period) and current ratio and corporate size (t- period) and there is a negative and significant relation between corporate performance (t-period) and leverage ratio (t-period).

Keywords:

Financial ratios, current ratio, leverage ratio, company performance, panel data analysis

JEL Classification:

G30, G32

Full Text ( ↓ 3852)

Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul-tr

Posted on Saturday February 21st, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	Evaluating the Effects of Various Financial Ratios on Company Financial Performance: Application in Borsa İstanbul
Yazar(lar):	Eda Oruç Erdoğan, Murat Erdoğan, Vesile Ömürbek
Cilt:	6
Sayı:	1
Yıl:	2015
Sayfa:	35-42
ISSN:	1309-2448

Öz

Anahtar Kelimeler:

Financial ratios, current ratio, leverage ratio, company performance, panel data analysis

JEL Sınıflandırması:

G30, G32

Full Text ( ↓ 3852)

Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul

Posted on Saturday February 21st, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul
Author(s):	Nazlı Kalfa Baş, Serra Eren Sarıoğlu
Volume:	6
Number:	1
Year:	2015
Page:	19-33
ISSN:	1309-2448

Abstract

The purpose of this study is to evaluate the performance and pricing efficiency of the exchange-traded funds (ETFs) operating in the Turkish Capital Markets. In this paper, we examine the tracking errors and pricing efficiencies of 16 ETFs during the period 2005-2013. This is the first paper that makes an investigation with covering all ETFs in Turkish Capital Markets. Using daily data, we find out that Turkish ETFs underperform their underlying indices. We use three different methods (arithmetic mean, absolute mean and quadratic tracking error) to measure the tracking errors and find that these errors are significantly different from zero. The pricing efficiencies of ETFs are computed using four different methods: premiums and discounts calculated in Turkish Liras (TL) and percentage and absolute values of these calculations. As a result of our analysis, we find that Turkish ETFs are priced closely to their net asset values and there exists no arbitrage opportunities in this context.

Keywords:

Exchange traded funds, tracking error, pricing efficiency, Borsa Istanbul

JEL Classification:

G12, G23

Full Text ( ↓ 2754)

Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul-tr

Posted on Saturday February 21st, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	Tracking Ability and Pricing Efficiency of Exchange Traded Funds: Evidence from Borsa Istanbul
Yazar(lar):	Nazlı Kalfa Baş, Serra Eren Sarıoğlu
Cilt:	6
Sayı:	1
Yıl:	2015
Sayfa:	19-33
ISSN:	1309-2448

Öz

Anahtar Kelimeler:

Exchange traded funds, tracking error, pricing efficiency, Borsa Istanbul

JEL Sınıflandırması:

G12, G23

Full Text ( ↓ 2754)

Inflation, Business Cycles, and Commodity Investing in Financialized Markets

Posted on Saturday February 21st, 2015 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	Inflation, Business Cycles, and Commodity Investing in Financialized Markets
Author(s):	Adam Zaremba
Volume:	6
Number:	1
Year:	2015
Page:	1-18
ISSN:	1309-2448

Abstract

Financialization of commodity markets has been a broadly discussed topic in recent years. However, its implications for commodity investors have not yet been fully explored. This paper concentrates on the macroeconomic determinants of commodity returns in financialized and non-financialized markets and on their role for a tactical asset allocation. The study aims to contribute to the academic literature in four ways. First, it provides fresh evidence on the interdependences between commodity returns, inflation and the business activity. Second, it documents increased correlation of the commodity returns with the business activity in the financialized markets. Third, it explores changes in the lead/lag relationship of commodity prices and the business cycle. Fourth, it proves that the commodities retained their inflation hedging abilities in the financialized markets. The computations are based on listings of various commodity indices, which are calculated by S&P-GSCI, JP Morgan, and Dow Jones-UBS, between 1970 and 2013.

Keywords:

Commodities, inflation hedging, macroeconomic determinants, business cycle, financialization

JEL Classification:

G11, G13, Q02

Full Text ( ↓ 2902)

Inflation, Business Cycles, and Commodity Investing in Financialized Markets-tr

Posted on Saturday February 21st, 2015 by

Makale Bilgileri

Dergi:	İşletme ve Ekonomi Araştırmaları Dergisi
Makalenin Başlığı:	Inflation, Business Cycles, and Commodity Investing in Financialized Markets
Yazar(lar):	Adam Zaremba
Cilt:	6
Sayı:	1
Yıl:	2015
Sayfa:	1-18
ISSN:	1309-2448

Öz

Anahtar Kelimeler:

Commodities, inflation hedging, macroeconomic determinants, business cycle, financialization

JEL Sınıflandırması:

G11, G13, Q02

Full Text ( ↓ 2902)

Strengths and Weaknesses of Financing Hospitals in Germany

Posted on Tuesday November 4th, 2014 by admin

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	Strengths and Weaknesses of Financing Hospitals in Germany
Yazar(lar):	Kemal Yaman
Cilt:	5
Sayı:	4
Yıl:	2014
Sayfa:	1-17
ISSN:	1309-2448

Özet

In this study strengths and weaknesses of financing hospitals in the German health care sector are examined. In the first part of the paper key data of hospitals, subsidies granted by federal states to hospitals, allocation of expenses in the statutory and private health sector are examined. Moreover, in the same part precautions taken in the German health care industry are analyzed. In the second part of the study compensation system, in particular Diagnosis Related Groups, as a financial resource for the activities performed in hospitals are investigated. For comparison the system before 2003 is also considered. In the third part critical view of the dual system in Germany is discussed. Change in financing of hospitals from 2003 shows improvement in financial situation of these institutions in Germany. However, the new implemented dual system reveals deficits in investment expenditures supported by federal states. The monistic model proposed by Rürup for a financing system from a single resource may provide a better financial base for well-equipped hospitals to meet the challenges among the competitive German hospitals.

Anahtar Kelimeler:

Financing of hospitals, dual financing principle, diagnosis related groups, investment shortfalls, monistic financing principle

JEL Sınıflandırması:

I11, I13, G22, G28

Full Text ( ↓ 6833)

The Role of Corporate Communication and Perception of Justice during Organizational Change Process

Posted on Sunday November 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	The Role of Corporate Communication and Perception of Justice during Organizational Change Process
Author(s):	Neşe Saruhan
Volume:	5
Number:	4
Year:	2014
Page:	143-166
ISSN:	1309-2448

Abstract

Today, researchers have been exploring employee’s resistance to change and how to foresee these aversive behaviors during organizational change process (Armenakis & Harris, 2002, Dent & Goldberg, 1999, Oreg & Sverdlik, 2011). Some employees view organizational change in a negative way even if change efforts will results in favorable consequences for them. At this point, communication process has a crucial effect on the perception of employees towards change process. In addition, several studies confirm the role of perceived justice in the organization during organizational change. So, the effects of communication and perception of justice on behaviors of employees during change process and the contribution of communication on resistance to change through perception of organizational justice was explored. The research was conducted among 583 employees in Turkey. The results of the regression analysis showed that perception of organizational justice plays a mediating role between communication to resistance and change.

Keywords:

Change, resistance to change, perception of justice, communication

JEL Classification:

M10, M12

Full Text ( ↓ 3521)

the Role of Corporate Communication and Perception of Justice during Organizational Change Process

Posted on Sunday November 2nd, 2014Tuesday November 4th, 2014 by

Makale Bilgileri

Dergi:	Business and Economics Research Journal
Makalenin Başlığı:	The Role of Corporate Communication and Perception of Justice during Organizational Change Process
Yazar(lar):	Neşe Saruhan
Cilt:	5
Sayı:	4
Yıl:	2014
Sayfa:	143-166
ISSN:	1309-2448

Özet

Anahtar Kelimeler:

Change, resistance to change, perception of justice, communication

JEL Sınıflandırması:

M10, M12

Full Text ( ↓ 3521)

An Investigation on the Relationship Between Credit Volume and Current Account Deficit in Turkey

Posted on Sunday November 2nd, 2014 by

Article Information

Journal:	Business and Economics Research Journal
Title of Article:	An Investigation on the Relationship Between Credit Volume and Current Account Deficit in Turkey
Author(s):	Aydanur Gacener Atış, Fatih Saygılı
Volume:	5
Number:	4
Year:	2014
Page:	129-141
ISSN:	1309-2448

Abstract

Following the 2008 global financial crisis, Turkey’s current account deficit has deteriorated due to a rapid growth of total credit volume and the appreciation of domestic currency. In 2010, the Central Bank of Turkey implemented a new monetary policy to improve domestic financial stability. The new policy was designed to maintain a sustainable current account deficit by reducing total domestic credit volume. The aim of this paper is to explore the impact of the domestic credit volume on Turkey’s current account deficit. The relationship between the credit growth and current account is analyzed by using quarterly data over the period 1998:1-2013:1. An econometric VECM technique and Granger Causality tests are used to analyze and to detect the long-run relationship between variables. Our findings indicate that the total credit growth has a limited but an adverse effect on the current account deficit.

Keywords:

Current account deficit, credit volume, cointegration, granger causality, vector error correction mechanism

JEL Classification:

E42, E51, F32

Full Text ( ↓ 3065)