Finansal Piyasaların Evrimi: Bankacılık, Risk Yönetimi, Piyasa ve Kurumlar
Evolution of Financial Markets: Banking, Risk Management, Markets and Institutions
Contributor(s): Buket Kırcı Altınkeski (Editor), Mehmet Fatih Buğan (Editor)
Subject(s): Business Economy / Management, Energy and Environmental Studies, Economic history, Economic policy, International relations/trade, Economic development, Environmental interactions, Financial Markets, Accounting - Business Administration, Socio-Economic Research
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: financial markets; banking; risk management; markets; institutions;
Summary/Abstract: Given the importance and complexity of financial markets, it is necessary for everyone working in this field to keep up with current knowledge and theories. Sources such as "The Evolution of Financial Markets: Banking, Risk Management, Markets and Institutions" can provide a deeper understanding of financial markets and offer readers current trends and practices. This book covers topics such as the evolution of financial markets, banking, risk management, markets, and institutions. The chapters in the book examine the functioning of financial markets worldwide and the tools used in these markets, the role of risk management and financial institutions, and the history and future of markets.
- E-ISBN-13: 978-975-447-603-3
- Print-ISBN-13: 978-975-447-603-3
- Page Count: 329
- Publication Year: 2023
- Language: Turkish, English
Çevre Dostu Yeşil Bankacılık Ürünleri ve Türkiye Uygulamaları
Çevre Dostu Yeşil Bankacılık Ürünleri ve Türkiye Uygulamaları
(Environmentally Friendly Green Banking Products and Practices in Turkey)
- Author(s):Meltem Keskin
- Language:Turkish
- Subject(s):Energy and Environmental Studies, Environmental interactions, Financial Markets, Socio-Economic Research
- Page Range:1-19
- No. of Pages:19
- Keywords:Green Banking; Financial markets; Turkey; environmental problems;
- Summary/Abstract:Inaction in the face of environmental problems that affect the whole world, such as climate change and greenhouse gas emissions, is damaging the world's livability level more and more every day. Green growth is one of the priority issues of many international environmentalist financial institutions such as the International Monetary Fund, the World Bank, the World Trade Organization, the United Nations, and the 20 Group. green finance; It is located at the intersection of the financial sector, economic growth, socio-economic and environment. In the capital markets, the banks that are in the first place of the institutions that serve the fund flow; By working with a focus on green finance, they take an important place in the world's transition to a low-carbon economy with innovative green products and green services and in the fight against climate change. Banks; They play a leading role in the realization of many projects such as reducing carbon emissions, prioritizing renewable energy, stopping deforestation, green offices, green buildings, and water management. In addition, banks provide necessary financing in terms of protecting the environment and creating a green social impact. In this study; Along with the potential of green finance, green products and services used by world and Turkish banking constitute the main subject of the study. Also in the study, individual and commercial users of banks; It is aimed to examine not only banks and bank customers, their willingness to green products, their ability to reach green products at low costs, the increase in the use of diversified green banking products and services, but also the environmental and socio-economic dimension of the income obtained.
Bankacılıkta Risk, Basel Süreci ve Sermaye Yeterliliği
Bankacılıkta Risk, Basel Süreci ve Sermaye Yeterliliği
(Risk in Banking, the Basel Process and Capital Adequacy)
- Author(s):Batuhan Medetoğlu
- Language:Turkish
- Subject(s):Economy, National Economy, Financial Markets
- Page Range:21-36
- No. of Pages:16
- Keywords:Risk; banking; modern finance; banking system;
- Summary/Abstract:Since the second half of the twentieth century, there have been significant changes in the science of finance with the models and theories introduced to the literature, and the foundations of modern finance have been laid. Numerical handling of concepts such as risk, expected return, portfolio; It has been a guide for individuals, institutions and states. It has emerged that the units that supply and demand funds in the financial system should act optimally in their investment decisions. The concept of risk is a concept that affects all units and has a volatile effect on portfolios. The risk, which is defined as the realization of possible negative situations, can be managed with various strategies and can be prevented by taking precautions. Although there are many types of risk, there are types with preventable and non-preventable structures. Banks are institutions that are important among financial institutions and are exposed to many risks due to their structure. In order to ensure effective risk management and create a standard structure in the banking system, Basel agreements were made and important decisions were taken. It is important for all units that the system, which has many functions in the financial system, has a sustainable structure and is financially successful. In the study, it is aimed to define the concept of risk in the banking system with its types and to evaluate it with the Basel process. Capital adequacy, which is an important output of the Basel process, has been evaluated and the capital adequacy ratios of banks operating in the Turkish banking system have been examined. By making a general evaluation; Inferences have been made about the structure of banks, the types of risks they are exposed to and their capital adequacy.
Bankacılıkta Yeni Yaklaşım: Açık Bankacılık
Bankacılıkta Yeni Yaklaşım: Açık Bankacılık
(New Approach to Banking: Open Banking)
- Author(s):İsmail Tuna
- Language:Turkish
- Subject(s):Financial Markets, ICT Information and Communications Technologies
- Page Range:37-70
- No. of Pages:34
- Keywords:Open Banking; financial markets; digital innovations; finance;
- Summary/Abstract:One of the important digital innovations in finance is the open banking system, which has developed due to the sharing of customer information with third parties (for example, FinTech Companies and TPP-Takasbank Money Market). Open banking creates a new banking system by deriving developments in financial products and activities, with rapidly changing technology developing applications in the field of banking. When the studies on Open Banking are examined, it is seen that the activities carried out in Turkey are up to a certain point. When viewed from the perspective of the world, the studies mostly constitute an abstract framework. However, it is seen that the regulations regarding open banking in Turkey and in the world are increasing day by day. In this sense, the Banking Sector, which aims to achieve many goals such as easing people's transactions, offering various activities and expanding the customer area, from the establishment of Banking to the present day, has had to keep up with the era with the developing technology. While there are customer relations in the traditional Banking model, open Banking appears as a technological innovation that tries to differentiate this system. Open Banking has been the most extensive innovation in the digitalization phase of the banking industry to date. Both in responding to the needs and requirements of customers in a fast and innovative manner, the open banking model among banks has shown a great development phase from past to present. Especially open banking has a great importance among financial technologies in this sense. The need for technological innovation has increased even more, both with the proliferation of artificial intelligence in this field and with the increase of banking activities mostly in digital environments. For this reason, open banking has a leading position in the field of banking. In order for Turkey to advance in global competition and to maintain its presence in the banking sector in the digitalized world, it needs to take the changes and steps required by digitalization in the coming years.
Hisse Senedi ve Kripto Varlık Piyasası Arasında Finansal Bağlantılılık ve Risk Aktarımı
Hisse Senedi ve Kripto Varlık Piyasası Arasında Finansal Bağlantılılık ve Risk Aktarımı
(Financial Connectedness and Risk Transfer Between Equity and Crypto Asset Markets)
- Author(s):Mevlüt Camgöz
- Language:Turkish
- Subject(s):Economy, Financial Markets
- Page Range:71-88
- No. of Pages:18
- Keywords:financial risk connectedness; risk transmission mechanism; stock market; crypto asset market;
- Summary/Abstract:The aim of this study is to reveal the financial risk connectedness and risk transmission mechanism between the stock market and the crypto asset market. Thus, it is aimed to contribute to the literature examining the relationships between the crypto asset market and conventional financial markets with new empirical findings and to reveal essential results for investors and policymakers. According to the findings of the research, although the spread from the VIX index to the cryptocurrencies is stronger, the spread from the cryptocurrencies to the VIX index turned out to be quite weak. In the network structure analyzed in the study, there has been a high degree of spread from the stock market and other cryptocurrencies toward ETH and BCH. BTC -clearly dominant-, and the equity market is the net transmitter, while ETH, BCH, LTC, and XRP are net receivers. According to the connectedness index result, the spread from the stock market to the crypto-asset markets is higher than the spread from the crypto-asset market to the stock market. In other words, while the volatility in the stock market is transferred to the crypto asset markets at a certain rate, the volatility observed in the crypto asset market is transferred to the stock market at a less significant level. It can be said that the main risk source for the crypto asset market is BTC. Among the five cryptocurrencies examined, BTC is a net transmitter, and the other four cryptocurrencies are net receivers. In addition, it has been understood that the spillover effect observed in the crypto asset market is largely due to its own internal shocks.
Yatırımcı Risk İştahı Endeksleri (RISE) ile BIST100 Endeks İlişkisi
Yatırımcı Risk İştahı Endeksleri (RISE) ile BIST100 Endeks İlişkisi
(Relationship between Investor Risk Appetite Indices (RISE) and BIST100 Index)
- Author(s):Gizem Vergili
- Language:Turkish
- Subject(s):Economy, International relations/trade, Financial Markets
- Page Range:89-104
- No. of Pages:16
- Keywords:risk; BIST100 Index; stock market;
- Summary/Abstract:The concept of risk, which has an important place in financial decisions and investments, is discussed in different dimensions in the literature. In this study, the relationship between the risk appetite of investors and the stock market is discussed. First of all, the long-term relationship between the investor Risk Appetite Indices (RISE) shared on the Data Analysis Platform by the Central Securities Depository Institution (MKK) and the Borsa Istanbul 100 (BIST100) index was examined for the period between April 1, 2008 and February 24, 2023. The long-term relationship of risk appetite indices, which are announced in seven different categories, including all, domestic, foreign, domestic real, domestic corporate, domestic funds and qualified investors, with BIST100 was investigated with the ARDL (Autoregressive Distributed Lag Model) method and the long-term relationship of the series in other words, cointegrated. It was concluded that the short-term deviations between the Risk Appetite Indices, which have a long-term relationship, and the BIST100 index, re-balanced in a period of 88 weeks. According to Toda Yamamoto causality analysis, it has been determined that there is a one-way causality relationship from BIST100 index to all of the Risk Appetite Indices. In addition, from all investors risk appetite index to domestic and domestic corporate investors risk appetite index; foreign investor risk appetite index to the domestic and domestic corporate investors risk appetite indices one-way causality relationship has been reached.
Petrol Piyasası ile S&P Körfez İşbirliği Konseyi Kompozit Şeriat Endeksi Arasındaki İlişkinin Analizi
Petrol Piyasası ile S&P Körfez İşbirliği Konseyi Kompozit Şeriat Endeksi Arasındaki İlişkinin Analizi
(The Correlation Between Oil and S&P GCC Sharia Index)
- Author(s):Akile Demirsıkan, Yavuz Demirdogen
- Language:Turkish
- Subject(s):Energy and Environmental Studies, International relations/trade, Financial Markets
- Page Range:105-133
- No. of Pages:29
- Keywords:oil; economic power; stock market; trade;
- Summary/Abstract:With the discovery of oil and the widespread use of its derivatives, significant changes have occurred in the economic power of oil-exporting countries. The oil produced in the Arabian Peninsula constitutes 50% of the world oil market. For this reason, emerging capital is important for the economies of these countries. Financial institutions have developed different products that can persuade Muslim Arabs to get this capital for themselves. Different Sharia indices have been derived to make companies, which have of global size and located in countries with a high Muslim population, investable and to include them in the system to be traded in the stock market. There are more than 50 indices consisting of Shariah-approved companies that meet the specified definition. This thesis aims to examine the interactions between the S&P GCC Composite Sharia index and oil prices formed by the member states of the Gulf Cooperation Council. Daily data covering the period of 01.09.2009-31.12.2021 were used in the research. Since the effects of the global economic crisis started to decrease and the market started to normalize, 2009 was chosen as the starting time. Although oil is the determining factor for the Gulf countries, other components of the selected index are also influential on the S&P GCC Composite Sharia Index. However, since oil prices are determined in international markets, oil is expected to have an independent effect from other components. In this study, time series analyses were made through Eviews and Gauss programs. First of all, stationarity tests were performed to analyze the relationship between the variables. Agumented Dickey Fuller (ADF) unit root test and Zivot-Andrews Unit Root Test were applied to determine the stationarity of the series and the series became stationary at the I(1) level. Afterwards, the causality of positive and negative shocks between the variables was investigated by Hatemi-J Asymmetric Causality Analysis. As a result of the Hatemi-J Asymmetric Causality Analysis, it was concluded that the variables did not have any effect on each other.
Bist Şehir Endekslerinde Yer Alan Firmaların Finansal Performanslarının ÇKKV Yöntemleriyle Değerlendirilmesi: WEBDA ve LOPCOW Yöntemleriyle XSDNZ Endeksi Örneği
Bist Şehir Endekslerinde Yer Alan Firmaların Finansal Performanslarının ÇKKV Yöntemleriyle Değerlendirilmesi: WEBDA ve LOPCOW Yöntemleriyle XSDNZ Endeksi Örneği
(Evaluation of the Financial Performances of the Companies in BIST City Indices by MCDM Methods: The Case of the XSDNZ Index with WEBDA and LOPCOW Methods)
- Author(s):Selahattin Bektaş
- Language:Turkish
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:135-152
- No. of Pages:18
- Keywords:financial performance; companies; BIST City Indices;
- Summary/Abstract:The main purpose of this study is to evaluate the financial performance of companies in the BIST Denizli (XSDNZ) city index. In this regard, two MCDM methods were used for performance measurement. These methods are LOPCOW and WEBDA methods. While the criteria were objectively weighted with the LOPCOW method, the performance rankings of the companies were obtained with the WEBDA method. Thus, a hybrid model was proposed. Seven performance criteria were determined for performance analysis. According to the results of the performance analysis for 2021, it has been found that the first criterion with the most important weight among the criteria is equity. The second most important criterion was determined as short-term liabilities. The third most important criterion was determined as current assets. It has been determined that the company with the best financial performance is AYDEM. The second best company was determined to be MRCN. ACSEL was found to be the third best company in terms of performance.
Using Islamic Finance for Infrastructure Projects in Turkey: A Study of the Potentials, Challenges and Current Situation
Using Islamic Finance for Infrastructure Projects in Turkey: A Study of the Potentials, Challenges and Current Situation
(Using Islamic Finance for Infrastructure Projects in Turkey: A Study of the Potentials, Challenges and Current Situation)
- Author(s):Fikri Kaplan
- Language:English
- Subject(s):National Economy, Business Economy / Management, Islam studies, Financial Markets
- Page Range:153-166
- No. of Pages:14
- Keywords:Islamic Finance; Infrastructure; Turkey;
- Summary/Abstract:Purpose: This study aims to explore the potentials, challenges and current situation of using Islamic finance for infrastructure projects in Turkey. Method: The study utilizes a combination of literature review and analysis of official data to provide an overview of the Islamic finance industry in Turkey. Findings: The study finds that while the Islamic finance industry in Turkey is still in its initial stages of development, it has been growing rapidly in recent years. The study also finds that the main drivers of the development of the Islamic finance industry in Turkey are the high demand for sharia-compliant financial products and the government's efforts to promote the industry. The main challenges facing the industry are the lack of awareness and understanding of Islamic finance among the public and the lack of a comprehensive legal framework. Discussion: The study concludes that Islamic finance can provide an alternative source of funding for infrastructure projects in Turkey.
Sosyal Sermaye ve Finansal Dayanıklılık
Sosyal Sermaye ve Finansal Dayanıklılık
(Social Capital and Financial Resilience)
- Author(s):Emrah Keleş
- Language:Turkish
- Subject(s):Social Sciences, Economy, Socio-Economic Research
- Page Range:167-177
- No. of Pages:11
- Keywords:Financial Resilience; Social capital;
- Summary/Abstract:Social capital refers to norms and various networks that enable cooperation. Socially responsible activities within the framework of the trust and mutual relationship firms establish with their stakeholders provide strategic benefits to the business, environment, and society. Among these, it is theoretically and empirically demonstrated that social capital could contribute to the financial resilience of companies in turmoil periods. Accordingly, social capital can contribute to financial resilience by acting as a protective shield for companies in times of crisis and uncertainty. This study examines this relationship by focusing on existing social capital and financial resilience research in the literature and reveals the role of the concept of social responsibility in financial sustainability. Although some studies suggest no relationship between the two concepts, most of the studies document the effects of social capital on financial resilience in certain conditions. This study also provides the conflicting results in the literature, discusses possible reasons, and presents an overall view and suggestions for future studies to reach a consensus.
Frequency Domain Causal Effects of Geopolitical Risk and Economic Uncertainty on Green Bond Market Around the Invasion of Ukraine
Frequency Domain Causal Effects of Geopolitical Risk and Economic Uncertainty on Green Bond Market Around the Invasion of Ukraine
(Frequency Domain Causal Effects of Geopolitical Risk and Economic Uncertainty on Green Bond Market Around the Invasion of Ukraine)
- Author(s):Remzi Gök
- Language:English
- Subject(s):National Economy, Economic history, Economic policy, Financial Markets, Geopolitics, Russian Aggression against Ukraine
- Page Range:179-196
- No. of Pages:18
- Keywords:Geopolitics; geopolitical risks; economic uncertainty; green bond market;
- Summary/Abstract:We analyze causal effects of geopolitical risks and economic uncertainty indices on the green bond market, utilizing two causality tests, around the military conflict in Ukraine. Consistent with the existing literature, the results of Toda and Yamamoto (1995) and Breitung and Candelon (2006) in the static framework show no causal flows from geopolitical risks throughout the period, either before the war or during the war. Further, we find no evidence for both temporary and permanent causal impacts from the geopolitical risks on green bonds. However, we see that changes in economic policy uncertainty Granger-causes fluctuations in green bonds in both full and during the invasion of Ukraine. The results also reveal that the causality is temporary and permanent over the full period; temporary before the war; but turns out to be permanent and stronger during the war, indicating that uncertainty index can exert causal impacts on green bond indices regardless of market conditions and strengthens its power across extreme market conditions. Further, we resort to a time-varying approach of Breitung and Candelon (2006) causality test based on a rolling window of 50 and 60 daily observations. We find that the causal flows from both indicators appear significant and those causation impacts are not constant but time-varying. Economic policy uncertainty is stronger than geopolitics risks in forecasting the movements in green bonds given a higher rejection of the null hypothesis for the former variable. The causality is mostly permanent rather than temporary and the causation impacts from both variables are stronger during the war.
Davranışsal Ekonomi Bakış Açısıyla Depremlere Yönelik İnanışlar ve Gerçekler
Davranışsal Ekonomi Bakış Açısıyla Depremlere Yönelik İnanışlar ve Gerçekler
(Beliefs and Facts about Earthquakes from a Behavioral Economics Perspective)
- Author(s):Hasan Alpago
- Language:Turkish
- Subject(s):Social Sciences, Sociology, Culture and social structure , Environmental interactions, Socio-Economic Research
- Page Range:197-210
- No. of Pages:14
- Keywords:Earthquakes; Behavioral Economics;
- Summary/Abstract:Throughout history, earthquakes have been the most threatening after wars for the structures that people have built outside of caves and natural life shelters. Although there are many things that people can do against earthquakes, the most important of these measures is the earthquake resistance of the structures of the societies living in the earthquake zone. However, the economic and social structures of societies sometimes put the measures to be taken against earthquakes into the background. However, individual measures alone are not enough to reduce the devastating consequences of the earthquake. A society must take the necessary measures as a whole. For this, first of all, the approach of constructing earthquake resistant structures in that society must be established, the society must have sufficient economic resources, education and most importantly, sufficient level of awareness. In this respect, it is important to consider the social approaches to the causes and consequences of the earthquake within the framework of the behavioral economy perspective. It is necessary to scrutinize the established social and economic approaches to earthquakes in the society for a better understanding of the subject. Thus, by evaluating the earthquake reality with a broad perspective, it can contribute to a structural and realistic change and transformation in terms of reducing the consequences of the earthquake. When the earthquake that took place in the Anatolian peninsula is evaluated, it is observed that although the earthquake has been a part and reality of social life throughout history, it has been observed that neglect and inadequate measures have taken the lead in reducing its consequences. Indeed, the Anatolian peninsula has hosted many civilizations throughout history. While these civilizations developed and prospered on this peninsula, which has fertile lands surrounded by seas on three sides, experiencing four seasons, on the other hand, it has faced earthquakes. These earthquakes caused great destruction and subsequent great migrations.
Türev Ürün Yatırım Oranı İle Likidite Riski Arasındaki İlişki: Bist İmalat Sektörü Üzerine Bir Araştırma
Türev Ürün Yatırım Oranı İle Likidite Riski Arasındaki İlişki: Bist İmalat Sektörü Üzerine Bir Araştırma
(The Relationship between Derivatives Using and Liquidity Risk: An Evidence from Turkiye Manufacturing Sector)
- Author(s):Adem Ruhan Sönmez
- Language:Turkish
- Subject(s):Business Economy / Management, International relations/trade, Financial Markets
- Page Range:211-224
- No. of Pages:14
- Keywords:Turkey; Manufacturing Sector; Derivatives;
- Summary/Abstract:In this study, the data of 71 companies in the manufacturing sector and whose stocks are traded in Borsa Istanbul for the years 2012-2021, the effect of derivative investment on liquidity risk was investigated. The dependent variable of the study is Acid-Test Ratio, and the independent variable is Derivative Instruments/Total Assets. As a result of the analysis, a positive relationship was found between the derivative instruments investment rate and the liquidity risk. Accordingly, it has been observed that the increase in the derivative product investment of the companies increases the Acid-Test Ratio, thus reducing the liquidity risk.
Derivative Products and Accounting in Energy Markets
Derivative Products and Accounting in Energy Markets
(Derivative Products and Accounting in Energy Markets)
- Author(s):Mehmet Göl
- Language:English
- Subject(s):Energy and Environmental Studies, Financial Markets, Accounting - Business Administration
- Page Range:225-237
- No. of Pages:13
- Keywords:Financial Markets; Derivative Instruments; Options Contracts and Accounting;
- Summary/Abstract:Derivative products are products whose price is tied to another underlying asset. Many assets such as derivative products, interest rates, stocks, and financial assets such as foreign currency and commodities are regulated. These contracts are traded on organized exchanges and over-the-counter markets. It has four basic variants. These; Swap contracts, forward (flame) contracts, futures contracts and options contracts. Derivative products traded in over-the-counter markets; Forward (live) contracts, options contracts, swap contracts. Derivative products traded in organized markets; Futures contracts are options contracts. In this study, derivative products used in energy markets and their accounting according to Turkey uniform chart of accounts will be discussed.
Genel Hatlarıyla Osmanlı Para Vakıfları
Genel Hatlarıyla Osmanlı Para Vakıfları
(Ottoman Cash Waqfs in General Terms)
- Author(s):Muhammed Emin Durmuş
- Language:Turkish
- Subject(s):Economic history, The Ottoman Empire, Accounting - Business Administration, Socio-Economic Research
- Page Range:239-256
- No. of Pages:18
- Keywords:Ottoman Empire; cash waqfs; cash foundations;
- Summary/Abstract:Before the cash waqfs, the first examples of which were encountered in the Ottoman geography in the 15th century, there was no institutional structure to meet the financing needs of the people in Islamic societies. When people were stuck for cash, they tried to meet their needs with qard el-hasan, and if they couldn't find it, they tried to meet their needs with bey bi'l-vefa. However, since owning real estate was necessary to do this, not all segments of society could benefit from this method. With the establishment of cash waqfs, these institutions also fulfilled the function of a kind of financing mechanism for all segments of society. However, here comes the question of how cash waqfs manage their capital as financial institutions in a society where interest is prohibited. If we answer this question concerning the accounting records of cash waqfs, it is possible to say that they operate with the methods of muamele-I şer’iyye, istiğlâl and ferâğ bi'l-istiğlâl. Although it is mentioned in some vaqfiyyes that the waqf's capital should be operated by methods such as mudaraba or bidaa, it is understood that these methods were never used by the trustees. Because these methods were more risky and long-term than the others, they were unsuitable for meeting the waqf's needs and fulfilling their services. In addition, it is the case that cash waqfs finance small-scale production as well as consumption. As a result, it is possible to say that cash foundations are important in Islamic societies because they provide an institutional basis for the financing needs of people.
İşletme Dışı Büyüme Stratejileri; Holdingleşme
İşletme Dışı Büyüme Stratejileri; Holdingleşme
(Firms' External Growth Strategies: Holding)
- Author(s):Mehmet Bükey
- Language:Turkish
- Subject(s):Business Economy / Management, Economic development, Accounting - Business Administration
- Page Range:257-273
- No. of Pages:17
- Keywords:holding; firms; External Growth Strategies; Companies;
- Summary/Abstract:This study has been carried out on “holding”, one of the firms’ growth strategy that emerged in the USA in the 1850s and then started to be implemented in other countries of the world. Companies go to holding for reasons such as improving their production processes, using new technology in production, opening up to the international arena, sharing the risks arising from economic crises, benefiting from tax advantages, combining their funds into more efficient investments instead of converting them into investments one by one. In our country, after the establishment of the republic, it is seen that the holding company started very late compared to other countries in the world due to the insufficient number of private enterprises for a long time, the lack of legal regulations and the size of the enterprises. Despite this, companies in our country can go to holding much faster than other countries in the world. In the study, the historical development and legal status of holding in the world and in our country are emphasized. It has been tried to determine the main reasons that push companies to become a holding and what the main purpose of holding is. The establishment and types of holdings that contribute to the development of the country's economy and capital markets have been tried to be explained. The management function in the holdings has been evaluated within the scope of the controlling company and the subsidiary company, and the accounting records and charts of accounts have been explained separately. In the conclusion part, a short evaluation on holding is made by listing the advantages and disadvantages of holding.
Kurumsal Yönetim Uygulamalarının Ar-Ge Harcamaları Üzerine Etkisi: Kimya Sektörü Üzerine bir Uygulaması
Kurumsal Yönetim Uygulamalarının Ar-Ge Harcamaları Üzerine Etkisi: Kimya Sektörü Üzerine bir Uygulaması
(The Effect of Corporate Governance Practice on R&D Expenditures: An Application on the Chemical Industry)
- Author(s):Bilal Akkaynak
- Language:Turkish
- Subject(s):Business Economy / Management, Governance
- Page Range:275-296
- No. of Pages:22
- Keywords:Corporate Governance; Chemical Industry; expenditures;
- Summary/Abstract:Corporate governance is a concept that coordinates the relations between business managers and partners and minimizes the costs that may arise from agency problems. Corporate governance practices can facilitate the responsibilities and decisions of managers regarding the realization of investments such as strategic, long-term, high cost, intensive labour and discipline, but the profitability of failure, such as R&D expenditures. Although corporate governance practices and R&D relationship are a frequently studied subject in the international finance literature, no study has been found in the Turkish sample, especially in the chemical sector. The chemical sector is a special sector that offers raw materials to many sectors such as textile, health, cosmetics, etc. and directly affects the activities of other sectors. The aim of this study is to examine the effect of corporate governance practices on R&D expenditures in the sample of the chemical industry in Turkey. As a result of the research, it was found that the number of board members, the ratio of female members of the board of directors and the largest shareholder ratio were negatively related to R&D expenditures, while borrowing was positively related to R&D expenditures.
Makroekonomik Karar Süreçlerinde Mali Tabloların Analizi ve Muhasebe Raporlarının Önemi
Makroekonomik Karar Süreçlerinde Mali Tabloların Analizi ve Muhasebe Raporlarının Önemi
(The Importance of Analysis of Financial Statements and Accounting Reports in Macroeconomic Decision Processes)
- Author(s):Hasan Alpago
- Language:Turkish
- Subject(s):Economy, Economic policy, Accounting - Business Administration
- Page Range:297-309
- No. of Pages:13
- Keywords:Accounting; macroeconomics; macroeconomic policies; Financial Statements;
- Summary/Abstract:Macroeconomics is generally a summary of similar economic issues in sectors followed by a presentation of economic activities and related behavior. In this respect, macroeconomics constitutes the basis of economic policy. In order to analyze economic phenomena such as inflation or unemployment in terms of macroeconomics, micro-based data should be obtained and evaluated accordingly. As a matter of fact, the discipline of macroeconomics, which is a sub-branch of economics, is based on the principle of evaluating the data containing the inputs and outputs involved in the change and transformation of a country or region in terms of production and consumption in terms of production and consumption, and determining a road map accordingly. In this respect, the reality and scope of the data obtained from statistics and financial statement analyzes gain importance. When we look at the statistics, especially the data obtained on the basis of enterprises are based on the indicators obtained from the financial statements of the companies. In this respect, in this study, the analysis of financial statements is emphasized and the reliability and importance of the data obtained from these tables are examined. Thus, the importance of accounting and financial statements has been emphasized in terms of contributing to the healthy, applicable and reliable macroeconomic policies.
National Innovation Systems: A Capabilities Approach
National Innovation Systems: A Capabilities Approach
(National Innovation Systems: A Capabilities Approach)
- Author(s):Emine Beyza Satoğlu
- Language:English
- Subject(s):Economy, Supranational / Global Economy, Economic policy, Economic development
- Page Range:311-329
- No. of Pages:19
- Keywords:National Innovation Systems; NIS; capabilities approach;
- Summary/Abstract:This chapter describes the concept of National Innovation Systems (NIS) using capabilities approach and provides an empirical analysis to measure the concept. The discussion on the concept shows how the understanding of governments’ innovation policy shifted away from a narrow stand point of direct involvement to the innovation to a broader concept that includes a complex system of institutions, infrastructure, human resources and the policy. Using this concept, the determinants of the national innovation system of the countries are discussed and different capabilities related to the system are identified. Finally, an explanatory factor analysis (EFA) is applied to identify main capabilities related to the National Innovation Systems.