Para ve Sermaye Piyasalarinda Teorik ve Ampirik Çalişmalar
Theoretical and Empirical Studies on Money and Capital Markets
Contributor(s): Ethem Kiliç (Editor)
Subject(s): Business Economy / Management, Islam studies, International relations/trade, Methodology and research technology, Economic development, Financial Markets, Globalization, Transport / Logistics
Published by: Özgür Yayın Dağıtım Ltd. Şti.
Keywords: money markets; capital markets; Islamic finance;
Summary/Abstract: Globalization has serious effects in many areas. One of the areas where these effects are seen intensely is the financial markets. Financial markets are important for researchers as well as for investors. Investors are always trying to maximize their profits by investing in the right areas. In order to invest in the right area, it is necessary to obtain correct information by following the studies on financial markets. Researchers, on the other hand, need to carry out their research in an objective way. In addition, researchers are trying to obtain more detailed results using current techniques. Thus, it offers the right information to the investors.
- E-ISBN-13: 978-975-447-489-3
- Print-ISBN-13: 978-975-447-489-3
- Page Count: 248
- Publication Year: 2023
- Language: Turkish
Pandemi Sürecinin Menkul Kıymetler Borsasına Etkisi: Borsa İstanbul Örneği
Pandemi Sürecinin Menkul Kıymetler Borsasına Etkisi: Borsa İstanbul Örneği
(The Effect of the Pandemic Process on the Stock Exchange: The Case of Borsa İstanbul)
- Author(s):Zelal Gültekin Kutlu, Müslüm Polat
- Language:Turkish
- Subject(s):International relations/trade, Health and medicine and law, Present Times (2010 - today), Financial Markets
- Page Range:1-19
- No. of Pages:19
- Keywords:Borsa İstanbul; Stock exchange; pandemic;
- Summary/Abstract:The aim of this study is to reveal the causality relationship between the COVID 19 epidemic and the stock market in Turkey. For this purpose, the causality relationship between daily case numbers and Borsa İstanbul (BIST 100, BIST Financial, BIST Industrial, BIST Technology and BIST Service) indices was analyzed with the Toda Yamamoto causality test. The period between March 11, 2020, when the first case was seen in Turkey, and March 7, 2022 was discussed. As a result, it has been determined that there is a one-way Granger causality relationship from the number of COVID 19 cases to the BIST indices.
Euro ile Borsa İstanbul’da Hesaplanan Endekslerin Getirileri Arasındaki Volatilite Etkileşimi
Euro ile Borsa İstanbul’da Hesaplanan Endekslerin Getirileri Arasındaki Volatilite Etkileşimi
(Volatility Interaction Between Returns of Euro and Indices Calculated on Borsa Istanbul)
- Author(s):Ethem Kiliç, Mahmut Uçaktürk
- Language:Turkish
- Subject(s):International relations/trade, Financial Markets
- Page Range:21-40
- No. of Pages:20
- Keywords:Borsa Istanbul; volatility transfer; Euro; indices;
- Summary/Abstract:The main purpose of the study is to investigate the volatility transfer between the returns of the Euro and the selected indices calculated in Borsa Istanbul. In the study, besides the Euro variable, BIST 100, BIST 30, BIST Bank, BIST Service, BIST Industrial and BIST Tourism indices were used. In the research, daily data for the period of 1 January 2020 - 31 December 2022 were discussed. According to the results of the DCC-GARCH model, it has been determined that the volatility of Euro, BIST 100, BIST 30, BIST Bank, BIST Service, BIST Industrial and BIST Tourism variables is permanent. It has been found that there is a bidirectional volatility transfer between Euro and BIST 100, BIST 30, BIST Industrial indices. In addition, there is a one-way volatility transfer from Euro to BIST Bank, BIST service and BIST Tourism, and it has been determined that there is a positive dynamic conditional correlation between Euro and BIST 100, BIST 30, BIST Bank, BIST Service, BIST Industry.
Türkiye’de Finansman Şirketlerinde Finansal Performans ve Türev Araç Kullanımında Nedensellik İlişkisi
Türkiye’de Finansman Şirketlerinde Finansal Performans ve Türev Araç Kullanımında Nedensellik İlişkisi
(The Relationship of Financial Performance and the Use of Derivative Instruments in Financial Companies in Turkey)
- Author(s):Kudbeddin Şeker
- Language:Turkish
- Subject(s):Business Economy / Management, International relations/trade, Financial Markets
- Page Range:41-62
- No. of Pages:22
- Keywords:Financial Performance; Turkey; Financial Companies;
- Summary/Abstract:The aim of this study is to determine the importance of derivative financial instruments in determining the financial performance of financial companies operating in Turkey, and the causal relationship with return on equity. For this purpose, quarterly (57 periods) data obtained from the website of the Banking Supervisory Board of the financing companies operating in the 2008Q1-2022Q1 periods were used. Derivative financial instruments for hedging purposes consist of trading transactions, forward trading transactions, swap trading transactions, trading option transactions and futures trading transactions. As a financial performance indicator; Period Net Profit (Loss)/Average Total Equity (ROE), Derivative Financial Assets / Total Equity (TFO) and Derivative Financial Liabilities / Total Equity (FYO) variables are used as derivative financial instrument variables. Toda-Yamamoto Granger Causality Test was used since it is seen that the variables are stationary at different levels, I(0), I(1) in the unit root tests for the method to be used in determining the causality relationship between the variables. In the Toda-Yamamoto (1995) Granger causality test, first of all, the appropriate lag length of the VAR model to be applied is determined by using the Wald test. In order to determine whether the established VAR model is valid or not, 4 different diagnostic tests are applied. As a result of the tests performed, ıt has been determined that there is no granger causality from TFO to ROE, no granger causality from FYO to ROE, no granger causality from ROE to TFO, no granger causality from FYO to TFO, no Granger causality from ROE to FYO. It was observed that there was Granger causality at the 10% significance level from TFO to FYO. This result shows that financing companies cannot use derivative financial instruments efficiently to increase the return on equity.
Sermaye Yapısı Teorileri
Sermaye Yapısı Teorileri
(Capital Structure Theories)
- Author(s):Emine Kaya, Ömer Kaya
- Language:Turkish
- Subject(s):Business Economy / Management, International relations/trade, Financial Markets
- Page Range:63-73
- No. of Pages:11
- Keywords:company; value; capital structure theories;
- Summary/Abstract:Today, the main purpose of companies is to maximize the value of the company, which takes into account both the risk and time factor. This purpose necessitates taking decisions in a way that will maximize the market value of the company's stocks. One of the most important factors affecting the value maximization is the capital structure, in other words, the financing mix. Capital structure expresses the composition of resources used by companies to finance their assets. Considering the cost of each resource used in the financing of assets, the creation of an optimum capital structure for companies has a significant impact on firm value. Many theories have been developed in order to determine the optimum capital structure of companies. In this research, first of all, capital structure, capital cost and factors affecting capital structure are discussed in the theoretical framework, and then classical and modern capital structure theories are explained.
Türkiye’de Küreselleşme, Finansallaşma ve Çevre Etkileşimi
Türkiye’de Küreselleşme, Finansallaşma ve Çevre Etkileşimi
(The Interaction of Globalization, Financialization and Environment in Türkiye)
- Author(s):Yunus Emre Karaca, Mustafa Naimoğlu, Ahmet Melik Sahabi
- Language:Turkish
- Subject(s):National Economy, Energy and Environmental Studies, Economic development, Environmental interactions, Globalization
- Page Range:75-96
- No. of Pages:22
- Keywords:Globalization; Financialization; Environment; Turkey;
- Summary/Abstract:In 1990-2018, the Turkish economy has higher annual growth rates than the world in terms of annual average GDP, financial development, population, exports, fossil fuel use, and CO2 emissions. While this situation makes the Turkish economy an important economy for the increase of the global economy, it also makes it an important country for reducing global environmental degradation. Therefore, in this study, the effect of financial development and globalization on ecological footprint, which is an important indicator of environmental quality in Turkey, is investigated. For this, the variables of financial development, globalization, economic growth, energy consumption, and ecological footprint were used as annual data for the period 1990-2018. The stationarity of the variables was investigated with standard-ADF and Fourier-ADF tests. The cointegration relationship between the variables was tested with the Fourier Engle-Granger cointegration test, which has been introduced to the literature in recent years. FMOLS, DOLS, and CCR estimators were used for long-term coefficient estimation. According to the research findings, it has been seen that globalization is a more effective tool than financial development in reducing the ecological footprint. For this reason, globalization offers very important opportunities for the solution of environmental problems in Turkey.
Sermaye Yoğunluğunun Pay Getirileri Üzerindeki Uzun Dönem Etkisi: Türkiye’de İmalat-Sanayi Sektöründe Bir Araştırma
Sermaye Yoğunluğunun Pay Getirileri Üzerindeki Uzun Dönem Etkisi: Türkiye’de İmalat-Sanayi Sektöründe Bir Araştırma
(The Long-Run Effect of Capital Intensity on Stock Returns: A Research on Manufacturing Sector in Turkiye)
- Author(s):Ahmet Melik Sahabi, Yunus Emre Karaca
- Language:Turkish
- Subject(s):Business Economy / Management, International relations/trade, Financial Markets
- Page Range:97-122
- No. of Pages:26
- Keywords:Turkey; capital intensity; stock returns; Manufacturing Sector;
- Summary/Abstract:Capital intensity is a concept related to the dependence of production processes on capital. High capital intensity can increase company risk and therefore affect stock returns. In this study, the long-term effect of capital intensity, calculated by the ratio of fixed assets to number of employees, on stock returns was examined. The returns are represented by the total return index. Additionally, in the model, the ratio of total debt to equity, which represents the financial leverage ratio, and total assets, which represents the size of the company, are used as explanatory variables. 14 manufacturing companies listed on the Istanbul Stock Exchange were examined between 2000 and 2021 for this purpose. After the second-generation cointegration test, a long-term relationship was identified and long-term coefficients were estimated with the use of AMG and PMG estimators. The estimation results show that capital intensity significantly and negatively affects stock returns in the long term. Furthermore, it has been found that in the long term, financial leverage ratio has a negative effect on returns, while the size of the company has a positive effect. The results show that investors should consider the capital intensity levels of companies when making investment decisions, and that companies should manage their capital intensity levels well and avoid investments that would increase it.
Para Piyasası Aracı Olarak Müşareke Finansmanı ve Dünya Uygulamaları
Para Piyasası Aracı Olarak Müşareke Finansmanı ve Dünya Uygulamaları
(Musharakah Financing as a Money Market Instrument and World Applications)
- Author(s):Uğur Çoban, Yavuz Türkan
- Language:Turkish
- Subject(s):Economy, Business Economy / Management, Islam studies, Financial Markets
- Page Range:123-155
- No. of Pages:33
- Keywords:musharakah financing; banks; money market;
- Summary/Abstract:Contrary to applications such as murabaha, which is a debt-based instrument that is widely offered in participation banks, musharakah financing, which has the potential to affect real economic activities, is implemented at low levels throughout the world and in Turkey. The dissemination of this tool seems to be dependent on participation banks that currently provide Islamic financing in the money market. Although there is a need for studies that will reveal the reasons for the low levels of musharakah, it has the potential to create real economic value to develop applications that will spread musharakah instead of the current and widespread Islamic financing instruments that are subject to fiqh criticism.
Korku Endeksi (VIX) ile BİST 100 ve BİST 30 Endeksleri Arasındaki Volatilite Etkileşiminin CCC- GARCH Modeli ile Tahmini
Korku Endeksi (VIX) ile BİST 100 ve BİST 30 Endeksleri Arasındaki Volatilite Etkileşiminin CCC- GARCH Modeli ile Tahmini
(Estimation of Volatility Interaction Between Fear Index (VIX) and BIST 100 and BIST 30 Indices with CCC-GARCH Model)
- Author(s):Yunus Baydaş
- Language:Turkish
- Subject(s):Economy, Economic history, International relations/trade, Methodology and research technology, Present Times (2010 - today)
- Page Range:157-169
- No. of Pages:13
- Keywords:volatility interaction; Fear Index (VIX); BIST 100; BIST 30; CCC-GARCH Model;
- Summary/Abstract:The aim of this study is to predict the volatility interaction between the Fear index (VIX) and BIST 100 and BIST 30 with the CCC-GARCH Model. In this direction, the daily closing data for the period 02.01.2015-17.01.2023 was used as the data set. According to the results obtained, it has been determined that there is no volatility interaction from BIST 100 index to VIX, but there is volatility interaction from VIX to BIST 100 index. It has been determined that there is a one-way volatility interaction from VIX to BIST 100 index. It has been determined that there is no volatility transfer between VIX and BIST 30 index.
Asean-T Ülkelerinde Havayolu Firmalarının Finansal Performansının CRITIC Tabanlı MABAC Yöntemi ile Analizi
Asean-T Ülkelerinde Havayolu Firmalarının Finansal Performansının CRITIC Tabanlı MABAC Yöntemi ile Analizi
(Financial Performance of Airline Companies in ASEAN-T Countries Analysis with the CRITIC-Based MABAC Method)
- Author(s):Yusuf Güngör
- Language:Turkish
- Subject(s):Business Economy / Management, Economic history, Methodology and research technology, Present Times (2010 - today), Transport / Logistics
- Page Range:171-194
- No. of Pages:24
- Keywords:Airline Companies; financial performance; Turkey;
- Summary/Abstract:In this study, the financial performance of the flag carrier airline companies operating in ASEAN countries and Turkish Airlines, the flag carrier airline of Turkey, have been analyzed using various financial ratios. In the analysis, the changes in the performance of the airline companies according to the years were observed and the sensitivity of the companies operating in the sector to national or international events was also revealed. The analysis have been made using multi-criteria decision making methods. The MABAC method was used to evaluate the performance of CRITIC alternatives, and the CRITIC for criterion weighting. Among the criteria selected according to the CRITIC results, the ratio of short-term liabilities to total resources, the turnover rate of tangible assets, the ratio of total liabilities to equity and the load factor were the criteria with the highest weight in different periods. According to the findings obtained as a result of the MABAC method, Singapore Airlines showed the highest performance in the first two periods, Turkish Airlines in 2018, Cebu Airlines in 2019, Air Asia in 2020, which was declared a pandemic, and Thai Airways in the last period. According to the information obtained from the company scores, there was a decrease in the performance scores of all companies during the pandemic period. It has been concluded that the pandemic affects large companies at a higher level due to their high fixed costs.
BIST Otomotiv İşletmelerinin Karlılığını Etkileyen Unsurların Du Pont Analizi ile Ölçümlenmesi
BIST Otomotiv İşletmelerinin Karlılığını Etkileyen Unsurların Du Pont Analizi ile Ölçümlenmesi
(Measurement of the Factors Affecting the Profitability of BIST Automotive Companies with Du Pont Analysis)
- Author(s):Yasemin Ezin
- Language:Turkish
- Subject(s):Business Economy / Management, Methodology and research technology, Accounting - Business Administration, Transport / Logistics
- Page Range:195-215
- No. of Pages:21
- Keywords:Automotive Companies; automotive sector; business;
- Summary/Abstract:The automotive sector is related to many sectors and is an important sector in terms of the country's economy and employment creation. For this reason, the analysis of the profitability of the enterprises operating in the sector is carefully examined especially from the point of view of both business owners and managers and investors. One of the preferred methods in the literature for profitability analysis is Du Pont analysis. In this method, while calculating the return on assets and return on equity capital ratios of enterprises, the effect of net profit margin, asset turnover rate and equity multipliers on profitability rates is also revealed. In this study, the financial data of 8 automotive companies traded in BIST for the period covering the years 2018-2020 were evaluated. ROA and ROE calculations were examined by Du Pont analysis by using ratio analysis. Accordingly, net profit margin, asset turnover rate, return on assets, equity multiplier and return on equity were evaluated. As a result of the study, it was found that the net profit margins of the companies with the lowest return on equity (ROE) ratio were low
İslami Finans Yöntemleri
İslami Finans Yöntemleri
(Islamic Finance Methods)
- Author(s):Mehmet Bükey, Yavuz Türkan
- Language:Turkish
- Subject(s):Business Economy / Management, Islam studies, International relations/trade, Financial Markets
- Page Range:217-248
- No. of Pages:32
- Keywords:Islamic Finance; Financing; monetary transactions; trade;
- Summary/Abstract:In this study, Islamic finance methods that are operated according to Islamic principles will be introduced. As it is known, Islamic finance methods, unlike traditional finance methods, are not a financial activity but a commercial method. Financing in Islamic finance is based on the profit share principle, not the interest principle of traditional finance. Islamic finance methods include different financing techniques to meet the needs of Islamic entrepreneurs who want to meet their financing needs. In these techniques, money is not seen as capital or as an income generating tool. Money is accepted as a means of exchange and a unit of measurement in the valuation of commercial activities, productivity and increase in social welfare. In Islamic finance methods, financing is provided for the purchase of investments, goods, services or fixed assets. Financial transactions are in no way based on mutual monetary transactions. Monetary transactions are made in return for goods or services and do not include interest. At the same time, all transactions do not contain any uncertainty. In the study, Islamic finance methods are discussed under the title of four basic methods. These basic methods are Support Methods, Trading Methods, Partnership Methods and Other Financing Methods.
