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Yayın Why invest globally in family firms?(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Demirel, EsinPurpose- Family firms have a significant economic role in many countries around the world. Family firms make a significant contribution to World GDP and employ a significant part of the global workforce. The scope of this study covers the top 25 largest and publicly owned family firms announced by Ernst & Young’s 2021 Report for Family Businesses. These 25 family firms generated more than 2 trillion USD and employed 6.5 million in 2021. This empirical study aims to investigate the excess stock returns of family firms over the related country stock market indexes and the risks (betas) for the period between 2002 and 2021. Therefore, this study explores the question of “why invest globally in family firms and whether this investment pays off with higher returns and less risk”. Methodology- The World's Largest Family Companies" list is published every other two years by Ernst & Young and the last issue was published in 2021. The world’s largest family companies list includes both private and publicly owned family firms. This study employs 25 world’s largest family firms after the exclusion of privately held family firms. The monthly stock prices of family firms, related country stock market index values, and global stock market index values are obtained from Refinitiv Eikon (Reuters) database for the period between 2002 and 2021 (20 years). Therefore, a total of 9120 observations are extracted for this empirical study. Eviews-10 is utilized for all econometric analysis. Findings- This study investigates whether an individual or intuitional investor can earn more than the average return of the stock markets by investing in publicly traded family firms meanwhile exposing less risk. The empricial results reveal that Maersek shows 354% (beta of 1.18) excess return over the 20 year period and followed by Hanwha with a 335% (beta of 0.69) excess return. Later, all family firms are grouped based on country of headquartered and 7 country portfolios are formed. The highest excess returns are provided by South Koean portfolio (an excess return of 189% with a beta of 0.83) and it is followed by Indian portfolio (an excess return of 174% with a beta of 1.0). Finaly, a best performer portfolio is formed by the 10 family firms with highest excess returns. This portfolio provides a 131% excess return with a beta of 1.18 over 20-year peirod. Conclusion- The empirical results show that the individual firm returns and portfolio returns of family firms are higher than the returns of the stock market indexes. Those who invest in family businesses get higher returns with less risk. Investments in publicly traded family firms pay off.Yayın The interaction between corporate governance and financial performance: an implementation for the UK banks(PressAcademia, 2020-12-31) Almusattar, İbrahim; Teker, DilekPurpose- The purpose of this study is to examine the relationship between the performance of commercial banks with corporate governance elements. Thus, the listed commercial banks in the London Stock Exchange (LSE) of the UK will be considered in this study. Hence, using availability data of the Financial Times Stock Exchange 100 (FTSE 100) companies including banks that operate in LSE, the period (2010-2019). 2019. st Methodology- The study employs a sample of 10 biggest banks trading on (LSE) ranked by market capitalization as of December 31 The study will use panel data method and the results will be analysed by descriptive statistics, correlation, and regression. Seven major corporate governance variables will be analysed within the framework of corporate governance theory namely: Board Size, Board Independent, Foreign owners, bank ownership structure, Audit Committee, Female Board, Financial Leverage, and board size and their impact on the financial performance of the commercial bank in the UK which will be measured using Return on Assets Ratio (ROA), Return on Equity (ROE), and The TOBIN’s Q. Finding- The analysis of previous studies reveals that internal corporate governance mechanism (Board of Director's) has significant impact on the performance of banks such as Tamer Shahwan (2014). Conclusion- This study will investigate the relationship between CG (Board Characteristics, Audit committee, Owners structure, and banks size and financial leverage) and banks performance which will measured by (ROA, ROE, and TOBIN; Q).Yayın Digital transformation and universities(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Tavman, Emine BaşakPurpose- This study aims to examine how digitalization has affected and changed higher education. It focuses on the current situation of universities and their current processes and what they need to do to become digital. It aims to present a roadmap for universities to integrate and organize these important changes into their strategies by examining the digital transformation that affects the vision of universities. Methodology- The study employs a literature review using secondary data analysis. Findings- The analysis reveals that the role of universities in many aspects such as society and economy has changed and is expected to change disruptively over the next decade. Universities need to make a differentiation through emerging business models in such a competitive higher education sector. Higher education institutions have to adapt to technological changes for sustainabilty. The pandemic dramatically accelerated the pace of technological adoption worldwide. The drivers of digital transformation in universiteis can be summarized as the increase compteteiveness, user experience and agility while reduction in operating expenses. Conclusion- It may be concluded that a university should be part of present technological trends and include digitalization in their strategies to be competitive in the future. Universities need to focus mainly on exploring more innovative measures to create technology development centres through research to deal with skills shortages. Universities should support those academics who lead the improvement of digital skills and innovative teaching methods, promote digital literacy in the academia and encourage the use of learning platforms. It is important to set a clear policy to adopt digital age in higher education. Universities will be competing globally for students, academic staff and funding. Adoption and implementation of new technologies in universities are inevitable.Yayın AB-27 ülkeleri ve Türkiye'de ekonomik büyümeyi etkileyen faktörlerin belirlenmesi: statik panel veri modeli uygulaması(2014) Pala, Aynur; Teker, DilekBu çalışmada, 2000-2011 yıllarına ilişkin EU-27 ülkeleri ve Türkiye için ekonomik büyümeyi etkileyen faktörlerin belirlenmesi amaçlanmıştır. Analizde, gayri safi milli hasıla (GSYİH) büyümesi, nüfus artışı, bankacılık sektörünün yurtiçine sağladığı kredilerinin GSYİH'ye oranı, özel sektör kredilerinin GSYİH'ye oranı, dış ticaret hacminin GSYİH'ye oranı, tüketici enflasyonu ve net tasarrufların Gayri Safi Milli Hasıla (GSMH)'ya oranı değişkenleri kullanılmıştır. Ekonometrik model statik panel veri regresyonu ile tahmin edilmiştir. Model sonuçlarına göre, ekonomik büyüme üzerinde, nüfus artışı, özel sektör kredilerinin GSYİH'ye oranı, net tasarrufların GSMH'ye oranı değişkenleri pozitif yönde etkili iken, tüketici enflasyonu ve bankacılık sektörünün yurtiçine sağladığı kredilerinin GSYİH oranı gibi değişkenler negatif yönde etkilidir.Yayın Digital payment systems: a future outlook(PressAcademia, 2022-07-30) Teker, Suat; Teker, Dilek; Orman, IrmakPurpose- This study examines the development of digital payment systems with the evolution of communication technologies, financial institutions and fintech companies. Also, this study analyzes the expected effects of developing payment systems and fintech applications. Methodology- The study defines different types of digital payment systems, compares general characteristics of digital payments, provides a timeline of developments for digital payment systems and compares most used digital payment applications. Findings- The payments market is changing in line with consumer behavior. Cashless economies, mobile banking, instant payments, digital commerce, and the growing impact of regulatory agencies are a few trends affecting the payments market. Contactless payments also make the payment process easier and more convenient for consumers who benefit from shorter lines, cash-on-hand issue elimination, and faster moving queues.The Asia-Pacific region is anticipated to witness significant growth in the market such as China and India. Digital and mobile wallets account for 58% of regional e-commerce payments in the region and are expected to reach 68.2% by 2023. The e-commerce sector is witnessing a spike in demand as consumers order essential items such as food and clothes through e-commerce websites, where most consumers prefer the digital mode of payment.Transition towards the cashless economy, emergence of new online financial institutions, a decentralized monetary governance with the adoption of blockchain and cryptocurrencies are envisioned. Advancements in payment technologies as well as digital payment systems adoption will create momentum and create further investments towards digitalization of monetary exchange. Conclusion- It is concluded that evolution of digital payment systems will extend convenience, return, convergence, cross-border and timelimitless transaction. Inclusion of the unbanked is expected to drive growth and create new opportunities. There is a clear transition towards a cashless economy with the increasing adoption of digital payment systems by all spenders. Speed, privacy, convenience, security and decentralization will mean a wider inclusion for all global citizens; even including some unbanked population. Decentralization and blockchain will mean a blur in distribution of wealth, some money leaving the traditional banking systems. Digital payment systems provide a wide range of transaction options to its users; swiped credit cards, electronic checks, mobile wallets and contactless payment. By 2050s, the circulation of physical money is expected to vanish, leaving its place to virtual currencies changed on digital platforms.Yayın The Covid 19 effect on macroeconomic indicators(PressAcademia, 2020-12-31) Deniz, E. Asena; Teker, DilekPurpose- From the moment covid 19 started to spread in the world, its effects began to be seen simultaneously in financial markets and economy.The purpose of this study is to observe Covid 19 effect on EURO/USD,gold ,oil and wheat prices. Methodology- The database includes the Daily prices of EUR/USD, wheat ,gold , brent oil prices and COVİD 19 numbers between the period of 31.12.2019-04.09.2020 which consist of 180 daily data. Natural logaritm for each indicator is used. First, the stationarity of the series were analyzed with ADF (Augmented Dickey Fuller) unit root test. Lag lengths are determined. Interactions between the series were analyzed by theARDL, Impulse- Response Function and Variance Decomposition method. Findings- The series are found out to not to be stationary as a result of Unit root test.After, the lag length criteria using VAR models were checked and this lag length criteria for them were determined as one . According to the ARDL test result, cointegration could not be found between our data. Impulse response graphs indicate that all variables respond in a reducing way to reducing shocks occurred in each indicator. Shocks have lost their effect on average in 2 days. Conclusion- The results indicate that the effect of COVID 19 on EUR/USD , gold , brent oil and wheat prices do not have a strong effect. The results may be beneficial for only literatüre.Yayın Financial performance ranking of airlines in the Covid-19 era(PressAcademia, 2021-12-31) Teker, Dilek; Teker, Suat; Çobandağ, MelikePurpose- The purpose of this study is to give rankings of the top 20 airlines in the world according to some financial performance indicators for the time period between years 2018 and 2020. Additionally, this study will highlight some of the financial performance indicators of this top 20 airline companies during the COVID-19 era in 2020. Airline industry is very important for modern society and it has a crucial role for globalization and businesses by connecting regions, promoting global trade and tourism and hence enabling economic and social development. Over the last two decades, the troubled airline companies were often on news delebrating financial difficulties, layouts and distrupted scheduled flights. Many well-known airline companies needed financial rescue and either received government fundings or seeked consolidation or a partnership. COVID-19 also had a crucial impact on the deterioration of the airline industry due to quarantinas and shutdowns for travel and business. Because of these reasons, it is very important to see the rankings of the top 20 airlines in the world and indicate some of the financial performance measures of these companies during the COVID-19 era. Methodology- In this study, first the top 20 airlines of the world was listed by ranking the 111 public airline companies in the world according to their total assets in 2020. The data was gathered from the REUTERS database. From again the REUTERS database, total assets, total equity, total revenue, net income, total short-term liabilities and total long-term liabilities of this 20 airline companies was obtained in terms of USD for the period between years 2018 and 2020. In addition, the number of employees and the number of aircrafts data was gathered to show some operational indicators of these same airline companies for the same term. Then the rankings of this top 20 airline companies was made considering all of these indicators and the change in the place of the rankings of airlines between years 2018 and 2020 was indicated. In this study, it was also showed whether the ranking of the airline companies according to financial performance differed in the COVID-19 era in 2020. Findings- The analysis of this study reveals that although the largest asset size was reported by Delta Airlines in 2020, the highest revenue was generated by American Airlines. On the other hand, the highest number of aircrafts were employed by American Airlines in 2018, 2019 and 2020, whereas the highest number of employees worked for Lufthansa in the same years. Although American Airlines reported to gain the highest amount of total revenues in 2020; Cathay Pacific Airlines was ranked as the number one airline company in the same year if revenue per employee and if revenue per aircraft were considered as the performance criteria. None of these airlines was ranked as one of the top three performers considering net income for the year 2020, which was the COVID-19 era. The change in the rankings of the top 20 airlines according to net income in 2020 clearly showed that in the COVID-19 era, the financial performance of the airline companies was hit hard by the economic shutdowns. Conclusion- Based upon the findings of the analysis, it may be concluded that different financial indicators must be considered together instead of solely considering total assets, total revenues or net income to analyze financial performance of the airline companies. As it was also stated by the related literature, both operational and financial indicators are important in the performance measurement of airline companies. The financial performance of the airline companies influences short and long term company decisions as well as it shapes strategic planning. Hence, a comprehensive financial performance measurement must be employed in strategic planning of airline companies.Yayın Crypto currency applications in financial markets: factors affecting crypto currency prices(PressAcademia, 2020-07-30) Deniz, E. Asena; Teker, DilekPurpose- As the cryptocurrency market is beginning to attract investors, a new portfolio of cryptocurrencies has been published in the literature on macro-economic factors affecting these currencies. This research also aimed to identify the interaction between gold, brent oil, Bitcoin, Ethereum and Ripple. Methodology- The database includes the Daily prices of Bitcoin, Ethereum, Ripple, gold and brent oil prices between the period of 03.04.2018-31.12.2020 which consist of 500 daily data. Natural logaritm for each indicator is used. First, the stationarity of the series were analyzed with ADF (Augmented Dickey Fuller) unit root test. Lag lengths are determined. Interactions between the series were analyzed by the Johansen Cointegration test, Granger Causality test, Impulse- Response Function and Variance Decomposition method. Findings- The series are found out to be stationary at first difference. According to the cointegration test result, cointegration could not be found between our data. According to Granger causality analysis, only one-way relationship was found from bitcoin to gold. Impulse response graphs indicate that all variables respond in a reducing way to reducing shocks occurred in each indicator. Shocks have lost their effect on average in 2 days. Conclusion- The results indicate that the effect of gold and brent oil prices on bitcoin, ethereum, ripple daily prices do not have a strong effect. The results may be beneficial for investors to consider diversification for the portfolios.Yayın Market risk premiums in BIST 100 in the Covid era(PressAcademia, 2021-12-31) Teker, Suat; Teker, Dilek; Demirel, EsinPurpose- Capital Asset Pricing Model (CAPM) is the most widely used and popular method in analysis of investment projects, stock valuation, firm valuation, mergers and acquisitions, initial public offerings and secondary public offerings. The determination of market risk premium is one of the most important inputs in the application of this model. The determination of market risk premium for the Turkish market has not deeply studied in the literature so far. This study intends to calculate the market risk premium for the Turkish Stock Market with a special emphasis on the Covid-19 era. Methodology- The monthly data from the Reuters Database are collected for the BIST100 and 17 different sectoral indexes for the years of 2019 and 2020. Moreover, the monthly average short term interest rates on the Turkish Treasury Bonds are obtained from the database of Central Bank of Turkey for the years of 2019 and 2020. Based upon the historical observations, the market risk premium is defined as the difference in between the market index returns (BIST100 and 17 sectoral indexes) and the average short term interest rates on monthly basis. Findings- The market risk premiums measured on BIST100 index are about 10% in 2019 and 20% in 2020. The market risk premium is doubled in the Covid era. The volatilities of BIST100 index are 7.86% in 2019 and 8.15% in 2020. The volatility of market risk premiums are also significantly increased in the Covid era. Conclusion- Covid era has significantly increased the market risk premiums and volatilities of the Turkish market. The results of this study may be used as a reference study for local and international financial institutions, valuation industry and trade firms and academics for an approximation of market risk premium in the Covid era.Yayın Pandeminin tüketici davranışlarına ve kargo sektörüne ekonomik etkileri(PressAcademia, 2020-12-31) Kayıkçıoğlu, Salih; Teker, DilekAmaç- İlk olarak 2019 yılının Aralık ayında Çin’in Wuhan şehrinde ortaya çıkan ve COVID-19 olarak bilinen Koronavirüsün sebep olduğu salgın hastalık, kısa sürede bütün dünyayı sağlık, ekonomi, iş hayatı, sosyal hayat ve eğitim gibi pek çok alanda etkilemiştir. Koronavirüs, halehahazırda hızlı bir dönüşüm yaşamakta olan perakende sektörünü, daha da hızlı bir şekilde sanal ortama kaydırmıştır. Bu dönüşüm sürecinin en önemli aktörleri olarak, e-ticaret ve kargo firmaları görülebilir. Bu çalışma kapsamında, pandemi döneminde değişen tüketici davranışları nedeniyle e-ticarate alan ilginin artması ve bu davranış değişimi sonuçlarının taşınan kargo miktarına yansımalarının incelenmesi açalanmıştır. Yöntem- Bu çalışmada internet kullanımı, e-ticaret hacmi ve kargo sektörüne olan etkileri, Dünya ile karşılaştırmalı olarak analiz edilmiştir. Bulgular- Pandemi süreciyle birlikte, internet kullanıcı sayısı tüm dünya nüfusuna göre %60 seviyesine ulaşırken, 18-44 yaş grubu internet kullanıcılarının %80’nini oluşturmaktadır. Gelişmiş ülkelerde 2015 yılında toplam perakende hacmi için e-ticaretin payı %7.90 iken, bu oran 2019 yılında %12.30’a çıkmıştır. Bu oran Dünya geneli için 2015 yılında %7.40 iken, 2020 yılında %16 ve 2023 yılında %22 olması tahmin edilmektedir.Dünya e-ticaret satış gelirleri 2014 yılında 1.3 trilyon USD ve 2019 yılında 3.5 trilyon USD olarak gerçekleşmiş ve 2023 yılı için 6.5 trilyon USD olarak tahmin edilmektedir. 2019 yılının ilk 6 aylık döneminde yurtiçi e-ticaret satış hacmi 83.3 milyar TL iken, 2020 yılının ilk 6 aylık döneminde 91.7 milyar TL olarak gerçekleşmiştir. Yurtiçi taşınan kargo sayısı, 2019 yılına göre yaklaşık 3 kat katış gösteriken, artan ihtiyacı karşılamak için kargo firmaları önemli sayıda ilave personel istihdam etmiştir. PAndemi döneminde en fazla sipariş verşlen ürünlerin, hijyen ve spor ürünleri olduğu görülmüştür. Sonuç- Kargo yoğunluğu, yeni projeler haricinde yeni anlayışların doğmasına neden olmuştur.Özellikle pandemi süreci firmalara e-ticarete yönelmenin ticari faaliyetlerinin devamlılığı adına hayati öneme sahip olduğunu göstermiş ve firmalar kendi e-ticaret sitelerini kurma yanında belli başlı e-ticaret platformlarının tedarikçisi olma eğilimine girmişlerdir.Sektördeki bu ihtiyacı gören girişimciler (Özellikle kolay bozulabilir market ürünlerinin teslimi konusunda ) yeni yeni modeller geliştirerek gün içinde hatta (20 dakika –30 dakika gibi zaman taahhütleri ile) teslimat modelleri geliştirmişlerdir.Sonuçolarak , içinde bulunulan geçici / kalıcıdurumların , toplumsal olayların yaşam tarzından alışverişalışkanlıklarına kadar tüm süreçleri değiştirebildiği bu durumların ticari zihniyetlere/faaliyetlere yön verebildiği anlaşılmaktadır.Pandeminin olası etkilerinin 2021 yılında da süregeleceği tahmin edilmektedir. Yaşanan dijital dönüşüm, pandemi ile beraber birkaç yıl daha geriye çekilmiş ve hızlanmıştır.
