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Yayın The interaction between corporate governance and financial performance: an implementation for the UK banks(PressAcademia, 2023-02-01) Almusattar, İbrahim; Teker, DilekPurpose- There is a wide range of literatüre that study the relation between corporate governance and financial capability of firms. Choudhury & Alam (2013) defines corporate governance as the relationship between corporate management, executives, the providers of equity, and people and institutions who save and invest their money to get a return. Reddy et al (2013) claimed that a good corporate governance system allows companies to have easier access to resources, lower costs of capital, enhance stakeholder reputation and improve organisational performance. The purpose of this study is to examine the relationship between the performance of commercial banks in the UK with internal corporate governance elements. Thus, the listed commercial banks that works in the UK London Stock Exchange (LSE) considered as sample of this study. Hence, using availability data of the Financial Times Stock Exchange 350 (FTSE 350) companies including banks that operate in LSE, the period (2011-2020). Methodology- The study employs a sample of banks trading on (LSE) in the UK, the study uses the quantitative research method, and the data is collected by using DataStream databases, as well as annual reports of listed banks in( LSM). The hypothesis has been tested and analysed by using multivariate fixed-effect regression to examine the relationship between corporate governance mechanisms and the financial performance of FTSE350-listed banks. Followed by robustness tests performed on the relationships to reveal any statistical issue that can change or deform the results of the study. The banks' performance was measured by using Return on Assets Ratio (ROA), Return on Equity (ROE), and TOBIN’s Q. While, corporate governance variables are board size, board independence, board meeting, board female, audit committee independence, audit committee meeting, audit committee financial expertise, ownership concentration, and ownership institutional. Moreover, the study implemented a control variable which is based on the previous literature such as leverage, bank size, bank age, and capital adequacy ratio. Findings- The result of this study shows that corporate governance's effect on bank performance depends on the performance measure as well as the governance attribution examined. In general, corporate governance dynamics show a negative correlation with all banks' performance proxies except ownership structure (ownership concentration, Institutional Investors) Concerning control variables dynamics indicate a negative correlation except capital adequacy. Conclusion- There is increasing interest in the study of corporate governance and its impact on financial and non-finance firms' performance crosse the world. As mentioned earlier the many objectives of the study is to determine the relationship between corporate governance and bank performance in the UK. Based on the analysis the study concluded that banks operating in the UK would improve their performance with less board independence, fewer board meetings, higher audit committee independence, higher ownership concentration, and less institutional ownership.Yayın How do human resources practices affect the performance of the employees in Syria? International Committee of the Red Cross (ICRC)(IGI Global, 2024-03-05) Soykut Sarıca, Yeşim Pınar; Kekhia, BahjatThe purpose of this research is to analyses how HRM practices affect worker output in a high-pressure setting like the International Committee of the Red Cross (ICRC) in Syria. It contributes to literature by expanding the understanding of HRM. It provides useful insights and ideas for improving the efficiency of HRM procedures in businesses. This study highlighted the need for the ICRC to prioritize and invest in strong human resource management practices. Primary data was collected from ICRC employees through survey questionnaire. Findings show that HRM practices have a significant direct impact on the motivation and performance of ICRC employees. Meanwhile, psychological safety mediates the relationship between employee's motivation and employee's performance. On the other hand, employee's motivation partially mediates the relationship between HR Practices and employee's performance at ICRC.Yayın Investment behaviour and risk perception: an analysis for Turkish market(PressAcademia, 2023-07-30) Teker, Dilek; Teker, Suat; Demirel, EsinPurpose- The cognitive comprehension of financial indicators, risk aversion, risk perception, and investment behavior is defined as financial literacy. It's possible that a variety of characteristics, such as gender, age, income level, social standing, education, etc., will affect an investor's behavior. The purpose of this study is to highlight the behavior of investors in Turkish capital markets. The analysis is done on the results of two surveys, the first conducted in the fourth quarter of 2022 and the second in the first quarter of 2023. Methodology- This study's objective is to highlight investor behavior and risk perception in Turkish financial markets. In the most recent two consecutive quarters, the results of two surveys are analyzed and compared. Three sections comprise the surveys. A demographic question is asked in the first section. The second section asks questions concerning investment behavior, signs of financial stress, and confidence in regard to one's financial literacy. The final aspect contributes to the analysis of what people think of the Bitcoin market. In this study, Graphic analysis, Cronbach Alpha, Normality, and Mann-Whitney U tests are performed, respectively. First, the graphical analysis of the selected questions is made. Based on these graphs, the similarities and differences between the surveys are shown. Second, The reliability test is applied to the selected questions for the statistical modeling of the analysis. This test is determined as the Cronbach Alpha test. Third, the Normality test is applied to reveal which test to use in the next step. Two different tests are used for this analysis. These are the Kolmogorov-Smirnov and Shapiro-Wilk tests. Fourth, the Mann-Whitney U test is applied. At this stage, firstly, Mann-Whitney U and Wilcoxon W test statistics are examined. The ranks are calculated for each variable. Finally, the Mann-Whitney U test is applied, and the results are interpreted. Fifth, The results of the two surveys are compared. Findings- The findings show both similarities and differences among numerous variables. For instance, holding time is defined as the amount of time an investor holds an investment or as the time between purchasing it and selling it. Investors' risk aversion and financial literacy both influence the holding period. Riskier assets force investors to adjust their purchase or sell actions dynamically. The results show various portfolio diversification behaviours. While men prefer to start with foreign currency investments, women are more interested in making gold investments. Also, middle-aged investors invest more in cryptocurrencies and take more risks than younger investors. Conclusion- based upon the analysis, findings it may be concluded that respondents do differ in their investment preferences and risk-taking over the years. The findings show various portfolio diversification behaviors. While men prefer to invest in foreign currency, women are more interested in purchasing gold.Yayın Financial inclusion for selected OECD countries(PressAcademia, 2023-07-30) Teker, Dilek; Teker, Suat; Güzelsoy, HalitPurpose- Financial inclusion is defined as a process that ensures the ease of access, availability, and usage of the formal financial system for all members of an economy by emphasizing the use of accessibility and availability of financial services. A financial sector is measured and compared on four main features; debt is the size of financial institutions, access is the access and use of financial services by the users, efficiency is the efficiency in the provision of financial services, and stability is the stability in the provision of financial services. Financial inclusion, in short, is adults' access to and use of financial services. This study aims to measure the financial inclusion level for selected OECD countries from 2010-2021. Also, this study aims to estimate the effect of financial inclusion on economic growth and income inequality for selected countries. Methodology- The data used in this study cover a range of variables related to financial inclusion from various institutions, including the IMF-Financial Access Survey (IMF-FAS), the World Bank - World Development Indicators (WB-WDI), the World Bank - Global Financial Development Database (WB-GFDD) and the Standardized World Income Inequality Database (SWIID). These variables provide insights into the dimensions and determinants of financial inclusion and their impact on economic and social outcomes for selected OECD countries. In the study, we run panel data regressions for each group separately, using GDP per capita as the dependent variable to determine the impact of the Financial Inclusion Index on economic growth. We also construct two different models for each group of countries with and without the added control variables into the models. Findings- The analysis reveals that the effect of financial inclusion on economic growth is negative for all groups of countries. The impact is significant for Group 1 and Group 2. The magnitude of coefficients changes when we add control variables to the model. However, it does not change the significance level of the coefficients. The magnitude of the coefficients increases as countries’ per capita income increases. At the same time, the effect of financial inclusion on the GINI index is significant only in the model for Group 3 with control variables. The sign of the impact is negative. It implies that the GINI index decreases as the financial inclusion index increases. So, the effect of financial inclusion on income inequality is positive for countries in Group 3. Conclusion- The empirical results did not support the relationship between financial inclusion and economic growth (GDP per capita). These results may be explained by advocating the financial sector's quick and fundamental digital transformation. Hence, the rules for availability, accessibility, and usage of financial products and system are completely changed in the past ten years. On the other hand, the relationship between financial inclusion and income inequality, measured by GINI Index, is consistent with the literature only for Group 3 countries (developing countries). The increase in the gap between rich-developed and developing countries may explain these results. An increase in financial inclusion still supports adjustments in income inequality in developing countries, but its effect is disappeared in developed countries in the last 12 years.Yayın The effects of policy rate announcements on the exchange rates(PressAcademia, 2024-01-15) Teker, Suat; Teker, Dilek; Demirel, EsinPurpose- Exchange rate is the value of a country's national currency against foreign national currencies. In this context, the exchange rate is considered an important macroeconomic indicator in evaluating the country's economy. The failure to control the exchange rate may damage economy significantly. It is possible to understand this from the 2001 crisis in Turkey, known as 'Black Wednesday', and the foreign Exchange crisis that started in Thailand in 1997 and affected many East Asian countries. Interest rate is one of the critical determinants affecting the exchange rates. Therefore, changes in interest rates are expected to affect the level of exchange rates. When there is an increase in interest rates, foreign capital flow is expected for that particular country. Hence, a decrease in exchange rates is expected for the excess capital flows. This study aims to analyze the relationship between exchange rates and interest rates, considering the last 10 announcements of the interest policy of the Central Bank of the Republic of Turkiye. These announcements are between January 19, 2023 and October 26, 2023. The study used the TL/USD exchange rates and 10-year government bond interest rates to measure the relationship in between these two variables. Methodology-The aim of this study is to analyze the relationship between the dollar exchange rate and government bond interest rates for Turkiye. For this purpose, data is collected for the days when the last 10 policy rates published by the CBRT were announced. Data is obtained investing.com. Vector Autoregression (VAR) is used to measure the relationship in between two variables. The VAR system is based on empirical regularities embedded in the data. The VAR model may be viewed as a system of reduced form equations in which each of the endogenous variables is regressed on its own lagged values and the lagged values of all other variables in the system. Vector Autoregressive models are widely used in time series research to examine the dynamic relationships exist in between variables that interact with one another. In addition, VAR models are viable forecasting tools used often by macroeconomic or policy -making institutions. . In this study first, the stationary levels of the variables are determined by using Unit Root Test. Second, pre-tests of autocorrelation, heteroscedasticity and normality are conducted for the validity of the VAR model. Third, the short-term relationship between variables is tested by using VAR Granger Causality Test. Fourth, VAR analysis is utilized by applying Impulse-Response Analysis and Variance Decomposition Analysis . And finally, the long-term relationship between variables is tested by using Johansen Cointegration Test. Vector Autoregressionmodel is employed in this study. Findings- According to the results of Granger Causality test, government bond interest rates strongly affect the changes of exchange rate. However, there is no causality from exhange rates to interest rates. Therefore, the changes of interest rates are the main determinants of the changes of exchange rates in this short period. The results of Impulse-Response Test show that an unexpected shock (an unexpected increase) in government bond interest rates affects the exchange rates and increases it significantly. More, an unexpected increase in the exchange rates causes the interest rates on government bond to increase. The results of the variance decomposition test show that 50% of the change in the variance of the exchange rates in the first period is explained by changes in bond interest while 30% of the change in the variance of bond interest rates is explained by the changes in exchange rates. The results of Johansen cointegration test support that there is a stable long-term relationship between dollar exchange rates and government bond interest rates. Conclusion-This study focuses on the relationship between government bond interest rates and the dollar exchange rates in Turkiye for the last 10 policy interest rates announcements by Cenral Bank of Turkiye. In summary, the changes in interest rates on bonds affect the changes in exchange rates more. Data for the days that the CBRT issued the last ten policy rates is gathered for this purpose. The association between two variables is measured using Vector Autoregression (VAR). According to overall results, the changes in interest rates on bonds affect the changes in exchange rates more.Yayın Institution-building on shop-floor employees’ representation with reference to international norms and representative industrial democracy: a first attempt to model dual-channel representation in Turkey(Birleşik Metal İş Sendikası, 2022-10-24) Dereli, Toker; Soykut Sarıca, Yeşim Pınar; Şen Taşbaşı, Aslı; Çağlı Kaynak, ElifThis article explores the feasibility of setting up a shopfloor social dialogue mechanism in Turkey based on the synthesis of EU Directive (2002/14/EC), the German works council model and various dimensions of Turkish labour law and practice. Evaluating the outputs of the questionnaire conducted between the years 2015-2016 and addressed to selected samples of representatives of labour unions and employers’ organizations as well as to officials of the Turkish Ministry of Labour and Social Security, the article proposes two alternatives for a dual-channel representation system: namely, the establishment of works councils to co-exist with unions and the election of employee representatives. Since the majority of Turkey’s workplaces are currently unrepresented by unions, it is assumed that either option may serve the objectives of adapting Turkish labour relations to international standards and locating representative industrial democracy at the core of work life.Yayın Saito, K. (2023). Marx in the Anthropocene: Towards the idea of degrowth communism. Cambridge University Press(Işık Üniversitesi Yayınları, 2024-04-30) Güzelsoy, HalitKohei Saito reviews the Marxian approach to ecology, building on the work done under MEGA project. Marx’s perspective on history and the exploitation of nature differs significantly from what commonly attributed to him. Saito rigorously examines Marx’s evolving ideas, questioning concepts such as economic growth, free time, and the development of productive forces. Consequently, the absolute conclusion to be drawn from Marx’s ideas is not the glorification of endless production. By redefining wealth, the concept of degrowth communism emerges as an important political strategy.Yayın Comparative analysis of fragile fives with panel var models(Int Journal Contemporary Economics & Administrative Sciences, 2023-01) Demirel, Esin; Akgül, Şevket IşılThis study aims to show the similarities and differences between the fragile five classifications, which include countries that are quite different from each other, and to show whether there is a need for a different classification of fragile five, econometrically. In this context, the data set consists of old fragile five and new fragile five classifications. Seven independent variables that are thought to affect the gross domestic product of the countries have been determined. The data are annual for the period 2001-2018. Panel data analysis and Panel vector autoregression are used as a methodology in this paper, respectively. As a result of the analysis, the effects of the independent variables used in the analysis on the dependent differ in the countries included in fragile fives. Also, a change in one of the countries included in fragile fives will affect other countries. Therefore, it concluded that the variables in the models of fragile fives generally have different coefficients from each other. Based on this, it is understood that the revision of old fragile five does not conform to new fragile five, econometrically. It can be suggested as a policy implication that a different classification of fragile five is necessary.Yayın Analysing gender equality and empowerment in Turkish companies: an exploratory case to achieve United Nation’s sustainability goal(PressAcademia, 2023-06-30) Dönmez, Sena; Tuncay Çelikel, AslıPurpose- United Nations' Sustainability Goal 5, "Achieving Gender Equality and Empower All Women and Girls," is a critically important topic in today's sustainability agenda. This exploratory case study aims to delve into the current status of gender equality and women's empowerment in Turkish businesses. Furthermore, it seeks to propose a roadmap with thematic areas that can guide companies in fulfilling Goal 5. Methodology- For this qualitative research, the study engaged professionals in Türkiye, specifically in the manufacturing and logistics industries in Istanbul. The research employed both preliminary and face-to-face interviews to gather insights from experts in the field of sustainability and those working on SDG 5. The preliminary phase involved two managers, while the subsequent face-to-face interviews involved five key experts. A total of ten open-ended questions were posed to representatives from five companies, comprising sustainability managers and specialists from the manufacturing and logistics sectors. Findings- Sustainable Development Goal 5 (SDG 5) literature revealed various themes related to gender equality and empowerment, encompassing gender-neutral decision making, a person’s well-being, creating safe spaces, gender equality role in value chain, environmental impact, ethical considerations, awareness, and empowerment linked to leadership. The qualitative research findings were significant to shape a future plan. Based on the research results, ten thematic areas for companies was developed by the authors. Roadmap Thematic Areas for Companies: Breaking gender stereotypes for gender-neutral career, promoting social sustainability through training opportunities, implementing gender-neutral recruitment practices, adopting gender-neutral policies in all decision making processes, establishing an egalitarian environment within the value chain and permissions, addressing global deficiencies in training to eliminate gender prejudices and promoting access to health and medicines, maintaining work-life balance, supporting advancement of employees with trainings, considering benefits of society on environmental impacts and raising public awareness by ensuring ethics. Conclusion- The development of Sustainable Development Goal 5 (SDG 5) relies heavily on social, economic, and environmental factors, particularly concerning leadership. This case study underscores the need for Turkish companies to prioritize gender equality and women's empowerment initiatives, as their efforts will contribute to broader sustainability endeavors within the country. By actively embracing the proposed roadmap's strategies, businesses can pave the way for a more inclusive and sustainable future for all individuals in Türkiye.Yayın A measurement of dollarization(PressAcademia, 2023-02-01) Teker, Suat; Teker, Dilek; Güzelsoy, HalitPurpose- Dollarization refers to the use of foreign currency instead of domestic currency by citizens as a result of macroeconomic instabilities. Generally, due to the instability caused by inflation, the local currency loses its functions as a unit of account, a store of value, and in the last stage, a medium of exchange. Partial dollarization is the fulfillment of any of the three functions of money by a foreign currency. The purpose of this study is to measure the dollarization level of the Turkish economy between 2000 and 2022 (a 23-year period). This study employs the most comprehensive definition of portfolios of Turkish Lira and foreign currency to measure the degree of asset and liability dollarization. This study measures the dollarization degree of the Turkish economy by using the composite dollarization index developed by Reinhart et al., (2003). Methodology- The composite dollarization index based on the definition by Reinhart et al., 2003, has two components; asset dollarization and liability dollarization. This study measures the level of dollarization by using Reinhart's definition of the Turkish economy between 2000 and 2022. We construct the asset dollarization as a ratio of the foreign currency portfolio to the total portfolio. Liability dollarization is defined as the sum of the ratio of foreign currency credit to the total credit, the ratio of the domestic debt in foreign currency to the total domestic debt, and the ratio of total external debt to the GDP. The composite dollarization index is the sum of asset dollarization and liability dollarization. Findings- The dollarization in bank deposits rose to 57%in 2001 and then dropped to 27% in 2010. The dollarization in bank deposits has started to rise again since 2013. The increase in dollarization in bank deposits has accelerated since 2021. It reached 70% by the middle of 2022. Asset dollarization has a similar path to the dollarization in bank deposits. The level of the asset dollarization is generally lower than the level of the deposit dollarization for all years examined. The liability dollarization also follows a similar path. As the degree of asset dollarization increases, the degree of liability dollarization also increases. Finally, the composite dollarization index has been rapidly increasing since 2010. Conclusion- As discussed extensively in the literature, the degree of dollarization is an important indicator of a healthy economy. The literature supports that there is a strong link between the degree of dollarization and macroeconomic indicators. When economic instabilities are on the screen, the use of a stable foreign currency instead of domestic currency increases. Some previous studies measured the dollarization by considering only asset dollarization or only liability dollarization may have deficiencies in the comprehensive definition of dollarization. Therefore, a comprehensive measurement of dollarization should better consider both the assets and liabilities of the balance sheets. The empirical findings of this study indicate that the degree of dollarization has been increasing since 2013 and the rate of increase accelerated especially after 2021 based on the comprehensive dollarization index constructed.
