Sürdürülebilir Kalkınma Amaçları
Yayınlar
- MakaleAçık Erişim2026Analysıs of the relatıonshıp between rısk ındıcators and fınancıal performance ın partıcıpatıon banks: the case of türkiye
Pala, Fahrettin
This study examines the impact of risk indicators on financial performance in participation banks operating in Turkey. Participation banks, which operate according to interest-free banking principles, have their own unique risk structure. In this context, the effects of credit risk, liquidity risk, operational risk, leverage risk, and market risk on financial performance indicators were investigated using panel data analysis with data from the 2016–2023 period. The relationship between variables in the analysis was determined using the Driscoll–Kraay (1998) method and the random effects method. The analysis results show that the loan loss ratio (credit risk) and asset volatility (market risk) in participation banks have statistically significant effects on financial performance. Operational risk and leverage risk were found to be significant in some models, while the impact of liquidity risk remained statistically weak in all models. Generally, it has been observed that risk indicators have a heterogeneous and variable impact on financial performance. The study contributes to the literature on participation banking and offers suggestions to policymakers regarding the development of risk management strategies.
- MakaleYalnız künye2026Financial Inclusion, Energy Intensity, and Natural Resources: Environmental Insights From BRICS and MINT Economies
Pala, Fahrettin; Barut, Abdulkadir; Torusdag, Mustafa; Pilatin, Abdulmuttalip; Henni, Mohamed Djafar
In developing economies, rapid economic growth intensifies environmental pressures, thereby increasing the importance of financial inclusion, energy intensity, and natural resource dependence for environmental sustainability. This situation necessitates a holistic examination of the determinants of environmental degradation in emerging markets, which motivates this study. In this context, the study examines the effects of financial inclusion, energy intensity, and natural resource rents on carbon dioxide (CO2) emissions in BRICS and MINT countries and empirically tests the validity of the Environmental Kuznets Curve (EKC) hypothesis. Accordingly, annual panel data covering the period 2000-2020 are analysed using a machine learning (ML)-based estimation framework, the Augmented Mean Group (AMG) estimator, and Panel Quantile Regression (PQR). The findings indicate that natural resource rents increase CO2 emissions in BRICS, whereas they reduce emissions in MINT. Moreover, energy intensity and income per capita are found to increase CO2 emissions across all quantiles in both country groups. The environmental impact of financial inclusion is heterogeneous, reducing CO2 emissions in BRICS countries while increasing emissions in MINT countries. These results underscore the critical importance of explicitly incorporating country-specific heterogeneity into environmental sustainability policy design.
- MakaleAçık Erişim2026Institutional and Financial Drivers of Renewable Energy Consumption and Carbon Emissions: Evidence from Developed Economies
Oguz, Enes Cengiz; Gyasi, Evans Akwasi; Pala, Fahrettin; Pilatin, Abdulmuttalip; Barut, Abdulkadir
The study sheds light on the subtle interactions among financial development, foreign direct investment (FDI), and the quality of regulatory frameworks, with particular reference to their deep influence on renewable energy use and carbon emissions across 22 developed countries from 2002-2021. The results show an interesting tendency: Financial development and FDI will reduce reliance on renewable energy, whereas a significant increase in GDP per capita will increase reliance. Secondly, carbon emissions have a negative association with the adoption of renewable energy and financial development, though both reduce environmental quality; there is a positive relation between real gross domestic product (GDP) and energy depletion in terms of these toxic emissions. The significant role of regulatory quality as a moderator in this process is particularly striking. There is a direct correlation between financial stability and more robust regulation, resulting in reduced financial liquidity available for investing in renewable projects and restricting the free flow of clean FDI. Crucially, the paper argues that when combined with strong regulation, FDI is more likely to contribute to reductions in emissions, while FYGD, nevertheless regulated at a high level of quality, should raise emissions. Winding up, the result indicates that neither financial depth nor institutional quality, in isolation, is sufficient to deliver significant environmental improvement. Thus, it is urgent to adopt sound green finance policies and to formulate focused regulatory systems that integrate financial development and foreign direct investment with a broader sustainability agenda.
- MakaleYalnız künye2026Cash holdings in an emerging market technology sector: evidence from BIST firms within the trade-off and pecking order frameworks
Pala, Fahrettin; Karalı, Muhammet; Karabayır, Mehmet Emin; Henni, Mohamed Djafar; Barut, Abdulkadir
This study investigates the determinants of corporate cash holdings in technology firms listed on Borsa İstanbul (BIST) by integrating the Trade-off Theory and the Pecking Order Theory. Using annual panel data covering the period 2013–2023, the study examines how firm-specific characteristics and macroeconomic factors influence corporate liquidity decisions in an R&D-intensive sector. The empirical analysis is conducted using a random-effects panel model estimated with Driscoll–Kraay standard errors to account for heteroskedasticity, autocorrelation, and cross-sectional dependence. The robustness of the findings is further assessed through firm fixed-effects, firm-and-year fixed-effects, one-year lagged specifications, and an interaction analysis. The results show that profitability is the most important determinant of corporate cash holdings, providing strong support for the Pecking Order Theory, whereas financial leverage exhibits a weak negative effect. In contrast, firm size, liquidity needs, R&D expenditures, dividend payments, GDP growth, and interest rates do not have statistically significant direct effects on cash holdings, while inflation exhibits weak evidence of a negative relationship. Moreover, the interaction analysis reveals that interest rates positively moderate the relationship between R&D expenditures and corporate cash holdings, indicating that innovation-oriented technology firms tend to retain larger cash reserves under tighter monetary conditions. The findings highlight that macroeconomic conditions influence corporate cash holdings not only directly but also through their interaction with firm-specific characteristics. The study contributes to the corporate finance literature by providing new evidence from an emerging market and offers practical implications for corporate managers and policymakers in designing effective corporate liquidity management strategies under changing monetary conditions.
- MakaleAçık Erişim2026Foreign Direct Investment and Growth Impact on Pollution in the EU Countries: Empirical Analysis of the EKC and Pollution Halo Hypothesis
Pilatin, Abdulmuttalip; Ayaydın, Hasan; Soto, Gonzalo Hernández; Pala, Fahrettin
Foreign direct investment inflows are an important factor in the development of countries. Rising FDI can cause unexpected environmental consequences by changing technology use or energy consumption. The study examined the relationships between fossil energy consumption, carbon emission rate, and FDI for 27 European Union countries in the period 2006–2021. In addition, for the first time in this study, EU countries were divided into two according to their income levels and re-analysed. Panel data method and robust Driscoll and Kraay (1998) estimator were used in empirical analyses. The research findings show that a one-unit increase in FDI across EU countries results in a 0.055% increase in GDP and fossil fuel consumption, respectively, and a −0.155% decrease in pollution. These results support the pollution halo hypothesis, which posits that foreign direct investment reduces environmental degradation. The research findings support the pollution halo hypothesis, which states that FDI reduces environmental degradation. It also confirms that the EKC hypothesis, which states that there is an inverted U-shaped relationship between pollution and GDP, is valid in 27 EU countries. However, it has been determined that the pollution haven hypothesis is valid in low-income EU countries. Low-income EU countries should encourage more foreign investment in technology-intensive and environmentally friendly areas and develop various environmental regulations in this direction. The results obtained from the research are expected to provide benefits and insights to policy makers, researchers, and industrialists to increase environmental awareness. The results suggest that low-income EU countries should encourage technology-intensive and environmentally friendly investments, improve green financing and investment conditions, and develop regulations to strengthen environmental standards, so that they can limit environmental degradation while preserving the general welfare-enhancing benefits of FDI.
- MakaleYalnız künye2025THE IMPACT OF UNCERTAINTY IN GLOBAL GOLD AND OIL PRICES ON STOCK MARKET INDEX RETURNS: THE CASE OF THE MIST COUNTRIES
Pala, Fahrettin; Görgün, Mehmet Ragip; Torusdag, Mustafa; Demirtas, Furkan; Barut, Abdulkadir
The current study explores the impact of global gold price uncertainty on the stock markets of the MIST countries: Mexico, Indonesia, South Korea, and T & uuml;rkiye. The study examined the crisis periods that started with the COVID-19 pandemic and continued with the Russia-Ukraine war, which caused uncertainty in gold and oil prices. Based on this, the study's data set consists of the daily closing prices between March 11th, 2020, and January 31st, 2023. The obtained data were analyzed using the Least Squares (ICC) and panel quantile regression (PQR) methods. There is a significant positive correlation between oil prices and oil volatility index with stock prices for the economies of T & uuml;rkiye, Indonesia, and Mexico, and a significant negative correlation between gold prices and gold volatility index with stock prices for developing countries. There is also a significant positive relationship between gold and oil prices and stock prices for the developed country, South Korea's economy. A significant negative correlation has also been proposed between gold and oil volatility indices and South Korean stock prices. This study provides a novel contribution to the literature by examining the impact of simultaneous global crises namely the COVID-19 pandemic and the Russia-Ukraine war-on the stock market indices of MIST countries through the lens of uncertainty in both gold and oil markets. While most existing studies focus on a single commodity or analyze crises in isolation, this research distinguishes itself by investigating the combined effects of two major global shocks and incorporating both price and volatility-based uncertainty indicators. The findings suggest that policymakers should develop country-specific and differentiated financial stability policies by taking into account the uncertainties in gold and oil markets during crisis periods.
- MakaleAçık Erişim2025Effect of Credit Risk on Financial Performance of Deposit Banks in the BIST Bank Index; [Kredı̇ Rı̇skı̇ nı̇ n BIST Banka Endeksı̇ ndekı̇ Mevduat Bankalarının Fı̇ nansal Performansına Etkı̇sı̇ 2]
Erdoğdu, Aylin; Pala, Fahrettin
This study analyses the relationship between credit risk and the financial performance of nine Turkish deposit banks listed on Borsa Istanbul (BIST) from 2010 to 2021. Using panel data, it employs profitability ratios (ROA, ROE, NIM) as performance indicators, and various credit risk metrics (NLTA, NPL, TLTD, CAR) as explanatory variables. GDP growth and inflation are included as control variables. The credit risk rankings identified ICBC Turkey Bank A.Ş. as having the lowest credit risk and Şeker Bank A.Ş. as the highest, using the WASPAS multi-criteria decision-making technique.
- MakaleYalnız künye2024Seçili Risk Ve Belirsizlik Endeksleri İle Sektörel Hisse Senedi Getirileri Arasındaki Asimetrik İlişkinin İncelenmesi: OECD Ülkeleri İçin Ampirik Bir Analiz
Pala, Fahrettin
Çalışmanın amacı, ekonomik politika belirsizliği (EPU), jeopolitik risk (GPR) ve piyasa duyarlılığının (VIX) seçilmiş 5 OECD ülkesine (ABD, Fransa, İngiltere, İtalya ve İsveç) ait sektörel hisse senetleri üzerindeki asimetrik etkilerini araştırmaktır. Araştırmanın tasarımı ve metodolojik yaklaşımı parametrik Granger nedensellik testi ve parametrik olmayan kantil tabanlı tekniklere dayanmaktadır. Jeopolitik risk endeksi (GPR), ülke ekonomik politika belirsizliği (EPU) ve Chicago Board Options Exchange'in (CBOE) oynaklık endeksinin (VIX) yanı sıra ekonomik faaliyetin yedi sektörünü (sağlık, finans, teknoloji petrol ve gaz, endüstri, tüketici hizmetleri ve temel tüketim ürünleri) kapsayan aylık verilerini kullanıyoruz. Veri setimiz, Ocak 2012 ile Şubat 2024 tarihleri arasındaki dönemi kapsamaktadır. Verilerin analizinde Granger Nedensellik testi ve Panel Kantil Regresyon analizinden yararlanılmıştır. Bulgularımız beş ana noktandan oluşmaktadır. Bunlardan birincisi, ekonomik politika belirsizliği, jeopolitik risk ve yatırımcı duyarlılığından seçili OECD ülkelerinin sektörel hisse senetlerine doğru nedensellik ilişkisinin olduğu sonucuna varıyoruz. İkincisi ekonomik politika belirsizliği, jeopolitik risk ve yatırımcı duyarlılığının farklı çeyreklikler boyunca seçili OECD ülkelerine ait hisse senedi getirileri üzerinde genel olarak güçlü bir ön görü gücüne sahip olduğu sonucuna varıyoruz. Üçüncüsü seçilmiş OECD ülkelerine ait hisse senedi getirileri üzerinde en yüksek öngörü gücüne sahip değişkenin ekonomik politika belirsizliği (EPU) olduğu sonucuna varıyoruz. Dördüncüsü, özellikle ekonomik politika belirsizliğinin, seçili OECD ülkelerine ait sektörel hisse senedi getirileri üzerindeki etkisinin asimetrik olduğu sonucuna varıyoruz. Yine jeopolitik risk ve piyasa duyarlılığının ise belirli sektörel hisse senedi (teknoloji, petrol ve gaz) getirileri üzerindeki etkisinin asimetrik olduğu sonucuna varıyoruz. Çalışmanın orijinalliği, COVID-19, Rusya-Ukrayna ve İsrail-Filistin çatışmasının da dahil olduğu dünyada yaşanan küresel faktörlerin seçilmiş OECD ülkelerine ait sektörel bazda hisse senedi piyasasını nasıl etkilediğini ortaya koyuyor olmasıdır. Dolayısıyla bulgularımızın değeri, piyasa düzenlemesi ve portföy yönetimi için önemli çıkarımlar sağlamasında yatmaktadır.
- MakaleYalnız künye2024Analyzing the linkage between Islamic financial literacy and Islamic banking services adoption: evidence from Turkey
Pala, Fahrettin; Erdogdu, Aylin; Ali, Muhammad; Alnori, Faisal; Barut, Abdulkadir
PurposeThe purpose of this study is twofold. First, this research explores the level of Islamic financial literacy of customers in the context of Islamic banking. Second, this study examines the determinants of customer adoption of Islamic banking in Turkey. Design/methodology/approachThis study gathered sample data from 409 participants determined using the purposive sampling method. In the study, first, the reflective measurement model is used to examine the reliability, validity and multicollinearity problems of the variables. Then, AMOS structural equation model (SEM) is used to reveal the relationship between Islamic financial literacy and Islamic banking services. Additionally, this study performed both descriptive and inferential analysis to understand customer literacy about Islamic banking and their adoption behavior of Islamic banking. FindingsThe results obtained from descriptive assessment indicate that Turkish customers of Islamic banking possess sufficient literacy about Islamic banking. Moreover, the results from SEM indicate that the adoption of Islamic banking by customers is significantly predicted by the role of Sharia Board management, Islamic banking and purpose of financial institution, religious factor and legitimacy of Islamic financial system. Research limitations/implicationsThis study focuses only on the level of knowledge and perceptions of customers who have accounts in Islamic banks or financial institutions in Turkey. It does not focus on the level of knowledge and perception of Muslims who do not have accounts in Islamic banks and financial institutions. Originality/valuePrevious studies on Islamic banking are mostly studies that investigate customers' perceptions of the Islamic banking system and why individuals prefer Islamic banks. In particular, studies examining the relationship between individuals' Islamic financial literacy level and Islamic banking preferences are limited. This study is considered to be an original study as it investigates the relationship between the Islamic financial literacy level of individuals and their adoption of Islamic banking services in Turkey.
- MakaleAçık Erişim2024A different look at the environmental Kuznets curve from the perspective of environmental deterioration and economic policy uncertainty: evidence from fragile countries
Anwar, Ahsan; Barut, Abdulkadir; Pala, Fahrettin; Kilinc-Ata, Nurcan; Kaya, Emine; Lien, Duong Thi Quynh
Environmental degradation is one of the most significant issues that developing nations confront and needs to be resolved right away in order for them to achieve sustainable development. Government policies are crucial in this situation since emerging nations frequently struggle with the issue of policy ambiguity, which can result in environmental deterioration. In this context, this study investigates how policy uncertainty affects environmental degradation in the five fragile emerging economies known as the Fragile Five—Brazil, India, Indonesia, South Africa, and Turkey. Using data from 1996 to 2019, we estimate a Panel Quantile Regression analysis. The empirical findings indicate that economic policy uncertainty and technology innovation increases the environmental degradation whereas environmental degradation is slowed down by financial development and renewable energy consumption. Empirical evidence also confirms the presence of EKC hypothesis in fragile economies. Based on the findings, we suggest both a policy and an environmental framework for achieving sustainable development in fragile economies. Graphical Abstract: (Figure presented.)
- MakaleAçık Erişim2024Promoting sustainability in developing Countries: A Machine Learning-based approach to understanding the relationship between green investment and environmental degradation
Ahmad Khan, Khatib; Khalid Anser, Muhammad; Pala, Fahrettin; Barut, Abdulkadir; Wasif Zafar, Muhammad
The main objective of this study is to examine the impact of green investment on environmental degradation in developing countries using machine learning-based estimation combined with robustness tests of static and dynamic panel data modeling techniques. The scope of this study covers 30 developing countries for 2009–2019. This study introduces a new index of environmental degradation that uses the entropy method and includes green gas emissions and deforestation. The study addresses trade openness, the quadratic shape of economic growth, and urbanization in the context of the Environmental Kuznets Curve Hypothesis (EKC) and the Ecological Modernization Theory (EMT), in addition to green investment. This study considers the kernel-based regularized least squares (KRLS) approach, the static panel technique Driscoll & Kraay standards error method, and a dynamic panel technique system generalized moment techniques. The empirical findings from the machine learning method show that green investment significantly reduces environmental degradation with a higher coefficient resulting from the static fixed effect estimation. The study also reveals that the main hypotheses, such as EKC and EMT, are confirmed by all estimation techniques. Based on the results, the study recommends that policymakers take pragmatic steps toward green investments and increase the financing of green energy initiatives to combat environmental degradation.
- MakaleAçık Erişim2022Küreselleşme ve Finansal Gelişmenin Gelir Eşitsizliği Üzerindeki Etkisi: Yükselen Piyasa Ekonomilerinden Yeni Kanıtlar
Pala, Fahrettin
Çalışmanın amacı, yükselen bir ekonomi için birleşik bir çerçevede küreselleşme ve finansal gelişmenin gelir eşitsizliği üzerindeki birleşik etkilerini ampirik olarak incelemektir. Küreselleşme ve finansal gelişmenin gelir eşitsizliği üzerindeki etkisini incelemek için panel veri analizi yöntemi kullanılmıştır. İlk olarak birimler arasında korelasyonun varlığı, Breusch Pegan (2008) LM testi ve Pesaran, Ullah ve Yamagata (2008) NLM testi ile incelenmiştir. Değişkenlerin durağanlıkları CADF (Crosssectional Augmented Dickey Fuller) Panel Birim Kök testi ile incelenmiştir. Daha sonra Swamy (S) testi ile homojenlik testi uygulanmıştır. Değişkenler arasındaki uzun dönem ilişkisi Gengenbach, Urbain ve Westerlund Panel Eşbütünleşme testi ile analiz edilmiştir. Değişkenler arasındaki nedensellik Dumitrescu-Hurlin nedensellik testi ile katsayıları ise panel regresyon analizi ile incelenmiştir. Panel eşbütünleşme testi sonucunda değişkenler arasında uzun dönemli herhangi bir ilişki tespit edilememiştir. Kısa vadeli ilişkide ise; finansal gelişme ve enflasyondan gelir eşitsizliğine doğru çift yönlü nedensellik ilişkisi olduğu, küreselleşmeden gelir eşitsizliğine doğruda tek yönlü nedensellik ilişkisi olduğu sonucuna varılmıştır. Panel regresyon analiz sonuçlarına göre, küreselleşme ve finansal gelişmenin gelir eşitsizliği üzerindeki etkisinin istatistiki olarak anlamlı ve negatif, enflasyonun ise istatistiki olarak anlamlı ve pozitif yönde etkili olduğu sonucuna varılmıştır.
- MakaleAçık Erişim2021A Research on the Mediating Role of Research and Development (R&D) Capacity in the Relationship between Entrepreneurship Orientation and Financial Performance: Istanbul and Kocaeli Region Example
Pala, Fahrettin
The aim of this study is to investigate whether the Research and Development (R&D) capacity has a mediator role in the impact of entrepreneurship orientation on financial performance by using the Structural Equation Model (SEM). For this purpose, the Structural Equation Model (SEM) was used in the analysis of 130 data obtained from the business managers through the survey method. In the analysis where R&D capacity is used as a mediator variable, the results of the analysis confirmed that entrepreneurship orientation does not have a direct effect on financial performance, but indirectly through its R&D capacity. In addition, while the R&D capacity and international experience confirmed the direct effect of the financial performance, the firm did not support the effect of its age on financial performance.
- MakaleYalnız künye2021Financial Development, Economic Growth and Energy Consumption on Environmental Quality: Case of E-7 Countries
Pala, Fahrettin; Barut, Abdulkadir
The aim of this study is to analyze the effects of financial development, economic growth and energy consumption on environmental quality for the economies of E-7 countries (Turkey, India, China, Brazil, Indonesia, Russia and Mexico) using the data between 1990-2014. For this purpose, carbon dioxide emissions per capita (CO2) as a measure of environmental quality, a measure of financial development, the ratio of loans to the private sector to GDP, a measure of economic growth, an annual increase in economic growth and a measure of energy consumption per capita. per oil consumption variables are used. Panel data analysis method is used in the analysis of the variables. First, Breusch and Pagan (1980), CDlm Pesaran (2004), CD and Pesaran (2004), Ullah and Yagamata (LMadj PUY) (2008) tests are applied to test cross-section independence in variables and models. Since the variables and models contain cross-sectional dependence, the Pesaran (2007) CADF (Crosssectional Augmented Dickey Fuller) test, one of the second generation panel unit root tests that takes into account the crosssectional dependence, is used. After the variables are made stationary, Westerlund (2008), Durbin-H Cointegration test is applied for the long-term relationship. The Extended Mean Group (AMG) estimator is used to determine the long-term correlation coefficients. According to the results of the analysis, it has been determined that financial development increases the environmental quality for the economies of Turkey, Indonesia and Russia. When the economic growth results are examined; It has been determined that economic growth for the economies of India, China, Brazil and Mexico improves environmental quality by reducing carbon emissions. For Turkey and Russia, it has been determined that economic growth reduces environmental quality by increasing carbon emissions.
- MakaleYalnız künye2021The Intermediary Role of Capital Structure and Cash Attitude in the Relationshipbetween Research and Development (R&D) Capacity and Financial Performance:The Case of Istanbul Manufacturing Industry Enterprises
Pala, Fahrettin; Korkmaz, Ayla
The aim of this study is to investigate whether capital structure and cash attitude play an intermediary role in the relationship between research and development (R&D) capacity and financial performance. The research data are obtained from business managers, who are medium and large scale companies operating in Istanbul and are also an R&D center, by survey method. Mediator analysis technique is applied to 139 data obtained. Structural equation model was used in the analysis of the data. SmartPLS program was used in the estimation of YEM. Analysis results revealed that R&D capacity and cash attitude have a direct effect on financial performance, whereas capital structure has no direct effect on financial performance. In addition, the research results supported the intermediary role of cash attitude in the relationship between R&D capacity and financial performance, while not supporting the intermediary role of capital structure
- MakaleAçık Erişim2021Finansal gelişme ile yabancı yatırımlar arasındaki ilişkide ufrs’nin moderatör etkisi: gelişmekte olan ülkeler üzerine bir analiz
Pala, Fahrettin; Barut, Abdulkadir
Çalışmanın amacı, 34 gelişmekte olan ülke ekonomileri için 2010-2018 yılları arasındaki verileri kullanarak, finansal gelişme ve yabancı yatırımlar arasındaki ilişkide Uluslararası Finansal Raporlama Standartlarının (UFRS) moderatör etkisinin olup olmadığını incelemektir. Bu amaç doğrultusunda veri seti iki kaynaktan elde edilmiştir. Makroekonomik veriler ile doğrudan yabancı yatırımlar Dünya Bankası kalkınma göstergelerinden, finansal gelişme verileri Uluslararası Para Fonu ödemeler dengesi ve finansal gelişim veri kümelerinden elde edilmiştir. UFRS verileri ise UFRS’nin kullanılmasını zorunlu kılan ve/ veya buna izin veren ekonomiler için bir, yerel muhasebe kullanımını zorunlu kılan ekonomiler içinde sıfır değeri verilen bir kukla değişken yazarlar tarafından oluşturulmuştur. Dönem olarak 2018 yılına kadar alınmasının nedeni ise özellikle finansal gelişme verilerinin 2018 yılına kadar olmasıdır. Verilerin analizinde panel veri analizi yöntemi kullanılmıştır. Analiz sonuçları, 9 alt indeksin ortalamasından oluşan finansal gelişme indeksinin ve UFRS standartlarının doğrudan yabancı yatırımlar üzerindeki etkisinin pozitif yönlü olduğu tespit edilmiştir. Diğer yandan finansal gelişmenin alt indeksleri incelendiğinde 4 alt indeksin; finansal kurum indeksi, finansal piyasalara erişim, finansal kurum verimlilik indeksi ve finansal kurumlara erişim ile doğrudan yabancı yatırımlar arasında pozitif ve anlamlı bir ilişki olduğu tespit edilmiştir. Aynı şekilde finansal kurum alt indeksi hariç, diğer tüm indekslerde; finansal gelişme, finansal piyasalar indeksi, finansal piyasa derinlik indeksi, finansal piyasa verimlilik indeksi, finansal piyasalara erişim, finansal kurum derinlik indeksi, finansal kurum verimlilik indeksi ve finansal kurumlara erişim ile UFRS standartlarının doğrudan yabancı yatırımlar üzerindeki etkisinin pozitif yönlü olduğu tespit edilmiştir. Finansal gelişme ve finansal gelişme alt indeksleri ve URFS standartlarının çarpımından oluşan moderatör etkinin ise olmadığı tespit edilmiştir. Diğer bir ifade ile UFRS standartlarının finansal gelişme ve doğrudan yabancı yatırımlar arasındaki ilişkide moderatör etkisinin olmadığı tespit edilmiştir.
- MakaleYalnız künye2020The Role of The Democracy Index in The Effect of Economic Freedom on The Stock Exchange Performance
Pala, Fahrettin
Although the impact of economic freedoms and democracy on the capital market is one of the discussed topics in the literature, the results are still uncertain. Especially in recent years, freedoms have become measurable thanks to the indexes made by certain institutions regarding freedoms. In this way, predictions can be made about the effects of the developments in the freedom of countries on their financial performance. For this reasons, the purpose of the study is to estimate the mediating role of the democracy index with the Structural Equation Model (SEM) in the impact of economic freedom on the stock market performance by using the 2019 data of 33 developing countries. For this purpose, SPSS and SmartPLS3 package programs were used in the analysis of variables within the scope of the research. The results of the analysis revealed that there is no significant relationship between the economic freedom index and stock market performance, and the democracy index does not play a role in the effect of economic freedom on stock market performance. However, it revealed a significant relationship between the economic freedom index and the democracy index.
- MakaleAçık Erişim2019Finansal gelişme ve enerji tüketimi arasında saklı eş bütünleşme ilişkisi var mıdır
Pala, Fahrettin; Çam, Alper Veli; Ayaydin, Hasan; Barut, Abdulkadir
Enerji, ekonominin vazgeçilmezidir veekonomik büyüme için önemlidir. İnsanoğlununhayatta kalması ve ekonomik büyümesi için enerjitemel bir gereksinimdir ve enerji moderntoplumların temelini oluşturmaktadır. Ekonomikgelişimin can damarı ve sırt kemiğidir. Ticaretinartırılmasında ve büyüme düzeyininyükseltilmesinde önemli rol oynamaktadır.Literatüre göre büyüme düzeyini artırır. Ekonomikliteratürde; ekonomik büyüme, ticaret, enerji vefinansal gelişmeyi içeren dinamik ilişkiler dikkatçekmektedir. Bu bağlamada çalışmanın amacı; E-7ülkelerinde (Brezilya, Çin, Hindistan, Endonezya,Meksika, Rusya ve Türkiye) finansal gelişme, enerjitüketimi ve ekonomik büyüme arasında saklı birilişkinin varlığının 2003-2016 dönemi içinincelenmesidir. Bu amaçla Hatemi- J (2011)tarafından geliştirilen saklı eş-bütünleşme analizi veHatemi- J (2012) Asimetrik nedensellik analizlerikullanılmıştır. Analiz sonuçlarına göre negatifbileşenler arasında saklı bir eş-bütünleşme ilişkisitespit edilmiştir. Diğer yandan ekonomik büyüme vefinansal gelişmeden enerji tüketimine doğru tekyönlü bir nedensellik tespit edilmiştir.
- MakaleAçık Erişim2019The effect of corporate quality on stock market performance at the differences of different development: an empirical analysis
Pala, Fahrettin; Ayaydin, Hasan; Barut, Abdulkadir
The importance of the corporate quality concept has been further heightened by the lack of public and private sector corporate governance policies among the important causes of international crises and corporate scandals. In the related literature it is stated that institutional quality is an integral part of the performance of the stock market in a country. The aim of this study is to investigate the impact of institutional quality on stock market performance, taking into account the economic development levels of countries. For this purpose, data from 26 developed countries and 34 emerging countries for 2002-2015 periods were analyzed by dynamic panel data analysis method. According to empirical analysis result; it can be said that the institutional quality plays an important role in the improvement of the stock market performance of the countries. Findings show that institutional quality and organizational quality components have more influence on stock market performance in developing countries in general. Findings of this study show that policy makers need to pursue a policy agenda to improve the quality of the official institutions and the labor market, especially for developing countries, along with innovation and investments for the development of the financial market.
- MakaleYalnız künye2019The review of the moderator effect of leverage and foreign ownership on firm performance: turkey sample
Ayaydin, Hasan; Pala, Fahrettin; Barut, Abdulkadir
Purpose of the study; the aim of this course is to examine the moderator effect of the leverage and ownership structures of the firms that are traded on Stock Exchange Istanbul (BIST) and the manufacturing sector on R & D expenditures and firm performance. For this purpose, 125 manufacturing firms operating in BIST between 2008-2016 were examined. The effect offoreign ownership and leverage onfirm performance were tested using dynamic GMM system developed by Arellana and Bover (1995) from dynamic panel models. According to the results of this study, it was found that leverage negatively affects the relationship between R&D intensity and firm performance, although foreign ownership positively affects the relationship between R&D intensity and firm performance.