GONCA ATICI | Istanbul University (original) (raw)

Papers by GONCA ATICI

Corporate governance: Theory and practice

Having both opportunities and threats, blockchain is inevitably a game-changer disruptive innovat... more Having both opportunities and threats, blockchain is inevitably a game-changer disruptive innovation in our time. It keeps penetrating a wide scope of areas including banking, insurance, supply chain, trade finance and many more. During this penetration, it both affects and is affected by traditional governance mechanisms. Like the evolution of traditional governance mechanisms from shareholder to stakeholder model, blockchain technology advances towards optimizing the reciprocal effects of on-chain and off-chain governance. Based on the sophisticated and technology-dominated papers in the literature, this study handles blockchain governance by focusing on both technical and economic aspects of the concept. By analyzing different features of blockchain governance, we come up with the view that technical and economic success seems to be the highest in a hybrid governance structure at this stage

Risk Governance and Control: Financial Markets & Institutions

Having both opportunities and threats, blockchain is a game-changer disruptive innovation in our ... more Having both opportunities and threats, blockchain is a game-changer disruptive innovation in our time. It keeps penetrating a wide scope of areas including banking, insurance, supply chain, trade finance, agriculture, etc. We explore this multifaceted technology as the first building block of our study. As a second building block, we focus on the governance concept and then we analyze the nexus of blockchain and governance. Our study contributes to the extant scarce literature by covering the recent developments on the subject. Following Liu, Lu, Yu, Paik, and Zhu (2022) we conduct our study through several steps. The literature review of our study is based on Web of Science and Google Scholar academic databases. Studies are selected according to the predefined inclusion and exclusion criteria. The review period of the study is the last five years. According to our analysis, we detect a literature gap between on-chain and off-chain governance. We believe our study contributes to fil...

European Journal of Economics and Business Studies, 2018

As world economy evolved over years, barter which is a primitive transaction system left its plac... more As world economy evolved over years, barter which is a primitive transaction system left its place to money system. Commodity and bimetallic systems of money resolved the problems, especially the requirement of double coincidence of wants and eased the trade within parties. Chronologically, paper system of money followed the commodity system and implemented via two methods. In the first method, convertible paper money is converted into gold and silver by the authority that issued paper money. In the second method that is still valid today, fiat money is accepted by parties because of its being a legal tender. Money supply definitions keep changing as new liquid assets emerge day by day. Especially after the post global financial crisis, central banks have a more critical function for the world economies. Keeping all these developments aside, surrounded by fintech trends, financial system has confronted with a new instrument bitcoin that is first introduced in 2009. Though there are ...

The book "Corporate Ownership and Control: International Trends" examines the corporate... more The book "Corporate Ownership and Control: International Trends" examines the corporate governance systems in nine countries (the USA, Italy, Spain, Turkey, New Zealand, China, Brazil, India, Nigeria) with particular emphasis on corporate ownership and control issues. This book picks up several very important issues related to corporate governance. Is corporate ownership and control still nationally driven issue or not? What sort of corporate governance regulation is more effective – soft or strict? Does family ownership produce a new model for corporate ownership and control? Is corporate law able to account all those national peculiarities of corporate ownership and control on one side, and respect the worldwide best practices in corporate governance on another side?

China-USA Business Review, 2017

The history of financial crises entails numerous successive cases reshaping global economies. Lim... more The history of financial crises entails numerous successive cases reshaping global economies. Limited scale and scope of individual financial crises has turned into regional after the deregulation process of 1970s. Tequila Crisis, Asian Flu, Russian Crisis, Dotcom Crash and the others have similarities and differences but they were all regional though the Global Financial Crisis has far-reaching effects due to the globalized economic and financial system of today. On one side, in an effort to find a panacea to economic problems, developed economies have made several attempts such as bail-outs, quantitative easing programs, tapering, low or negative interest rates and called the new circumstances as “new normal”. On the other side, many emerging economies are still in a competition among themselves to decouple from their peers positively, while desperately hoping to hear for a delay of a possible hike in US Federal Reserve Bank interest rates. In such an environment, Turkey still giv...

Contributions to Economics, 2017

Journal of Governance and Regulation, 2020

The purpose of this study is to analyze trends of non-financial corporations listed on Borsa Ista... more The purpose of this study is to analyze trends of non-financial corporations listed on Borsa Istanbul (BIST) in terms of ownership structure for the period of 2002-2019 According to our findings, Turkish non-financial corporations reveal a concentrated nature as an example of family capitalism Findings also reveal that initial public offerings are mainly from family-controlled corporations This is noteworthy as corporations integrate more to the capital markets of Turkey Besides, they get more disciplined as they subject to the regulations of the governing bodies and internalise corporate governance criteria In terms of ownership mix, findings denote that non-financial corporations listed on BIST benefit from the advantages of conglomerates, cross-ownership, and foreign ownership in line with the literature Contrary to several emerging economies, state-ownership has a minor share which renders strength and quality of governance level The concentrated nature of corporations is believ...

Covid-19 still pressures global economies. Pandemic has seriously damaged both macro and micro in... more Covid-19 still pressures global economies. Pandemic has seriously damaged both macro and micro indicators of countries. Economies try to accelerate their efforts towards a digital new normal in order to preserve their activities. Decreasing trust in monetary authorities and tools as a side effect of global financial crisis, decreasing demand for cash as a precaution towards virus, increasing demand for fast payment, increasing search for yield, search for a trustless, cost saving, peer to peer financial system accelerates the progress of creative destructors. The way to leapfrog developed countries requires benefiting more from digitalization. Governments, central banks, financial institutions and corporations that are aware of this swift transformation are in an effort to adapt the system to take the lead. This study aims to explore leading game changers, potential use cases and their potential impacts on EMs with a special focus on Turkey.

PSN: Global Banking (Topic), 2011

Emerging Markets: Finance eJournal, 2012

Foreign direct investment (FDI) attracts more appeal than ever for Turkey with a high current acc... more Foreign direct investment (FDI) attracts more appeal than ever for Turkey with a high current account deficit. In firm level, incoming FDI has effects on various factors in which we mainly focus on export decision. In this respect, we explore large Turkish firms in order to reveal the relationship between foreign ownership and decision to export. The data of the top 500 Turkish manufacturing firms is gathered from the Istanbul Chamber of Industry for the period of 1993-2009. We have used probit model to analyze the effect of FDI on the export decision with 6842 observations in total. Findings lead us to conclude that high foreign ownership has a positive effect on firm’s decision to export.

… Systems International Research Journal, Vol. 6 …, 2011

Global developments following the collapse of U.S. housing and mortgage system with the triggerin... more Global developments following the collapse of U.S. housing and mortgage system with the triggering effect of the bankruptcy of Lehman Brothers led to an unavoidable global financial crisis. Crisis spread to other countries swiftly, thanks to globalization and securitization of the risky assets. The liquidity shortage and trust erosion among banks blocked interbank transactions. Off-balance sheet vehicles and conduits also created more burdens on bank's liquidity and capital needs. Banks made best endeavor to sell their assets to increase their liquidity but this led to the widening of the liquidity crises and spread to stock and bond markets. In local terms, following the banking and liquidity crises, especially the drastic ones in 2000-2001, Turkish banking sector has learned a lot and has developed substantial amount of precautionary and structural measures towards the crises. In this study, the authors have explored capitalbuffering approach as one of the precautionary measures of Turkish banking sector during the latest global financial crises. This study has been conducted with the gathered data from 1997 to 2004 and provides insights about the Turkish banking sector's capital buffer utilization as a precautionary measure before and during the crises times. According to the first classification by bank types, the findings indicate that development and investment banks prefer highest capital buffer. State-owned deposit banks, on the other hand, are the ones with negative capital buffers in average terms. The article finds out that capital buffers in Turkish banking system has been rocketed by the 2001 restructuring program of the Turkish banking sector. When the authors exclude the banks transferred to the Savings Deposit Insurance Fund, capital buffer of the Turkish banking system was well above those of the European banking sector. The findings regarding the cyclical behavior of capital buffers in Turkish banking system, indicates that privately-owned deposit banks and large banks fluctuate pro-cyclically. Except the crises in the years of 2000 and 2001, development and investment banks are found to be pro-cyclical in their movement, as well. Likewise, total sample, excluding banks under the control of the Savings Deposit Insurance Fund, is fund to be pro-cyclical in its movement, except years 2000 and 2001. Small-and medium-sized banks move pro-cyclically except pre-crises year of 1999 and crises years. Only banks under the control of the Savings Deposit Insurance Fund are found to move counter-cyclically. Finally, total sample moves pro-cyclically except pre-crises year of 1999 and crises years of 2000 and 2001. It can be concluded with the provided evidence that the Turkish banking sector utilizes capital buffer as a precautionary measure against the financial crises.

Journal of Governance and Regulation

In light of challenges such as Covid-19 and social isolation and opportunities in terms of digita... more In light of challenges such as Covid-19 and social isolation and opportunities in terms of digital transformation, the editorial team is delighted to share a new issue of the Journal of Governance and Regulation. In particular, the latest 2020 issue 3 of volume 9 hosts very interesting, original, inspiring and influencing studies of various authors from different parts of the world. Studies belong to the fields of corporate governance, green information technology and environmental performance, sustainable development, capital efficiency in the insurance market, regulations in banking industry, performance of public enterprises, inequality and tax policy, slate-vote system and corporate ownership and governance under Covid-19.

Asian Economic and Financial Review

The purpose of this study is to analyze the causal relationship between Islamic (participation) b... more The purpose of this study is to analyze the causal relationship between Islamic (participation) banking and economic growth in Turkey. A quarterly time-series data is employed from 2008:1 to 2018:1. Vector Error Correction Model (VECM) based Granger causality test is conducted to find evidence in support of-supply-leading‖ or-demand-following‖ hypothesis. Empirical results of the study suggest a significant unidirectional long-run causality from Islamic (participation) banking to economic growth that confirms the-supply-leading‖ hypothesis. This finding is noteworthy as it emphasizes the crucial complementary role of Islamic (participation) banking besides conventional banking in Turkey. Findings draw attention to the fact that, efforts to improve the underlying regulatory system of Islamic (participation) banking will have positive contributions on growth. Besides, new business models/ Islamic banking window and diversified instruments are expected to position Turkey in a well-deserved place in the international Islamic banking industry. Contribution/ Originality: This study contributes to the existing literature by examining the participation banking and economic growth nexus. This study is the only study which has investigated the causal relationship by covering the latest data for a meaningful time frame. The paper's primary contribution is the finding that suggests a-supply-leading‖ hypothesis.

Corporate Ownership and Control, 2015

Purpose of the study is to investigate the changing ownership structures in the Turkish non-finan... more Purpose of the study is to investigate the changing ownership structures in the Turkish non-financial corporations listed on Borsa Istanbul (BIST) for the period of 1992-2014. This time frame entails the structural changes in the Turkish economy as well as Turkish corporations. With respect to ownership concentration, Turkish non-financial corporations reveal a concentrated nature. Most changes in ownership structures are triggered by the local and global economic and financial factors. In the years of research, excluding the economic crises periods, we witness a decrease in the shares of the largest shareholders and an increase in the shares owned by the minority shareholders. This finding can be interpreted as the democratization of capital in Turkish corporations. The initial public offerings and privatizations in Turkey tend to increase before the financial and economic crises, implying that democratization of capital needs stable economic environment. Findings assert that most ...