Berna DOMBEKCI | Kirklareli University (original) (raw)

Papers by Berna DOMBEKCI

Finansal araştırmalar ve çalışmalar dergisi, 2014

The global economic crisis of 2008 has affected more or less every country. Governments have to t... more The global economic crisis of 2008 has affected more or less every country. Governments have to take special precautions to ease the severe effects of the crisis in their financial and real sectors. The interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For this reason, this article will focus on the effects of the 2008 global economic crisis on the borrowing rates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisis and crisis perspective. These effects are studied according to firm classifications based on age and cash holding behavior.

Several research has been conducted to find out the effects of the 2008 global economic crisis on... more Several research has been conducted to find out the effects of the 2008 global economic crisis on economy in many countries. This thesis brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on ISE. Panel data analysis was conducted to see effects of selected financial variables on firm financial performance. The findings say that working capital and inventory management gained importance when the firms had high debt and scarce cash reserves. When the weight of external resources meaning high debt was higher compared to cash flows, their impact was magnified on profitability and vice versa. The underlined effect of long-term financial debt on profitability was diminished when the firm had excess cash in hand. To conclude, firms with high cash holdings seem to be more prepared for the negative effects of the crisis and the cash reserves play a precautionary role against the risks of debt. The effects of the crisis on firms were also examined from the employment perspective. A striking layoff occurred in 2009Q1. The recovery in employment could be seen in the second quarter of 2010. Panel data analysis was also conducted with employment data. The results say that net debt and total assets caused changes in employment. It can be concluded that on general, the performance of firms with conservative leverage policy, good liquidity management and high cash holdings was better compared to other firms during this global crisis. viii ABBREVIATIONS BOE Bank of England CBOE Chicago Board Options Exchange CBRT Central Bank of Turkish Republic

Maliye finans yazıları, Dec 2, 2016

Social sciences studies journal (sssjournal), 2017

International Journal of Disciplines In Economics and Administrative Sciences Studies (IDEAstudies), 2017

Finans Politik ve Ekonomik Yorumlar, Dec 1, 2017

Several researches have been conducted to examine the effects of the 2008 global economic crisis ... more Several researches have been conducted to examine the effects of the 2008 global economic crisis on economy in many countries. This article brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on Bourse Istanbul between 2008 and 2011 on a quarterly basis. Panel data analysis was conducted to see effects of selected financial variables (net working capital/total assets, inventories/total assets, earnings before interest and tax/total assets, short-term financial debt /total assets and long-term financial debt/total assets) on firm financial performance (return on assets). The findings say that working capital and inventory management gained more importance during crisis time compared to pre-crisis period. The explanatory power of cash flows which are used to be main determinant of firm profitability before crisis is diminished during crisis period. The effect of financial debts on firm profitability was higher during crisis. It can be concluded that on general, leverage and liquidity management became more significant in crisis times compared to pre-crisis period and successful firms in these two aspects performed higher profitability during crisis time.

Maliye Finans Yazıları, 2016

Finansal Araştırmalar ve Çalışmalar Dergisi, 2014

The global economic crisis of 2008 has affected more or less every country. Governments have to t... more The global economic crisis of 2008 has affected more or less every country. Governments have to take special precautions to ease the severe effects of the crisis in their financial and real sectors. The interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For this reason, this article will focus on the effects of the 2008 global economic crisis on the borrowing rates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisis and crisis perspective. These effects are studied according to firm classifications based on age and cash holding behavior.

The Journal of Financial Researches and Studies, 2014

The global economic crisis of 2008 has affected more or less every country. Governments have to t... more The global economic crisis of 2008 has affected more or less every country. Governments have to take special precautions to ease the severe effects of the crisis in their financial and real sectors. The interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For this reason, this article will focus on the effects of the 2008 global economic crisis on the borrowing rates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisis and crisis perspective. These effects are studied according to firm classifications based on age and cash holding behavior.
Keywords: crisis, manufacturing companies, borrowing rates, cash holding

2008 KÜRESEL EKONOMİK KRİZİNİN İMALAT FİRMALARI BORÇLANMA ORANLARINA ETKİLERİ: KRİZ-ÖNCESİ VE KRİZ DÖNEMLERİNİN KARŞILAŞTIRMASI
2008 global krizi az veya çok birçok ülkeyi etkilemiştir. Hükümetler, finans ve reel sektörlerinde meydana gelebilecek krizin acı etkilerine karşı özel önlemler almak durumunda kalmışlardır. Faiz oranı ekonomik istikrarın önemli bir göstergesidir ve ekonomik birimlerin büyüme planlarını ertelememesi için belli bir seviyede tutulması gerekmektedir. Bu sebeple bu makale, 2008 ekonomik krizinin Borsa İstanbul’a kote olan üretim firmalarının borçlanma oranlarına olan etkileri üzerine kriz öncesi ve kriz dönemi yaklaşımı ile eğilecektir. Bu etkiler firmaların yaşı ve nakit tutma oranları bazında yapılan sınıflandırmaya göre incelenecektir.
Anahtar Kelimeler: Kriz, üretim firmaları, borçlanma oranları, nakit tutma

Maliye Finans Yazıları, 2016

Bu makalenin amacı Türkiye'nin değişik bölgelerinde yapılması planlanan rüzgar enerjisi santrali ... more Bu makalenin amacı Türkiye'nin değişik bölgelerinde yapılması planlanan rüzgar enerjisi santrali yatırımlarına örnek teşkil edebilecek fizibilite analizi çalışmasının yapılmasıdır. Bu amaçla toplanan veriler kullanılarak Karaburun (İzmir), Urla (İzmir), Samandağ (Hatay) ve Hereke (Kocaeli) ilçelerinde rüzgar enerjisi santrali projelerinin hipotetik fizibilite analizi yapılmıştır. Santrallerin inşaat ve operasyon sürecinde tüm nakit giriş ve çıkışları tahmin edilerek net nakit akışları hesap edilmiştir. Projelerin tahmini net bugünkü değerleri ve iç verim oranları hesaplanınca sadece Karaburun ve Samandağ yatırımlarının gerçekleştirilmesi karlı bulunmuştur.
Anahtar Kelimeler: Enerji, Rüzgar Enerjisi Santrali, Fizibilite,Yatırım

The aim of this paper is to undertake an exemplary feasibility analysis of wind energy production facility for several wind investments planned to be constructed in various districts of Turkey. Wind energy investments projects in Karaburun (İzmir), Urla (İzmir), Samandağ (Hatay) and in Hereke (Kocaeli) are evaluated in the light of the experts’ wind data reports. Net cash flows are estimated during construction and operation phases. When net present value and internal rate of return of the each project is forecasted, only Karaburun ve Samandağ projects are found profitable thus worth to be undertaken.
Keywords: Energy, Wind Energy Facility, Feasibility, Investment

SOCIAL SCIENCES STUDIES JOURNAL, 2017

Many studies have been conducted in several countries to analyze effects of the 2008 global crisi... more Many studies have been conducted in several countries to analyze effects of the 2008 global crisis. This study makes a significant contribution to crisis literature as it focus on the employment perspective of 112 manufacturing companies listed on Bourse İstanbul. The analysis shows that an important amount of layoffs has occurred in the first quarter of 2009. Improvement in employment can only be achieved in the second quarter of 2010. The panel data analysis conducted proves evidence that net debt and total assets have an effect on employee number. The general conclusion emphasizes the fact that firms that have less debt perform better compared to firms having more debt during this global crisis from the employment perspective.

2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmıştır. Bu çalışma, kriz etkilerinin mikro bazda diğer bir ifadeyle, Borsa İstanbul'a kote olan 112 Türk imalat sanayi şirketi üzerinde istihdam açısından incelenmesi sebebiyle kriz literatürüne yenilik getirmektedir. Toplanan veriler ışığında 2009 birinci çeyreğinde, göze çarpan bir işten çıkarma gerçekleşmiştir. İstihdamda iyileşme ancak 2010 ikinci çeyreğinde görülebilmiştir. İstihdam verisi ile yapılan panel veri analizi, net borç ve toplam varlıkların çalışan sayısı üzerinde değişikliğe neden olduğunu göstermiştir. Genel sonuç olarak, dikkatli borçlanan şirketler diğer şirketlere kıyasla bu global kriz döneminde istihdam açısından daha iyi bir performans sergilemişlerdir.

INTERNATIONAL JOURNAL of DISCIPLINES ECONOMICS & ADMINISTRATIVE SCIENCES STUDIES, 2017

Faiz oranları ile döviz kurlarının ilişkisi daima ilgi çeken bir konu olmuştur. Bu sebeple, bu ça... more Faiz oranları ile döviz kurlarının ilişkisi daima ilgi çeken bir konu olmuştur. Bu sebeple, bu çalışmada 1930 yıllarında gerçekleşen Büyük Buhran sonrasında en büyük ikinci kriz olan 2008 finansal krizi sırasında bu ilişki analiz edilmiştir. Analiz, yüksek faiz oranlarının döviz kurlarını düşürme etkisi olup olmadığını göstermeyi hedeflemektedir. Ekim 2008 ve Aralık 2009 tarihleri arasındaki haftalık veri ile ARDL Model uygulanmıştır. Analiz sonucunda faiz oranları ile döviz kurları arasında kısa vadeli bir ilişkiye rastlanmazken; uzun vadede, pozitif bir ilişki tespit edilmiştir. Bunun anlamı, yüksek faiz oranları uzun vadede döviz kurlarında artışa sebep olmaktadır.
Anahtar Kelimeler: Döviz Kuru, Faiz Oranı, Birim Kök Testleri, ARDL model

As the discussion on the relationship of interest rates and exchange rates is always a hot topic, this paper aims to analyze this relationship during 2008 financial crisis, which is the second global crisis after the Great Depression of 1930s, whether higher interest rates had the effect of defending exchange rates thus appreciating them. Applying an autoregressive distributed lag model (ARDL) to weekly data between October 2008 and December 2009, it can be concluded that there is no relationship in the short-run but there is a positive relationship in the long-run meaning that higher interest rates are associated with depreciation of exchange rates in the long-run in line with the revisionist view.
Keywords: Exchange Rate, Interest Rate, Unit Root Tests, ARDL model

Finans Politik & Ekonomik Yorumlar, 2017

2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmı... more 2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmıştır. Bu çalışma, kriz etkilerinin mikro bazda diğer bir ifadeyle, Borsa İstanbul'da işlem gören 157 adet Türk imalat sanayi şirketinin 2008-2011 yılları arasında çeyrek bazda incelenmesi sebebiyle kriz literatürüne yenilik getirmiştir. Seçilmiş finansal değişkenlerin (net çalışma sermayesi/toplam aktifler, stoklar/toplam aktifler, faiz ve vergi öncesi faaliyet karı/toplam aktifler, kısa ve uzun vadeli finansal borç/toplam aktifler) firma performansına (aktif karlılığı) etkilerini görebilmek amacıyla panel veri analizi yapılmıştır. Bulgular, kriz döneminde işletme sermayesi ve stok yönetiminin karlılığa olan etkisinin kriz öncesine göre arttığını dolayısıyla daha da önem kazandığını göstermiştir. Kriz öncesinde şirket karlılığında en önemli unsur olan nakit girişlerinin açıklayıcı gücü kriz döneminde azalmıştır. Finansal borçların karlılık üzerindeki etkisi kriz döneminde büyümüştür. Genel sonuç olarak, kriz döneminde borç ve likidite yönetimi kriz öncesine göre daha da önem kazanmış ve bu konuda başarılı olan şirketler diğer şirketlere kıyasla kriz döneminde daha iyi bir performans sergilemişlerdir. Anahtar Kelimeler: kriz, üretim şirketleri, karlılık, panel veri analizi

Several researches have been conducted to examine the effects of the 2008 global economic crisis on economy in many countries. This article brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on Bourse Istanbul between 2008 and 2011 on a quarterly basis. Panel data analysis was conducted to see effects of selected financial variables (net working capital/total assets, inventories/total assets , earnings before interest and tax/total assets, short-term financial debt /total assets and long-term financial debt/total assets) on firm financial performance (return on assets). The findings say that working capital and inventory management gained more importance during crisis time compared to pre-crisis period. The explanatory power of cash flows which are used to be main determinant of firm profitability before crisis is diminished during crisis period. The effect of financial debts on firm profitability was higher during crisis. It can be concluded that on general, leverage and liquidity management became more significant in crisis times compared to pre-crisis period and successful firms in these two aspects performed higher profitability during crisis time.

International Journal of Energy Sector Management, 2011

Purpose – The purpose of this paper is to analyze emission trading applications in the European U... more Purpose – The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand. Design/methodology/approach – The Kyoto Protocol and its market-based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets. Findings – This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post-Kyoto period, to benefit from similar mechanisms to finance its energy investments. Practical implications – The paper is a useful source of information for ETS. Social implications – This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy. Originality/value – This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.

Books by Berna DOMBEKCI

PETER LANG-Interdisciplinary Public Finance, Business and Economics Studies Volume II, 2019

Civil aviation sector is developing in line with global economic developments. Total number of pa... more Civil aviation sector is developing in line with global economic developments.
Total number of passengers carried on scheduled services rose to 4.1 billion
passengers increasing by 7 % in year 2017. While total number of departures
increased to 37 million, highest number of all times, global passenger load factor
(LF) reached 81 % in 2017. European air carriers recorded a growth of 8 % and
accounted for the largest share of 37 % of total international scheduled passenger
traffic. Asia Pacific had the second largest share of 29 % growing by 10 % in 2017
(Directorate General of Civil Aviation, 2018). Meanwhile, number of passengers
in Turkey rose to 193 million increasing by 11 % for the same year (Turkish
Airlines 2017 Annual Report, 2018). Due to this growth, Turkey had a market
share of 5 % on a worldwide basis.
The aim of this study is to analyze liquidity management performance of 20
international airline companies, of which two of them are operating in Turkey, between 2011 and 2017 by using liquidity ratios. This analysis thus underlines best airline companies in the world from liquidity perspective.

Finansal araştırmalar ve çalışmalar dergisi, 2014

The global economic crisis of 2008 has affected more or less every country. Governments have to t... more The global economic crisis of 2008 has affected more or less every country. Governments have to take special precautions to ease the severe effects of the crisis in their financial and real sectors. The interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For this reason, this article will focus on the effects of the 2008 global economic crisis on the borrowing rates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisis and crisis perspective. These effects are studied according to firm classifications based on age and cash holding behavior.

Several research has been conducted to find out the effects of the 2008 global economic crisis on... more Several research has been conducted to find out the effects of the 2008 global economic crisis on economy in many countries. This thesis brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on ISE. Panel data analysis was conducted to see effects of selected financial variables on firm financial performance. The findings say that working capital and inventory management gained importance when the firms had high debt and scarce cash reserves. When the weight of external resources meaning high debt was higher compared to cash flows, their impact was magnified on profitability and vice versa. The underlined effect of long-term financial debt on profitability was diminished when the firm had excess cash in hand. To conclude, firms with high cash holdings seem to be more prepared for the negative effects of the crisis and the cash reserves play a precautionary role against the risks of debt. The effects of the crisis on firms were also examined from the employment perspective. A striking layoff occurred in 2009Q1. The recovery in employment could be seen in the second quarter of 2010. Panel data analysis was also conducted with employment data. The results say that net debt and total assets caused changes in employment. It can be concluded that on general, the performance of firms with conservative leverage policy, good liquidity management and high cash holdings was better compared to other firms during this global crisis. viii ABBREVIATIONS BOE Bank of England CBOE Chicago Board Options Exchange CBRT Central Bank of Turkish Republic

Maliye finans yazıları, Dec 2, 2016

Social sciences studies journal (sssjournal), 2017

International Journal of Disciplines In Economics and Administrative Sciences Studies (IDEAstudies), 2017

Finans Politik ve Ekonomik Yorumlar, Dec 1, 2017

Several researches have been conducted to examine the effects of the 2008 global economic crisis ... more Several researches have been conducted to examine the effects of the 2008 global economic crisis on economy in many countries. This article brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on Bourse Istanbul between 2008 and 2011 on a quarterly basis. Panel data analysis was conducted to see effects of selected financial variables (net working capital/total assets, inventories/total assets, earnings before interest and tax/total assets, short-term financial debt /total assets and long-term financial debt/total assets) on firm financial performance (return on assets). The findings say that working capital and inventory management gained more importance during crisis time compared to pre-crisis period. The explanatory power of cash flows which are used to be main determinant of firm profitability before crisis is diminished during crisis period. The effect of financial debts on firm profitability was higher during crisis. It can be concluded that on general, leverage and liquidity management became more significant in crisis times compared to pre-crisis period and successful firms in these two aspects performed higher profitability during crisis time.

Maliye Finans Yazıları, 2016

Finansal Araştırmalar ve Çalışmalar Dergisi, 2014

The global economic crisis of 2008 has affected more or less every country. Governments have to t... more The global economic crisis of 2008 has affected more or less every country. Governments have to take special precautions to ease the severe effects of the crisis in their financial and real sectors. The interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For this reason, this article will focus on the effects of the 2008 global economic crisis on the borrowing rates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisis and crisis perspective. These effects are studied according to firm classifications based on age and cash holding behavior.

The Journal of Financial Researches and Studies, 2014

The global economic crisis of 2008 has affected more or less every country. Governments have to t... more The global economic crisis of 2008 has affected more or less every country. Governments have to take special precautions to ease the severe effects of the crisis in their financial and real sectors. The interest rate is an important indicator of economic stability and should be maintained at a level where the economic agents do not decide to postpone their growth plans. For this reason, this article will focus on the effects of the 2008 global economic crisis on the borrowing rates of Turkish manufacturing companies listed at the Bourse Istanbul (BIST) from a pre-crisis and crisis perspective. These effects are studied according to firm classifications based on age and cash holding behavior.
Keywords: crisis, manufacturing companies, borrowing rates, cash holding

2008 KÜRESEL EKONOMİK KRİZİNİN İMALAT FİRMALARI BORÇLANMA ORANLARINA ETKİLERİ: KRİZ-ÖNCESİ VE KRİZ DÖNEMLERİNİN KARŞILAŞTIRMASI
2008 global krizi az veya çok birçok ülkeyi etkilemiştir. Hükümetler, finans ve reel sektörlerinde meydana gelebilecek krizin acı etkilerine karşı özel önlemler almak durumunda kalmışlardır. Faiz oranı ekonomik istikrarın önemli bir göstergesidir ve ekonomik birimlerin büyüme planlarını ertelememesi için belli bir seviyede tutulması gerekmektedir. Bu sebeple bu makale, 2008 ekonomik krizinin Borsa İstanbul’a kote olan üretim firmalarının borçlanma oranlarına olan etkileri üzerine kriz öncesi ve kriz dönemi yaklaşımı ile eğilecektir. Bu etkiler firmaların yaşı ve nakit tutma oranları bazında yapılan sınıflandırmaya göre incelenecektir.
Anahtar Kelimeler: Kriz, üretim firmaları, borçlanma oranları, nakit tutma

Maliye Finans Yazıları, 2016

Bu makalenin amacı Türkiye'nin değişik bölgelerinde yapılması planlanan rüzgar enerjisi santrali ... more Bu makalenin amacı Türkiye'nin değişik bölgelerinde yapılması planlanan rüzgar enerjisi santrali yatırımlarına örnek teşkil edebilecek fizibilite analizi çalışmasının yapılmasıdır. Bu amaçla toplanan veriler kullanılarak Karaburun (İzmir), Urla (İzmir), Samandağ (Hatay) ve Hereke (Kocaeli) ilçelerinde rüzgar enerjisi santrali projelerinin hipotetik fizibilite analizi yapılmıştır. Santrallerin inşaat ve operasyon sürecinde tüm nakit giriş ve çıkışları tahmin edilerek net nakit akışları hesap edilmiştir. Projelerin tahmini net bugünkü değerleri ve iç verim oranları hesaplanınca sadece Karaburun ve Samandağ yatırımlarının gerçekleştirilmesi karlı bulunmuştur.
Anahtar Kelimeler: Enerji, Rüzgar Enerjisi Santrali, Fizibilite,Yatırım

The aim of this paper is to undertake an exemplary feasibility analysis of wind energy production facility for several wind investments planned to be constructed in various districts of Turkey. Wind energy investments projects in Karaburun (İzmir), Urla (İzmir), Samandağ (Hatay) and in Hereke (Kocaeli) are evaluated in the light of the experts’ wind data reports. Net cash flows are estimated during construction and operation phases. When net present value and internal rate of return of the each project is forecasted, only Karaburun ve Samandağ projects are found profitable thus worth to be undertaken.
Keywords: Energy, Wind Energy Facility, Feasibility, Investment

SOCIAL SCIENCES STUDIES JOURNAL, 2017

Many studies have been conducted in several countries to analyze effects of the 2008 global crisi... more Many studies have been conducted in several countries to analyze effects of the 2008 global crisis. This study makes a significant contribution to crisis literature as it focus on the employment perspective of 112 manufacturing companies listed on Bourse İstanbul. The analysis shows that an important amount of layoffs has occurred in the first quarter of 2009. Improvement in employment can only be achieved in the second quarter of 2010. The panel data analysis conducted proves evidence that net debt and total assets have an effect on employee number. The general conclusion emphasizes the fact that firms that have less debt perform better compared to firms having more debt during this global crisis from the employment perspective.

2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmıştır. Bu çalışma, kriz etkilerinin mikro bazda diğer bir ifadeyle, Borsa İstanbul'a kote olan 112 Türk imalat sanayi şirketi üzerinde istihdam açısından incelenmesi sebebiyle kriz literatürüne yenilik getirmektedir. Toplanan veriler ışığında 2009 birinci çeyreğinde, göze çarpan bir işten çıkarma gerçekleşmiştir. İstihdamda iyileşme ancak 2010 ikinci çeyreğinde görülebilmiştir. İstihdam verisi ile yapılan panel veri analizi, net borç ve toplam varlıkların çalışan sayısı üzerinde değişikliğe neden olduğunu göstermiştir. Genel sonuç olarak, dikkatli borçlanan şirketler diğer şirketlere kıyasla bu global kriz döneminde istihdam açısından daha iyi bir performans sergilemişlerdir.

INTERNATIONAL JOURNAL of DISCIPLINES ECONOMICS & ADMINISTRATIVE SCIENCES STUDIES, 2017

Faiz oranları ile döviz kurlarının ilişkisi daima ilgi çeken bir konu olmuştur. Bu sebeple, bu ça... more Faiz oranları ile döviz kurlarının ilişkisi daima ilgi çeken bir konu olmuştur. Bu sebeple, bu çalışmada 1930 yıllarında gerçekleşen Büyük Buhran sonrasında en büyük ikinci kriz olan 2008 finansal krizi sırasında bu ilişki analiz edilmiştir. Analiz, yüksek faiz oranlarının döviz kurlarını düşürme etkisi olup olmadığını göstermeyi hedeflemektedir. Ekim 2008 ve Aralık 2009 tarihleri arasındaki haftalık veri ile ARDL Model uygulanmıştır. Analiz sonucunda faiz oranları ile döviz kurları arasında kısa vadeli bir ilişkiye rastlanmazken; uzun vadede, pozitif bir ilişki tespit edilmiştir. Bunun anlamı, yüksek faiz oranları uzun vadede döviz kurlarında artışa sebep olmaktadır.
Anahtar Kelimeler: Döviz Kuru, Faiz Oranı, Birim Kök Testleri, ARDL model

As the discussion on the relationship of interest rates and exchange rates is always a hot topic, this paper aims to analyze this relationship during 2008 financial crisis, which is the second global crisis after the Great Depression of 1930s, whether higher interest rates had the effect of defending exchange rates thus appreciating them. Applying an autoregressive distributed lag model (ARDL) to weekly data between October 2008 and December 2009, it can be concluded that there is no relationship in the short-run but there is a positive relationship in the long-run meaning that higher interest rates are associated with depreciation of exchange rates in the long-run in line with the revisionist view.
Keywords: Exchange Rate, Interest Rate, Unit Root Tests, ARDL model

Finans Politik & Ekonomik Yorumlar, 2017

2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmı... more 2008 global ekonomik krizinin etkilerini görmek amacıyla birçok ülkede çok sayıda çalışma yapılmıştır. Bu çalışma, kriz etkilerinin mikro bazda diğer bir ifadeyle, Borsa İstanbul'da işlem gören 157 adet Türk imalat sanayi şirketinin 2008-2011 yılları arasında çeyrek bazda incelenmesi sebebiyle kriz literatürüne yenilik getirmiştir. Seçilmiş finansal değişkenlerin (net çalışma sermayesi/toplam aktifler, stoklar/toplam aktifler, faiz ve vergi öncesi faaliyet karı/toplam aktifler, kısa ve uzun vadeli finansal borç/toplam aktifler) firma performansına (aktif karlılığı) etkilerini görebilmek amacıyla panel veri analizi yapılmıştır. Bulgular, kriz döneminde işletme sermayesi ve stok yönetiminin karlılığa olan etkisinin kriz öncesine göre arttığını dolayısıyla daha da önem kazandığını göstermiştir. Kriz öncesinde şirket karlılığında en önemli unsur olan nakit girişlerinin açıklayıcı gücü kriz döneminde azalmıştır. Finansal borçların karlılık üzerindeki etkisi kriz döneminde büyümüştür. Genel sonuç olarak, kriz döneminde borç ve likidite yönetimi kriz öncesine göre daha da önem kazanmış ve bu konuda başarılı olan şirketler diğer şirketlere kıyasla kriz döneminde daha iyi bir performans sergilemişlerdir. Anahtar Kelimeler: kriz, üretim şirketleri, karlılık, panel veri analizi

Several researches have been conducted to examine the effects of the 2008 global economic crisis on economy in many countries. This article brings novelty to crisis literature as the effects were examined on micro basis, in other words, on 157 Turkish manufacturing firms listed on Bourse Istanbul between 2008 and 2011 on a quarterly basis. Panel data analysis was conducted to see effects of selected financial variables (net working capital/total assets, inventories/total assets , earnings before interest and tax/total assets, short-term financial debt /total assets and long-term financial debt/total assets) on firm financial performance (return on assets). The findings say that working capital and inventory management gained more importance during crisis time compared to pre-crisis period. The explanatory power of cash flows which are used to be main determinant of firm profitability before crisis is diminished during crisis period. The effect of financial debts on firm profitability was higher during crisis. It can be concluded that on general, leverage and liquidity management became more significant in crisis times compared to pre-crisis period and successful firms in these two aspects performed higher profitability during crisis time.

International Journal of Energy Sector Management, 2011

Purpose – The purpose of this paper is to analyze emission trading applications in the European U... more Purpose – The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand. Design/methodology/approach – The Kyoto Protocol and its market-based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets. Findings – This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post-Kyoto period, to benefit from similar mechanisms to finance its energy investments. Practical implications – The paper is a useful source of information for ETS. Social implications – This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy. Originality/value – This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.

PETER LANG-Interdisciplinary Public Finance, Business and Economics Studies Volume II, 2019

Civil aviation sector is developing in line with global economic developments. Total number of pa... more Civil aviation sector is developing in line with global economic developments.
Total number of passengers carried on scheduled services rose to 4.1 billion
passengers increasing by 7 % in year 2017. While total number of departures
increased to 37 million, highest number of all times, global passenger load factor
(LF) reached 81 % in 2017. European air carriers recorded a growth of 8 % and
accounted for the largest share of 37 % of total international scheduled passenger
traffic. Asia Pacific had the second largest share of 29 % growing by 10 % in 2017
(Directorate General of Civil Aviation, 2018). Meanwhile, number of passengers
in Turkey rose to 193 million increasing by 11 % for the same year (Turkish
Airlines 2017 Annual Report, 2018). Due to this growth, Turkey had a market
share of 5 % on a worldwide basis.
The aim of this study is to analyze liquidity management performance of 20
international airline companies, of which two of them are operating in Turkey, between 2011 and 2017 by using liquidity ratios. This analysis thus underlines best airline companies in the world from liquidity perspective.