Assoc. Prof. Sezer Bozkus Kahyaoglu | Kyrgyz-Turkish Manas University (original) (raw)

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Papers by Assoc. Prof. Sezer Bozkus Kahyaoglu

Accounting, finance, sustainability, governance & fraud, Oct 21, 2023

Accounting, finance, sustainability, governance & fraud, Oct 21, 2023

3. SEKTÖR SOSYAL EKONOMİ DERGİSİ, 2018

Contemporary studies in economic and financial analysis, Sep 2, 2020

Findings – There is a strong correlation between BIST-30 and Katilim-30. They are affected by the... more Findings – There is a strong correlation between BIST-30 and Katilim-30. They are affected by the same shocks. We expect to see different investor behaviours for Katilim-30 and BIST-30. However, they seem to have almost the same investor profile. In addition, there is a causality in both ways and volatility spillover between them.

Muhasebe ve finansman dergisi, Apr 6, 2020

This paper focuses on risk organizations in banks and specifically the risk management function o... more This paper focuses on risk organizations in banks and specifically the risk management function of banks. In order to forecast the future dynamics and expectations of stakeholders, the milestones of risk management are analyzed based on relevant literature. The development of banking risk management over the last ten years has been a response to the direct financial impact of the crisis and to the regulatory agenda that followed. This study argues that a new hybrid type of banking system, in which financial engineering and the integration of products and services from outside suppliers play a greater role than ever before, is emerging. After the global financial crisis, particularly banks' risk organizations have grown as they have reshaped themselves by going beyond the management of traditional financial risks. In addition, banks' balance sheets and funding strategies have changed dramatically since 2007, with higher (equity) capital ratios and more stable debt funding. In this context, banks attach special importance to risk organization, risk culture and control activities in order to develop risk intelligence.

As a capable emerging country and a candidate for EU accession, Turkey needs both structural tran... more As a capable emerging country and a candidate for EU accession, Turkey needs both structural transformation and an ongoing development and harmonization of its capital market legislation. For this reason, corporate governance framework and the modern internal auditing practices could enable Turkey not only to control its own risks superior but also to enhance the market's confidence in its commitment to sound fiscal and monetary policies. In this paper, we evaluate the internal auditing performance metrics considering the Institute of Internal Auditors (IIA) standards to make relevant recommendations for practitioners in Turkey. In this way, we aim to increase the awareness on the importance of corporate governance framework and the benefits of relying on modern internal auditing techniques for companies. We also intend to contribute the performance improvements in these fields of work.

Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application, 2019

It is generally accepted that behaving ethically is essential to the success of organizations. Th... more It is generally accepted that behaving ethically is essential to the success of organizations. The failure to behave ethically in the eyes of key stakeholders can impair the health of organizations. This is particularly the case with organizations who are potentially vulnerable to direct consumer action and also the state agencies who provide various services for their citizens. In this paper, we analyze the involvement of internal audit in the provision of assurance in relation to the ethics implementations in organizations. Internal audit is expected to conduct an effective ethical audit as a high priority in a risk-based internal audit planning process which is required by the International Professional Practices Framework (IPPF) of the Institute of Internal Auditors (IIA). The provision of assurance concerning successful implementation of an ethics policy as a contribution to the achievement of organizational objectives is becoming increasingly critical. That's why, it is examined whether internal audit is ready for responding to this challenge globally. The Common Body of Knowledge (CBOK) data of IIA are used for analyzing the current situation about determinants of ethics auditing all over the world. We propose a structural equation model (SEM) utilizing a worldwide dataset of CBOK data with responses from internal auditors. The determinants of ethics auditing is estimated by using SEM with 20 observed variables loaded to six factors namely,

Values expressing core beliefs of an organization are trusts, moral and ethical preferences, whic... more Values expressing core beliefs of an organization are trusts, moral and ethical preferences, which constitute organizational culture and lie behind it. These preferences play a critical role in implementation, explanation and interpretation of corporate standards and business rules. When considered from this point of view, ethical values should have been possessed of different characteristic features. While some of them have based on universal values, some part of values may have been able to bring business values, social values or principles of corporate governance to forefront. Ethical values underlie missions, visions and business philosophies of banks. In this paper, by having idiosyncrasies of ethical values with participation banks analyzed, it has been aimed to put forth it’s common and divergent aspects in comparison to other kinds of bank. In this context, it has been investigated whether the ethical values of the participation banks are different from those of the conventi...

Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 2020

In both public and private sectors, internal audit profession has become a fundamental requiremen... more In both public and private sectors, internal audit profession has become a fundamental requirement to improve business processes to achieve strategic goals. This is due to the fact that internal audit has a significant role with its value added risk-based approach and being trusted advisor in achieving strategic goals. Internal audit in public sector is a comparatively new practice in Turkey which became operative with the Public Financial Management and Control Law (No 5018) back in 2003 in order to ensure economic, efficient, effective utilization of public resources in line with the priorities and performance indicators of public administrations. After a short transition period, the public administrations have started to establish their internal audit functions with the full support of Internal Audit Coordination Board of Turkey based on IIA standards in such a tiny period of time. The major aim of this paper is to analyze the current state of public sector internal audit in Turk...

Journal of Risk and Financial Management

Purpose: This paper aims to investigate the impact of government effectiveness on trade and finan... more Purpose: This paper aims to investigate the impact of government effectiveness on trade and financial openness in 35 selected countries around the globe. Design/methodology/approach: A quantitative research approach was applied in the study using the generalized quantile panel regression approach to analyze the impact of identified variables in these selected countries. Panel quantile models with high estimation performance are preferred in the presence of excessive deviations and in cases where the normal distribution is invalid. Findings/results: The empirical findings indicate that selected countries with above-average governmental effectiveness, that is, with a well-established state bureaucracy and a historically strong state tradition, will further increase their activities toward international integration through financial and trade openness. Practical implications: This study aims to provide valuable information that governments and regulatory authorities can benefit from in...

CRC Press eBooks, Sep 22, 2022

Bifec Book of Abstracts Proceedings, 2014

Turkish Electricity Market was launched in 2006. This event could be treated as a new and revolut... more Turkish Electricity Market was launched in 2006. This event could be treated as a new and revolutionary period in Turkish Energy Markets since the electricity spot prices are determined by the market conditions thereafter. There was an amendment and advancement in the electricity price determination system in 2009 in order to enhance the electricity pricing mechanisms. In this respect, the volatility of electricity prices becomes the major explanatory variable for the forecast of electricity price demand in Turkey. It is important for the markets participants to analyze and compare historical price behavior across the energy markets, along with a forecast of price volatility which provide price signals which can be incorporated into their inter-jurisdiction energy trade planning. In addition, these market participants may consider price volatility signals in their future investment plans in order to minimize the potential financial risks to which they might be exposed. However there is neither electricity nor any other energy futures market which makes it difficult for the market participants to utilize as hedging instruments in Turkey. In this work, Petrol Future Contracts are analyzed to forecast whether these contracts could be used as hedging instruments against the volatility of Turkish electricity market prices. Volatility in the Turkish electricity market prices are quantified and the optimal hedging ratio is estimated by using relevant econometric methods and approaches. Based on our empirical findings, recommendations are made for the market participants to assist them for hedging strategies and minimizing the energy costs.

Business, Management and Economics

This chapter assesses connectedness of critical financial variables within the South African cont... more This chapter assesses connectedness of critical financial variables within the South African context. The key variables determining countries’ international financial risk levels are the prices of their main export goods in the international markets. From this perspective, there is a connection between the prices of financialised commodities and precious metals in international markets, the exchange rates of the countries supplying these goods to the world economy and their risk indicators. As a result, a spill-over effect of financial risk increases the stress between the price movements in international markets, especially in countries whose national economy is based on the precious metals in question, and the risk indicators in international markets. From this point of view, the connection firstly between the gold prices (and secondly between platinum prices), which have an impact on the world economy, and the credit default swaps (CDSs), which show the country’s risk level, and ...

Artificial Intelligence Perspective for Smart Cities

Accounting, finance, sustainability, governance & fraud, Oct 21, 2023

Accounting, finance, sustainability, governance & fraud, Oct 21, 2023

3. SEKTÖR SOSYAL EKONOMİ DERGİSİ, 2018

Contemporary studies in economic and financial analysis, Sep 2, 2020

Findings – There is a strong correlation between BIST-30 and Katilim-30. They are affected by the... more Findings – There is a strong correlation between BIST-30 and Katilim-30. They are affected by the same shocks. We expect to see different investor behaviours for Katilim-30 and BIST-30. However, they seem to have almost the same investor profile. In addition, there is a causality in both ways and volatility spillover between them.

Muhasebe ve finansman dergisi, Apr 6, 2020

This paper focuses on risk organizations in banks and specifically the risk management function o... more This paper focuses on risk organizations in banks and specifically the risk management function of banks. In order to forecast the future dynamics and expectations of stakeholders, the milestones of risk management are analyzed based on relevant literature. The development of banking risk management over the last ten years has been a response to the direct financial impact of the crisis and to the regulatory agenda that followed. This study argues that a new hybrid type of banking system, in which financial engineering and the integration of products and services from outside suppliers play a greater role than ever before, is emerging. After the global financial crisis, particularly banks' risk organizations have grown as they have reshaped themselves by going beyond the management of traditional financial risks. In addition, banks' balance sheets and funding strategies have changed dramatically since 2007, with higher (equity) capital ratios and more stable debt funding. In this context, banks attach special importance to risk organization, risk culture and control activities in order to develop risk intelligence.

As a capable emerging country and a candidate for EU accession, Turkey needs both structural tran... more As a capable emerging country and a candidate for EU accession, Turkey needs both structural transformation and an ongoing development and harmonization of its capital market legislation. For this reason, corporate governance framework and the modern internal auditing practices could enable Turkey not only to control its own risks superior but also to enhance the market's confidence in its commitment to sound fiscal and monetary policies. In this paper, we evaluate the internal auditing performance metrics considering the Institute of Internal Auditors (IIA) standards to make relevant recommendations for practitioners in Turkey. In this way, we aim to increase the awareness on the importance of corporate governance framework and the benefits of relying on modern internal auditing techniques for companies. We also intend to contribute the performance improvements in these fields of work.

Accounting, Finance, Sustainability, Governance & Fraud: Theory and Application, 2019

It is generally accepted that behaving ethically is essential to the success of organizations. Th... more It is generally accepted that behaving ethically is essential to the success of organizations. The failure to behave ethically in the eyes of key stakeholders can impair the health of organizations. This is particularly the case with organizations who are potentially vulnerable to direct consumer action and also the state agencies who provide various services for their citizens. In this paper, we analyze the involvement of internal audit in the provision of assurance in relation to the ethics implementations in organizations. Internal audit is expected to conduct an effective ethical audit as a high priority in a risk-based internal audit planning process which is required by the International Professional Practices Framework (IPPF) of the Institute of Internal Auditors (IIA). The provision of assurance concerning successful implementation of an ethics policy as a contribution to the achievement of organizational objectives is becoming increasingly critical. That's why, it is examined whether internal audit is ready for responding to this challenge globally. The Common Body of Knowledge (CBOK) data of IIA are used for analyzing the current situation about determinants of ethics auditing all over the world. We propose a structural equation model (SEM) utilizing a worldwide dataset of CBOK data with responses from internal auditors. The determinants of ethics auditing is estimated by using SEM with 20 observed variables loaded to six factors namely,

Values expressing core beliefs of an organization are trusts, moral and ethical preferences, whic... more Values expressing core beliefs of an organization are trusts, moral and ethical preferences, which constitute organizational culture and lie behind it. These preferences play a critical role in implementation, explanation and interpretation of corporate standards and business rules. When considered from this point of view, ethical values should have been possessed of different characteristic features. While some of them have based on universal values, some part of values may have been able to bring business values, social values or principles of corporate governance to forefront. Ethical values underlie missions, visions and business philosophies of banks. In this paper, by having idiosyncrasies of ethical values with participation banks analyzed, it has been aimed to put forth it’s common and divergent aspects in comparison to other kinds of bank. In this context, it has been investigated whether the ethical values of the participation banks are different from those of the conventi...

Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 2020

In both public and private sectors, internal audit profession has become a fundamental requiremen... more In both public and private sectors, internal audit profession has become a fundamental requirement to improve business processes to achieve strategic goals. This is due to the fact that internal audit has a significant role with its value added risk-based approach and being trusted advisor in achieving strategic goals. Internal audit in public sector is a comparatively new practice in Turkey which became operative with the Public Financial Management and Control Law (No 5018) back in 2003 in order to ensure economic, efficient, effective utilization of public resources in line with the priorities and performance indicators of public administrations. After a short transition period, the public administrations have started to establish their internal audit functions with the full support of Internal Audit Coordination Board of Turkey based on IIA standards in such a tiny period of time. The major aim of this paper is to analyze the current state of public sector internal audit in Turk...

Journal of Risk and Financial Management

Purpose: This paper aims to investigate the impact of government effectiveness on trade and finan... more Purpose: This paper aims to investigate the impact of government effectiveness on trade and financial openness in 35 selected countries around the globe. Design/methodology/approach: A quantitative research approach was applied in the study using the generalized quantile panel regression approach to analyze the impact of identified variables in these selected countries. Panel quantile models with high estimation performance are preferred in the presence of excessive deviations and in cases where the normal distribution is invalid. Findings/results: The empirical findings indicate that selected countries with above-average governmental effectiveness, that is, with a well-established state bureaucracy and a historically strong state tradition, will further increase their activities toward international integration through financial and trade openness. Practical implications: This study aims to provide valuable information that governments and regulatory authorities can benefit from in...

CRC Press eBooks, Sep 22, 2022

Bifec Book of Abstracts Proceedings, 2014

Turkish Electricity Market was launched in 2006. This event could be treated as a new and revolut... more Turkish Electricity Market was launched in 2006. This event could be treated as a new and revolutionary period in Turkish Energy Markets since the electricity spot prices are determined by the market conditions thereafter. There was an amendment and advancement in the electricity price determination system in 2009 in order to enhance the electricity pricing mechanisms. In this respect, the volatility of electricity prices becomes the major explanatory variable for the forecast of electricity price demand in Turkey. It is important for the markets participants to analyze and compare historical price behavior across the energy markets, along with a forecast of price volatility which provide price signals which can be incorporated into their inter-jurisdiction energy trade planning. In addition, these market participants may consider price volatility signals in their future investment plans in order to minimize the potential financial risks to which they might be exposed. However there is neither electricity nor any other energy futures market which makes it difficult for the market participants to utilize as hedging instruments in Turkey. In this work, Petrol Future Contracts are analyzed to forecast whether these contracts could be used as hedging instruments against the volatility of Turkish electricity market prices. Volatility in the Turkish electricity market prices are quantified and the optimal hedging ratio is estimated by using relevant econometric methods and approaches. Based on our empirical findings, recommendations are made for the market participants to assist them for hedging strategies and minimizing the energy costs.

Business, Management and Economics

This chapter assesses connectedness of critical financial variables within the South African cont... more This chapter assesses connectedness of critical financial variables within the South African context. The key variables determining countries’ international financial risk levels are the prices of their main export goods in the international markets. From this perspective, there is a connection between the prices of financialised commodities and precious metals in international markets, the exchange rates of the countries supplying these goods to the world economy and their risk indicators. As a result, a spill-over effect of financial risk increases the stress between the price movements in international markets, especially in countries whose national economy is based on the precious metals in question, and the risk indicators in international markets. From this point of view, the connection firstly between the gold prices (and secondly between platinum prices), which have an impact on the world economy, and the credit default swaps (CDSs), which show the country’s risk level, and ...

Artificial Intelligence Perspective for Smart Cities

Özet Bu çalışmada amaç iç denetim için sayısal yöntemlerden yararlanılması için bilgi sunmaktır. ... more Özet Bu çalışmada amaç iç denetim için sayısal yöntemlerden yararlanılması için bilgi sunmaktır. Bunun için öncelikli olarak denetim riski ve güvence modeli yaklaşımları tanıtılmıştır. Denetim riski ve bileşenleri açıklanmıştır. Risklerin tespitine yönelik olarak örneklemlerin seçimi ve denetim planları kontrol testlerine ilişkin süreçler açıklanmıştır. Söz konusu yaklaşımların araç olarak kullanılması ile ulaşılan sonuçların raporlamasına ilişkin izlenmesi gereken adımlar belirtilmiştir.