Business Administration

The objectives of this study is to find out the principal components of corporate reputation, to determine perceived importance levels of each component and to test whether the perceived importance levels are affected by respondents’ demographic characteristics. An exploratory field research is conducted on university students studying at Kocaeli University and Balıkesir University. Data is obtained from a convenience sample of 972 students, by using a questionnaire. After testing scale validity and reliability, analysis of variance is used to test whether the perceived importance levels of the components of corporate reputation vary according to basic demographic factors of the respondents. “Workplace Environment” is found to be perceived as the most important component of corporate reputation. Successively, “Quality of Products and Services “Vision and Leadership”, “Emotional Appeal” and “Social and Environmental Responsibility” comes in order.

Ethics has become an attractive research topic in the business literature. However, experimental studies probing the relation between business ethics and perceived firm value are relatively scarce. Accordingly, in this study we examined how unfair business practices affect customers’ perceptions about and intentions towards a company. For this aim, we
conducted an experimental study on 406 university students. We used an excerpt to manipulate the information about a hypothetical bank’s way of treatment to its customers (neutral vs. unfair). Than, we examined how different types of information do affect prospective customers’ evaluations of firm reputation and their intentions to purchase
services from the narrated bank. Data analysis revealed that, providing information about unethical business practices of a firm significantly decreased the perceived firm reputation and intentions to purchase services.

This study investigates the influences of claim specificity, the product`s environmental relevance, and the respondents` proenvironmental orientation on the effectiveness of green advertising among Turkish consumers. An experimental study is conducted using hypothetical print advertisements for two product categories (laundry machines as a high relevance product; DVD player as a low relevance product). Findings indicate that the specificity of the green claim does not exert a significant effect on consumer evaluations towards high relevance product advertisement, while specific green claims significantly improve the communication effectiveness of the low environmental relevance product advertisement. The theoretical and managerial implications of these findings are discussed.

Ethics has become an attractive research topic in the business literature. However, experimental studies probing the relation between business ethics and perceived firm value are relatively scarce. Accordingly, in this study we examined how unfair business practices affect customers' perceptions about and intentions towards a company. For this aim, we conducted an experimental study on 406 university students. We used an excerpt to manipulate the information about a hypothetical bank's way of treatment to its customers (neutral vs. unfair). Than, we examined how different types of information do affect prospective customers' evaluations of firm reputation and their intentions to purchase services from the narrated bank. Data analysis revealed that, providing information about unethical business practices of a firm significantly decreased the perceived firm reputation and intentions to purchase services.

Bu çalışma, petrol fiyatı değişimlerinin hisse senedi değerlerine etkisini ölçmeyi amaçlamaktadır. Petrol fiyatları ve sermaye piyasası arasındaki muhtemel ilişkinin, doğru şekilde tespit edilmesinin yatırımcılara sermaye piyasası araçlarının fiyatlaması konusunda yol gösterici nitelikte olabileceği düşünülmektedir. Bunun için ham petrol fiyatlarındaki değişim ve hisse senetleri piyasası getirilerinin, petrokimya endüstrisi endeks getirileri üzerindeki muhtemel etkileri iki faktörlü model kullanılarak analiz edilmiştir. Buna göre, 2003-2012 yılları arası için yapılan regresyon analizinde sektör (İMKB Petrol, Kimya ve Plastik Endeksi) risk primi, ham petrol (Brent) fiyatı değişimi ve hisse senetleri piyasası (İMKB 100) risk primi değişkenleri kullanılmıştır. Hem altışar aylık alt dönemlerde günlük hem de ardışık aylık veriler kullanılarak, sektör risk priminin bahsedilen açıklayıcı değişkenler yardımıyla açıklanmasına çalışılmıştır. Regresyon analizi aylık ardışık süreli verilerle uygulandığında, petrokimya endüstrisi endeks getirileri anlamlı şekilde açıklanırken, analiz altışar aylık alt dönemlere ayrı ayrı uygulandığında ise ham petrol fiyatı değişiminin hisse senetleri piyasası getirisi ile birlikte üç alt dönemde istatistiki olarak anlamlı sonuçlar verdiği gözlemlenmiştir.

Companies that achieve optimal capital composition reduce capital costs and approach the goal of maximizing company value. In addition to investment decisions, financing decisions also play a major role in achieving this goal. Capital structure decisions of companies and the effect of these decisions on company value are frequently examined in financial literature. The factors affecting the capital structure decisions taken by the companies aiming to maximize the value for this effect are important for both managers and potential investors. Ozan GÖNÜLLÜ Turkish Studies Volume 13/23, Summer 2018 statistically significant. This finding contradicts the findings of Rehman (2016). Another macroeconomic variable included in the analysis is the money supply and its effect on capital structure decisions is statistically insignificant. According to the findings of the analysis, companies increase their short-term borrowing in the period of high growth rate of the country. Another striking result of the analysis is that the companies change their capital structure in the inflationary periods by reducing their short-term debts. The exchange rate and interest rate have a positive effect on the leverage level of companies. In other words, companies do not prefer finance with equity in high interest periods; prefer financing with debt. This finding contradicts Baker & Wurgler's Theory of Market Timing.

Büyüme kararı alan şirketler, bunu gerçekleştirmek için iki seçenekle karşı karşıya kalırlar. İçsel büyüme ve dışsal büyüme arasında tercih yapması gereken şirketlerin, her iki tercihin de olumlu ve olumsuz yönlerini çok iyi değerlendirerek, büyüme stratejilerini, bu değerlendirmelerin sonucunda oluşturmaları gerekmektedir. 1980'li yıllarda başlayan sermaye serbestleşmesi ile birlikte küresel bir yapıya kavuşan şirket birleşmeleri, dünyada önemli bir dışsal büyüme yöntemi haline gelmiştir. Bu çalışmada birleşme ve devralma olaylarının hisse senedi performansı üzerindeki etkisi ve birleşen şirketin hisse senedini elinde bulunduran ortağın söz konusu işlem nedeniyle anormal getiri elde edip edemediği araştırılmıştır. Araştırmada, birleşmeye taraf olan şirketlerden en az birinin Borsa İstanbul (eski adıyla İMKB) üyesi olduğu 163 birleşme ve devralma olayı ele alınmış ve Olay Çalışması (Event Study) Metodu ile farklı sektörlerde faaliyet gösteren şirketlerin duyuru öncesi ve sonrasındaki getiri farklılıkları belirlenmiştir. Duyuru gününden önceki kümülatif ortalama anormal getiriler ile duyuru gününden sonraki kümülatif ortalama anormal getirilerin istatistiksel olarak anlamlı bir şekilde birbirinden farklı olup olmadığı test edebilmek amacı ile Bağlı Örnekler t-Testi (Paired Samples t-Test); olay penceresinin başından sonuna kadar hisse senedini elinde bulunduran bir ortağın normal üstü getiri elde edip edemeyeceğini belirleyebilmek için Tek Örneklem t-Testi (One-Sample Test) kullanılmıştır.

International portfolio investments allow minimizing systematic risk which cannot be eliminated by domestic portfolio investments. For successful international diversification, stock exchanges should not give the same reactions to the same developments, in other words, there should be no long-term relationships between them. The cointegration relationship negate the long-term effectiveness of traditional risk diversification techniques based on covariance. Long-and short-term relationships between stock exchanges in different geographies are important for investors who want to minimize portfolio diversification and / or increase profit by estimating the short-term fluctuations in these capital markets. Long-term relationships between capital markets are analyzed with cointegration models in finance literature. In this study, long-term and short-term relationships between BIST100 (XU100) indicator index of ISE and indicator indices of the

Creating brand loyalty is one of the important strategies using companies to cope with competition. The competition increases in personal care products market that becomes a growing sector in our country and world. The companies in this market can achieve to keep their customers creating brand loyalty. But a lot of factors effect on brand loyalty. Determining these factors is important to effect brand loyalty. Thus it is investigated the factors related brand loyalty in personal care products market in this study. Brand image, brand trust, perceived quality, brand competence and customer satisfaction were examined as determinants of brand loyalty. According to results brand image and trust affect perceived quality. Perceived quality affects satisfaction. And customer satisfaction affects positively brand loyalty.

The economies of many countries have come to a standstill due to the contraction in global production caused by COVID-19 epidemic which was declared a pandemic by World Health Organization (WHO) in March 2020. The basic metal industry, which is the locomotive of the Turkish manufacturing sector, is one of the sectors greatly affected by the pandemic. The financial performances of companies in the sector seriously affect the decision-making processes of managers and capital market investors. In this study, the financial performances of 20 firms listed in the BIST Base Metal Index (XMANA) during the pandemic were analyzed. The analysis results of the pandemic period (2020/06 – 2021/06) were compared with the previous one-year period and significant changes were found. For performance measurement, 15 different criteria were determined which were compiled from the balance sheet and income statements, consisting of liquidity, profitability, cost, value, growth, capital structure and acti...

World Economic System has opted for tight fiscal policies and Keynesian approach in order to overcome 1929 Economic Crisis. It had to bear the burdens of state interventions by 70s. High inflation, high rates of public debt and chronic budgetary deficit were indications for the inadequacy of the policies implemented up to that period. Such policies had proposed that inflation and economic recession could not be simultaneous; however, stagflation, which came out after cost-push inflation in 70s, disproved this proposition. During this period, we witness the raise of Neoliberalism that employed the tenets of old economic liberalism. Neoliberalism had been implemented in the US by R. Reagan and G. Bush, in the UK by M. Thatcher, and in Turkey by T. Ozal. Liberalisation policies implemented throughout Ozal and post-Ozal period has caused to the deterioration of the immune system of Turkish economy in the face of global crises. As a result, Turkey had been remarkably shocked by the crises in 1994, 2001 and 2008. We witness that, pace Neoliberal approach, state interventions and Keynesian policies are on rise particularly after 2008 crisis. This paper will focus on the free movement of the capital and its concomitant tendency to spread a regional crisis to other parts of the globe, which we experience as a result of deregulations and the recognition of uncontrolled release for the capital in 1980s. Drawing upon the recent crises that Neoliberalism could not tackle with, it will discuss the regulations implemented throughout the world.

Corporate mergers and acquisitions (“M&A”) which gained global presence thanks to the liberalization of capital movements by 1980s is a significant driver of external growth for firms around the world. Firms often go with M&As when they want to grow, reduce costs, and gain advantage through increasing market share or if they want to shift their activities to different sectors in an attempt to mitigate risks by diversification. M&A decisions would have serious effects on firms’ stock performance, and consequently on the wealth of the firms’ stockholders. In this study, we investigate the factors affecting firms’ stock performance and consequently on wealth of the firms’ stockholders in the event of M&A deal announcements by studying 15 M&A deals that took place from 2005 through 2015 where at least one party of the deal was a publicly traded information and technology (“IT”) firm on Istanbul Stock Exchange (“BIST”). The study identifies the return variations following announcement of M&A deals and presents findings on the potential effects of such return variations on wealth of stockholders.

The word efficiency is used in different meanings in different fields. At a certain point of balance, if the welfare of an economic unit cannot be increased without reducing the welfare of another unit, this is considered as efficiency. This type of efficiency definition is also known as the pareto efficiency (Williams, 2005). The efficiency in capital markets is defined as reflecting all current information of asset prices on the market (Fama, 1970). In this sense, efficient markets are defined as places where new information is reflected in the fastest and most correct way to the prices of securities and commodities. The literature in this field is usually examined the efficiency in three different dimensions. They could be counted as allocation efficiency, operational efficiency and information efficiency. The efficiency implied for the financial markets is information efficiency. Effective Market Hypothesis (EMH) briefly states that the prices existing in the market contain all kinds of information, so it is impossible to provide a supernormal return by using this information. EMH is a fairly controversial issue in academic finance literature. The studies mainly focus on whether stockexchange market is effective or not. In this study, it is examined whether or not the Turkish Derivatives Market is effective in weak form. In the analysis phase, the past price movements of traded contracts are subjected to various tests to determine whether they are suitable for the random walk model and indirectly for the efficient market hypothesis in the weak form.

Karabıyık 2008 Author described to usage of e-checks and their working mechanism in the study. Erdal and Ekinci 2013 Authors used support vector machines, radial basis function neural network and multilayer perceptron for predicting bank failures in the study. Demirelli 2014 Author used artificial intelligence in portfolio optimization. Yavuz et al. 2015 Authors used artificial neural networks in the risk-return prediction of portfolio analysis. Altınırmak and Karamaşa 2016 Authors used support vector machines and neural networks for classifying banks as an early warning of financial distress. Kara 2017 Author used support vector machine and artificial intelligence in portfolio management. Ceran 2019 Author researched identifying non-performing loans with AI in the banking sector. Pabuçcu 2019 Author forecasted Bist 100 index movements with a machine learning algorithm in the study.