Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1861
Tayfun Tuncay Tosun
Purpose- This study empirically investigates whether there is an asymmetry between the competitiveness of the core and peripheral EU countries in the post-monetary union period, which includes the public debt crisis. Methodology- This paper analyzes the long and short-term effects of the interest rate for public bond yields and real effective exchange rate on public debt in core (Germany, Austria, Belgium, Denmark, and the Netherlands) and peripheral (Greece, Ireland, Italy, Portugal, and Spain) EU countries using the panel linear Autoregressive Distributive Lag model. In the study, second-generation unit root tests, Westerlund's (2007) cointegration test, and short and long-term MG, PMG, and DFE panel econometric methods are employed. Findings- According to the primary findings of the study: (i) while the interest rate for public bond yields is not effective on public debt in core EU countries, it has an increasing effect on public debt with a high positive coefficient in peripheral EU countries. (ii) The long-term coefficient of the real effective exchange rate in the peripheral EU countries is higher than in the core EU countries. According to this conclusion, the increase in the real effective exchange rate augments the public debt of the peripheral EU countries at a higher level than the core EU countries. Conclusion- Contrary to the monetarist approach that relies on the role of one last funder, these findings contribute to the literature by supporting the first two conditions of the Optimum Currency Area, the Varieties of Capitalism, Comparative Political Economy, and Fundamentalist approaches, which reveal the asymmetrical structure between the competitiveness of the core and peripheral EU countries. Keywords: EMU public debt crisis, core EU countries, peripheral EU countries, panel ARDL model, competitiveness differences JEL Codes: C45, F45, N14, N24
{"title":"). The competitiveness disparity between core and peripheral EU countries: an empirical analysis with panel ARDL approach","authors":"Tayfun Tuncay Tosun","doi":"10.17261/pressacademia.2023.1861","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1861","url":null,"abstract":"Purpose- This study empirically investigates whether there is an asymmetry between the competitiveness of the core and peripheral EU countries in the post-monetary union period, which includes the public debt crisis.\u0000Methodology- This paper analyzes the long and short-term effects of the interest rate for public bond yields and real effective exchange rate on public debt in core (Germany, Austria, Belgium, Denmark, and the Netherlands) and peripheral (Greece, Ireland, Italy, Portugal, and Spain) EU countries using the panel linear Autoregressive Distributive Lag model. In the study, second-generation unit root tests, Westerlund's (2007) cointegration test, and short and long-term MG, PMG, and DFE panel econometric methods are employed.\u0000Findings- According to the primary findings of the study: (i) while the interest rate for public bond yields is not effective on public debt in core EU countries, it has an increasing effect on public debt with a high positive coefficient in peripheral EU countries. (ii) The long-term coefficient of the real effective exchange rate in the peripheral EU countries is higher than in the core EU countries. According to this conclusion, the increase in the real effective exchange rate augments the public debt of the peripheral EU countries at a higher level than the core EU countries.\u0000Conclusion- Contrary to the monetarist approach that relies on the role of one last funder, these findings contribute to the literature by supporting the first two conditions of the Optimum Currency Area, the Varieties of Capitalism, Comparative Political Economy, and Fundamentalist approaches, which reveal the asymmetrical structure between the competitiveness of the core and peripheral EU countries. \u0000\u0000Keywords: EMU public debt crisis, core EU countries, peripheral EU countries, panel ARDL model, competitiveness differences\u0000JEL Codes: C45, F45, N14, N24\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"62 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1877
E. Kılıç, Sitki Sonmezer
Purpose- This study aims to investigate the relationship between monetary interest rate decisions, liquidity mechanisms and risk management issues. As a core interest the significance of a structural change in the data around the FOMC meetings is analyzed. By the help of continuous time models we analyze the kind of dynamics, which can be observed in the stock returns, i.e. conditional volatilities and jumps. A further central interest is given to investment decisions and risk management issues. This encompasses the elaboration of the hedging strategies to achieve higher performance. Methodology- The study employs GARCH-Ito and GARCH-Ito-Jump models to analyze the stock market returns and their related volatilities on the day of a FED interest decision announcement. The continuous time GARCH model setting allows to model stock market returns with a high flexibility, therefore these models are abled to capture jump dynamics in the stock returns. Findings- The analysis reveals that persistence in conditional volatilities change according to alternative stocks. These stocks can be classified according to alternative market capitalization sizes. Mega market capitalization stocks are better governed by no jump GARCH-Ito models regardless the monetary policy changes, that is, changes in interest rates or not. Conclusion- Based upon the analysis, it may be concluded that risk management applications effectively might perform under the consideration of stock types in terms of market sizes. The persistence in the conditional volatility massively decreases if a jump component is introduced into the model. Since most of the mega market cap stocks perform better without a jump part component, it might be conjectured that persistence in the conditional volatility for mega cap stocks play a more important role compared to large cap stocks. Regardless the case whether there is an interest rate change or not, the persistence in conditional volatility remains in mega cap stocks, and thus, these stocks are prone to the involvement of prices jumps. Keywords: Monetary policy, risk management, jump detection, investment decisions JEL Codes: C22, E49, G11
{"title":"Monetary momentum and risk management in stock market","authors":"E. Kılıç, Sitki Sonmezer","doi":"10.17261/pressacademia.2023.1877","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1877","url":null,"abstract":"Purpose- This study aims to investigate the relationship between monetary interest rate decisions, liquidity mechanisms and risk management issues. As a core interest the significance of a structural change in the data around the FOMC meetings is analyzed. By the help of continuous time models we analyze the kind of dynamics, which can be observed in the stock returns, i.e. conditional volatilities and jumps. A further central interest is given to investment decisions and risk management issues. This encompasses the elaboration of the hedging strategies to achieve higher performance.\u0000Methodology- The study employs GARCH-Ito and GARCH-Ito-Jump models to analyze the stock market returns and their related volatilities on the day of a FED interest decision announcement. The continuous time GARCH model setting allows to model stock market returns with a high flexibility, therefore these models are abled to capture jump dynamics in the stock returns. \u0000Findings- The analysis reveals that persistence in conditional volatilities change according to alternative stocks. These stocks can be classified according to alternative market capitalization sizes. Mega market capitalization stocks are better governed by no jump GARCH-Ito models regardless the monetary policy changes, that is, changes in interest rates or not.\u0000Conclusion- Based upon the analysis, it may be concluded that risk management applications effectively might perform under the consideration of stock types in terms of market sizes. The persistence in the conditional volatility massively decreases if a jump component is introduced into the model. Since most of the mega market cap stocks perform better without a jump part component, it might be conjectured that persistence in the conditional volatility for mega cap stocks play a more important role compared to large cap stocks. Regardless the case whether there is an interest rate change or not, the persistence in conditional volatility remains in mega cap stocks, and thus, these stocks are prone to the involvement of prices jumps. \u0000\u0000Keywords: Monetary policy, risk management, jump detection, investment decisions\u0000JEL Codes: C22, E49, G11\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"272 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139894073","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1853
Carmelo Intrisano, Anna Maria Calce, Elisa Cafolla, Michele Lentini
Purpose- The purpose of this study is to explore the relationship between innovation and financial performance in the context of European listed companies. Starting from the initial thesis of Schumpeter, this topic attracts the interest of academics and managers because innovation is included among the factors capable of influencing the value, profitability and competitive advantage of companies. The empirical evidence in this regard appears divergent: the existing literature shows positive or negative impacts or indicates the absence of a relationship between innovation (summarised in research and development expenditure) and financial performance. Methodology- The study employs correlation analysis in order to figure out the existence of a link between innovation and financial performance. In accordance with the literature review, we use R&D expenses divided by sales as proxy of innovation and return on equity (ROE), return on capital employed (ROCE), EBITDA margin and profit margin as measures of financial performance. Data are obtained form the Amadeus Bureau van Dijk database and refers to the year 2020. Given the need to consider companies for which all the quantities mentioned are available for 2020, the final sample is made up of n. 224 European listed companies. Findings- Pearson's correlation coefficient with EBITDA margin is 0.027, with ROA is 0.016, with Net profit margin is 0.034 and with ROE is 0.025, highlighting a weak positive relationship between the independent variable and each dependent variables (that means the R&D activities will increase the profitability of firms on the same financial year). However the p-value, higher than the α=0.05 threshold, makes the correlation coefficient not statistically significant. The analysis reveals that innovation, measured by the ratio R&D espenses to sales, does not show any correlation with financial performance instantly, that is on the same financial year. Our results are consistent with the branch of studies according to which R&D activity has no effects on company performance. Conclusion- The analysis conducted does not prove the existence of a significant relationship between innovation and financial performance. A possible explanation can be found in the circumstance whereby the effect of research and development activities, as well as for all intangible assets, on the performance of companies is mainly observable in the medium-long term (what is known in the literature as the “lagged effect” of intangible assets on performance); therefore limiting the analysis to just one year does not allow us to fully grasp the impact itself. The conclusion reached is not to be understood in an absolute sense since innovation can also be measured by other indicators other than research and development expenses, such as the use of ICT, graduate employees, etc. Hence the possibility of further research developments and points of reflection considering the impact of R&D on the firm’s long-run per
目的--本研究的目的是以欧洲上市公司为背景，探讨创新与财务业绩之间的关系。从熊彼特（Schumpeter）的最初论述开始，这个话题就吸引了学术界和管理者的兴趣，因为创新是能够影响公司价值、盈利能力和竞争优势的因素之一。这方面的实证证据似乎存在分歧：现有文献显示创新（概括为研发支出）与财务业绩之间存在或正或负的影响，或表明两者之间不存在关系。研究方法--本研究采用相关性分析，以找出创新与财务业绩之间存在的联系。根据文献综述，我们用研发支出除以销售额来代表创新，用股本回报率（ROE）、资本回报率（ROCE）、息税折旧摊销前利润率和利润率来衡量财务业绩。数据来源于 Amadeus Bureau van Dijk 数据库，时间为 2020 年。研究结果--与息税折旧摊销前利润率的皮尔逊相关系数为 0.027，与投资回报率的皮尔逊相关系数为 0.016，与净利润率的皮尔逊相关系数为 0.034，与投资回报率的皮尔逊相关系数为 0.025，这表明自变量与各因变量之间存在微弱的正相关关系（即研发活动会提高企业在同一财政年度的盈利能力）。然而，P 值高于 α=0.05 临界值，使得相关系数在统计上并不显著。分析表明，以研发投入与销售额之比衡量的创新与同一财政年度的财务业绩没有任何即时相关性。我们的研究结果与研发活动对公司业绩没有影响的研究结果一致。结论--所做分析并未证明创新与财务业绩之间存在显著关系。一个可能的解释是，研发活动以及所有无形资产对公司业绩的影响主要在中长期内可以观察到（文献中称之为无形资产对业绩的 "滞后效应"）；因此，将分析限制在一年内并不能让我们完全掌握影响本身。我们不能绝对地理解所得出的结论，因为创新还可以用研发费用以外的其他指标来衡量，如信息和通信技术的使用、毕业生员工等。因此，考虑到研发对企业长期绩效的影响，并在分析中纳入其他因素，可能会有进一步的研究发展和思考点：创新、企业绩效、财务绩效、上市公司 JEL Codes：G30、L29、O30、
{"title":"Innovation and financial performance: an European evidence","authors":"Carmelo Intrisano, Anna Maria Calce, Elisa Cafolla, Michele Lentini","doi":"10.17261/pressacademia.2023.1853","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1853","url":null,"abstract":"Purpose- The purpose of this study is to explore the relationship between innovation and financial performance in the context of European listed companies. Starting from the initial thesis of Schumpeter, this topic attracts the interest of academics and managers because innovation is included among the factors capable of influencing the value, profitability and competitive advantage of companies. The empirical evidence in this regard appears divergent: the existing literature shows positive or negative impacts or indicates the absence of a relationship between innovation (summarised in research and development expenditure) and financial performance. \u0000Methodology- The study employs correlation analysis in order to figure out the existence of a link between innovation and financial performance. In accordance with the literature review, we use R&D expenses divided by sales as proxy of innovation and return on equity (ROE), return on capital employed (ROCE), EBITDA margin and profit margin as measures of financial performance. Data are obtained form the Amadeus Bureau van Dijk database and refers to the year 2020. Given the need to consider companies for which all the quantities mentioned are available for 2020, the final sample is made up of n. 224 European listed companies.\u0000Findings- Pearson's correlation coefficient with EBITDA margin is 0.027, with ROA is 0.016, with Net profit margin is 0.034 and with ROE is 0.025, highlighting a weak positive relationship between the independent variable and each dependent variables (that means the R&D activities will increase the profitability of firms on the same financial year). However the p-value, higher than the α=0.05 threshold, makes the correlation coefficient not statistically significant. The analysis reveals that innovation, measured by the ratio R&D espenses to sales, does not show any correlation with financial performance instantly, that is on the same financial year. Our results are consistent with the branch of studies according to which R&D activity has no effects on company performance. \u0000Conclusion- The analysis conducted does not prove the existence of a significant relationship between innovation and financial performance. A possible explanation can be found in the circumstance whereby the effect of research and development activities, as well as for all intangible assets, on the performance of companies is mainly observable in the medium-long term (what is known in the literature as the “lagged effect” of intangible assets on performance); therefore limiting the analysis to just one year does not allow us to fully grasp the impact itself. The conclusion reached is not to be understood in an absolute sense since innovation can also be measured by other indicators other than research and development expenses, such as the use of ICT, graduate employees, etc. Hence the possibility of further research developments and points of reflection considering the impact of R&D on the firm’s long-run per","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"11 7","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139896903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1850
Levent Sezal, Ahmet Serbetci
Purpose- If price volatility in one stock exchange has an impact on other stock exchanges, this is called volatility spillover effect. Along with volatility, the change in returns in one stock exchange can also affect other stock exchanges in the short term. This situation is called interconnectedness, co-movement and furthermore, interdependence of stock markets. Therefore, this study aims to investigate the causality relationship between the bank indices of the 5 countries with the highest income (USA, China, Japan, Germany and India) in 2022 according to IMF data. Methodology- In the study, the daily frequency data set between 04/01/2018 -16/11/2023 was used. In the analysis phase, firstly, ADF and PP unit root tests were applied to determine whether the variables are stationary or not. Causality relationships between variables were tried to be determined by Granger Causality test. Findings- When the relationship between the bank indices of the 5 major economies subject to the research is analysed, a granger causality relationship was found between DAX variable and FTSE, TR INDIA and NIKKEI, between FTSE index and NASDAQ and NIKKEI, between TR INDIA and NIKKEI. Conclusion- Ülke borsası arasında bağımlılık ilişkilerinin kendini göstermesi ve konjonktür dalgalarının bu sürece etki etmesi, finans piyasasında alınan kararlar ile ortaya çıkan etkilerin diğer finans piyasasına etki edebileceğini ve bu doğrultuda da yatırımcı hareketlerini yönlendirebileceğini göstermesi bakımından oldukça önemlidir. Keywords: International stock exchanges, bank indices, Granger Causality Test JEL Codes: C22, G15, G20
{"title":"Causality relationship between bank indices: an application on selected countries","authors":"Levent Sezal, Ahmet Serbetci","doi":"10.17261/pressacademia.2023.1850","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1850","url":null,"abstract":"Purpose- If price volatility in one stock exchange has an impact on other stock exchanges, this is called volatility spillover effect. Along with volatility, the change in returns in one stock exchange can also affect other stock exchanges in the short term. This situation is called interconnectedness, co-movement and furthermore, interdependence of stock markets. Therefore, this study aims to investigate the causality relationship between the bank indices of the 5 countries with the highest income (USA, China, Japan, Germany and India) in 2022 according to IMF data.\u0000Methodology- In the study, the daily frequency data set between 04/01/2018 -16/11/2023 was used. In the analysis phase, firstly, ADF and PP unit root tests were applied to determine whether the variables are stationary or not. Causality relationships between variables were tried to be determined by Granger Causality test.\u0000Findings- When the relationship between the bank indices of the 5 major economies subject to the research is analysed, a granger causality relationship was found between DAX variable and FTSE, TR INDIA and NIKKEI, between FTSE index and NASDAQ and NIKKEI, between TR INDIA and NIKKEI.\u0000Conclusion- Ülke borsası arasında bağımlılık ilişkilerinin kendini göstermesi ve konjonktür dalgalarının bu sürece etki etmesi, finans piyasasında alınan kararlar ile ortaya çıkan etkilerin diğer finans piyasasına etki edebileceğini ve bu doğrultuda da yatırımcı hareketlerini yönlendirebileceğini göstermesi bakımından oldukça önemlidir.\u0000\u0000Keywords: International stock exchanges, bank indices, Granger Causality Test\u0000JEL Codes: C22, G15, G20\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"184 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897395","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1879
Askim Nurdan Tumbek Tekeoglu, R. A. Kucukcolak, N. I. Kucukcolak
Purpose- The purpose of this article is to explore and analyze the transformative impact of crowdfunding, with a specific focus on the reward-based Fongogo crowdfunding platform in Turkey. The study aims to understand how crowdfunding disrupts traditional financing models, fosters collaboration and innovation, and contributes to financial inclusion for small businesses and startups. Additionally, the purpose involves comparing the project results of Fongogo with international examples to provide insights into Turkey's crowdfunding landscape. Methodology- The study employs a case study approach, focusing on the reward-based crowdfunding platform Fongogo. Data is collected and analyzed from the Fongogo platform in Turkey to gain insights into supporter dynamics, project success, and regional influences. Comparative analysis is conducted by comparing Fongogo's results with international crowdfunding examples. Additionally, literature on crowdfunding is reviewed to identify key success factors, such as project presentation, category, funding type, location, and team size Findings- The findings of the study reveal the diverse models and advantages of crowdfunding, emphasizing its transformative potential in the financial sector. Insights from Fongogo data shed light on supporter dynamics, the impact of project location, and the influence of technological literacy on crowdfunding success in Turkey. The comparative analysis with international examples provides a broader perspective on crowdfunding success factors, highlighting areas where Turkey's crowdfunding potential can be enhanced. Conclusion- In conclusion, the study advocates for the strategic positioning of crowdfunding as a vital financial tool in Turkey. The findings underscore the importance of user-friendly platforms, transparent operations, and effective communication by project owners. The impact of the new Crowdfunding Regulation in Turkey is discussed, acknowledging the need for further assessment as its implementation progresses. The study encourages leveraging the lessons learned from successful projects, both locally and internationally, to guide new initiatives and strengthen Turkey's crowdfunding ecosystem. Ultimately, the article aims to contribute insights to researchers, policymakers, and practitioners interested in the dynamic landscape of crowdfunding in Turkey and beyond. Keywords: Financial inclusion, reward-based crowdfunding, financial innovation, digital platforms JEL Codes: G23, L26, M13, O16, O35
{"title":"Innovative transformation in finance: global and Turkish perspectives on crowdfunding","authors":"Askim Nurdan Tumbek Tekeoglu, R. A. Kucukcolak, N. I. Kucukcolak","doi":"10.17261/pressacademia.2023.1879","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1879","url":null,"abstract":"Purpose- The purpose of this article is to explore and analyze the transformative impact of crowdfunding, with a specific focus on the reward-based Fongogo crowdfunding platform in Turkey. The study aims to understand how crowdfunding disrupts traditional financing models, fosters collaboration and innovation, and contributes to financial inclusion for small businesses and startups. Additionally, the purpose involves comparing the project results of Fongogo with international examples to provide insights into Turkey's crowdfunding landscape. \u0000Methodology- The study employs a case study approach, focusing on the reward-based crowdfunding platform Fongogo. Data is collected and analyzed from the Fongogo platform in Turkey to gain insights into supporter dynamics, project success, and regional influences. Comparative analysis is conducted by comparing Fongogo's results with international crowdfunding examples. Additionally, literature on crowdfunding is reviewed to identify key success factors, such as project presentation, category, funding type, location, and team size\u0000Findings- The findings of the study reveal the diverse models and advantages of crowdfunding, emphasizing its transformative potential in the financial sector. Insights from Fongogo data shed light on supporter dynamics, the impact of project location, and the influence of technological literacy on crowdfunding success in Turkey. The comparative analysis with international examples provides a broader perspective on crowdfunding success factors, highlighting areas where Turkey's crowdfunding potential can be enhanced.\u0000Conclusion- In conclusion, the study advocates for the strategic positioning of crowdfunding as a vital financial tool in Turkey. The findings underscore the importance of user-friendly platforms, transparent operations, and effective communication by project owners. The impact of the new Crowdfunding Regulation in Turkey is discussed, acknowledging the need for further assessment as its implementation progresses. The study encourages leveraging the lessons learned from successful projects, both locally and internationally, to guide new initiatives and strengthen Turkey's crowdfunding ecosystem. Ultimately, the article aims to contribute insights to researchers, policymakers, and practitioners interested in the dynamic landscape of crowdfunding in Turkey and beyond.\u0000\u0000Keywords: Financial inclusion, reward-based crowdfunding, financial innovation, digital platforms \u0000JEL Codes: G23, L26, M13, O16, O35\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"1 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897707","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1869
Cumhur Ekinci, Mustafa Abdullah Hakkoz, Unsal Kiran, Sirma Seker
Purpose- The purpose of this study is to compare the success of alternative data imputation techniques with missing data. The study distinguishes itself from the rest of the literature by proposing an appropriate technique for mixed data on financial performance and environmental, social and governance (ESG) metrics of companies. In addition to simple imputation techniques, we also use machine learning techniques that allow working with more complex data. Methodology- We first employ ad-hoc methods such as mean, median, mode, constant, most frequent and regression imputation. In what follows, we handle multivariate imputation techniques such as multiple imputation by chained equations (MICE). Finally, we run imputation methods with machine learning (ML) classification such as K-nearest Neighbor (KNN), Ridge and Random Forest. To consider the assumptions of missing data, we first check the normality of the variables with Kolmogorov-Smirnov test and employ Rubin’s classification technique that defines the relationship among variables with the probability of missing data. The success of imputation techniques applied to missing data changes when the missing data are classified with Rubin’s technique according to randomness. Consequently, we apply listwise deletion at various levels and alternative data imputation techniques. We then compare their performances. The raw data contain parametric as well as categorical variables (binary and others). Among these are time-series (yearly) financial series such as sales and total assets obtained from financial statements, ESG scores as well as float ratios for firms from several countries and industries. Imputation is done randomly on a sample varying from 5% to 30% of the dataset and results are compared to true data based on accuracy or other measures such as root mean square errors (RMSE) or mean absolute percentage error (MAPE). Several robustness checks have been performed to supplement the analysis. Findings- Results show that ML methods such as KNN have a superior performance than others. Moreover, when multidimensional nature of the data is taken into account, the prediction performance improves. Hence, an optimality can be reached based on parameters. Conclusion- Based upon the analysis, we conclude that the selected imputation technique and how it is employed matter to attain a higher accuracy and a better prediction of the missing values on selected mixed panel data in finance. Keywords: Imputation techniques, Panel data, Machine learning, Financial performance, ESG JEL Codes: C55, C81, M14, Q51
{"title":"Handling missing values in mixed panel data: a comparison of different techniques","authors":"Cumhur Ekinci, Mustafa Abdullah Hakkoz, Unsal Kiran, Sirma Seker","doi":"10.17261/pressacademia.2023.1869","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1869","url":null,"abstract":"Purpose- The purpose of this study is to compare the success of alternative data imputation techniques with missing data. The study distinguishes itself from the rest of the literature by proposing an appropriate technique for mixed data on financial performance and environmental, social and governance (ESG) metrics of companies. In addition to simple imputation techniques, we also use machine learning techniques that allow working with more complex data. \u0000Methodology- We first employ ad-hoc methods such as mean, median, mode, constant, most frequent and regression imputation. In what follows, we handle multivariate imputation techniques such as multiple imputation by chained equations (MICE). Finally, we run imputation methods with machine learning (ML) classification such as K-nearest Neighbor (KNN), Ridge and Random Forest. To consider the assumptions of missing data, we first check the normality of the variables with Kolmogorov-Smirnov test and employ Rubin’s classification technique that defines the relationship among variables with the probability of missing data. The success of imputation techniques applied to missing data changes when the missing data are classified with Rubin’s technique according to randomness. Consequently, we apply listwise deletion at various levels and alternative data imputation techniques. We then compare their performances. The raw data contain parametric as well as categorical variables (binary and others). Among these are time-series (yearly) financial series such as sales and total assets obtained from financial statements, ESG scores as well as float ratios for firms from several countries and industries. Imputation is done randomly on a sample varying from 5% to 30% of the dataset and results are compared to true data based on accuracy or other measures such as root mean square errors (RMSE) or mean absolute percentage error (MAPE). Several robustness checks have been performed to supplement the analysis.\u0000Findings- Results show that ML methods such as KNN have a superior performance than others. Moreover, when multidimensional nature of the data is taken into account, the prediction performance improves. Hence, an optimality can be reached based on parameters.\u0000Conclusion- Based upon the analysis, we conclude that the selected imputation technique and how it is employed matter to attain a higher accuracy and a better prediction of the missing values on selected mixed panel data in finance.\u0000\u0000Keywords: Imputation techniques, Panel data, Machine learning, Financial performance, ESG\u0000JEL Codes: C55, C81, M14, Q51\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"42 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139896864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1876
Umit Tura
Purpose- In today's world, where changes and transformations occur rapidly, we see new developments in the field of finance every day. Therefore, the importance of Financial Literacy has increased considerably today and it has started to take a large place in the strategies and development plans prepared by countries. The aim of this study is to investigate what kind of work is carried out by public institutions in Turkey in order to increase the financial literacy of the society and to raise financial awareness in the society. Methodology- In this study, document analysis, one of the qualitative research methods, was used to investigate what kind of studies were carried out by public institutions in Turkey on Financial Literacy. Findings- When academic studies conducted in the context of Financial Literacy are examined, it is seen that the financial literacy level of the society in Turkey is quite low, except for some basic financial concepts. When the education curriculum prepared by the Ministry of National Education of the Republic of Turkey is examined, it is seen that some financial issues are actually taught to all students from an early age. Conclusion- Especially in recent years, it is seen that institutions such as the Ministry of National Education, the Ministry of Treasury and Finance, the Ministry of Family and Social Policies, the Capital Markets Board, the Banking Regulation and Supervision Agency, the Central Bank of the Republic of Turkey and the Turkish Capital Markets Association have been working intensively in order to strengthen the financial awareness of the society. Keywords: Financial literacy, financial knowledge, financial behaviour JEL Codes: G53, I25, G51,
{"title":"Financial literacy practices of public institutions: the case of Turkiye","authors":"Umit Tura","doi":"10.17261/pressacademia.2023.1876","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1876","url":null,"abstract":"Purpose- In today's world, where changes and transformations occur rapidly, we see new developments in the field of finance every day. Therefore, the importance of Financial Literacy has increased considerably today and it has started to take a large place in the strategies and development plans prepared by countries. The aim of this study is to investigate what kind of work is carried out by public institutions in Turkey in order to increase the financial literacy of the society and to raise financial awareness in the society.\u0000Methodology- In this study, document analysis, one of the qualitative research methods, was used to investigate what kind of studies were carried out by public institutions in Turkey on Financial Literacy.\u0000Findings- When academic studies conducted in the context of Financial Literacy are examined, it is seen that the financial literacy level of the society in Turkey is quite low, except for some basic financial concepts. When the education curriculum prepared by the Ministry of National Education of the Republic of Turkey is examined, it is seen that some financial issues are actually taught to all students from an early age.\u0000Conclusion- Especially in recent years, it is seen that institutions such as the Ministry of National Education, the Ministry of Treasury and Finance, the Ministry of Family and Social Policies, the Capital Markets Board, the Banking Regulation and Supervision Agency, the Central Bank of the Republic of Turkey and the Turkish Capital Markets Association have been working intensively in order to strengthen the financial awareness of the society.\u0000\u0000Keywords: Financial literacy, financial knowledge, financial behaviour\u0000JEL Codes: G53, I25, G51, \u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"46 3-4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897143","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1868
Gizel Busem Sayil
Purpose - The aim of this study is to observe the movements of the shares of the Central Bank of the Republic of Turkey during the foundation period and to estimate the events under the influence of these movements. An independent central bank is very important for countries to operate an independent monetary policy. In Turkey, the emphasis on "national banking" first came to the fore at the Izmir Economic Congress, and attempts were made to establish a central bank in 1927. In 1931, the Central Bank of the Republic of Turkey began its official activities. This was the most important step towards achieving economic independence in the Republic of Turkey and preserving the value of the Turkish Lira. This study examines the performance of central bank stocks over this period. Methodology-The data set consists of 1674 observations including daily closing prices for the period 04.01.1934-31.12.1939. The data were obtained from the La Bourse newspaper and the Cumhuriyet newspaper archive was used as a news source. First, the breaks in stock prices over this period are analysed using the Bai-perron test. The Eviews 12 program was used for this purpose. The second step is to examine whether there is a day-of-week effect in stock prices over the period in question. For this purpose, returns were calculated. The non-parametric Man-Whitney U test in SPSS 15 was used to test whether there was a significant difference between these returns on a daily basis. Findings- The results of the Bai-Perron structural break test showed that two breaks occurred on 01/08/1936 and 06/07/1938. Short and long-term increases in the value of the Central Bank shares were observed on these dates, which coincided with the achievement of the Montreux Convention and the victory of the National Army in Hatay. Moreover, these dates indicate risks associated with global conflict. During the second step, the compound return for share prices in the period of 1934-1939 was calculated, revealing the absence of any day-of-week effect. In other words, the results of the Man-Whitney U test show that there is no statistically significant difference between the groups. Conclusion- The Montreux Convention and the independence of Hatay, achieved during this period, had a positive impact on the stock, as the findings suggest. Furthermore, global war risks had a positive impact on the bank's shares. These results can be explained by the fact that the higher the risk, the more confidence is placed in the "national" bank. Finally, the shares of the Central Bank, symbolising the economic independence of the newly established Republic of Turkey, are relatively less sensitive and have low anomalies. This result is in line with expectations, given that financial markets are still underdeveloped. Keywords: Turkiye, banking, national banking, central bank. JEL Codes: B41, E58, G21.
{"title":"A review of the shares of the central bank from its creation up to the second world war","authors":"Gizel Busem Sayil","doi":"10.17261/pressacademia.2023.1868","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1868","url":null,"abstract":"Purpose - The aim of this study is to observe the movements of the shares of the Central Bank of the Republic of Turkey during the foundation period and to estimate the events under the influence of these movements. An independent central bank is very important for countries to operate an independent monetary policy. In Turkey, the emphasis on \"national banking\" first came to the fore at the Izmir Economic Congress, and attempts were made to establish a central bank in 1927. In 1931, the Central Bank of the Republic of Turkey began its official activities. This was the most important step towards achieving economic independence in the Republic of Turkey and preserving the value of the Turkish Lira. This study examines the performance of central bank stocks over this period.\u0000Methodology-The data set consists of 1674 observations including daily closing prices for the period 04.01.1934-31.12.1939. The data were obtained from the La Bourse newspaper and the Cumhuriyet newspaper archive was used as a news source. First, the breaks in stock prices over this period are analysed using the Bai-perron test. The Eviews 12 program was used for this purpose. The second step is to examine whether there is a day-of-week effect in stock prices over the period in question. For this purpose, returns were calculated. The non-parametric Man-Whitney U test in SPSS 15 was used to test whether there was a significant difference between these returns on a daily basis.\u0000Findings- The results of the Bai-Perron structural break test showed that two breaks occurred on 01/08/1936 and 06/07/1938. Short and long-term increases in the value of the Central Bank shares were observed on these dates, which coincided with the achievement of the Montreux Convention and the victory of the National Army in Hatay. Moreover, these dates indicate risks associated with global conflict. \u0000During the second step, the compound return for share prices in the period of 1934-1939 was calculated, revealing the absence of any day-of-week effect. In other words, the results of the Man-Whitney U test show that there is no statistically significant difference between the groups.\u0000Conclusion- The Montreux Convention and the independence of Hatay, achieved during this period, had a positive impact on the stock, as the findings suggest. Furthermore, global war risks had a positive impact on the bank's shares. These results can be explained by the fact that the higher the risk, the more confidence is placed in the \"national\" bank. Finally, the shares of the Central Bank, symbolising the economic independence of the newly established Republic of Turkey, are relatively less sensitive and have low anomalies. This result is in line with expectations, given that financial markets are still underdeveloped.\u0000\u0000Keywords: Turkiye, banking, national banking, central bank.\u0000JEL Codes: B41, E58, G21.\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"2 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897300","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1859
Loris Di Nallo, Annapaola Micheli, Nicolo’ Giangrande
Purpose- FinTech represents all innovation related to how businesses seek to improve the process, delivery, and use of financial services and it is not a mere technological phenomenon. Considering that the various innovations in the financial and technological fields require the use of explanatory indices, the aim of this work is to propose an analysis of the factors that influence the degree of adoption of Fintech in the European countries. Methodology- We use a correlation model in order to highlight the first results on the relationship between the degree of Fintech at a geographical level and some explanatory variables. The final sample consists of 28 European countries that have all variables requested in the analyisis. Specifically, the level of Fintech is measured by The Global Fintech Index developed by Findexable, while the factors that influence the Fintech come from dataset of International Monetary Fund (IMF): the number of ATMs, number of commercial bank branches, while the intensity of outstanding deposits with commercial banks and outstanding loans from commercial banks is lower Findings- Regarding the analysis of the year 2021, our result indicates preliminarily that Fintech is negatively affected by the number of ATMs, number of commercial bank branches, while the intensity of outstanding deposits with commercial banks and outstanding loans from commercial banks is lower. This findings are consistent with this assumption: one of the driver of the Fintech is the digitalization. Conclusion- The result of our model indicates that the degree of Fintech at a geographical leve seems to be linked to explanatory variables that are related to the banking world. This represents a useful information to academic, practitioners and policymakers. In fact, according to literature, Fintech has an effect on financial system and financial stability. Therefore the explanation of Fintech phenomenon and its measurement represent a crucial point. Future extensions of research could consider additional measures of Fintech and a focus on the most representative explanatory variables. Keywords: Fintech, financial system, banks, banking, digitalization. JEL Codes: G20, G29, 030
{"title":"Factors affecting country fintech: an European analysis","authors":"Loris Di Nallo, Annapaola Micheli, Nicolo’ Giangrande","doi":"10.17261/pressacademia.2023.1859","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1859","url":null,"abstract":"Purpose- FinTech represents all innovation related to how businesses seek to improve the process, delivery, and use of financial services and it is not a mere technological phenomenon. Considering that the various innovations in the financial and technological fields require the use of explanatory indices, the aim of this work is to propose an analysis of the factors that influence the degree of adoption of Fintech in the European countries.\u0000Methodology- We use a correlation model in order to highlight the first results on the relationship between the degree of Fintech at a geographical level and some explanatory variables. The final sample consists of 28 European countries that have all variables requested in the analyisis. Specifically, the level of Fintech is measured by The Global Fintech Index developed by Findexable, while the factors that influence the Fintech come from dataset of International Monetary Fund (IMF): the number of ATMs, number of commercial bank branches, while the intensity of outstanding deposits with commercial banks and outstanding loans from commercial banks is lower\u0000Findings- Regarding the analysis of the year 2021, our result indicates preliminarily that Fintech is negatively affected by the number of ATMs, number of commercial bank branches, while the intensity of outstanding deposits with commercial banks and outstanding loans from commercial banks is lower. This findings are consistent with this assumption: one of the driver of the Fintech is the digitalization.\u0000Conclusion- The result of our model indicates that the degree of Fintech at a geographical leve seems to be linked to explanatory variables that are related to the banking world. This represents a useful information to academic, practitioners and policymakers. In fact, according to literature, Fintech has an effect on financial system and financial stability. Therefore the explanation of Fintech phenomenon and its measurement represent a crucial point. Future extensions of research could consider additional measures of Fintech and a focus on the most representative explanatory variables.\u0000\u0000Keywords: Fintech, financial system, banks, banking, digitalization. \u0000JEL Codes: G20, G29, 030\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"23 8","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1847
Ahmet Gokhan Sahin
Purpose- Climate change and the urgent need to transition to low-carbon energy systems have led nations worldwide to seek innovative financing mechanisms for sustainable energy sources. This article delves into the feasibility of leveraging carbon taxes as a potent financial instrument to promote nuclear power projects, with a particular focus on Small Modular Reactors (SMRs), in Turkey. Methodology- This study outlines a methodology for designing a tailored carbon tax framework, addresses challenges, and highlights the strategic importance of this approach. Concurrently, an empirical case study has been conducted to introduce a carbon tax in Turkey to show the fundamentals of calculating carbon tax in Turkey. Findings- By aligning carbon taxes with nuclear power initiatives, Turkey can reduce emissions, secure funding, enhance competitiveness, and contribute to global climate goals, paving the way for a sustainable energy future. Conclusion- Implementing carbon pricing mechanisms could improve Turkey's investments in SMR power plants and reinforce its stance towards a more environmentally sustainable energy future. Keywords: Green financing, nuclear power, sustainable investment, carbon taxes, financial JEL Codes: Q30, Q40, H20
{"title":"Exploring carbon taxes as catalysts for financing nuclear power projects in Turkey","authors":"Ahmet Gokhan Sahin","doi":"10.17261/pressacademia.2023.1847","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1847","url":null,"abstract":"Purpose- Climate change and the urgent need to transition to low-carbon energy systems have led nations worldwide to seek innovative financing mechanisms for sustainable energy sources. This article delves into the feasibility of leveraging carbon taxes as a potent financial instrument to promote nuclear power projects, with a particular focus on Small Modular Reactors (SMRs), in Turkey.\u0000Methodology- This study outlines a methodology for designing a tailored carbon tax framework, addresses challenges, and highlights the strategic importance of this approach. Concurrently, an empirical case study has been conducted to introduce a carbon tax in Turkey to show the fundamentals of calculating carbon tax in Turkey. \u0000Findings- By aligning carbon taxes with nuclear power initiatives, Turkey can reduce emissions, secure funding, enhance competitiveness, and contribute to global climate goals, paving the way for a sustainable energy future.\u0000Conclusion- Implementing carbon pricing mechanisms could improve Turkey's investments in SMR power plants and reinforce its stance towards a more environmentally sustainable energy future.\u0000\u0000Keywords: Green financing, nuclear power, sustainable investment, carbon taxes, financial\u0000JEL Codes: Q30, Q40, H20\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"7 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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