Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1872
H. Benjana, O. Mesnaoui, O. Yamani
Purpose- Our research aims to explore the different philosophical and epistemological concepts and approaches in traditional finance and behavioral finance, based on the analysis of scientific articles. We aim to provide a comprehensive insight into the theoretical foundations that guide these two branches of finance, with particular emphasis on the epistemological and methodological nuances that distinguish them. Methodology- Our research is based on a careful analysis of the relevant scientific literature in traditional and behavioural finance. By giving specific importance to epistemological aspects, we try to discover the paradigms of thought that influence the understanding and interpretation of financial phenomena within these two fields. Similarly, our meticulous examination of this research aims to identify the preferred methodological approaches. Findings- The results of the analysis show that traditional and behavioural finance have different epistemological and methodological approaches. most traditional financiers follow a quantitative research approach based on numerical data and a purely statistical analysis. However, behaviorists have opted for methodological triangulation, which further explains the combination of qualitative and quantitative approaches to achieve stronger results and that one can modify or complement the other. Behaviorists recognize the importance of cognitive and emotional biases in the decision-making process of individuals, leading to more holistic models and approaches. With regard to epistemology, most research in Finance on the positivist paradigm, on objectivity and on the relationship of cause and effect. Conclusion- In conclusion, our study highlights the importance of developing research methodologies adapted to each discipline of management sciences, taking into account the specificities of each field. Moreover, the analysis of the scientific literature in traditional and behavioural finance shows that researchers must be aware of the different epistemological and methodological perspectives in order to conduct rigorous and valid research. Keywords: Epistemology, methodology, management sciences, traditional finance, behavioural finance. JEL Codes: B40, G10, G40
{"title":"Research methodology in finance","authors":"H. Benjana, O. Mesnaoui, O. Yamani","doi":"10.17261/pressacademia.2023.1872","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1872","url":null,"abstract":"Purpose- Our research aims to explore the different philosophical and epistemological concepts and approaches in traditional finance and behavioral finance, based on the analysis of scientific articles. We aim to provide a comprehensive insight into the theoretical foundations that guide these two branches of finance, with particular emphasis on the epistemological and methodological nuances that distinguish them.\u0000Methodology- Our research is based on a careful analysis of the relevant scientific literature in traditional and behavioural finance. By giving specific importance to epistemological aspects, we try to discover the paradigms of thought that influence the understanding and interpretation of financial phenomena within these two fields. Similarly, our meticulous examination of this research aims to identify the preferred methodological approaches.\u0000Findings- The results of the analysis show that traditional and behavioural finance have different epistemological and methodological approaches. most traditional financiers follow a quantitative research approach based on numerical data and a purely statistical analysis. However, behaviorists have opted for methodological triangulation, which further explains the combination of qualitative and quantitative approaches to achieve stronger results and that one can modify or complement the other. Behaviorists recognize the importance of cognitive and emotional biases in the decision-making process of individuals, leading to more holistic models and approaches. With regard to epistemology, most research in Finance on the positivist paradigm, on objectivity and on the relationship of cause and effect.\u0000Conclusion- In conclusion, our study highlights the importance of developing research methodologies adapted to each discipline of management sciences, taking into account the specificities of each field. Moreover, the analysis of the scientific literature in traditional and behavioural finance shows that researchers must be aware of the different epistemological and methodological perspectives in order to conduct rigorous and valid research.\u0000\u0000Keywords: Epistemology, methodology, management sciences, traditional finance, behavioural finance.\u0000JEL Codes: B40, G10, G40\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"45 12","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897040","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.2023.1856
Ruba Dirani, Mohammad Khataibeh, Ghassan Omet
Purpose- This paper analyzes the determinants of the annual changes in conventional banks’ credit in Jordan and Palestine. In addition, the paper examines whether the differences in the determinants of bank credit in both economies are due to country or bank-specific factors. As one might expect, the argument behind this paper rests on the fact that the Israeli occupation of Palestine makes the political and economic environments of the two countries very different. Methodology- A panel of data of all thirteen (13) Jordanian conventional banks and 12 Palestinian conventional banks are used in the econometric analyses (2010 – 2021). For each set of banks, the annual percentage changes in credit are regresed on the percentage annual change in bank deposits, equity is equity capital, bank size, and bank income diversification level. Following this exercise, the differences in of both sets of coefficients are examined using the F-test. If different, one can argue that the difference can be due to the differential effects of either bank-level differences or country-level differences. To examine this issue, we re-estimate tha main model by controlling for the presence of fixed effects in the bank credit relationship and re-estimate the F-test. If the F test is significant, this implies that the differences in the magnitude of the relationshisp are due to country factors and not to bank-specific factors. Findings- Based on the estimated results, several interesting observations are noted. First, there are differences in the determinants of the annual change in bank credit between banks in Jordan and in Palestinian in terms of the signs of the independent variables and their values. Second, the significant differences in the determinants of the annual change in bank credit between banks in Jordan and in Palestinian are due to country-specific factors and not the bank-specific factors. Finally, given the differences in the political and economic environments in which banks in Jordan and Palestine operate, one should not be surprised of the main finding of this thesis. Conclusion- It would be informative to examine the performance of both sets of banks in terms of other issue including the determinants of cost of intermediation, stability, bank discipline, and bank competition. Keywords: Jordan, Palestine, banks, credit growth, equity capital, seemingly-unrelated regression. JEL Codes: G20, G21, G24
本文分析了约旦和巴勒斯坦常规银行信贷年度变化的决定因素。此外，本文还研究了这两个经济体银行信贷决定因素的差异是由国家因素还是银行特有因素造成的。正如人们所预料的那样，本文的论点是基于以色列对巴勒斯坦的占领使得两国的政治和经济环境大不相同这一事实。对于每一组银行，信贷的年度百分比变化与银行存款的年度百分比变化、股本、银行规模和银行收入多样化水平进行回归。之后，使用 F 检验法检验两组系数的差异。如果存在差异，则可以认为差异可能是由于银行层面的差异或国家层面的差异造成的。为了检验这个问题，我们通过控制银行信贷关系中固定效应的存在来重新估计主模型，并重新进行 F 检验。如果 F 检验是显著的，这就意味着这种关系大小的差异是由国家因素而非银行特定因素造成的。首先，约旦银行和巴勒斯坦银行的银行信贷年度变化的决定因素在自变量的符号和数值方面存在差异。其次，约旦银行和巴勒斯坦银行在银行信贷年度变化决定因素上的显著差异是由特定国家因素而非特定银行因素造成的。最后，鉴于约旦和巴勒斯坦银行所处的政治和经济环境不同，我们不应对本论文的主要结论感到惊讶。结论--从其他问题（包括中介成本的决定因素、稳定性、银行纪律和银行竞争）的角度来研究这两组银行的表现将会很有启发：约旦、巴勒斯坦、银行、信贷增长、股权资本、似非相关回归：G20, G21, G24
{"title":"Determinants of bank credit in Jordan and Palestine: a comparative analysis","authors":"Ruba Dirani, Mohammad Khataibeh, Ghassan Omet","doi":"10.17261/pressacademia.2023.1856","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1856","url":null,"abstract":"Purpose- This paper analyzes the determinants of the annual changes in conventional banks’ credit in Jordan and Palestine. In addition, the paper examines whether the differences in the determinants of bank credit in both economies are due to country or bank-specific factors. As one might expect, the argument behind this paper rests on the fact that the Israeli occupation of Palestine makes the political and economic environments of the two countries very different.\u0000Methodology- A panel of data of all thirteen (13) Jordanian conventional banks and 12 Palestinian conventional banks are used in the econometric analyses (2010 – 2021). For each set of banks, the annual percentage changes in credit are regresed on the percentage annual change in bank deposits, equity is equity capital, bank size, and bank income diversification level. Following this exercise, the differences in of both sets of coefficients are examined using the F-test. If different, one can argue that the difference can be due to the differential effects of either bank-level differences or country-level differences. To examine this issue, we re-estimate tha main model by controlling for the presence of fixed effects in the bank credit relationship and re-estimate the F-test. If the F test is significant, this implies that the differences in the magnitude of the relationshisp are due to country factors and not to bank-specific factors.\u0000Findings- Based on the estimated results, several interesting observations are noted. First, there are differences in the determinants of the annual change in bank credit between banks in Jordan and in Palestinian in terms of the signs of the independent variables and their values. Second, the significant differences in the determinants of the annual change in bank credit between banks in Jordan and in Palestinian are due to country-specific factors and not the bank-specific factors. Finally, given the differences in the political and economic environments in which banks in Jordan and Palestine operate, one should not be surprised of the main finding of this thesis.\u0000Conclusion- It would be informative to examine the performance of both sets of banks in terms of other issue including the determinants of cost of intermediation, stability, bank discipline, and bank competition.\u0000\u0000Keywords: Jordan, Palestine, banks, credit growth, equity capital, seemingly-unrelated regression.\u0000JEL Codes: G20, G21, G24\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"33 5","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897128","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.2023.1861
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.2023.1879
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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