Pub Date : 2024-02-01DOI: 10.17261/pressacademia.2023.1849
Saadet Gaffaroglu, Selçuk Alp
Purpose- The purpose of this study is to determine studies on detecting different types financial frauds, financial statement frauds and methods used in these studies. Financial statement fraud is one of the most common types of white-collar crime that has plagued various industries worldwide. It involves manipulating financial information in order to deceive stakeholders, such as investors and regulators, for personal gain or advantages. Financial statement fraud has significant implications for stakeholders, including investors, regulators, and the general public. Detecting fraudulent activities in financial statements is crucial for ensuring transparency, reliability, and trust in financial reporting. Methodology- This paper presents a comprehensive literature review of studies focused on detecting frauds in financial statements in between 2019 and first half of 2023 inclusive on Science Direct. Findings - The review encompasses a range of research articles, providing insights into various methodologies, techniques, and advancements in fraud detection. The findings of this review contribute to the understanding of fraud detection mechanisms in financial statements and inform future research directions in this critical area. Conclusion - This paper presents a comprehensive literature review on the topic of detecting financial statement fraud, focusing on current trends and approaches employed in the field. By examining a wide range of scholarly articles, research studies, and industry reports, this review aims to provide an overview of the existing knowledge, methodologies, and tools utilized in the detection of financial statement fraud. In recent years, it has been observed that studies using machine learning in the field of fraud detection have increased. Keywords: Fraud detection, machine learning, data mining literature review, financial statements JEL Codes: M42, M21, M41
{"title":"Detecting frauds in financial statements: a comprehensive literature review between 2019 and 2023 (June).","authors":"Saadet Gaffaroglu, Selçuk Alp","doi":"10.17261/pressacademia.2023.1849","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1849","url":null,"abstract":"Purpose- The purpose of this study is to determine studies on detecting different types financial frauds, financial statement frauds and methods used in these studies. Financial statement fraud is one of the most common types of white-collar crime that has plagued various industries worldwide. It involves manipulating financial information in order to deceive stakeholders, such as investors and regulators, for personal gain or advantages. Financial statement fraud has significant implications for stakeholders, including investors, regulators, and the general public. Detecting fraudulent activities in financial statements is crucial for ensuring transparency, reliability, and trust in financial reporting.\u0000Methodology- This paper presents a comprehensive literature review of studies focused on detecting frauds in financial statements in between 2019 and first half of 2023 inclusive on Science Direct.\u0000Findings - The review encompasses a range of research articles, providing insights into various methodologies, techniques, and advancements in fraud detection. The findings of this review contribute to the understanding of fraud detection mechanisms in financial statements and inform future research directions in this critical area. \u0000Conclusion - This paper presents a comprehensive literature review on the topic of detecting financial statement fraud, focusing on current trends and approaches employed in the field. By examining a wide range of scholarly articles, research studies, and industry reports, this review aims to provide an overview of the existing knowledge, methodologies, and tools utilized in the detection of financial statement fraud. In recent years, it has been observed that studies using machine learning in the field of fraud detection have increased. \u0000\u0000Keywords: Fraud detection, machine learning, data mining literature review, financial statements\u0000JEL Codes: M42, M21, M41\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"140 6","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897481","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.2023.1864
Esra Aksoylu
Purpose- The purpose of this study is to examine the long and short-term relationship between Bitcoin and altcoins selected based on their market capitalization through an empirical analysis. For this purpose, the daily data of Bitcoin and nine altcoins consisting of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin for the period 07/08/2015-08/01/2020 were used. Methodology- The long-run relationship between Bitcoin and altcoins is first analyzed by Vector Autoregression (VAR) analysis. Granger causality test was utilized to determine the short-run causality relationship between the variables. The tests were conducted with the Eviews program. Findings- According to the results of the VAR analysis conducted to investigate the long-run relationship, there is a long-run relationship between Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple and Bitcoin. After determining the long-run relationship between the variables, the relationships between the variables were analyzed with the help of impulse response functions. Impulse response function shows the effect of a one-unit shock to one variable on the other variable. Accordingly, when the results of impulse response functions are analyzed; it is seen that a one-unit random shock in Bitcoin has a negative effect on Ripple, Nem, Litecoin, Dash, Litecoin, Dogecoin in the first two periods, the effect decreases in the second period, and this effect disappears in the third period. A random shock to Bitcoin causes a positive effect on Stellar that lasts for two periods. This positive effect ends in the third period. After analyzing the relationship between Bitcoin and altcoins with impulse response functions, the source of the changes in the variance of the variables is analyzed through variance decomposition. According to the variance decomposition results, the effect of Bitcoin on Dogecoin is 25% in the first period and 22% in the other periods. The variance decomposition of Dash shows that approximately 18% of the change in standard deviation was caused by Bitcoin in the first period and this percentage increased to 25.5% in the following periods. Litecoin's variance decomposition results show that 33% of the change in standard deviation from the first period to the last period was caused by Bitcoin. It is observed that approximately 8% of the change in Nem's standard deviation in the first period was caused by Bitcoin, while this rate increased to 21.5% in the last period. From the first period to the last period, 13.5% of the change in Stellar's standard deviation was caused by Bitcoin. When the variance decomposition of Ripple is analyzed, it is observed that 10% of the difference in the standard deviation is due to Bitcoin. This situation continued similarly from the first period to the last period. Following the VAR analysis, Granger causality test was conducted to explain the short-term relationship between the variables. According to the test results, there is a bidirectional
{"title":"Examining the relationship between bitcoin and altcoins","authors":"Esra Aksoylu","doi":"10.17261/pressacademia.2023.1864","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1864","url":null,"abstract":"Purpose- The purpose of this study is to examine the long and short-term relationship between Bitcoin and altcoins selected based on their market capitalization through an empirical analysis. For this purpose, the daily data of Bitcoin and nine altcoins consisting of Ether, Ripple, Tether, Litecoin, Monero, Stellar, Dash, Nem, Dogecoin for the period 07/08/2015-08/01/2020 were used.\u0000Methodology- The long-run relationship between Bitcoin and altcoins is first analyzed by Vector Autoregression (VAR) analysis. Granger causality test was utilized to determine the short-run causality relationship between the variables. The tests were conducted with the Eviews program.\u0000Findings- According to the results of the VAR analysis conducted to investigate the long-run relationship, there is a long-run relationship between Dogecoin, Dash, Litecoin, Nem, Stellar and Ripple and Bitcoin. After determining the long-run relationship between the variables, the relationships between the variables were analyzed with the help of impulse response functions. Impulse response function shows the effect of a one-unit shock to one variable on the other variable. Accordingly, when the results of impulse response functions are analyzed; it is seen that a one-unit random shock in Bitcoin has a negative effect on Ripple, Nem, Litecoin, Dash, Litecoin, Dogecoin in the first two periods, the effect decreases in the second period, and this effect disappears in the third period. A random shock to Bitcoin causes a positive effect on Stellar that lasts for two periods. This positive effect ends in the third period. After analyzing the relationship between Bitcoin and altcoins with impulse response functions, the source of the changes in the variance of the variables is analyzed through variance decomposition. According to the variance decomposition results, the effect of Bitcoin on Dogecoin is 25% in the first period and 22% in the other periods. The variance decomposition of Dash shows that approximately 18% of the change in standard deviation was caused by Bitcoin in the first period and this percentage increased to 25.5% in the following periods. Litecoin's variance decomposition results show that 33% of the change in standard deviation from the first period to the last period was caused by Bitcoin. It is observed that approximately 8% of the change in Nem's standard deviation in the first period was caused by Bitcoin, while this rate increased to 21.5% in the last period. From the first period to the last period, 13.5% of the change in Stellar's standard deviation was caused by Bitcoin. When the variance decomposition of Ripple is analyzed, it is observed that 10% of the difference in the standard deviation is due to Bitcoin. This situation continued similarly from the first period to the last period. Following the VAR analysis, Granger causality test was conducted to explain the short-term relationship between the variables. According to the test results, there is a bidirectional ","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"29 9","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897692","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.2023.1851
Mete Bumin, Ayşegül Ertuğrul
Purpose- The inclusion of companies in the BIST Sustainability Index and the disclosure of sustainability scores provide not only benefits in terms of making companies’ sustainability practices better known by stakeholders and the public, but also may increase stock returns. Therefore, this study aims to analyse the relationship between sustainability scores and financial performance of companies in the BIST Sustainability Index. Methodology- In order to analyse the relationship between the sustainability scores of 62 companies in the BIST Sustainability Index and their financial performances, the sustainability scores of the companies and the companies' firm value, return on assets and stock rate of return as the financial performance indicators is examined by multiple regression analysis method over the data of 2022. Findings- A negative relationship was found between the sustainability scores of the companies and the firm value, while no significant relationship was found between the sustainability scores and the other financial performance indicators, namely return on assets and stock rate of return. Conclusion- The reason for the negative relationship between the sustainability scores of the companies and the firm value may stem from the investors’ perception that the environmental investments to be made by the the company will increase the company's costs, which will have a negative impact on the company's financial statements and thus on the stock return. Keywords: Sustainability, sustainability scores, financial performance, multiple regression analysis. JEL Codes: E44, G11, G32
{"title":"Analysis of the relationship between sustainability scores and financial performance of the companies in the BIST sustainability index","authors":"Mete Bumin, Ayşegül Ertuğrul","doi":"10.17261/pressacademia.2023.1851","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1851","url":null,"abstract":"Purpose- The inclusion of companies in the BIST Sustainability Index and the disclosure of sustainability scores provide not only benefits in terms of making companies’ sustainability practices better known by stakeholders and the public, but also may increase stock returns. Therefore, this study aims to analyse the relationship between sustainability scores and financial performance of companies in the BIST Sustainability Index.\u0000Methodology- In order to analyse the relationship between the sustainability scores of 62 companies in the BIST Sustainability Index and their financial performances, the sustainability scores of the companies and the companies' firm value, return on assets and stock rate of return as the financial performance indicators is examined by multiple regression analysis method over the data of 2022.\u0000Findings- A negative relationship was found between the sustainability scores of the companies and the firm value, while no significant relationship was found between the sustainability scores and the other financial performance indicators, namely return on assets and stock rate of return.\u0000Conclusion- The reason for the negative relationship between the sustainability scores of the companies and the firm value may stem from the investors’ perception that the environmental investments to be made by the the company will increase the company's costs, which will have a negative impact on the company's financial statements and thus on the stock return.\u0000\u0000Keywords: Sustainability, sustainability scores, financial performance, multiple regression analysis.\u0000JEL Codes: E44, G11, G32\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"271 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139893701","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.2023.1846
Gabor Miklos
Purpose - The purpose of this study is to anaylse the trade and economic relations of European Union member states which are important gate of EU trade with third countries. This research highlights the shifting of the trade routes and economic geographic process. What kind of impacts are there in EU countries that a significant part of EU-Chine trade has been moving from vessels to freight trains or to combined, overland-maritime transportation. It has partly taken out the former China – Rotterdam/Hamburg maritime way. This paper is analysing the role of Port of Piraeus in this process as the pretty new but very important port for the Chinese COSCO maritime transportation company and on other hand how does the new structure change the revenues for the members in this situation. Methodology - The study employs the so-called collection cost. It is an important revenue for the member states. It comes from the Traditional own resources, it is 20 percent of the tariffs. It remains in the budget of EU member states and only 80 percent goes to the Brussels budget. The old members especially Netherlands, Belgium and Germany want to protect their own current position and share in the integration trade with third/external partners. It means that these countries can handle the tariff administration and get the mentioned 20 percent amount. Findings - The analysis reveals that the new EU members with high potential in international trade would like to recut the “trade-cake” to receive higher benefits from it due to the mentioned collection cost or the value-added-tax related to logistics and manufacturing industries. Conclusion - Based upon the analysis, it may be concluded that every member state can increase the profit from the collection cost and value-added-tax and on other hand they can decrease the direct GNI-based contribution to EU’s budget due to a better position in international trade. Keywords: Collection cost, one belt one road, tariffs, Port of Rotterdam, Port of Piraeus, Port of Hamburg JEL Codes: F15, H54, N74
{"title":"Relations between the Central-European trade routes and revenues of EU members","authors":"Gabor Miklos","doi":"10.17261/pressacademia.2023.1846","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1846","url":null,"abstract":"Purpose - The purpose of this study is to anaylse the trade and economic relations of European Union member states which are important gate of EU trade with third countries. This research highlights the shifting of the trade routes and economic geographic process. What kind of impacts are there in EU countries that a significant part of EU-Chine trade has been moving from vessels to freight trains or to combined, overland-maritime transportation. It has partly taken out the former China – Rotterdam/Hamburg maritime way.\u0000This paper is analysing the role of Port of Piraeus in this process as the pretty new but very important port for the Chinese COSCO maritime transportation company and on other hand how does the new structure change the revenues for the members in this situation.\u0000Methodology - The study employs the so-called collection cost. It is an important revenue for the member states. It comes from the Traditional own resources, it is 20 percent of the tariffs. It remains in the budget of EU member states and only 80 percent goes to the Brussels budget. The old members especially Netherlands, Belgium and Germany want to protect their own current position and share in the integration trade with third/external partners. It means that these countries can handle the tariff administration and get the mentioned 20 percent amount.\u0000Findings - The analysis reveals that the new EU members with high potential in international trade would like to recut the “trade-cake” to receive higher benefits from it due to the mentioned collection cost or the value-added-tax related to logistics and manufacturing industries. \u0000Conclusion - Based upon the analysis, it may be concluded that every member state can increase the profit from the collection cost and value-added-tax and on other hand they can decrease the direct GNI-based contribution to EU’s budget due to a better position in international trade.\u0000\u0000Keywords: Collection cost, one belt one road, tariffs, Port of Rotterdam, Port of Piraeus, Port of Hamburg\u0000JEL Codes: F15, H54, N74\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"300 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139893848","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.2023.1863
Dilek Teker, Sena Donmez
Purpose- Definition of financial inclusion; FI enables adults to access and efficaciously use a range of proper financial services. It plays a crucial role in raising economic growth in point of industry, firm and national level. Accessing to the products and services are achievable with financial inclusion. In the world, financial access is not reachable due to socio-economical reasons. Financial inclusion should involve the obstacles facing, reaching out access. This has an effect on decision makings and financial behaviors. However, gender disagregated statistics are not common in literature. All economies may reach economic growth, recognizing gender differences, and enhancing awareness among households. Aim of this study is to figure out the investing / borrowing behaviors of households. This study seeks “is there a gender difference in the level of financial behavior for Turkiye?”. Methodology- We employ a questionnaire to figure out if there exists a gender difference about various metrics in financial behavior. In the research method of this study, comparative analysis was made to reach out gender differences of respondents regarding financial behavior using excell with the help of coding. Google questionnaire prepared by authors was pre-tested and then authors maintaing to send the questionnaire via social media. 102 respondents were reached out. Firstly, it was made demographic analysis of respondents, and then it was analysed the financial behavior of respondents. Findings- Findings prove the fact that there is gender difference in behavior of making payments, savings, daily life, auto and home needs, making decisions, QR Code usage, awareness of Fintech products and number of credit cards. Majority of respondents feel confident about private pension system.. However, there is slightly difference in number of private pension contracts. In general, all respondents own a bank account. Money transfer, using a bank application behavior, does not differ among individuals. Conclusion- Based upon the analysis, it may be concluded that financial behavior affects individuals’ choices and this generates differences in terms of usage, needs, decisions and awareness. Socio-economical factor plays a crucial role regarding generating awareness in financial behavior. Keywords: Financial behavior, gender differences, financial inclusion, financial literacy, behaviors of households. JEL Codes: G40, G41, M10
{"title":"Gender difference in financial behavior: a comparative analysis","authors":"Dilek Teker, Sena Donmez","doi":"10.17261/pressacademia.2023.1863","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1863","url":null,"abstract":"Purpose- Definition of financial inclusion; FI enables adults to access and efficaciously use a range of proper financial services. It plays a crucial role in raising economic growth in point of industry, firm and national level. Accessing to the products and services are achievable with financial inclusion. In the world, financial access is not reachable due to socio-economical reasons. Financial inclusion should involve the obstacles facing, reaching out access. This has an effect on decision makings and financial behaviors. However, gender disagregated statistics are not common in literature. All economies may reach economic growth, recognizing gender differences, and enhancing awareness among households. Aim of this study is to figure out the investing / borrowing behaviors of households. This study seeks “is there a gender difference in the level of financial behavior for Turkiye?”. \u0000Methodology- We employ a questionnaire to figure out if there exists a gender difference about various metrics in financial behavior. In the research method of this study, comparative analysis was made to reach out gender differences of respondents regarding financial behavior using excell with the help of coding. Google questionnaire prepared by authors was pre-tested and then authors maintaing to send the questionnaire via social media. 102 respondents were reached out. Firstly, it was made demographic analysis of respondents, and then it was analysed the financial behavior of respondents.\u0000Findings- Findings prove the fact that there is gender difference in behavior of making payments, savings, daily life, auto and home needs, making decisions, QR Code usage, awareness of Fintech products and number of credit cards. Majority of respondents feel confident about private pension system.. However, there is slightly difference in number of private pension contracts. In general, all respondents own a bank account. Money transfer, using a bank application behavior, does not differ among individuals.\u0000Conclusion- Based upon the analysis, it may be concluded that financial behavior affects individuals’ choices and this generates differences in terms of usage, needs, decisions and awareness. Socio-economical factor plays a crucial role regarding generating awareness in financial behavior.\u0000\u0000Keywords: Financial behavior, gender differences, financial inclusion, financial literacy, behaviors of households.\u0000JEL Codes: G40, G41, M10\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"113 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139896834","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.2023.1875
Deniz Parlak
Purpose- The aim of this study is to develop a Shari-ah compliance index that measures the degree of convergence to Islamic rules and to examine the relationship between the developed Shari-ah compliance index and the performance of stock portfolios consisted of the shares of the companies in the dataset. Methodology- Shari-ah compliance criteria was determined after an analysis of the existing literature and the practices of multinational financial institutions. In current practices, Shari-ah compliance is assessed in two stages; in the first stage, companies operating in industries that do not comply with Islamic rules are identified, and in the second stage, Shari-ah compliance is determined with the calculation of certain ratios. In this study, in line with current practices, companies engaged in entertainment, media (except newspapers), conventional finance, gambling, hotel-restaurant-bar management, pork products, cigarettes, weapons and defence, gold and silver trading industries were marked as non-compliant. For the second stage of Shari-ah compliance assessment, there are significant differences in the ratios applied by financial institutions; in the context of this study two ratios measuring indebtedness level (total liabilities/total assets and interest-bearing liabilities/total assets), one ratio measuring liquidity level (the ratio of the sum of cash and financial investments to total assets). and two ratios measuring income compliance level (the ratio of the sum of interest-earning cash and financial investments to total assets and the ratio of financial income to total income) were employed. The variable weights were assessed with IDOCRIW multi-criteria decision-making technique. The dataset consisted of stock exchange listed 1,235 manufacturing, service and technology industry companies located in 10 different Islamic countries (Bahrain, Bangladesh, Jordan, Kuwait, Malaysia, Oman, Pakistan, Qatar, Turkiye, and the United Arab Emirates) that have adopted the international financial reporting standards. The Sharia-ah compliance ratios were calculated for five years between 2017 and 2021 by using financial statement data and food notes obtained from stock exchanges and/or company websites. Findings- To construct stock portfolios, companies were divided into nine groups according to their degree of compliance for each year for which the Shari-ah compliance index is calculated. The first group included companies with a compliance degree between 90% and 100%, and the last group included companies with a compliance degree between 0% and 50%. 10-year adjusted monthly stock returns of all companies for the 2013-2022 period were obtained from the investing.com website. For each of the five years and for all nine groups, stock portfolio weights were calculated with minimum variance technique developed by Markowitz by using the past five years adjusted stock returns; yearly portfolio returns were computed by applying the calculated stock weig
{"title":"Shari-ah convergence and stock portfolio returns: a field study","authors":"Deniz Parlak","doi":"10.17261/pressacademia.2023.1875","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1875","url":null,"abstract":"Purpose- The aim of this study is to develop a Shari-ah compliance index that measures the degree of convergence to Islamic rules and to examine the relationship between the developed Shari-ah compliance index and the performance of stock portfolios consisted of the shares of the companies in the dataset.\u0000Methodology- Shari-ah compliance criteria was determined after an analysis of the existing literature and the practices of multinational financial institutions. In current practices, Shari-ah compliance is assessed in two stages; in the first stage, companies operating in industries that do not comply with Islamic rules are identified, and in the second stage, Shari-ah compliance is determined with the calculation of certain ratios. In this study, in line with current practices, companies engaged in entertainment, media (except newspapers), conventional finance, gambling, hotel-restaurant-bar management, pork products, cigarettes, weapons and defence, gold and silver trading industries were marked as non-compliant. For the second stage of Shari-ah compliance assessment, there are significant differences in the ratios applied by financial institutions; in the context of this study two ratios measuring indebtedness level (total liabilities/total assets and interest-bearing liabilities/total assets), one ratio measuring liquidity level (the ratio of the sum of cash and financial investments to total assets). and two ratios measuring income compliance level (the ratio of the sum of interest-earning cash and financial investments to total assets and the ratio of financial income to total income) were employed. The variable weights were assessed with IDOCRIW multi-criteria decision-making technique. The dataset consisted of stock exchange listed 1,235 manufacturing, service and technology industry companies located in 10 different Islamic countries (Bahrain, Bangladesh, Jordan, Kuwait, Malaysia, Oman, Pakistan, Qatar, Turkiye, and the United Arab Emirates) that have adopted the international financial reporting standards. The Sharia-ah compliance ratios were calculated for five years between 2017 and 2021 by using financial statement data and food notes obtained from stock exchanges and/or company websites.\u0000Findings- To construct stock portfolios, companies were divided into nine groups according to their degree of compliance for each year for which the Shari-ah compliance index is calculated. The first group included companies with a compliance degree between 90% and 100%, and the last group included companies with a compliance degree between 0% and 50%. 10-year adjusted monthly stock returns of all companies for the 2013-2022 period were obtained from the investing.com website. For each of the five years and for all nine groups, stock portfolio weights were calculated with minimum variance technique developed by Markowitz by using the past five years adjusted stock returns; yearly portfolio returns were computed by applying the calculated stock weig","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"30 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897151","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.2023.1867
Zeyd Gulesin
Purpose- The primary objective of this study is to enhance IT governance within the information technology sector by developing a comprehensive IT Internal Control Model. This model is designed to address the unique and evolving challenges in IT internal control processes, providing a structured approach to risk optimization, resource optimization, and benefit management. By introducing this model, the study aims to offer IT firms a robust internal control model that can be adapted to their specific operational needs, promoting a more effective, efficient, and resilient IT governance structure. Methodology- A thorough literature review, incorporating a wide array of international sources, forms the foundation of this study. The research involved designing an IT Internal Control Model, informed by the processes observed at THY Technology. This model was then applied across 12 distinct operational processes, and feedback from stakeholders was systematically gathered through surveys to evaluate its practicality and impact. Findings- The feedback from stakeholders was predominantly positive, underscoring the model’s efficacy in bolstering IT governance. The model was praised for its thoroughness and adaptability, successfully addressing a broad spectrum of IT internal control issues while remaining flexible enough to be tailored to various IT environments. Conclusion- This study highlights the importance of dynamic and adaptable IT internal control model in the fast-paced technology sector. The developed IT Internal Control Model opens new avenues for research into effective governance practices and provides a valuable blueprint for IT firms seeking to enhance their governangfce and control mechanisms in a digitally-driven world. Keywords: IT internal control model, internal control, IT governance, IT compliance, continuous improvement JEL Codes: M15, M19, M42
目的--本研究的主要目的是通过开发一个全面的 IT 内部控制模型，加强信息技术部门的 IT 治理。该模型旨在应对信息技术内部控制流程中不断变化的独特挑战，为风险优化、资源优化和效益管理提供结构化方法。通过引入该模型，本研究旨在为 IT 企业提供一个强大的内部控制模型，该模型可根据企业的具体运营需求进行调整，从而促进更有效、更高效、更有弹性的 IT 治理结构。研究工作包括根据在泰合志恒科技公司观察到的流程，设计一个 IT 内部控制模型。研究结果--利益相关者的反馈主要是积极的，强调了该模型在加强 IT 治理方面的功效。该模型因其全面性和适应性而备受赞誉，它成功地解决了广泛的 IT 内部控制问题，同时保持了足够的灵活性，可适用于各种 IT 环境。所开发的 IT 内部控制模型为有效治理实践的研究开辟了新途径，并为 IT 公司在数字驱动的世界中寻求加强治理和控制机制提供了宝贵的蓝图：IT内部控制模型、内部控制、IT治理、IT合规性、持续改进JEL Codes：M15, M19, M42
{"title":"Towards better IT governance: A comprehensive IT internal control model for information technology firms","authors":"Zeyd Gulesin","doi":"10.17261/pressacademia.2023.1867","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1867","url":null,"abstract":"Purpose- The primary objective of this study is to enhance IT governance within the information technology sector by developing a comprehensive IT Internal Control Model. This model is designed to address the unique and evolving challenges in IT internal control processes, providing a structured approach to risk optimization, resource optimization, and benefit management. By introducing this model, the study aims to offer IT firms a robust internal control model that can be adapted to their specific operational needs, promoting a more effective, efficient, and resilient IT governance structure.\u0000Methodology- A thorough literature review, incorporating a wide array of international sources, forms the foundation of this study. The research involved designing an IT Internal Control Model, informed by the processes observed at THY Technology. This model was then applied across 12 distinct operational processes, and feedback from stakeholders was systematically gathered through surveys to evaluate its practicality and impact.\u0000Findings- The feedback from stakeholders was predominantly positive, underscoring the model’s efficacy in bolstering IT governance. The model was praised for its thoroughness and adaptability, successfully addressing a broad spectrum of IT internal control issues while remaining flexible enough to be tailored to various IT environments.\u0000Conclusion- This study highlights the importance of dynamic and adaptable IT internal control model in the fast-paced technology sector. The developed IT Internal Control Model opens new avenues for research into effective governance practices and provides a valuable blueprint for IT firms seeking to enhance their governangfce and control mechanisms in a digitally-driven world.\u0000\u0000Keywords: IT internal control model, internal control, IT governance, IT compliance, continuous improvement\u0000JEL Codes: M15, M19, M42 \u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"44 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897423","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":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139893731","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":"118 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139893849","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.2023.1852
Halil Tunali, Duygu Kalkay
Purpose - In the aftermath of the 2008 global financial crisis, central banks have resorted to macro discretionary monetary policies in order to prevent the risks that the fragility of macroeconomic indicators in national economies may pose on financial stability. Accordingly, in December 2021, the CBRT initiated a comprehensive monetary policy process that will provide long-term and permanent returns in the fight against high inflation and high exchange rates, and introduced the "Currency Protected Deposit" instrument to encourage and support real persons to make their investment preferences in TL. The liraization process and exchange rate-protected deposits are aimed to make a lasting contribution to price stability in the medium term. In this study, the purpose of the Exchange Rate Protected Deposit (ERD) scheme and its impact on macroeconomic indicators will be evaluated for the 2021-2023 period. Methodology - After explaining the implementation, characteristics and the need for the KKM, the impact of the utilization rate of the KKM on the exchange rate and interest rates in the December 2021-December 2023 period is evaluated.. Findings - With the KKM implementation, which aims to contribute to strengthening macro financial stability by supporting Turkish lira time deposits, the utilization rate of the KKM is seen to have contributed to the strengthening of the monetary transmission mechanism through the increase in the policy rate, the increase in the demand for Turkish lira instruments, and the rise in loan and deposit rates together. Turkish lira deposits are on the rise while FX-protected deposits are on the decline. Conclusion - It is observed that the KKM' implementation contributed to the lira appreciation process and partially contributed to the recovery in exchange rates between December 2021 and July 2023. Keywords: Currency protected deposit, macroprudential monetary policy, exchange rate JEL Codes: H30, E52, F31
{"title":"Exchange rate hedged deposit account as a macroprudential monetary policy instrument","authors":"Halil Tunali, Duygu Kalkay","doi":"10.17261/pressacademia.2023.1852","DOIUrl":"https://doi.org/10.17261/pressacademia.2023.1852","url":null,"abstract":"Purpose - In the aftermath of the 2008 global financial crisis, central banks have resorted to macro discretionary monetary policies in order to prevent the risks that the fragility of macroeconomic indicators in national economies may pose on financial stability. Accordingly, in December 2021, the CBRT initiated a comprehensive monetary policy process that will provide long-term and permanent returns in the fight against high inflation and high exchange rates, and introduced the \"Currency Protected Deposit\" instrument to encourage and support real persons to make their investment preferences in TL. The liraization process and exchange rate-protected deposits are aimed to make a lasting contribution to price stability in the medium term. In this study, the purpose of the Exchange Rate Protected Deposit (ERD) scheme and its impact on macroeconomic indicators will be evaluated for the 2021-2023 period.\u0000Methodology - After explaining the implementation, characteristics and the need for the KKM, the impact of the utilization rate of the KKM on the exchange rate and interest rates in the December 2021-December 2023 period is evaluated.. \u0000Findings - With the KKM implementation, which aims to contribute to strengthening macro financial stability by supporting Turkish lira time deposits, the utilization rate of the KKM is seen to have contributed to the strengthening of the monetary transmission mechanism through the increase in the policy rate, the increase in the demand for Turkish lira instruments, and the rise in loan and deposit rates together. Turkish lira deposits are on the rise while FX-protected deposits are on the decline.\u0000Conclusion - It is observed that the KKM' implementation contributed to the lira appreciation process and partially contributed to the recovery in exchange rates between December 2021 and July 2023.\u0000\u0000Keywords: Currency protected deposit, macroprudential monetary policy, exchange rate\u0000JEL Codes: H30, E52, F31\u0000","PeriodicalId":517141,"journal":{"name":"Pressacademia","volume":"159 3","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139897018","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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