Factors affecting firm competitiveness: Evidence from an emerging market

The objective of this study is to investigate the factors affecting firm competitiveness in an emerging market-Turkey. In the paper, competitiveness is proxied by a firm's financial performance. The empirical analysis is based on firms listed on Borsa Istanbul and covers the period between 2005 and 2014. Results from a firm-level panel data model indicate that return on assets is positively related to firm size, international sales, liquidity and growth, and negatively related to leverage and R&D expenditures. On the other hand, gross profit margin is positively related to size and international sales, and negatively related to leverage and R&D expenditures. Finally, results show that Tobin's Q ratio is higher for firms with higher levels of debt and higher liquidity levels

Consumer responses to the H5N1 Avian Influenza: the case of Turkey

Using the case of the 2005-2006 Avian Influenza crisis also experienced in Turkey, we present its impacts on consumers' concerns on the pandemic. Based on our cross-sectional dataset derived from a household survey, results from our probit estimations imply that the negative impact of the pandemic on the poultry sector could have been alleviated by informing consumers about it. Frequent users, older consumers, and females are derived to be more concerned about the pandemic. Campaigns, especially through the efficient use of media channels, can target to minimize demand shocks and help poultry demand return to pre-outbreak levels. Using these results, policies can be designed to decrease the negative impacts of future food scares.

Corporate Diversification, Grup Affiliation and Firm Value: Evidence From Turkey

The objective of this study is to investigate the impact of corporate diversification in a sample of 255 Turkish firms for the period between 2006 and 2012. Regression results indicate that diversified firms trade at a premium compared to single-segment firms. To explain this finding, we also investigate the possible moderating role of business group affiliation for the diversification-value relationship. Analysis results reveal that the diversification premium is confined to firms that are not affiliated with business groups. These results suggest that group members already capture the benefits of diversification without the need to diversify further at the firm level.Bu çalışmanın amacı, 2006 ve 2012 yılları arasında 255 Türk firmasından oluşan bir örneklemde kurumsal çeşitlendirmenin firma değerine etkisini incelemektir. Regresyon sonuçlarına göre, çeşitlendirilmiş firmalar uzman firmalara kıyasla çeşitlendirme primiyle faaliyet göstermektedir. Bu bulguyu açıklamak amacıyla işletme gruplarıyla bağlantıların çeşitlendirme-değer ilişkisi üzerinde olası bir etkileşim etkisi araştırılmıştır. Analiz sonuçları, çeşitlendirme primi bulgusunun yalnızca işletme gruplarıyla bağlantılı olmayan firmalarda geçerli olduğunu ortaya koymaktadır. Bu sonuçlar grup şirketlerinin çeşitlendirmenin faydalarını elde ettiklerini ve firma düzeyinde ek bir çeşitlendirmeye ihtiyaç duymadıklarını göstermektedir

Corporate Diversification and Firm Value: Evidence From Emerging Markets

Purpose - The purpose of this paper is to investigate the impact of corporate diversification on firm value in a sample of nine emerging markets including Brazil Chile Indonesia Malaysia Philippines Poland South Africa Thailand and Turkey. For the purpose of this study a company is classified as diversified when it is operating in two or more lines of business defined by the two-digit SIC codes. Design/methodology/approach - Employing panel data from 1568 companies for the period 2005-2010 this paper estimates both a fixed effects model and a dynamic generalized method of moments model. Data are collected both at company level and segment level within each firm. Findings - Overall analysis results suggest that for the period from 2005 to 2010 diversified firms in emerging markets are valued more compared to single-segment firms operating in similar industries providing support for diversification premium. Originality/value - The effect of diversification on company value in emerging markets is an important managerial and public policy concern. Although the literature on developed country diversified firms is rich only a few studies have examined diversification-value relationship in the context of developing countries. Furthermore most previous research on the value effects of corporate diversification in emerging markets has taken the form of case studies within countries and concentrated on the 1990s. This paper tries to fill these gaps by using a larger sample and more recent data and methodology

Factors Affecting Firm Competitiveness: Evidence From an Emerging Market

The objective of this study is to investigate the factors affecting firm competitiveness in an emerging marketTurkey. In the paper competitiveness is proxied by a firm's financial performance. The empirical analysis is based on firms listed on Borsa Istanbul and covers the period between 2005 and 2014. Results from a firm-level panel data model indicate that return on assets is positively related to firm size international sales liquidity and growth and negatively related to leverage and R&D expenditures. On the other hand gross profit margin is positively related to size and international sales and negatively related to leverage and R&D expenditures. Finally results show that Tobin's Q ratio is higher for firms with higher levels of debt and higher liquidity levels

Personality Motivation and Math Achievement Among Turkish Students: Evidence From Pisa Data

Using the Turkish portion of the Programme for International Student Assessment dataset (N=484851% boys 49% girlsage M=15.81 years SD=0.28) this study investigated factors associated with mathematics achievement among Turkish students. Three different models were estimated using the method of balanced repeated replication with Fay's method and taking into account the presence of five plausible values of the dependent variable. Results showed that male students and older students had better mathematics proficiency. Socio-economic status and school resources also played a significant role in explaining student achievement in mathematics. Finally students who were more open to problem solving who attributed their failure to external factors and who were intrinsically motivated to learn mathematics achieved higher scores. Policy implications are provided

Corporate Social Responsibility and Financial Performance: the Moderating Role of Ownership Concentration in Turkey

The objective of this study is to investigate the impact of corporate social responsibility (CSR) engagement on firm financial performance in a developing country, Turkey, and to analyze the moderating role of ownership concentration in the CSR-financial performance relationship. The sample consists of non-financial public firms listed on the Borsa Istanbul (BIST)-100 index and covers the period between 2014 and 2018. Empirical results using an instrumental variable approach show that corporate social responsibility has a positive relationship with financial performance. Furthermore, findings indicate that this relationship is negatively moderated by ownership concentration even when endogeneity is controlled for

Does Firm Age Affect Profitability? Evidence From Turkey

The objective of this study is to investigate the impact of firm age on the profitability of Turkish firms listed on Borsa Istanbul. Using a dataset covering the years between 2005 and 2014 and consisting of 302 non-financial firms per year on the average a fixed effects model with robust standard errors is estimated. Results reveal that there is a negative and convex relationship between firm age and profitability measured by return on assets return on equity or gross profit margin. This suggests that younger firms start to see a decline in their profitability from the beginning but they may become profitable again at an old age. Implications are provided

Türkiye'de Bireysel Emeklilik Sistemine Katılım Kararını Etkileyen Faktörler

Bu çalışmanın amacı, Türkiye'de bireysel emeklilik sistemine giriş ve otomatik katılımdan cayma kararını etkileyen faktörleri ortaya koymaktır. 130 kişiden kolayda örnekleme ile elde edilen verinin lojistik regresyon yöntemiyle analiz edilmesi sonucu şu bulgulara ulaşılmıştır: Öncelikle, yaş ve gelir düzeyi arttıkça bir bireysel emeklilik planına dahil olma ihtmali artmaktadır. Şimdiki zaman odaklı olan bireylerin bir bireysel emeklilik planına dahil olma ihtimali daha düşük bulunmuştur. Ayrıca, iç kontrol odağına sahip kişilerin bireysel emeklilik planına dahil olma ihtimalleri daha yülsek bulunmuştur. Son olarak, kaçınmacı odak ve bireysel emeklilk sistemine dahil olma ihtimali arasında pozitif ve anlamlı bir ilişki olduğu görülmektedir. Otomatik katılımlı sistemde kalma ihtimalini tahmin eden lojistik regresyon modelinde ise sadece iki değişken anlamlı sonuç vermiştir. Şimdiki zaman odaklı bireylerin cayma ihtimalinin daha yüksek olduğu görülmektedir. Ayrıca hali hazırda isteğe bağlı bir bireysel emeklilik planı sahibi olan bireylerin sistemde kalma ihtimali diğerlerine göre 2.9 kat daha fazla bulunmuştur

Factors Affecting Financial Consumers' Private Pension Plan Decisions: a Literature Review and a Conceptual Framework Proposal

The objective of this study is to propose a framework related to financial consumers’ private pension plan decisions. Specifically, we review the factors affecting consumers’ participation, contribution and asset allocation decisions regarding private pensions. The factors discussed include situational and dispositional factors, personality, motivation, financial literacy, and external influences. Based on this survey of literature, we develop a number of propositions, which are expected to benefit individual retirement planners and pension institutions in gaining a better understanding of retirement saving decisions.Bu çalışmanın amacı finansal tüketicilerin bireysel emeklilik planları ile ilgili kararlarına yönelik bir çerçeve sunmaktır. Özellikle, tüketicilerin bireysel emeklilik sistemine katılım kararı, yatırılan miktar ve varlıkların dağılımı ile ilgili kararlarını etkileyen faktörler gözden geçirilmiştir. Bahsedilen faktörler durumsal ve ruhsal faktörleri, kişilik özelliklerini, motivasyonu, finansal okuryazarlığı ve dış etmenleri içermektedir. Bu literatür taraması temek alınarak bireysel emeklilik danışmanları ve kurumlara emeklilik birikimlerini daha iyi anlamada yarar sağlaması beklenen bazı önermeler geliştirilmiştir