Business and Economics Research Journal

15-24

Authors: Seda Sengul, Haydar Sengul, Kenan Lopcu

The purpose of this research is to examine the determinants of household participation in entertainment and cultural activities in Turkey. Data used are obtained from Household Consumption Expenditure Survey of 2009, produced by Turkish Statistical Institute (TurkStat). Box-Cox double-hurdle model adjusted heteroscedasticity was used to estimate the effects of socio-demographic and economic variables on household entertainment and culture expenditure in Turkey. According to the results, socio-economic and demographic variables are found to affect the purchasing decision and the amount demanded by households in entertainment and culture activities in Turkey. However, it has been determined that income (total household expenditure) is the most important determinant of household entertainment and cultural expenditure in Turkey. In this case, it may be advisable to prioritize policy to increase income in order to increase the expenditure of household entertainment and culture in Turkey.

49-56

Authors: Ali Eren Alper

In this study, the impact of political stability on economic growth in developing countries is examined using the annual data set of the period 1996-2016. In the study with panel data analysis method, political stability in developing countries is detected to assume a positive role in economic growth. Results Show that, %1 increase in political stability triggers economic growth by 1.27%. Furthermore, the economic growth of the model is found to be negatively related to the unemployment rate, inflation rate, and government expenditures; while positively related with trade openness according to the estimation findings.

75-86

Authors: Sinem Eyuboglu, Kemal Eyuboglu

In recent years, it has been determined that investors are influenced by psychological factors while making investment decisions. Confidence indices are used to learn investors’ expectations about the economy. In this paper, it is investigated whether there is short and long-run relationship between Borsa Istanbul sector indices and real sector confidence index. The short and long-run relationships between the stock indices and the real sector confidence index, which are determined to be stationary at different levels, are tested by ARDL Bound Test. The findings show that there is a relationship between the real sector confidence index and all sector indices both in the long-run and in the short-run. In addition, it is determined that the increase in real sector confidence index affects positively stock returns (except XULAS and XTAST) in the short-run. The results of causality showed that mostly there is a causality relationship from sector indices to real sector confidence index. Thus, it has been shown that psychological factors should be considered as determinants of changes in the stock market.

109-121

Authors: Hakki Ozturk

This study examines the cointegration between BIST 30 index and MSCI emerging market index from January 2003 to July 2017 by employing Johansen cointegration test. The MSCI emerging markets index is created by Morgan Stanley Capital International and consists of indices from 24 emerging countries. Since the MSCI index is considered as a benchmark in emerging markets, the relationship between Borsa Istanbul and this index is very important for portfolio managers. In addition, to analyze the long-term impact of the recent global financial crisis between Borsa Istanbul and emerging markets, the sample period is divided into two sub-periods : pre and post crisis. For the whole period, there does exist a significant long term relation between Borsa Istanbul and MSCI emerging market index while there is no evidence of cointegration in the pre-crisis period. However, the results for the post crisis period indicate that Borsa Istanbul and MSCI index are cointegrated that means they move together in the long run. This may suggest that there are limited benefits for portfolio diversification between these markets due to increased globalization of financial markets in recent years.

137-150

Authors: Hülya Gündüz Çekmecelioğlu, Ayşe Günsel, Özgün Öztürk İlhan

Today’s market conditions encourage organizations to gain new resources and skills in order to deliver new products and services that meet rapidly changing customer needs while at the same time compel them to use their resources and skills effectively. The organizations that successfully fulfill these two requirements are defined as “ambidextrous”. In this study, the relationship between transformational leadership – a leadership mechanism that actually supports organizational employees to use both existing resources and capabilities in a better way and pursuing innovations – and ambidexterity is empirically examined. In addition to the effect of ambidexterity on firm innovativeness and the mediating role of ambidexterity on the relationship between transformational leadeship and firm innovativeness is also examined in this study. In order to test the proposed hypotheses, the data of 304 questionnaires from 61 firms operating in the Eastern Marmara Region are analyzed using the Particial Least Squares (SmartPLS 3.0) approach based on the structural equation modeling. According to this, individualized consideration has a positive effect on explorative capability while the idealized influence has a positive effect on exploitative capability, finally intellectual stimulation has a positive effect on both explorative and exploitative capability. On the other hand, ambidexterity on the base of explorative and exploitative capabilities also has a positive effect on firm innovativeness. Finally the findings show that explorative capability full mediaties the relationship between individualized consideration and firm innovativeness while organizational ambidexterity fully mediates the relationship between intellectual stimulation and firm innovativeness. The findings are discussed and interpreted at discussion part of the study.

169-185

Authors: Nihan Birincioglu, Erol Tekin

Abstract The aim of this study is to develop a mushroom management scale and to test its validity and reliability. The scale was applied to 216 research assistant for Exploratory Factor Analysis, and 240 different research assistant for Confirmatory Factor Analysis. As a result of the analysis, the Kaiser-Meyer-Olkin value is found 0,874 and the Scope Validity Index is found 0,95. The total variance ratio explained by the scale is 67,238%. In addition, according to the result of Explanatory Factor Analysis the scale consists of 4 factors and 19 items. These factors are described as “inadequate information sharing”, ” anxiety of power loss”, “inadequate communication” and “lack of participatory management”. Cronbach’s Alpha Internal Consistency Coefficient is calculated 0,90 and lastly, its test-retest correlation coefficient is calculated 0,82. At the same time it can be said that according to the Confirmatory Factor Analysis the scale has satisfactory coherence criteria. As a result, a valid and reliable Mushreoom Management Scale consisting of four sub-factors is developed.

195-212

Authors: Melek Eker, Semih Eker

The developments of information and communication technology affect the way of data collecting and storing for firms. This has also lead to improving information processing process and management control processes. The purpose of this study is to show whether the interaction between the enterprise resource planning system and the management control system leads to an improvement in firm performance. The model of Kallunki, Laitinen, and Silvola (2011) is used to understand and analyze the relationship in Turkey. To test the relationship empirically, data is gathered from 125 manufacturing firms of the top 500 in Turkey in 2015. The results support the hypothesis that high interaction between enterprise resource planning system and management control system is associated with high financial and non-financial performance.

235-251

Authors: Aysegul Ipek, Fehmi Ali Ildir

Today, companies operating in the country’s economies, which have become the only market, especially with the influence of globalization, face serious exchange rate risk. This risk can has negative effects on the results of operations of the enterprises. Many different day-to-day exchange rate risk management techniques are emerging in order to reduce or minimize these effects. However, the implementation of these methods brings with it a number of difficulties. Within the scope of International Accounting and Financial Reporting Standards (IAS / IFRS), which is mandatory for many companies as of 2005, it is aimed to give theoretical information about the forward contracts used in the foreign exchange risk management activities and the accounting process and to examine the implementation period. In this context, the theoretical information about the emergence, management and management instruments of the foreign exchange risk was given as the priority and the different alternatives of the risk management activities in the scope of IAS / IFRS have been presented afterwards. Finally, the risk management process belonging to a company operating in Turkey and the applications of the financial transactions included in this process within the scope of financial risk protection accounting.