Business and Economics Research Journal

1-18

Authors: Ersan Ersoy, Levent Çıtak

In perfectly frictionless and rational markets, spot markets and futures markets should simultaneously reflect new information. However, due to market imperfections, one of these markets may reflect information faster than the other and therefore may lead to the other. This study examines the lead-lag relationship between stock index and stock index futures, in terms of both price and volatility, by using 5 minute data over 2007-2010 period. The findings of this study indicate that a stable long-term relationship between Turkish stock index and stock index futures exists, however stock index futures do not lead stock index and there is a two way interaction between them. Therefore either of the markets is dominant over the other one in the price formation process.

33-49

Authors: Funda Özçelik, Burcu Avcı Öztürk, Sevda Gürsakal

In recent years, because of stakeholders' transparency demand from enterprises and want information about financial performance as well as environmental and social performance, sustainability reporting attracts more attention of stakeholders. In this study, a survey was conducted on firms that issue sustainability reports in Turkey. The purpose of this study is to examine the issues that lead enterprises to sustainable activities, enterprises’ priorities, barriers, training and technical support requirements. According to the results of the research, sustainability practices have been seen as an important element of corporate reputation; areas that are regulated by law are among priorities of enterprises; areas that bring additional cost are not among priorities of enterprises. It is identified that lack of incentives for sustainability performance has been seen as an obstacle for sustainability practices.

69-86

Authors: Yusuf Alper, Ilknur Kılkıs, Tuğba Engin

Small and Medium Enterprises forms 99.77% of all enterprises in Turkey and 78% of the workers are employed in these workplaces. While Small and Medium Enterprises contributing to economic and social life in a positive way, they have problems especially about finacial situation, the technology used, the quality of labour and working conditions. One of the other problems related to these workplaces is occupational health and safety, 75% of the accidents at work occur in these workplaces according to the 2012 statistics. In addition to the structural problems in these workplaces, inadequacies of the occupational health and safety legislation are effective in the emergence of this situation. With the Occupational Health and Safety Law, all the workplaces were compelled to employ health and safety professionals. This situation brought financial burdens for especially small businesses. Law No. 6331, made a favorable regulation and contribution to small businesses for reducing the cost of employment of occupational health and safety professionals. However, it was observed that aforementioned financial support for small businesses was not beneficial since the coming into force of the Law. The main reasons of this situation are lack of knowledge of the parties’ involved, insufficient institutional infrastructure and also lack of support provided.