Business and Economics Research Journal

297-312

Authors: Manuel Salazar Fernández, Ahmad Abu-Alkheil, Ghadeer M. Khartabiel

Due to current environment awareness, there has been an increase in investment opportunities concerning mutual funds with a focus on environmental issues. This paper analyzes the performance and risk sensitivities of German green mutual funds in comparison with their German socially responsible investment (SRI) and conventional peers. We also evaluate the results of the German green mutual funds in different market conditions. Because of this, we use and compare this performance during three periods, differentiating crises and non-crisis periods. In order to implement this analysis, we apply a CAPM-1 factor and a Carhart 4-factor methodology and find that in the full sample period 2007–2018 period, environmental funds had lower performance than conventional funds and SRI funds with similar characteristics. However, if we focus on crisis and non-crisis periods, the results change. During the financial crisis (2007–2009), green funds achieved adjusted returns slightly better than their peers; in the Eurozone sovereign debt crisis (2010-2012), the results are again similar to the results from the full sample period. And during the non-crisis period, they are not significantly different from conventional mutual funds, but they perform better than SRI mutual funds.

327-339

Authors: Selahattin Guris, Nazan Sak

Abstract Increased economic growth causes an increase in the amount of harmful gases released by the use of fossil fuels due to the increase in production amount. This effect, known as the greenhouse gas effect, is recognized as one of the main causes of global warming worldwide. According to the environmental Kuznets curve, economic growth increases the release of environmental pollutants, but after a certain economic growth, the growth and development of countries, the increase of environmental awareness, the use of environmentally friendly technologies and renewable energy sources decrease the release of harmful substances. In this study, the factors affecting the carbon dioxide emission by using the data of the period of 1993-2014 of the 32 OECD countries were analyzed by non-additive fixed effect panel regression model. In the study, it was found that the increase in energy usage increased the amount of emission, but the rate of urbanization, renewable energy consumption, commercial openness and increase in financial development decreased the amount of emissions. As a result of the analysis, the validity of the Environmental Kuznets curve hypothesis in different quantiles in the OECD countries was examined and it was determined that the functional form of the relationship between the amount of carbon dioxide emission and economic growth was in N form. Although the functional shape of the Environmental Kuznets curve is N, it is found that there is no turning point in the models, but there is a twist point. The results show that the amount of emission at the twist point does not decrease, but continues to increase by changing the slope at this point.

357-372

Authors: Mikail Kar

The aim of this study is to analyze the economic effects of regulation in mobile telecommunications markets with the example of Number Portability in Turkey. In this study, switching costs as a factor preventing competition and mobile number portability as an example of regulation are taken into consideration. Switching costs affect the price elasticity of the consumer negatively and the loyalty of the customer positively, creating dependence and inertia, directing the consumer to buy again from the same firm, even if they are not satisfied with the current situation. Regulatory authorities in mobile telecommunications markets where these costs are observed are seeking to reduce these costs by implementing mobile number portability and create a more competitive structure. Examples from the world show that the effects of this regulation vary from country to country. In the empirical analysis, the long-term relationship between price and quantity in the Turkish Mobile Telecommunications Market is determined by cointegration with structural breaks analysis and the effect of the regulation on this relationship is examined. Considering the cost and goals, it was concluded that the regulation in Turkey creates a positive effect as a right and policy that promotes competition, but does not achieve its purpose.