Business and Economics Research Journal

12

Authors: Nilcan Mert, Sibel Cengiz

The Triple Helix Innovation Approach Model, based on university-industry-government cooperation, was first proposed by Etzkowitz (1983) and was developed by Leydesdorff in 1995. Triple Helix Innovation Approach Model in the information age is based on the cooperation of universities, industry and government to develop innovation. For this reason, it focuses on the need for a compulsory and strong communication between the university, industry and government. This model is thought to be the key to improving conditions for innovation, where university-industry and government interaction. In this study, innovation capacities in Turkey’s technology systems were examined in the framework of the Triple Helix Innovation Model. The Bounds test approach was used in the study, which used R&D expenditures, number of patents, government incentives and number of scientific articles covering the period 1991-2017. The results showed that there was a statistically significant and long-term positive relationship between high technology exports with number of patents, and negative relationship between R&D expenditures. In addition, a positive but statistically insignificant relationship was found between the number of government subsidies and scientific articles and high technology exports. The results of the error correction analysis showed that there is a short-run relationship between high technology exports and variables. Results indicate that the Triple Helix approach is invalid for Turkey in the analysis period.

14

Authors: Deniz Ikizlerli, Haluk Yener, Burak Alparslan Eroglu

This study examines the effect of FOMC’s (Federal Open Market Committee) announcements on the volatility of stock returns in the Borsa Istanbul (BIST) from January 4, 2000 to May 31, 2019. We find that FOMC’s news increases the market level of volatility on announcement days but cannot find any evidence that it had a destabilizing effect on the Turkish stock market over our observation period. We also look at the effect of FOMC’s news on the return volatility of the BIST100 index over different states of the stock market and find that FOMC’s announcement days give a lift to conditional volatility both in bull periods and bear periods, but find no evidence of destabilizing impact. On the contrary, both positive announcement and negative announcement shocks in bull periods are found to depress volatility on consecutive days. In other words, FOMC’s announcements in bull periods have a stabilizing effect on equity prices rather than a destabilizing in the BIST100 index.

16

Authors: Gulcin Tapsin

The recovery in asset prices during 2000’s accompanied by quick growth and the recession caused by global financial crisis increased the interest in asset prices’ role on macroeconomic fluctuations and hence monetary policy. In the relevant literature, it is seen that the studies analyzing the response of the monetary policies to the asset prices focus mostly on policy rules of the industrialized countries. In addition, most of the financial crises throughout the world happened in the developing economies that were open to international capital flows. The main focus of this article is to analyze the response of monetary policy to share price movements for the purpose of differentiating the developed and developing countries. Within the scope of this study, the effect of share price changes, market capitalization and interaction on short-term interest rates was researched for OECD countries for the period of 2000-2019 by means of System-GMM method. The results showed that the effect of share prices on short-term interest rates in the developed countries with high market capitalization was higher than the effect of those in the developing countries with asset lower market capitalization. The study also demonstrated that the effect of inflation deficit on short-term interest rate was positive and significant while unemployment had negative and significant effect on short-term interest rate.

19

Authors: Furkan Fahri Altintas

When countries evaluate innovation and logistics as a whole and carry out activities to complement each other, countries will be able to specialize in the field of innovation and logistics and, accordingly, ensure the development of innovation and logistics dimensions globally. In this context, in research, the relations between the innovation and logistics dimensions within the scope of the global innovation and logistics performance values of G-7 countries, which have more than half of the global wealth in the world and have a certain economic development and size, were evaluated in multi-dimensional terms. According to the findings, it is determined that there is a significant, positive, and very high-level relationship between innovation and logistics dimensions. The fact that the relationship between innovation and logistics is very high has been evaluated as one of the factors or reasons that G7 countries have economic size, development, and global wealth. Again, according to the findings, it was concluded that the innovation dimension contributed more to the relationship between innovation and logistics dimension than the logistics dimension. Therefore, it is considered that these countries place more importance on the innovation dimension in ensuring the relationship between innovation and logistics dimensions.

21

Authors: Ozgur Teoman, Cumali Bozpinar

Article Information Journal: Business and Economics Research Journal Title of Article: The Problem of Institutionalization of Capital in the Ottoman Manufacturing Industry: An Evaluation on Bursa Silk Sector Author(s): Ozgur Teoman, Cumali Bozpinar Volume: 11 Number: 4 Year: 2020 Page: 1013-1033 ISSN: 2619-9491 DOI Number: 10.20409/berj.2020.296 Abstract The debate on transition to capitalism in the Ottoman Empire continues. In this study, the role of capital in the development of capitalist relations in the Ottoman Empire in the absence of an institutional credit mechanism was investigated through the incorporation practice. For this purpose, the XIXth century Bursa silk sector case was analysed. This is because it is the most integrated among the Ottoman Empire sectors with the European markets. This quality of the sector has enabled the comparison of Western Europe with the Ottoman Empire in terms of industrial capitalism. For making the comparison, Western European company history, secondary sources and studies on the subject were examined. In this context, the political, religious, and socioeconomic features that were effective on the emergence and development of institutional organizations in the Ottoman Empire were taken into consideration. Depending on the characteristics in question, it was understood that the capitalist transformation was realized through formal and tacit agreements of usurer-foreign/minority merchant-bureaucrat cooperation in Bursa silk sector, differently from the corporation in Western Europe, even at the point of raw material-intermediate production. However, the capitalist transformation was not observed in the manufacture of final products and other textiles, and that then loss of employment and production appeared in these branches of activity as a result of the complete incorporation of the Empire into the center-periphery relationship with the Act of Port of Treaty of 1838 signed with Britain.

609-620

Authors: Bilgin Bari

This study researches the effect of exchange rate movements on Turkey’s domestic prices from 2003 through 2019. For the Turkish economy, the structural problems behind the inflation phenomenon are the dependency on imported intermediate goods for production and inflation expectations. Therefore, changes in exchange rates have a significant impact on domestic inflation. To analyze this process, the consumer price index (CPI), producer price index (PPI) and import price index (IPI) are examined by using VAR analysis. Estimations for two distinct periods- stable and upward courses in the exchange rate movement- yield different results. For the first stable period, import price and producer price shocks were more reflective than exchange rate shocks. Exchange rate shocks are found to be stronger than the import price shocks in the second period. The results show that structural problems of the Turkish economy related to production based on the import of intermediate goods, dollarization, and pricing behavior support exchange rate and imported price pass-through to consumer prices.

671-680

Authors: Marlena Akhbari, M. Fall Ainina, James E. Larsen

Equity investors are always interested in identifying profitable trading strategies. The price-to-earnings ratio (P/E) and price-to-sales ratio (P/S) are two simple metrics that researchers have reported may meet this objective under particular market conditions. During our study period, which is longer in duration than most of the previous works, the performance of portfolios based on P/S dominated those based on P/E. However, portfolios based upon the combination of low P/E and net profit momentum outperformed all other strategies tested. Another way the predictive power of P/E may be improved is by dividing it by a measure of the firm’s earnings growth, yielding a composite metric known as the price-to-earnings-to-earnings growth ratio (PEG). This metric has gained the attention of professional investors and researchers. Because many investors prefer P/S over P/E, it is surprising that a counterpart to PEG has not gained similar traction. Our results provide evidence that helps explain why the price-to-sales-to-sales growth ratio (PSG) has failed to gain attention. Our results also indicate that none of these market multiples alone can be employed to provide consistently profitable investment performance.

793-805

Authors: Pih-Shuw Chen, Jia-Jan Lee, Sheng-Ju Huang, Che Liang Lin

With the advancement of smart phones, the rise of mobile payments has become a new payment method for consumers. The purpose of this study is to use structural equation model to verify the factors that affect consumers’ behavior in using bank’s mobile payment applications (APPs), so as to provide recommendations as main reference to enhance bank’s mobile payment APPs. In this study, the research subjects were consumers who have used mobile payments APPs, a total of 300 valid responses were collected. The results show that security has a significant positive impact on perceived usefulness and perceived ease of use; perceived ease of use has a significant positive impact on perceived usefulness. Both of perceived usefulness and perceived ease of use have significantly positive influences on functional consumption value. Furthermore, functional consumption value and perceived usefulness have significant positive effect on usage behavior. As a result, banks are recommended to continually increase cooperative merchants that can use their mobile payments APPs, support for various operating systems of mobile phones, facilitate transaction speeds, ensure personal information, and provide user friendly interfaces.

307-321

Authors: Bilge Kagan Ozdemir, Mehmet Obekcan

This study investigates the effects of the sudden stop problem on the economic performance of emerging market economies in Turkey sampling. In this context, this study is driven by small-open economy assumption and Fed effective funds rate used as an external triggering factor that causes sudden stop by taking into account the related literature. To evaluate the effects of sudden stop problem on domestic economy, interest rate, credits to private sector, current account balance, current financial account, real effective exchange rate, consumer price index and industrial production index are selected as domestic variables which supposed related to the resilience of sudden stops. Data, which used in the study, are monthly and they span from 2003:01 to 2019:09. In addition, the SVAR model with block exogeneity is applied as empirical method. The results of the study show that an unexpected increase in Fed effective interest rate trigger to decreases in capital inflow. As capital inflow decreases, real effective exchange rate, credits to private sector and industrial production decreases, also interest rate and consumer price index and current account balance increase. These results suggest that external factors are effective in triggering sudden stop problem.

335-351

Authors: Ceylan Karakaya, Tuba Sahinoglu

Defense spending is an important factor in ensuring the internal and external security of the country. The threats created by different countries or regions for each other cause them to turn to defense spending. Defense expenditures which are carried out to protect national security, have significant effects on the national economy as well. Therefore, the aim of working is to examine the relationship between defense spending and economic growth for Turkish economy. For this purpose, the presence and direction of the impact of defense spending on economic growth in Turkey, was investigated using the 1984-2016 annual data by ARDL (Autoregressive Distributed Lag Model) Bounds Test and Johansen Cointegration Test. Technological development variable is also included in the analysis. Johansen cointegration test results suggests the existence of a negative relationship in the long term for Turkey’s economy. The results of ARDL bounds test show that both defense expenditures and technological change have a positive effect on economic growth in the long and short term. On the other hand, according to Granger causality test results, there is a bidirectional causality relationship between defense expenditures and economic growth.

371-384

Authors: Yuksel Iltas

This paper examines the relationship between economic, political, financial and geopolitical country risks and stock prices for the case of Turkey during the period 1999: 01-2014: 12. The causal relationship between risk premiums and BIST 100 index is analyzed through Toda-Yamamoto and Hacker and Hatemi-J (2012) causality tests. According to Toda-Yamamoto causality test’s results, while there is bidirectional causality between economic risk premium and BIST 100 index and between political risk premium and BIST 100 Index, there is no causality from financial risk premium and geopolitical risk premium to BIST 100 Index. According to the result of Hacker and Hatemi-J (2012) bootstrap causality test, while there is bi-directional causality between economic risk premium and BIST 100 index and between political risk premium and BIST 100 Index, there is no causality between financial risk premium and BIST 100 index and between geopolitical risk premium and BIST 100 Index. The results of Hacker and Hatemi-J (2012) bootstrap causality test confirm the results of the Toda-Yamamoto causality test. Causality tests performed in the study indicate the existence of bidirectional causality relationship among economic risk premium based on macroeconomic variables and political risk premium as an indicator of the country’s political environment, and stock prices.

397-411

Authors: Saim Kilic, Ihsan Ugur Delikanli, Ali Alp

This study aims to test the validity of base broadening hypothesis for the impact of changes in foreign investors’ ownership on the return, volatility and liquidity of the shares of the real estate investment trusts (REITs) traded in Borsa Istanbul between 2010 and 2018 by panel regression analysis. Results show that a statistically significant relation exists between the sudden changes in the ownership of the foreign investors and the return, liquidity and volatility of the shares for a short term (up to 3 months). So, it has been seen that base broadening hypothesis is not valid for a long period of time. Even if it can be claimed that price pressure hypothesis could prevail looking at the statistically significant relationship for a short time, it has been considered that this case emerged thanks to the domestic investors paying more court to the market with trading more shares when they were informed about the changes in foreign investors’ ownership depending on its nature as information content, not as a result of the traded shares actually by the foreign investors.

431-444

Authors: Gulnaz Sengul Gunes, Harun Tanrivermis

The importance of this research is to examine real estate investment funds (REIF) which is a new capital market instrument in Turkey. For this purpose, it is evaluated the development and current situation of REIF which are capital market instruments based on the results of stakeholder interviews and secondary data. In-depth interview technique was used in collecting research data, and ensured to examine REIFs and application problems in Turkey, the country’s economy, their contribution to the construction and real estate sector, the advantages and disadvantages with directed open-ended questions about the investigation to managers with face-to-face interviews. As a conclusion, this new investment vehicle has foreseen further developed in the following years which is relatively new in Turkey and it will be possible to increase the Real Estate Development and Management specialists working in REIFs, risk and investment analysis as well as other vehicles based on real estate and to contribute the development of problem resolution and funds by ensuring that the funds are employed in the institutions which are the stakeholders.

461-478

Authors: Didem Ozturk Ciftci, Hulya Erkanli

The most valuable and unique resource that the organizations have under today’s conditions is the human resources. The positive psychology perspective, trying to understand the human resource in all its parts that brings hope, self-efficacy, optimism, and resilience features into the forefront draws attention to utilize this resource in the most effective way. Moreover, the leadership perspectives that discover the positive psychological capital (PsyCap) elements and contribute to the employees’ development becomes more important in the employees’ work engagement. In this context, this study aims at determining the relation between the authentic leadership and employees’ work engagement and mediating role of the PsyCap on this relationship. The study was carried out with 462 employees working at 4 and 5 star hotels in the cities in the Central and Eastern Black Sea regions in Turkey. Validity of the study’s scales was evaluated by explanatory (EFA) and confirmatory factor analyses (CFA) and the relations between the variables that comprise the research design were evaluated by the Structural Equation Model (SEM). Findings reveal that, the authentic leadership has a positive effect on both work engagement and PsyCap and PsyCap has a positive effect on the work engagement. Moreover, it is determined that the PsyCap has a partial mediating role in the authentic leadership’s effect on the work engagement. Bootstrap test results also show that the mediating role of the PsyCap determined is significant. As a result, within the framework of the research variables, it can be stated that authentic leaders affect employees’ work engagement directly with their leadership characteristics and partially by supporting and developing employees’ PsyCap elements

495-513

Authors: Tugba Gungor Ilerler, Asena Altin Gulova

This study deals with the social impact and conformity behavior, a topic mainly studied by social psychologists, in the context of employees’ conformity behavior in the workplace. This research aims to (1) investigate the effect of perceived supervisor support (PSS) of aviation sector employees’ on conformity behaviors to the rules, (2) determine whether or not the demographic variables affect the employees’ conformity behaviors to the rules and if it creates a significant difference, and (3) determine to employees’ perceptions of supervisor support. The results of the study were obtained from 371 surveys from Izmir Adnan Menderes Airport Employees. Two scales were administered to collect data: i) Scale of Supervisor Support developed by Grandey (1999,2000) and adapted to Turkish by Öz in 2007, ii) Scale of Conformity Behaviours developed by Öz (2007) based on Kelman’s (1958) definitions of three conformity behaviours. The quantitative data obtained by the questionnaires were analyzed using the SPSS. After analyzing the sample, validity and reliability analyzes, normality test, factor analysis of the scales were carried out. Afterward, multiple correlation analysis was conducted to determine the relationship level and direction of the variable of the research. Moreover, t-tests, ANOVA tests, and Structural Equation Model (SEM) methods were used through the AMOS 22 program to test the hypotheses. The results reveal the significant impact of supervisor support on employee conformity behavior. According to some demographic variables, employees’ perception of supervisor support and types of conformity to the organizational rules also differs.

531-543

Authors: Oguz Demirel, Onder Ulu

Knowledge is one of the indispensable elements for organizations to achieve their goals. One of the ways to increase the knowledge of the organization is to share the knowledge of the employees with their colleagues. In other words, knowledge sharing behavior is critical in increasing organizational knowledge. For this reason, it is important to investigate the factors behind the knowledge sharing behavior of the employees. The aim of this study is to test the effect of organizational identification on knowledge sharing behavior and the mediating role of altruism in this effect. The research was carried out on academic and administrative staff working at Düzce University. The data set consisting of 345 questionnaires was analyzed with the least squares regression technique using the PROCESS plugin. According to the research findings, altruism shows “partial mediation” effect in the relationship between organizational identification and knowledge sharing behavior. At the end of the study, some suggestions for researchers and practice were also presented.

555-570

Authors: Berat Cicek, Erman Kilinc

The main purpose of this study is to determine the mediating role of transformational leadership in the effect of technostress on presenteeism and intention to quit in organizations. Survey forms were used as data collection tool. Malatya province was chosen for the field study and survey forms were distributed to employees who work in the Turkish State Railways. In the application phase, firstly reliability, normality and factor analysis were performed and then the structural equation model was established. As a result of the research, technostress influenced presenteeism behavior for techno – overload, techno – complexity and techno – job insecurity dimensions; technostress affects the perception of transformational leadership for techno – complexity, techno – job insecurity and techno – uncertainty dimensions, transformational leadership affects presenteeism behavior and intention to quit, and transformational leadership plays a mediating role in the relationship between technostress and presenteeism. It is thought that the results obtained will contribute to reducing the effects of technostress which is frequently seen in organizations and preventing the spread of presenteeism and intention to quit in organizations.

581-590

Authors: Pelin Kanten, Benan Arda

Scale development is a study that requires significant expert knowledge and long-term effort. The scientificness of these studies in terms of reliability and validity is based on the implementation of some methodological principles. In the social sciences literature, it is seen that specific methods are applied in some of the scale development studies, while in others, every stage of the scientific criteria is not taken into account. In this context, this study aimed to examine the scale development studies in management and organizational behavior literature between the 2000-2019 years from the methodological perspective by the content analysis. As the scope of the objectives of the study, it is aimed to determine the existing methods of the scale development process in the studies and to present a model that includes the required steps of the scale development studies. According to this purpose, 65 studies in the scope of the graduate theses, articles, and conference proceedings indexed by the national database in Turkey between the specific years are examined. These 65 studies are evaluated using the qualitative data analysis program MAXQDA 10.0 software based on scale development criteria determined.

15-31

Authors: Ayfer Gedikli

Ever since its growing importance, the natural resource abundance and economic growth relationship have been a hot field of study for researchers. In the existing literature, many studies pointing to the negative impact of natural resource endowment on economic growth performance. While some “blessed” natural resource-abundant countries enjoy their natural resource revenues and have a remarkable economic growth performance, many others are “cursed” despite having great natural resource wealth. Natural resource windfall may induce Dutch Disease with excessive rent-seeking, corruption, poor institutionalism, and democracy in resource-rich developing countries. The aim of this study is to investigate the causes of the natural resource curse in developing natural resource-rich countries. In this research, the sample natural resource-rich countries were analyzed between 1980 and 2018 to validate the existence of the natural resource curse in these countries. In the first part, the conceptual framework and reasons for the natural resource curse were explained in detail. In the second part, successful natural resource-rich country cases, as well as selected resource-rich developing countries, were compared according to their economic growth performances, their natural resource revenues, and degree of dependence of their economies on the natural resource revenues. In the last part, some policy suggestions were put forward to avoid a natural resource curse in developing countries.

51-62

Authors: Melek Kidemli, Dilek Surekci Yamacli

External debt stock of the private sector is increased from 2002 to 2018 in Turkey. In this period, Turkish Lira depreciated against foreign currencies. This study is investigated the relationship between real exchange rate and private sector external debt during the period 2002-2018 in Turkey. Auxiliary variables included in the model are LIBOR, domestic interest rates and real GDP. Application methods of the study are Delayed Distributed Autoregressive Model (ARDL) and Error Correction Model (ECM). Results of the study shows that, respectively domestic interest rate, LIBOR and exchange rate effective variables on the private sector external borrowing in the long term. Beside, exchange rate’s effects on the private sector external debt is higher in the short term than long term. Other hand, there is no relationship between private sector external borrowing and domestic production in the short and long term.

77-93

Authors: Derya Yilmaz

In monetary unions, economically integrated countries pegged their exchange rates and abandon their monetary independency by adopting a union wide currency and central bank. In this vein, the theory of monetary union specifies criteria to overcome the loss of monetary policy autonomy. The mostly cited monetary union today is European Economic and Monetary Union (EMU). EMU was constituted with Maastricht Treaty. This treaty envisaged the monetary union by 1999. However, EMU is not the first monetary union experience. There have been plenty of other monetary union experiences. We observe some monetary union experiences parallel to forming nation states or as a consequence of economic integration. Some of these unions have prospered, but some come to an end. In these circumstances, the prosperity of EMU has always been discussed. This study is aiming to contribute this debate by analyzing the other monetary union experiences. According to the findings; politic will, fiscal integration and the institutional dependency of the nations in the monetary union is vital for the survival of the monetary union.

107-118

Authors: Abdelaziz Hakimi, Sid’Ahmed Boukaira

The main purpose of this paper is to investigate the interactional relationship between operational risk, credit risk, liquidity risks and the Tunisian bank performance. We used a sample of Tunisian banks over the period 1990-2017. Results of the panel data analysis show that an increase in required capital charge to hedge operational risk significantly increases the level of bank performance. Findings also indicate that the interaction between operational risk and loan activities exerts a positive and significant effect on the level of bank performance. However, no significant effect of the interaction between operational and liquidity risk was found. These results could bring some important policy recommendations to policymakers toward the reinforcement of the capital charge and for improving the analysis and the management process of bank risks.