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.