Dokuz Eylul University Faculty of Economics and Administrative Sciences Journal

15-46

Authors: Hayriye BAŞÇI NUR, İlkay Dilber

Küreselleşme sürecinin ortaya çıkardığı en önemli olgulardan biri, ülkelere orta ve uzun vadeli sermaye ve teknoloji getiren doğrudan yabancı yatırımlardır (DYY). Araştırmanın amacı, gelişmekte olan ülkelere yönelik DYY’yi çeken belirleyicilerin neler olduğunun açıklanmasıdır. Bu amaçla DYY kavramı üzerinde durulmuş ve DYY’nin temel belirleyicileri irdelenmiştir. 18 gelişmekte olan ülkeye ait DYY girişleri üzerinde etkili olduğu düşünülen 12 farklı değişken, 1996–2014 dönemi için panel veri yöntemiyle analiz edilmiştir. Yapılan çalışma sonucunda, yolsuzluk kontrolü, dışa açıklık oranı, teknoloji, toplam işgücü ve hukukun üstünlüğü değişkenlerinin DYY girişlerini olumlu yönde etkilediği, borç stoku, gayri safi sabit sermaye ve altyapı değişkenin ise DYY girişlerini olumsuz yönde etkilediği sonucuna varılmıştır.

79-108

Authors: Harun TERZİ, Asiye TÜTÜNCÜ

Bu çalışmada, turizm gelirleri ve dışa açıklık arasındaki ilişki 1985-2014 dönemi yıllık veri seti ile S-VAR, TY-VAR ve DL-VAR nedensellik yöntemleriyle incelenmiştir. VAR nedensellik analizleri, dışa açıklıktan turizm gelirlerine doğru pozitif ve istatistiksel olarak anlamlı bir nedensellik ilişkisi olduğunu göstermektedir. Aynı zamanda VAR analizlerinden elde edilen geliştirilmiş etki-tepki ve geliştirilmiş varyans ayrıştırma analizleri de VAR nedensellik sonuçlarını desteklemektedir. Sonuç olarak, Türkiye’de dış ticarette serbestleşme ve ticari açıklık arttıkça uluslararası turizm gelirleri de artmaktadır.

143-182

Authors: Mehmet ÖZMEN, Sera ŞANLI

In this study, it has been aimed to find the best ‘Seasonal Autoregressive Integrated Moving Average (SARIMA)’ model for monthly inflation rates for Turkish economy over the period 1995:01-2015:03. Before the model identification based on Box Jenkins methodology, HEGY monthly seasonal unit root test has been applied. The orders of seasonal differencing have been detected through OCSB and CH tests. Finally, ARIMA(1,1,1)(1,0,2)[12] with drift model chosen by using stepwise selection method and ARIMA(1,1,1)(2,0,0)[12] with drift model chosen by using non-stepwise selection have been compared. The results have shown that the former model is better as the best fitted SARIMA model. Keywords: Inflation, Box Jenkins, SARIMA, HEGY, OCSB, CH, Stepwise Selection. JEL Classification Codes: C01, C22, C51, E31.

207-238

Authors: Selim ŞANLISOY, Mehmet ÇETİN

Ekonomik kaynakların belirlenmiş makro ekonomik hedeflere ulaşılması amacıyla optimal oranlarda bir araya getirilerek kullanılması sonucunda elde edilen başarı, makro ekonomik performans olarak tanımlanabilir. 1990’lı yıllardan itibaren ülkelerin ekonomik performanslarının analizinde politik istikrarsızlık kendisine daha fazla yer bulmuştur. Politik istikrarsızlık, beklentiler üzerinden ilgili birimlerin makro ekonomik performanslarını etkileyebilmektedir. Ancak makro ekonomik alanda yaşanan sorunlar da ülkelerde politik istikrarsızlık yaratabilmektedir. Sonuç olarak değişkenler arasında her iki yönde nedensellik ilişkisinin ortaya çıkması olasıdır. Bu çalışmada politik istikrarsızlık ile makro ekonomik performans değişkeni arasındaki nedensellik ilişkisinin yönü geliştirilen makro ekonomik performans endeksi ve ekonometrik yöntemlerle belirlenecektir. Anahtar Kelimeler: Makro Ekonomik Performans, Politik İstikrarsızlık, Türkiye Ekonomisi. JEL Sınıflandırma Kodları: O11, E02, E6, P47.

263-288

Authors: Veysel ERAT, Yakup ÖZKAYA

6360 sayılı Kanun’un yerel yönetimlerde neden olduğu değişimler ve olası etkileri idari, mali, siyasi ve yasal boyutlarıyla geniş bir çerçevede incelenmiştir. Bu çalışmanın diğer çalışmalardan farklı olan yönü, 6360 sayılı yasanın kamu politikasının kavramsal çerçevesiyle ele alınmasıdır. Çalışmada yasalaştırma aşamasında öne sürülen görüşlerin, TBMM tutanaklarının, komisyon raporlarının ve soru önergelerinin tasnif ve tahlil edilmesi hedeflenmektedir. Bu bağlamda çalışmanın iki temel çıktısı olacaktır. Öncelikle yasanın bu yönüyle ele alınması ileride tam olarak uygulandığında geçmişe dönük karşılaştırma yapılmasına olanak tanıyacaktır. İkinci olarak, Türkiye’de giderek gelişen kamu politikası yazınında göz ardı edilen yasalaştırma aşamasının incelenmesiyle disipline katkı sunulacaktır. Anahtar Kelimeler: 6360 sayılı yasa, Kamu politikası, Yasalaştırma. JEL Sınıflandırma Kodları: D72, D79, L38.

315-354

Authors: Özgür ATILGAN

Çalışmanın amacı BİST’ deki şirketlerin yönetim kurulu üye sayısı, bağımsız yönetim kurulu üye oranı ve yönetim kurulunda kadın üye oranı ile finansal performans ilişkisini incelemektir. Bu amaçla oluşturulan modelde bağımlı değişken olan finansal performansın ölçülmesinde karlılık oranlarından yararlanılmıştır. Çalışmanın sonucuna göre, yönetim kurulu büyüklüğü ile varlık getiri oranı (ROA), öz kaynak getiri oranı (ROE) ve EBITDA arasında zayıf ve pozitif yönlü anlamlı ilişki tespit edilirken, bağımsız üye oranı ile varlıkların getiri oranı (ROA) arasında zayıf ve negatif yönlü anlamlı bir ilişki, kadın üye oranı ile ise, EBITDA margin ve satışların getiri oranı (ROS) arasında düşük ve negatif yönlü anlamlı bir ilişki tespit edilmiştir. Anahtar Kelimeler: Yönetim Kurulu Üye Sayısı, Bağımsız Yönetim Kurulu Üye Oranı, Kadın Yönetim Kurulu Üye Oranı, Karlılık Oranları, Finansal Performans. JEL Sınıflandırma Kodları: M10, M14, M41.

369-396

Authors: Naib ALAKBAROV, Murat GÜNDÜZ, Mehmet Hilmi ÖZKAYA

Türkiye 24 Ocak 1980 kararları ile ihracata dayalı sanayileşme stratejisi uygulamaya koyarak dünya ekonomisiyle bütünleşmeyi hedeflemiş ve böylelikle uluslararası rekabeti ön plana çıkaran büyüme modelini benimsemiştir. Türkiye 1980’li yıllardan itibaren aynı zamanda dış ticaret pazarlarını da çeşitlendirmeyi amaçlamıştır. Bu bağlamda özellikle 2000’li yıllardan itibaren yapılan Pazar çeşitlendirmesi tartışmaları ile Türkiye’nin Orta Doğu ve Asya pazarlarına yöneldiği ve bu bölgelerin Türkiye dış ticareti açısından önemli potansiyel taşıdığı ifade edilmektedir. Bu çalışma, Türkiye'nin 2001-2013 dönemi çeyreklik verileri kullanarak yapılan ihracat talebinin ekonometrik analizini içermektedir. Bu çalışmada Türkiye’nin ihracat potansiyelinin farklı bölgelere yönelik ihracat talebinin fiyat ve gelir esnekliği analizi yapılmaktadır. Yapılan analiz sonucu Türkiye’nin ihracat pazarı olarak gelişmiş ülkeler grubunun öne çıktığı görülmektedir. Anahtar Kelimeler: İhracat Talebi Fonksiyonu, Dış Ticaret Pazarları Sorunu, Eşbütünleşme Analizi. Jel Sınıflandırma Kodları: F13, F14, O24, C50.

19

Authors: Aşkın Özdağoğlu, Enis Yakut, Sezai Bahar

Machine Selection in a Dairy Product Company with Entropy and SAW Methods Integration Aşkın ÖZDAĞOĞLU1 Enis YAKUT2 Sezai BAHAR3 Abstract Machine selection is an important and difficult process for the firms, and its results may generate more problems than anticipated. In order to find the best alternative, managers should define the requirements of the factory and determine the necessary criteria. On the other hand, the decision making criteria for choosing the right equipment may vary according to the type of the manufacturing facility, market requirements, and consumer assigned criteria. This study aims to find the best machine alternative among the three machine offerings according to twelve evaluation criteria by integrating entropy method with SAW method. Keywords: Production Management, Entropy Method, SAW Method, Machine Selection.. JEL Classification Codes: M10, M11. Entropi ve SAW Yöntemlerinin Bütünleştirilmesiyle Bir Süt Ürünleri Fabrikasında Makine Seçimi Öz Makine seçimi firmalar için önemli ve zor bir süreç olup, bu süreç sonunda firmalar hiç beklemedikleri problemlerle karşılaşabilirler. Firma yöneticileri, en iyi alternatifi bulmak için, fabrikanın ihtiyaçlarını belirlemeli ve gerekli kriterleri saptamalıdır. Diğer yandan, doğru makine seçimini yapabilmek için gerekli kriterler; üretim tesisine, pazar gereksinimlerine ve müşteriler tarafından belirlenen kriterlere göre değişebilmektedir. Bu çalışmanın amacı, entropi ve basit toplamlı ağırlıklandırma (SAW) yöntemlerinin birlikte kullanılması ile üç farklı tedarikçi firmanın sunduğu üç farklı makine arasında on iki farklı değerlendirme kriterinin bir arada göz önüne alınarak tercih yapılmasıdır. Anahtar Kelimeler: Üretim Yönetimi, Entropi Yöntemi, SAW Yöntemi, Makine Seçimi. JEL Sınıflandırma Kodları: M10, M11.

23

Authors: Anıl Gacar , Semra Öncü

Determinants of Enterprise Risk Management: An Empirical Research on Industrial Companies Absract The phenomenon of risk management has changed along with the starting experiencing the intense way of globalization and diversification of business activities. Traditional risk management approach that focus on only specific risks gives way to enterprise risk management that all risks are managed in a coordinated manner and has purpose to create value for stakeholders. In this study, determinants of enterprise risk management on industrial companies that publicly listed in Borsa Istanbul in 2014 are investigated. As a result of analysis by logistic regression method, it is determined that company size has significantly and positively effect on the enterprise risk management; but also big four audit firms and financial leverage have insignificant and positive effect on enterprise risk management. Keywords: Risk Management, Enterprise Risk Management, Logistic Regression. JEL Classification Codes: G32, G34, C21.

27

Authors: Vassilios Theodoros Kondylis

The Independence of a National Regulatory Authority (NRA) Created According to The EU Legislation in The Electronic Communications Sector – The Greek Example Abstract This study attempts to examine the issue of independence in the legal status of a national regulatory authority (NRA) in the Telecom sector. The first part analyzes the legal basis of independence and the content of this concept, taking into account recent developments in the jurisprudence of the European Court of Justice. The second part analyzes the measures adopted by the Greek Legislator in order to ensure the independence of the Hellenic NRA, the competences of the Hellenic NRA, and the results of the measures adopted to open up the relevant markets and to ensure free competition within them. Keywords: National Regulatory Authority (NRA), Forms of Independence, Electronic Communications. JEL Classification Codes : K40, D8.

28

Authors: Seymur Ağazade, Aykut Karakaya, Selçuk Perçin

The Relationship Between Risk and Performance in Turkish Manufacturing Industry Abstract Theoretical approaches make different prediction related to the nature of the relationship between risk and performance. Traditional finance theory and behavioural firm theory give controversial explanation about this relationship. Using Two Stage System Generalized Moment Method proposed by Arellano and Bover (1995) and Blundell and Bond (1998) this paper investigates risk and performance relationship in Turkish Manufacturing Industry for the period from 2008 to 2013. The degrees of total leverage, operating leverage and financial leverage are used as risk indicators. Net profit margin, return on assets, return on equity are performance variables. Panel estimation results demonstrate that performance effects risk positively when degree of total leverage or financial leverage is used as risk indicator and negatively when degrees of operating leverage is used as risk indicator. These results support the traditional finance theory when total risk or financial risk is taken into account and behavioural firm theory when operational risk is considered as risk proxies. Keywords: Risk, Performance, Turkish Manufacturing Industry. JEL Classification Codes: G30, L60.

35

Authors: Sinem Kutlu, László Horváth

An Inquiry Into the Methodological Foundations of Post Keynesian Macroeconomics Abstract The Post Keynesian School is based on the ideas of a group of heterodox economists who follow Keynes’s lead. To what extent Post Keynesians, with their heterogeneous structure and pluralist methodology, could be coherent as a school of thought alternative to the mainstream macroeconomics is a controversial issue in the literature. The purpose of this study is to investigate the methodological foundations of Post Keynesian macroeconomics by the help of the findings of the literature review. In this context, it is aimed to demonstrate that the factor which makes the macroeconomic vision of the Post Keynesian School different is fundamentally methodological. Based on the evaluation of the findings of the study, it is concluded that the distinctive body of thought of the Post Keynesian macroeconomics doesn’t lack internal coherence entirely but Post Keynesians should take more initiative both at theoretical and political level in order to meet current economic issues. Keywords: Post Keynesian School, heterodox economics, economic methodology.

38

Authors: İsmail Küçükaksoy, İsmail Çifçi

The Balassa-Samuelson Hypothesis: Turkey and Foreign Trade Partners Application Abstract This paper aims to investigate validity of “Balassa-Samuelson Hypothesis (BSH)” for Turkey and ten member countries of the European Union and NAFTA countries which Turkey’s major trading partners using annual data in period from 1991 to 2013. To investigate the validity of the BSH in the line with established model, according to Pedroni Panel Cointegration and Kao Panel Cointegration test, long-run cointegrating relationship between variables (the real effective exchange rate index and relative productivity index) has determined. Fully Modified Ordinary Least Squares (FMOLS) and Dynamic Ordinary Least Squares (DOLS) methods prove BSH in both terms of panels and for all countries at 1% significance level. According to FMOLS and DOLS methods a 1 unit increase in the relative productivity index increases the real effective exchange rate index approximately 0.96 unit in the long-run. Keywords: Balassa-Samuelson Hypothesis, Real Exchange Rate, Tradable and Non-Tradable Sector Productivity, Fully Modified Ordinary Least Squares (FMOLS), Dynamic Ordinary Least Squares (DOLS). JEL Classification Codes: F14, F16, F31, O24.

20

Authors: Seval AKBULUT BEKAR,Harun TERZİ

In this study, the validity of S Curve effect for the period of 2002:01-2014:12 is investigated in the following in dustries of Turkey, classified by the Standard International Trade Classification ( SITC Rev. 3, 1 level) ); section 1- beverages and tobacco; section 2- crude materials, inedible, except fuels; section 3- mineral fuels, lubricants and related materials; section 4- animal and vegetable oils, fats and waxes; section 5- chemicals and related products, n.e.s.; section 6: manufactured goods classified chiefly by material; section 7- machinery and transport equipment; section 8- miscellaneous manufactured articles. Cross correlation analyses indicate that S Curve effect is found in the sections 1, 2, 4, 5 and 8.

24

Authors: İbrahim ARSLAN,Mehmet Vahit EREN,Selahattin KAYNAK

The main goal of this study is to analysis to relationship between health that play an important role in welfa re level of countries and development. One of the most imperative components of human capital, healthcare is theoretically known to have a correlation with development, and yet, it appears to be necessary to carry out the econometric analysis of this relationship. Given that, this work tries to show the effects of improvements in the Turkish healthcare industry on economic devel opment by using the annual data of 1975- 2012. In this context, two mode ls have been constructed with two development indicators, the growth rate of per capita income and infant mortality rate. Per capita healthcare costs, per capita hospital beds, the number of healthcare institutions and the share of total healthcare costs in national income have been appointed as independent variables. The analysis has been conducted with the aid of classical unit root tests Augmented Dickey- Fuller and Phillips-Perron, as well as Hatemi-J (2012) asymmetric causality test. The result of analysis indicates that the relations hip between health indicators and development is positive.

30

Authors: Oğuz KARA,Neslihan Akın ÖZDEMİR

The aim of this study is to analyse the effects of the money policies on individual credit supply on the level of private and public banks by considering the Turkey example. The public and private deposit banks which are operating in Turkey completely included in the analyse and, examined with ARDL bound test and VAR methodology covering the 2003:01- 2013:10 period. Based on the results of the analysis, in longterm, it has been concluded that credit supply of public and private capital deposit banks have been negatively affected from lending interest rates as a monetary policy tool. It can be seen that the changes on the monetary policies effect the credit supplies of public banks for 9 months period and that duration is less on the private banks.

31

Authors: Ahmet BARBAK

This article examines the policy of preventing terrorism financing within the context of global governance. The policy which was organized in International Convention for the Suppression of Financing of Terrorism by United Nations has gained the quality of a global public policy since 2000’s. The role of Financial Action Task Force (FATF) in globalisation of the policy as well as in the formation of global governance draws attention. FATF possesses mechanisms of co ercive compliance against states considering that it differs from formal international organizations. FATF controls a wide territory by FATF Style Regional Bodies. By examining FATF’s structural and functional aspects, it can be observed the states’ ways of establishing relationships with global governance. In this study, having extracted the descriptive features of global governance from the literature, FATF was examined according to these features.

35

Authors: İpek KAZANÇOĞLU,Özden ÖKTEM

Franchising system is evaluated as a new sales and distribution channel for the firms operating in the industrial market prov iding them ways of faster development and entrance into new markets. The purpose of this research is to investigate the elements to be considered and the challenges faced, while adopting the franchising system as a business model for a firm operating in ready mix concrete industry. The study is designed as a case-study, in-depth interviews are carried out with seven managers. Consequently, franchising system is evaluated as whether if this proposal is applicable as a model. Findings of in-depth interviews are useful because they provide understanding regarding the factors affec ting the decision on the development of franchising business model by other industrial businesses.

22

Authors: Emine Yasemin Yeginboy, Ali Özdemir

In 2014 a decision had been taken by the Council of Higher Education (CoHE) accepting the students of statistic s department as the graduates of faculty of economics and administrative sciences when applying to public institutions and organizations. The main objective of this study is to compare the graduates of statistics department and the graduates of faculty of economics and administrative sciences according to their achievements on 2014 PPSE undergraduate field courses. For this purpose statistical analysis had been performed by organizing the data on SPSS 20 program. According to the analysis results, it has been found that students of statistics department are more successful than the students of economics and administrative sciences programs especially on business course tests, and have less success on ac counting courses. By the results obtained, it have been tried to make suggestions about the contributions that can be made to higher education programs in order to increase the success of students on accounting course test.

27

Authors: Ömer Yalçınkaya, İbrahim Hüseyni

Economic growth as regardless of productivity increase has to took placed with investments, the investments simply can be met by savings. At this point, it is required that identification the ratio of domestic savings to meet domestic investments or domestic investments of dependence on foreign savings. In this respect the study, in the frame Feldstein-Horioka Hypothesis, it is aimed that on 28 OECD member countries which according to the saving-investment balance is grouped, the relationship between domestic savings and domestic investments investigation by using a new generation of panel data analysis methodology which cross-section dependence taking into account and data for the period 1980-2013. As a result of the study, it has been determined that the ratios of domestic savings to meet domestic investments namely the degree of capital mobility on defined country groups, according to the saving-investment balance of the country significantly is varied. At the same time, in the study it has been concluded that Feldstein- Horioka Hypothesis is accepted in countries with saving surplus, conversely Feldstein- Horioka Paradox is relatively continued in countries with saving deficient.

29

Authors: Nuri Ömürbek, Meltem Karaatlı, Halil Furkan Balcı

In this study, performances of automotive companies traded on B İ ST (Istanbul Stock Exchange) and also operated in our country have been compared with the multi-criteria decision making techniques. Da ta of the most important automotive companies operating in Turkey have been analyzed based on capita l, stock certificate, marketing value, sales revenue, number of employees, net profit ma rgin, current ratio, net pro fit/capital, net profit/sales and net sales/number of em ployees. Criteria applied on Performance measurement was gained operating reports of companies in 2014. Entropy method has been used to determine the weights of the criteria. Those weights have been used MAUT (Multi-Attribute Utility Theory) and SAW (Sim ple Additive Weighting) methods to rank automative companies’ performances The findings highlight that the same companies were in the first three places in both methods.

32

Authors: Zeki Uçar

In this study, it is aimed to reveal personal characteristics of employees (depending on psychological and demographic) that affect thei r openly speech and these characteristics in what way effect the silence behavior of employees. In the study was designed as a qualitative research, data were obtained semi structured interviews and focus group techniques. The research sample is consists of fourtyone participants have assignmen at different levels in different or ganizational structure. The resu lt of research show that in addition to personal characteri stics reveal struggle for life st yle of individuals like “locus of control”, “self-esteem” some demographic characteristics of the individuals like gender, education effect their decisions they ha ve given direction to remain silent.

34

Authors: Aynur Yıldırım, Mehmet Faysal Gökalp

This study analyzes the effects of institutional structure on the international competitiveness of developed countries econometrically by employing a “Panel Data Analysis” with a sample of 21 developed countries and 23 institutional variables for the period 2000-2011. The results of the analysis indicate that while judicial independence, protection of intellectual property rights, integrity of the juridical system, marginal tax, political freedoms, black market exchange rate, restrictions on foreign investment, private sector’s share in the banking system, hiring-minimum wage, and hiring-dismissal have a positive effect; the nature of legal arrangements, government spending, transfers and subsidies, civil liberties, tariffs, regulations regarding trade barriers, collective bargaining, and military tutelage have a negative effect on the international competitiveness of developed countries.

43

Authors: Düriye Toprak, Serpil Ağcakaya, Hüseyin Gül

The welfare state that had become stronger gradually in the post-2 nd World War has been in the process of restructuring after the 1980 period as a result of globalisation and neo-liberal policies. Social welfare state has had responsibilities in different fields ranging from health to education and from social s ecurity to poverty reduction. In Turkey, the education expenditures may be accepted as social expenditures contributing to general social welfare of the society. The goal of this study is to explain the social welfare state briefly, to review the methodological approaches to social expenditures in the context of the social welfare state, and to examine and compare the level of education expenditures in Turkey and some other countries.