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    Friend or foe? The link between agency cost and financialization in Turkey
    (John Wiley & Sons Ltd, 2023) Doruk, Oemer Tugsal; Ergun, Bahadir
    This study aims to investigate the link between agency cost and financialization in the Turkish manufacturing sector in the period of 1990-2017 with a novel empirical methodology. A two-step approach has been developed to examine financialization's effect on shareholder value orientation through agency costs. The first step employs a panel stochastic frontier analysis for measuring corporate efficiency, which is an inverse proxy of agency cost. In the second step, the link between financialization and corporate efficiency is investigated using panel data econometric models. The results show that agency cost leads the firms to use financialization instead of real investments.
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    The dark side of finance: the link between financialisation and labour investment in emerging Asian countries
    (Springer, 2024) Doruk, Oemer Tugsal
    This study explores the effect of financialisation on labour investment for emerging Asian economies. Focusing on firms operating in non-financial sectors, this study explores the financialisation-labour investment relationship for Hong Kong, South Korea, Taiwan, Indonesia, Malaysia, and India during the period from 1999 to 2023. This study employs a panel regression methodology to explore the link between financialisation and labour investment. The findings indicate that financialisation can exert a negative influence on the labour investment of manufacturing firms in these emerging Asian economies. The findings of the study are also not sensitive to different robustness checks. This paper sheds new lights on the effects of financialisation on labour investment within emerging economies.
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    The link between exchange rate volatility and capital structure under financial liberalization: evidence from the Turkish manufacturing sector
    (Springer Heidelberg, 2022) Doruk, Oemer Tugsal
    The main purpose of this article is to examine the effect of exchange rate volatility on the corporate capital structure for firms in the Turkish manufacturing sector during the period of 1990-2017. This period is considered the post-financial liberalization period. This article uses a novel dynamic multiplier analysis which is based on the Panel Vector Autoregressive Model which takes into account endogeneity, firm dynamics, and omitted variable bias. The obtained findings show that real exchange rate volatility forces the firms to use their internal finance sources in the Turkish manufacturing sector even though the Turkish economy experienced a much earlier financial liberalization process than other emerging markets. In addition, the exporter, and those firms without special business group affiliates (non-TUSIAD member firms), have more exposure to real exchange volatility than their exporter and TUSIAD member peers.