Yazar "Doruk, Omer Tugsal" seçeneğine göre listele

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    A Financing Constraints Paradox? Internal Finance and Capital Structure Link for Tourism Firms: Asian Emerging Market evidence
    (Sage Publications Inc, 2024) Doruk, Omer Tugsal; Gohore, Bi Irie Claude Martial
    The aim of the study is to investigate the relationship between the internal financial and capital structure of an organization in the travel and tourism sector. The study shows how financial constraints on tourism companies affect their ability to finance themselves. The study also shows a relationship between tax shielding and financial leverage. This study analyzes panel data collected over a 21 year period, from 1998 to 2019, from over 100 publicly traded tourism companies in three Asian countries. A panel data methodology and the generalized method of moments estimation (GMM) were used in this empirical study. To support our hypothesis, using a generic method to evaluate parameter estimation will be our most effective method to improve the literature. Overall, the results show that financially stressed tourism firms use their option of debt-free tax avoidance to increase leverage. There is also a positive correlation between tax haven and leverage for firms with limited resources. The correlations between financial leverage and corporate debt supported by the results theoretically support the pecking order. By providing useful insights into the tax shielding of non-debt, which is significantly correlated with leverage for firms operating in tourism, this study closes the gap in firms' capital structure decisions regarding access to finance.JEL Classification: G0, G01, L25
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    An empirical investigation of the relationship between brand value and firm value: Evidence from Turkey
    (Wiley, 2023) Konuk, Serhat; Doruk, Omer Tugsal; Onal, Yildirim Beyazit
    This paper aims to investigate the relationship between brand value and firm value by using a two-step approach. In the first step, we use the financial-based brand valuation model (FBVEM) to obtain the brand value of firms that operated in the Turkish manufacturing industry during the period between 2014 and 2018. In the second step, we examine the effect of brand value on Tobin's Q. In doing so, we use a novel GMM, with a measurement errors model, which takes into account mismeasurements of the financial variables. We try to get an accurate estimation of the link between brand value and Tobin's Q in our analysis. The obtained findings show that the effect of brand value on firm value is positive in the Turkish manufacturing sector. Our results remain stable after robustness checks. This is the first well-controlled study that considers the endogeneity problem and consequent measurement errors in the relationship between brand value and firm value.
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    Anatolian Tigers: A Miracle or a Myth? A Regional Political Economic Analysis
    (Routledge Journals, Taylor & Francis Ltd, 2024) Doruk, Omer Tugsal
    In this study, I examine the potential of the Anatolian Tigers, which are an important engine for the Turkish economy, in a very novel framework. I also compare the role of Anatolian Tigers with Istanbul-based firms within the capitalist classes. The study explores that the Anatolian Tigers have significant potential for exports, foreign direct investment and long-term sales, but are lagging behind in foreign direct investment. The findings of the study may be the first study to shed light on the development potential of the Anatolian Tigers by addressing issues that have not yet been addressed in the literature on the Anatolian Tigers.
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    Covid-19, Fiscal Policies, and Small-and-Medium-Sized Firm Survival: Evidence From the Cross-Country Matching Analysis
    (Sage Publications Inc, 2022) Doruk, Omer Tugsal
    Objective: The present study examines the effect of fiscal policies on firm survival for small-and-medium-sized enterprises in the cross-country level firm-level data. Research Design: A propensity score matching analysis is utilised for the post-COVID-19 period firms by using the World Bank Enterprise Follow-up Surveys for the pandemic period. Small-and-medium-sized enterprises are essential to the economy; firm failures can increase in a pandemic. Results: The obtained findings show that the effect of fiscal policies has an essential effect on small-and-medium-sized enterprises survival in the COVID-19 pandemic period by using a cross-country heterogenous firm-level sample. Conclusions: In this context, the present study shed new light on the link between COVID-19-related fiscal policies and small-and-medium-sized firm survival in developing countries.
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    Does Islamic banking reduce the risks of COVID-19 for SMEs? Novel evidence for SME financing in the pandemic period for an emerging market
    (Elsevier, 2023) Doruk, Omer Tugsal
    This paper aims to examine the effect of COVID-19 on SME bank lending in the Islamic banking sector to small and medium-sized enterprises (SMEs) in an emerging market: Turkey. Under-standing whether SME bank lending in the Islamic banking sector is procyclical or not is very important to reduce the impact of COVID-19 on SMEs. Interrupted time series analysis (ITSA), the Markov switching regression model, and vector autoregressive (VAR) methodologies are employed using novel weekly data for the pandemic period. The present study finds that the Islamic banking sector for SME financing has behaved countercyclically during COVID-19 in the Turkish economy. The paper thus sheds new light on the relationship between Islamic bank lending for SME financing and the COVID-19 shock in an important emerging market. The findings can provide insights into how Islamic banks mitigate the effect of COVID-19 on SMEs in an emerging market context. The present paper clearly shows differences between Islamic bank lending toward SMEs and deposit bank lending toward SMEs in the pandemic era. The willingness of Islamic banks to supply loans to SMEs during the pandemic plays a vital role in reducing SME firm failure in the Turkish economy.
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    Effect of financial constraints on the growth of family and nonfamily firms in Turkey
    (Springer, 2020) Ergun, Bahadir; Doruk, Omer Tugsal
    This study examined whether family-owned firms have advantages for accessing external financial sources for growth. Especially in developing countries with imperfect markets, firms can face difficulties accessing external financing sources; however, family-owned firms might have some advantages in this regard over nonfamily firms. Unlike previous studies, this study considered that, in the Turkish context, nonfamily firms are financially constrained while family firms are not. To examine this hypothesis, we used the generalized method of moments (GMM) approach to analyze panel data from 2006 to 2017. The findings showed that financing constraints were a significant obstacle to growth for nonfamily-owned manufacturing firms while the effect was not present for family firms since they are controlled by large, well-established family groups. These results elucidate the relationship between corporate ownership and growth among Turkish firms, especially those with strong links to large family-owned corporations. The results also revealed that reputation and network may facilitate easier access to external financing sources, especially when considering the Big Six family ties of firms.
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    Exploring the determinants of housing price bubbles in the Turkish economy: a COVID-related framework
    (Emerald Group Publishing Ltd, 2024) Doruk, Omer Tugsal
    PurposeThis study aims to explore a novel framework for housing price bubbles in the Turkish economy during the pandemic. It examines the probability of housing bubble formation relative to the pre-pandemic period and identifies possible determinants of housing bubbles in the Turkish economy.Design/methodology/approachIn this study, a two-stage novel estimation method is applied. In the first stage, bubble periods are identified through the right-tailed supremum augmented Dickey-Fuller test. In the second stage, the determinants of these bubbles are identified, and the housing bubble determinants during the COVID-19 pandemic are compared to the pre-pandemic period.FindingsThe findings indicate that there is an asset price bubble in the housing market during the pandemic period. Furthermore, mortgage credit expansion, mortgage credit rates and the depreciation of the Turkish Lira against the USD could increase housing bubble formation. However, housing sector sales to foreign investors do not contribute to housing bubble formation during the pandemic in the Turkish housing market.Originality/valueTo the best of the author's knowledge, this is the first study to address the relative determinants of housing bubbles in an emerging market context during the pandemic.
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    Fragility or habitualized corporate behavior? Corporate and macroeconomic determinants of debt dollarization: Evidence from Turkey
    (Wiley Periodicals, Inc, 2024) Doruk, Omer Tugsal
    This study examines the firm-level and macroeconomic-level determinants of debt dollarization, which is a critical vulnerability for a key emerging market: Turkey. The study examines the firm-level and macroeconomic determinants of debt dollarization between 2005 and 2017 using the generalized method of moments and the panel vector autoregressive method, both of which are highly innovative. The results show that manufacturing firms tend to dollarize debt, while macroeconomic variables such as the real exchange rate, inflation, and credit expansion significantly affect debt dollarization. Moreover, debt dollarization was found to be a habit of manufacturing firms in the Turkish economy.
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    Hold the chair: the link between short-term exposure and the managerial change in an emerging market during the pandemic
    (Emerald Group Publishing Ltd, 2024) Doruk, Omer Tugsal
    Purpose - This paper aims to study the effect of short-term firm-level exposure on managerial change during the COVID-19 pandemic in the Chinese economy. Such a link is not explored in the existing COVID-19 and resource-based theory (RBT) literature. Design/methodology/approach - The logit regression model is utilized to examine the effect of short-term exposure on the probability of managerial change in the Chinese economy. Logit models based on coarsened exact matching (CEM) are also used in the robustness checks part of the study. The results are robust to different specifications. Findings - The obtained findings show that short-term exposure has a significantly positive effect on the probability of managerial change during the pandemic. Research limitations/implications - Under the RBT approach, this study sheds new light on the relationship between short-term financial exposure and managerial change under uncertainty during the pandemic. Practical implications - C-Suite executives need to be prepared for short-term sudden shocks. According to the findings of the study, the relationship between short-term sudden shocks and short-term financial exposure is a factor that C-suite executives should pay attention to. Social implications - Short-term sudden shocks can support managerial change, pushing society into uncertainty and negatively affecting the private sector. In this context, it has a structure that can amplify uncertainty. Originality/value - In the existing COVID-19 literature, the effect of short-term exposure on the probability of managerial change is under researched, especially in the emerging markets-based RBT and COVID-19 literature. The present study offers an insight into the link between short-term exposure and the probability of managerial change during the pandemic.
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    Intergenerational mobility: An assessment for Latin American countries
    (Elsevier, 2022) Doruk, Omer Tugsal; Pastore, Francesco; Yavuz, Hasan Bilgehan
    This paper aims to study the process of intergenerational income mobility in some Latin American economies (Brazil and Panama), which have been much neglected in the relevant literature. Like other countries in the area, Brazil and Panama have a stagnant economy coupled with high income inequal-ity. Our rich dataset allows us to provide the most reliable estimates of intergenerational mobility, after controlling for a number of additional control variables which were unavailable in previous studies. We provide estimates broken down for different genders, age groups, locations, education of fathers. Our re-sults are robust to different specifications and suggest that previous studies significantly overrated the extent of the intergenerational mobility in the countries considered. However, our figures are still com-patible with an extremely low degree of social mobility. Moreover, we show that behind social immobility there is also a sluggish process of structural change and an insufficiently progressive tax system.(c) 2021 Elsevier B.V. All rights reserved.
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    Intergenerational occupational mobility in Latin American economies: An empirical approach
    (Elsevier, 2024) Doruk, Omer Tugsal; Pastore, Francesco; Yavuz, Hasan Bilgehan
    Identifying the determinants of intergenerational mobility is an important aim in the development literature. In this article, we examine intergenerational transmission for 6 neglected Latin American Economies (Brazil, Costa Rica, Ecuador, Mexico, Panama and Puerto Rico). We use a multinomial logit model of the determinants of choosing a white-collar job for the child of a father working in farming as compared to a child whose father had a blue- or white-collar job. We find that, in the studied countries, intergenerational occupation transmission is mainly linked to low skilled jobs. Our analysis confirms the low degree of social mobility typical of Latin America, in turn contributing to explaining the low growth rate. Our findings help identify specific target groups - talented young women coming from the agricultural sector - for developing soft skills while at primary or low secondary school and work -related skills while at high secondary school or university.
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    Property rights protection and intangible investment in the Sub-Saharan African non-financial firms
    (Academic Press Inc Elsevier Science, 2024) Ndhlovu, Emmanuel; Doruk, Omer Tugsal; Gohore, Bi Irie Claude Martial
    This empirical study examines the impact of property rights on intangible investments in subSaharan African (SSA) non-financial firms using firm-level data. The study employs a local projections methodology for twelve SSA countries over the period 1996-2020. Our empirical results show that property rights protection increases intangible investment in non-financial firms in the SSA region. This effect is significant for the SSA region in the long run.
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    Short-term working allowance and firm risk in the post-COVID-19 period: Novel matching evidence from an emerging market
    (Academic Press Inc Elsevier Science, 2021) Doruk, Omer Tugsal; Konuk, Serhat; Atici, Rumeysa
    In the present study, we examine the effect of government fiscal policy on firm risk in the postCOVID-19 period for an emerging market: Turkey. By doing so, we utilize a propensity score matching method to examine the effect of the short-term working allowance, which is a unique short-term COVID-19 mitigation policy for the Turkish economy, on firm risk. The obtained findings show that the effect of short-term working allowances on firm risk is efficient at mitigating the effect of COVID-19. Our results are also robust as to different robustness checks.
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    The chip crisis and its effect on capital structure dynamics of automobile firms during the pandemic
    (John Wiley & Sons Ltd, 2023) Doruk, Omer Tugsal
    This study examines the impact of chip shortages on the financial leverage of automobile firms worldwide over the period COVID-19 using a panel vector autoregression analysis. This paper analyzes the chip crisis as an exogenous shock in a highly heterogeneous and dynamic framework for automobile firms during the pandemic period. The findings show that the chip shortage has a negative effect on financial leverage of automobile firms and increases their internal financing needs during the pandemic. This study adds new insights to the current literature by considering the chip crisis to the corporate dynamics of automobile firms.
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    The crowding-out effect of shareholder value-based CEO compensation on R&D investment in the European context: a new interpretation
    (Emerald Group Publishing Ltd, 2023) Doruk, Omer Tugsal
    Purpose In the present study, using a novel fractional logit model, the link between R&D (Research & Development) investment and shareholder value-based CEO (Chief Executive Officer) compensation has been examined within the non-financial sector in the Euro area economies using a firm-level dataset for 2002-2019. Design/methodology/approach The fractional logit model is utilized to examine the effects of corporate payment on R&D investment. The fractional logit model can be considered the empirical approach that takes into account R&D non-performer firms to avoid reducing the sample size. The fractional logit model is superior to the censored or truncated models, like Tobit, since the fractional logit model is useful to address the econometric limitations that are found in the censored and truncated models in the non-linear models. Findings The findings obtained in this study showed a significant and negative effect of short-term aim-based CEO payment on R&D expenditures in the Euro area economies using firm-level data. These findings are robust to different robustness checks and modeling alternatives. Originality/value To the author's knowledge, there is no study that examines the effects of short-term shareholder value maximization-based CEO compensation on R&D in the European context in the literature.
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    The Link Between R&D and Financing Constraints in Manufacturing Sectors for Two Emerging Markets
    (Springer, 2023) Doruk, Omer Tugsal
    This study examines the impact of financing constraints and R&D investment in two technology-intensive emerging economies: Brazil and Turkey. It is pointed out that both countries suffer from capital market inadequacies. Therefore, the impact of financing constraints on R&D spending is investigated using advanced econometric models. This study covers the period 1997-2019 for manufacturing firms in two emerging economies. A fractional probit model with a novel control function approach that accounts for heteroskedasticity, endogeneity, simultaneity and omitted variable bias was used in the present study. The results show a significant relationship between R&D expenditure and financing constraints for Brazil and Turkey. Moreover, the results suggest that internal financing encourages R&D spending that requires high initial fixed costs and has a high probability of failure for firms under financial constraints in these two emerging economies. Internal financing is a significant option for R&D spending for financially constrained firms in Turkey, while it is significant for financially unconstrained Brazilian firms in terms of internal financing. However, financial leverage has a negative effect on R&D spending for all firms in both countries. The results do not change when the different robustness tests are applied.
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    The role of macroeconomic constraints on cash conversion cycle: evidence from the Turkish manufacturing sector
    (Routledge Journals, Taylor & Francis Ltd, 2022) Doruk, Omer Tugsal; Ergun, Bahadir
    The cash conversion cycle is a crucial firm-level factor in liquidity in sustainable firm growth; therefore, the effects of macroeconomic factors on cash conversion cycle have high importance to economic development and growth in developing countries, such as Turkey. Unlike previous studies, we use a set of different macroeconomic variables (growth volatility, inflation, and real exchange rate) to check the effects of macroeconomic variables on firms' cash conversion cycle for the Turkish manufacturing sector in the 2006-2017 period. The obtained findings show that the cash conversion cycle is affected by macroeconomic factors in the Turkish manufacturing sector.
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    The user cost of capital and corporate investment in the Latin American economies: a novel approach
    (Emerald Group Publishing Ltd, 2023) Doruk, Omer Tugsal
    PurposeIn the current study, corporate investment is examined by using a user cost of capital model for two important Latin American economies: Brazil and Mexico. In this paper, a dynamic user cost of capital model is employed. The extended model also accounts the investment model with the convex adjustment cost. Moreover, the link between structural change, financial liberalization and investment is also investigated. The present study, therefore, sheds new lights on the investment behavior of the Latin American emerging markets.Design/methodology/approachThe differenced generalized method of moments approach is employed to control the endogeneity, heteroscedasticity and autocorrelation for modeling the corporate investment over 20 years for both countries.Findings The findings indicate that the dynamic user cost of capital-based investment model explains the corporate investment in Brazil and Mexico. Especially, the interest rate and depreciation explain the investment behavior of nonfinancial firms in both countries. At the same time, structural change and financial liberalization do not have a significant impact on interest rates, an important user cost of capital.Originality/value This is the first study examines the corporate investment using dynamic user costs of capital approach for an emerging market. The user cost of capital-based investment models is clearly understudied models for emerging markets. This study is particularly important for emerging markets as investment models need to have a theoretical background. ObjetivoEn el presente estudio se examina la inversion empresarial utilizando un modelo de coste de capital del usuario para dos importantes economias latinoamericanas: Brasil y Mexico. En este trabajo se emplea un modelo dinamico de coste de capital para el usuario. El modelo ampliado tambien tiene en cuenta el modelo de inversion con el coste de ajuste convexo. Ademas, se investiga la relacion entre el cambio estructural, la liberalizacion financiera y la inversion. El presente estudio, por tanto, arroja nueva luz sobre el comportamiento de la inversion en los mercados emergentes latinoamericanos.Diseno/metodo/enfoqueSe emplea el metodo GMM diferenciado para controlar la endogeneidad, la heteroscedasticidad y la autocorrelacion en la modelizacion de la inversion empresarial a lo largo de 20 anos en ambos paises.ResultadosLos resultados indican que el modelo dinamico de inversion basado en el coste de capital para el usuario explica la inversion empresarial en Brasil y Mexico. Especialmente, el tipo de interes y la depreciacion explican el comportamiento de la inversion de las empresas no financieras en ambos paises. Al mismo tiempo, se constata que el cambio estructural y la liberalizacion financiera no tienen un efecto significativo sobre los tipos de interes, que es un importante coste de uso del capital.OriginalidadEste es el primer estudio que examina la inversion empresarial utilizando un enfoque dinamico basado en los costes de capital para un mercado emergente. Los modelos de inversion basados en los costes de uso del capital son claramente modelos poco estudiados para los mercados emergentes. Este estudio es especialmente importante para los mercados emergentes, ya que los modelos de inversion deben tener un trasfondo teorico.
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    Veblen on the Crossroad: Global Pharmaceuticals and Financialization of Vaccine Production in the Pandemic Period
    (Routledge Journals, Taylor & Francis Ltd, 2024) Doruk, Omer Tugsal
    In the present study, I explore the link between COVID-19 vaccine patents and their financialization within the institutional economics framework. Thorstein Veblen's main assumptions related to financialization of intangible assets are valid for the pharmaceutical firms that produced COVID-19 vaccines during the pandemic. In this context, the effects of patent applications on the financialization of pharmaceutical firms are investigated for companies that took government grants for vaccine production. These firms are examined in a comparative way in the present study. The market figures, the investigation of the relevant firm-level data, and the institutional setting suggest that the COVID-19 vaccine patents-financialization nexus is well defined in the Veblenian framework during the pandemic.