Yazar "Doruk, Omer Tugsal" seçeneğine göre listele

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    A double-edged sword: capital market investments as a decarbonization policy of non-financial firms in the EU
    (Emerald Group Publishing Ltd, 2026) Doruk, Omer Tugsal
    PurposeThe present study addresses how capital market investment by real sector firms, often associated with low productivity and weak investment in the current literature under the financialization hypothesis, may in fact offer an environment-related advantage in the context of EU countries.Design/methodology/approachThe present study examines the effect of financialization on carbon emissions among firms operating in 12 EU countries, employing multivariate regression models.FindingsFirm-level data from 2002 to 2019 indicate that equity investment reduces corporate carbon emissions across the 12 EU countries analyzed.Originality/valueThe present study provides new empirical evidence on the relationship between financialization and carbon emissions in EU countries.
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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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    Climate change exposure and firm value: Evidence from low and middle income economies
    (Academic Press Inc Elsevier Science, 2025) Doruk, Omer Tugsal
    This study examines the impact of climate change exposure on firm value for low- and middleincome economies by utilizing cross-country firm-level dataset. This study employs two novel firm-level climate change exposure variables to explore the impact of climate change exposure on firm value in both financial and physical dimensions of it. The results show that climate change exposure significantly affects firm value through both transition and physical risk channels. At the same time, ESG performance of the firms does mitigate the effect of climate change exposure on the firm value, while corporate social responsibility performance based executive compensation does not mitigate the impact of climate change exposure on firm value. The findings are robust to different modeling and variable alternatives. This study is expected to sheds new light on the climate change exposure-firm value relationship, especially on the low and middle income economies.
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    Corporate social responsibility and idiosyncratic volatility: a dynamic approach with environmental, social and governance considerations
    (Emerald Group Publishing Ltd, 2026) Pirgaip, Burak; Doruk, Omer Tugsal; Ertugrul, Hasan Murat; Barak, Ahmet Yasir
    PurposeThis study aims to examine the dynamic relationship between corporate social responsibility (CSR), environmental, social and governance (ESG) performance and environment-based executive compensation (EBEP) and firm-specific risk, by providing an integrated analysis of all three sustainability dimensions and their differentiated temporal effects on idiosyncratic volatility (IVOL).Design/methodology/approachThe analysis uses a dataset of S&P 500 nonfinancial firms covering the period from 1983 to 2024. To capture the short- and long-term dynamics between sustainability-related variables and IVOL, the study uses the local projections (LP) method, which allows flexible estimation of impulse response functions without imposing dynamic restrictions. Our empirical setting also accounts for endogeneity by incorporating the Generalized Method of Moments (GMM) analysis into the LP framework.FindingsThe results show that CSR engagement reduces IVOL, especially in the medium term. ESG helps reduce risk as these practices become institutionalized. EBEP triggers short-term volatility, but it ultimately leads to persistent risk reduction. Robustness tests confirm these dynamics. Notably, the interaction between EBEP and CSR leads to a pronounced and persistent reduction in IVOL.Originality/valueThis study addresses a gap in the literature by uncovering the differentiated and time-varying effects of sustainability strategies on firm-specific risk, an underexplored area. It also introduces EBEP as a novel governance mechanism and demonstrates its synergistic effect with CSR in sustaining long-term risk reduction. Methodologically, the use of LP, along with a GMM-based analysis, provides a flexible and forward-looking estimation of risk trajectories and a valuable guidance to balance sustainability with risk management.
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    COVID-19 and youth unemployment in MENA countries: a matching approach
    (Routledge Journals, Taylor & Francis Ltd, 2025) Doruk, Omer Tugsal
    The present study uses a rich dataset containing more than 1900 individuals from three important MENA countries: Egypt, Morocco, and Tunisia. The dataset is based on the Economic Research Forum (ERF) COVID-19 MENA Monitor, which consists of household and individual-level surveys during the COVID-19 period for these three MENA countries. The present study examines the effect of COVID-19 on youth unemployment in MENA countries in the post-COVID-19 period. Using a rich individual-level dataset, propensity score matching analysis is utilized. The propensity score matching analysis effectively controls unobservable differences across individuals during the pandemic. The propensity score matching analyses show that young employes were more likely to become unemployed than their older counterparts during the pandemic period. Furthermore, the results also show that young workers with formal contracts have a higher probability of becoming unemployed than their male and older counterparts with formal and informal contracts. The policymakers can design a policy framework to minimize this problem during external shocks.
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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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    Crowding out or crowding in?: Investment and financialization across generations within family firms in an emerging market
    (Routledge Journals, Taylor & Francis Ltd, 2025) Doruk, Omer Tugsal; Ergun, Bahadir
    In this study, we provide new insight into the financialization of the Turkish economy at the intergenerational level for family manufacturing firms from 2001 to 2019, using a dynamic panel generalized method of moments. The results indicate that financialization patterns differ across generations. The second-generation managers achieve a crowding-in effect through non-operational investment income-based financialization, whereas the first-generation managers rely on non-operational interest income channels that crowd out corporate investment. Additionally, professional CEOs use non-operational investment income to reduce real investment, while their use of non-operational interest income supports and increases productive investments within the family-manufacturing firms.
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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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    Idiosyncratic risk and international trade: New evidence
    (Academic Press Inc Elsevier Science, 2025) Sezgin, Volkan; Doruk, Omer Tugsal; Barak, Ahmet Yasir; Ertugrul, Hasan Murat
    In this empirical study, the relationship between idiosyncratic volatility and international sales of a sample of non-financial firms traded in the S&P 500, over 40 years is investigated by means of regression analysis and local projections method in a dynamic framework based on panel fixed effects. The results show that idiosyncratic volatility discourages international sales significantly. Moreover, according to the results of the local projections method, idiosyncratic volatility gradually reduces international sales and has a long-term effect. The results are robust to various robustness checks.
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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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    Pandemic and Financialization for Tourism Firms in Asian Emerging Markets
    (Walter de Gruyter GmbH, 2025) Doruk, Omer Tugsal
    This study examines the intersection of financialization and the pandemic's impact on the tourism sector. When financialization extends beyond unproductive or service-based transactions, it can serve as a strategic response to crisis conditions. This research specifically investigates financialization as a shock absorber for tourism firms in Asia-Pacific emerging markets during the pandemic. Employing a time-varying difference-in-differences approach, the analysis utilizes a panel dataset of 80 tourism firms from five Asian countries within the pandemic period. The findings indicate that financialization provides a mechanism for safer returns amid volatility, transforming geographical spaces into profit-oriented strategies for tourism firms in Asian emerging markets. To the author's knowledge, this is the first study to analyze the time-varying effects of financialization on tourism firms in Asia-Pacific countries during the pandemic.
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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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    R&D expenditures and employment: a microeconometric analysis
    (Routledge Journals, Taylor & Francis Ltd, 2025) Elitas, Zeynep; Doruk, Omer Tugsal; Ertugrul, Hasan Murat
    A significant body of literature agrees on that the impact of innovation and R&D on productivity is positive since empirical research consistently demonstrate that investment in innovation enhances efficiency, improves product quality, and boosts competitiveness. However, the emergence of a 'new economy' driven by information and communication technologies (ICT) has reignited the longstanding debate regarding the potentially detrimental impact of innovation on employment. This study aims to investigate the effect of R&D expenditures on employment. Using panel data analyses, the effect of R&D on employment generation is examined within a highly representative sample. By using a unique panel dataset covering Standard and Poor's 500 (S&P 500) non-financial firms, we show whether R&D expenditures have an employment generation effect over the 1984-2024. The findings demonstrate that R&D activities exert a positive effect on employment generation. Consequently, these results align with the existing literature on the employment-enhancing role of R&D expenditures. The contribution of this study to the current body of research lies in its examination of the R&D-employment relationship through a particularly representative sample of S&P 500 firms, which are among the top global spenders on R&D. We conclude that these results remain robust across various robustness checks.