Yazar "Ertugrul, Hasan Murat" seçeneğine göre listele

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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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    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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    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.
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    Shariah-compliant firms and firm leverage: evidence from firm-level time varying quasi experimental analysis for MENA countries
    (Springer Nature, 2025) Ulussever, Talat; Doruk, Omer Tugsal; Ertugrul, Hasan Murat; Tekdogan, Omer Faruk
    This study undertakes an examination of financial leverage, synonymous with firm risk or capital structure, within the context of Shariah-compliant firms. Analyzing firm-level data covering 500 nonfinancial firms across 9 MENA countries, this research employs a time-varying quasi-experimental approach to delve into the primary objective of assessing the comparative financial leverage or capital structure of Shariah-compliant firms concerning their non-Shariah counterparts. We employ time-varying quasi-experimental methods, namely time-varying difference-in-differences methodology, to explore the relative time-varying effect of Shariah-compliance on the firm leverage in the MENA Region. The results unequivocally highlight a distinct trend that the Shariah-compliant firms exhibit notably lower financial leverage compared to their non-Shariah counterparts, even if we consider the time-varying Shariah-compliance dimension. These findings, substantiated through robust modeling techniques, offer compelling insights into the financial dynamics and risk profiles of Shariah-compliant entities across the MENA region.
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    The dynamic effect of participation �ndex on the stable firm dynamics: evidence from non-financial firms from T�rkiye
    (Emerald Group Publishing Ltd, 2025) Doruk, Omer Tugsal; Ertugrul, Hasan Murat; Tekdogan, Omer Faruk
    PurposeThis study aims to examine whether the inclusion of firms in the participation index provides sustainability according to firm growth and financial leverage within the Islamic finance principles framework by using the Local Projections method for Turkish nonfinancial firms.Design/methodology/approachThe authors use the semiparametric local projections method which allow us to make dynamic panel impulse-response analysis. At the same time, the data set the authors use is a hand collected data set. In this framework, the authors investigate the impact of inclusion in the participation index for two quarters on the firm dynamics of Turkish nonfinancial firms using the local projections methodology.FindingsThe results suggest that firms included in the index for at least two quarters experience more stable growth and significantly lower leverage, while short-term inclusion yields weaker effects. These findings suggest that prolonged compliance with Islamic financial standards strengthens internal financing capacity and shields firms from debt exposure. The study contributes to Islamic finance theory by incorporating time-varying Shariah compliance and offers practical implications for financial regulation and firm governance.Practical implicationsThis study highlights the impact of Islamic finance on firm growth, and stability, indicates its potential to decrease dependence of debt, support sustainable growth and increase economic resilience through its principles and practices. For high-value businesses to benefit from the Islamic finance principles, policymakers can create opportunities to reduce reliance on debt and increase liquid assets by aligning financial structures with Shariah standards.Originality/valueTo the best of the authors' knowledge, this is the first study in the emerging markets Islamic finance context that uses a time-varying participation index approach in its empirical analysis and sheds new light on this relationship in the literature.
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    The impact of patent activity on idiosyncratic volatility in US pharmaceutical companies
    (Public Library Science, 2025) Atilgan, Emre; Turkmen Ceylan, Fethiye Burcu; Doruk, Omer Tugsal; Ertugrul, Hasan Murat; Barak, Ahmet Yasir
    This study examines the impact of patent activity on the idiosyncratic volatility (IVOL) of U.S. pharmaceutical companies, addressing a critical gap in the literature on the relationship between innovation and firm-specific risk. Using panel data from Thomson Reuters/Refinitiv covering 2,910 firms over 2005-2024, we employ the Fama-French 5-factor model to isolate firm-specific volatility and analyze how patent events and pharmaceutical development activities affect stock price risk. Our findings reveal a complex relationship between innovation and volatility that varies by development stage. While patent activity overall reduces idiosyncratic volatility, early and mid-stage development projects (Phase I and II) initially increase firm-specific risk, reflecting inherent uncertainties in drug development. Conversely, newly launched products significantly reduce volatility, indicating that risk mitigation occurs primarily at commercialization. These relationships remain robust during crisis periods, including the 2008-09 financial crisis and COVID-19 pandemic. The results provide valuable insights for investors seeking to assess pharmaceutical investment risks, managers optimizing innovation portfolios, and policymakers designing intellectual property frameworks. The study's focus on the U.S. market and reliance on patent counts rather than quality measures suggest important avenues for future research across different regulatory environments and innovation metrics.