Ömür Süer

State as a stakeholder

In this paper, we want to focus on the interactions of shareholder theory, stakeholder theory, institutional theory and agency theory in terms of corporate social responsibility. We will specifically study this issue in the context of commercial banks in the financial sector. Financial firms appear to be subject to strong technical and institutional pressures. They are also more opaque and subject to heavier regulation than their non‐financial counterparts. It appears that the application of agency‐based assumptions to the financial sector is inadequate in explaining corporate governance and related social responsibility practices. In this context, the structure of asymmetric information seems to be more complex and multi‐dimensional. It takes place first between the depositors, the bank and the regulatory authorities; second, between the shareholders, the bank and the regulatory authorities; last, between the borrowers, the managers and the regulatory authorities. These parties also constitute the firms’ stakeholders. In this respect, the state appears to be a major stakeholder and it is in a position to affect all other bank/stakeholder relations through its regulations and participation in the financial sector. These are the factors that intensify institutional pressures in this sector. The institutional embeddedness inherent in a special context is likely to affect stakeholder position and attitudes. Therefore, this paper aims to investigate the conflicting nature of being a stakeholder under institutional pressures and it articulates the factors that determine the behavior of the state as a stakeholder in shaping corporate social responsibility practices of firms.

Volatility Linkages Among Gold Futures in Emerging Markets

ABSTRACT We aim to detect the cross-border volatility linkages among gold futures in emerging markets, which still remain an untapped area. China, India, Japan, Taiwan, Turkey, and U.S. futures markets are included in the sample. The volatility linkage analyses confirm the existence of volatility transmission among the majority of the sample countries’ gold futures. This article carries vital inferences and implications for policy makers and investors. The policy making is particularly important for China, which is a relatively isolated market. From investors’ perspective, the results indicate that the risk diversification and cross-market hedging opportunities in the emerging gold futures markets are quite limited.

Foreign ownership and financial information

Purpose – The purpose of this paper is to examine the foreign ownership patterns in local stocks in an emerging capital market, i.e. the Istanbul stock exchange (ISE), to derive insights into the linkage between foreign investors’ equity‐level preferences and the information provided by the corresponding firms financial statements.Design/methodology/approach – The data consists of foreign ownership share in non‐financial stocks over the period 2004‐2008 in the ISE. Given the time‐series cross‐sectional span of our data set, we run our regression analyses of the foreign ownership of Turkish stocks on various firm‐specific financial characteristics.Findings – Our analyses suggest that foreign investors are more likely to hold shares in firms with larger market capitalization and those with low leverage and book‐to‐market ratios. Overall, the results provide suggestive evidence on the asymmetric information hypothesis between local and non‐local investors and, accordingly, useful insights into the equity ho...

PRICE LINKAGES AMONG EMERGING GOLD FUTURES MARKETS

The gold futures in emerging markets have gained more importance in parallel to the increase in the size of gold trading in these markets. This research aims to detect the long-run price linkages and causality effects in these markets. China, Brazil, Russia, India, Korea, Taiwan, Turkey and Indonesia have been selected to represent emerging markets. US and Japan are also included as benchmark markets. The results denote the existence of long-term price dependencies and limited risk diversification benefits in the sample countries. The results further signify that China and Russia are the most isolated countries among the emerging markets sample.

Para Tutumunun Kariyer Hedefleri Üzerindeki Etkisi: Üniversite Öğrencileri Üzerinde Bir Araştırma

Bu calismanin amaci, para tutumunun, kariyer hedefleri uzerindeki etkisini incelemektir. Universitelerin lisans duzeyinde okuyan ogrencileri uzerinde gerceklestirilen arastirmada, ortalama farklari ve coklu lineer regresyon modeli kullanilmistir. Analizler sonucunda, erkeklere gore kadinlarin parayi bir guc ve prestij sembolu olarak gorme egilimlerinin daha dusuk oldugu, daha tutumlu ve finansal planlamaya daha egilimli olduklari tespit edilmistir. Paranin guc ve prestij sembolu oldugunu dusunenler ile parasal kaygilari daha yogun olan bireylerin, calisacaklari isin dolgun maasli olmasini daha cok onemsedikleri de elde edilen bulgulardan bir digeridir.