Soner Gokten

Electricity consumption and economic growth: A causality analysis for Turkey in the frame of import-based energy consumption and current account deficit

ABSTRACT In this study, first the relationship between electricity consumption (EC) and economic growth is analyzed using three different approaches to eliminate mis-specified statistical models and biased outcomes. Then, the relationship between primary energy resources, which are import-based and used to produce electricity, and current account balance (CAB) is investigated. The rationale behind analyzing the relationship between import-based energy consumption and CAB lies on understanding the potential positive and negative effects of energy consumption on economy. Statistical results show that (1) unidirectional causality running from EC to economic growth has been found for the case of Turkey and (2) there is a bidirectional causality running from import-based EC to current account deficit.

An econometric model of tourism demand and room rates: a study in Belek, Antalya.

ABSTRACT In this study, International tourism demand and short-run supply for Antalya-Belek hotel industry are examined via simultaneous equations econometric model using monthly data between 1998-M01 and 2006-M10. The overall goodness-of-flt of both demand and supply models is very high, suggesting a high predictive power. Through empirical Implementation of the theoretical model, several important determinants of supply and demand are identified. On the demand side, “tourist arrivals” is a significant factor driving the demand for beds, while “room rate” has a significant negative impact on the bed demand. At the same time, “bed demand”, “the Consumer Price Index based on real effective exchange rate index”, and “the GAP between bed supply and demand” have a significant positive impact on room rates. Empirical results suggest that the hotel operators in Antalya-Belek attempt to raise the room rates in order to close the gap between actual and expected incomes, when they face high excess gap between the bed supply and demand. Also, yield management is employed by the hotel operators in Antalya-Belek due to the positive impact of the bed demand on room rates.

An Overview of Measuring and Reporting Intellectual Capital

Value creation process is based on intellectual capital or intangibles rather than tangible assets in today’s business environment. Therefore, measuring and reporting of intellectual capital for different issues has become a hotly debated issue in the literature. Currently, it is fair to say that existing financial reporting framework has an inadequacy in disclosuring intellectual capital and there is no consensus on a method to measure intellectual capital correctly as well as a generally accepted model has not been emerged in the literature yet. This chapter aims to cover main methods employed in measuring and evaluating the value of intellectual capital by considering its effect on company value and to assert the inadequacy of traditional accounting to report intellectual capital on financial statements. Moreover, applicability of methods is also discussed in terms of their ability to benefit from accounting numbers. The study is concluded by showing the need on developing new and innovative methods to overcome the challenge of measuring and reporting intellectual capital.

Ekonomik Kalkınma Teorisi ile Muhasebedeki Paradigma Kayması Arasındaki Etkileşim: Saptanan Ayak İzleri ve Çıkarımlar - Interaction between Economic Development Theory and Paradigm Shift in Accounting: Detected Footprints and Inferences

Kurumların önceliği ve insan sermayesinin önceliği hipotezleri, ekonomik kalkınmanın kurumsal kalite ve insan sermayesi birikimi artışına dayalı olarak oluştuğunu iddia eden günümüz ekonomik kalkınma görüşünün temellerini oluşturmaktadır. Bu bağlamda siyasi haklar, insan hakları, demokrasi düzeyi, hukukun üstünlüğü, politik risk (denge ve kontrol), eğitim, sağlık, girişimcilik iklimi, işçi başına sermaye ve AR&GE harcaması ilgili literatür çerçevesinde ekonomik kalkınmanın bileşenleri olarak ifade edilebilir. Nitekim günümüzde paydaşlar, karar alma süreçlerinde kullanmak üzere bu bileşenlere ilişkin bilgi talep etmeye başlamışlardır. Bu durum, muhasebenin odağını finansal bilgiden bilgiye dönüştüren bir paradigma kaymasına neden olmuştur. Diğer bir deyişle muhasebe hem finansal hem de finansal olmayan bilgileri içermeye başlamıştır. Bu çalışmada ekonomik kalkınma teorisindeki gelişmelerin muhasebedeki paradigma kayması üzerindeki etkisi kanıtlanmaya çalışılmıştır. Bu bağlamda ekonomik kalkınma bileşenlerinin güncel raporlama yaklaşımlarındaki ayak izleri takip edilmiştir.

Value Creation Reporting: Answering the Question „Value to Whom” according to the International Integrated Reporting Framework

The principal function of integrated reporting is the reporting of value and this phenomenon seems the most philosophical part of the International Framework. This paper discusses what the value concept refers to in the Framework: Value to investors, value to society or value to present and future generations? In this sense, we try to answer this question by highlighting the dynamics of capital formations according to interrelations between capitals and demonstrating the value creation process in the short, medium, and longer term. We show that (1) „profit” is the result of short term value creation, which indicates the „value to value chain stakeholders”, (2) „expected fair value of equity” represents the „value to investors” and (3) „longer term value” represents the „value to society” according to the International Framework. Additionally, we touch on the inadequacies of the current Framework and suggest future research opportunities within the scope of value creation reporting. To our knowledge, this study is the first to provide a detailed framework on the dynamics of capitals usage and it attempts to show the intersection of accounting and finance in terms of value creation reporting.

Using fuzzy c-means clustering algorithm in financial health scoring

Classification of firms according to their financial health is currently one of the major problems in the literature. To our knowledge, as a first attempt, we suggest using fuzzy c-means clustering algorithm to produce single and sensitive financial health scores especially for shortterm investment decisions by using recently announced accounting numbers. Accordingly, we show the calculation of fuzzy financial health scores step by step by benefit from Piotroski’s criteria of liquidity/solvency, operating efficiency and profitability for the firms taken as a sample. The results of correlation analysis indicate that calculated scores are coherent with short-term price formations in terms of investors’ behavior and so fuzzy c-means clustering algorithm could be used to sort firm in a more sensitive perspective.

Recent Financial Crisis and the Structured Finance: Accounting Perspective for Future

Structured finance techniques, especially synthetic structuring, were applied intensively to ensure sustainable growth of credit mechanism via developing high rated hybrid instruments before recent global shock. The system created a loop that caused systematic risk maximization derived from undesirable default correlation between collaterals. Therefore structured products were seen as the reason for financial crisis and their popularity has begun to fall. On the other side, discussions have started to take place within accounting dimension in recent years. The fundamental point of this perspective was constructed on the efficiency of accounting techniques to provide signals on future hitches and to make market participants properly informed about the values of collaterals. In this study, the tradeoff for applying fair value versus historical cost accounting is discussed in the frame of the connection between recent global shock and structured finance.

F-Skor Göstergelerinin Hisse Senedi Değeri Üzerindeki Etkisinin Defter Değerinin Aracılık Rolü Çerçevesinde İncelenmesi - An Examination for the Impact of F-Score Indicators on Stock Value under Mediating Role of Book Value

In this study, the mediating role of book value between financial performance and market value is investigated by using mediated structural equation modelling as an alternative approach in the related literature. The theoretical frame of the study is constructed by benefit from the widely used value relevance of accounting models which treat earning and book value as exogenous to investigate the ability of information disclosed by financial statements to capture and summarize firm value. In the hypothesized meditation model book value is considered as a mediator while financial performance is used as an exogenous latent variable as the function of F-Score indicators instead of using a single proxy for earning. Quarterly announced accounting numbers and prices of active firms operating in Turkish electric power industry listed and traded on Borsa Istanbul between the years of 2009-2015 are used in construction of the dataset.

LIQUIDITY-PROFITABILITY TRADEOFF EXISTENCE IN TURKEY: AN EMPIRICAL INVESTIGATION UNDER STRUCTURAL EQUATION MODELING

Firms in emerging markets could show a tendency to have high liquidity positions by ignoring the liquidity-profitability tradeoff in terms of working capital management due to gained experiences from stressed times. Accordingly, this study empirically examines the validity of liquidity-profitability tradeoff in Turkish market via structural equation modeling. The functions of liquidity and profitability as latent variables of the model are constituted from Piotroski’s criterias of liquidity/solvency, operating efficiency and profitability. The hypothesized model for the inexistence of the validity of liquidity-profitability tradeoff was verified and there is a moderate level of positive effect between liquidity and profitability in Turkey. The findings indicate that (1) current ratio or its variants as single-handed variables are inadequate to explain liquidity- profitability relation and (2) leverage seems to be the most important indicator as taken into account on working capital management decisions. Turkish firms apply prudent working capital management to overcome possible liquidity shocks.

Şike ile İlgili Yayınların Futbol Kulüplerinin Hisse Fiyatları Üzerindeki Etkileri:Türkiye'den Bir Örnek

Şike olgusu, spor musabakalarinin her alaninda yer almaktadir. Şike faaliyetleri, spor severler acisindan musabakalarin seyir keyfini zayiflattigi gibi yatirimcilar acisindan da maddi kayiplara neden olabilmektedir. Dolayisiyla, sike olgusu ile birlikte spor kuluplerinin hisseleri arasindaki iliskinin irdelenmesi gerekliligi ortaya cikmaktadir. Bu calisma, sike olaylari ile ilgili olan yayinlar ile hisse senetleri piyasasinda islem goren futbol kuluplerinin hisse senetlerinin fiyatlari arasindaki iliskiyi incelemektedir. Futbol Kulupleri tarafindan yapilan sikelerin hisse senedi fiyatlari uzerindeki etkisini analiz etmek icin Brown ve Warner’in olay calismasi metodolojisi kullanilmistir. Bu calismanin ampirik bulgulari, sike haberlerinin yayinlanmasi sureclerinde hisse senedi fiyatlarinda anormal getiriler oldugunu gostermektedir .