Interaction between finance, tourism and advertising: evidence from Turkey

The purpose – It is important to emphasize that a research on relationship between tourism, finance and advertisement is very rare. The aim of this study is investigation of causal relationship between these variables. Design – In this paper, the relationship between tourism revenues and variables like tourism index of Istanbul Stock Market (BIST) & tourism advertising durations which have not been used previously in the literature was investigated for Turkey. Methodology – To attain more useful and accurate findings, bootstrap granger causality test of Hacker Hatemi-J (2010) was used which can determine critical values by bootstrap simulation method in order to reduce the possibility of potential non-normal dispersion of errors. Approach – In purpose of contribution to literature, monthly data in the period spanning from Aug 2004 till Dec 2012 and bootstrap causality method were used, thus new findings were tried to be found Findings – While traditional Toda-Yamamoto (1996) causality test has been determined no causality between these three variables, there was observed one-way causality from tourism index to tourism advertisements by the aid of more advanced Hacker Hatemi-J (2010) causality test. As a result of study, one-way causality from tourism indices, which is an important indicator representing all positive and negative performances of businesses in tourism sector, to advertising durations was detected. The originality of this research – In this study, unlike others, variables like tourism index which represents businesses in tourism sector and tourism advertising durations were used. The relationship between tourism index, tourism advertisings and tourism revenue was examined with Hacker Hatemi-J (2010) bootstrap causality test which obtains critical values by bootstrap monte-carlo simulation. By this new test, more reliable and advanced results have been obtained. As a result, tourism index which can be considered as a fundamental performance scale of tourism sector has a vital effect on tourism advertisement

Is Cash Conversion Cycles Optimum in Turkish Listed Food-Beverage Firms?

In this study, the optimality of cash conversion cycles of firms at foodbeverage index of BIST (Istanbul Stock Market) is investigated. Panel KSS unit root test developed by Uçar and Omay (2009), which is suitable for heterogeneous panels & for non-linear financial series and taking into account cross sectional dependence, is used in study with quarterly data spanning the period 2008-2013. Cash levels of 13 firms among 15 are observed non-optimal by the aid of Sequential Panel Selection Method (SPSM) developed by Chortareas and Kapetanios (2009). This results show most firms at food-beverage index do not pursue a balanced working capital policy

How Does Aggressive Working Capital Policy Affect Firm Performance? Heterogeneous Panel Data Analysis in The Case of ISE Food Companies

The working capital policies to be applied by enterprises provide important information to_x000D_ the interested parties about the ratio of short and long term debts to be used in financing_x000D_ current assets and investments to be made to these assets. Businesses' choice between_x000D_ profitability and risk is shaped by the aggressive or conservative working capital policy_x000D_ they adopt. In this context, the study was conducted to determine the working capital_x000D_ financing and investment strategies of food companies traded in ISE in the period 2009-_x000D_ 2018 and to investigate the impact of these strategies on business performance by panel_x000D_ data analysis. As a result of the analysis, it was determined that there was a significant_x000D_ relationship between working capital policies and return on assets. It was found that the_x000D_ businesses increase their profitability by adopting conservative policy and reduce their_x000D_ profitability by adopting aggressive policy.The working capital policies to be applied by enterprises provide important information to the interested parties about the ratio of short and long term debts to be used in financing current assets and investments to be made to these assets. Businesses' choice between profitability and risk is shaped by the aggressive or conservative working capital policy they adopt. In this context, the study was conducted to determine the working capital financing and investment strategies of food companies traded in ISE in the period 2009- 2018 and to investigate the impact of these strategies on business performance by panel data analysis. As a result of the analysis, it was determined that there was a significant relationship between working capital policies and return on assets. It was found that the businesses increase their profitability by adopting conservative policy and reduce their profitability by adopting aggressive policy

THE RELATIONSHIP BETWEEN WORKING CAPITAL AND FIRM PERFORMANCE: A HETEROGENEOUS PANEL APPLICATION

This paper seeks to determine the working capital efficiency levels of firms in the manufacturing sector in Turkey and the impact of working capital efficiency on their profitability. To this end, a panel data analysis was conducted using quarterly data for the 2009-2018 period. The findings indicate that the working capital efficiency index has a positive impact on firm profitability and that the cash conversion cycle has no impact on firm profitability

Simülasyon tekniği ile nakit bütçesinin oluşturulması ve bir uygulama

06.03.2018 tarihli ve 30352 sayılı Resmi Gazetede yayımlanan “Yükseköğretim Kanunu İle Bazı Kanun Ve Kanun Hükmünde Kararnamelerde Değişiklik Yapılması Hakkında Kanun” ile 18.06.2018 tarihli “Lisansüstü Tezlerin Elektronik Ortamda Toplanması, Düzenlenmesi ve Erişime Açılmasına İlişkin Yönerge” gereğince tam metin erişime açılmıştır.Sürekli bir teknolojik değişimin söz konusu olduğu ve küresel rekabetin yoğunlaştığı günümüz şartlarında işletmelerin varlıklarını sürdürebilmesi kaynaklarını en iyi şekilde yönetmelerine bağlıdır. Kaynaklarını daha etkin şekilde kullanmak isteyen işletmeler bunu bazı araçlar kullanarak gerçekleştirmektedirler. İşletmeler bu araçlarla kaynaklarını etkin şekilde kullanmanın yanı sıra ideal bir yönetim anlayışının geliştirilmesini ve desteklenmesini de amaçlamaktadırlar. Bu anlamda kullanılabilecek araçlardan biri bütçelerdir.Nakit bütçeleri de nakit yönetiminde kullanılan en önemli araçlardan biridir. Bir planlama aracı olarak nakit bütçeleri oluşturulurken tek bir faaliyet hacmine bağlı kalınması, nakit bütçelerine değişimlerin yansıtılmamasına neden olarak işletmenin gelecekteki nakit akışları hakkında doğru ve güvenilir bilgiler sunmayacaktır. Belirsizlik ve rassallığın ön planda olduğu durumlarda, hazırlanacak olan nakit bütçelerinin mevcut koşulların dışında karşılaşılabilecek tüm değişimleri içerir bir yapıya sahip olması gereklidir. Hazırlanacak nakit bütçeleri yönetime, nakit bütçesi değişkenlerinin aralarındaki ilişki veya değişkenlerin işletmenin nakit dengesi üzerindeki etkisini görebilme diğer bir ifadeyle yönetime farklı senaryolar sunarak bu senaryolara göre gelecekte karşılaşabilecekleri durumu öngörebilme ve bu doğrultuda geleceklerini planlayabilme imkânı vermelidir. Bu amaçla işletmelere önerilecek tekniklerden biri simülasyondur.Bu doğrultuda çalışmanın amacı, deterministik simülasyon tekniğini kullanarak nakit bütçesi üzerinde senaryo analizi yapmak ve Monte Carlo simülasyonu tekniğini kullanmak suretiyle işletmelerin geleceğe yönelik nakit akışlarının planlanmasına ilişkin bir yapı sunmaktır.Bu amaçla çalışmada, nakit bütçesi ve simülasyon tekniği anlatılarak, bir üretim işletmesinin verilerinden faydalanmak suretiyle simülasyon tekniği ile nakit bütçeleri oluşturulup işletmelere farklı koşullar altındaki nakit durumlarını görmelerine ve risk değerlendirmesi yapabilmelerine olanak verecek bir yaklaşım ortaya konulmuştur. Sonrasında Monte Carlo simülasyon tekniğinin uygulanması suretiyle nakit bütçesinin temel dinamikliklerindeki değişiklikleri öngörmek suretiyle gelecek faaliyet dönemine ilişkin nakit açık ve fazlasının ne kadar olacağının öngörülmesine ilişkin bir yapı sunulmuştur.İşletmelere gelecekteki nakit akışlarını etkin bir şekilde planlamalarına olanak veren simülasyon tekniğinin örnek işletmeye uygulanmasıyla sadece bu konuda gelecekte çalışma yapmak isteyen araştırmacılara değil uygulayıcılara da önemli katkılar sağlayacağı düşünülmektedir.In today's conditions where continuous technological change and intensive global competition occur, the survivals of the enterprises depend on how well they manage their resources. The enterprises that want to use their sources more efficiently realize this by using some tools. As well as using their resources effectively by the help of these tools, enterprises aim to develop and support an ideal management approach. In this sense, one of the tools available is budgeting.Cash budgets are also one of the most important tools that are used in cash management. While creating cash budgets as planning tools, sticking to a single volume of activities will end up not reflecting the cash budget changes and as a result it will not provide accurate and reliable information about future cash flows of the enterprise. In the cases where uncertainty and randomness are in the foreground, the cash budget that will be prepared should have a structure which includes all the changes that could occur outside of the existing conditions.Preparation of the cash budget will help the enterprise to see the relationship between the variables of cash budget or the effect of these variables on the cash balance, in other words, it provides the prediction of the future status the enterprise will face by offering different scenarios and in this direction it gives the enterprise an opportunity to plan its future. With this aim, one of the techniques that can be proposed to the enterprises is simulation. With this direction, the aim of this study is making scenario analysis on the cash budget by using deterministic simulation technique and provide a structure for planning the future cash flows of the enterprises by using Monte Carlo simulation technique.For this purpose, in this study ,by explaining the cash budget and the simulation technique and using the data obtained from a production entreprise, cash budgets are created by using simulation technique and an approach which enables the enterprises to see the cash situations under different conditions and make risk assesments has been put forward. Later on, through the implementation of Monte Carlo simulation technique, with the condition of predicting the changes in the basic dynamics of the cash budget, a structure which enables to predict the amount of excess and open cash belonging to the future activities period is presented.With the implementation of the simulation technique, which enables the enterprises to plan their future cash flows efficiently, to a sample enterprise, it is believed that important contributions will be provided not only to researchers who want to make studies about this subject in the future but also to the practitioner

The Nexus between Trading Volume and Stock Prices: Panel Evidence from OECD Countries

In this study, the nexus between trading volume stock prices has been examined using panel causality test developed by Dumitrescu-Hurlin (2012) in OECD countries. As a result of a study which 12 countries are tested and monthly data of total 100 terms, it has stated that the causality from stock market index to trading volume. While this study shows that the positive or negative changes in the stock prices create trading volume on stock markets, it is clearly seen that trading volume doesn't affect the stock prices. In this situation, it can be said that positive feedback hypothesis is valid for markets in this analysis. According to these findings efficient market hypothesis is valid for these stock market

Interaction Between Finance, Tourism and Advertising: Evidence From Turkey

The purpose - It is important to emphasize that a research on relationship between tourism, finance and advertisement is very rare. The aim of this study is investigation of causal relationship between these variables. Design - In this paper, the relationship between tourism revenues and variables like tourism index of Istanbul Stock Market (BIST) & tourism advertising durations which have not been used previously in the literature was investigated for Turkey. Methodology - To attain more useful and accurate findings, bootstrap granger causality test of Hacker Hatemi-J (2010) was used which can determine critical values by bootstrap simulation method in order to reduce the possibility of potential non-normal dispersion of errors. Approach - In purpose of contribution to literature, monthly data in the period spanning from Aug 2004 till Dec 2012 and bootstrap causality method were used, thus new findings were tried to be found Findings - While traditional Toda-Yamamoto (1996) causality test has been determined no causality between these three variables, there was observed one-way causality from tourism index to tourism advertisements by the aid of more advanced Hacker Hatemi-J (2010) causality test. As a result of study, one-way causality from tourism indices, which is an important indicator representing all positive and negative performances of businesses in tourism sector, to advertising durations was detected. The originality of this research - In this study, unlike others, variables like tourism index which represents businesses in tourism sector and tourism advertising durations were used. The relationship between tourism index, tourism advertisings and tourism revenue was examined with Hacker Hatemi-J (2010) bootstrap causality test which obtains critical values by bootstrap monte-carlo simulation. By this new test, more reliable and advanced results have been obtained. As a result, tourism index which can be considered as a fundamental performance scale of tourism sector has a vital effect on tourism advertisement.MTM (Media Monitoring Center)Due to the support and convenience of access to advertising data of tourism, we would like to thank to MTM (Media Monitoring Center)