Dioxin analysis in pine honey from Turkey

The aim of the study is to determine concentrations of polychlorinated dibenzo-p-dioxins (PCDDs), polychlorinated dibenzofurans (PCDFs), dioxin-like polychlorinated biphenyls (dl-PCBs) and indicator PCBs (ind-PCBs) in pine (honeydew) honey, which is endemic and popular in Turkey. Marchalina hellenica, which lives on Pinus brutia, is the main source of honeydew, and Apis mellifera L. collects the honeydew for making the pine honey. Pine honey is a very important bee product due to the export all over the world. In this study, honey samples were collected from Muğla and were researched via microscope. The quality of honey samples was determined by correlating NHE (Number of Honeydew Elements) to NTP (Number of Total Pollen) ratio and the honey, which has NHE to NTP ratio higher than 4.5 was accepted as a high density-superior quality pine honey. According to identifications, which have been made via microscope, pooled high quality pine honey sample was selected and analysed for dioxin. All the dioxin results were found lower than the European Union regulatory limits

Meta-analytic review of the relation between board globalization and firm performance

Following the corporate governance scandals such as Enron, WorldCom, and Vivendi, the special attention has been attached to the board composition, and different dimensions related to board diversity has been discussed in this context. Recently, the interest in the board of directors’ diversity has shifted to the globalization of boards, and the number of studies that investigates the relation between foreign board members and firm financial performance has increased. However, these studies report contradictory results,therefore the current study aims to reconcile these conflicting results. In response to these results, meta-analyses have been conducted by using the results obtained from 21 individual studies. The results show that the relation between foreign board representation and general firm financial performance is positive, however, the effect size for this relation is small. Similarly, there is a positive relation between foreign board representation and accounting-based firm performance. By contrast, the analysis has found that there is no statistically significant relation between foreign board representation and marketbased firm performance. Overall, the results suggest that although foreign board representation does not lead large-scale increase in the firm financial performance, the impact is still positive. Even though the study has several limitations, the findings might assist the executives, shareholders, regulators, and researcher

Türk katılım bankalarının çok kriterli finansal performans analizi

The current study aims to compare the performance of state participation banks with the performance of private participation banks. This comparison is quite significant since both state participation banks have a very short history and Turkey is a model for the world in interest-free banking. The integrated approach is adopted in the study. In the first stage, performance indicators are determined with the help of the CAMELS rating system. In the second stage, Turkish participation banks are ranked according to their relative performance by using the TOPSIS method. The results show that state participation banks outperform private participation banks. These results are valid even when different weights are used for CAMELS dimensions

Bank competition, concentration and credit risk

The purpose of this study is to investigate the nexus between the banking sector structure and credit risk. Unlike many other studies that address internal and external factors affecting credit risk, the study addresses banking competition, as the banking sector structure has an impact on banks’ loan portfolios. It also employs macro-level data which provides important implications for regulatory authorities. The study utilizes a fixed-effects model to explore the impact of banking competition on credit risk using a panel dataset comprising 52 countries during the period of 1998-2016. In the study, non-performing loans to total gross loans ratio (NPL) is employed as a proxy of credit risk. Lerner index, Boone indicator, and five-bank asset concentration are used for the measurement of banking competition. The empirical findings show that competition and concentration have different impacts on credit risk. Consistent with the relationship lending literature, increased market power alleviates credit risk. On the other hand, concentration does not have a significant impact on credit risk. In particular, banking competition has a more significant impact on credit risk in countries with high non-performing loan volatility. Given higher market power causes less credit problems, policy makers, especially those who officiate in developing economies, should reassess the pro-competition policies. In addition, increasing income and higher foreign ownership diminish credit risk, whereas higher unemployment and a larger amount of credit trigger credit risk. Therefore, bank managers should follow up macroeconomic factors in their lending decisions. Lastly, it should be kept in mind that these results are obtained from cross-country data and the banking regulations in a specific country may affect the relationship between banking competition and credit risk

Meta-analytic review of the relation between board globalizatıon and firm performance

Following the corporate governance scandals such as Enron, WorldCom, and Vivendi, the special attention has been attached to the board composition, and different dimensions related to board diversity has been discussed in this context. Recently, the interest in the board of directors’ diversity has shifted to the globalization of boards, and the number of studies that investigates the relation between foreign board members and firm financial performance has increased. However, these studies report contradictory results, therefore the current study aims to reconcile these conflicting results In response to these results, meta-analyses have been conducted by using the results obtained from 21 individual studies. The results show that the relation between foreign board representation and general firm financial performance is positive, however, the effect size for this relation is small. Similarly, there is a positive relation between foreign board representation and accounting-based firm performance. By contrast, the analysis has found that there is no statistically significant relation between foreign board representation and marketbased firm performance. Overall, the results suggest that although foreign board representation does not lead large-scale increase in the firm financial performance, the impact is still positive. Even though the study has several limitations, the findings might assist the executives, shareholders, regulators, and researcher

Do corporate governance ratings reflect firm financial performance?

In this study, we investigate whether the commercial corporate governance ratings generated by Turkish rating institutions provide useful information about firm financial performance. We analyze corporate governance ratings both summary and sub-ratings in reflecting firm financial performance. In the study, both accounting based (ROA) and market based performance measures (MVA, Tobin’s Q) are used to properly capture firm financial performance. The results indicate that the summary corporate governance ratings seem to be inadequate to reflect firm financial performance, while mixed results are determined between sub-ratings and firm financial performanc

Corporate governance and brand value

Corporate governance became a crucial issue for both business and academic world as a result of world-wide financial scandals; hence many studies were conducted about it. As distinct from the others, this study aims to determine whether there is a relation between the corporate governance sub-scores (shareholders score, stakeholders score, public disclosure and transparency score and board of directors score) of the firms and firms’ brand values by using panel data analysis for the period 2011-2015. We focus on the nexus between corporate governance and brand value while most of the previous studies investigated the impact of corporate governance on firm performance. Contrary to expectations, our results surprisingly indicate that there is a statistically insignificant relationship between corporate governance rating scores and brand values

The nexus between boardroom diversity and financial performance: The case of turkish banking sector

Son finansal kriz, çeşitli kurumsal yönetim mekanizmaları ile firma performansı arasındaki ilişkilerin analizine yönelik ilgiyi artırmıştır. Buna karşın, bu ilişki bankacılık sektörü için çok az çalışmada ele alınmıştır. Mevcut çalışma, küresel finans krizi sonrası dönemde (2009-2016), Türk bankalarının yönetim kurulu yapısındaki değişimi ortaya çıkarmayı ve yönetim kurulu çeşitliğinin banka performansı üzerinde etkili olup olmadığını tespit etmeyi amaçlamaktadır. Bu amaç doğrultusunda, banka performansının ölçümünde ortalama aktif karlılık, ortalama öz kaynak karlılığı ile vergi öncesi kar/toplam aktifler oranları kullanılırken, yönetim kurulu yapısı ile ilgili olarak büyüklük, cinsiyet, uyruk, eğitim seviyesi ile bağımsız olup olmama kriterleri dikkate alınmıştır. Bulgular, yönetim kurulu büyüklüğü ile banka performansı arasında negatif ve istatistiksel olarak anlamlı bir ilişki olduğunu ortaya çıkarmıştır. Öte yandan, kadın üyelerin oranı ve lisansüstü eğitim seviyesine sahip üyeler ile banka performansı arasında pozitif ilişki olduğu tespit edilmiştir Bununla birlikte, banka performansı ile yabancı üyelerin oranı ve bağımsız üyelerin oranı arasında negatif bir ilişki tespit edilmiştir.The recent financial crisis has increased interest in investigating the relationship between various corporate governance mechanisms and firm performance. Nevertheless, few studies focus on analyzing this nexus for the banking sector. The current study aims to determine the change in the structure of the board of directors in the Turkish banking sector in the period after the global financial crisis (2009-2016) and to determine whether the diversity in boardroom influences the bank performance. For this purpose, average return on assets, average return on equity and pre-tax profit/total assets ratios are employed in the measurement of bank performance while size, gender, nationality, level of education and whether or not board members are independent are used in relation to the board structure. Findings revealed a negative and statistically significant relationship between board size and bank performance. On the other hand, it is found that there is a positive nexus between the proportion of female members and the proportion of members who have postgraduate degree and bank performance. Besides, there is a negative relationship between bank performance and the proportion of foreign and independent member

The analysis of the cointegration relationship between the stock markets of US and BRICS and Turkey in the context of ınternational portfolio diversification

Bu çalışmanın amacı, uluslararası portföy çeşitlendirmesi yoluyla portföy riskinin azaltılıp azaltılamayacağını araştırmaktır. Bu amaç doğrultusunda, ABD ile BRICS ülkeleri (Brezilya, Rusya, Hindistan, Çin ve Güney Afrika) ve Türkiye’nin temel borsa endeksleri arasında eşbütünleşme ilişkisinin olup olmadığı araştırılmıştır. Haftalık verilerin kullanıldığı bu çalışma, Ocak 2001 - Aralık 2016 dönemini kapsamaktadır. Çalışmada, ABD ile BRICS ülkeleri ve Türkiye’nin temel borsa endeksi serileri arasındaki eşbütünleşme ilişkisi Johansen Eşbütünleşme Testi ile araştırılmıştır. Bulgular, ABD ile bu altı ülkenin borsa endeksleri arasında bir eşbütünleşme ilişkisinin bulunmadığını ortaya çıkarmıştır. Bu sonuç, uluslararası bir yatırımcının, ABD ve söz konusu diğer ülkelerin hisse senedi piyasalarından uluslararası çeşitlendirilmiş bir portföy oluşturmak suretiyle portföy riskini azaltabileceğini işaret etmektedir.The purpose of the current study is to investigate whether portfolio risk might be reduced by international portfolio diversification. To this end, it was tried to determine whether there is a cointegration relationship between the Unites States and BRICS countries (Brazil, Russia, India, China, and South Africa) and Turkey's stock market indices. The study, which uses weekly data, covers the period January 2001 - December 2016. In the study, the cointegration relationship between United States and BRICS countries and Turkey's stock market indices were investigated by Johansen Cointegration Test. The findings reveal that there is no cointegration relationship between United States and the six countries’ stock market indices. This result indicates that an international investor might reduce portfolio risk by creating an international diversified portfolio from the stock markets of the United States and other countries in questio

The impact of board diversıty on firm performance: The case of Turkey

Geçtiğimiz son on yılda dünyanın önde gelen firmalarında meydana gelen finansal başarısızlıklar, kurumsal yönetim (kurumsal yönetişim) kavramına her zamankinden daha fazla önem verilmesine neden olmuştur. Yönetim kurullarının nasıl oluşturulması gerektiği, kurumsal yönetim uygulamalarının önemli bir bölümünü oluşturmaktadır. Bu bağlamda, mevcut çalışma yönetim kurulu çeşitliliğinin firma değeri üzerinde etkili olup olmadığı sorusuna gelişmekte olan ülke bağlamının yaratacağı farklılıkları dikkate alarak cevap aramaktadır. Çalışmada, payları Borsa İstanbul 100 endeksinde işlem gören 67 finansal olmayan firmanın 2010-2015 yıllarındaki dönem sonu bilanço, yıllık faaliyet raporu ve olağan genel kurul toplantı tutanağı verileri kullanılmıştır. Yönetim kurulu yapısı ile ilgili olarak kadın üyelerin toplam üye sayısına oranı, bağımsız üyelerin toplam üye sayısına oranı ile yabancı üyelerin toplam üye sayısına oranı kullanılırken, firma değerinin ölçümünde Tobin’s Q kullanılmıştır. Sonuçlar, firma değeri ile yabancı üyelerin oranı ve bağımsız üyelerin oranı arasında pozitif bir ilişki olduğunu ortaya çıkarmıştır. Bununla birlikte, kadın üyelerin oranı ile Tobin’s Q arasında istatistiksel olarak anlamlı bir ilişki tespit edilememiştir.There is a special attention to corporate governance during to past ten years in the wake of financial failures in world’s leading companies. How the board of directors should be formed constitutes an important part of corporate governance practices. In this context, the current study seeks an answer to the question of whether boardroom diversity affects the firm value by considering the differences in the context of the developing country. In the study, 2010-2015 data in year-end balance sheets, annual activity reports and official reports of ordinary general meeting which belongs to 67 BIST 100 companies are employed. Percentage of female directors, percentage of independent directors and percentage of foreign directors are used for measurement of boardroom diversity while Tobin’s Q is employed for measurement of firm value. Results revealed that there is positive relation between firm value and percentage of foreign directors and percentage of independent directors. Besides, there is no statistically significant relation between percentage of women directors and Tobin’s Q