Bankacılık ve Finans Bölümü Yayın Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.12416/400

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  • Book Part
    Citation - WoS: 1
    Globalization, Firm Performance and Group Affiliation in Emerging Markets: Evidence From Turkey
    (Asers Publishing, 2013) Akdoğan, Ece Ceylan; Karadagli, Ece Ceylan; Bankacılık ve Finans
    Although the process of globalization deeply affects businesses in all aspects, unfortunately, the firm level effects of globalization are highly unexplored in the literature. This research aims to explore how the overall globalization level of a country as well as her economic, her political and her social globalization levels affect the performance of both the group affiliated and the unaffiliated firms, operating in this business environment by using pooled panel analysis. To search for the potential differences that may prevail between the firm performance effects of globalization on the group affiliated firms and on the unaffiliated firms, it focuses on Turkish listed companies for the period 2002-2009. The findings of the study indicate that while globalization improves the stock returns of both the group affiliated and the unaffiliated firms, it deteriorates the operational income of both groups of firms. The findings also imply that although the effects of economic and political globalization do not seem to differentiate much between the group affiliated and the unaffiliated firms, social globalization may be argued to affect the operating incomes and the firm growth rates of group affiliated and unaffiliated firms differently. Last but not least, the findings suggest that the most influential dimension of globalization in terms of its effects on firm performance for Turkish companies seems to be the economic globalization.
  • Article
    Citation - Scopus: 2
    Profitability Effects of Cash Conversion Cycle: Evidence From Turkish Companies
    (National Academy of Management, 2013) Karadagli, E.
    This paper examines the impact of cash conversion cycle and its single components, specifically accounts collection period, inventory turnover in days and accounts payable period, on firm profitability as measured by operating income and stock market return by using pooled panel analysis for the period of 2001-2010. Besides, the possible effects of group affiliation on the impact of CCC and its components on firm profitability are also investigated. The findings suggest that shortening of CCC and its single components, including accounts payable period, improve firm profitability in terms of both accounting and market measures of performance. The findings also indicate that both the affiliated and the unaffiliated firms can enhance firm performance in terms of both performance measures through shortening their CCCs, this effect is stronger for unaffiliated firms and hence working capital management seems to be more important for them. © Ece Karadagli, 2013.
  • Article
    The Effects of Globalization on Firm Performance in Emerging Markets: Evidence From Emerging-7 Countries
    (2012) Karadağlı, Ece
    Although there exists a wide array of literature regarding almost every aspect of globalization at macro level, surprisingly, the micro level of the subject area seems to be a little ignored and consequently, almost nothing is known about the impact of globalization on firm performance/value. In an attempt to contribute to fulfilling this gap, this research focuses on the impact of the overall globalization level of a country and its single dimensions, specifically her economic, her political and her social globalization levels on firm performance which is measured by the stock market index returns for “Emerging-7 (E7)” countries, specifically Brazil, China, India, Indonesia, Mexico, Russia and Turkey, for the period 1998-2009 by using panel data estimation. The findings suggest that the overall level of globalization significantly improves firm performance. Besides, the single dimensions of globalization are also found to have value enhancing effects though the result for economic globalization is insignificant at conventional levels. Additionally, the political globalization seems to be the most promising dimension of globalization with regard to performance enhancing prospects for firms.