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Öğe A different look at the environmental Kuznets curve from the perspective of environmental deterioration and economic policy uncertainty: evidence from fragile countries(Springer Heidelberg, 2023) Anwar, Ahsan; Barut, Abdulkadir; Pala, Fahrettin; Kilinc-Ata, Nurcan; Kaya, Emine; Lien, Duong Thi QuynhEnvironmental degradation is one of the most significant issues that developing nations confront and needs to be resolved right away in order for them to achieve sustainable development. Government policies are crucial in this situation since emerging nations frequently struggle with the issue of policy ambiguity, which can result in environmental deterioration. In this context, this study investigates how policy uncertainty affects environmental degradation in the five fragile emerging economies known as the Fragile Five-Brazil, India, Indonesia, South Africa, and Turkey. Using data from 1996 to 2019, we estimate a Panel Quantile Regression analysis. The empirical findings indicate that economic policy uncertainty and technology innovation increases the environmental degradation whereas environmental degradation is slowed down by financial development and renewable energy consumption. Empirical evidence also confirms the presence of EKC hypothesis in fragile economies. Based on the findings, we suggest both a policy and an environmental framework for achieving sustainable development in fragile economies.Öğe Accruals, cash flows and stock returns: evidence from BIST 100(Taylor & Francis, 2021) Kaya, EmineThe purpose of this study is to determine whether there is a relationship between the accruals, cash flows and stock returns for firms which trade in the BIST 100 index between 2005 and 2017 years. Findings prove that the persistence of the earning is high, and the persistence of cash flows is higher than the persistence of accruals. We find that accruals are negative predictors and cash flows are positive predictors for stock returns. In addition, simultaneously, we conclude that the discount rates and the change in the accruals and cash flows act together.Öğe Bankerlerden günümüze Türk bankacılık tarihinin kronolojik olarak değerlendirilmesi(B. Sena Çakmak, 2020) Kaya, Emine; Arslantürk Çöllü, DuyguTürkiye’de para ve sermaye piyasalarında aktif şekilde faaliyet gösteren bankalar, finansal sistemin en önemli ayaklarından birini oluşturmaktadır. Günümüz itibariyle güçlü kurumlara ve modern bir bankacılık anlayışına sahip olan Türk bankacılık sektörünün geldiği noktanın doğru değerlendirilmesi adına sektörün tarihsel süreç içinde geçirdiği değişim ve dönüşümün kavranması büyük önem arz etmektedir. Bu çalışmada Türk bankacılık sektörünün tarihsel gelişimi kronolojik olarak incelenmiştir. Bu kapsamda Türk bankacılık tarihinin 19. yüzyıla kadar uzandığı ve Osmanlı döneminde banker ve sarrafların faaliyetleri ile başladığı tespit edilmiştir. Cumhuriyet öncesinde daha çok yüksek kamu borçlanmalarını finanse etmek üzere faaliyet gösteren bankalar, Cumhuriyet’in ilk yıllarında ise, sanayi sektörünün finanse edilmesinde görev almıştır. Bu süreçte özel sektörün güçlenerek, özel bankaların kurulduğu tespit edilmiştir. Planlı dönemde ise, bankacılık sektörü için istikrarsız büyüme ve enflasyondan kaynaklanan zorluklar yaşanmıştır. 1980 yılından sonra piyasa ekonomisine geçiş ile, bankacılık sektöründe birçok yenilik meydana gelmiştir. Ancak 1990’dan sonra, yüksek kamu borçları ve yüksek enflasyon nedeniyle, bankacılık sektörü zor yıllar yaşamıştır. Yaşanan krizlerin ardından bankacılık sektöründe, yeniden yapılandırma süreci başlamış ve kredi hacmi ilerleyen yıllarda oldukça genişlemiştir. Mevcut durum itibariyle, Türk bankacılık sektörü sağlam mali yapısı ile faaliyetlerini sürdürmektedir.Öğe Cash Flow and Accrual Anomalies: Evidence from Borsa Istanbul(Univ Indonesia, 2022) Kaya, EmineThis study aims to determine the persistence of earning and its components and whether investors accurately evaluate the information related to the earning and its components. The study covers the firms operating in Borsa Istanbul between 2005-2017 time period. We sort the accruals and cash flows into five portfolios. Then, we employ linear regression and Mishkin test estimations. Moreover, we compare the asset pricing models with nine metrics in explaining the cash flow and accrual anom-alies. Linear regression and Mishkin test estimations show that the persistence of earning is high. The other finding is that cash flow and accrual do not correctly reflect on the stock prices. Also, our results show that the financial asset pricing model is successful in explaining the cash flow and the accrual anomalies. As a result, we can see that the financial asset pricing model continues to be an important model in explaining asset prices. On the other hand, our study is different from the other studies since it uses the Fama and French Five Factor Model to determine the cash flow and accrual anomalies.Öğe COVID-19 ve Seçilmiş BIST Sektör İndeksleri İlişkisinde Sıcaklığın Moderatör Etkisi(Malatya Turgut Özal Üniversitesi, 2020) Barut, Abdulkadir; Kaya, EmineVirüslerin enfektivitesi sıcaklıktaki değişikliklerden etkilenmekte ve koronavirüs hastalığına neden olan COVID-19, bir istisna olmamaktadır. SARS-CoV-2'nin normal çekirdek vücut sıcaklığına yakın sıcaklıklarda stabilitesi, sıcaklığın COVID-19'un iletiminde ve şiddetinde özellikle önemli bir rol oynayabileceği noktasında bilim insanlarını düşündürmektedir. COVID-19 salgınının küresel çapta hızla yayılması, finansal piyasalar üzerinde dramatik etkilere neden olmuştur. Eşi görülmemiş bir risk algısı, COVID-19 salgını süresince oluşmuş ve yatırımcıların önemli ölçüde kayıplar yaşayarak piyasadan çekilmelerine kaynaklık etmiştir. Öte yandan, borsa getirileri, büyük olaylara tepki vermektedir. Bu bağlamda çalışmanın amacı, Covid-19’un Borsa istanbul’un bazı alt endeksleri ilişkisini ve bu ilişkide hava sıcaklığının etkisinin ölçülmesidir. Bu amaçla, 10 Mart 2020-15 Haziran 2020 şeklinde 65 günlük veri bu çalışmada kullanılmıştır. Çalışmada değişkenler arasındaki eş bütünleme ilişkisi, Fourier ADL eş bütünleşme testi ile incelenmiştir. Fourier ADL eş bütünleşme testi sonuçlarına göre, BISTtüm, BIST100, BIST30, BISTkimya, BISTulaştırma ve BISTyiyecek endeksleri ile vaka sayıları arasında uzun dönem ilişkisi tespit edilmiştir. Buna karşın, BISTturizm endeksi ile vaka sayıları arasında ise uzun dönem ilişkisi tespit edilememiştir. Uzun dönem katsayıları ise DOLS tahmincisi ile tahmin edilmiş olup, bulgulara göre BISTtüm, BIST100, BIST30, BISTkimya ve BISTyiyecek ve vaka sayıları arasında pozitif ilişki olduğu görülmüştür. BISTulaştırma endeksi ve vaka sayıları arasındaki uzun dönem katsayısının ise istatistiki olarak anlamsız olduğu belirlenmiştir. Diğer yandan, moderatör değişkenin ise vaka sayıları ve BIST endeksleri arasındaki ilişkiyi güçlendirdiği kanıtlanmıştır.Öğe Do institutional quality and military expenditure of G20 countries affect green investments?(Sage Publications Ltd, 2025) Demirtas, Furkan; Kaya, Emine; Bekun, Festus Victor; Citil, Mucahit; Torusdag, Mustafa; Barut, AbdulkadirWith the increase in awareness of environmental issues, companies and governments try to review their environmental policies. One of the most important policies for protecting the environment is the use of energy sources, which cause less or no harm to the environment. In this study, we examine the effect of institutional quality and the components of this institutional quality on green investments for G-20 countries. For this purpose, we employ static panel data analysis, as a main analysis, and dynamic panel data analysis as a robustness check. According to the main findings, institutional quality positively affects green investments and military spending reduces green investments. Also, robustness checks indicate that the effect of institutional quality and military expenditure of G20 countries on green investments is robust.Öğe Do the credits of the state-owned development and investment bank trigger sustainable economic development? Evidence of İller Bank for Turkey(Elsevier Ltd, 2024) Bhat, Mohd Abass; Kaya, Emine; Barut, Abdulkadir; Kilinc-Ata, NurcanThis study aims to determine the effect of the İller Bank's credits on the sustainable economic development of Turkey between the 1981–2022 period. The study also employs the main analysis using the autoregressive distributed lag (ARDL) bounds model and robustness checks using the fully modified least square (FMOLS) and canonical cointegration analyses. ARDL model findings prove that the İller Bank's credits positively affect sustainable economic development indicators. Thus, governments should make the appropriate regulations to increase the investment credits for the growth of sustainable economic development and optimally enlarge the adaptive mechanism of credits by funding from the capital markets. © 2024 The AuthorsÖğe Environmental sustainability amidst financial inclusion in five fragile economies: Evidence from lens of environmental Kuznets curve(Pergamon-Elsevier Science Ltd, 2023) Barut, Abdulkadir; Kaya, Emine; Bekun, Festus Victor; Cengiz, SevgiEconomic growth comes with it environmental trade-off on environmental sustainability. This occurrence is evidence on a global scale as it stems from human anthropogenic activities driven by the consumption of energy sources from fossil-fuel origin. On this premise, the present study focuses on five fragile economies with huge energy and sustainability targets to explore the nexus between economic growth and the environment. The present study is distinct from previous studies in scope by the construct and inclusion of a financial inclusion index with the aid of Principal component analysis (PCA), human development to the economic growth-environment argument. To this end to reach evidence-based outcomes second generational panel analysis is employed. The Durbin-Hansen cointegration test traces the long-run equilibrium relationship between the study variables. Subsequently, an augmented mean group (AMG) estimator is employed to explore the relationship between the outlined variables. Furthermore, the present study finds support for the pollution haven hypothesis for the selected fragile economies. The plausible explanation is due to weak trade and environmental treaties in the examined countries. However, the renewable energy human development index help mitigates environ-mental degradation. Thus, the present study advocates the need for energy transition and investment into new technological innovation in research and development to attain sustainable development goals and environ-mental sustainability resonated in UNSDGs-11,12 and 13. Additionally, financial inclusion plays a vital role in the five fragile energy-environment mixes. The current study presents vital policy directives in the concluding section for individual countries and the entire bloc for more effective policy direction.Öğe Exploring the Influence of Democracy, Rule of Law, and Societal Well-being on Climate Action in OECD Nations(Springer, 2025) Kilinc-Ata, Nurcan; Kaya, Emine; Barut, AbdulkadirAttaining the goals of the Paris Climate Agreement’s goals is daunting as global carbon dioxide (CO2) emissions persistently escalate. It is vital to comprehend the elements that contribute to CO2 emissions to devise strategies for their reduction. While there is wealth of research on the impact of macroeconomic factors and clean energy transition on CO2 emissions, the influence of democracy and societal well-being on environmental quality remains underexplored. This study, therefore, investigates the role of democracy and happiness in the shift towards sustainable energy. It uses data from 36 OECD countries spanning from 2005 to 2021 and employs a panel quantile regression model. The study considers economic growth, population size, technological innovation, and the effects of renewable energy use on clean energy as control variables. The results indicate that democracy or the rule of law contributes to a decrease in CO2 emissions, suggesting that democratic principles may influence the adoption of emissions-reducing technologies in OECD countries. Interestingly, the study reveals a negative correlation between CO2 emissions and happiness, implying that a reduction in CO2 emissions could lead to increased happiness. This is because happier individuals in OECD countries appear to be more effective in maintaining a clean environment compared to their less happy counterparts. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024.Öğe How does financial performance affect financial inclusion for developing countries?(Taylor & Francis, 2022) Kaya, EmineThis study aims to detect the relationship between financial inclusion and financial performance in the banking sector. Within this scope, firstly, we develop an index for financial inclusion which consists of various dimensions for 85 developing countries in the 2005–2017 time period. Then, we apply static and dynamic panel data analyses. Static panel data analysis findings indicate that financial performance indicators such as bank return on assets, bank return on equity, and bank net interest margin positively affect and bank lending-deposit spread negatively affects financial inclusion, but bank non-interest income to total income has a statistically insignificant coefficient. Also, as a robustness analysis, dynamic panel data analysis provides evidence that financial performance is important for financial inclusion. According to our findings, we can say that the increase in the profitability of the banking sector is one of the triggers of financial inclusion for developing countries.Öğe KOBİ sahiplerinin kredi kartı kullanımlarının analizi: Kars ili örneği(İstanbul Serbest Muhasebeci Mali Müşavirler Odası (ISMMMO), 2020) Yerdelen Kaygın, Ceyda; Kaya, EmineBu çalışmanın amacı, Kars ilinde, Küçük ve Orta Büyüklükteki İşletme (KOBİ) sahiplerinin kredi kartı tutumlarını davranışsal, duygusal, kaygısal, kavramsal ve güvenilirlik olmak üzere beş boyutta incelemektir. Kredi kartı tutumlarına ait boyutlar faktör analizi ile belirlenmiştir. Araştırma kapsamında KOBİ sahiplerine anket yapılmış ve elde edilen veriler, frekans, t-testi, tek yönlü ANOVA ve korelasyon analizi ile incelenmiştir. Frekans analizi sonucunda KOBİ sahiplerinin kredi kartını alternatif fon kaynağından ziyade, ödeme aracı olarak kullandıkları belirlenmiştir. t-testi ve tek yönlü ANOVA analizi, KOBİ sahiplerinin cinsiyetleri, yaşları, medeni durumları, eğitim durumları, işletmelerin faaliyet alanları ve yılları, sahip olunan bireysel kredi kartı sayıları ve kredi kartı tutum boyutları arasında istatistiki olarak anlamlı bir fark olmadığını göstermektedir. Öte yandan, KOBİ sahiplerinin aylık gelirleri, kredi kartı türü, işletme kartı sayısı, kredi kartlarının toplam limiti, kredi kartları ile yapılan aylık harcamaları, aylık kredi kartı ödeme türü, kredi kartılarıyla yapılan en fazla harcama kalemleri ile kredi kartı tutumlarının bazı boyutları arasında istatistiki olarak anlamlı bir fark tespit edilmiştir. Korelasyon analizi, KOBİ sahiplerinin kredi kartı tutumlarının boyutları arasında anlamlı korelasyonlar olduğunu göstermiştir.Öğe Natural resource trade and financial technology as drivers of inclusive green growth in Belt and Road initiative countries(Elsevier, 2025) Khan, Khatib Ahmad; Kaya, Emine; Citil, Mucahit; Pilatin, Abdulmuttalip; Barut, AbdulkadirNatural resources can pave the way for sustainability and green growth, but they can also be a significant cause of conflict and war. Therefore, it is important to understand how natural resources impact inclusive green growth (IGG).This research employs the 30 countries from the Belt and Road Initiative (BRI) connected through trade, infrastructure, and investment with China to see how their inclusive green growth is affected via natural resources trade (NRT) with China. Given China's role as the largest trader of natural resources, its activities significantly influence the economic and environmental conditions of BRI countries. The research also examines how financial technology impacts IGG, and considers additional variables such as political stability, population dynamics, internet technologies, and structural transformation. The research employs quantile regression methods, including machine learning algorithms and Method of Moments Quantile Regression, as well as a Generalized Method of Moments (GMM) technique. The findings reveal that the NRT of the BRI network with China negatively affects inclusive green growth, while Fintech contributes positively to IGG. Additionally, economic complexity and internet technologies have a positive impact, while population has a negative effect on IGG. Political stability moderates the relationship of NRT and Fintech with IGG. These results underscore the importance of tailored policy recommendations to achieve inclusive green growth in BRI countries. Fintech plays a key role in green growth, and thus, developing countries should make strategic decisions based on fintech and technology adoption that may reduce environmental degradation and increase the efficiency of natural resources trade, supporting long-term development goals.Öğe The nexus between agricultural production and agricultural loans for banking sector groups in Turkey(Emerald, 2021) Kaya, Emine; Kadanalı, EsraPurpose: This study aims to determine the nexus between agricultural production and agricultural loans for the period Q1 2003–Q4 2018 in Turkey. Design/methodology/approach: The authors employ the time-series analyses within the scope of the study. Firstly, they run the Engle–Granger two-step cointegration test and the Toda–Yamamoto causality analysis. They also use the dynamic ordinary least squares (DOLS) model estimator and estimate the vector autoregression model for predicting the dynamic structure of time series. Findings: The results of time series analyses reveal that the variables are cointegrated and there are causal relationships between agricultural loans and agricultural production. Also, the variance decomposition findings indicate that the effect of agricultural loans provided by development-investment banks and participation banks on agricultural production has increased over the years, and the deposit banks have a high impact on agricultural production. The results of the DOLS model indicate that agricultural loans have a positive effect on agricultural production. Originality/value: This research is one of the few studies that comprehensively determines the direction of nexus between agricultural production and agricultural loans in Turkey economy. This is the first contribution of the study in the literature. Another contribution of this study is to investigate the nexus between agricultural production and agricultural loans for banking sector groups. Unlike other studies in the literature, this study calculates the variance decomposition by going beyond unit root and cointegration tests. Thus, this study has deep findings.Öğe The Nexus Between Public Fixed Capital Investments And Performance Of State Owned Enterprises(Kenan Çelik, 13 Aralık 2021) Arslantürk Çöllü, Duygu; Kaya, EmineThe aim of this study is to analyze the effects of public fixed capital investments on the performance of state-owned enterprises (SOEs). Within the scope of the study, we include the data of 20 non-financial SOEs operating in Turkey regarding the period of 2011-2018. We take into consideration the following performance dimensions: profitability and operational efficiency. Our dynamic panel data analysis results obtained after controlling the firm characteristics show that public fixed capital investments have no effect on ROA, however, have a low and positive effect on ROE and ROR. Also it was confirmed that fixed capital investments have a negative effect on ATO, LTO, and LTA, which are considered to represent operational efficiency. In brief, the results indicate that the public fixed capital investments have a partial and positive effect on the profitability, while it is a negative effect on the operational efficiency.Öğe Relative performances of asset pricing models for BIST 100 index(Routledge Journals, Taylor & Francis Ltd, 2021) Kaya, EmineThe purpose of this study is to evaluate the asset pricing models for Borsa Istanbul. Within this scope, we apply Capital Asset Pricing Model, Fama-French Three Factor Model, and Fama-French Five Factor Model. This study covers the firms listed in BIST 100 index between 2005 and 2017 years. The findings show that Fama-French Five Factor Model is the best performing model when we compare Capital Asset Pricing Model and Fama-French Three Factor Model. The regression estimations findings provide evidence that there are still the size and value premiums, but these premiums are not strong and the market premium is an important factor for Borsa Istanbul. In addition, there are strong investment patterns in the average returns and there is a profitability premium but not unambiguously strong in explaining the stock returns. On the other hand, the factor spanning tests prove that profitability is a non-redundant factor. Moreover, through the factor spanning tests, we can say that the value premium is a redundant factor and it does not improve the description of average return.Öğe The Asymmetric Effect of Foreign Ownership and Concentration on Financial Dollarization: The Case of the Turkish Economy(Springer, 2025) Zhao, Jin; Kaya, Emine; Ali, Kishwar; Magazzino, Cosimo; Barut, AbdulkadirThe Turkish economy is fragile and exhibits high exchange rate volatility, and financial dollarization is chronic in this country. Thus, this study explores the asymmetric effect of foreign ownership and concentration on financial dollarization in Turkey. The study covers 2004: Q1–2020: Q2 quarterly period and determines the asymmetric relationship between foreign ownership and concentration on financial dollarization. The nonlinear autoregressive distributed lags (NARDL) model is used as a main model and the autoregressive distributed lags (ARDL) model, the Bayesian vector autoregression (BVAR) model, and the standard vector autoregression (VAR) model are employed for robustness checks. The NARDL model shows that concentration, exchange rate, foreign ownership, inflation, and GDP growth rates are effective factors in influencing deposit dollarization. The study confirms that positive (negative) shocks in concentration have a significant and positive (negative) effect on deposit dollarization in the short run. Also, the standard VAR model performs better than the BVAR model and the ARDL model and standard VAR model give approximately similar results to the NARDL model. These findings imply that speculative trading can be considered the cause of deposit dollarization and credit dollarization for Turkey, and domestic citizens do not dollarize the deposits to protect their wealth. Credit dollarization increases even if both positive and negative shocks happen to foreign ownership and concentration since credit dollarization may be seen as a hedging mechanism for the banking system in a high-inflation environment. © The Author(s), under exclusive licence to Springer Science+Business Media, LLC, part of Springer Nature 2024.Öğe Treasure lying beneath the waters: exploring the deep connections between biodiversity and the blue economy(Frontiers Media Sa, 2025) Camkaya, Serhat; Kaya, Emine; Barut, Abdulkadir; Ali, Kishwar; Pilatin, Abdulmuttalip; Nassani, Abdelmohsen A.Introduction The blue economy has become a pivotal framework for achieving sustainable development, emphasizing the responsible utilization of marine and coastal resources while preserving ecosystem integrity. Although biodiversity is central to fisheries, aquaculture, and coastal tourism, its direct role in shaping the blue economy remains underexplored. Furthermore, the interactions of biodiversity with other structural factors, such as financial development, institutional quality, and environmental pressures, are insufficiently addressed in existing studies.Methods This study investigates the determinants of the blue economy by employing panel data from the world's ten highest-income blue economies over the period 2000-2021. To address econometric challenges such as cross-sectional dependence, unit roots, and cointegration, second-generation panel techniques were applied. Long-term relationships were estimated using the Augmented Mean Group (AMG) estimator, and robustness was assessed through complementary econometric tests.Results The empirical findings demonstrate that biodiversity exerts a positive and statistically significant effect on the blue economy. In contrast, financial development is negatively associated with blue economy performance. Institutional quality and per capita income are found to enhance blue economy outcomes, while CO2 emissions exert a detrimental influence. Robustness checks confirm the stability and reliability of these results across alternative specifications.Discussion The results underscore the vital role of biodiversity conservation in fostering sustainable growth within the blue economy framework. However, the negative effect of financial development suggests that existing financial structures do not sufficiently channel resources into environmentally sustainable marine activities. Strengthening institutional frameworks and aligning financial systems with ecological priorities are therefore critical. Moreover, reducing carbon emissions is indispensable to securing long-term resilience of marine ecosystems and ensuring the sustainability of blue economy activities.Öğe Yerel Yönetimlerin Borçlanma Araçlarından Biri: Belediye Tahvilleri(Malatya Turgut Özal Üniversitesi, 2021) Kılıç,Vicdan Cevher; Kaya, EmineBelediye tahvil ihracı, belediyelerin bir finansman yöntemidir. Etkin bir belediye tahvil piyasasının kurulmasıyla birlikte, yatırımcılar banka sektörü dışında bir yatırım fırsatına sahip olurken, yerel yönetimler finansman ihtiyaçlarını karşılayabilmektedir. Türkiye 2020 yılına dek yerel belediye tahvil piyasasında çok başarılı olamamıştır. Dolayısıyla, Türkiye'de etkili bir belediye tahvil piyasası henüz kurulmamıştır. Bu çalışmanın amacı, Türkiye ve ABD belediye tahvil piyasalarını incelemek ve Türkiye'de etkin ve verimli şekilde işleyen sürdürülebilir tahvil piyasasının oluşması için önerilerde bulunmaktır. ABD’de yerel tahvil piyasası eski ve gelişmiş olduğundan, bu çalışmada da ABD belediye tahvil piyasası örnek alınmıştır. Türkiye'nin siyasi, ekonomik koşulları ve belediye tahvil ihracı için mevzuat avantajı göz önünde bulundurularak, bu çalışmada SWOT (güçlü yanlar, zayıf yanlar, fırsatlar, tehditler) analizi yapılmıştır
