Uluslararası Ticaret Yönetimi

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The impact of foreign direct investment spillovers and international trade on innovation capability in Turkey and comparative emerging markets
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in the Social Sciences, 2008., 2008.) Çukurçayır, Yusuf.; Günay, Emine Nur.
Foreign direct investment (FDI) has emerged as a very important source of external resource flows to emerging markets and has become a significant part of capital formation in these countries besides financing current account deficit. There are two competing hypotheses regarding the impact of FDI on innovation capability: it may improve the innovation capability of host countries via spillover channels such as reverse engineering, skilled labor turnovers, demonstration effect, and with vertical linkages from foreign firms to their suppliers, or may lead to crowding-out effect through import of technologies via joint ventures. In this study, the spillover effects of FDI and international trade on innovation capability in Turkey, Hungary, Poland and Czech Republic are analyzed for the period 1995- 2005. Panel data models are employed to test two competing hypotheses. The effect of FDI on innovation in Turkey and comparative emerging markets is analyzed by testing different econometric models such as Ordinary Least Square (OLS), Fixed Effects Model (FEM) and Random Effects Model (REM). The empirical evidence support that FDI inflows generate spillover effects on domestic innovation capability in Turkey, and comparative emerging countries. This result supports the hypothesis that inward FDI brings knowledge spillovers, new technologies and products into the host country and promote domestic firms' innovation capability. On the other hand, the hypothesis of crowding-out effect of FDI on innovation is rejected for the given sample. With respect to the impact of intcrnational trade on innovation capability, import of R&D intensive sectors have positive influence whereas export of R&D sectors have a negative impact. Two periods of empirical results are largely consistent with each other. However, Fixed Effect Model results provide the best fit for the period 2000-2005.
Energy vulnerability and international trade assessing Turkey’s energy vulnerability with a comparative outlook of the EU
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2009., 2009.) Nenem, Mehmet. Şükrü.; Günay, Emine Nur.
Energy trade has always been one of the major aspects of international trade for many countries. In order to ensure the continuity of their services, energy dependent countries are obliged to source their energy demand through imports. However, factors like increasing energy consumption, higher degrees of dependence to certain type of fuels, concentrated nature of the energy suppliers, excess reliance on expensive means of power generation, fluctuating energy prices, import bill and the carbon content of the primary energy supply designate the degree of a country’s vulnerability to energy as well as its preparedness to adverse energy related events. After offering a general outlook to global energy market, this study defines the indicators that contribute to energy vulnerability of a country and computes Turkey’s performance on each parameter. The comparison of Turkey’s standings with the performance of the EU indicates that Turkey performs relatively worse than the EU deeming the country more vulnerable to an energy crisis. However, the study suggests that Turkey has plentiful opportunities to reduce its energy vulnerability in case its energy politics are governed properly. In addition to its comparative advantage in renewable energy, in case correct and accurate energy investment decisions are made, Turkey’s energy vulnerability is ready to decline. The study comes with policy recommendations to shift energy vulnerability downward both at the governmental level and at the micro level.
Benchmarking the supply chain performance: the food and beverage industry
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2009., 2009.) Özdemir, Esin.; Tektaş, Arzu.
Supply chain management is gaining importance in today’s business world along with increasing globalization and the developments in technology. Companies shift their competition from organizational level to supply chain level to be able to sustain their competitiveness in today’s globalized international trade environment. Within this context, the study aims to develop a systematic approach to evaluate and benchmark supply chain performances of companies and implements it on Turkish food and beverage industry. Utilizing optimization tools, the analysis develops national and international benchmarks at company and sectoral levels. The study proceeds with discussing improvement opportunities in company supply chain performances as well as their international trade operations with an emphasis on export performances. Both the approach developed and the results of the implementation are expected to shed light on similar sectoral studies especially in Turkey. It might also aid practitioners such as managers, investors in their decision making process.
Factors affecting mobile phone repurchase behavior of American and Turkish university students
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2009., 2009.) Maltepe, Hakan Mehmet.; Alakavuk, Elif Deniz.; Hortaçsu, Ayfer.
The positive impact of mobile phones on individuals’ lives has been increasing day by day. When people firstly met with mobile phones, the most advantageous feature of these devices was being able to communicate with anyone, anytime, anywhere. However, as technology evolved and people’s needs changed, mobile phone producers started to introduce models with additional features converting the mobile phone into a hand-held computer by which its users can surf the Internet, send picture messages, listen to music and pursue other extra activities. Though there are cultural, psychological, emotional, and demographic differences between people and thus, every individual has some hesitations and motivations before purchasing a product. In this respect, since mobile phone penetration worldwide reached almost ninety percent, this study aims to examine the reasons behind mobile phone repurchase behavior – purchase of a new mobile phone. Descriptive data was collected both manually and online from 177 respondents who were asked to fill out a questionnaire seeking out the factors affecting mobile phone repurchase behavior. The questionnaire was applied to 58 US students and 119 Turkish students. The data was analyzed by using descriptive, ANOVA, and t-test analyses. Moreover, exploratory data was obtained via in-depth interviews held with mobile phone operators and users in Turkey. Findings of the study illustrate that the US and Turkish consumers differed in their innovativeness and involvement level, features, entertainment, and price-consciousness dimensions. Furthermore, while the US mobile phone users in the sample, who seek ways for entertainment and who are more involved in mobile phones, are more likely to purchase a new mobile phone in the near future; Turkish mobile phone users accompany their peers only in entertainment dimension. Additionally, Turkish students that value fashion and are interested in features are more likely to purchase a new mobile phone in the near future. Consequently, the US and Turkish students have some common values and motivators that lead to purchasing a new mobile phone whilst some influencing factors are dissimilar.
Board composition in the affiliates of family business groups in Turkey: a longitudinal analysis
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2009., 2009.) Ziyaoğlu, İdil.; Selekler Gökşen, Nisan.
Recently, both supranational and national institutions have been advocating an increase in outsider representation on boards of directors. However, studies conducted so far reveal that the board composition prevailing in many emerging economies contradicts with the demands of these institutions. Thus, Turkey, as an emerging economy, is a suitable context to investigate if the recent pressures have been able to create a change in insider dominated boards of emerging economy firms. Therefore, the main objective of this study is to investigate if the board compositions of business group affiliates in Turkey have changed over time. A second objective is to find out if there is any association between board composition and export performance in the context of business group affiliates. For this aim, boards of six family-owned business group affiliates have been analyzed as of 2003, 2005, and 2007. The data were collected mainly from archival sources such as annual reports and corporate governance compliance reports of the focal company and the business group that it is affiliated with. Frequency analyses, t-tests, one-way ANOVA test, and correlation analyses were used for the statistical analysis of the data. Findings reveal that board composition of the affiliated companies has not gone through a major change between the years of the analysis. Boards are mostly composed of insider directors who are dependent on the owner-family. Moreover, this study also displays to some extent that there is a positive correlation between total insider representation and export performance of the companies. Overall, it seems that increasing outsider representation on boards is not likely to be actualized as a consequence of the current pressures in a short period of time. Stronger pressures over a longer period of time may help the diffusion of outsider representation on boards. Besides, directors who are appointed on the basis of their experience, expertise, knowledge may have a positive impact on export performances of the companies.
The role of intermodal transportation and logistics distribution centers in international trade: the case of Turkish SMEs
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2009., 2009.) Sungur, Ahmet Seren.; Alakavuk, Elif Deniz.
Logistics and trade has a strong positive relationship. Through ever-increasing of globalization, this correlation increases more day by day. Turkish logistics industry tries to adopt new technologies in terms of logistics, however, state officials seem to be unsure of what to implement. This is mainly because of the lack of a master plan in logistics industry. Lacking a master plan in logistics, state officials try to apply intermodal transportation mode through logistic distribution centers however, possibly the most valuable customers of these logistic distribution centers; SMEs have not been asked to stress their opinions and problems in terms of both logistics and trade. Therefore, any logistic solution that is said to be done for SMEs has no chance to be successful if the base lacks the opinions of SMEs. Thus, the main objective of this study is to request the opinions of SMEs in terms of logistics and discover their problems related to foreign trade activities. Furthermore, a guide is tried to be provided for state officials, SMEs, and logistics professional by suggesting possible locations to built logistic distribution centers in Turkey and stating the services that should be provided in those distribution centers. Data collected from 322 SMEs from Ankara, Denizli, and Manisa was analyzed by using descriptive, ANOVA, and t-tests. Findings reveal that, exporting SMEs and non-exporting SMEs are unsatisfied from high logistics costs regardless of their locations. They are expecting alternative transportation methods to road transportation mode since they are unhappy of being far from seaports. Finally, regarding the problems and demands of SMEs, three different locations are suggested for building logistic distribution centers and the services that should be provided in these distribution centers.
International supplier selection and order allocation decision: a comparison of a Turkish and an Australian company
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in the Social Sciences, 2010., 2010.) Aytekin, Aycan.; Tektaş, Arzu.
International supplier development is a multi-criterion decision problem which includes qualitative and quantitative factors. In the literature, it is seen that although there are abundant studies on various domestic supplier selection, the impacts of globalization on the level of sourcing and international supplier selection are not adequately discussed. This study seeks to provide a better understanding about international sourcing through an integrated approach to supplier selection and order allocation. By extending the literature and incorporating country-specific as well as supplierspecific factors into the selection decision, it is aimed to contribute to the supply chain development of internationally sourcing companies. Through the analytical hierarchy process (AHP), in consideration of both tangible and intangible criteria, a set of candidate suppliers are identified. A linear programming (LP) model with an objective of maximizing the total value of purchasing and a set of constraints, is then formulated and solved to allocate the optimal order quantities among the candidate suppliers. This study also aims to benchmark the importance given to the selection criteria by the companies in different countries. The hybrid model is applied to both a Turkish chemical company and an Australian chemical company and the differences in selection methods are indicated. Although the results may not be generalized, they can be a reflection of the differences between two cultures and the challenging trends in international trade. This might also form a basis for similar studies in the future.
The impacts of R&D expenditures on the manufacturing sectors export performance in Turkey and comparative emering markets
(Thesis (M.S.)-Bogazici University. The Institute of Graduate Studies in Social Sciences, 2010., 2010.) Yıldırım, İsmail.; Ünal, Gözde Erhan.
This dissertation aims to analyze the impacts of different research and development (R&D) activities on the export performance of manufacturing sector’s basic divisions for Turkey and comparative emerging economies. In the light of this aim, Turkey and seven comparative emerging countries were selected to analyze impact of R&D on export performance. The Fixed Effect Model of panel data analysis has been used in the study and the model results suggest the existence of positive significant relationship between gross domestic R&D activities and export performance. The study shows that R&D activities support chemical sector, machinery sector and sector of manufactured goods classified by material exports. As these industries rely on invention and technology, the empirical results support hypotheses put forth in this dissertation. The models in the second part of the study analyze how government and business enterprise R&D activities effect export performances. These results illustrated that the different sources of R&D activities have diverse impacts on manufacturing sectors’ export performances.
Impact of general manager characteristics on the export performance of manufacturing companies in Turkey
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2010., 2010.) Öz, Özge.; Selekler Gökşen, Nisan.
The objective of this study is to investigate the relation between export performance of manufacturing firms and the characteristics of their general managers. A survey of the literature revealed several general manager characteristics that have the potential to influence export performance. Some of these parameters are age, educational background, linguistic skills, technical capabilities, risk tolerance, and foreign country exposure. In this study, age, educational attainment, and foreign country exposure were chosen as general manager characteristics to be investigated. General managers constituting the sample were randomly selected among manufacturing companies quoted on Istanbul Stock Exchange (ISE).The data were collected mainly from archival resources such as company yearbooks, annual reports, corporate governance compliance reports of the firms in the sample. Frequency analysis and non-parametric Mann Whitney U tests were run for the statistical analysis of the data set. Results of the study reveal no direct relationship discovered between objective general manager characteristics and export performance of firms in Turkey.
Integrating Turkey’s renewable energy with global carbon market
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2010., 2010.) Göncü, Hasan Ali.; Günay, Emine Nur.
Climate change is recognized as one of the major problems of the globe and unless appropriate measures are taken it is likely to result in irreparable damages on the planet in the near future. Electricity energy is at the heart of this problem and so must be an important player in the solution. Turkey’s electricity energy market has recently entered into transition period and if properly managed, Turkey’s highly problematic electricity energy market may prosper. Turkey’s electricity energy sector is currently characterized by low supply security, high carbon intensivity and high costs. After examining global and Turkey’s electricity energy outlook in details, this sudy offers a solution to transform Turkey’s electricity energy sector into a low-cost, environment-friendly and reliable structure. Wind power is a candidate to play the key role when Turkey’s immense untapped wind power potential is considered. Increasing global concern for climate change and the EU regulations are expected to force Turkey to recognize the importance of greenhouse gas (GHG) emissions in investment decisions in the near future. With extensive analysis on the regulated carbon markets and voluntary carbon markets, this study may serve as a roadmap for Turkey to take the right action in the global climate change negotiations. In addition, this study may serve as a guideline for wind power project developers in exploring the opportunities in the global carbon market.
The competitive identity of Istanbul: a city brand management model
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2010., 2010.) Levent, Doğan.; Alakavuk, Elif Deniz.
Cities have an important place in today's world economy. Due to globalization, many options exist for selecting a city to invest in or visit. As a result, cities continuously compete with each other to be able to increase their gains. The literature indicates that the image is very influential in the process of destination selection. Therefore, the image management is a very crucial task for Istanbul, which is trying to achieve a long term advantageous competitive position among major cities of the world. The main objective of this study is suggesting a brand management model for Istanbul based on evaluation of attributes stressed in the formal communication of Istanbul in the light of the views of visitors. For this purpose, a content analysis was done on the communication materials used in European countries and a survey was conducted with 274 Europeans, who have been to Istanbul. For the statistical analysis of data, frequency, t-test, one-way ANOVA and the factor analyses were employed. Attitude-Toward-Object Model of Fishbein (1967) was used for overall attitude evaluation and the Competitive Identity Model of Anholt (2007) provided the basis for strategy formulation. The findings reveal that Istanbul‟s image among European visitors is generally positive and the communication of Istanbul for European countries highlights proper attributes. However, it is detected that some areas necessitate progress. In the light of the findings, some ideas were developed and a management structure was proposed for maintaining the positive image of Istanbul among visitors and carrying it to the upper league in the competition of cities.
Economy-wide energy efficiency assesment: a cross-Country Comparison Study in Europe
(Thesis (M.A.)-Bogazici University. Institute for Graduate Studies in Social Sciences, 2010., 2010.) Ceylan, Duygu.; Günay, Emine Nur.
Energy efficiency has become one of the “twin pillars” of sustainable energy policy along with renewable energy. Improvements in energy efficiency can reduce the need for investment in energy infrastructure, cut fuel costs, increase competitiveness, increase energy security by decreasing the reliance on imported fossil fuels while at the same time help to save the environment by reducing greenhouse gases emissions and local air pollution. Being an energy deficient developing country whose import reliability reached almost 75% in 2008 and whose current account deficit is based primarily on energy imports, Turkey is in great need of an accurate energy efficiency strategy. This study analyzes economy wide energy efficiency performance of Turkey by means of cross-country comparison, benchmarking with European countries for the period of 1995-2007. The nonparametric linear model used in the study considers capital, labor and total R&D expenditure as non-energy inputs, oil, gas, solid fuels, nuclear energy and renewable energy consumption as energy inputs, and considers GDP as the desirable output and greenhouse gases emissions as the undesirable output. The study also aims to trace energy efficiency changes over time by evaluating the contributing factors such as activity mix of the economy, sources of primary energy-use, share of renewables and changes in energy prices. The results indicate an improvement in energy efficiency over time but the efficiency scores and their improvement pace is considerably lower when environmental factors are taken into account. The findings also reveal that Turkey emerges as one of the energy efficient countries among 32 European countries. The empirical evidence also supports that energy mix, the activity mix of the economy and energy prices have significant effects on energy efficiency.
The effects of board member characteristics on internationalization performance: analysis of the Turkish case
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Erkan, Özge.; Selekler Gökşen, Nisan.
Although both boards of directors and internationalization performance of firms have been popular areas of study, the impact of the former on the latter remains as a relatively untapped area of research. Therefore, this study aims to investigate the impact of board member characteristics on internationalization performance of firms. Resource-based view (RBV) of the firm establishes the theoretical framework of the study. This theory has been increasingly used in the international business and has been recommended for use in developing economies. According to the RBV of the firm, a firm derives its competitiveness from the rare, valuable, inimitable and non-substitutable resources it controls. As board members establish a part of firm’s human resources, board member characteristics are expected to have an impact on a firm’s internationalization performance. It is suggested in this study that younger boards with higher educational attainment and higher foreign country exposure will have better internationalization performances. Firms included in the ISE National 100 Index establish the sample of the study. Data were collected mainly from archival and by direct contact when necessary. Frequency analyses, Mann-Whitney tests and bivariate correlation analyses were used for data analysis. Mann-Whitney tests revealed no statistically significant difference between boards of firms with different levels of internationalization performance. However, correlation analysis shows a statistically significant positive relationship between educational attainment, foreign country exposure and internationalization performance.
The Altai union: a potential customs union between Turkey, Central Asia and South Korea
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Can, Barış.; Günay, Emine Nur.
The gravity shift from the West to the East will shape the twenty first century. China, the old dragon has finally awakened and has become an important actor in world economy and politics while the global crisis of 2008 has slowed down many developed countries‟ economies including the U.S.A., Japan and Europe. China and India, the most populous nations, have the most dynamic and fastest growing economies and are the major beneficiaries of free trade in Asia. However, they are also dependent on natural resources, especially oil. While the rise of China and India dominates Asia, existing resources of labor, capital, natural resources and knowledge among Turkey and the Central Asian States can be combined to form an union that may become a serious competitor in the region of East Asia. This alliance, called here “the the Altai Union”, between Turkey, Azerbaijan, Kazakhstan, Kyrgyzstan, South Korea, Turkmenistan and Uzbekistan, is proposed as a potential union which is backed up by historical, social and cultural connections in Asia. Considering that the the Altai states‟ share in total exports of Turkey is only 3 percent and Turkey‟s share in total the Altai states‟ imports is just 0.80 percent, Turkey has a great trade potential with these states if opportunities are created. Regular steps should be taken beginning with a “Free Trade Area” proceeded by a “Customs Union” and “Common Market” leading to a “Full Economic Integration”. The aim of the study is to investigate through bilateral relations, multilateral trade volumes, trade agreements, and sectors whether there exists a competitive advantage among candidate countries. Major trade partners and customs tariffs are analyzed and discussed to determine potential trade benefits with and without tariffs between Turkey and the the Altai states. Estimations regarding the results of this analysis indicate that Turkey‟s export volume to the the Altai states, which is currently about four billion US$ currently, can reach thirty-six billion US$ in a period of ten years. Within this, the the Altai Union can become a significant regional power, and a world giant in many fields such as mineral fuels, technology, tourism, agriculture, textile, electronics, machinery, ship building, plastics, rubber, glass, minerals, elements, energy, chemicals, ceramics, iron and steel, vehicles and military. Finally, the the gravity model is used to determine trade potential in terms of export, import and trade volume by size of the economy, distance and common language. Empirical results prove that the increase in Central Asia‟s GDP, elimination of language barriers and a transportation cost reducing project backed up with a strong internet-based infrastructure will highly increase export volumes. Regarding every Altai state‟s different advantages, the conclusion reached was that, these states would become a giant economic power in the world with the efficient use of their competitive advantages and resources. This union would create a complete economic and political independence for these seven states after completing the proposed tasks.
Market orientation and marketing strategy creativity: assessment of their antecedents
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Özmen, Hasan.; Alakavuk, Elif Deniz.
Creativity of marketing strategies is very vital for companies, who want to broaden their markets toward foreign markets to increase sales and profit. Due to rise of globalization, competition among companies became fierce and multinational companies began to threaten domestic companies in all around the world with their ability to innovatively provide what customer exactly needs. The threat of competition in domestic markets led domestic companies internationalize their businesses and expand their markets to foreign markets to enjoy opportunities in there. The literature articulates that creative marketing strategies play significant role in success of companies in foreign markets. Creativity of marketing strategy has two major components, which are meaningfulness and novelty of marketing strategy. This study proposes a model that is explaining how Turkish companies can have a creative (meaningful and novel) international marketing strategy to be successful in foreign markets. The study suggests that while market orientation approach of a company provides meaningfulness to marketing strategy, organizational creativity provides novelty to marketing strategy of the company. However, in the model there are also organizational antecedents of both market orientation and organizational creativity. These antecedents effect existence of market orientation and organizational creativity in the companies. An interview was conducted with marketing executives of 5 companies, one is a multinational company and 4 are international Turkish companies, to get their ideas about the model, and a survey was done with 119 employees of international Turkish companies in certain sectors to test the model of this study. To make statistical analyses, descriptive, frequency, Pearson correlation, t-test, one-way ANOVA and multiple regression analyses were employed. The result of the study indicates that Turkish companies' international marketing strategies are quite creative and they perform quite well in foreign markets. However, there are some problems in organizational creativity and novelty of marketing strategies ofTurkish companies. In line offmdings ofthe study, some suggestions were proposed to Turkish companies and their managers to progress creativity of international marketing strategies that increase performance of companies in foreign markets.
Determinants and distribution of power in buyer-seller relationships in business-to-business markets
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Irak, Ayçin.; Ata, Ülfet Zeynep.
Relationship marketing in business to business (B2B) markets has been gaining tremendous importance over the last decade. Companies are increasingly implementing one of the basic principles in life; omnia vivunt, omnia inter se conexa (everything is alive, everything is interconnected.) Thus, companies shift their exchanges from transactional to relational. Within this context, the purpose of this study is to understand the constituents to power distribution in buyer-seller relations in B2B markets with a focus on both party’s tendencies to build and stay in the relationship. This research provides a deeper understanding of power in industrial buyerseller relationships by combining literature of relationship marketing and literature of power among channel members. Based on previous research, different variables and their dimensions that lead to power acquisition are identified and a model consisting of power effecting elements is developed. The model deals with the buyer and seller perspectives simultaneously and is tested through empirical data from the Turkish retail, and milk and dairy products industries. The model developed and the results achieved are expected to present how power is distributed in a specific B2B market and it also might help practitioners in their relationships with their supply chain partners.
International banking system distress: a macro approach for the global crisis of 2008
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Avcı, Süreyya Burcu.; Günay, Emine Nur.
Complicated practices of 21st-century banking and excessive risk taking caused to the current global crisis. Investing on risky loans, irresponsible lending to people with poor credit ratings, creating complex financial instruments and inadequate regulatory supervision led to global financial turmoil. The speed and severity of the turmoil was very fast, it surprised the market participants and the regulators. Consequently it became a crisis of confidence in a short period of time. Governments had to intervene to prevent total collapse of the financial system. The IMF estimates that the cost of global financial crisis is approximately more than $4 trillion as of 2010. The main purpose of the study is to assess the fragility of national banking systems for a group of developed and emerging countries by using CAMELS approach for the period of 2005-2009. Since the period covers the pre-crisis and crisis period, policy implications of the empirical results will be discussed in the context of national banking systems’ ability to deal with risks and the speed of recovering from the crisis. This study uses four of six CAMELS components for 49 countries as a group as well as three sub-groups by means of binomial logit regression. The results indicate a significant relationship between banking sector soundness and CAEL components. Capital adequacy, earning strength and asset quality come out to be significant components however liquidity does not have a significant impact on banking sector soundness. Surprisingly, the impact of earning strength on financial soundness is found to be negative at the national for the pre-crisis and crisis period. The model also captures different impacts of CAEL components on soundness of national level banking sectors among country sub-groups, the EU, other developed countries and emerging countries. Empirical findings of the pooled data and the EU are in parallel with the methodology of CAMELS approach except earning strength. However, the impact of asset quality appears to be positive for other developed countries and developing countries. While a new financial architecture is being designed for the post-crisis period, internationally coordinated strategy for new global regulatory structure should be developed cope with financial distress.
Determinants of renewable energy supply in Europe: a potential solution for Turkey’s energy dependency
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Sümer, Gökmen.; Günay, Emine Nur.
Energy resources are an essential part of sustainable economic development. Conventionally, industrialized economies use more energy per unit of output and per capita than the developing economies. However, emerging economies have increased their energy demand over the last decade and are expected to dominate world energy growth over the next decades. As an emerging economy, Turkey’s energy demand has risen dramatically over the past three decades. High economic growth and improvements in macroeconomic balances over the last decade have been the major driving forces in growing energy demand. Unfortunately, since traditional fossil fuels account for more than 90 percent of the total energy consumption and the country has no large oil and natural gas reserves, Turkey has become heavily dependent on energy. In addition, environmental concerns and the national energy security policy also force the country to seek new energy resources. Therefore, Turkey should utilize her huge alternative energy resources and change her current energy mix. The aim of this study is to analyze major determinants for energy generation from renewable energy resources, mainly wind, solar and geothermal energy for the EU-15 and the EU-12+2 countries over the period from 1995 to 2008. Major determinants for renewable energy supply are categorized as the domestic country’s fundamentals for producing renewable energy and defined as economic capacity, technological infrastructure capacity, foreign investment capacity, environmental effect, nuclear energy capacity, domestic energy capacity, energy trade capacity, renewable energy capacity, domestic oil and gas capacity and oil and gas trade capacity by using Panel Data Models. The empirical evidence of base model reveals that population and FDI have negative impacts on renewable energy supply for the pooled sample. Energy intensity has a negative impact on renewable energy supply for new and candidate countries. These countries should be more sensitive in implementing energy efficiency policies. Surprisingly, results show that the high capacity of nuclear energy is an important determinant for the renewable energy supply, especially for the EU-14 countries. When the components of renewable energy supply are analyzed, empirical results show that production of hydro and solar energy have an important positive contribution in all country groups. However, the striking difference between the EU-15 and the EU-14 is the potential role of geothermal and wind energy. Their contribution on renewable energy supply is positive for the EU-15 while it is negative for the EU-14. So, new member and candidate countries should utilize their wind and geothermal energy capacities fully and efficiently. This will also lower their energy dependency on conventional fossil fuels. This study may also serve as a guideline for potential investors in exploring the opportunities in Turkey’s renewable energy market.
Culture, consumption value and online shopping behavior: a cross-cultural study on Turkey and the United Kingdom
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Soyer, Nagehan.; Sakarya, Sema.
The Internet is globally accessible, crosses national boundaries and allows consumers around the world to participate equally. Internet usage is in an increasing trend and popularity with the improvements in computer based technology. This development brings online shopping to consumers as a new shopping channel. Consumers from different cultures and with different consumption values are using online shopping due to benefits such as ease of search, order and entertainment. Previous studies on online shopping investigated the factors that influence online shopping as well as motives for, value of, and antecedents of online buying behavior. There has been a scarcity of research on cultural differences in online shopping. The purpose of this study is to explore cultural differences in online shopping behavior and consumption value. Data on consumption value, consumer perceptions of the advantages and disadvantages of online shopping, and online shopping behavior dimensions of online purchase frequency, goods purchased, online site type and payment method used was collected by a survey conducted on 201 consumers in two different cultures – Turkey and The United Kingdom. For the statistical analysis of data, frequency, one-way ANOVA and independent samples t-test were employed. The findings reveal that there are differences in online shopping behavior of Turkish and British consumers in the sample while the two groups share similar consumption values; and that some dimensions of online shopping behavior of utilitarian and hedonic online shoppers differ for the overall sample.
Valuation of small and medium sized manufacturing companies in Turkey: effect of internationalization, earnings, cash flows, dividends, book value and leverage
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Asfuroğlu, Buğra İsmail.; Karataş, Abdülmecit.
Small and medium enterprises (SMEs) play an important role for both national and global economies. They create employment and added value, have flexible structure, less bureaucracy, ability to take fast decisions and they are more responsive to changes. In the world, 95% of the firms hold SME characteristic; they carry 66% of the employment and 55% of the production. In Turkey SMEs constitute 76.7% of country’s employment, 26.5% of investment. They form 95% of the manufacturing sector, 61.1% of the employment and 27.3% of the added value in this sector. Despite the obvious importance of SMEs for the economy of Turkey, the existing valuation literature fails to narrow its focus to this specific area. Thus, with the aim of contributing the valuation efforts of small and medium manufacturing companies in Turkey, following the steps of Ohlson (1995) we developed three linear models in order to reveal the effect of internationalization, earnings, cash flows, dividends, book value and leverage on the value of the small and medium manufacturing companies in Istanbul Stock Exchange. This study contributes the international trade literature by first realizing a broad analysis of the effects of certain variables on the market value of the Turkish small and medium manufacturing companies, which may be useful for the foreign investors, foreign companies that seek acquisitions or mergers as well as SME owners and managers in Turkey who look for a more effective value management for their companies. Secondly it seeks the effect of internationalization, which shows the international activity of the company, on the value of the small and medium manufacturing companies in Turkey. The results show that our earnings based linear model explains 51.2% of the variance of small and medium sized manufacturing companies’ (in ISE) firm value. Moreover while leverage and degree of internationalization have no significant effect on the dependent variable, dividends and book value have significant and positive effect. As for the earnings pooled regressions show that it has a significant but negative relation.

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