Uluslararası Ticaret Yönetimi

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A comparative analysis of corporate social responsibility practices of Turkish companies and companies with foreign ownership
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2012., 2012.) Bilgehan, Meltem.; Selekler Gökşen, Nisan.; Ökten, Özlem Yıldırım.
The concept Corporate Social Responsibility (CSR) has been very popular both in the academia and business world especially in the recent fifty years. Supranational and non-governmental organizations, governments, business world and scholars strive for promoting CSR. The main objective of this study is to investigate the CSR practices of listed companies with a special emphasis on the differences between CSR practices of Turkish companies and companies with foreign ownership. Shareholder theory, stakeholder theory and institutional theory establish the theoretical framework of the study. For this aim, CSR practices of companies listed in the Istanbul Stock Exchange National 100 Index as of the last quarter of year 2009 is analyzed. The data were collected from archival sources such as annual reports, corporate governance compliance reports, and official web sites. Content analysis method is used for the analysis. Activities carried out by companies beyond ethical and legal obligations were regarded as CSR and every activity is coded as a project. These projects are investigated based on various dimensions namely subject area, target, scope, partners, level of engagement and time span. Findings reveal that there are significant differences between CSR practices of companies. This difference can be observed both among the Turkish companies, and between Turkish companies and companies with foreign ownership. Especially, scopes of the projects, engagement levels of companies in the projects and types of partnerships while carrying out the projects substantially differ between Turkish companies and companies with foreign ownership.
A comparative study on mutual fund performances of emerging markets in the era of quantitative easing
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2015., 2015.) Tan, Ömer Faruk.; Ünal, Gözde Erhan.
This study aims to analyze six emerging markets’ equity funds – Turkey, Poland, Taiwan, South Africa, India and Mexico – during the period between January 2009 and October 2014. After the global financial crisis of 2008 came a period of quantitative easing (QE), creating an increase in the money supply and leading to a capital flow from developed countries to developing countries. The stock markets of these selected emerging countries increased dramatically during the era of quantitative easing. In this work, a total of 73 equity funds (11 Turkish Equity Funds, 14 Polish Equity Funds, 15 Taiwanese Equity Funds, 10 South African Equity Funds, 12 Indian Equity Funds, 11 Mexican Equity Funds) are analyzed in order to compare these funds’ performances within this period. In order to measure these funds’ performances, the Sharpe ratio (1966), Treynor ratio (1965), Jensen’s alpha (1968), Sortino ratio (1994) and M2 ratio (1996) methods are used. Jensen’s alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966) and Henriksson & Merton (1981) regression analysis methods are applied to ascertain the market timing ability of fund managers.
A multi-criteria market entry model for logistics service providers :|a study in numerous industries
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2020., 2020.) Şen, Çağatay Turhan.; Ata, Ülfet Zeynep.
Logistics service providers have always been part of a company in terms of distribution, warehousing, and inventory management. In today’s world, logistics service providers (LSPs) have become more than that. Increasing competition and importance of cost reduction in supply chain and logistics activities increase the prominence of LSPs, thus LSPs have become major elements instead of backup elements. From organizations’ point of view, speed, cost, and flexibility became more substantial since the second half of the 20th century. So, for the purpose of better excellence against competitors, using external resources has become increasingly critical. For this reason, LSP selection is one of the most important processes of companies in the light of increase in outsourcing. In cooperation with LSPs, firms can have important opportunities to reduce their costs and focus on their core businesses. These opportunities lead companies to use LSPs extensively, and different models exist for the LSP selection process based on expectations from LSPs. In literature, LSP selection issue is investigated as a multi-criteria decision-making consideration and many researchers have done studies on this area. The purpose of this study is creating an upgradeable model that contains criteria used by companies while selecting LSPs in order to provide knowledge about all global industries for LSPs managers. Findings gathered from literature review are supported with client contracts information from a LSP company and experiences of logistics service providers’ managers.
A novel measurement of internationalization speed and its implementation on early internationalization of new ventures
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2019., 2019.) Kadakal, Cansın Arsen.; Aygören, Oğuzhan.
This study proposes a novel approach to conceptualize and measure the internationalization speed of new ventures. International entrepreneurship is intensely interested in new ventures early internationalization speed, yet there is no joint decision on the conceptualization of speed. Most of the studies employ speed as the time it elapses from the establishment to make the first international activity. In Physics, speed is equal to distance divided by time. So, the current aspect of internationalization literature overlooks the distance dimension. The main contribution of this thesis is exploring the antecedents of this new speed calculation for international new ventures and comparing results with only the traditional speed measure of time. For achieving this, the developed model calculates speed in terms of distance and time by using a CAGE distance framework with a gravity model. The survey was carried out with 255 business owners in Turkey. After the data collection process, investigative and confirmatory factor analysis was performed. The model fit construct was achieved, and linear regression analysis was performed and tested according to the technology intensity group. Results were revealed that international experience, global vision, niche strategy variables had a significant effect on early internationalization speed in the proposed model for speed measurement. On the other hand; among those variables, the only international experience was found significant for the old school of speed measurement. When the significance level of both models was compared, it was found that the model using the new speed measurement was more valid than the old model.
A sustainability analysis of Turkish banks using the analytic hierarchy process
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2017., 2017.) Bulut, Semih.; Ünal, Gözde Erhan.
Sustainability is a concept that aims to improve the reliability, continuity and robustness of organizations. Tn this study, we aim to generate a sustainability index by analyzing the sustainability reports and performances ofthc four biggest privately owned Turkish banks during the periods of2013, 2014 and 2015. The sustainability performances of the four selected banks of Turkey, which constitute 40% of the overall financial sector, gives us an idea about the overall sustainability performance of financial institutions in Turkey. In order to compare the performances of these four banks within the study period, we analyzed a total number of 19 indicators according to three criteria: economic (9), social (6) and environmental (4). After collecting the social, economic and environmental indicators data from the banks, we designed a survey to take the opinions and preferences of the sustainability experts from academia and the financial sector for detennining the weights of each sustainability criteria. The specific indicators (sub-criteria) of economic, social and environmental performances were weighed using expert judgements in the survey. Thus, we aimed to determine the relative importance of each indicator and subindicator. In order to rank the sustainability performances of the banks, we used one ofthe most commonly used multi-criteria decision making models: the Analytic Hierarchy Process (AHP). The ultimate objective is to sort the banks from the most to the least in sustainability.
An efficiency analysis of international airline alliances: an empirical study using data envelopment analysis
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2016., 2016.) Divarcı, Tülay.; Tektaş, Arzu.
Alliances are inevitable outcomes of globalization and global competition in important industries such as the airline industry. That is the reason why the analyses in this study are not limited with airline level evaluation but assessments for alliances are also performed. This study evaluates the relative efficiencies of international passenger airline alliances, namely Star Alliance, One World and Sky Team, at transforming their inputs into outputs. Via Data envelopment analysis (DEA), four main and two explanatory models are analyzed for the year 2014 with BCC and CCR approaches using different input-output variable combinations such as total passenger seat capacity, fuel cost and seat per aircraft as the input variables and load factor, ASK and RPK as the output variables. Super-efficiency calculations are also performed in order to compare the results found by standard efficiency assessments. Two models employing ASK and load factor as the output variables are utilized to perform the efficiency analysis for the year 2013, as well. It is determined which airlines are playing as benchmarking peers for which airlines. Airline industry is proved to show variable returns to scale characteristics. Star Alliance is found to have the members that can be taken reference most by other two alliances’ member airlines for efficiency improvements. The excess amounts of inputs are determined for each alliance and their member airlines. Alliances will be able to identify their strengths and improvement areas and achieve more healthy developments with the help of the implications derived from this study.
An empirical investigation of global brand personality in variance: a comparison of Turkey and India
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2011., 2011.) Şen, Duygu.; Sakarya, Sema.
Brand personality, as one of the main components of brand identity, is a strategically important tool for marketers and advertisers in terms of its significant differentiation power. There are well-established personalities of global brands throughout the world. Global brand strategies aim to protect the core identity of the brand from one country to another. In this context, they develop and implement marketing strategies that aim to create a globally consistent brand personality. The purpose of this study is to investigate the global equivalence of brand personality perceptions for leading global brands across international markets. Based on the review ofliterature conducted, a model for brand personality equivalence across international markets is suggested. The study is designed for measurement and comparison of brand personality perceptions for a set of seven global brands from different product categories between two emerging markets - Turkey and India. The new brand personality scale developed by Geuens, Weijters and De Wulf (2009) was used for brand personality measurements. The sample was defined as the youth markets in the two countries as a specific segment of consumers who are more familiar with global brands and are also similar in terms of needs and desires. Data were collected in urban centers of Turkey and India through a convenience sample of236 young shopping center visitors with personally administered questionnaires. Multivariate discriminant analysis was utilized to analyze responses gathered in order to explore the effect of nationality in discriminating brand personality perceptions across different cultures. The results revealed that each of the seven global brands in the stimuli set of the study are significantly different across Turkish and Indian youth markets in terms of their perceived brand personality profiles. Based on the empirical results obtained, it is proposed that nationality is a significant factor in discriminating global brand personality perceptions of young consumers despite the standard positioning strategies employed. Thereby, based on the Global Brand Personality Equivalence Framework developed, it is further suggested that consumer perceptions regarding the identity of global brands vary across countries.
An ex ante evaluation of free trade agreements:|The case of Turkey and Brazil
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2019., 2019.) Aksu, Hüseyin.; Işık, Mehtap.
As globalization spreads out all over the world, developing countries such as Turkey and Brazil become more vulnerable to global economic developments. Free trade agreements (FTA) can be viewed as one of the measures to reach the speed of economic globalization. Within this context, Turkey wants to sign a free trade agree agreement with Common Market of the South (MERCOSUR) which Brazil is a member of. This study tries to specify the determinants of a potential increase in trade volume, exports and imports between Turkey and Brazil and to investigate in which sectors there will be a revealed comparative advantage between Turkey and Brazil. The study analyses trade volume, export and import trade flows between two countries from 1995 to 2014 by using gravity model. The results show that the growth in GDP and PPP of both countries positively affects the trade volume and export to Brazil, import from Brazil. On the other hand, as trade cost decreases, trade volume and export to Brazil increase. Revealed comparative advantage (RCA) index is also used in this study to determine which sectors will have bigger RCA. The panel data consists of RCA of 16 different product groups between 1990 and 2014. The results show that Brazil can benefit from its RCA in animal products, vegetables, food products, minerals and wood while Turkey can benefit from its RCA in textiles and clothing, stone and glass, metals, machinery and electronics, transportation and plastic or rubber products.
An examination of sales performance indicators for international live music events in Turkey
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2019., 2019.) Açar, Aziz Fırat.; Aygören, Oğuzhan.; Sakarya, Sema.
Music industry has been disrupted tremendously by the digital economy. As a result, live music events, instead of record sales, has become a major driver of the industry with growing number of performers, diverse audiences and outlets of live performances. So, understanding live music event success should be an important research subject. However, there is a literature gap in explaining this phenomenon. In the literature, live events are considered as an experience good and experience can take various forms as part of audience research. On the other hand, this study specifically aims to explore the live music events and their sales performance indicators. A sample of 131 live music events, performed at Zorlu Performing Arts Center between the years 2016 and 2018 have been employed for the study. Findings reveal that the brand related variables, distribution related variables and objective features have significant effects on the sales performances of those events.
An institutional analysis of corporate social responsibility in the Turkish banking sector
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2017., 2017.) Soğancılar, Nusret.; Selekler Gökşen, Nisan.
What constitutes responsibilities of a company has long been an issue of debate. The economic view that companies are responsible only to their shareholders has evolved and broadened to include all stakeholders. Today, as corporate citizens, businesses are expected to contribute to the societies in which they are embedded. As people increasingly become aware and critical of the effects of business world on society, corporations’ efforts to fulfill their social responsibility have gained utmost importance for their survival. Against this background, this study examines the corporate social responsibility (CSR) practices of companies operating in Turkish banking sector from an institutional perspective. The sample includes 27 deposit and participation banks operating in Turkey as of December 2015. Data were gathered from their annual reports and analyzed by content analysis. The impact of age, size, geographical diversification, availability of financial resources, quotation on Borsa Istanbul and ownership structure on overall CSR scores received by banks, the number of target groups addressed, and the number of fields in which banks execute their CSR activities, is examined. Findings show that older, larger, more geographically diversified, financially better-off and domestic banks quoted on Borsa Istanbul have higher CSR scores, target a larger number of groups with activities in a larger number of fields.
Analysis of extreme dependence between Istanbul Stock Exchange and Brent Oil Returns using bivariate extreme value theory
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2013., 2013.) Korman, Derya.; Ünal, Gözde Erhan.
In this thesis, the relationship between oil price movements and Turkish stock market is investigated. Given the fact that Turkey is an emerging and oil dependent country, the relationship between stock market behavior and fluctuations in oil prices is analyzed by focusing on extreme observations. Bivariate extreme value methodology is used in order to examine the dependence structure between oil and stock market (ISE100). The residuals of autoregressive integrated moving average (ARIMA) models of stock market index and Brent oil returns are examined by using bivariate extreme value analysis over the period between 1988 and 2012. The overall period studied is subdivided into two phases for analysis. Results of the thesis indicate a higher dependence in the second phase (2000-2012), compared to the first phase (1988-2000). Results also show that in the second phase the extremes on the negative tails coincide more commonly compared to the extremes on the positive tails, which is in line with the current literature findings. A more focused analysis of bivariate extreme value theory (EVT) for the 2008-2012 period is conducted within the thesis and highest dependence of oil prices and stock market is found in this period. However, in general Turkish stock market and oil returns are asymptotically independent in extreme observations, which suggest different diversification strategies for portfolio managers.
Antecedents of export performance in the second largest 500 firms of Turkey
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in Social Sciences, 2022., 2022.) Saral, Ümitcan.; Selekler Gökşen, Nisan.
Exporting emerges as the primary mode of foreign market entry for emerging economy firms. Despite the large number of studies on determinants of export performance, a consensus could not be reached on the issue. This study aims to investigate the impact of a firm’s international experience, export marketing strategy, internal organization and utilization of governmental support on export performance. In analysis of export marketing strategy, the extent to which a firm adapts its products, prices and promotion strategies, its use of international trade fairs as a promotional tool and distribution channels are taken into consideration. As far as, internal organization is concerned, specifically, the size of firm’s export department and its reliance on regular training are considered. Finally, for governmental support, state’s and its export credit agency’s support is taken into account. The sample is drawn from the exporting firms in the Second Largest 500 Firms of Turkey List published by Istanbul Chamber of Industry. Among the 278 firms in the sample, 42 filled the survey, the main tool of data collection, leading to a response rate of 15 percent. Due to the small size of the sample, mainly non-parametric analyses have been used. There are two main findings of the study. First of all, as expected, firms with more international experience have better export performances. Second, and contrary to what was proposed in the study, direct exporters have better performances than companies that use intermediaries or that establish their own marketing and sales subsidiaries in foreign markets.
Antecedents of export performance: the case of the Turkish textile and apparel industry
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2016., 2016.) Parlakgül, Murat.; Selekler Gökşen, Nisan.
Ever-changing global conditions directly affect the firms and their international involvement. Therefore, the firms should chose a position and use their resources so that they can maintain their competitive advantages and keep away from the risks of the new situation. This study employs the Resource Based View (RBV) of the firm in order to identify several human capital, physical capital and organizational capital resources with positive export performance implications. The effect of factors internal to the firms and are uncontrollable in the short run are analyzed. The proposed export performance model is tested using nonparametric statistical techniques on a sample of 58 Turkish exporters all from textile and apparel industry. The impact of eight characteristics categorized under two groups as managerial characteristics (manager’s education, manager’s international experience) and firm characteristics and competencies (firm size, firm’s age, Eximbank supports, business group affiliation, R&D expenditure and innovativeness) on export performance is analyzed. Four of these characteristics - manager’s education, manager’s international experience, Eximbank supports and R&D expenditure - are found to be positively and significantly related to the export performance while other four variables - firm size, firm’s age, business group affiliation and innovativeness- had insignificant relationships. This study is the first industry specific study which takes into account the lagged effect of R&D expenditure on export performance in Turkish context.
Antecedents of impulsive online shopping behavior during the Covid-19 pandemic in Turkey
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2021., 2021.) Özışıklıoğlu, Asya.; Selekler Gökşen, Nisan.
Technological improvements lead the world towards digitalization, shaping new marketplaces and changing consumer buying behaviors. When these rapid changes meet a global pandemic, an atmosphere that further speeds up change emerges. Theories of consumer behavior in traditional marketing have also been affected by this significant global situation and therefore have had to evolve. The purpose of this study is to understand the antecedents of a well-known consumer behavior, impulsive buying in online platforms during the Covid-19 Pandemic. The impact of two psychographic variables (i.e. fear of missing out and fear of pandemic), three demographic variables (gender, age and income) and two motives (hedonic and utilitarian) are studied as potential antecedents of impulsive online shopping behavior. The study contributes to the literature by taking into account the impact of Covid-19 Pandemic and by investigating the impact of a scarcely studied issue, fear of missing out, on impulsive online shopping. Data have been collected by the use of a questionnaire developed on the basis of an extensive literature review and hypotheses have been tested on a sample of 150 consumers with different demographic and socio-economic backgrounds. Findings of the study point out to fear of missing out and hedonic shopping value as two significant determinants of impulsive online shopping behavior. Income, as expected but contrary to the mainstream literature, does not have an impact on online impulse buying. Although impacts of fear of pandemic and demographic variables of gender and age are in the expected direction, they are not statistically significant.
Antecedents of internationalization in family firms
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2021., 2021.) Bayık, Ali Mert.; Ökten, Özlem Yıldırım.
The current research analyzed the antecedents of internationalization in family firms. The following research aims to analyze how different firm-level antecedents associates with the internationalization of family firms in Turkey. The survey was sent to 312 firms and 145 responses have been collected. Out of the received responses, 43 were eliminated since the respondents' credentials were not meeting the inclusion criteria. Hence, 102 responses were selected. However, five responses with outlier values have been eliminated and 97 responses were analyzed via statistical means using SPSS 27. The survey was developed by analyzing the previous work of scholars critically in order to gain relevant results. Independent variables used in this study were the firm’s age, firm size, family share ownership, R&D intensity, and international experience. The association of these independent variables with the internationalization of family firms was analyzed. The research was quantitative, and an online survey method was used for data collection. The research findings showed that firm size has a significant positive association with the internationalization of family firms. In contrast firm age, family ownership, R&D intensity, international experience have no significant association with the internationalization of family firms in Turkey.
Anti-dumping activities in international trade :|a case from the Turkish textile industry
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2020., 2021.) Yalçın, Melike.; Işık, Mehtap.
A common import protection instrument, anti-dumping duty has been quite controversial despite being already used by many developed and developing countries. Turkey is one of the developing countries that has increased its usage of anti-dumping measures a great deal in the recent years. The impact of these measures on Turkey’s import volumes, however, has not been studied well. Turkey is world’s sixth largest supplier in textile sector and the country GDP highly depends on its profits. Expectedly, this sector is the most protected through anti-dumping duties. Therefore, in this thesis, import data of semi-finished synthetic yarn from 12 countries is analyzed as an illustrative case to observe anti-dumping duties effect on trade volumes in 5 years entailing the preinvestigation, investigation, provisional duties and final duties period. The 6 countries that are subjected to anti-dumping countries are labeled as the named countries, while the 6 countries that were not subjected to these duties are labeled as non-named countries. The results indicate that there were no significant changes on import volumes from named countries of this particular product relative to anti-dumping duty rates. However, implementing anti-dumping duties on named countries ensued the import volumes from non-named countries to increase. Even though it has been suggested otherwise by similar studies in other countries, the import volumes are increased from named countries in the investigation period.
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.
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.
Challenges of the EU emission trading scheme: the carbon fat cats case and prospects for Turkey
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2015., 2015.) Bayram, Burak Can.; Helvacıoğlu, Aslı Deniz.
The European Union Emission Trading System (EU ETS) is accepted as the largest and the most advanced system among other emission trading systems. Increasing discussions about effectiveness of the EU ETS shows that even the most advanced emission trading system has major challenges. Therefore, main principles, characteristics and especially major challenges of the EU ETS is analyzed in the light of the carbon fat cats case to be able to make recommendations to establish Turkish Emission Trading System.
Cointegration and causality relationship between Borsa Istanbul’s BIST100 and exchange rates
(Thesis (M.A.) - Bogazici University. Institute for Graduate Studies in the Social Sciences, 2019., 2019.) Hokmabad, Mahdi Ghorbani.; Ünal, Gözde Erhan.
This thesis investigates the relation between the stock prices and the exchange rates(against US dollar) of Turkey, based on the monthly data from January 2003 to February 2019.The study inspects the short-run causal relationship by employing multivariate Granger causality test, and probes the long-run relation of the aforementioned variables using Johansen cointegration test. In addition, by use of multivariate DCC-GARCH method, dynamic conditional correlation among variables are estimated & forecasted for future periods. Empirical results suggest that only one long-term relation exists between these variables, and the direction of causality runs from stock prices to exchange rates. Findings of DCC-GARCH implies that significant dynamic conditional correlation is present among the time series studied. Also, a considerable time varying correlation is established between BIST100 stock prices and real exchange rates, which is in accordance to the result of preceding methods.

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