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Bankacılık ve Finans Bölümü

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Browsing Bankacılık ve Finans Bölümü by Journal "Actual Problems of Economics"

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    Citation Count: Akdoğan, Ece Ceylan (2015). "Economic exposure of emerging market firms", Actual Problems of Economics, Vol. 166, No. 4, pp. 67-74.
    Economic exposure of emerging market firms
    (2015) Akdoğan, Ece Ceylan; 17735
    Although foreign exchange risk inherits more severe exposures for emerging market firms, past empirical research addressing foreign exchange exposure is mainly concentrated on firms operating in developed economies. This paper examines the impact of exchange rate fluctuations on firm value at an emerging market through focusing on economic exposure of Turkish listed firms. The findings indicate that depreciation of Turkish lira against the euro, the US dollar and the basket currency significantly deteriorates firm value in a current month while significantly enhances firm value during the next month. When the overall impact of Turkish lira depreciation on the value of Turkish companies is considered, it is observed that the weakening of the home currency has a positive effect on firm’s value.
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    Citation Count: Karadağlı, Ece (2013). "Profitability effects of cash conversion cycle: Evidence from Turkish companies", Actual Problems of Economics, Vol. 141, no. 3, pp. 300-310.
    Profitability effects of cash conversion cycle: Evidence from Turkish companies
    (2013) Karadağlı, Ece
    This paper examines the impact of cash conversion cycle and its single components, specifically accounts collection period, inventory turnover in days and accounts payable period, on firm profitability as measured by operating income and stock market return by using pooled panel analysis for the period of 2001-2010. Besides, the possible effects of group affiliation on the impact of CCC and its components on firm profitability are also investigated. The findings suggest that shortening of CCC and its single components, including accounts payable period, improve firm profitability in terms of both accounting and market measures of performance. The findings also indicate that both the affiliated and the unaffiliated firms can enhance firm performance in terms of both performance measures through shortening their CCCs, this effect is stronger for unaffiliated firms and hence working capital management seems to be more important for them.