Bankacılık ve Finans Bölümü Yayın Koleksiyonu

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  • Article
    Citation - Scopus: 1
    Economic Exposure of Emerging Market Firms
    (National Academy of Management, 2015) Karadagli, E.C.; Akdoğan, Ece Ceylan; Bankacılık ve Finans
    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. © Ece C. Karadagli, 2015.
  • Article
    How Globalization Affects The Operational Efficiency of Emerging Market Firms?: A Comparative Analysis On Turkish SMEs
    (Univ Oviedo, 2018) Akdoğan, Ece Ceylan
    This paper examines the impact of globalization on the operational efficiency of emerging market firms by concentrating on the financial outcomes of a firm's main operations through focusing on operating income and cash conversion cycle as well as on their possible causes in an emerging market, Turkey. The findings indicate that globalization significantly deteriorates the operating income and lengthens the cash conversion cycle of Turkish firms. Besides, globalization is found to increase sales of SMEs and decrease sales of large companies significantly and the impact on operating income of large companies is observed to be stronger. Globalization is also found to lead a softening in Turkish firm's terms of sales and enable Turkish SMEs to benefit from better terms of purchase.