Akdoğan, Ece Ceylan
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Akdogan, Ece C.
Karadağlı, Ece C.
Karadagli, Ece Ceylan
Karadagli, Ece C.
Karadağlı, Ece
Akdoğan, Ece C.
Akdogan, Ece Ceylan
Karadağlı, Ece C.
Karadagli, Ece Ceylan
Karadagli, Ece C.
Karadağlı, Ece
Akdoğan, Ece C.
Akdogan, Ece Ceylan
Job Title
Prof. Dr.
Email Address
eakdogan@cankaya.edu.tr
Main Affiliation
03.01. Bankacılık ve Finans
Bankacılık ve Finans
03. İktisadi ve İdari Birimler Fakültesi
01. Çankaya Üniversitesi
Bankacılık ve Finans
03. İktisadi ve İdari Birimler Fakültesi
01. Çankaya Üniversitesi
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Current Staff
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Sustainable Development Goals
3
GOOD HEALTH AND WELL-BEING
1
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This researcher does not have a Scopus ID.
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Now showing 1 - 10 of 16
Article Citation - WoS: 11Citation - Scopus: 10Managing Working Capital Efficiency in Turkish Agribusinesses and the Impact of Globalization: Insights From an Emerging Market(Wageningen Academic Publishers, 2019) Dinc, Dilek Temiz; Akdogan, Ece C.The efficiency of working capital is a major determinant of firm profitability. So, the grasp of working capital dynamics is extremely important for managers, but also for policy makers, since inefficient working capital management is an important source of industrial sickness. This study focuses on the profitability impacts of working capital policies of Turkish agribusinesses, and aims to investigate the potential effects of globalization on these interrelated relationships. The findings obtained from pooled panel analyses demonstrate that Turkish agribusinesses can enhance their profitability and value by adopting a conservative working capital policy through lengthening the cash conversion cycle up to an optimal level. Besides, globalization is found to deteriorate their efficiency and profitability where economic globalization seems to have the highest impact raising questions on the effectiveness of Turkish agribusinesses in coping with competition. Thus, both the managers and the policy makers should concern with the competitiveness impacts of globalization.Article Citation - WoS: 39Citation - Scopus: 46Renewable Energy Production, Energy Consumption and Sustainable Economic Growth in Turkey: a Vecm Approach(Mdpi, 2019) Akdogan, Ece C.; Dinc, Dilek TemizThere exists a highly interrelated relationship between energy, the environment and growth where the efficient management of this nexus is not only a must for sustainable development and human wellbeing but is also a basis for formulating sound economic policies harnessed with energy and environmental policies. Thus, this paper aims at investigating the causal relationships among renewable energy production, total energy consumption and economic growth for Turkey both in the long and short runs. The analyses are conducted by using the Johansen-Juselius co-integration test, the vector error correction model, Granger causality, impulse-response functions and variance decomposition for the period 1980-2016. Our findings obtained for the causal relationship between renewable energy and economic growth points to a bidirectional relationship both in the short and in long runs that promote feedback hypothesis, and it also reports a causal relationship running from energy consumption to economic growth both in the short and long runs, supporting the growth hypothesis. However, no consistent result could be obtained for the short run relationship from economic growth to energy consumption. These results indicate that increased renewable energy production and decreased energy consumption are vital for Turkey's sustainable development.Article An Examination Of The Effects Of The February, 2001 Crisis (Turkey) On The Performances Of The Low-Q And High-Q Firms(2006) Karadağlı, Ece C.; Omay, TolgaThis paper examines the effects of the February 2001 Economic Crisis (Turkey) on the low-Q and high-Q firms. In the study, our sample is composed of the firms that are actively being traded on Istanbul Stock Exchange (ISE) during that time, and is divided into two sub-samples based on their Tobins' Q values. As firms with high Tobins' Q values are supposed to have lower debt levels we proposed them to be less affected by the crises: their debt repayment commitments are lower, although they are expected to be under the burden of higher interest rates. On the other hand, low-Q firms have incentives to overinvest due to the high levels of available free cash and they may be under the burden of some perquisites expenses. But because of the asset substitution affect, the investments undertaken by low-Q firms are expected to be safer projects while high-Q firms may have undertaken more risky projects. To test our hypothesis that the crisis would affect the low-and high-Q firms to differing extends, we construct the average mean excess returns of both sub-samples and use the Large Sample Test of Hypothesis About a Population Mean method. Our results mainly confirm our expectations: we found that the average mean excess negative returns of high-Q firms were higher than that of low-Q firms during the February 2001 Crisis, indicating that high-Q firms are more riskier in an economic crisis setting than low-Q firms, which in turn implies that the effects of the conflict between equityholders and debtholders dominate the affects of the conflict between managers and the shareholders.Article How Globalization Affects The Operational Efficiency of Emerging Market Firms?: A Comparative Analysis On Turkish SMEs(Univ Oviedo, 2018) Akdoğan, Ece CeylanThis 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.Article Uluslararası Para Sisteminin Geçmişi, Bugünü ve Geleceği(2020) Akdoğan, Ece C.Uluslararası para sistemi uluslararası ödemelerin gerçekleştirildiği, sermaye hareketlerinin düzenlendiği ve dövizkurlarının belirlendiği kurumsal çerçeveyi ifade etmektedir. Bu kapsamda, uluslararası para hareketlerine ilişkintüm kurumlar, araçlar, süreçler, kurallar ve yasalar bütünü olarak da değerlendirilebilir. Uluslararası para sistemizaman içerisinde önemli değişikliklere sahne olmuştur ve bir yenisinin dünyaya yaklaşmakta olduğuna ilişkinönemli güncel tartışmalar bulunmaktadır. Yarına yetişebilmek için dünü, bugünü ve bugüne nasıl gelindiğini anlamak, bugünün ekonomik, politik ve finansal sorunlarını kavramak çok önemli bir temel oluşturmaktadır. Bu görüşten hareketle bu çalışmanın amacı, uluslararası para sisteminin bugüne kadar nasıl geliştiğini aktarmak, güncelsorunları tartışmak ve gelecekte neler olabileceğine ilişkin tartışmaları sunarak uluslararası para sisteminde yaşanabilecek muhtemel bir değişikliğe karşı daha iyi konumlanmamıza yardımcı olabilecek gelişmeleri değerlendirmektir.Article The Impact of Fed Policy Announcements on Emerging Stock Markets: Evidence from Borsa Istanbul(2017) Akdoğan, Ece C.; İlalan, DenizThis paper aims to understand the impact of US nonfarm payroll announcements on emerging stock markets through concentrating on the Turkish Stock Exchange: BIST 100. We not only investigate the impact of each of the three components of the nonfarm payroll data for the whole period under consideration, but also look for possible differences among four sub-periods. A comparative analysis leads us to conclude that it is not the nonfarm payroll which significantly affect BIST 100, but the fact that it is regarded as an important indicator to foresee Fed’s policy actions that can alter the capital flows.Book Part Corporate Diversification and Internal Capital Markets: Evidence from the Turkish Business Groups(2004) Gönenç, Halit; Kan, Özgür Berk; Karadağlı, Ece C.We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in an emerging market, Turkey. Our findings indicate that group affiliation improves firm's accounting performance, but not stock market performance. Furthermore, we find that firm's accounting (but not stock market) performance increases with the level of group diversification. Our results also indicate that having a group affiliated bank affects the accounting performance measures of the group firms positively, but the market value of the group affiliated firms negatively, supporting the misallocation of capital hypothesis. In addition, having a group affiliated media institution is found to affect the performance of the group firms positively. More importantly, we examine the frequency of seasoned equity issue offerings with the forms of cash (right and restricted right) issues and bonus issues to address the question of whether group affiliated firms create an internal capital market. We show that unaffiliated firms are more bound to external markets to raise capital while the affiliated firms use internal capital markets. The views expressed in these papers are those of the author(s), they do not reflect the opinions of LECG, LLC and should not be construed as representing the positions of other experts at LECG, LLC.Article Health Capital and a Sustainable Economic-Growth Nexus: a High-Frequency Analysis During Covid-19(Mdpi, 2024) Sungur, Nazli Ceylan; Akdogan, Ece C.; Gokten, SonerThe recent COVID-19 pandemic effectively concretized the vitality of health expenditure and the economic-growth nexus, and the threat of new pandemics make re-examining this relationship a necessity. Consequently, this paper focuses on this nexus for developed OECD countries, paying particular attention to the effects of the COVID-19 pandemic. The use of stock indices as proxy variables for health expenditure and economic growth enabled the examination of this nexus by using high-frequency data and financial econometric techniques, specifically via rolling correlation and bivariate GARCH analyses. The data span 1170 observations between 15 May 2018 and 11 November 2022. Since the research period overlaps with the outbreak of Ukraine-Russia war, additional insights are obtained regarding the effects of the war as well. It was found that an increase in health expenditure leads to a delayed increase in economic growth even in the short term, and this relationship mainly develops during crises such as epidemics, wars, supply chain breakdowns, etc., for developed OECD countries. Given the aging population of developed countries, which will probably deteriorate the health status of those countries in the near future, the increasing political tensions around the globe and the considerations of a global recession highlight the importance and the inevitability of investments in health capital for developed countries as well.Article Asymmetric Smooth Transition in Cds Spreads: Evidence From Latvia(Allied Business Academies, 2019) Akdoğan, E.C.; Akdoğan, Ece Ceylan; Bankacılık ve FinansThis paper investigates the predictability of CDS premiums and thus addresses weak form informational efficiency of CDS markets through examining the statistical properties of Latvian CDS spreads in-between 01:2006-08:2017 by concentrating on stationarity issues. The findings for the Augmented Dickey Fuller test fail to reject the presence of unit root indicating that the CDS market is weak form efficient while nonlinear tests of Kapatenios, Snell and Shin, and Sollis claim the opposite, demonstrating a smooth transition in general, and asymmetric smooth transition in particular. Additionally, the results of Perron and Zivot-Andrews tests identify no structural break as well for robustness. These results underline the necessity of accounting for nonlinearities in CDS premiums to grasp the predictability dynamics better. © 2019, Academy of Accounting and Financial Studies Journal.Article Citation - WoS: 21Citation - Scopus: 21Business Groups and Internal Capital Markets(Routledge Journals, Taylor & Francis Ltd, 2007) Gonenc, Halit; Kan, Ozgur B.; Karadagli, Ece C.We compare the performance of firms affiliated with diversified business groups with the performance of unaffiliated firms in Turkey, all emerging market. We address the question of whether group-affiliated firms create internal capital markets or control large cash flows. Our findings indicate that group affiliation improves a firm accounting performance, but not stock market performance. Deviation of cash-flow rights front voting rights has a negative but insignificant effect on accounting performance, but a significant effect on market performance. We also find that a firm's accounting, but not stock market, performance increases with the level of group diversification. Our results show that internal capital markets play an important role for the existence of business groups in all emerging market context.
