İşletme Bölümü Koleksiyonu

Permanent URI for this collectionhttps://hdl.handle.net/20.500.11779/1937

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Now showing 1 - 8 of 8
  • Book Part
    Citation - WoS: 1
    Citation - Scopus: 3
    Emerging Trends in the Post-Regulatory Environment: the Importance of Instilling Trust
    (Springer International Publishing, 2016-12-20) Son-Turan, Semen
    The financial services industry is one of the most critical pillars of economic growth and sustainable development in any country. As such, the findings of the 2016 Edelman Trust Barometer, that measures trust in institutions with more than 33,000 respondents in 28 countries over the last 15 years, are highly alarming. Accordingly, the financial services industry is ranked among the lowest with a mere 51 % on a global basis. Despite this darkened outlook, areas exist that seem to be promising: Sustainability management, responsible innovation and the organized and systemic efforts to increase transparency, comparability, accountability and reliability. Although the recent crises in financial markets have led regulators to come to a general agreement that a mutual effort is needed to develop procedures for increased compliance standards, and increase the pace of harmonization in accounting and financial reporting standards, the industry is faced with an imminent challenge: The low levels of trust in financial services. In this chapter, the author discusses how to re-build trust and reputation of the industry.
  • Book Part
    Increasing Strategic Competitiveness Through Innovation: the Finance Perspective
    (Springer International Publishing, 2016-12-08) Son-Turan, Semen
    With the start of the new millenium, marked by the disruptive power of Internet technologies, it is almost commonly acknowledged that innovative firms grow faster and perform financially better than those who fail to rapidly mobilize their social and financial capital resources to discover newer, more efficient, and ingenious ways of doing business and creating alternative sales venues. Thus, if the term innovation has come to refer to “the process of turning ideas into reality, exploiting windows of opportunities, and capturing value from them” in essence, innovation, then, can be regarded as a beneficial and intrinsically “good” phenom- enon. This is true especially for the technology and telecomunications industries according to the Thomson Reuters’ 2015 State of Innovation Report, which were ranked the most innovative industries with 30 % and 13 % of patent filings in 2014, respectively (http://www.businessinsider.com/most-innovative-industries-2015-5). Evidently though, innovation is not a win-win game for all stakeholders as laid out back in the 1930s by the Schumpeterian “creative destruction” concept portraying a “quasi-Darwinian” and rather pessimistic view of a process that serves mainly capitalistic motivations in the forms of securing monopoly profits and eventually eradicating a wide range of industries. Looking back at the past couple of decades, financial innovation has become one of the most far-reaching types of innovations, in terms of both, scope and its prolonged repurcussions. This chapter discusses the concept of financial innovation as a strategically competitive tool.
  • Article
    Internet Search Volume and Stock Return Volatility: the Case of Turkish Companies
    (IFRD, 2014) Son-Turan, Semen
    This study analyzes the relationship of the volatility of stock returns and internet search volume (ISV). The dataset consists of 10 Turkish companies listed on the BIST-100 Index of Borsa Istanbul, and encompasses the period between January 2004-September 2013. The GARCH (1,1) model is applied with two alternative mean specifications. The use of the novel exogenous variable ISV as proxy for investor sentiment is complemented through the inclusion of trading volume.Results show that as the GARCH (1,1) model becomes increasingly nested, volatility persistence declines with however no case of a vanishing G(ARCH) effect.
  • Article
    The Impact of Investor Sentiment on the "leverage Effect"
    (Econometric Research Association, 2016) Son-Turan, Semen
    With the advent of the Internet and the availability of user search query data on a broaderscale, since the early 2000s researchers have started using collective search queryinformation instead of, or, in addition to, traditional investor sentiment proxies. Thisstudy examines whether the leverage (bad news) effect, as measured by theEGARCH (1,1) model, changes with the inclusion of a newly emerging sentiment proxy,internet search volume. The sample consists of 14 US companies belonging to theNASDAQ and NYSE Indices and 501 observations of data collected at weekly frequencyspanning a nine year period. Empirical findings suggest that, inclusion of the investorsentiment variable has no clear impact on the bad news effect; there is, however, adiscernible increase in volatility persistence. The implications of the findings are that theinvestor sentiment proxy has additional informational content. Behavioral finance theoryand the availability and social proof heuristics serve as potential explanations for suchfindings.
  • Book Part
    Citation - WoS: 2
    Citation - Scopus: 2
    Compliance and Reporting Trends: Essential Strategies
    (Springer, 2016-12-20) Son-Turan, Semen
    The digital age, with decreasing barriers to entry, paving the way for low-cost competition, saw an influx of new financial products and services globally. Soon the increasingly technology-driven financial landscape transformed itself with the democratization of finance diffusing to all levels of society. The standing rules and regulations of financial markets were confronted with an epitome of complexities marked by higher transparency, increased efficiencies, a wide range of substitutes, abundant information, a huge number of stakeholders and a bulk of aspiring entrepreneurs. However, a new game necessitates new rules, and a considerable disruption in old ways of doing is sure to witness unorthodox problems that need to be dealt with, and preferably foreseen, through a different lens. Sooner or later, these new digitally enhanced financial markets are destined to break down, dragging down everyone who once had faith in them, if not supported by proper compliance and corporate social performance and reporting standards. This chapter explores newly emerging trends in compliance and reporting standards for financial institutions.
  • Conference Object
    Citation - WoS: 31
    Financial Innovation-Crowdfunding: Friend or Foe?
    (Elsevier, 2015-07-01) Son-Turan, Semen; Turan, Semen Son
    A phenomenon with a considerable past, and with new conspicuous investment models and financial products and servicesproliferated through the Internet; financial innovation seems to be almost ubiquitous these days. While there are numerousadvantages, especially nowadays through the exploitation of easily accessible, low cost and convenient e-commerce platforms,innovation in the finance sector does not come without its perils. Banks and traditional financial institutions are losing chunks ofmarket share to virtual intermediaries and investors are operating in relatively less regulated and, consequently, less secureenvironments. Furthermore, from the perspective of all stakeholders, there is a Knightian uncertainty component of the long-termramifications in investing in and through newly developed products and platforms. As such, it is only recently that economichistory witnessed the outbreak of the sub-prime mortgage crisis caused by the unraveling of a chain of events interlinked throughthe imprudent use of “innovative” derivative transactions involving credit default swaps backed by the insatiable appetite of the“irrationally exuberant” investor and the easement of regulation paving the leeway for predatory lending. This paper investigateswhether and to what extent innovative investment models such as crowdfunding, as the game-changer, forcing the tightlyregulated securities markets to adapt to the rules of the WEB 3.0 era and relieved through the provision, Title III, of the JOBSAct, could be a potential peril. To that end, it discusses the evolution of the equity crowdfunding model in the realm of thetechnology push - demand pull framework and analyzes the current situation of the market.
  • Article
    Citation - WoS: 33
    Citation - Scopus: 44
    Lean, Green and Clean? Sustainability Reporting in the Logistics Sector
    (MDPI, 2019-01-09) Lambrechts, Wim; Semeijn, Janjaap; Son-Turan, Semen; Reis, Lucinda
    Transport and logistics activities contribute heavily to global sustainability problems, yet the implementation of corporate social responsibility and sustainability reporting in the sector lags behind. This paper aims to analyze sustainability reporting in the logistics sector, with focus on environmental, social and economic indicators. An extensive operationalization of sustainability indicators is used to examine and analyze the sustainability reports of 52 organizations in the logistics sector worldwide. Results show that the sector does not agree on the materiality of sustainability indicators. Furthermore, sustainability reporting seems to be incompatible with daily operations, leading to obscurity in reports. This contrast, between the necessary existence of organizations in the logistics sector and their undesirable environmental and social effects, calls for future research into how organizations are coping with this paradox. A viable way forward is needed in order to ensure materiality in the sectors’ efforts toward sustainability reporting.
  • Article
    Citation - WoS: 2
    Citation - Scopus: 3
    Reforming Higher Education Finance in Turkey: the Alumni-Crowdfunded Student Debt Fund "a-Csdf" Model
    (TEDMEM, 2016-04-27) Son-Turan, Semen
    This study presents an innovative and sustainable system formobilizing Turkish university alumni to contribute to acrowdfunded pool repackaged as a student debt instrument withan elaborate performance tracking tool, various payoff structuresand income-contingent repayment schedules. The ultimate aim isto offer a remedy for the conspicuous global shortage ofalternative finance sources and various forms of aid to highereducation students in the short-term, and, through enablingequitable and egalitarian access to quality higher education,transforming society and enhancing economic development in thelonger-term. The model rests upon a six-dimensional frameworkand its infrastructure is facilitated by a newly emerged form ofdigitally enhanced financing, “crowdfunding”. The researchmethod involves content analysis and data triangulation forvalidation purposes to determine the sub-themes surrounding thehigher education problem in Turkey. The theme-driven keywordsare searched for on Turkey’s first original social network, EksiSozluk, to uncover trends and biases towards student loans, debtrepayment and associated concepts. Subsequently, the samekeywords are utilized in a Google Trends search volume analysis,and are finally validated by a focus group discussion. Thetheoretical framework to explain students’ attitudes towardsborrowing and loan repayment and the motivation behind alumniand charitable giving, rests mainly on behavioral economics. TheA-CDSF Model uniquely addresses the higher education financeproblem in Turkey and offers an easily implementable originalsolution for institutions and policy makers.