Browsing by Author "Birkan, Ayse Ozden"

Now showing 1 - 6 of 6

Citation - Scopus: 7
Determinants of ICO investment decision: An exploratory factor analysis
(Sciedu Press jst@sciedu.ca, 2020) Nurettin Ayarci; Ayşe Özden Birkan; Birkan, Ayse Ozden; Ayarci, Nurettin
An Initial Coin Offering (ICO) is a funding mechanism used by projects to sell their crypto-token in exchange for Bitcoin Ether etc. It is the counterpart of the Initial Public Offering in the new digital currency economy. ICOs help projects to be funded in a short time with a high-profit margin. The primary purpose of this study is isolating the principal factors that affect the decision to invest in an ICO. A large array of potential signals consisting of promotion and marketing effects investor motivation founder team effects whitepaper and ICO specific factors are considered in an online survey and the responses are analyzed using Exploratory Factor Analysis. The results of the analysis reveal five composite principal factors that determine the decision to invest in an ICO. These five principal factors are the ICO whitepaper websites for finance news and ICO listings ICO project sector and founder ICO project team and social media. Our findings provide a perspective to both investor and ICO founders about which factors to prioritize when deciding to launch an ICO or to invest in one. © 2020 Elsevier B.V. All rights reserved.
Citation - WoS: 135
Citation - Scopus: 179
ESG practices and corporate financial performance: Evidence from Borsa Istanbul
(Borsa Istanbul Anonim Sirketi, 2022) Ebru E. Saygılı; Serafettin Arslan; Ayşe Özden Birkan; Birkan, Ayse Ozden; Arslan, Serafettin; Saygili, Ebru
The purpose of this paper is to determine whether environmental social and governance (ESG) practices affect corporate financial performance (CFP) indicators at Turkish listed companies. The impact of ESG disclosures on the firm-level CFP of companies listed on the Borsa Istanbul Corporate Governance Index (XKURY) over the period 2007–2017 is investigated using the corporate governance principles of the Capital Markets Board and Global Reporting Initiative (GRI) environmental indicators. The contribution of this study is that it explores the influence of twenty independent ESG variables comprising company disclosures on CFP in an emerging market. The results of the study reveal a negative effect of environmental disclosures on CFP. Stakeholder involvement in management contributes to operational efficiency in the social dimension of ESG. Provisions related to shareholder rights and the board of directors has a positive impact on CFP in the governance dimension. © 2022 Elsevier B.V. All rights reserved.
Inflation targeting in an import dependent indebted economy
(Routledge Journals, Taylor & Francis Ltd, 2012) Ayşe Özden Birkan; Birkan, Ayse Ozden
This paper develops a one-sector Kaleckian model of an import dependent indebted small open economy, where the mark-up rate is sensitive to both changes in the interest rate and the exchange rate and foreigners provide part of the long-term finance. The short-run consequences of an inflation targeting policy in the form of high interest rates and strong domestic currency are explored. Among the possible short-run scenarios the one most relevant for developing countries involves a decline in the profit rate the capacity utilization rate and the rate of accumulation as well as the employment rate and the real wage. Leverage ratio of the firms and the extent of external indebtedness play an important role in bringing about this result. Long-run analysis reveals that this scenario is associated with instability in the long run and that also in the long run the extent of foreign indebtedness and the responsiveness of capital inflows to the return on existing portfolios are important in determining the direction of the effects of inflation targeting on the equilibrium debt-capital ratio. © 2012 Taylor and Francis Group LLC. © 2012 Elsevier B.V. All rights reserved.
Citation - WoS: 5
Citation - Scopus: 6
Technological structure of trade and BOP-constrained growth in Turkey
(Routledge info@tandf.co.uk, 2017) Ayşe Özden Birkan; Birkan, Ayse Ozden
This study investigates the empirical validity of the Multisectoral Thirwall's Law for Turkey over the last half century. Multisectoral Thirwall's Law facilitates the discussion of the effects of the sectoral composition of trade on the extent of the balance of payments (BOP) constraint and consequently on the long run growth prospects of an economy. In particular structural change favoring sectors with Schumpeterian and Keynesian efficiencies is expected to improve these prospects. Lall's commodity classification on a technology basis is adequate for delineating such sectors. In this study distinct export and import functions are estimated for primary production low technology manufacturing medium technology manufacturing and high technology manufacturing industries using the autoregressive distributed lag (ARDL) bounds test and Johansen approaches to cointegration. Resulting income elasticities are used to discuss the structural change in the technological content of Turkish trade and the validity of the Multisectoral Thirwall's Law. Results suggest that Turkey has come a long way in terms of improvements in Schumpeterian and Keynesian efficiency over the last 50 years and that the Multisectoral Thirwall's Law is empirically valid in the case of Turkey. © 2017 Elsevier B.V. All rights reserved.
Citation - WoS: 2
Citation - Scopus: 3
Testing the balance of payments constrained growth model in a VECM framework: the cases of Brazil Korea Mexico and Turkey
(ROUTLEDGE JOURNALS TAYLOR & FRANCIS LTD, 2022) Ayse Ozden Birkan; Birkan, Ayse Ozden
The aim of this study is to explore the empirical application of a previously unexplored procedure to systematically estimate and test the tenets of the balance of payments constrained growth (BOPCG) the model within a VECM framework. The three structural equations that constitute the BOPCG model are estimated as long run equilibrium relations using the Johansen cointegration analysis technique for Brazil Korea Mexico and Turkey over the 1980-2016 period. The BOPCG hypothesis is then tested in terms of non-linear coefficient restrictions on the cointegrating vectors. Hypotheses on the exogeneity of real exchange rate and the world income are also tested in terms of tests on the adjustment coefficients. Results provide evidence in favour of Thirlwall's Law for the cases of Brazil and Korea.
Citation - WoS: 4
Citation - Scopus: 4
The geography of financial intermediation in Turkey: 1988–2013
(Springer Verlag service@springer.de, 2016) Ayşe Özden Birkan; Serpil Kahraman; Birkan, Ayse Ozden; Akdogu, Serpil Kahraman
This study aims to provide an analysis of the evolution of regional financial inequalities in Turkey over the 1988–2013 period. The theoretical premise of the study is the Keynesian view that the nature and the level of development of the banking system and the geography of financial intermediation are imperative to the understanding of regional economic disparities. Exploratory Spatial Data Analysis tools used in the analysis indicate the presence of a statistically significant non-random spatial pattern at the provincial NUTS 3 level for the 2006–2013 period. LISA cluster maps reveal that the southeastern provinces of the country constitute a hot spot of credit activity in this period. Moreover the evolution of financial inequality indices suggests that this clustering has led to a reduction in regional financial disparities across the country over the period in question. The results of econometric conditional convergence analysis suggest regional beta-convergence in terms of Gross Value Added per Capita but no statistically significant link between beta-convergence and the reduction in financial disparities. © 2016 Elsevier B.V. All rights reserved.