Browsing by Author "Sarioglu, Mert"

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Analysis of disaggregated level energy use income geopolitical risk energy transition and energy price impact on decarbonization of main sectors in BRICS countries by marginal analysis
(SAGE Publications Inc., 2025) Mustafa Tevfik Kartal; Dilvin Taşkın; Serpil Kılıç Depren; Piotr F. Borowski; Mert Sarioglu; Taskin, Dilvin; Sarioglu, Mert; Kılıç Depren, Serpil; Depren, Serpil Kilic; Kartal, Mustafa Tevfik; Borowski, Piotr F.
This study analyzes the impact of critical factors (i.e. energy consumption (EC) income (GDP) geopolitical risk (GPR) energy transition and energy prices). In doing this the study focuses on Brazil Russia India China and South Africa (BRICS) countries which are the leading emerging countries considers carbon dioxide (CO2) emissions industry power and transport sectors uses yearly data from 2000 to 2022 and performs a kernel-based regularized least squares (KRLS) approach to uncover the marginal impact of the factors. The outcomes demonstrate that (a) the impacts of the factors on sectoral CO2emissions vary marginally across economic sectors factors used and levels of the variables, (b) the statistical significance of the factors considered differentiate which implies that some factors are much more critical than others across countries and sectors, (c) for industry sector CO2emissions Brazil can benefit from the marginal decreasing impact of gas and renewable EC GDP and GPR whereas it is valid in Russia (South Africa) for gas (GPR and energy prices) impact, (d) for power sector CO2emissions Brazil can use nuclear EC energy transition and energy prices whereas nuclear and renewable EC as well as GDP and GPR (renewable EC and GPR) is beneficial for Russia (South Africa), (e) for transport sector CO2emissions GPR (renewable EC) can be relied on in Brazil (Russia), and (f) the KRLS approach has a superior prediction capacity reaching 99.8%. Overall the study empirically shows the varying marginal impacts of the factors on the decarbonization of the sectors. © 2025 Elsevier B.V. All rights reserved.
Citation - WoS: 1
Do Investors Reward the Quality of Integrated Reporting
(INT JOURNAL CONTEMPORARY ECONOMICS & ADMINISTRATIVE SCIENCES, 2024) Mustafa Gurol Durak; Mert Sarioglu; Sarioglu, Mert; Durak, Mustafa Gurol
The need for a holistic view in the new era of information processing by investors has brought along the integrated reporting practice. With this type of reporting firms do not only report financial information to investors, they also communicate the value creation process by relating financial information to nonfinancial ESG information. International Integrated Reporting Framework provides firms to publish high quality integrated reports. This study aims to examine if the quality of IR disclosure matters for investment decisions of investors and whether this result is affected by firm characteristics such as size age or financing preferences. The sample includes 1210 firm-year observations that are obtained by analyzing the integrated reports of 242 firms that are included in integrated reporting index presented in IFRS foundation website for the period between 2019 and 2023. The findings of fixed effects panel data analysis reveal a significant positive effect of IR quality on returns especially for bigger firms with less reliance on external financing. On the other hand firm age and willingness to disclose IR are not priced by investors. The findings of this paper could help the managers shaping the reporting preferences as well as financing decisions by considering their effects on firm value. However managers should also consider the incremental effects of their local investment environment as this study does not divide the sample for countries or regions.
Citation - WoS: 2
Citation - Scopus: 2
LLM-based embeddings for clustering and predicting integrated reporting quality levels of companies
(Springer Science and Business Media B.V., 2025) Mert Sarioglu; Gorkem Sariyer; Mert Erkan Sözen; Sarioglu, Mert; Sariyer, Gorkem; Sozen, Mert Erkan
Artificial Intelligence (AI) offers various useful functions and algorithms that provide numerous benefits for firms to enhance their decision-making process. Moreover with the adoption of Integrated Reporting (IR) reporting practices which are critical communication channels for companies have become more practical. Given the importance of subjects it is believed that addressing LLM embeddings based AI methodologies will contribute positively to IR quality (IRQ) to achieve better results. Additionally grouping companies according to their IRQ characteristics will lead time and cost efficiency in decision-making. So that the main purpose of this study is to cluster companies with respect to their IRQ characteristics based on LLM embeddings and to use this grouping in further decision-making. This paper therefore provides significant evidence whether LLM is useful tool of AI techniques in IR practices and LLM-based clustering is an efficient way of generating predictions for decision-making. To do so the sample size of the study consists of 260 published IR in 2019. This study also introduces a novelty to the literature on the applicability of LLM with small data sets considering that the number of integrated reports published in a year is low or when the sample considered will be small. The findings reveal the superiority of LLM while indicating the usefulness of LLM in prediction of IRQ regarding different indicators of firms. Given the empirical evidence shown the techniques and steps should be adapted by firms both in identifying ways to improve IRQ and in different AI applications in the future. © 2025 Elsevier B.V. All rights reserved.
Machine Learning-Driven Clustering Based Environmental, Social, and Governance Performance Prediction Model
(Springer Science and Business Media B.V., 2026) Sarioglu, Mert; Sariyer, Gorkem; Ramtiyal, Bharti
Citation - WoS: 2
Citation - Scopus: 2
The Effect of Corporate Governance on the Quality of Integrated Reporting and ESG Risk Ratings
(Multidisciplinary Digital Publishing Institute (MDPI), 2025) Murat Çolak; Mert Sarioglu; Sarioglu, Mert; Colak, Murat
Integrated Reporting (IR) has gained prominence as a comprehensive approach to corporate disclosure yet theoretical clarity is still developing regarding how governance mechanisms shape IR quality and its relation to ESG risk ratings. Addressing this gap this study explores the influence of board and audit committee characteristics on IR quality and whether an improved IR quality is associated with a lower ESG risk. Drawing on different theories this research examines how governance structures enhance transparency and accountability in line with societal expectations. Based on panel data from 158 firms across four years (2019–2022) a random effects Panel EGLS regression model is employed along with an endogeneity check. Findings show that board independence and the presence of women members significantly enhance the IR quality while board size is not a determining factor. Similarly audit committee independence and meeting frequency positively influence the IR quality whereas committee size does not. Furthermore firms with a higher IR quality demonstrate significantly lower ESG risk scores. These results underscore the theoretical proposition that effective governance improves disclosure credibility and reduces information asymmetry. This study suggests that reinforcing board independence and diversity can enhance reporting quality and stakeholder trust offering a strategic path toward more sustainable and transparent corporate behavior. © 2025 Elsevier B.V. All rights reserved.
Citation - WoS: 3
THE FUTURE OF CORPORATE REPORTING: INTEGRATED REPORTING
(INT JOURNAL CONTEMPORARY ECONOMICS & ADMINISTRATIVE SCIENCES, 2019) Mert Sarioglu; Ali Fatih Dalkilic; Mustafa Gurol Durak; Sarioglu, Mert; Dalkilic, Ali Fatih; Durak, Mustafa Gurol
Throughout the history many different reporting practices have been emerged in accordance with the needs of business environment such as financial corporate social responsibility and sustainability reporting. Today stakeholders want to be informed more in a simplest way but many stand-alone and genuinely long reports have been still prepared by companies to demonstrate their financial and non-financial outcomes. However it is inadequate to assess the reports separately to understand and make a decision on the actual performance of companies. Additionally creating value side of the current reports are still being debated. Therefore corporate reporting must move a step forward to express more with less which called as Integrated Reporting (IR) that combines the all pieces of puzzle. It isn't only integrating both financial and non-financial knowledge into a single and brief report but also integrated thinking of all aspects of businesses in terms of creating value over time. Accordingly the aim of this study is to emphasize advancements in corporate reporting towards the IR. Also it aims to explain its meaning main aspects and effects on the business environment. Today companies should comply with IR and this study is essential to contribute to the literature subsequent studies and companies.