Yılmaz, Mustafa Kemal
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Organizasyon Birimleri
Yönetim Bilimleri Fakültesi, İşletme Bölümü
Küresel rekabete ayak uydurmak ve sürdürülebilir olmak isteyen tüm şirketler ve kurumlar, değişimi doğru bir şekilde yönetmek, teknolojinin gerekli kıldığı zihinsel ve operasyonel dönüşümü kurumlarına hızlı bir şekilde adapte etmek zorundadırlar.
Adı Soyadı
Mustafa Kemal Yılmaz
İlgi Alanları
Capital Markets, Derivatives Markets, Risk Yönetimi, Kurumsal Finansman, Sürdürülebilirlik
Kurumdaki Durumu
Aktif Personel
44 sonuçlar
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Yayın Market efficiency and risk premium in the Turkish wholesale electricity market(EconJournals, 2018) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Küçükçolak, Necla İ.; Küçükçolak, R. Ali; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme BölümüDue to the nature of electricity, prices in the wholesale electricity market show great variation according to the hours of the day. Thus, it is important for market participants to forecast hourly prices to give accurate orders. This study covers the analysis of hourly electricity prices by referring to the relationship between spot and forward prices and volume in the Turkish market over two sub-periods of dual pricing: December 2011-May 2016 and June 2016-December 2017. The latter period is characterized by the implementation of a new trading algorithm in the market. The results reveal that forward prices behave as unbiased predictors of spot prices, most of the time. Remarkably, evolution of the difference between spot and forward prices, namely risk premium, depicts that the spot price supports the arbitrage opportunities in the electricity market. The introduction of the new trading algorithm does not depict significant effect on the risk premium.Yayın Moderating role of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy(Taylor & Francis, 2022) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Aksoy, Mine; Khan, Ajab; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme BölümüThe aim of this study is to investigate the influence of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy by using a panel dataset of 79 non-financial companies listed on Borsa Istanbul 100 Index for the years 2014–2020. We employed the panel logit, probit and tobit regression models for the analysis. The results indicate that corporate governance and family ownership significantly and positively moderate the relationship between corporate sustainability performance and dividend policy, while concentrated ownership and institutional ownership do not play a significant moderating role on this relationship. The findings also show that firm-level corporate governance is associated with high dividend payments, suggesting that this institutional mechanism helps reduce agency problems and lead companies to allocate capital more efficiently. The findings provide valuable insights for companies in structuring sustainability activities and shaping dividend policies with regard to ownership structure. It also offers policy prescriptions in emerging markets in the area of corporate financing policies.Yayın Sermaye piyasalarının yeni termo-dinamiği: Yapay zeka(Beta Kitap, 2020) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü[No Abstract Available]Yayın Aligning digitalization and sustainability: Opportunities and challenges for corporate success and the achievement of sustainable development goals(Springer, 2023) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme BölümüDigitalization provides valuable benefts for entities and offers unique opportunities to strategically address challenges associated with the United Nations Sustainable Development Goals (SDGs) to ensure a sustainable society. This chapter discusses potential cross-fertilization effects between digitalization and sustainability to catalyze the benefts and challenges of digital transformation on the corporate level and SDGs’ perspective by focusing on sustainable practices. This chapter provides valuable insights for professionals and policymakers on the trends of digitalization and how they can support the SDGs that become a global compass for navigating sustainability challenges.Yayın An ethical problem in troubled times: Ethical decision making by local managers employing immigrant workforce in Gaziantep, Turkey(Edward Elgar Publishing, 2020) Yılmaz, Mustafa Kemal; Arslan, Mahmut; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme BölümüThis paper aims to understand the ethical decision-making process of local managers of medium-sized companies in Gaziantep, a highly industrialized metropolis in Turkey, near the Syrian border, where there has been an influx of Syrian refugees. Intensive interviews were conducted using a semi-structured questionnaire allowing participants to state their views and tell their stories. The findings revealed that the managers of the companies had difficulty making ethical decisions about how to treat the Syrian immigrants, especially during the initial phase of the crisis, and they took wrong steps when they faced with both economic and social conflicts. Thus, they faced some serious ethical challenges.Yayın Club convergence and drivers of house prices across Turkish cities(Emerald Publishing, 2021) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Lokman, Gündüz; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme BölümüPurpose – This paper aims to examine the convergence pattern of residential house prices in a panel of 55 major cities in Turkey over the period between 2010 and 2018 and to investigate the determinants of convergence club formations. Design/methodology/approach – The authors applied the log t-test to identify the convergence clubs and estimated ordered logit model to determine the key drivers. Findings – The results suggest that there are five convergence clubs and confirm the heterogeneity of the Turkish housing market. Istanbul, the commercial capital, and Mugla, an attractive tourist destination, are at the top of the housing market and followed by the cities located in the western part, particularly along the Aegean and Mediterranean coasts of Turkey. Moreover, the ordered logit model results point out that the differences in employment rate, climate, population density and having a metropolitan municipality play a significant role in determining convergence club membership. Practical implications – Large-scale policy measures aiming to increase employment opportunities in rural cities of central and eastern provinces and providing lower land prices and property taxes in the metropolitan cities of Turkey can help mitigate some of the divergence in the house prices across cities. Originality/value – The novelty of this study lies in employing a new data set at the city level containing 55 cities in Turkey, which is by far the largest in terms of city coverage among emerging market economies to implement the log t-test. It also contributes to the literature on city-specific determinants of convergence club formation in the case of an emerging economy.Yayın The impact of ownership structure, board attributes and XBRL mandate on timeliness of financial reporting: Evidence from Turkey(Emerald Publishing, 2021) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Aksoy, Mine; Yılmaz, Mustafa Kemal; Topçu, Nuraydın; Uysal, Özgür; Yönetim Bilimleri Fakültesi, İşletme BölümüPurpose – The purpose of this study is to investigate the effects of ownership structure, board attributes and eXtensible Business Reporting Language (XBRL) on annual financial reporting timeliness of non-financial companies listed on Borsa Istanbul (BIST). Design/methodology/approach –To conduct the analyses, the authors used two samples. The main sample consists of 187 companies, while the subsample includes 54 companies in the BIST 100 index. The data set covers the 2010–2018 period. To investigate the influence of ownership structure, board attributes and XBRL on timeliness, panel regression and univariate analyses were used. To explore the factors associated with the likelihood of late filing, panel logistic regression analyses were employed. Findings –The findings provide evidence that companies that have a high level of institutional ownership and women board membership file earlier. In line with prior studies, profitable companies file their accounts faster. Highly leveraged companies are late reporters. Further, XBRL has a positive influence on the filing of financial reports for the BIST 100 companies due to technological agility. Finally, companies that have less institutional ownership and that get qualified audit opinions are more subject to late filing. Research limitations/implications – The authors acknowledge that this study has certain limitations. First, the results may not be generalized to the entire BIST population due to the exclusion of financial companies from the samples. Future research may explore the financial reporting timeliness of these companies. Second, the study did not investigate the relationship between timeliness and the information content in financial statements and the market reactions they arouse. Third, this study is trying to find out early evidence on the mandatory adoption of XBRL filings, which cover only three-year period due to the recent implementation of this regulatory practice. Thus, it needs further elaboration after the accumulation of data in the forthcoming years by the expansion of the sample beyond the 2016–2018 period. As companies would have more time to become familiar with XBRL, a more reliable conclusion may be drawn. Further, the study particularly focuses on the effect of XBRL adoption on the timeliness among filers. XBRL could also influence investors, auditors and other stakeholders. Future research could investigate the influence of XBRL on different stakeholders to produce more insightful implications. Practical implications – This study offers several implications for managers, regulators and policy makers. First, companies that do not make timely financial reporting may find it more difficult to attract long-term capital by means of institutional investors. Since these investors view timely reporting as an ideal ingredient in corporate governance, it may have a positive impact on company reputation and corporate sustainability. The results also provide insights for regulatory authorities, policy makers and auditors on the causes of the reporting lag, thereby increasing their awareness and helping them in their decision-making process since improvements in timely availability and accessibility of financial information reduce information asymmetry for users and increase market efficiency. Additionally, companies that reduce their filing timeframe will be able to compare their results with other companies. However, the XBRL mandate could be much more burdensome to smaller firms. This may stem from the fact that larger firms may tend to use the in-house approach for XBRL and can afford more advanced financial reporting systems with automated coding algorithms attached to streamline their XBRL filings, whereas smaller firms are more likely to use the outsourcing approach due to the difference in the level of resources available for XBRL preparation. This finding also lends support to recent concerns that new technology creates an unleveled benefit in reporting efficiency for large companies, but not for small ones (e.g. Blankespooret al., 2014). This benefit may change the dynamics of the financial market and information environment, leading to further segmentation of the capital markets. The positive effects of XBRL adoption may accrue over time due to the potential benefits of learning curve experience since the XBRL mandate will help companies automate their reporting process and information processing, thereby strengthening internal control over financial reporting (Deloitte, 2013; Du et al., 2013; Li, 2017). Companies may also efficiently incorporate auditor-proposed adjustments by cross-referencing impacted accounts and prepare revised versions of the financial reports, which are automatically rendered in various formats for auditors to assess (Wu and Vasarhelyi, 2004). Finally, investors and other users of financial information benefit from having quicker access to data, since this allows them to make more timely and reliable decisions, leading to greater benefits. Originality/value – This paper contributes to the literature on the impact of adopting XBRL on the timeliness of financial reporting in emerging markets. Second, this study extends the literature and provides evidence on determinants of timeliness, covering both ownership structure and board attributes besides firm-specific characteristics. Hence, it provides valuable insights for companies, investors, auditing firms and policy makers.Yayın Silah-peçeli İslam ülkelerinin Kudüs zulmü ile imtihanı(İbn Haldun Üniversitesi, 2017) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme BölümüTrump’ın Kudüs hamlesinin üzerinden neredeyse bir ay geçti. İslam Ülkeleri Teşkilatı’nın çağrısı hariç Türkiye dışında hiçbir İslam ülkesinin sesi gür bir şekilde çıkmıyor. Belki de çıkamıyor demek daha doğru. Elleri satın aldıkları silahlarla kelepçelenmiş, kendi teknolojisini üretmekten aciz, petrol gelirinin rehaveti ile sarhoş olmuş bu ülkelerden daha fazlasını beklemek belki de haksızlık olur. Hiç kuşkusuz bu ortamın oluşmasında ABD’nin Orta Doğu’daki silah satışının ulaştığı boyut önemli bir parametre.Yayın Gold spot and derivatives markets interaction in Turkish financial markets(İstanbul Ticaret Üniversitesi, 2020) Küçükçolak, Necla İ.; Yılmaz, Mustafa Kemal; Ayyıldız, Mukaddes E.; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme BölümüThis study explores the impact of gold derivatives market on the market efficiency of the Turkish financial markets over 2011-2018 period. The study uses price series of USD/Ons spot and futures contracts traded in Borsa Istanbul and US Commodity Exchange as reference indicators and employs the Vector Error Correction Model. The study results reveal that there is a significant unilateral relationship between the gold spot and derivatives markets, the spot market prices leading the derivative market both in the long and short run. The findings also show that there is a persistent influence of volatility in the gold market.Yayın Yapay zeka: Güncel yaklaşımlar ve uygulamalar(Beta Kitap, 2021) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; İyigün, N. Öykü; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme BölümüHızla gelişen teknolojinin yardımı ile insan beyninin karar verme sürecini taklit ederek otonom karar mekanizmaları yaratmakta kullanılan yapay zekâ algoritmaları, günlük hayatın ayrılmaz parçalarından biri haline gelmiştir. Bu kapsamda yapay zekâ algoritmaları hayatımıza eğlence unsurları katmanın ötesine geçmiş ve iş dünyası başta olmak üzere stratejik konularda ve kritik noktalarda önemli roller üstlenmeye başlamıştır...
