Mustafa Kemal Yılmaz

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.

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Capital Markets, Derivatives Markets, Risk Yönetimi, Kurumsal Finansman, Sürdürülebilirlik

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Listeleniyor 1 - 10 / 10

Crafting performance-based cryptocurrency mining strategies using a hybrid analytics approach
(Elsevier, 2021) Chlyeh, Dounia; Hacıoğlu, Ümit; Tatoğlu, Ekrem; Yılmaz, Mustafa Kemal; Delen, Dursun; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Crafting and executing the best cryptocurrency mining strategy is vital to succeeding in cryptocurrency market investments. This study aims to identify the best cryptocurrency mining strategy based on service providers’ performance for cryptocurrency mining using a hybrid analytics approach, which integrates the Analytic Hierarchy Process (AHP) and Fuzzy-TOPSIS techniques, along with sensitivity analysis. The results show that hosted mining is the overall best cryptocurrency mining strategy, followed by home mining and cloud mining, based on both total cost of operations and cryptocurrency payout criteria. The empirical findings also suggest that the critical features of the highest performing service providers (i.e., hosted mining strategies and cloud mining) were their flexibility of contracts and the superior efficiency in terms of the daily payout. Finally, of the three location alternatives for home mining, Turkey ranks first compared to the U.S. and Europe.
Does board demographic diversity affect the dividend payout policy in Turkey?
(Emerald Publishing, 2022) Yılmaz, Mustafa Kemal; Khan, Ajab; Aksoy, Mine; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose – The purpose of this study is to investigate the impact of board demographic diversity on the dividend payout policy in Turkish capital markets. Design/methodology/approach –Using a sample of 67 non-financial companies listed on Borsa Istanbul 100 index from 2013 to 2018, this study examines the influence of board demographic diversity on dividend payout policies in Turkish capital markets. The authors also create a Demographic Board Diversity Index (DBDI) to estimate the composite cognitive diversity. The authors use dividend payment probability, dividend payout ratio, and dividend yield to measure the dividend policy and employ panel logit and tobit regression models. Findings – The results indicate that diversity in nationality, experience and educational background play an influential role in encouraging companies to pay high dividends, while gender, tenure and age diversity are insignificant in affecting dividend payments. The findings also suggest that the DBDI positively affects the companies in formulating the dividend payout policies. Finally, the findings show that the family-owned companies with diverse board members have a negative influence on dividend payment intensity. Originality/value – The results offer valuable insights for companies and policymakers in emerging markets to develop a more refined governance structure accommodating board demographic diversity attributes to mitigate agency conflicts between controlling and minority shareholders through setting up effective dividend payout policies.
The effects of a US-China trade war on Sub-Saharan Africa: Pro-active domestic policies make the difference
(Elsevier, 2023) Nantembelele, Fatuma Abdallah; Arı, Ali; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study simulates the impact of the change in trade policy between the US and China on the trade volume and economic prosperity of Sub-Saharan Africa (SSA). To do that, we employ a Computable General Equilibrium (CGE) model based on the Global Trade Analysis Project (GTAP) with different scenarios focusing on increases in tariffs. The results show that the tariff increases negatively affect the US and China in terms of trade volume and economic growth, while it leads to trade diversion and creation for the SSA. This offers valuable opportunities in improving exports and economic growth, particularly for Ethiopia, Kenya, and Nigeria. On the sectorial level, the findings imply that agriculture, food, and oil and gas sectors are positively affected in terms of export volume, while mineral, metal and service sectors are negatively impacted by the trade war.
Sustainability to financial realities: A comparative study of renewable energy's impact on financial performance
(Institute of Electrical and Electronics Engineers, 2024) Chlyeh, Dounia; Bayraktar, Erkan; Yılmaz, Mustafa Kemal; Tatoğlu, Ekrem; Zaim, Selim; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study examines the impact of renewable energy (RE) performance on companies' financial performance, primarily focusing on RE-related sustainable development goals (SDGs) and environmental factors. We analyze a sample of 2,737 companies across 47 countries from 2009 to 2018 using panel data analysis. Our results suggest that the effect of RE performance can be understood through three phases: policies adopted, targets established, and actions implemented. Interestingly, RE policies negatively impact profitability due to the substantial costs incurred by companies. Moreover, RE-related SDGs are found to affect companies' financial performance adversely. However, environmental factors demonstrate a positive and significant impact on corporate financial performance, which is observed consistently across developed and emerging countries. Furthermore, RE performance targets and actions have a significant positive impact, specifically in developed countries. This highlights the complex relationship between RE initiatives and financial outcomes, highlighting differential effects across various stages of implementation and geographic contexts.
Corporate board diversity and its impact on the socialperformance of companies from emerging economies
(Wiley, 2021) Hacıoğlu, Ümit; Yılmaz, Mustafa Kemal; Abdallah Nantembelele, Fatuma; Sowe, Samba; Lisansüstü Eğitim Enstitüsü, İşletme Ana Bilim Dalı
Gender diversity, and to a lesser extent cultural diversity, have become a focus of interest as predictors of corporate social performance. Based on a sample of 6150 observations from 1230 companies in 18 emerging economies, this article examines the influence of board cultural and gender diversity on three measures of corporate social performance: workforce, community, and product responsibility. Using structural equation modeling, it shows that the existence of board cultural and gender diversity positively affects the workforce, community, and product responsibility performance of companies. Concerning gender diversity, the results largely support other empirical studies. Our findings also contribute to the under-researched area of cultural diversity. This study adds value to the existing literature on corporate board diversity, and can be used as a guide for companies in their pursuit of diversity.
Exploring sustainability approach of the fashion brands in Turkey
(Eurasian Research Institute, 2022) Yılmaz, Mustafa Kemal; Kachkar, Omar; Shehneh, Mohannad; Yönetim Bilimleri Fakültesi, İşletme Bölümü
There has been an increasing interest in enhancing sustainability measures in fashion industry triggered by concerns on the depletion of the earth resources. The fashion industry is recently held to be responsible for at least 2.1 billion metric tons (4%) of global greenhouse-gas emissions. This comes along with other major impacts including higher rates of water and energy consumption. With this sizable impact on the environment, embracing sustainable actions in production and consumption stages become necessary for the industry. This study explores sustainable approach in the fashion industry of Turkey by focusing on three prominent fashion brands, and discusses the challenges and opportunities that they face. The results are important since Turkey is a key market player in international fashion industry and the fashion industry significantly contributes to the national economy. Employing a qualitative approach, we conducted six in-depth, semi-structured interviews with sustainability directors from three Turkish fashion brands along with some industry experts. We examined the data using a latent thematic analysis. The preliminary findings show that sustainability activities are still in the infant stage in the Turkish fashion industry. Most of the Turkish fashion brands are motivated by reasons other than just concerns about environment. The results indicate that companies are inclined to be sustainable mainly to follow international brands and improve brand image. Even though brands face challenges such as higher production cost, lack of government support, and supply chain problems in sustainability matters they are still optimistic about the future given the increasing awareness of young generation and the strategic vision of the country.
Board characteristics and sustainability performance: Empirical evidence from emerging markets
(Emerald Publishing, 2022) Yılmaz, Mustafa Kemal; Dişli, Mustafa; Mohamed, Farah Finn Mohamud; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose – This study aims to investigate the effects of board attributes, i.e. board independence, gender diversity, board size and board activity, on the sustainability performance of 439 publicly-listed non-financial companies across 20 emerging countries over the period of 2010–2019. Design/methodology/approach – We use Refinitiv environmental, social and governance (ESG) performance scores and board attributes variables derived from Thomson Reuters Eikon database. We examined the relationship between board features and sustainability performance by using the dynamic panel two-step systemgeneralizedmethod of moments estimator. Findings – Overall, our findings suggest that smaller, gender diverse and independent boards that convene frequently achieve better sustainability performance. The authors document a positive relationship between board gender diversity and sustainability performance across a broad spectrum of sustainability indicators. The authors also find evidence that board independence has a positive impact on two sustainability performance measures, i.e. environmental and governance performance. Although board size does not influence aggregate sustainability measures (ESG score, ESG controversies, and ESG combined score), the authors find a negative relation between board size and governance performance. Finally, board activity seems only relevant in explaining ESG controversies, i.e. other things being equal frequently held board meetings significantly reduce sustainability issues (ESG controversies). Practical implications – The authors’ findings provide implications to support regulators and emerging market companies on how to improve sustainability performance through the design and use of specific governance mechanisms. These interventions will help resolve agency problems among different stakeholders and, in turn, benefit sustainability. Social implications – This study also has social implications because it sheds light on how companies may change their attitudes towards sustainable practices through adjusting their corporate governance structures to increase the welfare of the society. Originality/value – This study examines the behaviour of companies in emerging markets on sustainability performance by discussing a broad range of board characteristics and covering a large sample of emerging markets. Thus, it provides valuable insights to the companies for further growth opportunities in emerging markets.
Towards sustainable cities: A sustainability assessment study for metropolitan cities in Turkey via a hybridized IT2F-AHP and COPRAS approach
(Elsevier, 2022) Yılmaz, Mustafa Kemal; Kuşakcı, Ali Osman; Kuşakcı, Sümeyye; Sowe, Samba; Nantembelele, Fatuma Abdallah; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Accelerating trends of urbanization enforce the integration of sustainability principles into urban planning in a local scale to foster prosperity for the next generation of cities. This study incorporates fifty-three indicators on economic, social, environmental, and institutional dimensions to develop a Sustainable Cities Index (SCI) and assess the sustainability performance of thirty metropolitans in Turkey over 2010-2018. Turkish metropolitans constitute an appealing case study due to the rapid urbanization within the same time span. To answer how new metropolitans have been doing and whether they perform better than formerly declared metropolitans in Turkey, we propose a novel methodology with three stages that hybridizes Interval Type-2 Fuzzy Analytical Hierarchy Process (IT2F-AHP) and Complex Proportional Assessment of Alternatives (COPRAS). The former captures a high degree of uncertainty due to the subjective weight assignment by the experts, while the latter calculates aggregate scores for 30 cities. Finally, we conduct posthoc analyses to examine the significance of the urbani-zation policies in Turkey on the SCI scores. Thus, the study provides valuable insights into urbanization practices and encourages local administrations to spend more effort balancing the benefits and costs of public policies on sustainability.
E-ticaret platformlarında promosyonların müşteri satın alım davranışına etkisi
(İnovasyon için Eğitim Vakfı, 2022) Kahveci, Hasan; Avunduk, Zehra Binnur; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
E-ticaret son yıllarda hızla büyüyen teknolojik ve yenilikçi bir iş modeli olarak tüm dünyanın üretim, satış ve operasyonlarında büyük bir değişimin öncüsü olmuştur. Elektronik ortamda hizmet sağlayan yeni bir ekonomik endüstri olarak e-ticaret, zaman ve mekân sınırlarını aşma, işlem maliyetlerini azaltma, iletişimi genişletme ve ürün envanterini etkin bir şekilde yönetmeye olanak sağlama gibi özellikleriyle işletmelere ve kullanıcılara birçok fayda yaratmaktadır. Bilgi, iletişim ve internet teknolojisinin hızlı gelişimi ile e-ticaret, modern kurumsal rekabetin önemli bir aracı haline gelmiştir. Bilgi ve hizmetlere sınırsız erişimde internetin sunduğu imkanlar klasik ticaret anlayışını değiştirerek, e-ticaretin hızla yayılmasına, işletmeler ve müşteriler tarafından daha fazla tercih edilmesine neden olmuştur. Bu değişim e-ticaret yapan firmaların hacmini arttırmış, operasyonlarını eticarete odaklı geliştirmelerine neden olmuş ve yeni müşteriler kazanmak için daha fazla promosyon faaliyeti yapmaya yönlendirmiştir. Bu çalışmanın amacı, çevrimiçi platformlar üzerinden alışveriş yapan müşterilerin satış promosyonlarına yaklaşımlarını incelemektir. Çalışmada 1.000 kişiye yönelik bir anket çalışması yapılmış ve ankete katılan 318 kişiden elde edilen verilerle müşterilerin promosyonlardan beklentileri ve bu beklentilerin satışlara etkisinin nasıl yansıdığı analiz edilmiştir. Çalışma sonuçları; kadınların özellikle değer ifadesi öneren, kendini iyi hissettiren promosyonlara olumlu tepki verdiklerini, 28-29 yaş arası kişilerin, 30 ve üzeri yaştaki kişilere göre özellikle tasarruf, kolaylık ve değer ifadesi öneren promosyonlara daha fazla ilgi gösterdiklerini, internette günde 3 saat ve üzeri zaman harcayan kişilerin az zaman harcayanlara göre daha fazla satın alma davranışı sergilediklerini göstermiştir.
Optimizing sustainable industry investment selection: A golden cut-enhanced quantum spherical fuzzy decision-making approach
(Elsevier, 2023) Dinçer, Hasan; Yüksel, Serhat; Sonko, Mariama; Hacıoğlu, Ümit; Yılmaz, Mustafa Kemal; Delen, Dursun; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study aims to rank sustainable industry alternatives in emerging markets based on the directional impact relations of the environmental, social, and governance (ESG) index components for a socially and environmentally conscious investment strategy. To achieve this goal, we employ a golden cut-enhanced quantum spherical fuzzy decision-making approach. Specifically, we first use a quantum spherical fuzzy DEMATEL technique to identify the impact-relation directions and the weights of the ESG criteria set. Second, we employ the extended TOPSIS with the quantum spherical fuzzy sets to rank the industry alternatives concerning their directional ESG performances. The findings show that (i) H20 Emissions, Innovation, Community Investment, Gender Equity, Human Rights, and CSR Strategy are the main influencing factors based on their impact-relations directional scores, (ii) Resource Usage, Product Responsibility, and Shareholders’ Rights are the set of criteria under the influence of remaining ESG, (iii) Innovation is the strongest ESG performance criterion, whereas Human Rights is the weakest, (iv) technology and communication are the best-performing industries based on the directional ESG index performance scores, whereas real estate and basic materials industries are the worst performing. The study provides valuable and actionable insights for companies that aim to make socially responsible investments.

Yılmaz, Mustafa Kemal

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