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 / 25

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.
Board diversity and export intensity: The moderating role of firm size
(Emerald Publishing, 2023) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Aksoy, Mine; Yılmaz, Mustafa Kemal; Cancı, Metin; Ay, Alp; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose – Building on resource dependence theory and contingency theory (CT) and focusing on an emerging market setting, this study investigates how demographic board diversity (BD) influences the export intensity (EI) of firms listed on Borsa Istanbul (BIST), with the moderating effect of firm size, as a contingency factor, on this interaction. Design/methodology/approach –Using a sample of 65 exporting firms listed on the BIST Industrials Index, this study explores how demographic attributes of board members, represented by the board diversity index (BDI), affects EI by employing panel data analysis over the period of 2016–2020. Findings – The results suggest that there is a negative relationship between BD and EI, but firm size has a positive moderating effect on the association of BD and EI, indicating that large firms with diverse boards are more prone to access foreign markets and make export. The findings further indicate that board size and CEO duality have a negative and significant effect on EI, while marketing intensity has a positive and significant impact. Research limitations/implications –The sample covers only public companies listed on the BIST Industrials Index, and the impact of board characteristics on the EI is analyzed for a limited time frame, i.e. from 2016 to 2020. Practical implications – The findings help business executives better understand the contribution of the firm size on the interaction of BD and EI and offers valuable insights to companies to gain a competitive edge in international markets. Originality/value – The study provides evidence on the effects of board attributes on the EI from the perspective of emerging countries. It also helps to gain a deeper understanding of how board Dynamics contribute to the internationalization of companies.
Does board diversity affect the cost of debt financing? Empirical evidence from Turkey
(Emerald Publishing, 2023) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Aksoy, Mine; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose – This study aims to investigate the effects of board characteristics on the cost of debt for nonfinancial companies in the Turkish capital markets. Design/methodology/approach – Using a sample of 211 non-financial companies listed on Borsa Istanbul, this study examines how chairperson gender and board characteristics affect the cost of debt by using panel data analysis over the period of 2016–2020. A system generalized method of moments model is also applied to test the endogeneity issue. Findings – The findings show that the presence of female chairperson and female directors on board reduces the cost of debt and the perceptions of default risk by fund providers, while board independence and board size do not have a significant impact on the cost of debt. The results provide insightful information for companies and policymakers. Companies can alter board composition through gender diversity, while policymakers can introduce new policies in encouraging the presence of female directors on boards. Originality/value – This study primarily enriches the literature on the effect of board diversity on debt financing cost in a leading emerging market, enabling companies in emerging markets to better mitigate agency costs and finance their investment through effective board composition. Second, it provides evidence that financial institutions consider companies with chairwomen and women directors on the boards less risky and charge them less for debt financing than they do for companies with man chairperson. Finally, the results support policymakers to take actions to increase female presence on board.
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.
Market reaction to regulatory policy changes in financial statements filings: Evidence from Turkey
(Springer, 2020) Yılmaz, Mustafa Kemal; Aksoy, Mine; Çelik, Tankut T.; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Financial reporting has a vital impact on investors for acquiring and integrating value-relevant information in making or revising investment decisions. This article investigates how changes in regulatory disclosure policy for financial reporting influence market reaction for the companies listed on Borsa Istanbul over the period2003–2017. We elaborate our findings in the context of investor attention and trading opportunities, resulting in three distinct policies. The results reveal that smallcapirms are more exposed to abnormalities than large-cap firms for positive news before and after the public disclosure platform (PDP). Further, the number of financial statements filings made on the same day affects the abnormal returns before the PDP (from 2003 to June 2009) and, after the PDP (from 2009 to 2013), where the companies are allowed to release them intra-day. Additionally, the response of investors to financial statements filings on Friday is quite different than other days of the week before the PDP and after the PDP (from 2013 to 2017), where the companies are required to make their release only after the market closure. Finally, as a search facilitating technology, the adaptation of XBRL does not translate into an improvement on market reaction. These findings support the validation of limited investor attention and post-announcement drift in the Turkish capital market.
The impact of ownership structure, board attributes and XBRL mandate on timeliness of financial reporting: Evidence from Turkey
(Emerald Publishing, 2021) Yılmaz, Mustafa Kemal; Aksoy, Mine; Topçu, Nuraydın; Uysal, Özgür; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose – 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.
Moderating role of corporate governance and ownership structure on the relationship of corporate sustainability performance and dividend policy
(Taylor & Francis, 2022) Yılmaz, Mustafa Kemal; Aksoy, Mine; Khan, Ajab; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The 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.
The evaluation of operational efficiencies of Turkish airports: An integrated spherical fuzzy AHP/DEA approach
(Elsevier, 2022) Hacıoğlu, Ümit; Yılmaz, Mustafa Kemal; Kuşakcı, Ali Osman; Hacıoğlu, Ümit; Yılmaz, Mustafa Kemal; Kuşakcı, Ali Osman; Yılmaz, Mustafa Kemal; Kuşakcı, Ali Osman; Aksoy, Mine; Hacıoğlu, Ümit; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The demand for air transport services has significantly increased around the globe, which has brought new investments in airports, which, in turn, requires in-depth efficiency analysis of these capital-intensive endeavors. This study examines the operational efficiencies of 46 Turkish civil airports from 2015 to 2018. We employ a novel hybrid methodology that combines Spherical Fuzzy Sets based Analytic Hierarchy Process (SFS-AHP) and Data Envelopment Analysis (DEA), which provides a solid basis for efficiency analysis. To this end, it can handle the hesitancy and uncertainty that the subjective evaluation process of input and output factors possess. Then, we use Self Organizing Maps (SOM), a machine learning method for clustering, to examine the effect of outlier airports on the efficiency scores. Finally, a posthoc analysis is conducted with Tobit regression model to assess the explanatory power of external factors on the efficiency scores, i.e., tourism potential, number of international flights, distance to the city center, population, public/private ownership, and age of airport. The findings show that 67.2% of the Turkish airports operate below the optimal efficiency level, and 93.5% of them should make considerable efforts to refine their operations by implementing managerial and structural changes to reduce input factors. The results also suggest that the airports located in high-density touristic areas achieve higher efficiency levels. Those relatively closer to the city center lead to more airport traffic, generating more revenues. Thus, both factors have a significant impact on efficiency scores. The study provides a novel efficiency analysis framework for airport operators and policy makers that helps them make informed decisions.

Yılmaz, Mustafa Kemal

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