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 / 16

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.
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.
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 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.
How diverse are Shariah supervisory boards of Islamic banks? A global empirical survey
(Emerald Publishing, 2022) Yılmaz, Mustafa Kemal; Kachkar, Omar; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose – This study examines diversity in the composition of Shariah Supervisory Boards (SSBs) of Islamic banks (IBs). It investigates diversity from two perspectives: 1) existing composition of SSBs, and 2) the regulatory frameworks and standards of selected Organization of Islamic Cooperation (OIC) countries. Diversity characteristics in this study include education, nationality, gender, and age. Design/methodology/approach – A list of all full-fledged Islamic commercial banks (FFICBs) globally has been carefully prepared and confirmed. Conventional banks with Islamic windows, non-commercial banks, takaful companies and other Islamic financial institutions are excluded. The available profiles of 428 SSB members have been scrutinised and analysed. These board members occupy 522 SSB positions in 238 FFICBs operating in 52 countries around the globe. From the regulatory perspective, twelve national and international Shariah governance frameworks and standards have been examined. Findings – The findings indicate various levels of diversity in the SSBs of the IBs. The level of diversity in educational background and nationality of the SSBs are generally acceptable. However, lack of diversity in gender and age among the SSB members is evident. While the lack of age diversity in SSBs maybe relatively justified as a common trend in the composition of corporate boards, the SSBs of FFICB are seriously lagging conventional banks in gender diversity. On the regulatory side, these results show that provisions on diversity requirement in the SSBs are almost non-existent in the existing frameworks and standards. Research limitations/ implications – The major limitation of this study is the lack of available information on the SSB members. Practical implications – This paper provides valuable insights for Islamic banks and policy makers concerned with the corporate governance of Islamic financial institutions. First, it offers an excellent bird’s-eye view of the status of diversity in the SSBs of Islamic banks. Second, it motivates policy makers and standard-setting bodies to ensure an adequate level of diversity in the composition of SSBs through relevant regulatory frameworks. This is of paramount importance to the reputation of Islamic finance industry which has been subject to mounting pressure to translate the rhetoric about the Islamic finance industry being ethical, fair, just, equitable and inclusive into genuine implementations. Originality/value – To the best of the authors’ knowledge, this study is the first of its kind to examine the diversity of the SSB members from the regulatory as well as implementation perspective.
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.
Antecedents of corporate sustainability performance in Turkey: The effects of ownership structure and board attributes on non-financial companies
(Elsevier, 2020) Aksoy, Mine; Yılmaz, Mustafa Kemal; Tatoğlu, Ekrem; Basar, Merve; Tatoğlu, Ekrem; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The discourse of corporate sustainability performance (CSP) has created an increasing motivation for companies to improve their competitive advantage. This study examines the drivers leading to a high level of CSP within non-financial Turkish companies listed in the Borsa Istanbul Sustainability Index. Drawing on both stakeholder and agency theories, we formulate a set of hypotheses that link CSP with ownership structure, board diversity, and firm-specific characteristics. Based on logit and probit models, the empirical results tend to confirm the positive influence of foreign and institutional ownerships in shaping CSP and indicate that CSP is positively linked with board size and the proportion of independent board members. Further, the findings show that companies with a leading level of CSP have a lower return than companies with mediocre CSP based on a market-based measure, Tobin’s Q.
Board diversity and export intensity: The moderating role of firm size
(Emerald Publishing, 2023) Yılmaz, Mustafa Kemal; Aksoy, Mine; 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.

Yılmaz, Mustafa Kemal

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