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 / 40

“Amerikan rüyası” OUT, “Türkiye rüyası” IN
(İbn Haldun Üniversitesi, 2018) Yılmaz, Mustafa Kemal; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
ABD’de Trump’ın göçmenleri aşağılayıcı tavrı ve başta Meksikalılar olmak üzere yabancıları ülkeden kovma eğilimi artarken, artık “Amerikan Rüyası” yerini “Amerikan Kabusu”na bırakmış gözüküyor. Türkiye’de ise bunun tam tersi bir durum söz konusu. Ülkemizde yaşayan yabancı sayısı her geçen yıl önemli ölçüde artmakta. Türkiye İstatistik Kurumu Adrese Dayalı Nüfus Kayıt Sistemi verilerine göre son 10 yılda Türkiye’de yaşayan yabancı sayısı 5 misli artış göstermiş. 2007 yılında 176 bin olan yabancı sayısı 2017 yılında 900 bine ulaşmış bulunuyor. Bu rakama, son 3 yılda savaş nedeniyle Suriye ve Irak’tan ülkemize gelen göçmen ve mülteci sayısı da dâhil edildiğinde yabancı sayısı 5 milyona ulaşıyor.
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.
An exploration of the causes and effects of flight attendant fatigue in Turkish aviation
(SSBFNET, 2022) Yılmaz, Mustafa Kemal; Erbudak, Gözde; Gündüz, Sema; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The rapid growth in civil aviation operations in recent years has raised expectations from flight attendants. Their duties have been intensified, and flight attendants have become subject to physical and mental fatigue due to irregular sleep, inadequate rest time, and long working hours. This study investigates the causes and effects of fatigue among flight attendants of a Turkish airline company through a self-administrated questionnaire. The survey is run online to 152 flight attendants. The results show that the flight attendants have trouble falling asleep before flight duty. Before night flights and during layovers, the sleep duration is dramatically low. The results also reveal that factors related to scheduling, i.e., long duty days, night flights, consecutive working days, play an essential role in fatigue. Thus, airline companies should revise their scheduling practices. On balancing work and social life, men struggle more than women, and married flight attendants have more difficulty than single ones. The findings provide valuable insights for airline companies and policymakers to seriously manage fatigue-related factors to ensure the safety of aviation operations and the well-being of flight attendants.
Kriptopara madenciliğinin çevresel sürdürülebilirlik üzerine etkileri
(Türkiye Bilimler Akademisi (TÜBA), 2022) Yılmaz, Mustafa Kemal; Kaplan, Ahmet; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Şifreli blok zincir teknolojisi kullanılarak üretilen kriptoparalar son 10 yılda piyasa değeri ve işlem hacmi itibariyle gösterdikleri gelişimle finansal piyasalar ve yatırımcılar açısından hem sağladıkları getiri imkânı hem de esnek üretim kabiliyetleriyle önemli fırsatlar sunmakta, küresel ölçekte önemli bir dönüşümü beraberinde getirmektedirler. Bununla birlikte, kripto madenciliği sürecinde gerçekleşen enerji tüketimi, karbon emisyonu ve elektronik atık miktarı önemli çevresel etkiler ortaya çıkarmakta ve ileriye yönelik tehditler oluşturmaktadır. Bu çalışmada, kriptopara madenciliğinde yapılan işlemlerin neden olduğu etkiler global ısınma ve iklim değişikliği de dahil olmak üzere çevresel sürdürülebilirliğe olan etkileri boyutuyla çok yönlü olarak incelenmektedir. Çalışma sonuçları, kriptopara madenciliği sonucu tüketilen enerjinin, gerçekleşen karbon emisyonu ve elektronik atık miktarının artan büyüklükleri itibariyle küresel ısınma, iklim değişikliği ve hava kirliliği gibi önemli çevresel etkileri olduğunu, bu etkilerin azaltılamaması durumunda hem kriptopara piyasalarının hem de çevresel sürdürülebilirliğin olumsuz etkilenebileceğini göstermektedir. Bu etkilerin azaltılabilmesi ve kripto madenciliğinde kullanılan donanımın verimliliğinin artırılabilmesi için yenilikçi adımların atılması, yeni yasal düzenlemelerin getirilmesi, farklı kanıt protokollerinin kullanılması ve yenilenebilir enerji kaynaklarından daha fazla istifade edilmesi gerekmektedir.

Yılmaz, Mustafa Kemal

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