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 / 26

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.
Social media adoption and export intensity: The moderating role of firm size
(Emerald Publishing, 2023) Altınkaya, Zelha; Yılmaz, Mustafa Kemal; Aksoy, Mine; Seçme, Zekeriya Oğuz; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose: Social media (SM) networks offer a golden opportunity for firms that particularly engage in international activities to set up sustainable customer relationships and improve competitiveness. The purpose of this study is to examine the influence of SM adoption on the export intensity (EI) of firms listed on Borsa Istanbul (BIST) for the years 2010–2020. The authors use social media index (SMI) to measure SM adoption and firm size (FSize) as a moderator on exploring the interaction of SM and EI. Design/methodology/approach: Using a sample of 150 firms listed on the BIST Industrials Index, this study explores how the adoption of SM affects EI by using panel data analysis over the period of 2010–2020. Findings: The results indicate that the SMI has a positive and significant effect on the EI. FSize positively moderates the interaction of SMI and EI, indicating that large firms benefit more from the SM in increasing export performance. The findings reflect high potential of EI improvement through adopting right SM policies in emerging markets. Research limitations/implications: The sample covers only public companies listed on the BIST Industrials Index. Future studies may extend the coverage and include multiple emerging markets to draw generalized results for the export-oriented firms. This research also analyzes solely four SM networks, i.e. Facebook, Instagram, Twitter and YouTube. However, there are many other SM networks that firms use in online marketing in foreign markets. Finally, this research did not discuss the potential factors that could influence the use of SM in emerging market firms. Practical implications: This study denotes the significant role of SM adoption on the EI of firms in an emerging market setting from the perspective of resource-based view. It presents an insightful approach in understanding the mission played by SM networks in enhancing the EI of Turkish firms. Policymakers may use the findings to develop public support programs to promote the adoption and implementation of the SM among exporting firms in emerging markets. Originality/value: The study provides evidence on the effects of SM adoption on the EI from the perspective of emerging countries. It also helps to gain a deeper understanding of how different SM platforms contribute to the internationalization of firms.
Nexus between liquid ity risk and credit risk: Evidence from the South Asian region
(Henry Stewart Publications, 2022) Yılmaz, Mustafa Kemal; Khan, Ajab; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study investigates the reciprocal relationship between liquidity risk and credit risk and their individual and joint impact on the stability of commercial banks in the South Asian countries, ie Pakistan, Bangladesh and India, from 2004 to 2016. The results reveal that liquidity risk and credit risk have a significantly positive reciprocal and economically meaningful relation-ship. Each risk type individually and jointly negatively affects banking stability. This impact has been more observable during the global financial crisis. The findings provide valuable insights for bank managers and regulatory authorities. Banks should be more concerned about mitigating their liquidity and credit risks by managing more qualified loan port folios and investing in less risky liquid assets.
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 Bölümü
Digitalization 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.
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 Bölümü
Purpose – 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.
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.
Financial performance of emerging market companies during the COVID-19 pandemic: Moderating role of sustainability performance
(Emerald Publishing, 2024) Aksoy, Mine; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Purpose: This study aims to investigate whether sustainability performance (SP) served as a safeguard for firm profitability (FP) and enhanced corporate resilience in emerging markets during the COVID-19 pandemic. Design/methodology/approach: Using a sample of 1,091 firms in 25 emerging markets from 2017 to 2021, this study analyses the moderating role of SP on the relationship between FP and COVID-19 by using hierarchical linear modelling at three levels: (a) time-level; (b) firm-level; (c) country-level. Findings: The results indicate that during the years 2020–2021, emerging market firms with robust SP showed better FP in the midst of the COVID-19 pandemic. The findings also indicate that all dimensions of sustainability, i.e. environmental, social and governance (ESG), have significantly affected the FP in the post-COVID period. Hence, adhering to ESG principles aids in alleviating adverse financial repercussions during times of crises. Practical implications: This study provides valuable insights for companies and policymakers for finding solutions that may assist them in improving SP globally and enduring crises resiliently. The findings are also relevant to institutional investors that consider SP as an investment criteria. Although the COVID-19 pandemic was temporary, the lessons learned could protect firms from future similar global crises. Originality/value: This study enhances the understanding of the contingency relationship between sustainability and financial performance by offering up-to-date empirical insights within the context of emerging markets during the pandemic. It demonstrates how different institutional frameworks influenced the SP–FP association during the crisis. Thus, this paper expands the understanding of crisis management literature and bridges the research void concerning the impact of SP on FP in an emerging market context.
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.

Yılmaz, Mustafa Kemal

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