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 / 23

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.
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.
An ethical problem in troubled times: Ethical decision making by local managers employing immigrant workforce in Gaziantep, Turkey
(Edward Elgar Publishing, 2020) Yılmaz, Mustafa Kemal; Arslan, Mahmut; Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This paper aims to understand the ethical decision-making process of local managers of medium-sized companies in Gaziantep, a highly industrialized metropolis in Turkey, near the Syrian border, where there has been an influx of Syrian refugees. Intensive interviews were conducted using a semi-structured questionnaire allowing participants to state their views and tell their stories. The findings revealed that the managers of the companies had difficulty making ethical decisions about how to treat the Syrian immigrants, especially during the initial phase of the crisis, and they took wrong steps when they faced with both economic and social conflicts. Thus, they faced some serious ethical challenges.
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.
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.
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.
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.
Does the stock market value inclusion in a sustainability index? Evidence from Borsa Istanbul
(MDPI journals, 2020) Yılmaz, Mustafa Kemal; Aksoy, Mine; Tatoğlu, Ekrem; Tatoğlu, Ekrem; Yılmaz, Mustafa Kemal; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study examines the relationships between corporate sustainability (CS) performance of the companies (proxied by inclusion in sustainability index) listed in Borsa Istanbul (BIST, Istanbul, Turkey) and market-specific company performance measures over the period of 2014–2017. The results show that there is no strong evidence of the effect of inclusion in or exclusion from the BIST Sustainability Index (BIST SI) on stock returns and systematic risk (betas) of companies. However, the results reveal that inclusion in the BIST SI reduces the total risk of the companies and protects them from stock declines in case of a severe crisis by improving their resilience compared to other companies not included in the BIST SI. Although no significant link is found concerning the impact of the companies’ inclusion on the level of foreign ownership, a positive association is noted between BIST SI inclusion and the level of institutional ownership.

Yılmaz, Mustafa Kemal

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