Suchergebnisse

Emek yoğun bir üretim yapısına sahip olan tekstil, giyim eşyası ve deri ürünleri sektörü (TGD); özellikle gelişmekte olan ülkelerde sanayileşme, üretim hacmi ve istihdam üzerindeki potansiyel etkisi nedeniyle ülke ekonomileri için oldukça önemli bir sektör olarak kabul edilmektedir. Son yıllarda dünya TGD sektörü içerisinde önde gelen ülkelerden biri olan Türkiye, dünya pazarı içerisindeki konumunu gün geçtikçe sağlamlaştırmaktadır. Bu sektörün gelişimi adına sektörde bulunan işletmelerin istikrarlı bir finansal performans göstermeleri gerekmektedir. Finansal performansın en önemli belirleyicilerinden biri kârlılık göstergeleridir. Bu sebeple sektördeki gelişimin devam etmesi için sektördeki işletmelerin kârlılıkları ve kârlılık üzerinde etkili etmenlerin belirlenmesi önem kazanmaktadır. Bu etmenler içsel olabildiği gibi dışsal da olabilmektedir. Dolayısıyla çalışmanın amacı, 2013-2020 yılları arasında BİST bünyesinde işlem gören, tekstil, giyim eşyası ve deri (TGD) sektöründe faaliyet gösteren firmaların kârlılıkları üzerinde etkili olan etmenlerin tespit edilmesi olarak belirlenmiştir. Bu amaç doğrultusunda ilgili dönemde Borsa İstanbul'da işlem gören 20 adet tekstil işletmesinin yıllık finansal verileri ve makroekonomik göstergeler Arrellano-Bover//Blundell-Bond (1998) İki Aşamalı Sistem GMM tahmincisiyle analize tabi tutulmuştur. Yapılan analizler neticesinde kârlılık ile kârlılığın gecikmeli değeri, finansal kaldıraç oranı, firma büyüklüğü, ekonomik büyüme, imalat sanayi kapasite kullanım oranı ve enflasyon oranı arasında istatistiksel olarak anlamlı ilişkiler tespit edilmiştir. Analiz bulgularına göre, ilgili dönemde kârlılığın gecikmeli değeri, firma büyüklüğü, ekonomik büyüme ve enflasyon oranı kârlılık üzerinde pozitif; finansal kaldıraç kullanımı ve faiz oranı ise negatif bir etkiye sahiptir.

Price bubbles, which play an important role in financial crises, can be observed in various assets. Regardless of the type of asset or assets, the resulting price bubble can distort the balance in financial markets. In this case, it may turn into an economic crisis that potential leap into the real sector and the financial sector. Therefore, it is an important step to test in which assets the price bubbles occur and how long they are exposed to price bubbles. Previous experience indicates that the price bubbles that may occur in commodities that are important especially for the global companies producing and the households consuming the goods subject to production is an important process for the economy. In this study, 16 different real‐time commodity prices that are indexed in US Dollars and which contain metal, plant, meat and energy groups, are used to examine the existence of the price bubble in selected commodities. For commodity prices, 2015–2019 daily closing prices were used and sup augmented Dickey–Fuller test was applied. Consequently, the result of the findings affirms the existence of a price bubble for beef cattle and timber, while the price bubble for the other 14 commodities could not be ascertained. This shows that in the majority of real‐time commodities, price movements are driven by core values and are in line with the efficient market hypothesis.

Gold, which is accepted as a safe haven by households, is known as an investment tool that is preferred especially in times of crisis and uncertainty. Especially in recent days, the uncertainty caused by the COVID‐19 pandemic and the visible increase in Turkey's 5‐year CDS data has led investors in Turkey to grams of gold, which is considered a safe haven. In this context, this study aims to test the long‐term relationship between daily case‐related deaths and Turkey's 5‐year CDS data with gram gold prices in Turkish lira during the COVID‐19 pandemic. The long‐term relationship between the variables was tested with the autoregressive distributed lag bound test (ARDL bound test) applied to the daily data for the period March 17, 2020–April 11, 2020. For the application of ARDL bound test, the stationarity of the variables was tested with unit root tests such as augmented Dickey–Fuller test (ADF) and Phillips–Perron (PP). According to the ARDL bound test findings, there is a statistically significant and positive relationship between the number of case‐related deaths and the gram gold prices in Turkish lira in the long run. However, it has been found that Turkey's 5‐year CDS data does not have a significant long‐term relationship with gram gold prices in Turkish lira.

The relevance of gold to the financial market and global economies is responsible for the commodity's (gold) link with financial instruments such as the oil price, currency and gold price, stock index, and other commodities price. In this case, the causal analysis between the interest rate and the gold price has been examined in a novel approach. This study uses the standard Granger causality approach to test the relationship for the economy of Turkey over the period June 1, 2000–June 1, 2017. The results revealed that while gold price depends on daily announcements, demand, and supply, the interest rate depends on some factors such as the monetary policy of the central bank, inflation rate, and different macroeconomic parameters. Thus, the causality between the two financial instruments is observed to be significant. According to the conducted statistical analysis, the interest rate and gold price have interaction between each other. Because there is insufficient evidence in the extant literature that establishes a causality relationship between the two variables, the current study is believed to enhance policy directives and contribute to the financial literature. Considering the peculiar situation of the Turkish financial market, this novel approach presents significant policy directions.

AbstractWith the increasing challenge of attaining sustainable balance in socioeconomic-ecosystem activities, the aspects of the global goals are continously being harnesed in order to ensure a sustainable interaction. As an alliance of the United Nations, the G-20 member countries have not only committed to attaining the Sustainable Development Goals 2030, the alliance body has further fostered frameworks that are targeted at advancing global economic and environmental sustainability. Within this context, the current study examined the environmental sustainability effects arising from the economic freedom prowess in the panel of the G-20 economies over the period 2000–2016. Among the sparse studies, the study employed the indices of economic freedom: freedom to trade internationally, regulation, sound money, legal framework, and property right and alongside the real income and renewable energy consumption as explanatory indicators. With the result of the difference- and two-step system GMM (generalized method of moments), the legal system and property right, sound money, freedom to international trade, and regulatory efficiency are detrimental to the panel countries' environmental quality. Although this is likely to be untrue for countries that have advanced their climate actions and especially the Sustainable Development Goals (SDGs) 2030, it suggests a dearth in the SDGs achievement among the developing and emerging economies. Moreover, it probably shows the depth of traditional or business-as-usual practices (such as the lack of sustainable economic and environmental practices) and the socioeconomic system that are obtainable in most of the developing and emerging economies. Thus, the study put forward tangible policies that are essential for governance and toward attaining desirable country-specific SDGs.

With the increasing challenge of attaining sustainable balance in socioeconomic-ecosystem activities, the aspects of the global goals are continously being harnesed in order to ensure a sustainable interaction. As an alliance of the United Nations, the G-20 member countries have not only committed to attaining the Sustainable Development Goals 2030, the alliance body has further fostered frameworks that are targeted at advancing global economic and environmental sustainability. Within this context, the current study examined the environmental sustainability effects arising from the economic freedom prowess in the panel of the G-20 economies over the period 2000–2016. Among the sparse studies, the study employed the indices of economic freedom: freedom to trade internationally, regulation, sound money, legal framework, and property right and alongside the real income and renewable energy consumption as explanatory indicators. With the result of the difference- and two-step system GMM (generalized method of moments), the legal system and property right, sound money, freedom to international trade, and regulatory efficiency are detrimental to the panel countries' environmental quality. Although this is likely to be untrue for countries that have advanced their climate actions and especially the Sustainable Development Goals (SDGs) 2030, it suggests a dearth in the SDGs achievement among the developing and emerging economies. Moreover, it probably shows the depth of traditional or business-as-usual practices (such as the lack of sustainable economic and environmental practices) and the socioeconomic system that are obtainable in most of the developing and emerging economies. Thus, the study put forward tangible policies that are essential for governance and toward attaining desirable country-specific SDGs.