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Purpose: The objective of this study is to explore and compare intellectual capital (IC) and its three components in deposit, investment and participation banks operating in Turkey's banking sector, and to analyze empirically the relationship between intellectual capital and financial performances of the banks. Design/methodology/approach: The study uses a panel data of 46 banks operating in the Turkish banking system during the period of 2005–2019. To measure intellectual capital, value-added intellectual coefficient (VAIC) is used, consisting of the efficiency of a firm's three types of capital – that is human, structural and employed capitals. To examine the proposed research hypotheses for each bank type separately, multiple regression analysis methods are used. Findings: The findings of this paper reveal a positive and statistically significant relationship between IC and financial performance of the banks. Specifically, two of the components of IC, namely, employed and human capital efficiencies, are the most influential value drivers for the financial profitability of the banks, whereas structural capital efficiency has less importance in the profitability of the banks. The financial performance of the banks in Turkey is affected mostly by human capital. Therefore, if banks plan to increase their profitability, they need to pay more attention to human capital than structural and employed capitals. Originality/value: The current study can be considered as one of the most comprehensive studies on analyzing the relationship between intellectual capital and financial performances of businesses in the Turkish banking sector. The previous studies analyzed either the banks individually or all banks as one group. The paper provides a valuable framework for executives, managers and policymakers in managing IC within the Turkish context as the most comprehensive study in the relevant literature. [ABSTRACT FROM AUTHOR]

Purpose: This study aims to explore the roles and relations of dynamic capabilities (DCs) and marketing capabilities (MCs) to generate firm performance through new empirical data from the automotive industry in an emerging market, Turkey, where volatile market conditions may compel firms to use both their DCs and MCs. The automotive industry dynamic character, which is shaped by fierce competition among car manufacturers, fluctuating customer demands and strong effect of environmental forces, provides an ideal context for examining the performance outcomes of MC and DC in non-static environments. This study aims to show whether better financial performance can be achieved through an integrated MC and DC framework; if the level of environmental dynamism (ED) influences the utilization of MCs; and the impact of MC and DC convergence on firm performance by using emerging market data, which is rare in the extant literature. Design/methodology/approach: This paper empirically investigates the role of MCs on the relationship between DCs and firm performance and the effect of ED in marketing capability development through a study of 162 top level managers from the automotive industry in Turkey using multiple regression methods. A self-administered questionnaire was used to collect data. A maximum concern was given to obtain at least three questionnaires from each firm to minimize the risk of getting biased answers from only one manager. Findings: The data were analyzed by the regression method, and the mediation and moderation tests were conducted to test the established hypotheses. The direct relationship between MCs and firm performance was examined through linear regression, and a significant relationship was found (ß = 0.408; t = 5.656; p < 0.001). Pricing (ß = 0.404; p < 0.001), marketing research (ß = 0.367; p < 0.001) and marketing strategy and implementation (ß = 0.336; p < 0.001) had the strongest association with firm performance. The mediating role of MC on the relationship between DC and firm performance was assessed, and the analysis result yielded a significant result (ß = 0.439; t = 6.174; p < 0.001). Finally, the moderating effect of ED on the direct relationship between MC and firm performance was assessed. Yet, the interaction term was insignificant (ß = 0.013; t = 0.103; p = 0.918) in predicting firm performance. Research limitations/implications: Although the data set covers a broad range of firms operating in the Turkish automotive industry, the generalization of findings should only be possible through obtaining fresh evidence from other emerging markets that possess the similar market characteristics of Turkey. The cross-sectional nature of the study may offer insights only for a certain period of time; thus, additional longitudinal studies are recommended to see the dynamic changes on the constructs and relationships between them. Future studies may also include qualitative methods, i.e. interviews with top managers to have a deeper understanding on how DC–MC interaction creates better performance. Practical implications: This study empirically shows the importance of MCs for firm performance; thus, managers should allocate significant efforts and resources for improving MCs. The demand for the electric and even autonomous vehicles is likely to increase in the following years, and this new era in the automotive industry requires more R&D and innovation-based products, i.e. green vehicles with low carbon footprint, the use of robotics and long-life batteries for electric vehicles. The cost-related pricing may no longer be a competitive advantage for the firms in emerging markets such as Turkish automotive industry; thus, more investment for disruptive technologies should be considered. Originality/value: The results show that MCs of firms mediated the relationship between DCs and economic performance. Yet, ED did not play a moderating role on the relationships between MCs and performance. It is concluded that DCs were associated with improved firm performance via MCs. Furthermore, the insignificant impact of ED on the development of MCs leading to better performance was explained by firms' given over-performing efforts in the context of emerging markets. [ABSTRACT FROM AUTHOR]

The number of studies on sustainability assessment tools and models has increased in the last two decades. Composite Indexes (CIs) have become popular as a useful tool for assessing business level sustainability to compare the companies operating in the same sector. Limited studies have covered all three dimensions (economic, environmental, and social) of the sustainability assessment in an integrated manner in Turkey. This paper aims to measure and evaluate the Corporate Sustainability (CS) performances of ten manufacturing companies operating in the Istanbul Stock Exchange Market. For this purpose, a new integrated sustainability composite index was developed by using previous composite indexes in the literature. The developed assessment model provides a practical tool for the organizations in the manufacturing sector in Turkey by measuring and evaluating their sustainability performances in a holistic way. By using the analytical hierarchy process (AHP), the levels of the sustainability performances of ten manufacturing organizations were assessed in a short time. The index allows managers to make comparisons among companies within the same sector. The results further indicated that the economic dimension score of the analyzed organizations had a weighty and salient effect on the total corporate sustainability performance score. This finding contributes to the literature that economic performance is predominantly effective in the sustainability performance of businesses. [ABSTRACT FROM AUTHOR]

The determinants of economic growth have been a much debated theoretical issue in the literature, especially after the endogenous growth theory of the late 1980s. This new theory highlights the importance of economic policies that lead to an increasing rate of return. In particular, it is argued that human capital, trade liberalization and financial development may play very important roles in the determination of economic growth. This paper tries to empirically estimate the joint impacts of trade liberalization and financial development on economic growth for the period 1960- 2004. Instead of using common proxies for the issue, principal components analysis is employed to develop better measures (indexes) for trade liberalization, financial development and the joint effects of both. The empirical results obtained from the Johansen co-integration procedure show that trade liberalization, financial development and the joint impacts of both positively contributed to economic growth in Turkey for the period 1963-2005. [ABSTRACT FROM AUTHOR]

This paper examines how money balances held by manufacturing firms affect their efficiency in generating sales revenue in a high-inflation economy. The analysis employs data from Turkish firms to estimate a stochastic frontier model, finding a strong positive association between the firms' money holdings and their efficiency. However, the role of money balances seems to diminish as firms hold higher raw material inventories. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Business Economics & Management is the property of Vilnius Gediminas Technical University and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Purpose - The purpose of this paper was to empirically examine the effects of relationship quality between exporter and importer on export performance in Turkish firms, and further, how small and medium-sized exporting firms are segmented based on quality of their relationship with importers. Design/methodology/approach - The paper includes Structural Equation Modeling and Cluster Analysis. Findings - The findings demonstrate that there is the positive impact of: information sharing on financial export performance and satisfaction with the export venture; long-term orientation on financial export performance, strategic export performance and satisfaction with the export venture; and satisfaction with the relationship on financial performance, strategic performance and satisfaction with export venture. Three segments of firm are profiled such as "long-term thinkers", "dissatisfactioners" and "information keepers". Research limitations/implications - The data incorporate only the view of one player (the exporter) around the exporter-importer relationship and do not take into account views from the other side of the dyad. However, since this study focused on first, the measuring relationship quality from the exporter's perspective and, second, the formation of exporter relationships as perceived by the exporter, ideal participants to be examined in this study are exporters. Future researches should be encouraged to test similar hypotheses in other international settings and compare their findings. Practical implications - Information exchange between exporter and importer fosters the export performance of small and medium sized firms. If exporters openly enter into contact with importers and share confidential information and strategic issues, satisfaction with export venture will be increased. The long run relationships will probably involve cooperation, goal sharing and risk sharing. Export managers should work by cooperative manner, avoid the short-term alternatives instead of long-term benefits and not act opportunistically. Relational satisfaction impacts to the financial and strategic export performances, and satisfaction with the export venture. When an exporter meets the expectations of importer based on evaluations of the tangible product or non-product related attributes such as delivery, service, or relational investments, his/her export performance will improve. Originality/value - This study can increase exporting firms' awareness and understanding about relationship quality in handling international operations. Additionally, this study differs from similar studies, which are related to relationships quality, by suggesting a classification of firms based on relational quality dimensions. Therefore, it provides more specific knowledge. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to examine whether the firm accounting and financial performance ratios are reflected in the level of the Foreign Direct Investment and which one plays the most important role in attracting the foreign investors. the paper investigates the prior research works on this topic, underlining the influence of different factors on the level of Foreign Direct Investment. The sample is made of 25 randomly extracted firms listed on Bucharest Stock Exchange, for the fiscal year 2014. We constructed and tested a multiple linear regression model, using the level of Foreign Direct Investment as the dependent variable and 22 financial ratios, as independent variables. the authors found a positive effect of the financial ratios such as the net turnover to networking capital, equity multiplier, and net profitability ratio on the level of Foreign Direct Investment. the results of the research show that to enhance Foreign Direct Investment, corporations must improve their accounting and financial performance. The originality of this study results from the fact that it takes into consideration three different economic environments: Romania, Turkey and Moldova, respectively a European Union member country, a candidate to the European Union and a non- European Union country. [ABSTRACT FROM AUTHOR]

Regardless of the industry in which a company operates, evaluating corporate performance is one of the most critical and vital processes; the most essential and prominent performance evaluation is related to financial performance. Appropriate performance analysis is complex and critical for decision-makers in different financial performance factors; thus, a methodological framework is needed to solve such complex decision problems. Therefore, this research aims to rank the companies included in the sustainability index (excluding banks) in Turkey by considering their financial performance. The criteria weights were determined using the full consistency method (FUCOM) by considering the evaluations of four experts. The firms were ranked using nine multi-criteria decision-making methods. The consensus among the nine rankings was ensured with the Copeland technique. The decision matrix includes financial ratios and the stock market performance of the firms; 100,000 FUCOM weights were created with random evaluations to validate the results. The results indicate that the most crucial criterion is the current ratio by considering expert evaluations. Weight simulation indicates that alternative 16 (alternative 21) is superior (inferior) to the other alternatives, even though the weights are determined with random evaluations. Ranking with expert evaluations is similar to the mean of the weight simulation results. The results demonstrate that the proposed framework can be performed as a basis for financial performance ranking. [ABSTRACT FROM AUTHOR]

This study investigates the performance of corporate social responsibility (CSR) portfolios based on ESG scores of stocks traded in Borsa Istanbul (BIST). It also evaluates the performance of a trading strategy that represents buying portfolios that include companies with high CSR performance and selling portfolios comprising companies with low CSR performance. Therefore, two portfolios with high and low CSR performance were formed from stocks traded in Borsa Istanbul. These portfolios' performances were compared from July 2010 to June 2020. The findings show that the alpha coefficient of the portfolio containing stocks of companies with high CSR performance is generally positive and significant. Thus, companies' past CSR performances provide valuable information for investors. Additionally, based on this, investors can achieve a superior performance against the market. However, the alpha of the difference portfolio, which shows the difference between the two portfolios' performance, is, in most cases, insignificant. This suggests that there is no proof that the portfolio comprising companies with high CSR performance is superior to the portfolio including companies with low CSR performance. These findings are supported by additional testing. Consequently, our result provides supporting evidence for the "no effect" hypothesis. Plain Language Summary: Corporate Social Responsibility Performance and Portolio Performance With the emergence of green investors in recent years, it has become clear that it is not enough to base investment decisions solely on financial criteria. These investors consider the environmental and social impact of companies in their investment decisions, rather than financial criteria. This investment style differs from the traditional risk-return approach. In this context, non-financial information such as corporate social responsibility is becoming increasingly important for both companies and investors. This study examines whether corporate social responsibility performance has an impact on portfolio performance in Turkey. The information obtained in the current study shows that companies' past corporate social responsibility performances may be important information for investors. In other words, investors can demonstrate a superior performance against the market by using this corporate social responsibility performance data. Another important result obtained in this study is that there is no difference between the performances of companies with high and low corporate social responsibility performance. Therefore, a buy and sell strategy based on corporate social responsibility information does not provide any extra profit. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyze the impact of credit risk on banks performance. The dataset consist of 26 commercial banks operating in Turkey between 2005 - 2017. The secondary data collected from the statistical report of the Banks Association of Turkey. Three panels' data are considered respectively state-owned banks, privately-owned banks and foreign banks in order to compare banks according to their ownership structure. Return on Asset (ROA) and Return on Equity (ROE) were used as proxies for financial performance indicators while Non-Performing Loans (NPLs) was used as credit risk indicators. The estimation results showed that there is a negative relationship between credit risk and ROA as well as between credit risk and ROE. This result suggest that there is a relationship between credit risk management and profitability of Turkish deposit banks from the period of 2005 to 2017. Accordingly, banks should focus more on credit risk management, especially on the control and monitoring of non-performing loans. In addition, managers should focus more on modern credit risk management techniques. [ABSTRACT FROM AUTHOR]

Purpose - The aim of this paper is to determine whether the adoption of management techniques influences organizational performance and to determine the antecedents of adoption. Design/methodology/approach - This paper uses a survey method to collect data from 106 large businesses in multiple industries. Findings - The findings suggest that the adoption of management techniques influences organizational performance, especially when supported by clear vision and mission statements. Organizational and environmental characteristics act as antecedents for adoption. Research limitations/implications - Further research should focus on efforts for explaining the complex link between adoption and performance. Originality/value - The paper contributes to knowledge on adoption of management ideas in less developed contexts. [ABSTRACT FROM AUTHOR]

The purpose of this study was to evaluate the financial performances of the publicly held healthcare companies in crisis periods in Türkiye. The 2018 economic crisis and the COVID-19 pandemic crisis were included in the study as the crisis periods. We collected the financial data of the publicly held healthcare companies and calculated three liquidity, three turnover, three leverage and three profitability ratios through ratio analysis to use as financial performance indicators. We then conducted Wilcoxon signed-rank tests and we performed separate analyses for the 2018 economic crisis and the COVID-19 pandemic crisis. The results of the analyses showed that there were no statistically significant differences between the publicly held healthcare companies' liquidity, turnover, leverage, profitability ratios and thus their financial performances before the crises and after the crises. While the results are reassuring and give valuable insights to managers and policy makers to determine the areas that needs to be strengthened to be better prepared for possible future crises, our sample was limited. Therefore, this study presents an exploratory foundation for future studies which are needed to make a case for financial stability for the publicly held healthcare companies before and after the crisis periods. [ABSTRACT FROM AUTHOR]

The relationship between developments in the banking sector and macroeconomic factors in country's economy has been the focus of both the economy and the banking literature. As a result of this; various research and sturies that investigate the effects on the banking sector have been done on economic performances of countries and financial developments. Because these reearch and studies are very important not only for the development of banking sector but also determining the principles of the strategies that will be developed the banking sector towards the future together with doing accurate prediction. By way of this thought, in this paper, the relationship between the periodic changes in the "credit/deposit ratio" (shortly CDR) of the banking sector and the periodic changes in macroeconomic parameters has been investigated in Turkey for the period 2002-2016. Deposits, Credits and CDR were mentioned in part II as a fact of Turkey's Banking Sector View. GDP, CPI, IPI, Export and Import were mentioned in part III as an elements of Turkey's Macroeconomic View. Data set and methodology were mentioned in part IV. According to the results obtained; we claim that in Turkey Banking Sector, the percentage change of credit to deposits ratio is affected by both the percentage change of import and the percentage change of CPI strongly, that is as imports increase in Turkey, the credit to deposit rate increases and similarly as CPI increase, the credit to deposit rate increases too. Moreover; we claim that Imports in Turkey are financed by bank credits. As imports increase, the need for bank credits are also increasing. We claim also that imports are not an increasing effects on savings in Turkey. Similarly; we claim that CPI must be reduced to increase savings. Otherwise; as inflation increases, the demand for credit will increase because there is a need for additional resources due to decrease of the purchasing ability of the existing assets. [ABSTRACT FROM AUTHOR]

Copyright of Management Issues / Problemy Zarządzania is the property of Problemy Zarzadzania and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Abstract: For manufacturing industries, financial performance evaluation is very important in a highly competitive environment. Therefore, an accurate and appropriate performance evaluation is critical. As financial performance indicators reflect the competitiveness of a company, they must be carefully identified in the evaluation process. Generally, traditional accounting-based financial performance (AFP) measures are used for performance evaluation. However, these measures are not sufficient for performance evaluation solely in the modern industry time. So, value-based financial performance (VFP) measures have recently been introduced to express the company value. In this paper, we propose a new financial performance evaluation approach to rank the companies of each sector in the Turkish manufacturing industry. For this purpose, a hierarchical financial performance evaluation model is structured based on the AFP and VFP main-criteria and their sub-criteria. We use fuzzy analytic hierarchy process (FAHP) to determine the weights of the criteria. The companies are ranked according to their own manufacturing sector by using TOPSIS and VIKOR comparatively. The results show that the obtained ranks of the companies by these methods are almost same with respect to their own sectors. [Copyright &y& Elsevier]

Banks play a very important role in financial markets due to their intermediary function. The availability of financing to businesses and individuals, the prevalence of branches throughout the country as well as the preference status at the collection point as a result of the habits of savings holders, have made deposit banks more active among other financial institutions. Since the banking system affects the whole economy, their performance and their performance evaluation become important. Performance measurement can be defined as one of the most important issues in the financial field. In this study, the relationship between stock return and financial performance of Turkish deposit banks was examined via CRITIC method, TOPSIS method and Spearman's rank correlation analysis for 2014–2018 periods. According to the results of the analysis, there is no statistically significant correlation between the stock return ranking and financial performance rankings of deposit banks in Turkey. [ABSTRACT FROM AUTHOR]

This study explores the risk-based effects of negative electronic word-of-mouth (neWOM) perception (financial and performance risks) on electronic word-of-mouth (eWOM) credibility and purchase intention for promotion- and prevention-focused consumers. In this experimental study, a survey was conducted in which 344 people from Turkey participated. Automobiles were chosen as the subject of the survey because they are in the high-risk product category. The results from regression analysis show that the neWOM perception containing financial risk information plays a more significant role than the one containing performance risk in terms of the effect on eWOM credibility for both promotion- and prevention-focused consumers. Moreover, the neWOM containing performance risk has no effect on the eWOM credibility for promotion-focused consumers. When exposed to neWOM, the purchase intentions of both consumers are even more negatively affected by the neWOM information containing performance risk than the one with financial risk content. The results and future predictions are discussed. [ABSTRACT FROM AUTHOR]

The need for SMEs to behave in a more concise and coherent competitive fashion is well recognised. This study reports on an empirical study of SMEs in Turkey. Their responses were applied to a behavioural and information technology adoption framework which enabled the identification of areas where changes would be required for these firms to begin operating at a higher level of competence. The findings revealed significant scope for improvements on all strands of the diagnostic framework: attitude, gathering, location, technology support, IT systems support and finally, use of intelligence-based output by decision-makers. Through free form responses, it was also possible to identify barrier to higher level adoption and performance inhibiters, which were subsequently, categorised and assessed for significance. [ABSTRACT FROM AUTHOR]

This study investigates the relations of board structure, ownership concentration, and ownership type with the performance of banks operating in Turkey from an agency theory and resource-dependency perspective. We use financial ratios and established measures of board characteristics and ownership structure. Our results indicate that board size and duality do not significantly influence the returns on assets of Turkish banks. On the other hand, the tenure of board members is negatively related to performance. Our analysis of board composition reveals a curvilinear relationship with banks' performance, implying that boards composed of a majority of either insiders or outsiders enjoy high performance. Also, ownership concentration and ownership type do not influence firm performance. The results of the financial variables are robust in all models. [ABSTRACT FROM AUTHOR]

The article focuses on a study which examined the structural change and efficiency of the bank sector in Turkey between 1990 and 2006. The study utilized the intermediation approach and derived data from the balance sheets of the banks provided by the Banks Association of Turkey. A major finding is that the performance of the banks, with respect to size and ownership status, converged after the 2001 economic crisis. All banks experienced efficiency gain between 1990 and 2006. State banks demonstrated the worst performance prior to 2001.

Purpose — The principal aim of this study is to determine the impact of market orientation (MO) and implementation of total quality management (TQM) on organizational performance of SMEs. Design/methodology/approach — Based on theoretical considerations, a model is proposed linking the MO and TQM constructs to the organizational performance construct. Exploratory and confirmatory factor analyses empirically verified and validated the underlying dimensions of MO, TQM and organizational performance. Structural equation modeling was employed to test the model drawing on a sample of 141 SMEs operating in the Turkish textile industry. Findings — Data analysis reveals that, while MO has a strong and positive impact on the extent of TQM implementation, it has no significant impact on organizational performance. Similarly, a strong and positive relationship was noted between the level of TQM implementation and organizational performance. It has also been found that the MO has a positive and significant impact on organizational performance through only a mediating role of TQM implementation. Research limitations/implications — The data were collected from textile manufacturers in Turkey, which may restrict to some extent generalizability of findings to other industries or firms operating in more stable environments. Given the limitations associated with perceptual measures, findings should be interpreted with some degree of caution. Finally, an implementation of alternative scales on the same sample would provide further insights into the causal links between MO, TQM and organizational performance Practical implications — SMEs should consider TQM as a facilitating management tool for improving organizational performance in relatively more dynamic environments. Market-oriented SMEs may not realize an increased performance gains with a successful MO implementation but, when TQM is implemented alongside MO, better financial performance can be achieved. As increasing number of SMEs are being involved in global markets, a double track approach (MO at business level and TQM implementation at functional level) to improve product and management quality becomes inevitable. Originality/value — A triangulation of MO, TQM and organizational performance outperforms two-way relationship of MO and organizational performance. Direct and indirect effect of each construct on organizational performance was discovered. SMEs should consider TQM as having a mediating role to improve organizational performance under a given set of market orientation. [ABSTRACT FROM AUTHOR]