Search

Financial stress, defined as a situation where the financial system is under pressure and disruptions occur in the normal functioning of financial markets, adversely affects markets through various channels, leading to the emergence of uncertainty and a slowdown in economic activity. This study investigates the impact of financial stress on the Istanbul Stock Exchange sector stock market. As part of the research, the Financial Stress Index has been considered as the indicator of financial stress, while the Istanbul Stock Exchange sector stock market includes the Istanbul Stock Exchange Banks, Electricity, Financials, Service, Holdings & Investments, Chemical, Petroleum & Plastic, Leasing and Factoring, Securities Investment Trusts, Primary Metal, Non-Metallic Minerals, Metal Products & Machinery, Wood, Paper & Printing, Industrial, Insurance, Textile & Leather, Wholesale & Retail Trade, Tourism, Transportation, Food & Beverage indices, in addition to the Istanbul Stock Exchange 100 Index. The dataset consists of monthly/closing data for the period March 1997-September 2022. According to the causality test results of Fourier Toda-Yamamoto (2016), a causality relationship has been found from financial stress towards the Istanbul Stock Exchange 100, Banks, Financials, Holdings & Investments, Chemical, Petroleum & Plastic, Securities Investment Trusts, Primary Metals, Non-Metallic Minerals, Metal Products & Machinery, Wood, Paper & Printing, Insurance, Textile & Leather, Wholesale & Retail Trade, and Tourism indices. [ABSTRACT FROM AUTHOR]

This paper investigates the relationship between geothermal energy consumption, economic growth, and foreign direct investments in countries where geothermal energy production is possible. Panel Fourier Granger causality and panel Fourier Toda–Yamamoto causality tests (2020–2021) were applied, which can take into account smooth transitional structural breaks with trigonometric functions using quarterly data for the period 2016 Q1–2020 Q3. Data were obtained from the International Energy Agency (IEA), Federal Reserve Economic Data (FRED), and the OECD official website. According to the results obtained based on panels, there is one-way causality from economic growth to geothermal energy and one-way causality from geothermal energy consumption to foreign direct investments. The results obtained based on individual countries indicate that one-way causality from foreign direct investment to geothermal energy consumption was found for Mexico and Portugal, and one-way causality from geothermal energy consumption to economic growth was found for Italy and Mexico. On the other hand, causality from economic growth to geothermal energy consumption was observed for Germany, Japan, and USA. No significant results were found for Turkey and New Zealand, and it is understood that the macroeconomic structures of these countries are not affected by geothermal energy. The difference in the results reveals that the application recommendations on this subject should also be different. [ABSTRACT FROM AUTHOR]

Financial bubbles are described as the deviation of the market values of financial assets from their core values. They are one of the main indicators for the financial crises by negatively affecting the markets due to the constant overvaluation of the assets. Therefore, investigating the presence of financial bubbles and determining the reasons are of great importance for investors, market regulators, and portfolio managers in terms of investment risk and price stability. In the study, the presence of bubbles in the foreign exchange market is investigated by considering the most traded currencies such as the US Dollar, Euro, Japanese Yen, British Pound, and Chinese Yuan. For this purpose, the daily price data for the period between 03.01.2005-20.11.2019 for the US Dollar/Turkish Lira, Euro/Turkish Lira, British Pound/Turkish Lira, and Chinese Yuan/Turkish Lira, and the daily price data belonging to 28.08.2013-20.11.2019 period for Japanese Yen/Turkish Lira are used. Supremum Augmented DickeyFuller (SADF) and Generalized Supremum Augmented Dickey-Fuller (GSADF) tests are used to determine the bubbles in aforementioned exchange rates. The results indicate findings regarding the formation of financial bubbles in the foreign exchange market in Turkey. [ABSTRACT FROM AUTHOR]

In study which investigates the effect of social responsibility activities on financial performance of enterprises, 2007-2016 years' data of 45 enterprises existing in the BIST 100 Index have been analyzed. ISO 26000 Corporate Social Responsibility Standard categories as an indication of social responsibility, as financial performance indicators, asset profitability rate, Tobin's q ratio and economic value added have been taken into consideration. As a result of the study using panel regression analysis technique, it has been concluded that the asset profitability rate is affected in a positive way by the practices in the workplace, the environment, the issues related to the consumer, and the social responsibility activities related to social participation and development; the rate of tobin's q ratio is affected in a positive way only by social responsibility activities related to social participation and development; and economic value added is positively affected by all social responsibility activities except for the practices at work. [ABSTRACT FROM AUTHOR]