Global warming and climate crisis are increasing their effects day by day. The Sustainable Development Goals (SDGs) put forward by the United Nations (UN) are the result of efforts to put sustainability on the agenda of the whole world. 17 goals serve the idea of a better world, not only environmentally but also socially. Even though the goals are seen as separate, all the goals are related to each other. While SDG 5 Gender Equality, and also SDG 10 Reduce Inequalities focus on eliminating gender-related disadvantages, it can also pave the way for disadvantaged groups to contribute in accordance with other goals with their different personal characteristics than men, by ensuring equal opportunities for the genders. For example, when women, who are more sensitive to environmental problems, take part in the decision-making bodies of companies, the environmental activity results of the enterprise may be more positive. To analyze this situation, we used 14-year data of 166 businesses traded in the US and Europe. We analyzed the diversity measures (board size-BS and women ratio on board-WOB ratio) and environmental performance results data and retested the results we reached. In this study, we focus on the E score and analyze the relationship in the short and long term, since the previous literature focused heavily on ESG scores and the results differed. The results show that there is a positive and meaningful relationship between BS and the ratio of WOB in the long run, although not in the short term.
The energy demand of national economies is increasing, with a substantial portion driven by non-renewable energy (NRE) sources. Increased consumption of NRE causes an increase in carbon dioxide (CO2) emission rates. Therefore, climate change is one of the serious issues worldwide. On the other hand, renewable energy (RE) sources are the best alternative clean energy sources to NRE sources. After leaving NRE, is it possible to deal with global warming by only using RE? To find an answer to the question, we investigated the long and short-term impact on the CE of the energy preferences of the analyzed. Therefore, we analysed the causality relationship between the rates of CO2 emissions (CE), use of RE and NRE sources, along with economic growth (EG) rates of various countries. The G-20 countries consume the most FF worldwide, and 19 of these nations were responsible for an average of 73.8% of the increase in global CE from 1966 to 2020. The G-20 countries were considered during 1966–2020 using the fully modified ordinary least square and dynamic ordinary least square methods. Additionally, the existence of cointegration between variables was examined by Pedroni, Johansen Multivariate Co-integration and Kao tests. According to the cointegration test results, in the long term, a 1% increase in the use of fossil fuels (FF) caused an increase in CE rates between 0.40% and 0.57%, whereas a 1% increase in the use of RE sources contributed to a 0.03% decrease in CE. Moreover, a 1% increase in EG caused an increase in CE rates ranging from 0.10 to 0.14%. According to the panel causality test, it is clear that RE sources alone are not sufficient to deal with climate change in the short term. Therefore, in addition to reducing the use of FF to zero, the protection and development of natural carbon sinks such as forests, oceans, and soils are mandatory to control climate change in the short and long term.
Halka açık şirketlerin, gerçeğe aykırı bilgileri açıklayarak, finansal bilgi manipülasyonuna başvurmaları şirket ortaklarının ve ülke ekonomisinin zarara uğramasına neden olmaktadır. Bu kapsamda, bu çalışmanın iki amacı bulunmaktadır. Birinci amacı, Covid-19 salgının yarattığı ekonomik kriz ortamında, Borsa İstanbul'da yer alan şirketlerin finansal bilgi manipülasyonuna başvurup vurmadıkları ihtimalinin Beneish modeli ile analiz edilmesidir. İkinci amacı, teknolojinin gelişmesi ile beraber yaygın olarak kullanılmaya başlanılan yapay sinir ağlarının finansal bilgi manipülasyonunu ölçmedeki performansının değerlendirilmesidir. Araştırma sonuçlarına göre, çalışmadaki 264 şirketten %43'ünün (113 adet) çeşitli seviyelerde finansal bilgi manipülasyonu yapmış olabileceği tespit edilmiştir. Altman Z skoruna göre, finansal başarısızlık ihtimali bulunmayan, güvenli bölgedeki 135 şirketin %47'sinin (64 adet) finansal bilgi manipülasyonu yapmış olabileceğine dair olasılık ve bulgular vardır. Buna karşın, Altman Z skoruna göre, finansal başarısızlık ihtimali yüksek olan, tehlikeli bölgedeki 74 şirketten %45'inin (33 adet) çeşitli seviyelerde finansal bilgi manipülasyonuna başvurmuş olabileceği görülmüştür. Araştırmanın diğer sonuçlarına göre, Altman skoru sonuçları üzerine kurgulanan ve yapay sinir ağlarıyla gerçekleştirilen modelin doğru sınıflandırma oranı, eğitim seti verisi için %99,53 seviyesinde ve test seti verisi için %98,11 seviyesindedir. Beneish modelinin sonuçları üzerine kurgulanan ve yapay sinir ağlarıyla gerçekleştirilen modelin doğru sınıflandırma oranı, eğitim seti verisi için %96,21 seviyesinde ve test seti verisi için %86,80 seviyesindedir.
Bu makale, en az iki hakem tarafından incelenmiş ve intihal içermediği teyit edilmiştir. / This article has been reviewed by at least two referees and confirmed to include no plagiarism.
Financial failure refers to the situation in which the company changes or terminates its activities due to the inability to fulfil its financial obligations. Many studies have been carried out in order to predict this undesirable situation. Various models have been created in accounting-based studies using financial ratios. The most widely used of these models are Altman (1968), Springate (1978), Ohlson (1980), Fulmer (1984), Zmijewski (1984) and Grover (2001). The results obtained by using these models are followed by many stakeholders and accepted as the risk indicator of the enterprise. In this study, the relationship between the financial failure scores of 39 companies traded in the industrial sector in Borsa Istanbul between 2017 and 2021 and their market performance is analyzed separately. As a result of the study, it is seen that there is a positive and significant relationship between the Z-score value of the Altman (1968) model, which is an accounting-based financial failure model, and the Market Value/Book Value (M/B) ratio, which is a market-based performance indicator. These results show that investors invest more in companies with a low risk of financial failure since an increase in the Z-score means a decrease in the probability of financial failure of the business. However, in the research, no significant relationship is found between the scores of other financial failure models and the market-based indicator M/B. Keywords: Financial Failure Forecast Models, Financial Performance, Financial Failure, Borsa İstanbul, Bankruptcies
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