The purpose of this study is to examine the impact of both firm-specific and macroeconomic factors on the financial distress risk of the firms listed in the Borsa Istanbul Small and Medium Enterprises (SMEs) Industrial Index over the period from 2010 to 2019. Generalized Method of Moments (GMM) estimator is used to determine the potential impact of firm-specific and macroeconomic factors on financial distress risk. The dependent variable used in the study is financial distress risk measured by Springate S score. This study considers the independent variables by incorporating both firm-specific (current ratio, quick ratio, asset turnover, debt ratio, financial leverage, and return on assets) and macroeconomic factors (economic growth, exchange rate, and inflation rate) in the analysis of financial distress risk. The empirical results show that the current ratio, quick ratio, asset turnover, debt ratio, financial leverage, and return on assets have a statistically significant positive impact on financial distress risk. On the contrary, the findings document a negative association between percentage change in the consumer price index and financial distress risk. To the best of the author's knowledge, this is one of the several studies seeking to identify the determinants of financial distress risk for Turkish SMEs by considering both firm-specific ratios and macroeconomic indicators with panel data analysis (generalized method of moments). This study may be extendable to be used by SMEs and may provide a remarkable resource for them. Also, the obtained results equate numerous practical implications nominately for the executives of SMEs as mentioned in the conclusion part of the study.

Purpose-The aim of this study is to analyze the impact of macroeconomic uncertainty on Return on Assets (ROA) and Return on Operating Profits (ROAF) by employing panel data analysis within the sample of Borsa Istanbul Non-Metallic Mineral Products sector for the period of 2003:Q1-2016:Q4. Methodology-Firstly; volatility levels of exchange rate, interest rate, inflation rate and growth rate were determined by Generalized Autoregressive Conditional Heteroscedasticity (GARCH) modelling. Then, the relationship between uncertainty and profitability were examined by panel data analysis. Findings-Our findings revealed that growth volatility, exchange rate volatility, and interest volatility had a negative effect on both return on assets (ROA) and operating profit (ROAF). Conclusion-Macroeconomic uncertainty has potential to affect the firm profitability through firm decision-making. The findings of this were consistent with relevant theoretical and empirical literature. In this regard, establishing and sustaining a stable macroeconomic environment is of great importance for firm profitability and in turn achieving a sustainable growth and lower unemployment rates.

Bu çalışmanın amacı enflasyon belirsizliğinin piyasa faiz oranı (benchmark) üzerindeki etkisini analiz etmektir. Bu çerçevede ekonomide genel faiz düzeyini gösteren ve para piyasasında karar birimlerinin tercihleri sonucunda oluşan iki yıllık devlet tahvilinin faiz oranı temel değişken olarak alınmıştır.Enflasyon belirsizliği Tüketici Fiyat Endeksi'nden (TÜFE) Friedman'ın yaklaşımına dayalı olarak GARCH yöntemi kullanılarak koşullu varyanstan türetilmiş ve açıklayıcı değişken olarak kullanılmıştır. Piyasa faiz oranının kullanılması, enflasyon ve enflasyon belirsizliğine karşı piyasa karar birimlerinin davranışına ait bilgiyi içerdiğinden, elde edilen bulgular politika önerisi açısından önem kazanmaktadır.

This chapter intends to measure environmental, social, and economic sustainability efficiency levels of the manufacturing companies listed in Borsa Istanbul Sustainability Index by using data envelopment analysis (DEA) based on the target year of 2019. In this context, considering the relationship between inputs and outputs determined as a result of the comprehensive review of the related literature, efficiency assessment is made by considering environmental, social, and economic indicators, which are the main dimensions of corporate sustainability. The input-oriented Charnes, Cooper, and Rhodes (CCR) and Banker, Charnes, and Cooper (BCC) models have been used in the efficiency measurement. According to the obtained efficiency scores for the relatively inefficient companies in terms of environmental, economic, and social dimensions, several suggestions are offered depending on the potential improvement rates for them.

Theaim of this study is to determine the brand value based on the financial data and to analyze the causality relationship between the obtained values and the asset profitability levels of the firms. Analyzing the food sector firms located in Brand Finance Turkey-100 list over the last four years, Hirose method is used to measure the financial-based brand value during the period 2008:Q1-2018:Q3. Additionally, panel causality analysis is used in determining whether there is a relationship between the brand value and asset profitability. The empirical results show that there is a unidirectional causality relationship from brand value to return on assets.