Banking is important for the stability and success of the economy. The success of the banking system on financial intermediation in developing countries is directly affected by non-performing loans (NPLs). Many factors can be treated as NPL determinants. Accordingly, the factors that explain NPLs contain very important information for banks. To this end, the study is an attempt to examine various banking factors that affect NPLs with respect to developing economies. In this study, the bank-specific and macroeconomic factors affecting the NPL rates were analysed through the dynamic panel data analysis. Analyses were made using described G20 countries between 1998 and 2017. The results indicate that the lagged value of NPLs, return on equity, credit growth and credit costs have a significant positive relationship with NPLs, while capital adequacy and GDP have a negative association with NPLs. The results confirm that if the bank-specific conditions change, the credit quality and bank management of banks are affected. It was concluded that the performance of banks is responsive to an effective loan monitoring policy. The findings of the study have implications for policymakers and regulators in the banking sector.
ÖzFinans yönetiminin en önemli konularından biri olan çalışma sermayesi yönetimi işletmelerin değerinin arttırılması, risklerin azaltılması, piyasa değerinin maksimize edilmesi, iş hacminin genişletilmesi, karlılığın ve likiditenin arttırılması bakımından önemli bir oynamaktadır. Bu çalışmanın amacı Türkiye'de faaliyet gösteren konaklama işletmelerinin çalışma sermayesi yönetimi ile karlılık düzeyleri arasındaki ilişkiyi tespit etmektir. Bu amaçla çalışmada, Borsa İstanbul Endeksinde işlem gören 8 adet turizm işletmesinin 2008-2014 dönemine ait finansal tabloları kullanılarak, aralarındaki ilişki çoklu regresyon yöntemi ile analiz edilmiştir. Çalışmada nakit dönüşüm süresi, alacak devir hızı, ticari borçları devir hızı, cari oran, kişi başı gayri safi yurtiçi hasıla, enflasyon oranı, döviz kuru, faiz oranları bağımsız değişken, işletmenin büyüklüğü kontrol değişkeni, net kar marjı ise bağımlı değişken olarak kullanılmıştır. Araştırma sonucunda, nakit dönüşü süresi ve döviz kuru Dolar değişkenlerinin net kar marjı ile negatif yönlü; ticari borç devir hızı, döviz kuru Avro ve işletme büyüklüğü değişkenlerinin net kar marjı ile pozitif yönlü önemli bir ilişki içerisinde olduğu sonucuna varılmıştır. Cari oran, alacak devir hızı, kişi başı gayri safi yurtiçi hasıla, enflasyon oranı ve faiz oranı değişkenlerinin net kar marjı üzerindeki etkisi istatistiksel olarak anlamlı bulunmamıştır. Ayrıca, çalışmada elde edilen sonuç genel anlamda literatür ile uyum gösterdiği görülmüştür.Anahtar Kelimeler: Turizm Firmaları, Çalışma Sermayesi Yönetimi, Karlılık, Borsa İstanbul Endeksi. AbstractWorking capital management which is one of the primary issues of financial management states that plays a vital role in terms of enterprise values increasing, decreasing of risk, maximizing market value of firms, expanding business capacity and increasing of profitability and liquidity. This study aims to examine the relationship between working capital management practices and profitability of listed hospitality firms in Turkey. For this aim using data of 8 listed hospitality firms whose shares are traded in Istanbul Stock Exchange are analyzed with multiple regression method by using financial statements for the period between 2008 and 2014. Cash turnover cycle, account receivables turnover, accounts payable days, current ratio, inflation ratio, exchange rate and interest rate as independent variable, firm size as control variable, net profit margin as the dependent variable at the study. At the and of the research, the results indicate that being cash turnover cycle and exchange rate of Dolar are related negative regression and important relationship with net profit margin while account payable days, exchange rate of Euro and firm size are in a positive regression and important relationship. Coefficients of current ratio, account receivable turnover, per capita gross domestic product, inflation ratio and interest rate are not statistically significant on net profit margin. Moreover, the results obtained in this study are extensively cons...
In this study, the existence of the relationships between non-performing loans and macroeconomic variables for the monthly data of the Turkish banking sector between January 2005 and August 2018 were analysed through the Johansen cointegration test (1991), VECM Granger causality test (1988) and Hatemi-J asymmetric causality test (2012). The results of the Johansen cointegration test indicated that there are significant cointegration relationships between the variables in long-run. According to Granger causality test based on VECM, unidirectional causalities exists between non-performing loans, market capitalisation, exchange rate, industrial production index and foreign trade deficit. Except for market capitalization, those causality relationships were determined to be directed from the macroeconomic variables to NPLs. Under Hatemi-J (2012) asymmetric causality test, the results revealed that there exists asymmetric causality relation between NPLs and other macroeconomic variables excluding the consumer price index. It is possible to verify as a result of the analysis that the causality relationships between the variables differ and NPLs are affected as long as the macroeconomic conditions change. The results also revealed that the NPLs in the Turkish banking sector are different before and after the recent global financial crisis.
The aims of this study are to lend assistance for the account owners who plan to make an investment in the financial markets to make the most accurate investments possible; accordingly, to develop a portfolio selection model and present it with its implementations. Instead of the L 2 (standard deviation), risk function which is approached as a risk by Markowitz, the L 1 (absolute deviation) risk function was used in the study and the optimal portfolios were trying to be attained. After the data acquired from the index of the Borsa Istanbul 30 index, the portfolio optimization model which is based on linear programming and was developed by Ching-Ter Chang (2005) was embraced in order to create an optimal portfolio. In this model, a new model was proposed by adding a limit on trading volume to reduce the systematic risk of the portfolio with the idea that it is one of the important indicators of the market and that it can create a decision-making risk perception. Thus, it was enabled for the portfolio to contain the equities from the industrial branch in desired numbers in accordance with the desire of the investors by adding the preference constraints on the Chang model. It can be said that this study will be useful for the investors and the finance executives who want to create a portfolio on specific risk and return level.
This paper aims to focus weekly stock market prices from the CEECs (Lithuania, Hungary, Romania, Croatia, Slovenia, Poland, Bulgaria, the Slovak Republic, Latvia, Estonia, and the Czech Republic) markets for evidence of weak-form market efficiency. This is complemented by the use of comprehensive unit root tests to test for abnormal return behaviour in these stock markets. For this purpose, Harvey et al. (2008) linearity test was applied in order to determine the characteristics of the series. The results indicate that the series with linear characteristics are Slovenia, Bulgaria, the Slovak Republic, Estonia, and the Czech Republic and those with non-linear characteristics are Lithuania, Hungary, Romania, Croatia, Poland, and Latvia. Then, in order to examine the weak-form market efficiency, DF-GLS (1996), Phillips-Perron (1988) and Lee-Strazicich (2003) unit root tests are applied to linear series and Kapetanios et al. (2003) and Kruse (2011) tests were applied to nonlinear series. The linear and nonlinear unit root tests evidence that all the selected stock markets in CEECs have a unit root, in other words, are non-stationary. In the period analyzed, the results suggest that the weak-form efficient market hypothesis holds in the CEECs. Accordingly, the results indicate support for the validity of the random walks hypothesis in all the selected stock markets in CEECs. It means that investors should not be able to earn abnormal returns by carrying out the same analysis and analysing historical prices in CEECs. The finding of weak-form market efficiency has notable implications from the point of capital allocation, stock price predictability, and the influence of shocks to stock prices.
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.
hi@scite.ai
10624 S. Eastern Ave., Ste. A-614
Henderson, NV 89052, USA
Copyright © 2024 scite LLC. All rights reserved.
Made with 💙 for researchers
Part of the Research Solutions Family.