Bu çalışmada TCMB tarafından uygulanan faiz politikasının döviz kuru üzerinde etkili olup olmadığının belirlenmesi amaçlanmıştır. Bu kapsamda, faiz oranı değişkeni için TCMB'nin gösterge faiz oranı ve ağırlıklı ortalama fon maliyeti (AOFM), döviz kuru değişkeni için ise dolar kuru dikkate alınmıştır. Söz konusu değişkenlere ait 2011:01-2018:02 dönem aralığındaki aylık veriler kullanılmıştır. Öte yandan, belirtilen amaca ulaşabilmek için Engle-Granger eşbütünleşme ve Toda Yamamoto nedensellik analizlerinden faydalanılmıştır. Sonuç olarak, TCMB tarafından uygulanan faiz politikasının döviz kuru üzerinde etkili olduğu, fakat bu ilişkinin nedensellik boyutunda olmadığı belirlenmiştir. Belirtilen bu sonuç Türkiye'deki döviz kuru üzerinde faiz oranı dışında da etkili olan başka faktörlerin bulunduğu bilgisini vermektedir. Netice itibarıyla, Türkiye'deki döviz kuru değişikliklerinin kontrol altına alınabilmesi için araç olarak sadece faiz oranının kullanılmaması, diğer başka faktörlerin de dikkate alınması ilgili problemin çözümünde daha etkili olacaktır.
Özgür Ömer ERSİN (1) , Tuğçe ACAR (2) , Özgür KIYAK (3) Öz: Çalışmada, pandemi sürecinin ve özellikle vaka sayılarındaki değişimlerin döviz kurları ve küresel riskin yerel borsa getirilerine etki ediş sürecine yansımalarının incelenmesi amaçlanmıştır. Bu amaçla döviz kuru ve VIX endeksine ek olarak aktif vakalar ve yeni vakaların Türkiye'deki BİST100 hisse senedi endeksi üzerindeki etkileri araştırılmıştır. GARCH, GJR, TGARCH ve doğrusal olmayan GARCH modellerinden elde edilen ampirik bulgular, Türkiye'de pandeminin ilan edildiği 11.3.2020'den başlayarak ve 11.5.2021'de sona eren günlük serileri kapsayan bir örneklemin kullanılmasıyla anlamlı sonuçlar ortaya koymaktadır. Elde edilen ampirik bulgular doğrultusunda, negatif ve pozitif haber şoklarının Türkiye'de borsada ciddi etkilere sahip olduğuna işaret etmektedir. Elde edilen bulgular, BIST 100 getirileri üzerinde Covid-19 vaka sayılarındaki artışların negatif etkilerine ek olarak, özellikle nominal Dolar/TL artışlarının önemli negatif etkileri olduğunu ortaya koymakta, uluslararası finansal riskin bir göstergesi olarak alınan VIX'teki artışların da Türkiye'deki finansal getiriler üzerindeki negatif etkilerine işaret etmektedir.
Purpose- Financial performance indicators of the pandemic effect in companies operating in BIST-30 were grouped as pre-pandemic and pandemic period, and it was tried to determine whether there were clustering differences between companies by using the cluster analysis method. Methodology- Within the scope of the study, financial performance indicators of current ratio, liquidity ratio, leverage ratio, return on equity, return on assets, net profit margin, equity/assets and current assets/assets of the companies operating in BIST-30 for the years 2018, 2019, 2020 and 2021 were used. The data for 2018 and 2019 are grouped as pre-pandemic, while the data for 2020 and 2021 are grouped as the pandemic period. These indicators were obtained from Stockeys and KAP. Cluster analysis was applied to the data. Ward technique was used in cluster analysis. SPSS Statistics 22 program was used in the study. Findings- In the cluster analysis conducted in the context of financial performance indicators, 3 clusters were identified before and during the pandemic. While companies operating in the mining sector were in one of the clusters before the pandemic, it was determined that the other clusters did not form a sectoral unity within themselves. While companies operating in the mining sector were located in one of the clusters formed during the pandemic period, companies operating in the transportation sector were clustered in the other cluster. It has been determined that the companies in the other cluster do not form a union on a sectoral basis. Conclusion- As a result of the analysis, it was determined that companies operating in the mining sector were separated from other clusters before and during the pandemic. It has been determined that companies operating in the transportation sector have differentiated from other companies during the pandemic period and formed a new cluster. Except for the mining and transportation sectors, no difference was detected between the clusters before the pandemic and during the pandemic period. One of the reasons why the enterprises operating in the mining sector are in a separate cluster during the pandemic period can be considered as the increase in commodity prices during the pandemic period. The reason why companies operating in the transportation sector are in different clusters can be considered as the negative reflection of the closure of flights in the pandemic period on the balance sheet of the companies. Keywords: Covid-19, financial performance, cluster analysis JEL Codes: I19, G14 ,C38
Marketing approaches has seen dramatic changes throughout the last decade. With the change of marketing perceptions, consumer satisfaction has become one of the focal points of marketing and satisfaction can be considered as the finish line for marketers, to be obtained on consumers. Satisfaction is indispensable for most sectors and even for competitive sectors. Such sector should attract consumers at every potential channel. Omni-channel methods have started to be perceived as more beneficial as consumers may tend to use both online and brick and mortar stores, additionally they may tend to use these channels corporately. Electronic devices are among the channels of omni-channel and the increase of mobile penetration is one of the key factors to hoist omni-channel usage. As brands aim to gain consumer satisfaction intensively, utilizing both classic channels and online channels and using them corporately would create a great competitive advantage to brands for creating satisfaction. With the rapid increase of electronic devices, internet usage, smart phones and thus with a positive correlation omni-channel usage started to gain popularity and became a topic that must be researched by marketers. This paper studies omni-channel concept and its potential positive effect on consumer satisfaction with the perspective of consumer-oriented marketing mix (4C).
This chapter tries to determine whether there is a causal relationship between exchange rate and foreign trade. The study includes monthly data between February 2003 and December 2018 including dollar foreign exchange selling rate and inflation related real exchange rate for exchange rate, and export amount, import amount, export increase/decrease rate, and import increase. Increase/decrease rate is used for foreign trade among other variables, for a total of 6 variables. According to the obtained results of Engle-Granger cointegration analysis, there is a cointegration between variables in the long run. However, according to the results of the Toda-Yamamoto causality analysis, it was understood that there is no causality relationship between exchange rate and foreign trade.
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