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This study aims to examine whether the participation index performance in the Turkish economy is going well in terms of macroeconomic factors over the period of January 2018March 2021. In this study, the cointegration between the variables is checked with the ARDL bound test and the Johansen cointegration method. The long-term coefficients are estimated through the ARDL model. Finally, the causal linkage among the participation index performance and traditional stock market index, short-term interest rate, money supply, and the inflation rate is tested with the Toda-Yamamoto causality method. The main empirical findings are shown as in the following: 1) there is cointegration between the Participation index performance and traditional stock market index, short-term interest rate, money supply, and inflation rate under the structural break, 2) the traditional stock market index and money supply improve the Participation index performance in Turkish economy while short-term interest rates hamper it, and 3) there is a two-way causality between the participation index performance and the traditional stock market index and inflation rate, and a one-way causality relationship running from money supply and interest rates to Participation index performance. These evidences provide important suggestions to investors in terms of portfolio diversification and to policymakers in the light of risk allocation and market policies.

This study is to examine the relationship between information and communication technology (ICT) and financial development in the Turkish economy during the period of 1986–2018. By empirical literature, economic growth, technological innovation, and financial globalization are added to the financial development model as explanatory variables. The autoregressive distributed lag (ARDL) model and Hatemi-J cointegration test with two structural breaks are applied to examine the presence of cointegration between the variables. Dynamic ordinary least squares (DOLS), fully modified least squares (FMOLS), and canonical cointegrating regression (CCR) estimation techniques are applied for long-term estimates. The vector error correction model (VECM) Granger causality approach is used for causality analysis. Our empirical results show that under the structural break, ICT, economic growth, technological innovation, and financial globalization are cointegrated with financial development. In the presence of a structural break, ICT and technological innovation negatively affect financial development, while economic growth and financial globalization have a positive impact on financial development. The causality analysis determines that there is a one-way causality relationship running from ICT and economic growth to financial development. In addition, technological innovation and financial globalization lead to long-term financial development. Empirical findings have important policy recommendations for financial development in the Turkish economy.

Çalışmada firmaların piyasa değeri ile muhasebe ve makro ekonomik veriler arasındaki ilişki araştırılmaktadır. Bu ilişki tespiti için Borsa İstanbul’da işlem gören holding firmalar arasından Koç Holding A.Ş., Hacı Ömer Sabancı Holding A.Ş., TAV Havalimanları Holding, Tekfen Holding A.Ş. ve Petkim Petrokimya Holding A.Ş seçilmektedir. Holding firmaların 2009Q1-2018Q4 dönem aralığı verileri toplanıp durağanlıkları belirlenmekte ve sonrasında eş bütünleşme testi yapılmaktadır. Çalışma sonucunda, holding firmaların piyasa değeri ile holdinglerin defter değeri ve net kârı ve hatta gayri safi yurtiçi hasıla (GSYİH), faiz oranı, üretim endeksi, döviz kuru ve BİST100 endeksi arasında uzun dönemli ilişki belirlenmektedir. DOLS yöntemi sonuçlarına göre de, holding firmaların piyasa değerini defter değeri ve net kâr arttırmaktadır. Ayrıca GSYİH, faiz oranı ve BIST100 endeksinin genel olarak holding şirketlerinin piyasa değerini artırdığı, üretim endeksi ve döviz kurlarının düşürdüğü tespit edilmiştir.

This study explains bankruptcy by talking about risk, risk types, and risk management and bankruptcy forecasting models. The studies in the literature are examined and explained as risk, danger, possibility of bad consequences, loss, or misfortune. Types of risks, purchasing power, interest rate, market, political, exchange rate, financial, industry, corporate bond, liquidity, taxation, reinvestment, country, dynamic, structural, conditional, customer, financial/regulatory, reputation/loss, corporate and interpretation risks are identified in the literature. The study explains bankruptcy as the situation that occurs when a business cannot obtain sufficient value to cover the costs of doing business. Finally, it is stated in this study that bankruptcy estimation methods, which are constructed with historical observations and evaluated with historical observations, are used to predict firms without failing. The findings, which are obtained by examining the literature, offer important contributions to company managers.