Yönetim Bilimleri Fakültesi

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50 years of Resources Policy – What is next? Key areas of future research
(ELSEVIER, 2024) Fleming-Muñoz, David; Campbell, Gary; Ley, Yalin; Arratia-Solar, Andrea; Aroca, Patricio; Atienza, Miguel; Dogan, Eyup; Ghosh, Gaurav; James, Alexander; Kumral, Mustafa; Measham, Thomas; Sarr, Mare; Shahbaz, Muhammad; Wang, Haoying; Weber, Jeremy; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
In 2024, Resources Policy reaches its 50th anniversary as a journal. Fifty years leading the field of mineral and fossil fuel policies and economic research worldwide. Considering this special milestone, we provide a forward-looking view in this paper, highlighting seven areas we believe are critical for robust research that Resources Policy should publish in the future. Leveraging our research expertise and knowledge with the journal, these seven areas of future research include implications of post-mining and energy transitions, the dark side of critical minerals, the increasing substitution of local labour by alternative inputs, the role of the resource curse in resilience considerations, the cleaner production role of mining, macroeconomic frameworks, and the future of mining beyond mines (deep-sea and space mining). We believe more research is needed in these seven research areas, which can enhance our understanding of critical aspects, reduce uncertainty, and provide novel ways to address societal, environmental, economic and policy challenges related to the extraction and use of minerals and fossil fuels.
Alliances to acquisitions: A road map to advance the field of strategic management
(Emerald Group Publishing Ltd., 2017) Zakaria, Rimi; Genc, Omer Faruk; AGÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü; Genc, Omer Faruk
Although primarily treated as two distinct research streams, strategic alliances and mergers and acquisitions together occupy much of the strategic management discourse. Alliances, in many cases, end in acquisitions as firms use alliances as intermediate strategic options to eventually acquire a partner. As the discipline of strategy matures and the frequency and the volume of inter-firm cooperation continue to rise, it is imperative to integrate these two research streams for a holistic understanding of the theory of the firm. The purpose of this conceptual piece is threefold. First, we review the extant studies that combine these two governance modes: alliance and acquisitions. Second, drawing on the dominant strategic management theories, we highlight how prior inter-firm alliances inform future acquisitions in terms of (a) pre-combination decisions, (b) post-deal integration processes, (c) alternatives and strategies, and (d) performance outcomes. Finally, in view of the emerging trends and evocative gaps, we offer a conceptual road map to encourage future theoretical development and empirical research. Copyright
The analysis of 'Financial Resource Curse' hypothesis for developed countries: Evidence from asymmetric effects with quantile regression
(ELSEVIER SCI LTD, THE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2020) Dogan, Eyup; Altinoz, Buket; Tzeremes, Panayiotis; 0000-0002-0746-3839; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
A vast body of literature either proxies natural resource abundance with total rents or focuses on the natural resource curse hypothesis. Furthermore, most empirical studies in the literature use traditional estimation methods. To fill the mentioned gaps, this study investigates the financial resource curse hypothesis by using the linkage between financial development and four natural resource rents (oil rents, coal rents, forest rents and natural gas rents) and applying the panel quantile regression with fixed effects on a dataset for a group of developed countries. This study finds that oil rents, coal rents, forest rents and natural gas rents have a positive effect on financial development, which supports financial resource blessing against financial resource curse for developed countries. In addition, a robust examination is conducted by applying the Canay two-step framework. The outcomes verify the main findings although the incremental effect on financial development of forest rents is greater than the other three proxies. This situation can be described as critical for the sustainability of developments related to natural resource rents in financial development and new set of suggestions can be made for policymakers.
An analysis of annual reports from the sustainable development goals perspective
(Emerald Publishing, 2023) Hacıhasanoğlu, Erk; Ünlüsoy, Ömer Faruk; Madenoğlu, Fatma Selen; 0000-0002-3252-5720; AGÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü; Hacıhasanoğlu, Erk; Ünlüsoy, Ömer Faruk; Madenoğlu, Fatma Selen
Purpose – The sustainable development goals (SDGs) are introduced to guide achieving the sustainable goals and tackle the global problems. United Nations members may perform activities to achieve the predetermined goals and report on their SDG activities. The comprehension and commitment of several stakeholders are essential for the effective implementation of the SDGs. Countries encourage their stakeholders to perform and report their activities to meet the SDGs. The purpose of this study is to investigate the extent to which corporations’ annual reports address the SDGs to assess and comprehend their level of commitment to, priority of and integration of SDGs within their reporting structure. This research makes it easier to evaluate corporations’ sustainability performance and contributions to global sustainability goals by looking at the extent to which they address the SDGs. Design/methodology/approach – In the study, it is revealed to what extent the reports meet the SDGs with the multilabel text classification approach. The SDG classification is carried out by examining the report with the help of a text analysis tool based on an enhanced version of gradient boosting. The implementation of a machine learning-based model allowed it to determine which SDGs are associated with the company’s operations without the requirement for the report’s authors to perform so. Therefore, instead of reading the texts to seek for ‘‘SDG’’ evidence as typically occurs in the literature, SDG proof was searched in relevant texts. Findings – To show the feasibility of the study, the annual reports of the leading companies in Turkey are examined, and the results are interpreted. The study produced results including insights into the sustainable practices of businesses, priority SDG selection, benchmarking and business comparison, gaps and improvement opportunities identification and representation of the SDGs’ importance. Originality/value – The findings of the analysis of annual reports indicate which SDGs they are concerned about. A gap in the literature can be noticed in the analysis of annual reports of companies that fall under a particular framework. In addition, it has sparked the idea of conducting research on a global scale and in a time series. With the aid of this research, decision-making procedures can be guided, and advancements toward the SDGs can be achieved.
Analysis of the spillover effects between green economy, clean and dirty cryptocurrencies
(ELSEVIER, 2023) Sharif, Arshian; Brahim, Mariem; Dogan, Eyup; Tzeremes, Panayiotis; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Cryptocurrencies have been widely used as financial instruments over the past decade. Given the development of the cryptocurrency market and the increasing awareness of greener and more energy-efficient tokens, their connection to the green economy has become a popular topic for understanding economic and policy issues. However, the literature still lacks clear evidence on how cryptocurrencies interact with green economy in-dicators. Therefore, this study examines the correlations and spillover relationships between green economy indices, five black cryptocurrencies, and five clean cryptocurrencies for the U.S., Euro, and Asian markets. To this end, it applies the novel quantile spillover index approach of Ando et al. (2018) to daily data from November 9, 2017, to April 4, 2022. The empirical results show that the overall linkage is stronger for green economy indices and clean cryptocurrencies than for dirty cryptocurrencies. Moreover, green economy indices show net receiving behavior, while cryptocurrencies' results differ across variables, quantiles, and time. In addition, a notable point for clean cryptocurrencies is 2020, which was the start of the COVID-19 pandemic. The overall spillover effect is very high for all quantiles for the three markets, especially for Asia. This outcome signifies the safe harbor property for diversification purposes of the green economy. The results presented in this study are important for investors, regulators and, policymakers, cryptocurrency founders as they seek to be financially integrated and develop a more sustainable business.
Analyzing long lasting effects of environmental policies: Evidence from low, middle and high income economies
(ELSEVIER SCIENCE BV, PO BOX 211, 1000 AE AMSTERDAM, NETHERLANDS, 01.01.2019) Ozcan, Burcu; Ulucak, Recep; Dugan, Eyup; 0000-0001-8800-8880; 0000-0001-9938-0063; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
This study investigates whether or not environmental policies have long lasting effects by analyzing stochastic properties of ecological footprint that recently attracts a great attention and is accepted as a broader measure of the environmental degradation in the literature. To this end, countries are classified by income groups and the panel KSS unit root test alongside the SPSM procedure are utilized based on the annual data from 1961 to 2013. The empirical results show that ecological footprint has stationary process for all high-income countries and for about the half of the low-income and upper-middle income economies, whereas non-stationarity is verified for the lower-middle income economies. Crucial policy implications are further discussed.
Analyzing the determinants of carbon emissions from transportation in European countries: the role of renewable energy and urbanization
(SPRINGER, ONE NEW YORK PLAZA, SUITE 4600, NEW YORK, NY, UNITED STATES, 2020) Amin, Azka; Altinoz, Buket; Dogan, Eyup; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
The continuous growth of transport sector and the increase in carbon emissions from transportation attract the attention of policy makers in sustainable transportation. Therefore, it is of great importance to understand the determinants of pollution from transportation. The aim of this study is to analyze the impacts of economic growth, renewable energy consumption and urbanization on CO2 emissions from transport sector in an Environmental Kuznets Curve (EKC) framework for European countries. To end this, second-generation panel long-run estimates and non-causality test are applied on the dataset from 1980-2014. Empirical pieces of evidence show that increases in renewable energy consumption mitigate carbon emissions from transportation, while urbanization has statistically insignificant positive impact on pollution. An increase in renewable energy consumption reduces CO2 from transportation by about 12 percent. The EKC hypothesis is validated. Moreover, unidirectional causality runs from renewable energy, economic growth and urbanization to emissions in transport sector. The findings of this study suggest strengthening the sustainable transportation system by promoting eco-friendly and energy-efficient modes of transportation and increase the environmental awareness of urban population and their overall concerns related to environmental issues caused by transportation. This study provides concrete evidence to the policy makers of European countries for especially sector-based renewable energy projects, drawing attention to the greenhouse gas impact of European transportation sector.
Analyzing the determinants of renewable energy: The moderating role of technology and macroeconomic uncertainty
(SAGE Publications Inc., 2022) Chishti, Muhammad Zubair; Dogan, Eyup; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
In line with the importance of SDG-7, a number of studies have endeavored to divulge the changes in renewable energy consumption (REC); however, the literature fails to either understand the importance of technology i.e., information communication technologies (ICT) and macroeconomic uncertainty in this context or employ robust econometric techniques. This research paper extends the prior literature by focusing on technology and macroeconomic uncertainty as novel determinants in addition to natural resources, human development, globalization, and economic growth as control variables of renewable energy for the top 10 renewable energy-consuming countries by applying several second and third generation econometric tests on annual data from 1990 to 2017. The empirical estimations determine ICT as a crucial factor of renewable energy, suggesting that it significantly triggers REC in the top economies. Conversely, the detrimental effects of uncertainty tend to shrink REC. Furthermore, natural resources, human development, globalization, and economic growth significantly boost REC as consistent with the existing literature. Based on these findings, this study suggests several SGD-oriented policies.
Analyzing the effects of real income and biomass energy consumption on carbon dioxide (CO2) emissions: Empirical evidence from the panel of biomass-consuming countries
(PERGAMON-ELSEVIER SCIENCE LTDTHE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2017) Dogan, Eyup; Inglesi-Lotz, Roula; 0000-0001-7509-4687; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
Even though the energy-growth-environment literature put a lot of effort into investigating the impact on carbon dioxide (CO2) emissions of aggregate energy consumption, aggregate renewable energy consumption and aggregate non-renewable energy consumption, the importance of biomass energy consumption for the environment is not well covered. Besides, the existing studies do not reach a consensus on the validity of the Environmental Kuznets Curve (EKC) hypothesis. Therefore, this study fulfills the gaps in the literature by investigating the impact of biomass energy consumption on CO2 emissions in the EKC model for the panel of biomass-consuming countries. By using some control variables and applying econometric approaches that take into account heterogeneity and cross-sectional dependence across countries in the panel, we find that the EKC hypothesis is valid and biomass energy consumption decreases the level of CO2 emissions. These results are supportive of the international notion that investing in biomass energy infrastructure and biomass supply are an appropriate direction the energy policy makers can use in their efforts to reduce environmental degradation in the long-run. (C) 2017 Elsevier Ltd. All rights reserved.
Analyzing the environmental Kuznets curve for the EU countries: the role of ecological footprint
(SPRINGER HEIDELBERG, TIERGARTENSTRASSE 17, D-69121 HEIDELBERG, GERMANY, 2018) Destek, Mehmet Akif; Ulucak, Recep; Dogan, Eyup; 0000-0002-2514-9405; 0000-0003-0476-5177; 0000-0001-9938-0063; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü
A great majority of the environmental Kuznets curve (EKC) literature use CO2 emissions to proxy for environmental degradation. However, this is an important shortage in application of the EKC concept because environmental degradation cannot be captured by CO2 emissions only. By using a broader proxy, ecological footprint, this study aims to investigate the presence of environmental Kuznets curve hypothesis for the EU countries. The annual data from 1980 to 2013 is examined with second generation panel data methodologies which take into account the cross-sectional dependence among countries. The results show that there is U-shaped relationship between the real income and ecological footprint. In addition, non-renewable energy increases the environmental degradation while renewable energy and trade openness decrease the environmental degradation in the EU countries. Policy implications are further discussed.
Analyzing the impacts of geopolitical risk and economic uncertainty on natural resources rents
(ELSEVIER SCI LTDTHE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2021) Dogan, Eyup; Majeed, Muhammad Tariq; Luni, Tania; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The determinants of natural resources rents have been extensively analyzed in the resources economics and policy literature; however, the role of geopolitical risk and uncertainty in rents remains unexplored. Given that these indicators are rather volatile and thus important to discover for developing countries which own a large portion of natural resources in the world, this study aims to examine the effects of geopolitical risk and economic policy uncertainty on natural resources rents in a group of developing economies by applying the novel panel quantile estimation technique on the panel data over 1985-2018. The empirical results suggest that geopolitical risk has a negative impact on the natural resources rents for all quantiles while economic growth increases natural resources rents across middle-and-high quantiles. In contrast, the influence of economic policy uncertainty on resources rents varies across the quantiles. The uncertainty increases natural resources rents in low quantiles and decreases rents in high quantiles. Thus, quantile regression results reveal heterogeneous impacts of the selected main determinants of natural resources rents. Important policy implications are further discussed in the study.
Analyzing the linkage between renewable and non-renewable energy consumption and economic growth by considering structural break in time-series data
(PERGAMON-ELSEVIER SCIENCE LTDTHE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, ENGLAND, 2016) Dogan, Eyup; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
Even though a number of studies investigate the energy-growth nexus, only a small number of the existing studies use estimation techniques with structural break. Furthermore, majority of the existing studies use aggregate energy consumption and thus fail to identify the effects of energy consumption by sources on economic growth. By taking into account the importance of structural break, this study analyzes the short run and the long run estimates as well as the causality relationship between economic growth, renewable and non-renewable energy consumption for Turkey in a multivariate model wherein capital and labor are included as additional variables. By including additional variables into the model, we also attempt to handle omitted-variable bias problem. This study finds that renewable energy consumption has an insignificant impact on economic growth while non-renewable energy consumption has a significant positive effect on it. The coefficients on capital and labor are statistically significant. Furthermore, we have enough evidence to support conservation hypothesis and feedback hypothesis between renewable energy consumption and economic growth in the short run and the long run, respectively, and feedback hypothesis between non-renewable energy consumption and economic growth both in the short run and the long run. Several policy implications are further discussed. (C) 2016 Elsevier Ltd. All rights reserved.
Analyzing the nexus between energy transition, environment and ICT: A step towards COP26 targets
(ACADEMIC PRESS LTD- ELSEVIER SCIENCE LTD, 2023) Tzeremes, Panayiotis; Dogan, Eyup; Alavijeh, Nooshin Karimi; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Doğan, Eyüp
In line with the Sustainable Development Goals and the recent COP26 summit, energy transition, low carbon emissions and technology have become extremely important subjects in the agenda of governments and poli-cymakers. The present study thus discusses the nexus between energy transition, economic growth, CO2 emis-sions and information and communications technology (ICT) in BRICS countries applying the novel GMM-PVAR method proposed on the annual data for the period 2000-2017. This method is strong to the issue of endogeneity which is commonly faced in the context of panel data analysis but mostly ignored in the literature. The findings of this research demonstrate that carbon emissions have a positive and significant effect on energy transition; similarly, raising economic growth augments the consumption of energy transition. Furthermore, ICT is found to be a significant choice in the development of energy transition and the solution of environmental challenges. Overall, technological factors in addition to economic and environmental factors also have great roles in the development of renewable energy and energy transition. Thus, results from this study call for government supports to develop ICT across the BRICS countries.
Analyzing the nexus of green economy, clean and financial technology
(ELSEVIER, 2022) Metawa, Noura; Dogan, Eyup; Taskin, Dilvin; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Doğan, Eyüp
The connection between the green economy, technology, and finance has recently become a popular topic for analyzing economic and policy matters. Financial technology can provide not only an opportunity to tap into new pools of private capital to finance green and sustainable projects through innovative financial instruments but also provide support to clean technologies through the adoption of voluntary sustainability codes of conduct. However, there is still a lack of clear scientific evidence in the literature about how the green economy interacts with these relevant indicators of sustainable finance. Thus, this paper examines the time-varying causal relationship between indexes of financial technology (FinTech), clean technology (CleanTech), and the green economy (GECON), by applying the novel method proposed by Shi et al. (2018, 2020) on daily data from June 15, 2012 to December 15, 2021. This study finds a higher volatility and causality running from GECON to CleanTech and FinTech for the entire period. Furthermore, the green economy Granger causes FinTech and CleanTech with very significant episodes, especially at the start of the COVID-19 pandemic. The robustness of the results was checked with a rolling window and recursive evolving techniques that overall confirm bidirectional causal relationships between green economy and technology variables. The findings imply that global initiatives to achieve low-carbon economies need to be complemented with the use of clean technologies in the production process and the continuous digitalization of financial sectors. The promotion of clean technology production by governments and the increased interest of investors in FinTech industries will stimulate green economic growth.
Analyzing the relationship between energy efficiency and environmental and financial variables: A way towards sustainable development
(PERGAMON-ELSEVIER SCIENCE LTD, 2022) Taskin, Dilvin; Dogan, Eyup; Madaleno, Mara; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The literature has mainly relied on an annual and short span of data to analyze the relationship between energy, environmental and financial indicators. This study analyzes the relationship between energy efficiency, energy research, pollution mitigation, and FinTech by applying two novel methods-the cau- sality test in the frequency domain [11] and the causality test in the time domain (Shi et al., 2018; 2020)- on the daily data from June 17, 2016 to November 16, 2021. Empirical results from the frequency domain test report that pollution mitigation temporarily causes energy efficiency only in the short run while energy efficiency Granger causes it in the short, medium, and long run. Furthermore, energy efficiency can predict FinTech in the short, medium, and long-run; on the other way, FinTech Granger causes energy efficiency in the long and medium run, suggesting a permanent causality relationship. Empirical results from the time-varying test show a bidirectional relationship between energy efficiency, and environ- mental and financial variables, especially with very high significant episodes around the recent pandemic collapse. Policymakers should promote the launch of financial technologies that will provide finance through green bonds for energy efficiency improvements as well as energy efficiency improvements for pollution mitigation. Further policy implications are discussed in the study
Antecedents of Private-Label Brand Purchase Intention: An Experimental Analysis
(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD2-4 PARK SQUARE, MILTON PARK, ABINGDON OX14 4RN, OXON, ENGLAND, 2021) Ipek, Ilayda; Yilmaz, Cengiz; 0000-0001-7095-4078; AGÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü; Yilmaz, Cengiz
Recent decades have witnessed a growing attention toward private-label brands (PLBs), which also have become of critical importance in emerging markets. Building on this, the main purpose of this empirical research is to investigate the differential influences of individual factors (i.e., socio-demographic aspects, individual differences, and perceptual variables), contextual factors (i.e., distinctive packaging, price promotion, and store image), and attitude toward PLB on PLB purchase intention in an emerging-market context. To serve this purpose, a scenario-based experimental design (N = 351) was used. The findings of the study reveal that prior experience with PLBs, the degree of reliance by consumer extrinsic cues, store image, and attitude toward PLB are precursors of PLB purchase intention, which was found to be inversely related to age, level of purchasing risk, distinctive packaging, and price promotion. This empirical inquiry is expected to provide useful insights into the PLB literature, as it unveils how PLB implications may vary in an emerging-market context.
Are clean energy and carbon emission allowances caused by bitcoin? A novel time-varying method
(ELSEVIER SCI LTD, 2022) Dogan, Eyup; Majeed, Muhammad Tariq; Luni, Tania; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
The bitcoin market has substantially grown in recent years. The researchers are exploring its various repercussions for socioeconomic and political matters; however, the literature still lacks clear evidence on how bitcoin interacts with energy and the environment. This study aims to explore the causal relationship between bitcoin, clean energy, and carbon emissions allowances by applying the novel time-varying Granger causality test on the daily data spanning from Sept 17, 2014, to October 12, 2021. The empirical findings confirm that both clean energy and emission allowances are causally associated with bitcoin. However, this causal relationship varies over time and the duration of causality is longer as suggested by the recursive evolving procedure. The outcome is robust when bitcoin is measured by the volume and the price. Furthermore, the results obtained from robustness analysis conducted through heteroskedastic consistent test also validate the findings that bitcoin causes clean energy and carbon allowance. The findings offer a platform for government officials and policy managers to improve clean energy and carbon allowance markets for sustainable development by managing and using the tools to control and regulate cryptocurrency markets.
Are shocks to electricity consumption transitory or permanent? Sub-national evidence from Turkey
(ELSEVIER SCI LTDTHE BOULEVARD, LANGFORD LANE, KIDLINGTON, OXFORD OX5 1GB, OXON, ENGLAND, 2016) Dogan, Eyup; 0000-0003-0476-5177; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Dogan, Eyup
This is the first study that aims to investigate policy shocks to energy consumption in terms of unit root properties by sector. More precisely, we analyze the stationarity of electricity consumption for 12 regions of Turkey by four sectors in addition to total electricity consumption by region (for a total of 60 cases). We find that 48 cases are non-stationary and 12 cases are stationary. Thus, policies to decrease or stimulate the use of electricity have permanent effects on electricity consumption in 80% of the cases and transitory effects in the rest. Findings and policy implications are further discussed. (C) 2016 Elsevier Ltd. All rights reserved.
Assessing the impact of Covid-19 pandemic in Turkey with a novel economic uncertainty index
(EMERALD GROUP PUBLISHING LTDHOWARD HOUSE, WAGON LANE, BINGLEY BD16 1WA, W YORKSHIRE, ENGLAND, 2021) Mugaloglu, Erhan; Polat, Ali Yavuz; Tekin, Hasan; Kilic, Edanur; 0000-0001-5362-6259; AGÜ, Yönetim Bilimleri Fakültesi, Ekonomi Bölümü; Mugaloglu, Erhan
Purpose This study aims to measure economic uncertainty in Turkey by a novel economic uncertainty index (EUI) employing principal component analysis (PCA). We assess the impact of Covid-19 pandemic in Turkey with our constructed uncertainty index. Design/methodology/approach In order to obtain the EUI, this study employs a dimension reduction method of PCA using 14 macroeconomic indicators that spans from January 2011 to July 2020. The first principal component is picked as a proxy for the economic uncertainty in Turkey which explains 52% of total variation in entire sample. In the second part of our analysis, with our constructed EUI we conduct a structural vector autoregressions (SVAR) analysis simulating the Covid-19-induced uncertainty shock to the real economy. Findings Our EUI sensitively detects important economic/political events in Turkey as well as Covid-19-induced uncertainty rising to extremely high levels during the outbreak. Our SVAR results imply a significant decline in economic activity and in the sub-indices as well. Namely, industrial production drops immediately by 8.2% and cumulative loss over 8 months will be 15% on average. The losses in the capital and intermediate goods are estimated to be 18 and 25% respectively. Forecast error variance decomposition results imply that uncertainty shocks preserve its explanatory power in the long run, and intermediate goods production is more vulnerable to uncertainty shocks than overall industrial production and capital goods production. Practical implications The results indicate that monetary and fiscal policy should aim to decrease uncertainty during Covid-19. Moreover, since investment expenditures are affected severely during the outbreak, policymakers should impose investment subsidies. Originality/value This is the first study constructing a novel EUI which sensitively captures the critical economic/political events in Turkey. Moreover, we assess the impact of Covid-19-driven uncertainty on Turkish Economy with a SVAR model.
Barriers To Strategy Implementation In Turkey's Healthcare Industry: Hospital Manager Perspectives
(TAYLOR & FRANCIS LTD, 2021) Saffet Ocak; Omer Faruk Aladag; Mehmet Ali Koseoglu; Brian King; AGÜ, Yönetim Bilimleri Fakültesi, İşletme Bölümü; Aladag, Omer Faruk
Although strategy implementation has profound implications for delivering efficient service, it has been largely neglected in the healthcare management literature. This study explores the barriers to effective implementation of strategic plans in healthcare organizations. To achieve this end, empirical data were collected from 185 hospital managers in Turkey using a survey-based methodology. A descriptive analysis was undertaken of the survey responses to determine the most important barriers to strategy implementation. The most significant barriers undermining strategy implementation efforts were found to be: low employee motivation, an exclusive focus on financial performance and lack of consensus among decision makers.

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