WoS İndeksli Yayınlar Koleksiyonu
Permanent URI for this collectionhttps://hdl.handle.net/20.500.12573/394
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Article Resilience and Market Diversification in Sustainable Tourism: Evidence from International Arrivals to Türkiye (2012-2025)(Emerald Group Publishing Ltd, 2026-02-02) Atay, Mehmet Tarik; Ciuffreda, Raffaela; Coskun, Safa BozkurtPurposeThis study analyzes the possible connections between resilience and market diversification of inbound tourism to T & uuml;rkiye from 2012 to 2025. The aim is to assess the reaction of international arrivals to global fluctuations, such as the COVID-19 pandemic era, and to examine the structural linkage to primary source markets within the concept of sustainable tourism management.Design/methodology/approachThe research uses annual country-specific data related to international arrivals. We used time-series analysis to uncover long-term behaviors and the consequences of crises. The research also used Shannon entropy and the Herfindahl-Hirschman Index to look at market concentration and diversity. A comparative analysis of the primary source countries indicates variations in recovery trajectories and resilience in the concept of sustainable tourism management.FindingsThe results show that T & uuml;rkiye's inbound tourism grew steadily until 2019, decreased severely during the pandemic and then bounced back strongly from 2022 to 2024. Market diversity has improved over time, but dependence on Germany and the Russian Federation tourists' activities is still high. Although the UK was more stable, and regional markets like Bulgaria and Iran were more unstable, their positive effect on achieving the sustainable tourism goal is still weak.Research limitations/implicationsThe study is constrained by the partial coverage of 2025 data and the lack of direct indicators for environmental or social sustainability. Future research may combine these dimensions and their data to construct a more thorough and detailed evaluation for better understanding of the sustainable tourism context.Practical implicationsThe results show that for tourism in T & uuml;rkiye to be sustainable, it needs to have more diverse source markets, be better prepared for global or local crises and have plans for managing capacity, especially tourism management and seasonality. These insights can help government policymakers and local destination management bodies make long-term sustainability stronger.Social implicationsHighly concentrated tourism markets may cause revenue and employment volatility when principal source countries experience a downturn. Advocating for diversity in terms of various source markets for inbound tourism activities enhances tourism-related economic and social resilience and community welfare in terms of stable income flow and fosters inclusive growth throughout the local and national community in accordance with sustainable tourism objectives.Originality/valueThis study directly connects resilience and diversity to the management of sustainable tourism in a new destination. By integrating long-term real case data with related, respected and detailed market structure metrics, it offers novel insights into how destinations might improve their competitiveness, decreased vulnerabilities in crisis time periods and improve the sustainability of the tourism sector.Article Sustainable Conservation Through the Interrelations Between Rural Architecture and Life: The Case of Çomakdağ(Emerald Group Publishing Ltd, 2025-06-24) Kurtulus, Vacide Betul; Guchan, Neriman Sahin; Şahin Güçhan, NerimanPurposeThe paper aims to propose a new approach to the sustainable conservation of rural heritage with the aim of understanding the relations between built environment and society. In the document "Concerning Rural Landscapes as Heritage" by ICOMOS-IFLA, it is argued that there is an interaction between daily life practices and the physical environment for production and cultural activities (ICOMOS, 2017). The main objective of the study is to underline the importance and necessity for this interaction continue for the sustainable conservation of rural areas.Design/methodology/approachThis paper investigates the relationship between the built environment and daily practices in Turkey's & Ccedil;omakdag Region, known for its significant rural architecture and enduring traditions. Through on-site investigation, the study explores the evolution of these relationships across various scales, including buildings, settlements and the region itself. This multi-scale approach aims to identify remaining cultural values and user needs.FindingsTraditional ways of life have undergone a transformation, impacting the interactions between inhabitants and their natural, agricultural and architectural spaces. The primary drivers of these changes are shifts in income sources, technological advancements and infrastructural developments within the settlements. While maintaining a connection between the built environment and daily life practices remains essential, contemporary living conditions and altered routines present challenges to this continuity.Originality/valueThis study builds on previous research on the & Ccedil;omakdag Region. Batur (2010) explored the region's architectural features, including colors and ornamentation. Kurtulus and G & uuml;& ccedil;han (2020) focused on Kizilaga & ccedil; village, examining typical house characteristics. This research offers a new perspective on rural heritage preservation. It emphasizes the importance of maintaining the interrelationship between daily life and the built environment across various scales for sustainable conservation.Article Citation - WoS: 2Citation - Scopus: 3Investor Bias, Risk and Price Volatility(Emerald Group Publishing Ltd, 2022-11-29) Polat, Ali YavuzPurposeThis study proposes a framework based on salience theory and shows that focusing on one type of risk (idiosyncratic or systemic) can explain overpricing of securities ex ante, and resales at low prices during crisis periods.Design/methodology/approachThe author consider an overlapping generations (OLG) model where each generation lives for two periods and there is no population growth. Agents (investors) start their lives with an endowment W > 0 and have mean-variance utility. They invest their endowment when young and consume when old. Each period, the young investors optimally choose their portfolio from different risky assets acquired from the old generation, all assumed to be in fixed supply.FindingsThe author show that investor salience bias can explain excess volatility of asset prices and the resulting fire-sales in periods of financial turmoil. A change in salience - from one component (idiosyncratic) to the other (systemic) - will generate excess volatility. Interestingly, higher risk aversion generally exacerbates the excess volatility of prices. Moreover, the model predicts that if a big systemic shock hits the financial system, due to salience bias the price of systemic assets falls sharply. This relates to the observed fire-sales of assets during the global financial crisis.Practical implicationsThe proposed model and results suggest that there may be a scope for intervention in financial markets during turbulences. In terms of ex ante policies the study suggests that investors and regulator should use better risk assessment technologies.Originality/valueThis is the first study constructing a tractable model based on the argument that investor salience may exacerbate the excess volatility of prices during financial downturns. The author relate salience to two types of risk; idiosyncratic and systemic and assume that investors' risk perception is biased towards the type of risk that is currently salient based on prior beliefs or past data. The author show that the diversification fallacy of the precrisis period, where seemingly safe assets were overpriced, can be explained by agents overweighing idiosyncratic risk and ignoring systemic risk.Article Citation - WoS: 23Citation - Scopus: 27Business Model Adaptation as a Strategic Response to Crises: Navigating the COVID-19 Pandemic(Emerald Group Publishing Ltd, 2021-10-28) Chanyasak, Teerawut; Koseoglu, Mehmet Ali; King, Brian; Aladag, Omer FarukPurpose This study aims to explore how hotels adapt their business models as a strategic response to crisis situations. It sheds light on the processes and methods of business model adaptation during severe crisis situations, such as the COVID-19 outbreak. Design/methodology/approach A single-case study was conducted. Data were collected from the owner/manager of a boutique hotel chain in Chiang Mai, Thailand through an extensive interviewing process. The authors also examined corporate documents. The authors then re-organized the material as a coherent narrative about how the company navigated the COVID-19 crisis. Findings The findings show that the hotels in the study adapted their business models by cutting costs through stopping non-essential operations, increasing non-room revenues and adding new revenue channels, bringing in cash from advance bookings, securing financial support from creditors, leveraging government support and training staff for the "new normal." Originality/value Few previous studies have focused on business model adaptation during the COVID-19 crisis. The investigation of this largely neglected area provides two main contributions. First, it extends the literature on crisis management in hospitality firms by examining business model adaptation patterns and processes during unprecedented crisis conditions. Second, it provides managerial insights and a business model adjustment framework to help practitioners in urban settings in their efforts toward recovery from the COVID crisis.Article Citation - WoS: 3Citation - Scopus: 8Bitcoin-Specific Fear Sentiment Matters in the COVID-19 Outbreak(Emerald Group Publishing Ltd, 2021-09-22) Polat, Ali Yavuz; Aysan, Ahmet Faruk; Tekin, Hasan; Tunali, Ahmet SemihPurpose This study aims to investigate the effect of fear sentiment with a novel data set on Bitcoin's (BTC) return, volatility and transaction volume. The authors divide the sample into two subperiods to capture the changing dynamics during the COVID-19 pandemic. Design/methodology/approach The authors retrieve the novel fear sentiment data from Thomson Reuters MarketPsych Indices (TRMI). The authors denote the subperiods as pre- and post-COVID-19 considering January 13, 2020, when the first COVID-19 confirmed case was reported outside China. The authors use bivariate vector autoregressive models given below with lag-length k, to investigate the dynamics between BTC variables and fear sentiment. Findings BTC market measures have dissimilar dynamics before and after the Coronavirus outbreak. The results reveal that due to the excessive uncertainty led by the outbreak, an increase in fear sentiment negatively affects the BTC returns more persistently and significantly. For the post-COVID-19 period, an increase in fear also results in more fluctuations in transaction volume while its initial and cumulative effects are both negative. Due to extreme uncertainty caused by the COVID-19 pandemic, investors may trade more aggressively in the initial phases of the shock. Practical implications The authors are convinced that the results in this paper have more far-reaching implications for other markets regulated by the states. BTC provides a natural benchmark to understand how fear sentiment drives and impacts the markets isolated from any interventions. Hence, the results show that in the absence of regulatory frameworks, market dynamics are likely to be more volatile and the fear sentiment has more persistent impacts. The authors also highlight the importance of using micro, asset-specific sentiment measures to capture market dynamics better. Originality/value BTC is not associated with any regulatory authority and is not produced by the governments and central banks. COVID-19 as a natural experiment provides an opportunity to explore the pure effects of market sentiment on BTC considering its decentralized and unregulated features. The paper has two main contributions. First, the authors use BTC-specific fear sentiment novel data set of TRMI instead of more general market sentiments used in the existing studies. Next, this is the first study to examine the association between fear and BTC before and after COVID-19.Article Citation - WoS: 2Citation - Scopus: 2An Analysis of Annual Reports From the Sustainable Development Goals Perspective(Emerald Group Publishing Ltd, 2023-10-12) Hacihasanoglu, Erk; Unlusoy, Oemer Faruk; Madenoglu, Fatma SelenPurposeThe 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/approachIn 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.FindingsTo 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/valueThe 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.Article Citation - WoS: 1Citation - Scopus: 1Exploring Transdisciplinary Interaction in Higher Education: Urbanism Through Informal Learning Environment(Emerald Group Publishing Ltd, 2025) Kesim, Berk; Bengu, ElifPurposeThis study aims to explore interdisciplinary and transdisciplinary interactions around sustainability, focusing on the United Nations sustainable development goals (SDGs). By using the city as an informal learning space, it presents a case study to raise SDG awareness, promote interdisciplinarity, foster critical thinking and empower students.Design/methodology/approachUsing qualitative content analysis, this study explores students' interdisciplinary engagements. The research centers on student-created Logbooks, combining field data for analysis via open coding.FindingsThe informal setting facilitates transdisciplinary interaction and enriches interdisciplinary skills while retaining individuals' disciplinary tendencies.Research limitations/implicationsFactors like local geographical conditions and participant numbers could lead to minor variations in future course applications. Although initial problem topics and discussions are confined to local urban geography, they might diversify during implementation.Practical implicationsThe Logbook serves as a guide for local urban issues and embodies interdisciplinary outcomes. It can be enhanced with maps and problem zoning.Social implicationsDemonstrates effective SDG integration into higher education.Originality/valueThis study spotlights interdisciplinary learning within an unconventional context - urbanism - bridging student gaps. Supported by a paradigm shift from sustainability to unsustainability, it underscores the significance of critical engagement with SDGs.Article Citation - WoS: 6Citation - Scopus: 18Is Leverage a Substitute or Outcome for Governance? Evidence From Financial Crises(Emerald Group Publishing Ltd, 2021) Tekin, Hasan; Polat, Ali YavuzPurpose The authors investigate the impact of governance on the leverage of East Asian firms in the financial crisis context, in order to understand the puzzle whether debt acts as a substitute for governance or an outcome of the governance mechanism. Design/methodology/approach The authors use 86,030 firm-years and the country-level governance data from eight East Asian countries over the period 1996-2017. The authors employ the fixed effects (FE) model, in the main analysis and the weighted least squares model, as a robustness check in order to compare the two competing hypotheses of agency theory, substitute and outcome models. Findings The authors' results show that debt acts as a substitute for governance before the GFC, but during and after the GFC the picture changes. Namely, debt acts as an outcome of the governance mechanism during the GFC and its aftermath. Since during financial downturns both agency costs increase, and information asymmetry widens, firms in poor-governed countries may be reluctant to increase their leverage in order not to face financial distress and additional restrictions. Thus, the results imply that the use of debt as a tool to mitigate agency conflicts and a substitute for governance strongly depends on the environment that the firms operate and the general macroeconomic conditions, such as facing a financial crisis or not. Research limitations/implications This study provides an interesting case of the firms' capacity to raise money during a crisis and that governance plays an important role in borrowing activities of firms. This will undoubtedly help motivating owners and policymakers for improving governance. The authors' findings may be useful for policymakers to develop policies considering the adverse effects caused by exogenous shocks. This is crucial because the severity of GFC as a shock seems to change the macro and institutional environment that firms operate. While the authors properly address the research hypotheses using country governance data, future research may employ corporate governance data to attain firm-level results by testing two competing hypotheses. Originality/value There are several important areas where this study makes original contributions. First, while Tsoy and Heshmati (2019) focus on the dynamics of capital structure for only Korean firms, the authors extend the sample including eight East Asian countries considering the impact of country governance on capital structure policy. Specifically, this study is the first in using the robust country governance data, which differs by country and year, in the crisis context. Next, the authors investigate both the AFC and GFC to compare whether these two crises have different effects on capital structure policy of East Asian firms. Finally, the authors aim to understand whether leverage is used as a substitute for governance or an outcome of governance mechanism considering recessions.Article Citation - WoS: 17Citation - Scopus: 20Assessing the Impact of COVID-19 Pandemic in Turkey With a Novel Economic Uncertainty Index(Emerald Group Publishing Ltd, 2021) Mugaloglu, Erhan; Polat, Ali Yavuz; Tekin, Hasan; Kilic, EdanurPurpose 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.