Nigar Taşpınar danışmanlığındaki tezler
16 tez · Eastern Mediterranean University
Determinants of Banks Capital Structure: Empirical Evidence on Listed Commercial Banks in Turkey
Existing literature provides sufficient evidences consistent or/and contradict of the available theories of capital structure. On the other hand, the choice of capital structure for the non-financial firms substantially varies from financial institution especially banks. This motivates enough for further studies in particular in a fast growing country such as Turkey. The present thesis empirically examines the choice of leverage of 9 listed commercial banks as the function of 4 bank characteristics namely profitability, tax shield, collateral and dividend. The present thesis uses panel OLS regression considering the robustness and diagnostic tests of the model. The findings suggest a very small but negative impact of the profitability on the capital structure of the sample banks implying a consistency with the pecking order theory. Tax shields effects were found to be insignificant. Surprisingly, the impact of collateral found to be negative and statistically significant. Finally, we report a positive but very weak association between the dividend and the choice of capital structure of the sample banks.
The Relationship between Inflation, Bank Credit, and Economic Growth: The Case of Uganda
This thesis explores the relationship among inflation, bank credit, and economic growth in the case of Uganda using data obtained from the World development indicators from 1983- 2015. The variables used are Gross Domestic Product for economic development, consumer prices as the annual percentage of the GDP for inflation rates and domestic credit to the private sector by banks for bank credit. The thesis applies the unit root tests (Augmented Dickey-Fuller, Phillips – Perron and the Kwiatkowski–Phillips–Schmidt–Shin test) to test the stationarity of the variables, cointegration test to investigate the long run relationship between the variables, Vector Error Correction Model (VECM) to determine the short run and long-run relationship and lastly the Granger causality to determine the direction of Inflation, Bank credit and Economic growth. VECM results indicate a negative long-run relationship between inflation and economic growth and also a long run negative relationship between bank credit and economic growth in Uganda. This adds to the available literature on the study of inflation, bank credit and economic growth in the world and its uniqueness in the results of the negative relationship between bank credit and economic growth which is a rare case. Also, the results would enable the policymakers in Uganda to make the right decisions to enable the development of the country as well as ensure that the negative relationship between bank credit and economic growth does not adversely affect the country‟s economy. Keywords: Inflation; bank credit; economic development; Uganda
Impact of Foreign Direct Investment, Financial Development and Stock Market on Economic Growth: The Case of Turkey
The purpose of this study is to investigate the relationship between foreign direct investment, financial development and stock market towards economic growth in Turkey. Various tests are applied in order to indicate the connection in between , Johansen co-integration test made on non-stationary variables indicate that there is a co-integrating vector as well as there might be a long term relationship among foreign direct investment, financial development, stock market and the dependent variable GDP concerning error correction model estimation. It is found that there is a long run equilibrium relationship among the variables. In long term, foreign direct investment and financial development are statistically significant at α=0.10.Which means that foreign direct investment and financial development have a positive impact on gross domestic product. Moreover, SM has a negative impact on GDP in Turkey for the long run.
Oil and Gold Return Spillover Effect on The Elasticity of Stock Markets
This dissertation aimed to achieve two primary goals. First, I studied the elasticity spillover effect in the Middle East financial market. Second, I studied the return spillover effect of oil and gold on the elasticity of financial markets in a group of Middle Eastern countries. To achieve these goals, I used the latest method to test the time effect during time variation. For instance, I employed bivariate and partial wavelet tests to visualize the association and the effect during the time domain. The results indicated an interaction between oil-exporting countries, while it is less for importing countries. The Saudi market is also the largest source for determining the elasticity of the Middle East markets. The Jordanian, Turkish, and Kuwaiti markets are the most affected by the elasticity of the region's markets. Finally, the Bahraini market is considered one of the financial markets least influenced by the elasticity of the region's markets. In contrast, the Egyptian and Bahraini markets interact the least with the other financial markets in the Middle East. Moreover, I found a heterogeneous impact of oil and gold returns on stock market elasticity. In contrast, oil returns significantly affected elasticity in most oilexporting countries. Additionally, the elasticity of financial markets in oil-importing countries only slightly impacted the movement of oil returns. The impact of oil and gold returns also varied among short, medium, and long-term periods; gold returns were greater for Kuwait, Bahrain, Saudi Arabia, and Jordan. Additionally, the impact of oil was more in Qatar, Bahrain, and Egypt, whereas the effect of gold and oil was equal in Turkey. Lastly, the COVID-19 pandemic significantly affected the elasticity of financial markets.
The Role of Financial Innovation on Financial Development in the Case of Norway
This thesis investigates the long-run equilibrium relationship and short-run relationship between gross domestic product, inflation, foreign direct investment, stock market traded, financial innovation, and financial development in the case of Norway between 1989 and 2018. In this thesis, the main aim is to find out the effect of financial innovation in the long-run and short-run on financial sector development. Level relationship between variables in this study confirmed by bounds test under the ARDL model mechanism. ECM under the ARDL approach used for the short-run and indicated that financial development converges to long-run equilibrium level by 48.61% speed of adjustment by the contribution of gross domestic product, inflation, foreign direct investment, stock market traded, and financial innovation every year. Results of ARDL estimation indicated that financial innovation has an inelastic, positive, and significant effect on financial development in the long-run and has a significant and negative effect in the short-run. Furthermore, the gross domestic product has a positive effect, and inflation and stock traded value have a negative effect on the financial sector development in the long-run. The Toda-Yamamoto causality test results indicate that there is a bidirectional relationship between financial innovation and financial development. Keywords: Financial Innovation, Financial Development, Toda-Yamamoto Causality Test, ARDL Approach, Norway.
The Impact of Financial Development on Income Inequality
The need to reduce income inequality occupies the attention of policymakers and researchers around the world. However, there is no consensus in the literature about the nature of the relationship between Financial Development (FD) and income inequality. Therefore, this thesis contributes to the debate by evaluating the impact of FD on income inequality in South Africa. It focuses on the test of financial Kuznets curve Hypothesis. Using yearly series from 1975 to 2018, the thesis employed Augmented Dickey Fuller (ADF) and Phillips-Perron (PP) unit root tests, Johansen cointegration test, Granger causality and fully modified OLS (FMOLS) regression technique. The findings reveal that the relationship between FD and income inequality is negative, whereas its square positively relates to income inequality in South Africa. This indicates the existence of U-shape (inverted Kuznets curve) relationship between FD and income inequality. The turning point is found to be about 4.47%. This thesis therefore, concludes that FD is a significant determinant of income distribution and its impact is contingent upon the stage of FD and income inequality in South Africa. It is thus recommended that policymakers in South Africa and probably other emerging markets should prioritize the development of financial sector, entrench policies that promote economic growth, embrace economic liberalization with caution, adopt expansionary fiscal policies and control inflation to reduce income inequality in the country. Keywords: Income inequality; Financial development; Economic growth; Economic globalization; Time series analysis
The Impact of Financial Development on Innovation
Being a driver of technological innovation and an indicator of economic growth, the theme of financial development is studied widely, arguing that a well-developed financial system mobilizes capital for growth. However, the literature on the subject issue is limited to panel data studies. Also, results vary across countries having different economic and financial structures. Therefore, this thesis is aimed to empirically examine the relationship between financial sector development and innovation patent application in Bangladesh over the period 1980-2018. The thesis used auto- regressive distributive (ARDL) lag to quantify the subject relationship, with the number of innovation patent applications as the dependent variable that measures the country's innovation performance. Results of ARDL indicate that financial sector development indicators both banking and non-banking have a positive relationship with the number of innovation patent applications in Bangladesh in the long run. However, this thesis found that secondary level education is not contributing to innovation. Therefore, the country should focus on their higher education and technical education and build an effective regulatory capital framework that can help resolve market failure and strengthen the whole financial infrastructure and innovation practices in the country as a result. Keywords: financial development, inovasyon patent başvurusu, ARDL.
Bank-specific and Macroeconomic Determinants of Commercial Bank Credit Risk: Empirical Evidence from Turkey
In this thesis, we analyzed the relationship between the ratio of non-performing loans to total loans as the proxy for credit risk, profitability of banks and macroeconomic factors in the Turkish banking sector, considering 7 banks within a 9-year period from 2007 until 2015. We used a panel data to investigate the relationship, and found out bank-specific factors—bank profitability (ROE and ROA), market power (bank size), capital adequacy, and management quality and liquidity ratio—exert various degrees of influence on non-performing loans, and consequently, credit risk of Turkish banks. We discovered that although both macroeconomic factors and bank-specific factors serve as determinants of credit risk exposure of Turkish banks, bank-specific factors are however the most important determinants of credit risk within Turkish banks. We concluded by recommending some possible solutions to the problems we came across in this thesis.
An Evaluation of the Effects of Interest Rate Spread on Bank Performance: The Case of China
Interest rate spread is the difference between the interest rate received and the interest rate paid. This thesis seeks to investigate the relationship between the bank performance and the interest rate spread. The study focused on China and data was collected from The Bankers Database for the years 2014-2016. In order to analyse the relationship five independent variables were selected to assist in the research. These variables are interest rate spread, savings deposit rate, liquidity risk, operations risk and provision for bad debts. From the results we are able to conclude that there is a positive relationship between the interest rate spread and bank performance.
Determinants of Venture Capital Investment: Evidence from Western Europe
The aim of this thesis is to examine the determinants of venture capital investment for the case of nine Western European countries for the period between 2007 and 2017. The thesis investigates six main macroeconomic determinants of venture capital investments as well as the political risk as one of the most important determinants. Results of panel regression model under fixed effect indicate that GDP growth, interest rate, stock market capitalization, unemployment rate, financial development, and political stability have positive and statistically significant effect on venture capital investments in Western European countries. Keywords: Venture capital, Western Europe, GDP, Interest rate, Fixed effect
The Impact of Globalization, Trade Openness and Economic Growth on Financial Development the Case of Turkey
This research has investigated the impact of trade openness, economic growth, and globalization on the financial development of Turkey. The analysis was applied on time series data from the period of 1980 to 2015 using different time series methodologies. First, the data was summarized and explored through descriptive statistics. Afterwards, unit root tests (Augmented Dickey Fuller and Phillips Perron), Johansen cointegration test, vector error correction model (VECM), and Granger causality under VECM were applied on the data. Results show that trade openness, globalization, and economic growth are key determinants of financial development in the case of Turkey and have positive significant relationship with it. To achieve the financial development in Turkey, Turkish government should stabilize its economy to have higher trade openness and globalization Keywords: Financial development, Economic growth, Globalization, Trade openness.
Financial Structure and Performance: Evidence from Technology Companies in US Stock Exchange Markets
Many Financial decisions should be decided to get the optimal capital structure which shows the ability of the company to survive and compete in the market. Financing decision is one of the most important decisions that corporations make, determining the capital structure requires determining the level of debt and equity to be used to obtain the optimal capital structure. This study aim is to investigate the factors which affect the capital structure of a sample of some technology companies in the American stock exchange markets (NASDAQ and NYSE). Moreover, it aims to indicate the association of financial structure and financial performance. For this purpose, the study was conducted using panel data methodologies for five companies listed on the US stock market during 2006-2015. The data is collected from Thomson Reuters DataStream. The results of the study indicate that there is a negative association between profitability and leverage ratios and a positive association between the size of a firm and profitability. Moreover, the findings indicated that the tangibility of assets has positive relationships with profitability and debt financing. Keywords: Financial performance, Financial structure, US technology companies.
The Relationship between Banking Sector, Stock Market Development and Economic Growth: The Case of East Asia and Pacific Countries
This thesis aims to investigate the relationship between the financial development and economic growth in East Asia and Pacific countries between the periods 1975 to 2015, using unit root test, cointegration test, Granger causality test and error correction model. The empirical results indicate that there is a long-run equilibrium relationship between the financial development and economic growth. We also found that banking sector positively affect economic growth unlike the stock market that inversely influences economic growth. East Asia and Pacific countries converges to its level of equilibrium in long-run by 2.92 percent through the financial sector contributions. Therefore, the influence of banking sector and the stock market on economic growth vary from one to another country and depends on the nature of country' resources. Our findings are compatible with some literatures and studies in the other regions and countries such as Malaysia, Kenya, Bangladesh, China and Saudi Arabia and other countries (Vaithilingam, 2008; Gleba Nila, 2015; Sheilla Nyasha et al, 2017; Banerjee et al. 2017; Wang, 2013). Keywords: Gross domestic product, Domestic credit to private sector, Stock value traded, East Asia, Pacific countries.
Determinants of Stock Market Development: Role of Globalization
The importance of understanding the determinants of stock market capitalization take the attention of researchers and policymakers around the world. Nonetheless, there is no consent in the literature about the description of the relationship between globalization along with chosen important macroeconomic factors and stock market capitalization. Hence, this thesis contributes to the argument by assessing the effect of globalization and several macroeconomic factors on stock market capitalization in South Africa. Using yearly data from 1975 to 2017, the thesis adopted Augmented Dickey Fuller (ADF) and Phillips-Perron (PP) unit root tests, Johansen cointegration test, Granger causality and fully modified OLS (FMOLS) regression techniques. FMOLS regression results indicate that trade openness, economic growth and money supply have positive impacts on stock market capitalization. However, globalization and domestic savings have negative association with stock market capitalization. Therefore, this thesis concludes that globalization and the other macroeconomic variables are significant determinants. It is thus recommended that decision makers in South Africa and mostly other developing countries should adopt stock market regulations to protect the domestic stock market against the negative effect of globalization. Results of this thesis can be a guideline for other developing countries to create effective policies around stock market capitalization.
The Relationship between FDI, Exchange Rate, Financial Development and Trade in Goods and Services: The Case of China
This thesis investigates the long run equilibrium relationship between FDI, exchange rate, financial development and trade in goods and services for the case of China between the years of 1982- 2016. The thesis applies unit root tests (Augmented Dickey-Fuller, Phillips – Perron and the Kwiatkowski–Phillips–Schmidt–Shin test) to test the stationarity of the variables, the VAR model, Johansen cointegration test to investigate the long run relationship between the variables, vector error correction model (VECM) in order to investigate the short term and long term relationship, Granger causality to determine the direction of FDI, financial development, exchange rate and trade in goods and services, impulse response function and lastly variance decomposition. VECM results shows a negative long term relationship between financial development and trade and also a long run positive relationship between exchange rate, FDI and Trade in the Chinese economy. The results of the thesis would guide policymakers in China to make efficient decisions in terms of the betterment of the Chinese economy.
The Role of Financial Performance and Government Involvement on Bank Profitability: The Case of Jordan
Banking sector is one of the most important sectors in each country, it can be considered as the engine of the economy. Thus, profitability index for banks should be measured and rated. The primary goal of this thesis is to measure the financial performance of top nine commercial banks operating in Jordan during the period 2011-2017 using CAMEL model and law and order. According to the results of the thesis, it is shown that liquidity and assets quality variables have a significant effect on both ROA and ROE models, Management has a significant effect on ROA model but non for ROE, capital adequacy and low and order variables have a significant effect on ROE model but have no effect on ROA model. We can shortly conclude that Jordanian banking sector is a profitable sector reflected by the efficiency of this sector, which requires some improvements to take into the consideration to keep growing this sector, we suggest that Jordanian banks must monitor (PLL) which is provision loan loss, decrease loans write off as possible as they can to increase banks profit, try to decrease dividends payment and increase in employee’s productivity and decrease in non-interest expense to improve the efficiency, also implement the government laws in effective way. Keywords: Banking System, Profitability, Commercial Banks, CAMEL Approach, Law and Order, Jordan.