Theses supervised by Doç. Dr. Can Tansel Kaya
12 theses · Yeditepe University
An overview of corporate social responsibility contribution in Turkey GSM industry
This study investigates the Corporate Social Responsibility activities of mobile telecommunications industry in Turkey and its impact on business performance. For this purpose, the data obtained from the sustainability reports of 3 GSM companies operating in Turkey between 2015-2020 were examined using content analysis method. The activities of the companies were scored by determining categories and subcategories under the social impact and environmental impact headings. The market data reports of BTK (regulatory authority) were used for market share, average revenue per subscriber and subscriber growth rate values representing business performance and mobile infrastructure investments of companies. The relationship between the concepts was analyzed using descriptive statistics, correlation and regression analysis methods. Content analysis results indicate that GSM operators' social responsibility practices has been increasing in Turkey. It is found that there is a particular focus on education, investments in youth and women's empowerment. In statistical analysis, it was concluded that there was no relationship between Corporate Social Responsibility (CSR) performance and business performance. While considering the high penetration and huge income of mobile telecommunications services, it's obvious the importance of the industry's social responsibility impact. The findings of the study reveal that the sector players have a high awareness of responsibility towards the society and the environment, and this is turned into action with a managerial willness beyond necessity.
Financial performance analysis of BIST100 tourism companies
For a business to achieve sustainable success, it must show a good financial performance. Investors pay attention to whether companies' performance is sustainable and how their financial performance is according to the sector. Determination of financial performance is crucial not only for investors but also for the company to evaluate itself based the sector and to take actions. Since tourism companies are in a sector where large investments are required, the measurement of financial performance is very critical for this sector. In addition, the sector which is deeply affected by the economic and political conjuncture of the country, needs an assessment of its financial performance in order to take measures against these risks over the years. In this study eight tourism companies in BIST were evaluated based on financial performance using financial ratios. As a result of the analysis made with liquidity, leverage, profitability, activity ratios and cash conversion time, implications and suggestions regarding the sector are presented.
Sağlık kuruluşlarına entegre raporlama uygulama önerisi
Günümüzde finansal raporlama tek başına kurumlarla ilgili bir bütünü ortaya koyamamaktadır. Geçen yıllar içinde finansal olmayan faaliyetler de entegre raporlama çatısı altında yerini almış olup, kurumların finansal olan ve finansal olmayan tüm faaliyetleri entegre raporlama ile açıklanmaktadır. Tezin özgün değeri ağırlıklı olarak özel sektörde uygulamalarını gördüğümüz entegre raporlamayı bir hastane bünyesine taşıyarak bu kapsamlı raporu farklı bir sektör olan sağlık sektörüne de taşımaktadır. Uygulamalarını ağırlıklı olarak özel sektörde gördüğümüz entegre raporlama; tezin çıktılarının ışığında hastanelerde de uygulanır hale getirmek. Anahtar Kelimeler: Entegre Raporlama, Kurumsal Yönetim, Sağlık Sektörü, Hastaneler
Borsa İstanbul ile faiz koridoru arasındaki ilişki, Türkiye örneği
Relationship between stock prices and interest rates along with exchange rates are one of the most popular topics in financial economy. Considering the amount of assets traded daily in financial markets, understanding the structure of financial economy with its instruments as well as interaction between them are self-evident. In this paper, capital markets and securities markets with governing laws and regulations within legal framework is explained. Moreover, interaction between Borsa Istanbul stock exchange prices and interest rate corridor ruled by Central Bank of Turkey is studied with Pearson correlation analysis between 01.01.2010 and 01.12.2017. As a result, moderately strong and negative relationship is obtained between analyzed Borsa Istanbul indexes and Istanbul Stock and interest rate corridor within given dates in Turkey.
Likidite ve karlılık arasındaki ilişkinin araştırılması: Borsa İstanbul'da işlem gören perakende sektöründe faaliyet gösteren şirketler üzerinde bir örnek çalışma
One of the main objectives of modern finance theory is to increase the welfare level of enterprise's shareholders. This can only be achieved by increasing the market value of the enterprise, in other words, by increasing the value of the stocks in the investors' hands. Increasing the market value of the enterprise will become possible by continually increasing the efficiency and productivity of the enterprise. At this point, activity, liquidity and profitability ratios which are the main indicators that the enterprise is managed on the basis of the right decisions are important. Effective working capital management (WCM), high inventory turnover and receivables turnover ratios inevitably affect the profitability of the enterprise. Therefore, increasing the market value of the enterprise depends on the balance between effective liquidity management and profitability. The purpose of this study is to investigate the relationship between liquidity and profitability with the help of financial ratios. A balanced panel dataset obtained from the published annual financial statements of the 11 companies in retail trade sector and traded in Istanbul Stock Exchange (ISE) in the 2010-2015 period was used to accomplish this purpose. In the study, Return on Assets (ROA), Return on Equity (ROE) and Net Profit Margin (NPM) are considered as dependent variables. The independent variables of the study are Receivables Turnover Ratio (RTR), Inventory Turnover Ratio (ITR) and Quick Ratio (QR). System Generalized Moments Method (System GMM), which is one of the best dynamic panel data estimation methods was used to determine the relationship between dependent and independent variables. According to the analysis results, while a statistically significant and negative relationship was found between dependent variable ROA and independent variable ITR, there was no statistically significant relationship between ROA and other independent variables, QR and RTR. On the other hand, while a statistically significant and negative relationship was found between NPM which is another dependent variable and QR, there was no statistically significant other independent variables, ITR and RTR. Similarly, while a statistically significant and negative relationship was found between ROE which is another dependent variable of the study and QR, there was no statistically significant relationship between ROE and other independent variables, ITR and RTR.
Corporate governance and fraud detection: A study from Borsa Istanbul
Governments give high priority to corporate governance principles after important business scandals. Since the ultimate goal is to enable sustainable life span for the corporations, new regulations and sanctions has been introduced about transparency, and accountability all over the world. The basic corporate governance principles are applied for establishing more reliable financial reportings of firms. In this study, the relationship between corporate governance practices and fraud risk is investigated. There are some studies conducted in literature that investigating fraudulent financial statements, and detection models are tried to be constructed. They are generally based on financial indicators. The aim of this study is to combine financial data with non-financial variables about corporate governance applications, and to construct a fraud detection model via measuring the effectiveness of corporate governance on fraud risk. The hypotheses have been created based on assumptions and tested with the logistics regression. 134 companies listed in Borsa Istanbul have been studied via benefiting their financial statements published between 2010 and 2014, and their corporate governance applications announced. Findings show that the new regulations about corporate governance principles and their applications in Turkey have not made the expected effect on fraud risk yet. On the other hand, profitability and indebt positions of companies have an impact on the risk of preparing fraudulent financial statements, and give clues about the misstatements, consistently with literature.
Borsa İstanbul' da işlem gören finansal olmayan firmalarda sahiplik yapısının sermaye yapısı üzerindeki etkileri
In this thesis, the impact of companies' ownership structure on their capital structure was investigated. The panel data for 20 years between 1995-2014 obtained from non-financial firms listed on BIST were used. With the model set up in the study, how capital structure is affected was measured with the changes in ownership structure. The study resulted as; there is a meaningful statistical relationship between the ownership structure variables and the capital structure. In ceteris paribus situation, the increase of the major shareholders percentage, affected the company's debtness negatively; on the other hand the increase of the three other shareholders percentage affects positively the company's debtness. When only one person becomes the management of the company, companies get into lesser debt or usage of capital structure resources increases. In accordance with the theoretical expectations the increase of profitability of the company means a decrease indebtness and increase resources. The increase of the size of a company would affect debt to equity effect negatively. In short, the ownership structures of the business have an effect on the capital structures. Key words: Ownership Structure, Capital Structure, BorsaIstanbul
A study on target company financial analysis strategies and techniques in merger and acquisitions: A case study on pfizer allergan acquisition
Through development in economical environment all over the world, entrepreneurs and competitors started to discover new ways for growing and adapting themselves to this acceleration in change. Mostly "but not only" by gigantic companies, mergers have taken place intensively in the economical history of the world in 80's and started to shape a new behaviour in an excessively competitive economical environment, which is called shortly M&A, mergers and acquisitions (or takeover with other saying). Many literature review leads one that the most effective motive for merging two companies or taking over a company is "Synergy." Despite this is the one motive effecting decision to merge or takeover or (vice versa for selling side), another more effective reason is dominating the market, or investing a profitable business, or capturing a competitor who might be a big menace for you. After an acquisition considered from such perspective, most important question becomes "how valuable this investment, or what will be the added-value after merging?" Today, there are many professional companies providing company valuation services for M&A transactions and providing consultancy how to know another company deeply. In this study, purpose will be to disclose the ways to understand target company in M&A transactions in a financial strategical approach perspective. For actualizing this purpose, all literature review and all applied methods in actual life for analyzing target company will be compared, explained and eventually an actual life M&A process and valuation will be presented. Keywords: Merger, Acquisition, Growth Strategies
Financial analysis of Turkish hospitality and food & beverage industries at Borsa Istanbul
Organizations have been evaluating their financial situations with various financial analysis methods over the years. The best appropriate method of analysis has changed according to industry, time etc. Ratio analysis has been sizably used to evaluate financial relationships. There are many kinds of ratios and the usage of ratios depends on the situation. Ratios are calculated by the data from balance sheets, income statements and cash flow statements. The Numbers application on Macbook is used to calculate ratios and SPSS panel data application is used to analyze ratios. The aim of the study is to measure the association between liquidity, solvency, efficiency and profitability. With the respect of the aim of the study, the kinds of financial analysis and specifically ratio analysis and their kinds have been explained. The background of the financial analysis is discussed and related researches are shown within the study. In order to evaluate arguments; current ratio, accounts receivable turnover ratio, inventory turnover, total asset turnover, debt ratio, equity ratio, debt to equity ratio, profit margin ratio, gross margin, return on total assets and cash flow on total assets are calculated for thirty hospitality and food&beverage firms listed at Borsa İstanbul between the years 2012 and 2017.According to the results, for the hospitality sector, food&beverage sector and both sectors; the independent variables from the models express only 1%, 1% and 6% of the variance of the profitability variable respectively. Simply, no independent variable has a significant effect on profitability. So, in Turkey there is no significant association between the dependent variable and independent variables of the study. Keywords: financial analysis, ratio analysis, panel data
The assessment of deregulations on mtpl market which put on at risk the future of the insurance sector in Turkey
Motor Third Party Liability ("hereinafter, MTPL") insurance is the most important branch in the non-life insurance sector in Turkey. Common fatalistic views of the Turkish Citizens to insurance and low income level cause low insurance penetration rate in the sector and increase the weight of the MTPL in total non-life insurance production for just being a mandatory product. In light of these reasons; significance of this compulsory insurance product rises up day by day. All type of motor vehicles driving on highways like car, truck, bus or minibuses are mandated to get MTPL insurance in accordance with the Highway Traffic Law No. 2918. Despite it is a mandatory product in most of the countries, free market conditions are available on determining rates except for a few countries. Turkey was also one of them which has free market mechanism. Traffic insurance tariffs were freely determined by insurance companies within the scope of the regulation disclosed in 19.6.2013 dated and 28682 numbered official gazette. But, after 04 2017, the regulator decided to set rates and bring price cap to MTPL policies. This paper mainly underlines the impact of the deregulations related to price cap and pool business on MTPL and present the negative impacts to sectoral profitability according to panel data which cover last five years. It investigates companies' behaviors and warns the market for any insolvency cases like Euro Sigorta. It was a vital intervention for the market and also a good example for underlining the effect of the government's intervention and companies' reactions. The main reason for this study to present this regulative change abruptly has removed the free market conditions and devastate the long-lasting hopes for making profit from MTPL business in the sector and it changes the sector structures which highly possible could cause subtle problems in the future", In this study, we will mainly utilize TSB data, regulator disclosures and annual reports of the companies as main materials. As a consequence; we will show some companies which described good and moderate companies share shrinking on the MTPL sector and give up their place to bad and worst companies when combined ratios rise up. Deregulations on the capital requirements open the roads to small companies to produce loss maker product so capital requirements don't deteriorate on the other hand reserves also. At the bottom line, we underline structural deterioration derived from deregulations in MTPL Market.
Transfer pricing and its effects on financial reports
In parallel with the increase in capital movements with globalization and the fact that multinational companies have an important place in commercial life, money transfers, service transfers and distribution-based product or service transactions between group companies have increased. This increase brought about the importance of the transactions between the group companies in terms of their suitability to peers and the effects of tax losses such as tax loss and public loss. In this case, the local legislation of the countries, the group of companies, related to the arrangements made between the parties involved in the transactions. These arrangements, also called transfer pricing, and case study of transfer pricing applications are the subject of this thesis.
A cross-sectional analysis of corporate governance's effect on financial performance and profitability of the companies in BİST corporate governance index (XKURY)
The aim of this study is to analyze the impact of transition to corporate governance on companies' financial performance and profitability which are included in BİST Corporate Governance Index (XKURY). Measurements were done via financial key performance indicators such as profit margins, return on assets and return on equity; after inclusion year to Corporate Governance Index compared to prior years before being included. In order to clarify the hypothesis generation, firstly the concept of corporate governance was researched which consists of definition and principles of corporate governance. The only criteria within this study to consider a company was being within corporate governance was company being included to Corporate Governance Index of BİST which requires a company to meet certain standards such as Corporate Governance Rating. To link corporate governance to financial performance, certain financial indicators were determined and a cross-sectional analysis of each selected company within these parameters was conducted. Analysis of 38 companies' financials between years of 2005 to 2016 yielded a result that does not concretely support a correlation between corporate governance and financial performance. A key takeaway from this study was a company's financials can be impacted from a large number of events that are not related to corporate governance such as asset increase in large proportions.