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Öğe Does Financial Development Enhance Economic Growth? The Case of Turkic Countries(Ahmet Yesevi Univ, 2023) Cetenak, Emin Huseyin; Haykir, Ozkan; Cetenak, Oezlem OzturkIn this study, we investigate whether financial development enhances economic growth in Turkic countries, namely, Azerbaijan, Kazakhstan, Kyrgyzstan, and Turkiye from 1995 to 2017. The financial development index is obtained from the International Monetary Fund to proxy for the level of financial development. The index shows the level of development of financial institutions and financial markets in terms of depth, access, and efficiency. The annual percentage growth rate of GDP per capita based on constant local currency is taken as an indicator of economic growth. The main result of the analysis shows that there is a positive relationship between financial development and economic growth. The result is robust using random effect regression, adding inflation, and including Banking Z Score. However, the main impact can be seen in the financial institution instead of the financial market proxy. The results support the supply-leading hypothesis for the economies of four Turkic countries.Öğe Herding behavior in the European banking sector during the COVID-19 outbreak: The role of short-selling restrictions(Economics Bulletin, 2022) Yagli, Ibrahim; Haykir, Ozkan; Cetenak, Emin HuseyinThe purpose of the current paper is twofold: (1) to examine the impact of uncertainty induced by COVID-19 pandemic on herding behavior, and (2) to understand whether short-selling restrictions have mitigating role in herding behavior. We employ both cross-sectional market deviation (CSSD) and cross-sectional absolute standard deviation (CSAD) approaches to detect herding in European capital markets. For robustness analysis, we estimate herding behavior under different market dynamics, namely high-low volatility periods and up-down markets. We find no strong evidence regarding herding in prior to pandemic; however, herding behavior is more common in the COVID-19 period, indicating triggering role of uncertainty in herding behavior. The results are robust to the herding models whereas they are sensitive to the asymmetric effects. Regarding the short-selling restrictions, we fail to support the impact of short-selling limitations on herding behavior since there is no difference between restricted and unrestricted periods. The overall results indicate that herding behavior prevails amid the pandemic, confirming that fear and uncertainty induced by COVID-19 causes less-informed investors to follow the actions of others. Investors should consider this inefficiency when investing in capital markets. Besides, short-selling restrictions do not have significant impact on herding, suggesting regulatory authorities should employ other tools rather than short-selling bans.Öğe Nexus between Renewable Energy, Credit Gap Risk, Financial Development and R&D Expenditure: Panel ARDL Approach(Mdpi, 2022) Unlu, Ulas; Yildirim, Furkan; Kuloglu, Ayhan; Ersoy, Ersan; Cetenak, Emin HuseyinIn the study, we investigate the relationships between renewable energy consumption sub-indicators of G-8 countries and financial development, credit gap risk, and R&D expenditure from 1996 to 2018. The relationships among the variables in the study are analyzed by employing the Panel ARDL method and the Dumitrescu-Hurlin panel causality test. The cointegration relationships between the variables have been analyzed using the bounds test approach, and an unrestricted error correction model has been established. Contrary to previous studies in the renewable energy literature, this study employed the variable of credit gap risk. Therefore, we believe that this study will fill the gap in the literature and attract the attention of researchers and policymakers. The results indicate that increases in total demand for renewable energy positively affect the financial development of countries. Moreover, R&D expenditures increase as the demand for hydro energy and solar energy increases. This result indicates that wind power consumption has a short-term impact on R&D expenditure, and such an impact ceases to exist in the long run. According to the empirical research findings, the rise in demand for renewable energy may be a factor mitigating the credit gap risk of countries. In other words, the credit gap risk, which is considered a leading indicator of systemic banking crises, can be mitigated by the rise in the demand for renewable energy.Öğe RELATIONSHIP OF CORRUPTION AND ACCOUNTING QUALITY(Mehmet Akif Ersoy Univ, 2021) Cetenak, Emin Huseyin; Kose, Eda; Bekci, IsmailThe purpose of this study is to examine the relationship between comiption and accounting quality and to test this relationship empirically for 11 different countries whose data can be obtained. In the study, Turkey, and 10 different countries' comiption index examined with 3816 the companies operating in these countries between the years 2009-2019. Our results show corruption affects the quality of accounting. In the study. the Modified Jones Model was used to calculate discretionary accruals and the corruption index was obtained from the World Bank database.
