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Öğe A research for the competitive environment hypothesis in the short-run for the Turkish manufacturing industry(ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD, 2016) Iskenderoglu, Omer; Ozturk, IlhanThe competitive environment hypothesis is one of the basic ideas in mainstream economic theory. It states that the competitive process eliminates all economic profits and losses in the long-run so profits do not persist. This article studies the competitive environment hypothesis of 125 Istanbul Stock Exchange (ISE) quoted manufacturing firms that survived during the period of 2009:1-2010:4, which can be considered as the short-run. Net income after tax to total assets (return on assets [ROA]) and net income after tax to total equity (return on equity [ROE]) are both used as profit measures. Starting with Levin et al. and Im et al.'s panel unit root tests, pooled Ordinary Least Squares (OLS), panel fixed effects and cross-sectional analysis are employed. The results indicate that competitive environment hypothesis is viable and profits do not persist in the short-run.Öğe AN INVESTIGATION OF EFFICIENT MARKET HYPOTHESIS IN OECD COUNTRIES(NATL ACAD MANAGEMENT, 2012) Karadeniz, Erdinc; Ozturk, Ilhan; Iskenderoglu, OmerThis study aims to investigate whether stock price returns are on a random walk for OECD countries. Using quarterly data for the 2005:1 - 2011:2 period, LM unit root test is employed which endogenously determines up to two structural breaks in level and trend. The empirical findings suggest a combination of random walk and mean reversion results for OECD countries. The results show that efficient market hypothesis (EMH) is confirmed in 13 out of 34 OECD countries. However, with regard to the panel unit root test, the OECD countries share price index returns are mean reverting which highlights the fact that the EMH is not valid.Öğe Determinants of ecological footprint in BRICS countries: a panel data analysis(Springer, 2023) Ucan, Okyay; Ozturk, Ilhan; Turgut, EcemThis study aimed to examine the variables that might affect the ecological footprint by using 1992-2015 data of the BRICS countries (Brazil, Russia, India, China, and South Africa). The common correlated effects' mean group test was employed under the assumption of cross-sectional dependence and heterogeneity. In Brazil, an increase in energy consumption, technological development, and globalization decreased the ecological footprint by 0.043, 0.031, and 0.050 units, respectively, while an increase in urbanization increased the ecological footprint by 0.716 units. In Russia, on the other hand, no interpretation could be made because the coefficients were meaningless. In India, it had been observed that an increase of one unit in urbanization reduced the ecological footprint by 0.269 units. In China, it had been determined that a 1-unit increase in energy consumption reduced the ecological footprint by 0.043 units. In South Africa, the results could not be interpreted because the coefficients were insignificant. The results obtained vary according to the countries that revealed that local policies can also be effective on these variables. Therefore, countries have to act by examining the structures on their own to implement the policies they needed.Öğe IS PER CAPITA REAL GDP STATIONARY IN THE OECD COUNTRIES? EVIDENCE FROM A PANEL UNIT ROOT TEST(Hrvatsko Drustvo Ekonomista, 2007) Ozturk, Ilhan; Kalyoncu, HuseyinThis paper examines the stationarity of real GDP per capita for 27 OECD countries during the period 1950 to 2004. Using ADF unit root test on single time series, it is found that real GDP per capita series of most OECD countries have unit root. This outcome, however, might be due to the generally low power of this test. The aim of this paper is to reconsider this issue by exploiting the extra information provided by the combination of the time-series and cross-sectional data and the subsequent power advantages of panel data unit root tests. We apply the test advocated by Im, Pesaran and Shin (1997). The results overwhelmingly indicate that real GDP per capita series among OECD countries are nonstationary.Öğe PERSISTENCE OF PROFIT IN TURKISH BANKING FIRMS: EVIDENCE FROM PANEL LM TESTS(NATIONAL ACAD MANAGEMENT, 2011) Iskenderoglu, Omer; Asian, Alper; Ozturk, IlhanThis paper examines the persistence of profit within Turkish banking system for the period 1998:1-2009:4 by focusing on both net income after tax to total assets (ROA) and net income after tax to total equity (ROE) as profit measures by utilizing panel LM unit root test. We found that competition among surviving banks is high within the Turkish banking system for the studied period. When we compare ROA and ROE results in terms of persistence, competition is higher in Turkish banking system for ROE than for ROA.Öğe Persistence of profit in Turkish banking firms: Evidence from panel lm tests(National Academy of Management, 2011) Iskenderoglu, Omer; Aslan, Alper; Ozturk, IlhanThis paper examines the persistence of profit within Turkish banking system for the period 1998:1 2009:4 by focusing on both net income after tax to total assets (ROA) and net income after tax to total equity (ROE) as profit measures by utilizing panel LM unit root test. We found that competition among surviving banks is high within the Turkish banking system for the studied peri od. When we compare ROA and ROE results in terms of persistence, competition is higher in Turkish banking system for ROE than for ROA. © Omer Iskenderoglu, Alper Aslan, Ilhan Ozturk, 2011.Öğe TOTAL FACTOR PRODUCTIVITY AND EXPORT RELATIONSHIP: THE CASE FOR AGRICULTURE SECTOR IN FOUR MEDITERRANEAN COUNTRIES(NATL ACAD MANAGEMENT, 2012) Ucak, Harun; Ozturk, Ilhan; Sarac, Taha BahadirThis study investigates the export and productivity growth in agriculture sector for 4 selected Mediterranean countries (France, Italy, Spain and Turkey) during 1975-2007. Despite increasing interest in the relationship between trade and productivity, very limited studies have been conducted on the causal links between exports and productivity in agricultural sector. The causal relationship between productivity and export is a debate still; there has been a more reasonable approach in other sectors such as in industry. In this study, the empirical analysis results provide support to a long-term relationship between agricultural export and productivity only for Italy among the 4 countries. The results suggest that the relation between agricultural export and productivity has been ambiguous in the long term still.Öğe Total factor productivity and export relationship: The case for agriculture sector in four Mediterranean countries(2012) Ucak, Harun; Ozturk, Ilhan; Sarac, Taha BahadirThis study investigates the export and productivity growth in agriculture sector for 4 selected Mediterranean countries (France, Italy, Spain and Turkey) during 1975 2007. Despite increasing interest in the relationship between trade and productivity, very limited studies have been conducted on the causal links between exports and productivity in agricultural sector. The causal relationship between productivity and export is a debate still; there has been a more reasonable approach in other sectors such as in industry. In this study, the empirical analysis results provide support to a long term relationship between agricultural export and productivity only for Italy among the 4 countries. The results suggest that the relation between agricultural export and productivity has been ambiguous in the long term still.
