Arzu Şahin

Purpose: The main objective of this study is to examine the impact of dependence on natural resource rents (NRR) and asset use efficiency on firm profitability in a sample that is rich in natural resources.Methodology: A 20-year (2005-2024) panel dataset from 364 publicly traded extractive companies in ten countries with high NRR was analyzed using the System GMM estimator. Additionally, comparative financial ratio analysis was conducted using Kazakhstan as a reference economy due to its rich hydrocarbon and mineral reserves.Findings: According to the panel data analysis results, the effect of asset use efficiency on the return on assets (ROA) of the extractive sector is higher than that of net profit margin. Furthermore, the level of NRR at the country level tends to reduce firm ROA. In addition, comparative analysis has shown that despite Kazakhstan having a high profit margin and high share of fixed assets, its ROA lags behind the sample average due to its weak asset turnover rate. These results provide firm-level evidence for the resource curse theory.Originality: This study contributes to the literature by expanding the resource curse literature from the country level to the firm level, directly measuring natural resource dependency through NRR using a multi-country sample.

Purpose: This study investigated the relationship between firm profitability and working capital efficiency in the Türkiye’s Industrial Metals & Mining (IMM) sector and how this relationship changes during periods of high-inflation.Methodology: The study estimated the impact of cash conversion cycle (CCC) on return on assets (ROA) of 25 publicly traded IMM firms during the 2005–2024 period and whether this effect changed during the inflationary years 2022–2024 using fixed-effects panel data model.Findings: According to the analysis findings, there is a negative relationship between CCC and ROA, and between CCC and the high-inflation period interaction term. This result indicates that the negative impact of lengthening the CCC on profitability strengthens during inflationary periods. According to the CCC component analysis, inventory holding period is the most influential component in these relationships. Furthermore, the balance sheet structure of the firms also has an impact on profitability.Originality: This study contributes to the literature by providing evidence on the working capital-profitability relationship at the sector level and using a long-term data set that also takes into account periods of high-inflation.

This study examines the financial profile of zombie companies that damage other firms, sectors, and the economy in Türkiye, an emerging market. To investigate the factors affecting the likelihood of becoming a zombie company, panel probit models are estimated using 241 non-financial listed firms on Borsa Istanbul from 2013 to 2019. Among these firms, 64 are classified as zombies. The results indicate that the probability of becoming a zombie is higher in companies that are more indebted, less efficient in asset usage, and younger. That is, less experienced companies that invest heavily in inefficient assets have the potential to become zombies and harm the economy in the long run.

In recent years, there has been a notable shift towards incorporating non-fincancial metrics, particularly environmental, social, and governance (ESG) factors, into the corporate financial performance (CFP) evaluation framework. The primary aim of this research is to explore the impact of ESG practices on corporate financial performance, with a particular focus on the Southern African Development Community (SADC) region, which is frequently underrepresented in global ESG debates. The study concentrates on the food production sector, a key industry for this region. To achieve this aim, after the theoretical background on the subject, the empirical section examines whether engagement in ESG practices contributes to financial performance, measured primarily by Tobin's Q and alternatively by the market-to-book value ratio. The panel data models are employed for 8-year panel data of 32 publicly traded food producer companies of the SADC region between 2015 and 2022. Additionally, for the robustness test, the analysis is also repeated on a subset of 14 food producers listed in South Africa. According to the analysis results, companies disclosing ESG practices and so having an ESG score operate with higher Tobin Q and market-to-book value ratio, across both the SADC and South Africa samples. The findings suggest that companies actively involved in social, environmental, and governance initiatives, alongside transparent disclosure of their responsible practices, tend to exhibit superior financial performance. This finding is consistent with stakeholder theory, suggesting that firms can only enhance their long-term financial performance by fulfilling their responsibilities to all stakeholders and, ultimately, to society.

In this study, a financial analysis was conducted on the agricultural sector of Türkiye—which has a disproportionately low share in the real sector and stock market relative to its added value—as well as on a selected listed company within the sector for the period 2016-2022. The findings indicate that the sector’s reliance on short-term borrowing to meet its external financing needs arising from low asset turnover and profitability increases financial risk and weakens both liquidity and profitability. The company chosen for the analysis managed to reduce borrowing costs and improve profitability through a strong financial structure and agricultural incentives. Despite structural and financial challenges, the sector offers growth and profit opportunities for companies with robust financial foundations.

This study examines the impact of sectoral concentration on credit default risk, drawing from economic theory and portfolio management principles, utilizing the Turkish aggregated sector-level data and banking data from 2009 to 2022. The study employs a panel data analysis framework to investigate the relationship between sectoral diversification in loans and credit risk, controlling for sector-specific variables. Unlike previous studies primarily reliant on banking system data, this research broadens the scope by incorporating the real sector credit usage data for the measurement of concentration. Additionally, instead of the commonly used Herfindahl-Hirschman Index, the study employs the Sector Concentration Index as a measure of concentration, allowing for a comparison of sector distribution with an ideal market sector distribution. The analysis considers not only the widely used indicator of credit risk, non-performing loans ratio in the banking system but also bad debt ratios in the real sector, thereby enhancing the understanding of credit risk dynamics. The analysis results, which show a significant positive relationship between sectoral concentration indices and non-performing ratios employed, reveal that sectoral credit concentration has an increasing effect on the credit risk level and offers insights into the optimal diversification strategies for mitigating credit risk in the banking sector.

Bu çalışmada, kurumsal sürdürülebilirlik performans ölçütü olarak son yıllarda kullanımı yaygınlaşan çevresel, sosyal ve kurumsal yönetim (ESG) uygulamalarının (ESG skorunun) firma düzeyi dinamiklerinin araştırılması amaçlanmıştır. Bu amaç ile Borsa İstanbul’da listelenen finansal olmayan 222 firmanın 2014-2021 dönem verileri panel probit ve panel logit modelleri ile tahmin edilmiştir. Analiz bulguları faaliyet nakit akışı ve nakit dönüşüm süresi bakımında likiditesi yüksek olan ve varlık hacmi açısından nispeten büyük şirketlerin ESG skoruna sahip olma olasılığının daha yüksek olduğunu göstermiştir. ESG raporlama performansının likiditesi daha güçlü ve daha büyük işletmeler ile pozitif ilişkisi meşruiyet teorisi, paydaş teorisi ve atıl kaynaklar teorisi ile uyumludur.

The directors of Academician Publishing House, have been conducting their commercial activities for a long time by transferring their 30 years of broadcasting experience to their legal entities. In the said period, it was proud to publish 750 books, particularly health and social sciences, cultural and artistic topics. The Academician, that defines the platform of being an international publishing house, is in the pursuit of creating a global brand in addition to broadcasting in Turkish and foreign languages.

Akademisyen Yayınevi yöneticileri, yaklaşık 30 yıllık yayın tecrübesini, kendi tüzel kişiliklerine aktararak uzun zamandan beri, ticarî faaliyetlerini sürdürmektedir. Anılan süre içinde, başta sağlık ve sosyal bilimler, kültürel ve sanatsal konular dahil 1000 kitabı yayımlamanın gururu içindedir. Uluslararası yayınevi olmanın alt yapısını tamamlayan Akademisyen, Türkçe ve yabancı dillerde yayın yapmanın yanında, küresel bir marka yaratmanın peşindedir. Bilimsel ve düşünsel çalışmaların kalıcı belgeleri sayılan kitaplar, bilgi kayıt ortamı olarak yüzlerce yılın tanıklarıdır. Matbaanın icadıyla varoluşunu sağlam temellere oturtan kitabın geleceği, her ne kadar yeni buluşların yörüngesine taşınmış olsa da, daha uzun süre hayatımızda yer edineceği muhakkaktır. Akademisyen Yayınevi, kendi adını taşıyan “Bilimsel Araştırmalar Kitabı” serisiyle Türkçe ve İngilizce olarak, uluslararası nitelik ve nicelikte, kitap yayımlama sürecini başlatmış bulunmaktadır. Her yıl Mart ve Eylül aylarında gerçekleşecek olan yayımlama süreci, tematik alt başlıklarla devam edecektir. Bu süreci destekleyen tüm hocalarımıza ve arka planda yer alan herkese teşekkür borçluyuz.