Ekonomi ve Finans Bölümü Koleksiyonu

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https://dspace.mudanya.edu.tr/handle/20.500.14362/193

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Assessing competition in the Turkish cement industry: insights from the boone indicator
(Emerald Publishing Limited, 2024-08) Yıldız, Hakan; Köprücü, Yılmaz; Şengül, Serkan; 355807
Purpose – This paper investigates the degree of competitiveness within the Turkish cement industry, employing firm-level quarterly data spanning from 2008 to 2016. Design/methodology/approach – To assess the level and trajectory of competition among Turkish cement firms, we employ the Boone indicator (β) as formulated by Boone (2008). This indicator, rooted in the concept of relative profit differences (RPD), serves as a robust metric for gauging competitive dynamics. According to the ß indicator, firms exhibiting higher relative efficiency are expected to secure greater profits and market shares in a fiercely competitive market. Additionally, we utilize concentration indices for the purpose of revealing comparable findings. Findings – Empirical findings reveal that an enhancement in firms’ efficiency corresponds to a proportionally modest increase in either market share or profits, implying a lower degree of competition within the Turkish cement industry. Although the specific magnitudes of ß estimates exhibit temporal fluctuations, we may conclude that the Turkish cement industry does not conform to the ideals of perfect competition. The concentration indices calculated on the sample also support this result. Research limitations/implications – This research is limited to the Turkish cement companies over the period 2008–2016. Originality/value – The studies measuring the level of competition in the Turkish cement sector are generally based on concentration ratios. In this study, we assess the competition level by using a different methodology based on parametric procedures.
Capital-Labor-Output Nexus in Türkiye's Fisheries Sector: Panel ARDL Analysis
(Isparta University of Applied Sciences, 2025-09) Şengül, Serkan; 355807
This study analyzes the relationship between production, labor force and capital investments in the fisheries sector in the Marmara, Aegean, Mediterranean, Western Black Sea and Eastern Black Sea regions of Türkiye and examines their effects on sectoral growth and employment. In the study, total fish production, number of employees in the sector and capital investments (number of vessels) variables are used in the panel data analysis covering the period 2006-2023. According to the results of the analysis, the labor force has a positive and significant effect on production, but the effect of capital on production is negative. This shows that capital investments in the Turkish fisheries sector have not been able to provide the expected productivity growth. Moreover, capital investments are found to support employment by increasing labor demand. The long-run cointegration results reveal a strong equilibrium relationship between the variables. This study contributes to the existing research in the literature and provides strategic recommendations for the development of sustainable growth and productivity policies in Türkiye's fisheries sector. In particular, supporting aquaculture activities, modernizing capital investments and taking regional differences into account are critical for the long-term sustainability of the sector.
Covid-19 pandemisinin Türkiye bankacılık sektöründeki sistemik risk üzerine etkileri: MES analizi ile karşılaştırmalı bir inceleme
(Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği, 2025-01) Şengül, Serkan; 355807
Bu çalışma, Türkiye’deki bankacılık sektörünün COVID-19 pandemisi öncesi ve sonrası dönemdeki sistemik risk seviyelerini analiz etmektedir. 2016-2023 yılları arasında Borsa İstanbul'a kote altı bankanın (Akbank, İş Bankası, Garanti BBVA, Yapı Kredi, Halkbank ve Vakıfbank) Marjinal Beklenen Açık (Marginal Expected Shortfall-MES), koşullu korelasyon ve koşullu volatilite gibi finansal risk göstergelerine dayanan analiz, pandeminin sektörde kırılganlıkları artırdığını ortaya koymaktadır. Sonuçlar, pandemi süresince uygulanan genişletici politikaların bankaların kısa vadeli likidite ihtiyaçlarını karşılamasına rağmen uzun vadede sistemik riski yükselttiğini göstermektedir. Ayrıca, pandemi sonrası dönemde Türkiye'deki ani politika değişiklikleri ve merkez bankası bağımsızlığına dair belirsizliklerin finansal istikrarı zayıflattığı gözlemlenmiştir. Çalışma, Türkiye’de finansal düzenlemelerin kriz dönemlerinde daha dayanıklı bir bankacılık yapısının geliştirilmesi için stratejik önemini vurgulamaktadır.
Dynamics of Wheat Production In Early Republican Türkiye (1925–1960)
(AVAZ Akademik Düşünce Derneği, 2025-05) Canbay, Şerif; Şengül, Serkan; 278780; 355807
This study aims to analyze the socioeconomic and energy-based factors determining wheat production in Türkiye between 1925 and 1960 using econometric methodology. In the early Republican period, the agricultural sector was structured as one of the main axes of economic development, and wheat, as a strategic crop, was at the center of both production policies and support mechanisms. In this study, wheat production is explained by variables such as per capita income level, number of students enrolled in primary school, electricity production and crude oil price, and the ARDL bounds test approach is used in the model established with annual data. The findings reveal that electricity generation and economic growth support production in the long run, whereas the education indicator has a limiting effect on production. The lagged effects of oil prices, on the other hand, indicate that cost pressures have negative effects on production over time. Short-run analyses reveal that the effects of variables vary over time and that production decisions are affected not only by technical but also by structural transformation processes. The study provides a historical data-based contribution to explain the multidimensional structure of agricultural production in the first 35 years of the Republic.
Economic and Demographic Effects of Public Pension Expenditures: The Case of Türkiye
(Sivas Cumhuriyet University, 2025-02) Şengül, Serkan; 355807
This study investigates the economic and demographic factors affecting public pension expenditures in Türkiye and provides significantinformation about the sustainability of the country's social security system. Using annual data from 1980 to 2019, the study employed the ARDL bounds testing approach to examine the short and long-run effects of GDP per capita, public debt, tax revenues, and the elderly dependency ratio on pension expenditures. The 2001 economic crisis led to a structural break, which is modeled by adding a dummy variable. The results show that GDP per capita reduces pension expenditures in the long run, reflecting the mitigating effect of economic growth on fiscal pressure. In contrast, public debt exerts a notably positive impact, highlighting the fiscal burden of pension financing through borrowing. Tax revenues show a limited but positive effect, while the elderly dependency ratio emerges as the most influential determinant, highlighting the challenges posed by the demographic transition. The short-run analysis confirms a rapid return to equilibrium, pointing to a robust error correction mechanism. The findings underscore the need for social security reforms, including measures to raise the retirement age, increase private pension participation, and address demographic challenges. Despite its contributions, the study is limited by not including variables such as health expenditures and labor market dynamics. Nevertheless, it provides a valuable framework for policymakers to develop growth-oriented policies, ensure fiscal discipline, and promote sustainable social security systems. These insights are relevant not only for Türkiye but also for other countries facing similar demographic and economic pressures, making this study an important contribution to the ongoing debate on pension system reforms.
Economic growth and fisheries biocapacity in BRICS+T: An Environmental Kuznets Curve analysis
(Ege University, 2025-03) Canbay, Şerif; Şengül, Serkan; 278780; 355807
This study evaluates the robustness of the Environmental Kuznets Curve (EKC) hypothesis by examining the association between economic growth and fisheries biocapacity in BRICS+T countries, namely Brazil, Russia, India, China, South Africa, and Türkiye. Panel bootstrap causality test is utilized to evaluate the causal relationship between the variables using data covering the period 1992-2022. The results show that the EKC hypothesis is held for Russia, South Africa and Türkiye and that economic growth initially causes to a decrease in fisheries biocapacity, but after a certain threshold, biocapacity recovers. In contrast, the EKC hypothesis is not supported for Brazil, China and India. These findings necessitate governments to take policy measures to promote environmental sustainability.
Evaluating Environmental Performance in the Turkish Cement Industry
(Springer, 2025-04) Yıldız, Hakan; Şengül, Serkan; Köprücü, Yılmaz; 355807; Tsounis, Nicholas; Vlachvei, Aspasia
The purpose of this study is to investigate the environmental performance of the Turkish cement industry. Employing the data set of 8 firms operating in the cement industry and using Data Envelopment Analysis, we estimate the CO2 efficiency in the industry. The empirical findings suggest that the average carbon efficiency in the sector is approximately 71%, indicating substantial room for efficiency enhancement through innovative production techniques and alternative fueluse. However, asignificant reduction intechnical efficiency hasbeen observable over the years. Promoting sustainable practices and investing in technological advancements can reverse this trend. Also, such policies can reduce the industry’s carbon footprint, thus it may be possible to combat greenhouse gas emissions and achieve the targets set in this regard.
Exploring the Role of Financial Development on Energy Consumption in Turkiye
(Adem Anbar, 2025-04) Karahan Dursun, Pınar; 414023
This study investigates the impact of financial development on energy consumption in Turkiye from 1985 to 2019. To this end, the study employs Bound test, ARDL model and VECM-based causality test. In the empirical analysis, economic growth and foreign direct investment are included in the estimated model. The results of the Bound test indicate that there is cointegration between the series. The results of the estimated ARDL model show that financial development contributes to the increase in energy consumption both in the long run and in the short run. The results of the longrun ARDL model show that a 1% increase in financial development leads to an increase in energy consumption by 0.36%. The study also concludes that economic growth is a driver of energy use, while human capital negatively affects energy consumption in the long-run. The results of the causality test in the VECM framework reveal that there is a causal relationship from financial development to energy consumption in the short run, and all explanatory variables together are Granger causes of energy consumption in the long run.
From capture to culture: the asymmetric impact of education on Türkiye's fisheries sector
(Springer, 2025-08) Canbay, Şerif; Şengül, Serkan; Karahan Dursun, Pınar; 355807; 414023
The aim of this study is to analyze the causal effect of the net schooling rate, as a proxy for human capital, on saltwater fisheries and aquaculture in five coastal regions of T & uuml;rkiye (Marmara, Aegean, Mediterranean, Western Black Sea, and Eastern Black Sea). In the empirical analysis, we use the panel data for the period 2009-2022 and employ the dependent variables that are the amount of fish production obtained through fishing in Model 1 and the amount of fish produced through aquaculture in Model 2. The study applies the panel bootstrap Granger causality method, considering both structural heterogeneities and cross-sectional dependencies. The results show that the effect of educational attainment on fish production activities varies both by type of production and by regional conditions. In the Mediterranean and Aegean regions, educational attainment has strong effects on both fishing and aquaculture, while in some regions, it has a negative effect on production. The study contributes to the literature by presenting the effects of education, a socio-economic variable, at the sectoral level in detail; it also provides an empirical basis for the development of region-specific sustainability policies.
Government Support and SME Growth in Türkiye: A Romer Model Approach with Ridge Regression
(Kilis 7 Aralık Üniversitesi, 2025-05) Şengül, Serkan; Karahan Dursun, Pınar; 355807; 414023
Purpose: This study aims to analyze the growth performance of Small and Medium Enterprises (SMEs) in Türkiye using the Romer (1990) endogenous growth model. The focus is on examining the effects of government support, technological progress, and human capital on SME growth. Design/methodology: The study employs Ridge regression analysis on a dataset spanning the period 2015–2022. Variables such as government support, R&D expenditures, patent applications, human capital, and imports are included, aligning with the assumptions of Romer’s model. The structured approach addresses multicollinearity issues, ensuring robust parameter estimates. Findings: The results indicate that government support significantly enhances the growth performance of SMEs. Technological progress and human capital are confirmed as key drivers of economic growth in line with Romer’s model. While R&D expenditures and imports positively influence production, patent applications exhibit a negative short-term effect, suggesting a delayed commercialization process. Limitations: The dataset covers a limited timeframe (2015–2022), which restricts long-term impact assessments. Future studies could expand the analysis to include a longer timeframe and alternative econometric techniques. Originality/Value: This study is among the first to analyze the role of government support on SME growth in Türkiye through the lens of Romer’s endogenous growth model. The use of Ridge regression to address multicollinearity and the focus on micro-level data provide a unique contribution to the literature.
Güneydoğu Asya Uluslar Birliği (ASEAN) Ekonomilerinde Finansal Gelişme ve Doğrudan Yabancı Yatırımların Ekonomik Büyüme Üzerindeki Etkisi
(Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği, 2025-04) Canbay, Şerif; 278780
Bu çalışma, Güneydoğu Asya Uluslar Birliği'nin Kurucu Beşlisi’ni oluşturan Endonezya, Malezya, Filipinler, Singapur ve Tayland’da doğrudan yabancı yatırımlar ve finansal gelişmişliğin ekonomik büyüme üzerindeki nedensel ilişkisini incelemektedir. 1980-2021 dönemi için panel bootstrap nedensellik testi kullanılarak yapılan analiz, doğrudan yabancı yatırımlar ve finansal gelişmişlik değişkenlerinin ekonomik büyüme üzerindeki etkilerinin ülkeden ülkeye değiştiğini göstermektedir. Elde edilen bulgulara göre, Endonezya’da doğrudan yabancı yatırımlar büyümeyi pozitif yönde etkilerken, finansal gelişmişlik ekonomik büyüme üzerinde negatif bir etkiye sahiptir. Malezya’da benzer şekilde doğrudan yabancı yatırımlar büyümeyi teşvik ederken, finansal gelişmişliğin büyüme üzerindeki etkisi negatif yönlüdür. Filipinler’de finansal gelişmişlik büyümeyi desteklerken, doğrudan yabancı yatırımların büyümeye olumsuz etkisi gözlemlenmiştir. Singapur ve Tayland’da hem doğrudan yabancı yatırımlar hem de finansal gelişmişlik büyüme üzerinde olumsuz etkiye sahiptir.
Gıda Güvenliğinin Ekonomik ve Çevresel Belirleyicileri: BRICS-T Ülkeleri İçin Bir Analiz
(Dokuz Eylül Üniversitesi, 2025-07) Şengül, Serkan; Köprücü, Yılmaz; 355807
Bu çalışma, BRICS-T ülkelerinde gıda güvenliğini etkileyen ekonomik ve çevresel faktörlerin uzun dönemli etkilerini analiz etmektedir. Çalışmada, gıda güvenliği endeksi, karbon emisyonları, kişi başına düşen gelir, nüfus artış oranı, ve enflasyon değişkenleri incelenmiştir. Panel eşbütünleşme testi ve FMOLS yöntemleri kullanılarak, karbon emisyonlarının gıda güvenliği üzerinde pozitif bir etkisi olduğu, ancak bu etkinin çevresel sürdürülebilirlik açısından risk oluşturabileceği tespit edilmiştir. Bulgular, sürdürülebilir tarım teknolojilerine yatırım yapılması, doğal kaynakların korunması ve uluslararası işbirliklerinin artırılması gerektiğine işaret etmektedir. Çalışma, BRICS-T ülkelerinin farklı ekonomik ve çevresel koşulları ışığında literatüre yeni bir bakış açısı sunmaktadır.
Mint ülkelerinde tüketici fiyat endeksi ve cari işlemler dengesinin döviz kuru üzerindeki nedensellik etkisi
(ISARC, 2025-05) Canbay, Şerif; Özdilek Kırca, Elveda; 278780; Çelik, Ahmet; Akhter, Naseem; Şen Elkoca, Candan
Bu çalışmada, 1990-2022 dönemine ait yıllık veriler kullanılarak MINT (Meksika, Endonezya, Nijerya ve Türkiye) ülkelerinde tüketici fiyat endeksi (enflasyon) ve cari işlemler dengesinin döviz kuru üzerindeki nedensellik ilişkileri incelenmiştir. Analizde Kónya (2006) Bootstrap Panel Granger Nedensellik yöntemi kullanılmıştır. Elde edilen bulgulara göre, Endonezya, Meksika ve Nijerya için cari işlemler açığından döviz kuruna doğru negatif yönde anlamlı bir nedensellik saptanmıştır. Aynı ülkelerde enflasyon oranlarından döviz kuruna doğru pozitif yönlü bir nedensellik ilişkisi de gözlemlenmiştir. Bu durum, söz konusu ülkelerde hem dış dengesizliklerin hem de fiyat istikrarsızlıklarının döviz kuru dinamiklerini belirlemede etkili olduğunu göstermektedir. Buna karşılık Türkiye için hem enflasyonun hem de cari işlemler dengesinin döviz kuru üzerinde istatistiksel olarak anlamlı bir nedensellik ilişkisi bulunmamıştır.
Production and Sustainability in Türkiye's Fisheries Sector: The Role of Economic Variables
(Çanakkale Onsekiz Mart University, 2025-07) Şengül, Serkan; 355807
This study investigates the impact of basic economic variables on production processes in Türkiye's fisheries sector, emphasizing sustainable development strategies. Using a dataset from the Turkish Statistical Institute covering annual data from 2003 to 2023, the research employs the ARDL model to examine the long-term and short-term effects of capital investments, labor costs, and energy expenses on total production. Results indicate that capital investments significantly enhance productivity, though misallocation can negatively impact efficiency. Labor and energy costs exhibit a negative effect, underlining the importance of cost optimization for sectoral sustainability. Based on these findings, the current study proposes strategic policy recommendations such as; efficient capital allocation, labor cost optimization through training programs, and the adoption of renewable energy sources to reduce operational expenses. These recommendations aim to support sustainable growth in the Turkish fisheries sector, enhance food security, and bolster economic resilience.
Relationship between maritime transport and economic growth: highest maritime transport european countries
(Ordu University, 2025-01) Canbay, Şerif; Kırca, Mustafa; 278780
Maritime transport is one of the most widely used transport channels used by countries in foreign trade. The development of maritime transport affects the economic growth levels of countries. In addition, the increase in the level of economic growth of countries increases their share in international foreign trade and this situation increases the importance given by countries to maritime transport day by day. The identification of the effects of maritime transport in countries will provide important information on what countries should do against the shocks they will face in the future. In this context, the study aims to determine whether there is any causality relationship between maritime transport and economic growth variables in Belgium, France, Germany, Italy, Netherlands, Spain, Türkiye, and the United Kingdom, which have the highest maritime transport among European countries. The bootstrap panel causality test was employed to examine the causality relationships between the variables over the time frame of 2008:Q1-2020:Q2. According to the findings, there is a causality relationship from economic growth to maritime transport in all countries except Italy and the Netherlands. There is a causality relationship from maritime transport to economic growth in Türkiye and the United Kingdom. As a result, the relationship between maritime transport and economic growth varies from country to country. This situation reveals the necessity of developing national policies for maritime transport by considering the economic structures of the countries. These findings suggest that countries need more efficient and sustainable maritime transport policies.
The Dynamics of Energy Import Dependence in the Baltic States
(Düzce University, 2025-04) Şengül, Serkan; 355807
This study investigates the determinants of energy import dependency in the Baltic states (Estonia, Latvia, and Lithuania) using panel data from 1995 to 2021. Employing panel ARDL and FMOLS methods, the analysis identifies long-term relationships between energy import dependency and key factors such as renewable energy consumption, trade, carbon intensity, industrial competitiveness, and export quality. Findings reveal that while renewable energy use and high export quality reduce dependency, carbon intensity and industrialization increase it. These results highlight the Baltic states' transition towards energy independence, contributing to discussions on regional energy security, sustainability, and European integration within the framework of SDG-7.
Trump’ın yeniden seçilmesinin Dünya ve Türkiye ekonomisine olası yansımaları
(MÜSİAD, 2024) Canbay, Şerif; Çelik, Ahmet Hüsrev; 278780; Gündoğdu, Emir Furkan
“Trump ile gelecek çatışma ortamı, Türkiye için yeni ihracat kapılarının açılması bakımından bir fırsata dönüştürülebilir. Özellikle Çin’in pazar payını kaybettiği tekstil, elektronik, kimya ve otomotiv yan sanayi gibi sektörlerde Türkiye’nin bu sektörlere ait pazarlarda payını artırma potansiyeli mevcuttur. İşte tam da bu noktada Türkiye, bu çatışma ortamından bir fırsat yaratabilir mi?”
Türkiye'nin karadeniz ekonomik işbirliği örgütü (KEİB) ve Türki cumhuriyetlerle ilişkileri
(Ekin, 2024-10) Şengül, Serkan; 355807; Bayraç, Hüseyin Naci; Doğan, Emrah

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