A Panel Study of the Impact of R&D on Financial Performance: Evidence from an Emerging Market

Mahmut ERDOĞAN | Adilya YAMALTDİNOVA

In recent years, innovation and R&D activities have been one of the most important factors affecting the growth strategies of the companies and their financial performance. However, it is the fundamental elements of sustainable economic growth, innovative activities have strategic decision-making characteristics due to their effects on efficiency and market value. The aim of this paper is to investigate the effects of R&D expenditures on the financial performance of 62 production companies listed in Borsa Istanbul in the period of 2008-2017 by using panel data methods. We used return on assets ...Более

Crowding-out (or -in) effect in transition economies: Kyrgyzstan case

Cunus GANİEV

Purpose: The crowding-out and crowding-in effects have been at the core of arguments among economists regarding the influence of government spending on private investment. This study aims to examine the crowding-out (or -in) effect of public spending on private investment in the transition economy of Kyrgyzstan. Design/methodology/approach: The empirical model is an autoregressive distributed lag (ARDL) and the vector autoregression approach (VAR). Monthly data from 2005 to 2013 of the private investment, government expenditures, remittances from abroad and broad money data were used in the em ...Более

The moderator role of negative environment perceptions in the effect of achievement motivation on work values in entrepreneurship

Ömer Lütfi ANTALYALI

The relationship between long-term portfolio investments and growth in the context of asset characteristics and development level

İbrahim Halil SUGÖZÜ

This study investigates the linkage between portfolio investment and economic growth in 18 developed and 27 developing countries. Furthermore, it compares and analyzes interest-bearing and non-interest-bearing assets and the economic development level. The results of our analysis show that long-term portfolio investment is positively associated with economic growth in developing countries. Long-term portfolio investment through non-interest-bearing assets contribute more to economic growth in developing countries. However, stocks and long-term bond portfolio investment are unrelated to economi ...Более

World Nomad Games As An Emerging Large-Scale Event and Its Role for Tourism Development in Kyrgyzstan

Azamat MAKSUDUNOV | Kıyalbek DIYKANOV

The World Nomad Games (WNG) is a new emerging large-scale event in the world, where ethnic sports can be exhibited. It was started in 2014 and until today WNG has been organized three times (2014, 2016, and 2018) in Kyrgyz Republic. Actually, these kinds of events have economic and noneconomic impacts on the destinations. In this chapter, the WNG role for tourism development in Kyrgyz Republic will be investigated. Kyrgyz Republic as a tourism destination was opened in 1991 after the collapse of the USSR. Today, tourism is identified among the priority sectors in the country. However, our coun ...Более

The Effect of Ownership Structure on Financial Reporting Timeliness: An Implementation on Borsa Istanbul

Gökhan ÖZER

The purpose of the current study is to investigate the influence of corporate and foreign ownership structures on the timeliness of financial reporting. The sample of the study consists of 2,204 observations obtained from 208 companies trading in Borsa Istanbul between 2008 and 2019. Multiple regression analysis was conducted, and the relationship between ownership structure and financial reporting timelinesses was investigated. The findings indicate that corporate and foreign ownership are significantly and negatively associated with financial reporting timeliness. Robustness analysis was car ...Более

The effects of the investment decisions of telecommunications firms on their financial performance during the COVID-19 pandemic

Gökhan ÖZER

In this paper we examine how the financial performance of telecommunications firms is affected by the COVID-19 pandemic, and investigate the role of capital expenditures in this relationship. The full sample consists of 383 unique telecommunications firms from 72 countries. Empirical models are estimated using ordinary least squares regression with the Driscoll–Kraay standard errors method. We find that the financial performance of telecommunications firms, on average, decreased slightly during the pandemic period. However, firms with higher capital expenditures have increased their financial ...Более

Does Wagner’s Hypothesis Explain the Dynamics of Health Expenditures in Transition Countries?

Zamira ÖSKÖNBAYEVA

he purpose of this study is to analyze the short and long run causal relationship between public health expenditure and GDP per capita in transition economies within the context of the Wagner hypothesis. For the period 2000-2020, the empirical analysis was conducted using a dataset covering 22 transition countries: Latvia, Belarus, Czechia, Georgia, Bulgaria, Hungary, Estonia, Croatia, Moldova, Bosnia and Herzegovina, Slovenia, Ukraine, Armenia, Lithuania, Russian Federation, Slovak Republic, Romania, Turkmenistan, Uzbekistan, Tajikistan, Kyrgyz Republic, and Kazakhstan. Wagner emphasizes that ...Более

Audit Committee and Timely Reporting: Evidence From Turkey

Gökhan ÖZER

This paper seeks to examine whether the characteristics of the audit committee impact the timely reporting represented by audit report lag (ARL), firm-based abnormal audit report lag (FAARL), and industry-based audit reports lag (IAARL). The sample of the study includes mostly hand-collected 2,284 firm-year observations obtained from Turkey's listed non-financial companies. Main regression results show that audit committee gender diversity, meeting frequency, and independence are negatively associated with timely reporting. Furthermore, additional analysis indicates the negative association be ...Более

Relationship between Government Expenditure and Economic Growth in Transition Countries: Case of Kyrgyzstan and Tajikistan = Geçiş Ülkelerinde Devlet Harcamaları ile Ekonomik Büyüme İlişkisi: Kırgızistan ve Tacikistan Örneği = Взаимосвязь между государственными расходами и экономическим ростом в странах с переходной экономикой: на примере Кыргызстана и Таджикистана

Raziyahan ABDİYEVA | Damira BAYGONUŞEVA | Cunus GANİEV

After the collapse oi Soviet Union the membercountries was accompanied by economic and political crises. Each country has chosen own monetary and fiscal policy considering the economic situation. Even though that their economic situation is similar, Kyrgyzstan and Tajikistan are pursuing opposite fiscal policy. More precisely, Kyrgyzstan in recent years has changed its fiscal policy towards expansionary policy, when Tajikistan is continuing contractionary policy. This paper analyses the long and the short-run causality relationships between government expenditure and economic growth in Kyrgyzs ...Более

Energy consumption and economic growth: The case of transition economies

Hakan ÇETİNTAŞ

This study investigates the causality relationship between energy consumption and economic growth in 17 transition countries, which are Albania, Armenia, Belarus, Bulgaria, Czech Republic, Estonia, Hungary, Kazakhstan, Kyrgyz Republic, Latvia, Moldova, Poland, Romania, Russian Federation, Slovenia, Ukraine, and Georgia. Empirical findings indicate that there is unidirectional causality from economic growth to energy consumption in the long run. The results support for conservation hypothesis suggests that energy conservation policies have no effect on economic growth. They can simultaneously a ...Более

Var - analysis of global financial economic crisis impact on public budget and unemployment: evidence from the economy of the Kyrgyz Republic

Cunus GANİEV

The Global financial crisis hit the economy of the Kyrgyz Republic by the third wave of its transmission in the early of 2009. The article examines the impact of the Global financial economic crisis on the public budget and unemployment of the Kyrgyz Republic. We analyzed the transmission of the crisis on the public budget firstly and its effect on unemployment level by using the vector autoregression approach (VAR) and quarterly data for 2005–2013 within the framework of IS-LM model for small open economies with floating exchange rate. There is an inverse relationship between the public budge ...Более