Journal of Economics, Finance and Accounting (JEFA)
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|1 A Comparative Analysis of the Standards Used in Voluntary Carbon Markets, Bilal Cank?r¹, Derya Semiz², Aysun Aktas³
The studies related with sustainability have been carried out since the first years of the 20th century and it has become a global issue for the last forty years. Climate change, caused by greenhouse gas emissions, is the biggest global threat of the 21st century. As awareness of its impacts grows, many governments and businesses are working hard to reduce their direct CO2 emissions. Voluntary Carbon Market was developed the results of these studies and there are many different standards to certify the green gas emission reductions in this market. The starting point of the voluntary carbon market which is a new concept that has recently entered the literature is a sustainable environment. Within this context in this study sustainability and sustainable management approach has been put forward, the standards that is being used in voluntary carbon market have been analysed and then a comparative analysis of these standards has been made.
|2 AN INVESTIGATION ON COST MANAGEMENT USING TARGET COSTING METHOD , Nurcan Suklum
Nowadays the changes experienced in the economic and social fields show up themselves in business, as method of production and marketing changed by businesses, they also have to change costing methods. After the production traditional costing methods in which costs determined have lost their validity and necessity of using of the new costing methods are showed up. One of these methods is the target costing method which is a need of customers resulting changes brought about, that cost is determined at the design stage of the product. Target costing is determined by means of customer’s needs in the process of designing of product. It is known that expectation and demand of customers in furniture industry is important. The study aims at identifying the application level of target costing of businesses activities in furniture industry. Therefore it is aimed at finding out the application level of target costing method by conducting a survey over businesses in Çorum.
|3 ANALYSIS OF ECONOMIC GROWTH OF TURKEY: PAST AND PRE 2001 FINANCIAL CRISIS, Perihan Hazel Er¹, Zeynep Karacor², Rahime Hulya Ozturk³
It has been seen that growth performance of Turkish economy has decreased in the last twenty-five years. Especially in the 1990s instability in macroeconomy increased with the impact of the developments in the financial market, crisis that began in financial market in 1994 and 2001 has led to the contraction of the real economy severely. However, 2001 financial crisis, resulting in unexpected economic contraction, is a milestone. Considering the indicators of 2001, the size of the contraction can be well understood, it is observed that concrete steps are taken towards the prevention and overcoming of the crisis deepening. The continuity ensured in the fiscal discipline, implementation of structural reforms and the tight monetary policy focused on price stability have had a positive impact on inflationary expectations of economic agents. Economy grew by an average 3.1% during the 1990-2001 period before the 2001 financial crisis; after then during the 2002-2006 period, economy has entered a rapid growth process and has grown average annual rate of 7.2%, and 3.3 % in the 2007-2012 period. In the 2002-2012 period private sector consumption and investment spending constituted the most important source of demand-side growth, in this period the rise of current account deficit due to increasing economic growth, failure to carry out a growth based on employment and increased productivity of the industrial sector which is provided with cheap labor are the drawback of this period. After 2007, the major cause of the decline in growth is global crisis. In this study, developments in growth as a result of the economic program implemented after the financial crisis of 2001 will be discussed. In this respect, in order to analyze the relationship between economic growth, unemployment rate, interest rate and investment by using variables of the 1990-2012 period, Chow test will be applied. In the analysis, the reason for using Chow test is whether there is any difference in economic terms between the policies implemented for economic growth in the 1990-2001 period and policies implemented in the 2002-2012 period after the financial crisis of 2001 as a result of the structural transformation.
|4 RELATIONSHIP BETWEEN FOREIGN DIRECT INVESTMENT AND ECONOMIC GROWTH IN DEVELOPING COUNTRIES, Mustafa Emir1, Melih Kutlu2
Its way the growth and development of developing countries such as Turkey faced structural problems and it is both a cause and a result of lack of capital accumulation which is the most effective way of overcoming are external financing sources. The expectation of scarce resources of developing countries from foreign capital is growth by increasing domestic investment and savings. However experience in countries which macroeconomic indicators corrupt, borrowing rates are high and more intensely felt short-term borrowing it is observed that the fall through of these expectations. Especially due to short-term foreign funds have high speculative and volatility this funds leave the country when negative expectations increased rapidly in the period and crises can arise as a factor affecting. This situation negatively affects growth and hence development. Due to various negativities caused by short-term investment in the development process of the country, especially considering the long-term benefits to them are trying to attract foreign direct investment. In this study causality relations between GDP and foreign direct investment are tested by the help of Granger Causality Analyze yearly data in 1983-2012 period. As a result, the causal relationship between foreign direct investment and economic growth have been identified.
|5 THE STATE OF INDEPENDENT AUDITING IN THE TURKISH COMMERCIAL CODE, Koray Tuan¹, Emrah Arioglu²
Turkish Commercial Code No. 6762, which was implemented for over 55 years, promoted the development of commercial activity in a modern order. However, in time, Turkish Commercial Code became insufficient to cover the current needs. Thus, the need for the preparation and adoption of a new commercial code became inevitable as a result of major changes in the economy and trade life of Turkey and the rest of the world. Consequently, the new Turkish Commercial Code No. 6102 was published on February 14th, 2011 in the Official Gazette, becoming effective on July 1st, 2012. The new Code became effective with the expectations to make up for the deficiencies against the requirements of the era and also to ensure integration into international markets. The new Code has many important regulations that we discuss in this paper, many of which require an entirely new provision for the audit function of companies. However, right before the enactments of the new Code regarding the order of independent auditing of companies became effective, various modifications and additions took place through the Code No. 6335, and through Code No. 6455 following the new Code. In this study, we examine and evaluate the innovations and regulations on the order of independent audit of firms under the new Code No. 6102, as well as the Codes No. 6355 and No. 6455 that modified the provisions of the new Code No. 6102.
|6 TURKISH COMMERCIAL CODE BY CAPITAL INCREASE IN COUNTRY RESOURCE: INSURANCE COMPANIES REVIEW, Suphi Aslanoglu¹, Tuba Derya Baskan²
Companies have their sui generis identities separate from owners or shareholders. They run their activities in consistent with that identity. The activities are production goods and services, trade them and eventually making profit. Companies need to have some assets to do those activities and the assets need to be financed by certain sources. The sources come from either domestically or externally. In this study, we focus on domestic sources originated from the company itself and specifically examine the capital increase from internal sources. The pre-conditions, benefits, importance and procedures for capital increase are dealt in terms of Turkish Commercial Code numbered 6102. Analyzing the last three years’ financial data of insurance companies listed, we make some observations about whether they increase capital depending on domestic sources.
|7 INVESTIGATING THE LINK BETWEEN SAVINGS, INFLATION AND ECONOMIC GROWTH: AN ARDL ANALYSIS FOR THE CASE OF TURKEY, Perihan Hazel Er¹, Can Tansel Tugcu², Orhan Coban³
The aim of this study is to investigate the short and the long-run relationship between saving, inflation, and economic growth in Turkey for the period 2003:1 to 2012:2. Since the data has different integration orders (i.e. I(0) and I(1)), the approach of the Autoregressive Distributed Lag (ARDL) was utilized for the analysis. Results showed that saving, inflation and economic growth are cointegrated and either inflation or economic growth has positive impacts on the savings in the Turkish economy. However, no statistically significant relationship found between the inflation and savings in the short-run and, the interest rates and savings in the long-run. In addition, findings revealed that, among the variables and time period in consideration, economic growth is the variable having the most explanatory power on the savings in the Turkish economy
|8 RELATIONSHIP BETWEEN ORGANIZATIONAL TRUST AND ORGANIZATIONAL SILENCE: AN EXAMPLE OF PUBLIC UNIVERSITY, Arzu Karaca Cakinberk¹, Nurten Polat Dede², Gulsen Yilmaz³
Workers can be work more productive and efficient in the work environment where they trust and able to explain problems, idea and suggestions smoothly. Otherwise, workers don’t express their ideas and opinions related to the organization and become silent with protection against potential reactions; fear of being problematic person; and even the worker states problems, what the worker says doesn’t have any effect. The purpose of this research is to draw attention to organizational silence and organizational trust and to raise awareness of these notions for contributing to managers develop informative and guiding solutions; creating development, change and increase performance in organizations. In this context, it is intended to figure out relationship between organizational silence and organizational trust and to assess its effect on a public university. The data were collected from 156 academic personnel with improved survey forms. In analysis result there is a statistically significant negative, close to moderate relationship between workers’ organizational trust perception and organizational silence behavior.
|9 SMEs PERCEPTION LEVEL OF FINANCE AND INVESTMENT RESOURCES: A CASE STUDY, Unver Akin
Until recently, when SME was called, the workshops where 10 or 50 people worked first could come to the mind. But, today the definition of SME-small and medium size enterprise has changed and taken a form that even housewives are adopted as a product unit. It has lead to increase the number of enterprises that can be established with small capitals such as the rural development programme, state-supported projects, enterpreneurship trainee programmes. Depending on their increasing importance, with this study financial problems and investment priorities of SMEs searched in Giresun. At the end of the study, it was concluded that most of SME have a macro dimension and micro dimension, they are financed with equity capital. It was also concluded that capital-adding and time deposit are preferred as an investment and SMEs do not deal with alternative finance products, inducement and exchange due to the lack of information.