1 The Correlation between the Internationalization Processes and Performance of Firms: The Case of Emerging Market Firms of the BRIC Countries, Aysun FICICI, Lingling WANG, Bulent AYBAR, Bo FAN
In this empirical study we examine the correlation between the internationalization processes and financial performance of firms by focusing on the emerging market firms (EMNCs) that originate from the BRIC countries. We test the shape of the internationalization - performance curve and explore the differences on effectiveness of the sectors. Our sample data that is collected from the World Scope database that includes a total of 239 firms in which 13 of the firms are from Brazil, 58 of them from China, 156 from India, and 12 from Russia. The internationalization activities take place during the period of 2000 – 2010. Our results suggest that using only the first order term FSTS and second order term FSTS^2., demonstrates a positive relationship between DOI and ROA, a negative relationship between DOI and ROE, and DOI and ROS, and a positive relationship between DOI and ROA, DOI and ROS, and a negative relationship between DOI and ROE. The sign of the coefficient for FSTS are negative and for FSTS^2, positive. This result confirms the previous theories that financial performance decreases in the beginning of the internationalization processes, then increases with the expansion of international operations. These results are statistically significant and propose a U-shaped relationship between the financial performance of EMNCs and their degree of internationalization.
2 Internationalization of post-Soviet Economists: Evidence from Central Asia and the Caucasus, Murat ÇOKGEZEN, Jale ÇOKGEZEN
After the collapse of socialism, post-Soviet republics reorganized economics curricula, published new textbooks, and trained students and academics in their home countries or in the West. How did these efforts change the quantity and quality of international publications of post-Soviet economists? The results of this study show that the number of international publications increased gradually. These publications usually concern regional issues and are published in low impact journals. The preference of Russian language journals implies that language is a barrier to publish in international journals. Cooperation with Westerners is found to contribute positively to their publication performance.
3 The Relationship between Foreign Banking and Credit Access: Panel Analysis Method, Nuri BALTACI, Gizem AKBULUT, Gürsan C?VELEK
After 1990, the crises in planned economies has resulted with accept of the free market system and disintegration of this country blocks. The transition economies are defined as process of approaching work to the free market system of markets. Privatization efforts especially in finance markets of transition economies have increased interest to these markets of foreign banks. From the studies concern with enter of foreign banks to the market show that there are both advantages and disadvantages. In this study, the relationship between the allocation of credit and the presence of foreign banks in transition economies examined for the period of 1995-2010. In the study panel data method is used. The aim of the study is examine aspects and effects between the presence of the foreign banks and the loans to the private sector. Also the effect of foreign bank on accessing to credit in transition economies examined in macroeconomic level. Findings obtained from the study empirical applications and theoretical supports from literature supports that when the existence share of foreign banks numerically and in the banking sector is examined, it is observed that foreign banks make the credit accessibility of the firms more difficult.
4 Stock Market Development, Bank Concentration, Ownership Structure, and Bank Performance: Evidence from Turkey, Hasan AYAYDIN, ?brahim KARAASLAN
Using the the Two-Step Generalized Method of Moments (GMM) described by Arellano and Bond (1991) for dynamic panels, this paper analyzes the profitability of 25 commercial banks in Turkey over the period from 2003 to 2011.Our profitability determinants include bank-specific characteristics as well as industry-specific and macroeconomic factors, some of which have not been considered in previous studies. We conclude that the high bank profitability during these years is associated with a large percentage of loans in total assets, a low proportion of liquid asset, good efficiency and a low doubtful assets ratio. In addition, higher capital ratios also increase the bank’s return, but only when return on assets and return on equities is used as the profitability measure. We find evidence of economies of scale in the Turkish banking sector. Empirical results show that there is a negative relationship between financial development and profitability. We find also there is a positive relationship between bank concentration and bank performance in Turkish banking industry, consisting with the structure-conduct-performance (SCP) hypothesis. The results also suggest that there is a negative relation between the foreign ownership and profitability, indicating that foreign banks do not in general make relatively higher profit, at least during the period under the consideration.
5 [The Economic Roots of Political Underdevelopment in the Middle East: A Historical Perspective] Ortado?u’daki Politik Az Geli?mi?li?in Ekonomik Kökenleri: Tarihsel Bir Bak?? Aç?s?, Timur KURAN
Ça?da? dönem öncesi Ortado?u ekonomisinin ?slam hukukuna dayanan kilit kurumlar?, demokratik kurumlar?n geli?imini engelledi. Bu konu?ma, kritik rol oynayan üç mekanizmay? tan?mlamaktad?r. Kur’an’da belirtilen vergi sistemi yönetim üzerinde kal?c? ve güvenilir k?s?tlamalar geli?tirmeyi ba?aramad?. Çe?itli kesimlere sosyal hizmetler sa?lamak için kurulan ?slami vak?flar?n politik gücü yoktu. Kâr getiren özel i?letmeler küçük ölçekli ve k?sa ömürlüydüler; bu özellikler devletle pazarl?k edebilecek istikrarl? koalisyonlar kurmalar?n? önledi. Son iki mekanizma, demokratik yönetim için gerekli olan güçler ayr?l???n? sa?layacak sivil toplumun geli?imini geciktirdi.
6 [A Contribution to the Theory of Economic Growth] Ekonomik Büyüme Teorisine Katk?, Robert M. SOLOW
Tüm teori, tamamen do?ru olmayan varsay?mlara ba?l?d?r. Teoriyi olu?turan da budur. Ba?ar?l? bir kuramsalla?t?rma sanat?n?n amac?, en son sonuçlar?n fazla hassas olmamas? gibi beklenen bir sadele?tirilmi? varsay?mlar yapmakt?r. “Kritik” varsay?m, hassasiyetle ba?l? sonuçlar?n yapt?klar?ndan birisi ve kritik varsay?mlar?n makul surette uygun olmas? aç?s?ndan önem ta??maktad?r. Özellikle teorik sonuçlar, belirli bir kritik varsay?m?ndan gelen ak?? gibi görünmektedir. Öyleyse varsay?mlar kesin de?ilse, sonuçlar sak?ncal?d?r. Harrod-Domar ekonomik büyüme modelinin do?ru olmas? gibi bir ?eyi savunmak isterdim. Harrod-Domar dü?ünce biriminin karakteristik ve etkili sonucu, uzun dönem bile olsa ekonomik sistem, b?çak s?rt? denge noktas?nda en iyi ?ekilde dengelidir. Tasarruf oran?, sermaye hâs?la oran?, i?gücü art?? oran? önemli parametrelerin büyüklükleriydi. Sabit noktadan çok düzgün bir ?ekilde kaymas? için, neticede, ya büyüyen i?sizlik ya da uzam?? enflasyon olurdu. Harrod terimlerinde, kritik denge meselesi, teknolojik de?i?im eksikli?indeki i?gücü art???na ba?l?, tabii büyüme oran? ve ev ve firmalar?n tasarruf-yat?r?m al??kanl?klar?na ba?l? gerekli büyüme oran? aras?ndaki rekabetten ibarettir
7 Omer Gokcekus with Kevin Bengyak, Peculiar Dynamics of Corruption: Religion, Gender, EU Membership, and Others, Sertac SONAN
Book Review
8 4th Istanbul Conference of Economics and Finance, Erginbay U?URLU
Conference Notes