Suchergebnisse

This thesis consists of two parts. The first part examines the micro and macro capital structure determinants of oil and gas companies in Russia, and the second part investigates the importance of energy sector to the Russian economic growth. In the first part, we examine the financing decisions of companies by taking into account the effects of two subsequent major tax reforms in 2001 and 2002. Within the framework of dynamic trade-off theory of capital structure, we find a low speed of adjustment indicating that attaining the target debt ratio is not the primary concern of Russian oil and gas companies. Our estimation results also support the importance of bankruptcy and agency costs as determinants of capital structure. We find that during the pre-tax reform period (1992-2000), the taxation settings encourage the use of debt financing. Our estimation results support the positive effect of the taxation settings (i.e., effective company tax rate and effective Miller tax rate) on the level of debt financing at company level. During the post-tax reform period (2002-2016), the tax incentives for debt financing decreased significantly due to the drastic decrease in company tax rate and the adaptation of flat tax system at the personal level. Our estimation results show that there is a negative effect on the level of debt financing at company level. However, the average debt ratios of Russian companies increased consistently during the post-tax reform period even though there is a lower tax advantage of debt financing during this period. Our estimations show that the macro financial setting of greater access to debt (i.e., volume of domestic credit provided by banks to private sector) is found to be the driving force behind this increase during this period. In the second part, we investigate the causal relationship between fossil energy sources, the production cost of oil and financial development on economic growth in Russia. The results show that Russian companies" oil production cost and oil prices cause economic growth and the one-way causality is negative. We also find that there is one-way positive causality from natural gas price, financial development, and education investments to economic growth. The negative oil price effect supports the resource curse hypothesis, whereas the positive natural gas price effect does not. Russian policies should focus on lowering companies" production cost of oil, improving financial development and investing in education. ; ÖZ: Bu tez iki bölümden oluşmaktadır. Birinci bölümde Rusya'da petrol ve gaz şirketlerinin mikro ve makro sermaye yapısı belirleyicileri incelenmekte, ikinci bölümde ise enerji sektörünün Rus ekonomik büyümesi açısından önemi araştırılmaktadır. İlk bölümde, 2001 ve 2002 yıllarında gerçekleşen iki ana vergi reformunun etkilerini dikkate alarak şirketlerin finansman kararları incelenmektedir. Sermaye yapısı dengeleme teorisi çatısı altında, sonuçlar düşük hız ayarlaması bulmakta ve hedeflenen borç oranının Rus petrol ve gaz şirketleri için birincil hedef olmadığı ortaya koymaktadır. Sonuçlar, iflas ve vekalet maliyetlerinin sermaye yapısının belirleyicileri olarak önemini de desteklemektedir. Birinci reform döneminde (1992-2000), vergi düzenlemelerinin borç finansmanı teşvik ettiğini görüyoruz. Sonuçlarımız, şirket vergi oranın (etkin şirket vergi oranı ve etkin Miller vergi oranı) borç finansmanı seviyesini pozitif yönde etkilediğini göstermektedir. İkinci reform döneminde (2002-2016), kurumlar vergisi oranındaki ciddi düşüş ve sabit oranlı vergi sisteminin uyarlanması nedeniyle, borç finansmanına yönelik vergi teşvikleri önemli ölçüde azalmıştır. Tahmin sonuçlarımız, vergi değişikliklerinin şirket borç finansman oranı üzerinde negatif bir etkisi olduğunu göstermektedir. Borç finansman avantajı ikinci reform dönemde azalmış olsa da bu dönemde Rus şirketlerinin istikrarlı bir biçimde ortalama borç oranlarını artırdıklarını gözlemliyoruz. Tahmin sonuçlarımız, borçlanmaya erişimin daha fazla mümkün olduğu bir ortamın (bankaların özel sektöre sağladığı yurtiçi kredilerin hacim büyümesi gibi), bu dönemde görülen artışın ardındaki itici güç olduğunu göstermektedir. İkinci bölümde, fosil enerji kaynakları, petrolün üretim maliyeti ve Rusya'daki ekonomik büyüme ve finansal gelişim arasındaki nedense ilişkiyi araştırdık. Sonuçlar, Rus şirketlerinin petrol üretim maliyeti ve petrol fiyatı ekonomik büyümeye neden olduğunu ve negatif tek yönlü nedenselliğin olduğunu göstermektedir. Ayrıca doğal gaz fiyatı, finansal gelişme ve eğitime yönelik yatırımlar ekonomik büyümeyi tek yönlü olarak pozitif etkilemektedir. Negatif petrol fiyatı etkisi, kaynak laneti hipotezini desteklerken, pozitif doğal gaz fiyat etkisi bu hipotezi desteklememektedir. Rus politikaları, şirketlerin petrol üretim maliyetlerini düşürmeye, finansal gelişmeyi iyileştirmeye ve eğitime yatırım yapmaya odaklanmalıdır. ; Doctor of Philosophy in Finance. Thesis (Ph.D.)--Eastern Mediterranean University, Faculty of Business and Economics, Dept. of Banking and Finance, 2018. Supervisor: Prof. Dr. Cahit Adaoğlu.

This volume presents current developments in the fields of banking and finance from an international perspective. Featuring contributions from the 6th International Conference on Banking and Finance Perspectives (ICBFP), this volume serves as a valuable forum for discussing current issues and trends in the banking and financial sectors, especially in light of the global economic challenges triggered by financial institutions. Using the latest theoretical models, new perspectives are brought to topics such as international monetary policy, Islamic finance, microfinance, fintech, and capital flight. Offering an opportunity to explore the challenges of a rapidly changing industry, this volume will be of interest to academics, policy makers, and scholars in the fields of banking, insurance, and finance.

Chapter 1: Impact of Ownership Concentration on Profitability of the Banking Sector: The Case of Turkey -- Chapter 2: Leading Indicators of Turkey's Financial Crises -- Chapter 3: The Effects of Social Media Influencers on Consumers' Buying Intentions with the Mediating Role of Consumer Attitude -- Chapter 4: Impact of Political Uncertainties on the Dividend Policies of Non-financial Firms in Turkey -- Chapter 5: Job Satisfaction and Turnover in Educational Institutions: Reasons and Variables Affecting Job Satisfaction and the Turnover Decision -- Chapter 6: Performance Analysis of Northern and Southern Banking Sectors on Cyprus Island under Covid-19 Era -- Chapter 7: The Amalgamation of Social Media and Tourism in Ghana -- Chapter 8: Co-movement of the Shanghai Stock Exchange and COVID-19 in China: Evidence from Wavelet Coherence -- Chapter 9: An Analysis of the Factors Affecting the Capital Adequacy Ratio in the Turkish Banking Sector -- Chapter 10: Credit Rating Agency`s Response to Covid-19 by Logical Analysis of Data -- Chapter 11: The Relationship between Interest Rates and Inflation: Time Series Evidence from Canada.

Hedge Ratio Variation under Different Energy Market Conditions: New Evidence by Using Quantile-Quantile Approach -- The Use of AI in Metaverse -- What Proportion of the Bitcoin Ecosystem is Controlled by Bots? -- Exploring the Impact of Corporate Social Responsibility on Leverage of Listed Companies in Oman -- Audit Committee Financial Expertise, Tenure and Capital Structure Decisions, Evidence from Turkey -- A Comparative Analytical Study for Renewable Energy Sources and Its Future in the Arab World -- Crafting Embeddedness in the Hospitality Industry -- The Impact of Microfinance on Economic Growth: Evidence from the Gulf Countries -- Impact of Nonresident Bank Loans on Economic Activity -- Interaction between the Prices of Crude Oil, Natural Gas, and Gold with Conventional and Sustainability Stock Market Indices -- Determinants of Financial Performance: Case of Solar Panel Manufacturers in China -- Does the IFRS16 Matter in Determining the Profitability of Airline Industries? -- Predicting Cryptocurrency Price Returns by Using Deep Learning Model of Technical Analysis Indicators -- What Factors Affect the Profitability Determinants of Commercial Banks in the MENA Region?.