Browsing by Author "Danisman, Gamze Ozturk"

Now showing 1 - 8 of 8

Citation - WoS: 2
Asymmetric Cost Behavior and Acquirer Returns: Evidence From U.s. Mergers
(Ege Univ, 2019) Uğurlu, Mine; Öztürk Danışman, Gamze; Bilyay-Erdoğan, Seda; Vural-Yavaş, Çiğdem; Danisman, Gamze Ozturk; Yavaş, Çiğdem Vural; Erdogan, Seda Bilyay
This paper investigates the asymmetric behavior of the selling, general and administrative (SG&A) costs of acquirers, and reveals its effects on mergers & acquisitions (M&A) performance in a one-year event window. It is based on a sample of 6888 M&As completed in the U.S. during the 2003-2015 period and employs panel data regressions. The results show that 73% of the acquirers display asymmetric cost behavior. A significant negative relation is found between cost stickiness and acquirers' abnormal returns following the merger announcement. Competition in the market for corporate control is positively related with acquirer returns but exacerbates the negative effects of cost-stickiness on abnormal returns of acquirers. The acquirers' risk of default is significantly negatively related to the abnormal returns they generate. This adverse effect of default risk on returns is stronger for acquirers with anti-sticky costs. Acquirer risk offsets the positive effects of competition on returns. Acquirers with sticky costs have lower abnormal returns than those with anti-sticky costs in a one-year window. The present study contributes to the literature by revealing the asymmetric cost behavior of acquirers involved in merger activity during the last decade, and provides evidence for an alternative explanation for the lower abnormal returns of the acquiring firms.
Citation - WoS: 72
Citation - Scopus: 88
Banking Sector Reactions To Covid-19: the Role of Bank-Specific Factors and Government Policy Responses
(Elsevier, 2021) Demir, Ender; Danisman, Gamze Ozturk
This paper examines the impact of bank-specific factors and variations in the context of stringency of government policy responses on bank stock returns because of the COVID-19 pandemic. A sample of 1,927 publicly listed banks from 110 countries is used for the period of the first major wave of COVID-19, that is, January to May 2020. Our findings indicate that stock returns of banks with higher capitalization and deposits, more diversification, lower non-performing loans, and larger size are more resilient to the pandemic. While banks' environment and governance scores do not have a significant impact, higher social and corporate social responsibility strategy scores intensify the negative stock price reaction to COVID-19. We further observe that the pandemic induced reduction in bank stock prices is mitigated as the strictness of government policy responses increases, mainly through economic responses such as income support, debt and contract relief, and fiscal measures from governments.
Citation - WoS: 90
Citation - Scopus: 101
Economic Uncertainty and Bank Stability: Conventional Vs. Islamic Banking
(Elsevier Science Inc, 2021) Bilgin, Mehmet Huseyin; Danisman, Gamze Ozturk; Demir, Ender; Tarazi, Amine
In this paper, we explore whether economic uncertainty differently affects the default risk of Islamic and conventional banks. Using a sample of 568 banks from 20 countries between 2009 and 2018, we use the World Uncertainty Index (WUI) by Ahir et al. (2018) to conduct a study based on a comparable measure across countries. Our findings indicate that economic uncertainty increases the default risk of conventional banks but does not affect Islamic banks' default risk. To understand why, we explore the influence of religiosity, institutional factors, and bank-level heterogeneity. We observe that Islamic banks' default risk is not significantly affected by uncertainty in all types of countries, but such a difference with conventional banks mainly holds for banks with higher income diversification, larger size, and that are publicly traded. Moreover, our findings show that conventional banks suffer more from uncertainty in terms of stability in countries with higher religiosity and with a higher share of profit-loss sharing (PLS) contracts. Our results are robust to alternative estimation techniques to deal with endogeneity and to alternative variable measurements.
Citation - WoS: 2
Citation - Scopus: 4
Economic Uncertainty and Climate Change Exposure
(Academic Press Ltd- Elsevier Science Ltd, 2025) Danisman, Gamze Ozturk; Bilyay-Erdogan, Seda; Demir, Ender
This paper explores how economic uncertainty affects firms' climate change exposure. We use an extensive sample from 24 countries from 2002 to 2021. Employing a novel measure of firm-level climate change exposure developed by Sautner et al. (2023b), we empirically demonstrate that prior to the Paris Agreement in 2015, economic uncertainty leads to a decrease in climate change disclosures. However, after the Paris Agreement, our findings reveal a positive association between economic uncertainty and climate change exposure. The positive disclosure effect is primarily driven by higher climate-related opportunities and regulatory exposures. Our findings are robust when we employ alternative definitions for economic uncertainty, alternative samples, additional firm-level and country-level control variables, and alternative methodologies. We find that institutional and foreign ownership positively moderates the association between economic uncertainty and climate change exposure after the Paris Agreement. Further analysis investigates the moderating impact of country-level environmental performance indicators. We present novel empirical evidence suggesting that firms operating in countries with less climate vulnerability, higher readiness, more stringent environmental policies, superior climate protection performance, and higher environmental litigation risk tend to have higher climate change exposure in uncertain times.
Citation - WoS: 1
Citation - Scopus: 3
The Effect of Pandemics on Domestic Credit: a Cross-Country Analysis
(Economics Bulletin, 2021) Danisman, Gamze Ozturk; Demir, Ender
Using a panel of 140 countries covering the period 1996-2018, this paper examines how previous pandemics (such as SARS, MERS, Ebola, Swine flu, etc.) have influenced the lending behavior of banks. We take advantage of a new index developed by Ahir et al. (2020) which measures discussions about pandemics at the country level. Our findings reveal that uncertainty related to pandemics significantly hamper domestic credit available to the private sector. The negative effect of pandemics on credit levels is more prevalent for the low-income & emerging economies and non-OECD countries.
Citation - WoS: 69
Citation - Scopus: 77
Esg Performance and Dividend Payout: a Channel Analysis
(Academic Press Inc Elsevier Science, 2023) Bilyay-Erdogan, Seda; Danisman, Gamze Ozturk; Demir, Ender
This paper investigates the impact of environmental, social, and governance (ESG) performance on corporate dividend policy. We employ a panel data set comprised of 1094 non-financial listed firms in 21 European countries from 2002 to 2019. We show that companies with higher ESG performance are likely to pay higher dividends. Our results are robust to alternative variable definitions and specifications and address endogeneity concerns. We next investigate the possible transmission channels through which corporate ESG performance enhances dividend payouts. We present novel evidence that earnings and risk are the two possible channels through which ESG performance augments corporate dividends.
Citation - WoS: 133
Citation - Scopus: 136
ESG performance and investment efficiency: The impact of information asymmetry
(Elsevier, 2024) Bilyay-Erdogan, Seda; Danisman, Gamze Ozturk; Demir, Ender
This paper investigates the relationship between firms' engagement in environmental, social, and governance (ESG) activities and corporate investment efficiency, using 1,094 firms from 21 countries in Europe, covering the years 2002-2019. We conduct our estimations using fixed effects panel data techniques and address potential endogeneity with instrumental variables (IV) estimations. We provide evidence that overall ESG engagement is positively and significantly associated with investment efficiency. Analyzing overinvestment and underinvestment scenarios shows that ESG engagement decreases only overinvestment problems. Within the underinvestment scenario, we observe that ESG engagement is beneficial only for firms with higher information asymmetries. Thus, information asymmetry matters in the underinvestment case. We next show that four firm-level channels-information asymmetry, financial constraints, cash flows, and risk-link ESG performance to investment inefficiency. Additional analysis shows that firms with extreme ESG scores (i.e., very low and very high) do not experience significant reductions in investment inefficiency. Altogether, our findings draw attention to the critical role of ESG performance and information asymmetry in determining corporate investment efficiency.
Citation - WoS: 1
Citation - Scopus: 1
Technological Innovations and Firm Internationalisation
(Sosyoekonomi Soc, 2022) Ozturk-Danisman, Gamze; Danisman, Gamze Ozturk
This paper explores the relevance of technological innovations for the internationalisation of manufacturing firms. It differentiates between two technological innovations: eco-innovations and generic-technological innovations (i. e., intelligent manufacturing). By pooling the Flash Eurobarometer-415 and -433 surveys, we use a broad firm-level sample of 4954 European and nonEuropean (the US and Switzerland) manufacturing firms. Appling the Heckman selection model, the findings indicate that eco-innovations positively affect the decision of the firms to internationalise whilst showing no significant impact on the level of international operations. On the other hand, generic-technological innovations positively affect both the decision and the level of global operations.