Browsing by Author "Erdogan, Seda Bilyay"

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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.
Corporate Esg Performance and Dividend Distribution Policy: Impact of Country-Level Factors
(2024) Erdogan, Seda Bilyay
Bu çalışmanın amacı, kurumsal ÇSY performansının temettü dağıtım politikası üzerindeki etkisini analiz etmektir. 23 gelişmiş ülkede bulunan 4.458 firmadan alınan 40.842 firma-yıl gözleminden oluşan bir örneklem kullanarak ve tahminlere sabit etkiler ekleyerek, çalışmamız, daha güçlü ÇSY performansına sahip firmaların genellikle daha yüksek temettü dağıttığını ampirik olarak göstermektedir. ÇSY puanının her üç kategorisi de yani çevresel, sosyal ve yönetişim kategorileri, bu önemli ilişkiye katkıda bulunmaktadır. Alternatif değişken ölçümleri ve endojenlik sorununu kapsayan alternatif metodolojileri kullandığımızda da aynı bulguları elde etmekteyiz. Ayrıca, bu çalışma kapsamında ÇSY performansı ile temettüler arasındaki ilişkinin, ülke düzeyindeki faktörler tarafından nasıl etkilediğine dair yeni kanıtlar da sunulmaktadır. Açıklık endeksi, pay sahiplerinin hakları endeksi, sahiplik ve kontrol endeksi ve son olarak şirket şeffaflığı endeksi, ÇSY ve temettüler arasındaki ilişkiyi negatif yönde etkilemektedir. Bu bulgular, ÇSY’nin temettüler üzerindeki pozitif etkisinin, endeksleri daha yüksek olan ülkeler için daha az olduğunu göstermektedir. Son olarak, hissedarlar tarafından dava açma kolaylığı endeksinin pozitif düzenleyici etkisi olduğu görülmektedir; bu da ÇSY’nin temettüler üzerindeki pozitif etkisinin, hissedarlar tarafından dava açma kolaylığı endeksi daha yüksek olan ülkelerdeki firmalar için daha güçlü olduğunu önermektedir. Genel olarak, bulgularımız, ÇSY ve temettüler arasındaki ilişkide ülke düzeyindeki faktörlerin önemini vurgulamaktadır.
THE IMPACT OF INTELLECTUAL CAPITAL ON FINANCIAL PERFORMANCE AND FIRM VALUE IN ISLAMIC COUNTRIES
(2021) Bılyay-Erdogan, Seda; Nuhoglu, Nur Irem; Parlak, Deniz; Erdogan, Seda Bilyay
This study analyzes the effect of intellectual capital (IC) efficiency on firm value and financial performance indicators for companies in Islamic countries. Sample consists of 1,681 firms from eleven Islamic countries, covering eight years between 2010 and 2017. We use value-added intellectual capital (VAIC) methodology and run OLS regressions with panel data. Findings reveal that IC positively affects firm profitability and liquidity, and negatively affects leverage. Furthermore, both IC and the components of IC positively affect firm value. Lastly, Shariah-compliance has a positive impact on firm value, profitability and liquidity and a negative impact on leverage. This is the first study to analyze the effect of IC efficiency on firm value and on financial performance aspects for a very broad sample covering 11 Islamic countries at the same time. Last, this is the first study to investigate the effect of Shariah-compliance on value and financial performance attributes of firms in Islamic countries.
Internationalization of SMES: Do Board Characteristics Matter?
(Economic and Financial Research Assoc - Efad, 2023) Bilyay-Erdogan, Seda; Acar, Merve Gizem Cevheroglu; Birgoren, Irem Ozkan; Erdogan, Seda Bilyay
All around the globe, SMEs constitute the backbones of the countries' economies, with their contribution to a very high level of employment and enterprises, as well as GDP creation. Despite their significance in their economies, SMEs' engagement in export activities is limited, which could be enhanced with better corporate governance initiatives. The purpose of this study is to examine the association between one of the main components of corporate governance, i.e., Aboard of directors (BOD), and SME internationalization. We apply stratified sampling by city, size, and sector to fairly reflect the SME population in Turkey, collecting data from 469 SMEs. To quantify the board characteristics, we construct aAboard index, composed of seven board-related variables. Then, we estimate cross-sectional regressions including firm-specific control variables and legal and industry dummies. Our findings show that the board index is strongly and positively associated with SME internationalization, implying SMEs can reach higher internationalization levels by fostering aAmore attentive approach toward the composition and functioning of their BODs. By focusing on the individual board characteristics, SMEs are likely to enhance their BODs' monitoring and controlling functions in addition to their resource-acquiring functions, ultimately leading to higher internationalization levels.