Uluslararası Ticaret ve Finans Bölümü Koleksiyonu
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Browsing Uluslararası Ticaret ve Finans Bölümü Koleksiyonu by Institution Author "Yıldırım, Canan"
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Article Citation - WoS: 3Citation - Scopus: 6Competition in Turkish Banking: Impacts of Restructuring and the Global Financial Crisis(Wiley, 2014) Yıldırım, CananThis paper investigates the evolution of competition in the Turkish banking industry by taking into account the transformation in the sector in the aftermath of the country's financial crisis of 2000 to 2001 and the global financial crisis. The results demonstrate that the level of competition in the system did not increase despite the restructuring that was undertaken and the increased foreign bank participation. In addition the level of competition in the sector deteriorated during the global crisis. There is also some evidence that the market power of banks with different ownership characteristics varied and did not converge over time.Article Citation - WoS: 10Citation - Scopus: 9Efficiency in Turkish Banking: Post-Restructuring Evidence(Routledge Journals Taylor & Francis Ltd, 2017) Davutyan, Nurhan; Yıldırım, CananTurkish banking sector went through a significant restructuring process in the aftermath of the country's financial crisis of 2000-2001. In this paper we analyze the evolution of banking performance using a novel approach due to Ray [(2007). Shadow Profit Maximization and a Measure of Overall Inefficiency. Journal of Productivity Analysis 27 231-236]. We derive shadow unrealized profit scores' as well as shadow input-output prices' for each year and bank in the sector from 2002 to 2011. We argue these scores operationalize the Hicksian concept of monopolistic quiet life'. We provide some evidence the sector came closer to the zero profit condition' as well as displaying a closer approximation to the law of one price' over time. We show the variability of these shadow prices' essentially coincides with that of corresponding actual prices. We utilize shadow price information to show that business models and competitive choices of banks differ across ownership types with foreign banks competing on the broadest front compared to state-owned and privately owned Turkish banks.Article Citation - WoS: 3Citation - Scopus: 3Liberalization Post-Crisis Restructuring and Internationalization in Turkish Banking(Routledge Journals Taylor & Francis Ltd, 2015) Yıldırım, CananThis study provides a historical review of the transformation of the Turkish banking sector since the initiation of the financial liberalization program in 1980. It demonstrates the roles of macroeconomic institutional and firm-level factors in the evolution of market and ownership structures as well as the performance of the sector. It focuses on the penetration of foreign banks in the Turkish market and the more recently observed entries of Turkish banks into neighboring countries. It contributes to the literature by illustrating how the domestic macroeconomic and institutional environment together with international banking circumstances affect the processes and outcomes of internationalization in emerging banking markets.Article Citation - WoS: 12Citation - Scopus: 10Turkey's Outward Foreign Direct Investment: Trends and Patterns of Mergers and Acquisitions(Routledge Journals Taylor & Francis Ltd, 2017) Yıldırım, CananThe aim of this study is to examine the recent evolution of Turkish outward foreign direct investment together with Turkish firms' cross-border acquisitions across time countries and industries. The article suggests that macro-economic restructuring and institutional reforms together with strengthened competition at home and globally not only allowed but also forced Turkish firms to expand internationally. It shows that Turkish acquisitions are mostly directed towards European countries and are concentrated more in manufacturing than in the services industry. In addition most of the acquisitions involve firms operating in low-technology manufacturing and less knowledge-intensive services. These findings imply that Turkish firms might be motivated mainly towards accessing new markets and that the acquisitions do not seem to be utilized for technological upgrading and productivity improvements.