Ekonomi Bölümü Koleksiyonu

Permanent URI for this collectionhttps://gcris.khas.edu.tr/handle/20.500.12469/57

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Now showing 1 - 12 of 12

Citation Count: 11
Competition and monopoly in the U.S. economy: What do the industrial concentration data show?
(Sage Publications, 2021) Orhangazi, Özgür; Orhangazi, Özgür
A recent series of academic studies, think-tank reports, and news articles shows widespread attention to rising industrial concentration and market power in the U.S. economy. In this paper, we focus on concentration in the U.S. nonfinancial corporate sector to make three contributions to the literature. First, we use examples from the debate on industrial concentration to show that there are often-divergent predictions in the theoretical literature surrounding the expected consequences of concentration and monopolization for nonfinancial firms. Second, we use industry-level concentration data to describe recent trends in average concentration. We show that, while concentration increases across the majority of industries after the late 1990s, the retail and information-services sectors are particularly key for understanding recent trends in average industrial concentration. Third, we link our industry-level analysis with firm-level data to describe the relationship between industrial concentration and nonfinancial corporations' profitability, markups, and investment. Consistent with the ambiguities in the theoretical literature, we find that these relationships are not uniform: while some highly concentrated industries confirm standard expectations with high markups, high profitability, and low investment rates, other highly concentrated industries earn lower-than-average markups and profits, suggesting that - in some industries - increased concentration and intensified competition may go hand in hand.
Citation Count: 9
Determinants of Investment in Turkey: A Firm-Level Investigation
(Routledge Journals Taylor & Francis Ltd, 2019) Orhangazi, Özgür; Orhangazi, Özgür; Yalçın, Cihan
In this article we analyze the financing constraints-investment link for the case of Turkey between 1996 and 2013. As different from the existing studies on Turkey we use a more comprehensive data set that includes both publicly-traded and privately-owned firms and analyze the differences in constraints across small- and medium-sized firms and large firms. In addition to the commonly used cash-flow sensitivities we use alternative measures of constraints build from multiple firm specific variables. We find that small- and medium-sized manufacturing firms in Turkey are subject to financing constraints regardless of the measure used.
Citation Count: 3
Does migration contribute to women's empowerment? Portrait of urban Turkey and Istanbul
(Routledge Journals Taylor & Francis Ltd, 2019) Tekgüç, Hasan; Tekgüç, Hasan; Toktaş, Şule
This article empirically investigates the impact of internal migration on women's empowerment in urban areas of Turkey. Based on data from a nationally representative household survey we find that migration exerts a positive impact in urban settings through improvements in educational attainment and labor market outcomes. Migration contributes to women's empowerment by raising their education levels and lowering the gap in schooling between men and women. Migration also allows migrants both men and women and particularly those with tertiary education to access jobs and occupations in high wage regions like Istanbul. However unlike in education a gender wage gap persists even after migration.
Citation Count: 13
A Dynamic Game Theory Model For Tourism Supply Chains
(Sage Publications, 2021) Keskin, Kerim; Ucal, Meltem Şengün
This article contributes to the game-theoretic analysis of tourism supply chains. We start with a baseline model including three types of agents: (a) one theme park, (b) multiple accommodation providers, and (c) multiple tour operators. We investigate the strategic dynamics (i.e., collaboration and competition) embedded in a market with two different tourism supply chains, and then we extend our model to an infinite-horizon repeated game arguing that agents would face the same decision problem in each week of every holiday season in each year. We show how agents in a tourism supply chain end up with higher profits in any given period of a repeated game compared with their profits in the static version of the game.
Citation Count: 13
Gender and the Wage Gap in Turkish Academia
(Routledge Journals Taylor & Francis Ltd, 2015) Ucal, Meltem Şengün; O'Neil, Mary Lou; Toktaş, Şule
Turkey maintains one of the lowest female labour force participation rates in Europe but also boasts an above average number of female professors. Turkey is well above the European average (15 per cent) with approximately 28 per cent of full professorships being occupied by women. Despite these seemingly positive indications do men and women in Turkish academia earn the same wages? This study explores whether or not there exists a gendered pay gap in Turkish academia. Using data collected from a survey of more than 700 Turkish academics we observed that there is a gendered wage gap that disadvantages women but only at the highest pay levels found at private universities indicating the existence of intra-class inequality where men and women despite occupying the same class position are compensated differently.
Citation Count: 5
Is Fiscal Policy Sustainable in Turkey?
(M.E Sharpe Inc., 2010) Ucal, Meltem Şengün; Alici, Asli
The issue of the budget deficit has become one of the main themes of the economic policy implemented in Turkey and backed by the International Monetary Fund (IMF) following the economic crisis of 2001. The main motivation for this study is the question of whether or not the government's financial policy is sustainable and satisfies the government's long-term budget constraint. The empirical analysis is based on tests of whether government expenditure and revenue are cointegrated considering the economic liberalization period of 1989-2008. The stability of fiscal policy is examined using the Johansen multivariate cointegration method. The findings of the sustainability tests indicate that fiscal policy from the liberalization of the economy up until the 2001 economic crisis was not sustainable.
Citation Count: 42
The Personality and Leadership Style of Recep Tayyip Erdogan: Implications for Turkish Foreign Policy
(Routledge Journals Taylor & Francis Ltd, 2011) Görener, Aylin; Ucal, Meltem Şengün
Recep Tayyip Erdog. an is clearly the most controversial figure in recent Turkish political history. His preponderance in political life is remarkable even by Turkish standards. Because Erdog. an is so powerful and has effectively weakened most internal checks on his power any attempt to explain Turkey's recent foreign policy outcomes will be seriously lacking without considering his leadership impact. The purpose of this study is to investigate Erdog. an's worldview and leadership style and evaluate their impact on his government's policy processes and outputs. To do that we employ the Leadership Trait Analysis technique to construct the leadership profile of Erdog. an through content analysis of his verbal records while in office. We contend here that our understanding of AKP-era Turkey is enhanced if we offer a systematic and rigorous account of Erdogan's personality and that he presents a clear example of the importance of taking individual-level variables seriously in foreign policy analysis.
Citation Count: 40
Relationship Between Financial Crisis And Foreign Direct Investment In Developing Countries Using Semiparametric Regression Approach
(Vilnius Gediminas Tech Univ, 2010) Ucal, Meltem Şengün; Ozcan, Kivilcim Metin; Bilgin, Mehmet Hüseyin; Mungo, Julius
This paper analyzes whether and to what extent the inflow of FDI is affected before and after the occurence of a financial crisis in developing countries. The paper uses a semiparametric Generalized Partial Linear Models (GPLM) regression approach to check the appropriateness and effectiveness of financial crisis in the FDI regression model. The results indicate that FDI inflows decrease in the years after a financial crisis and an upturn in FDI inflows the year before a financial crisis hit the country.
Citation Count: 57
The role of intangible assets in explaining the investment-profit puzzle
(Oxford Univ Press, 2019) Orhangazi, Özgür
Starting around the early 2000s, and especially after the 2008 crisis, the rate of capital accumulation for US nonfinancial corporations has slowed down despite relatively high profitability; indicating a weakening of the link between profitability and investment. While the literature mostly focuses on financialisation and globalisation as the reasons behind this slowdown, I suggest adding another layer to these explanations and argue that, in conjunction with financialisation and globalisation, we need to pay attention to the increased use of intangible assets by nonfinancial corporations in the last two decades. Intangibles such as brand names, trademarks, patents and copyrights play a role in the widening of the profit-investment gap as the use of these assets enables firms to increase market power and profitability without necessarily generating a corresponding increase in fixed capital investment. After discussing the ways nonfinancial corporations use intangible assets, I look at large corporations in the USA and find the following: (i) The ratio of intangible assets to the capital stock increased in general. This increase is highest for firms in high-technology, healthcare, nondurables and telecommunications. (ii) Industries with higher intangible asset ratios have lower investment to profit ratios. (iii) Industries with higher intangible asset ratios have higher markups and profitability. (iv) The composition of the nonfinancial corporate sector has changed and the weight of high-technology and healthcare firms has increased; but this increase did not correspond to an equal increase in their investment share. The decline in the investment share of durables, nondurables and machinery is matched by an increase in the investment share of location-specific industries with low intangible asset use, most notably firms in energy extraction. In general, these firms have steadier markups and higher investment to profit ratios. (v)Yet, intangible-intensive industries' profitability has increased faster than their share of investment or total assets. All in all, these findings are in line with the suggestion that the increased use of intangible assets enables firms to have high profitability without a corresponding increase in investment.
Citation Count: 9
Sabotage in team contests
(Springer, 2019) Keskin, Kerim; Keskin, Kerim; Saglam, Cagri
In the contest literature sabotage is defined as a deliberate and costly activity that damages the opponent's likelihood of winning the contest. Most of the existing results suggest that anticipating a possible sabotage contestants would be discouraged from exerting high efforts. In this paper we investigate the act of sabotage in a team contest wherein team members exert costly efforts as a contribution to their team's aggregate effort which in turn determines the contest's outcome. For the baseline model with no sabotage there exists a corner equilibrium implying a free-rider problem in each team. As for the model with sabotage our characterization of Nash equilibrium reveals two important results: (i) a unique interior equilibrium exists so that the free-rider problem no longer is a concern and (ii) the discouragement effect of sabotage vanishes for some players. On top of those conclusions we investigate the team owner's problems of prize allocation and team formation with the objective being to maximize his team's winning probability.
Citation Count: 0
Social foundations of markets money and credit
(Blackwell Publishing Ltd, 2006) Aybar, Sedat
[Abstract Not Available]
Citation Count: 2
Unveiling the effects of a headscarf ban: Evidence from municipal jobs in Turkey
(Academic Press Inc., 2020) Çörekçioğlu, Gözde
Religious conservatism is often associated with patriarchal attitudes and deterioration of women's rights. This conventional wisdom has motivated ubiquitous policies that limit public expressions of religion and emphasize secular values. This paper demonstrates that a policy change which undermines secularity ends up empowering women. The current article takes advantage of a unique divergence in political institutions that occurred in Turkey's recent history to explore how revoking a headscarf ban affected employment outcomes of women in the public sector. In a difference-in-discontinuities setting, I exploit the before/after discontinuous policy variation and compare female employment within municipalities that have Islamist and secular mayors. I find that eliminating legal obstacles against observant Muslim women in the labor market improves female employment in Islamist municipalities. Yet, when women are not allowed to wear headscarves to work, Islamist mayors employ less women vis-à-vis secular mayors. Overall, findings point to unintended consequences of headscarf bans on pious women.

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