Orhangazi, Özgür
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Name Variants
Orhangazi, Özgür
Özgür ORHANGAZI
Orhangazi, Ö.
Ozgür Orhangazi
Orhangazi, Ozgur
Orhangazi O.
ÖZGÜR ORHANGAZI
O., Ozgur
Orhangazi Ö.
Orhangazi,Ö.
Orhangazi, Ozgür
O.,Ozgur
Ozgur, Orhangazi
ORHANGAZI, Özgür
Özgür Orhangazi
O., Özgür
Orhangazi,Ozgur
Orhangazi, ÖZGÜR
O. Orhangazi
Orhangazi, O.
ORHANGAZI, ÖZGÜR
Ö. Orhangazi
Orhangazi,O.
Özgür ORHANGAZI
Orhangazi, Ö.
Ozgür Orhangazi
Orhangazi, Ozgur
Orhangazi O.
ÖZGÜR ORHANGAZI
O., Ozgur
Orhangazi Ö.
Orhangazi,Ö.
Orhangazi, Ozgür
O.,Ozgur
Ozgur, Orhangazi
ORHANGAZI, Özgür
Özgür Orhangazi
O., Özgür
Orhangazi,Ozgur
Orhangazi, ÖZGÜR
O. Orhangazi
Orhangazi, O.
ORHANGAZI, ÖZGÜR
Ö. Orhangazi
Orhangazi,O.
Job Title
Prof. Dr.
Email Address
ozgur.orhangazi@khas.edu.tr
Main Affiliation
Economics
Status
Website
ORCID ID
Scopus Author ID
Turkish CoHE Profile ID
Google Scholar ID
WoS Researcher ID
Scholarly Output
37
Articles
18
Citation Count
159
Supervised Theses
11
3 results
Scholarly Output Search Results
Now showing 1 - 3 of 3
Article Citation - WoS: 21Citation - Scopus: 24Competition and Monopoly in the U.s. Economy: What Do the Industrial Concentration Data Show?(Sage Publications, 2021) Davis, Leila; Orhangazi, Özgür; Orhangazi, ÖzgürA 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.Article Citation - WoS: 70Citation - Scopus: 68The Role of Intangible Assets in Explaining the Investment-Profit Puzzle(Oxford Univ Press, 2019) Orhangazi, Özgür; Orhangazi, ÖzgürStarting 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.Article Citation - WoS: 10Citation - Scopus: 11Determinants of Investment in Turkey: a Firm-Level Investigation(Routledge Journals Taylor & Francis Ltd, 2019) Gezici, Armağan; Orhangazi, Özgür; Orhangazi, Özgür; Yalçın, CihanIn 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.
