Aycan

Seda

Assoc. Prof. Dr.

The purpose of this study is to examine the growth performance of firms in Türkiye’s manufacturing industry, taking into account firm characteristics, firm capacity, and human capital indicators. Data from the “Business Environment and Enterprise Performance Survey” conducted jointly by the European Bank for Reconstruction and Development and the World Bank for the 2018–2020 period are used. The study included only surveys conducted in 2019. A total of 395 Turkish manufacturing firms with increased sales revenues between 2016 and 2018 were examined. Firms’ growth performance can be measured in various ways. In this study, it is measured by calculating the change in sales revenues, which is a widely used method in the literature. Firms’ growth performance is calculated using the formula [(sales revenue (sales revenue-2)) / sales revenue-2 × 100]. After calculating the change in sales revenues, firms whose sales revenues increased are included in the study. We focus on some firm characteristics, firm capacity, and human capital that can have an impact on growth performance. Firm age is used from firm characteristics. Meanwhile, firm capacity is measured using the capacity utilization rate and the weekly working hours. For the human capital indicator, the variables of how many years of experience the manager has in this sector, the rate of personnel working in nonproduction activities (the rate of employees working in units such as management, sales, etc.), and the rate of employees with university degrees are used.The quantile regression method is used in the study to examine the growth performance of firms in the Turkish manufacturing industry. Koenker and Basset (1978) proposed the quantile regression method as an alternative to the classical one (Koenker and Halloc, 2001). The quantile regression method ignores the assumptions that must be satisfied in the classical regression method. When the error terms are not normally distributed, quantile regression parameter estimates are more effective than classical regression parameter estimates (Ünvan ve Demirel, 2020, s. 200). Furthermore, the quantile regression method solves the outlier problem and can be used when the data set contains outliers (Yavuz ve Aşık, 2017, Cameron ve Trivedi, 2005, s. 85). This study has outliers in the dependent variable. Except for the manager experience variables, all independent variables have outlier values. The quantile regression method produces more accurate results in the presence of outliers (Çınar, 2019). This method produces different coefficient results for different quantile points and provides various regression models (Chen, 2005; Koenker, 2005). Allows for the interpretation of growth performance at various levels.As a result of the study, it is seen that the increase in the firm age negatively affected the growth performance of firms in the manufacturing industry in Türkiye. An increase in firm age leads to a decrease in growth performance, regardless of the level of growth performance. The capacity utilization rate of a firm has a positive and statistically significant impact on the growth performance of firms in the 0.70th, 0.80th, and 0.90th quantiles. It has been observed that increasing the capacity utilization rate increases growth performance. Another study finding indicates that the firm’s weekly working hours have no statistically significant effect on growth performance at all quantile levels. Furthermore, it has been estimated that senior management experience in the sector has a negative and statistically significant effect on firm growth performance in the 0.20th, 0.30th, 0.40th, and 0.50th quantiles. Increasing the experience of senior managers in the sector reduces growth performance. When the level of growth performance is high, senior management experience in the sector has no statistically significant effect on growth performance. Furthermore, an increase in the rate of nonproduction employees in the 0.10th, 0.20th, 0.30th, and 0.40th quantiles resulted in improved growth performance. The rate of employees working in management and sales have a statistically significant and positive effect on the growth performance of the companies in the manufacturing industry sector. Therefore, by strengthening their management and sales units, these firms will increase their productivity and thus their growth performance. Similarly, it is concluded that the rate of employees with university degrees at the 0.10th quantile positively and significantly impact growth performance.&nbsp;

Determination of Criteria Affecting the Growth Performance of Manufacturing Industry Firms in Türkiye Using Quantile Regression

@JOURNAL_BOX_EARLYVIEW

Rabĳita

Hemanta

Assist. Prof.

Dhruba

Winter Rice Trend Analysis and Change Point Detection in Assam’s North Bank Plains Zone (NBPZ): A Non-Parametric Approach

Erkan

Prof.

Sadullah

Dilek

Analysis of Skills and Qualifications Required in Data Scientist Job Postings Based on the Pareto Analysis Perspective Using Text Mining

Salih

Asset Allocation with Combined Models Based on Game-Theory Approach and Markov Chain Models

Abdülsamet

Kemal

Assist. Prof. Dr.

Investor interest in cryptocurrencies increased after Nakatomo’s (2008) suggestion of Bitcoin. The presence and usefulness of cryptocurrencies in economic and financial systems are continually growing, and this has drawn attention from academicians. Several studies on cryptocurrencies have been carried out in recent years. Between 2013 and 2019, Corbet et al. (2019) conducted a thorough assessment of quantitative and non-quantitative studies on cryptocurrencies. Quantitative studies have investigated the relationships among numerous variables (e.g., Bitcoin returns, altcoin investments, gold prices, oil prices, etc.) using a variety of approaches such as regression models, vector error correction models, generalized autoregressive conditional heteroskedasticity (GARCH), autoregressive distributive lag (ARDL), and correlation analyses. The studies conducted prior to 2020 used linear methods to explore the relationships among variables, while some studies since 2020 have also used nonlinear methods. This study uses Student’s t-distribution and skewed t-distributions, as well as a normal distribution, to simulate the nonlinear ARDL [NARDL] model. The return distributions of cryptocurrencies are obviously non-normal and heavy-tailed, making this a significant research problem. Shanaev and Ghimire (2021) applied the Cramer-von Mises, Anderson-Darling, Kuiper, Kolmogorov-Smirnov, and chi-squared goodness-of-fit tests for 22 different theoretical distributions to determine the distributions for 772 different cryptocurrencies. In addition to a normal distribution, they found cryptocurrencies to have non-normal distributions such as Student’s t-distribution, skewed-t distribution, Johnson SU distribution, and asymmetric power function distribution.Developed by Shin et al. (2014), the NARDL model is an enhanced version of the ARDL model. Developed by Pesaran et al. (2001), the ARDL model is a cointegration analysis that is used to detect long- and short-term causality relationships between non-stationary series at different levels. One important feature of this cointegration analysis is that it does not require the series to have the same order. The purpose of creating the NARDL model is to develop a simple flexible nonlinear dynamic framework that can simultaneously and consistently model both long-term relationships among variables as well as the asymmetries in dynamic fit models. The NARDL approach constitutes a nonlinear modeling technique that is employed to examine economic and financial factors. The present study focuses on employing the ARDL technique, which offers a means of examining the non-reciprocal associations cryptocurrencies have with economic and financial variables. In order to investigate the finite sample properties of estimators for the simple data generation process, Shin et al. (2014) used Monte Carlo simulation experiments. To the best of our knowledge, no scholarly publication has been encountered that has conducted an investigation into the finite sample properties of the NARDL method when applied to time series data with non-normal distribution. During the Monte Carlo simulation experiments, hypothesis tests were conducted for the finite sample properties of the estimators, as well as for long-term asymmetric relationships, short-term asymmetric relationships, and non-asymmetric cointegration. The size and powers of the hypothesis theses have been examined under normal and non-normal distributions.The default parameter values for the Monte Carlo simulation experiments under normal distribution were taken as excerpts from Shin et al. (2014), while we created the default values for the Student’s t-distribution and the skewed-t distribution. The Monte Carlo simulation experiments were performed by utilizing Shin et al.’s error correction model. The Monte Carlo simulation experiments were conducted using the software programs STATA and R.&nbsp;The results from the Monte Carlo simulations show the size of the NARDL model for the normal distribution and for the Student’s t-distribution to decrease and its power to increase as the number of samples increases. The study has also revealed that a variable with a skewed-t distribution possessing a skewness value of -2, 2.1 degrees of freedom, and a correlation value of -0.5 would not accurately show the short-term asymmetric relationship if its relationship with other variables is examined using NARDL.When the degrees of freedom are increased to 3, or 10 for the mentioned skewed-t distribution, the Wald test has moderate power over the short term.In this respect, the results from our study shows the studies that have used the NARDL model for evaluating the effects of cryptocurrencies on economics and finance to be predominantly reliable and accurate. Only one contrary finding was found where the skewed-t distribution possessed a very high kurtosis value and a high positive skewness value. For this case, the Wald test was observed to have very low power regarding the short-term asymmetric relationship.

A Monte Carlo Simulation Analysis of the NARDL Method with Regard to Cryptocurrencies

Oğuz

Key Macroeconomic Variables under Exchange Rate Volatility: Time-Varying Causality in the Presence of Structural Breaks and Nonlinearity

Emin

Ayyüce

Res. Assist. Dr.

A Causal Relationship Among the Financial Indicators of Bitcoin, Gold, and VIX: An Empirical Analysis of the Fragile Five

Selahattin

Prof. Dr.

Sevcan

Res. Assist.

Problems such as environmental pollution, climate change, and global warming are among the leading issues that harm the sustainable economic performance of developed and developing countries. The increase in carbon dioxide emissions (CO2) and other greenhouse gases is considered one of the reasons for these problems. Greenhouse gases contribute to global warming and change the climate on a global scale. Therefore, factors affecting CO2 emissions have been investigated, with some policies having been suggested. The literature emphasizes main factors such as growth, population, and energy use for countries or country groups. Income (GDP per capita and economic growth) in particular has significant effects on the environment. The reason for the effects from higher economic growth (i.e., per capita income) is that it increases CO2 emissions. The environmental Kuznets curve (EKC) has been used to model this effect. Namely, the EKC model shows GDP per capita to have an inverted U-shaped effect on CO2 emissions. In addition, high population density and energy consumption positively affect emissions. However, economic uncertainty, which affects main factors such as economic growth and energy use, has not been considered with regard to CO2 emissions. Economic policy uncertainty damages the decisions of countries, firms, and individuals pertaining to renewable energy and energy efficiency, thus leading to a continued dependency on greenhouse gas emissions. Therefore, this study investigates the relationship between the Economic Policy Uncertainty (EPU) and CO2 emissions.This study aims to examine the relationship per capita CO2 emissions have with the as measured by the World Uncertainty Index (WUI), GDP per capita, population, renewable energy consumption, and trade. Because the is only calculated for developed countries, the WUI is also used to measure the index. The annual data of 14 OECD countries between 2000-2021 have been analyzed using a nonparametric panel data model with time-varying coefficients. The model includes trend and coefficient functions, and the local linear dummy variable (LLDVE) method is used to estimate how the functions change over time. First, the time-varying coefficient functions are estimated to explain the relationship between the independent variables and CO2 emissions. Second, the common trend function is estimated for the whole panel data. Third, the model is extended to include country-specific trend functions. In addition, a cross-country comparison is made by estimating the common trend function and country-specific trend functions for the entire panel data. The study’s results show the relationship CO2 emissions have with other variables in the model change over time.According to the study’s results that were estimated using the LLDVE estimation method, WUI exhibited a significant negative effect on CO2 emissions from 2000-2021, with the negative impact being ongoing since 2010. Hence, higher WUI reduces CO2 emissions and vice versa. The effects from per capita GDP and population on CO2 emissions was found to vary with time. The results show per capita GDP to have significant signs that vary between positive and negative over time. Although per capita GDP had a positive effect from 2000-2013, the impact between 2013-2018 was negative and return topositive after 2018. Similarly, population affected CO2 emissions both positively and negatively over time and increased CO2 emissions after 2015 in particular. Renewable energy consumption has a significant negative effect, decreasing CO2 emissions between 2000-2020. The estimated results on renewable energy confirm the need to use renewable energy and to recommend policies. However, the negative effect became positive in 2020, and whether this effect remains positive over time should be investigated. Finally, no significant relationship was found between CO2 emissions and trade. In addition to country-specific trend functions, the individual trends of CO2 emissions for the US, Germany, Canada, and Japan exceed the common trend. This result indicates that countries contribute more to emissions.

Analyzing the Factors Affecting CO2 Emissions Using Nonparametric Time Varying Coefficient Panel Data Models

Mutlu

Seyhun

According to the conventional economic approach, global warming and climate change are analyzed based on externality in light of the benefit-cost principle. The problem is formulated as the relationship between marginal private benefit-cost and marginal social benefit-cost. Despite this relatively straightforward and theoretically understandable conventional formulation, global warming and climate change differ from other environmental problems previously encountered locally. For example, the distinction between greenhouse gas emissions (a flow variable) and greenhouse gas concentrations (a stock variable) is neglected in this economic analysis. Additionally, this fundamental economic analysis assumes that the damage caused by emissions is independent of time and emission source and that emissions have no effects outside the analyzed economy. Such difficulties inherent in global warming and climate change make determining the difference between private marginal benefit-cost and social marginal benefit-cost difficult, as well as expressing it monetarily.Unlike the difficulties of economic analysis, a physical and ecological approach to the problem provides a clearer picture of what is happening to the target of mitigation. According to this approach, the social, economic, and ecological damage resulting from climate change are a positive function of human-induced greenhouse gas emissions and of the vulnerabilities of social and ecological systems toward climate change. If the aim is to solve the problem, either the thermal balance of the earth should be ensured by reducing the greenhouse gas emissions to a level compatible with natural cycles, or the fragility of social and ecological systems against climate change should be reduced. As a result of this formulation, the only rational solution to climate change is to reduce anthropogenic greenhouse gas emissions. The Impact = Population x Affluence x Technology (IPAT) identity used to express human activities’ effects on the environment shows population, economic activity, and energy consumption to be the most critical variables determining human-induced greenhouse gas emissions. Accordingly, population growth, economic growth, greenhouse gas intensity of the energy system, and the economy are the most essential variables to focus on to reduce and break the link between human activities and greenhouse gas emissions.Leaving the economic analysis difficulties aside and focusing on environmental impact variables, the picture regarding global warming and climate change is quite clear. In order to reduce human-induced greenhouse gas emissions, the energy efficiency of the economy must be increased, and a fundamental and rapid transformation must be carried out that results in a reduction of carbon intensity within the energy system. The environmental impact analysis shows fossil fuel-based economic growth to be the most critical problem to overcome in reducing greenhouse gas emissions. While significant gains have been made in reducing energy system-related carbon emissions thanks to the decrease in the energy intensity of the economy, as long as the energy system remains dependent on fossil fuels and continues to release carbon dioxide into the atmosphere, no net decrease will ever occur in the amount of carbon dioxide emissions. In addition, although global warming and climate change were initially formulated as a carbon problem caused by fossil fuels, the amount of energy use and emissions are not independent of per capita income, consumption, and welfare level.This study aims to analyze G20 members using two basic cluster analysis methods based on different emission criteria. For this purpose, per capita greenhouse gas emissions, per capita income, per capita electricity consumption, emission intensity of electricity production, emission intensity of primary energy supply, and emission intensity of the economy have been selected. The study uses the k-means cluster and hierarchical cluster analysis methods within the program R. In R, the get_dist and fviz_dist functions within the factoextra package are used to calculate and visualize the distance matrix from the R packages.The presence of more than one greenhouse gas with different sources and sinks that play a role in global warming poses a significant problem in density calculations based on greenhouse gases. Although global warming and climate change were initially formulated as a carbon problem caused by fossil fuels, energy use and emissions are not independent of per capita income, consumption, and welfare. To this end, the analysis has also included the other greenhouse gases. The first three variables are expressed at the per capita level. These variables can be seen as scale variables that determine total greenhouse gas emissions.Meanwhile, the last three variables, which should be considered technological variables, are intensity variables expressed at the unit activity level. Although the emissions of developing countries are close to developed countries in terms of the scale variables, differences occur between developing and developed member countries in terms of technological variables and different clusters.

Greenhouse Gas Emission-Based K-Means and Hierarchical Cluster Analysis : The Case of the G20

Esra

Assoc. Prof.

Analysis of the Relationships between Compulsory Health Spending, Doctors, Hospital Beds and Hospital Stays for Turkiye

Gizem

Umut

Burç

A Comparison of Forecasting Performance of PPML and OLS estimators: The Gravity Model in the Air Cargo Market

Havva

The Hybrid New Keynesian Phillips Curve: An Application For Türkiye

Mehmet

Knowing how environmental variables respond to public interventions is very important for effective environmental policymaking. This study aimed to ascertain whether shocks permanently influenced the ecological balance per capita calculated separately for Brazil, South Africa, and New Zealand. The study also intended to discover whether public interventions designed to change the ecological balance per capita of any of the three analysed countries (Brazil, South Africa, and New Zealand) could be efficacious.In this study, countries with a low environmental policy stringency index were selected because it was aimed at revealing the effect of shocks on per capita ecological balance in countries with low environmental policy stringency. As a result of the 2020 values of the environmental policy stringency index, it has been accepted that there is low environmental policy stringency in Brazil, South Africa, Iceland, and New Zealand (since the environmental policy stringency index data announced by the OECD are not available after 2020, the 2020 environmental policy stringency index data were taken into account). However, due to the unavailability of data, the ecological balance per capita for Iceland could not be calculated. Therefore, only Brazil, South Africa, and New Zealand are among the countries analysed.As a result of the literature review, a limited number of studies have been found that reveal whether ecological balance is permanently or temporarily affected by shocks. These studies are as follows: Ulucak and Lin (2017), Yilanci and Pata (2020), Ozcan et al. (2021), and Pata and Yilanci (2021). Ulucak and Lin (2017), in their empirical study on the US, found that the ecological deficit (balance) follows a unit root process. In their empirical study of the G7 and E7 nations, Yilanci and Pata (2020) came to the conclusion that shocks do not permanently affect the ecological balance per capita (calculated separately for nine nations). In their empirical analysis of 27 OECD nations, Ozcan et al. (2021) came to the conclusion that the ecological balance per capita (which is calculated separately for Germany, Israel, and Mexico) does not follow a unit root process. The empirical study of Pata and Yilanci (2021) for the G10 and N11 countries reported that the ecological balance per capita (which is calculated separately for Nigeria, the Philippines, Italy, Japan, the United Kingdom, and the US) follows a unit root process. The literature review of the current study also includes studies investigating whether ecological variables other than ecological balance are permanently affected by shocks. These studies are as follows: Chen et al. (2016), Tiwari et al. (2016), Solarin and Bello (2018), Ozcan et al. (2019), Solarin et al. (2019), Yilanci et al. (2019), Alper and Alper (2021), Bermejo et al. (2021), Caglar et al. (2021), Solarin et al. (2021), Solarin and Gil-Alana (2021), Caglar and Mert (2022), Erdogan et al. (2022), Esenyel İçen et al. (2022), Bello et al. (2023), Hacıimamoğlu (2023), Pata and Aydin (2023), and Solarin et al. (2023).&nbsp;The present study used ecological balance per capita data. The ecological balance per capita data were computed for each stated country by subtracting its per capita ecological footprint from its per capita biocapacity. The analysis period (depending on data availability) begins in 1961 and ends in 2022. Initially, the study utilised the linearity test suggested by Harvey et al. (2008). This test was labelled HLX for this study, and its results enabled the assertion that the series computed for Brazil and New Zealand were linear, whereas the series for South Africa was nonlinear. The ADF unit root test, the unit root test suggested by Elliott et al. (1996) [this test is called DF-GLS in this paper], and the unit root test recommended by Narayan and Popp (2010) [this test is called NP in this paper] were applied for the data of Brazil and the data of New Zealand. For the data of South Africa, the unit root test recommended by Kapetanios et al. (2003) [this test is called KSS in this paper], the unit root test proposed by Kruse (2011) [this test is called KS in this paper], and the unit root test suggested by Güriş (2019) [this test is called FKS in this paper] were applied.&nbsp;The study results suggest that shocks to the ecological balance per capita (calculated separately for Brazil, South Africa, and New Zealand) have permanent effects. In this respect, it can be stated that the intervention to change the ecological balance per capita in Brazil, South Africa, and New Zealand will have a permanent effect. Hence, it is critical for policymakers in the three stated nations to implement strategies designed to change the ecological balance per capita.&nbsp;

Do Shocks Permanently Affect Ecological Balance Per Capita in Brazil, South Africa, and New Zealand?

Övgücan

A Comparative Perspective on Multivariate Modeling of Insurance Compensation Payments with Regression-Based and Copula-Based Models

Batuhan

Determining the Relationship Between Capital Adequacy Ratio and Financial Ratios with Panel Data Analysis: A Study on the Turkish Banking Sector

İbrahim

Convergence of Military Expenditures in MENA Countries: Evidences from a Fourier Panel Unit Root Test with Multiple Breaks

@JOURNAL_BOX_CURRENT

Tuğba

Gökçe

Nowadays, there are many investment tools in the financial markets to assess the savings of individual investors. The diversity of investment instruments in the market makes it difficult for investors to make decisions about evaluating savings. Furthermore, developments and uncertainties in the economy affect the individual investor’s investment decision. In the economy, individuals use part of their income for consumption expenditures and savings. Individuals who make savings are evaluated byvarious investment instruments in order to make a profit. In this process, the main objective of investors is to obtain the highest return with minimum risk. Investors evaluate their savings in investment instruments with a certain expectation of return. The existence of many investment instruments in the economy reveals the issue of which investment instrument the investor should use. A balanced distribution of investor accumulation in multiple investment instruments instead of a single investment instrument will provide protection against fluctuations in the markets. Throughout the history of finance, studies have been conducted on how markets affect individual investment preferences. Investors follow the political, economic and social situations in the markets to make the right investment decision. There are many investment tools for transferring the idle resources to the financial system. Financial investment instruments provide the opportunity for individuals who make savings to protect their capital and earn money. For this reason, financial decisions are important in the efficient functioning of the market. All future financial decisions include uncertainty. The uncertainty of the future makes investors’ decision difficult. The financial decisions of investors who wish to use their savings in various investment instruments are important in the efficient management of funds in the economy. Decisions have a significant impact on financial markets. Monetary loss or profit as a result of the investment makes it difficult for investors to make decisions. Individual investors aim to achieve the highest risk with the lowest risk in financial investment decisions. If the risk of a financial investment instrument is high, the expectation of high return on this investment instrument increases. Traditional finance theories are based on the principle that individuals make decisions by acting rationally. Individual investors make a rational choice of financial investment instruments in their investment decisions and strive for maximum return on their savings. Since investors are rational, they analyze decisions in financial investment instruments rationally. However, in this process, the investor encounters many factors affecting the investment decision in the market. The decisions taken affect the outcome of the investment either positively or negatively. Therefore, the evaluation of the criteria affecting the investment decision has been included in many academic researches.&nbsp;In this study, the importance of the criteria affecting the investment decisions of the investors trading in financial markets is analyzed. The aim of this study is to compare the criteria that the financial investment decision makers take into consideration in the decision-making process. The criteria included in the study; Global Markets, Domestic Financial Indicators, Investment Instrument Characteristics and Analysis Techniques Used. The aim of this study is to reveal the economic, social, investment instrument characteristics and analysis techniques that are useful in the process of evaluating the savings of individual investors in financial investment instruments. The purpose of this study is to provide a new perspective by evaluating the relationships between the criteria affecting investment decision with the Fuzzy DEMATEL method. In addition to the support from the literature, my financial work experience contributed to my study in the process of determining the criteria included in the study. In this study, the Fuzzy DEMATEL method was used and the opinions of 10 experts responsible for financial decisions were taken. As a result of the findings obtained from the opinions of the experts based on the criteria, the most important criterion among the criteria was revealed to be Technical analysis. Investors pay attention to past price movements of investment instruments in decision-making. The second criterion that was given importance among the criteria was Global markets. After the financial globalization, all the information related to the economic and political situation of countries affect the values of the investment instruments in the market.

Evaluation of Factors Affecting Investment Decision Analysis Under Uncertainty Conditions with Fuzzy DEMATEL Approach

Gökhan

Mustafa

Fatma

Öğretim Görevlisi

As a result of the convergence hypothesis that the growth rates of developing and underdeveloped countries will be higher than those of developed countries, underdeveloped and developing countries will catch up with developed countries. In other words, the real gross domestic product of all countries will be equalized after a certain period of time. This idea is basically based on the law of decreasing yields. As a result of the capital increase of developed countries, which have reached the saturation point in terms of capital, the output increase rate is below the output increase rate as a result of the capital increase of underdeveloped and developing countries, which are insufficient in terms of capital. The basis of the convergence hypothesis is based on Solow (1956). Until Solow’s work, an acceptable theoretical explanation could not be given to this phenomenon, which was voiced by many theorists prior to Solow. The basis of the convergence hypothesis is based on Solow (1956). Moreover, most of the growth models are directly or indirectly based on the Solow model. There are multiple types of convergence tested in the literature. Earlier models did not distinguish between old and new technology, and looked at both old and new technology with one vision. The introduction of technological progress means that there is a difference in the efficiency of old and new technology. Thus, the model means that only physical capital accumulation cannot bring about growth per capita or increase the amount of production. In particular, given a microeconomic specification of technologies and preferences, the per capita output in an economy will approach the same level, regardless of initial capital (Timakova, 2011). When comparing different economies, it means that for economies with the same technologies and preferences, the difference in production per capita will be temporary.The Solow growth model is the first to present convergence. It has deeply influenced the way economists conceptualize long-term relationships between macroeconomics. According to this hypothesis within the neo-classical growth theory approaches, the income of the less developed countries will reach the level of developed countries after a while. That is, the exact definition of convergence is to achieve the same fixed income level. Convergence hypothesis studies generally use external theory (Rivas ve Villarroya, 2017). Because the concept of convergence emerged, if different countries have the same preferences and technology, it can be said that the poorer countries tend to grow faster than the rich countries, especially in the presence of accumulated factors, particularly the decrease in marginal returns in capital use. Each country will reach its own stable state, but the differences in the per capita income will be reduced. When the rich and poor countries reach the same fixed income level, another possible solution can be seen. The hypothesis of convergence of incomes of underdeveloped countries to incomes of developed countries is a hypothesis frequently tested in the literature. Different types of convergence hypothesis can be tested in terms of econometrics. In this study, the convergence of annual income series of the EU member countries, covering the period of 1960-2018, was examined and the stochastic convergence hypothesis, one of the convergence types, was tested with panel unit root tests based on SUR models. The ADF and KSS panel unit root tests based on SUR models. The ADF and KSS panel unit root tests are second generation panel unit root tests. The ADF and KSS panel unit root tests take into account the cross-sectional dependency and allow for an explanation of each unit separately. In this study, using SURADF and SURKSS unit root tests, the convergence status of the EU member countries to the group average of the EU was examined, and results were given about whether the convergence hypothesis is valid for each country separately.

Convergence of EU Countries: SURADF and SURKSS Unit Root Test

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Kevser

Selay

This study evaluates the relations between economic performance, democracy index and economic freedoms, which are widely discussed in economic theory. The aim of this study is to investigate the direct and indirect effects of democracy index and economic freedoms on economic performance. The study was conducted with the data of 45 European countries for 2017. Data from countries with insufficient information was excluded from the analysis. Data on the economic freedom variable The Heritage Foundation, from the link: https://www.heritage.org/index/ explore?view=by-region-country year &amp; u = 636967067347971774), also contains data on the democracy index variable. The democracy index report published by the Economist Intelligence Unit (The EIU) can be found at the link: https://pages.eiu. com/rs/753-RIQ 438 / images / Democracy_Index_2017.pdf). Data for the economic performance variable were obtained from the International Monetary Fund (IMF) and the World Bank (World Bank) database. The concept of freedom can encompass many different definitions of the idea of economic freedom. Some of these definitions are as follows: Economic freedom consists of a combination of property rights and the protection of individuals, the right to make individual choices and the freedom to compete (Gwartney ve Lawson, 2003, p.406). The concept of economic freedom therefore can be understood to mean that people voluntarily engage in consumption and investment activities at any time without the control and restrictions of the state, that their rights are under state protection and that they participate in the labor force (Şenalp, 2018, p.319). When democracy is defined as a political system, it is a regime in which all adults have the right to vote, where candidates in the election can freely compete, and through periodic elections, decision makers come to power with strong authority (Huntington, 1984, p.195). Democracy also provides freedom and the possibility of self-determination (Schwartz, 1993, p.552). A two-stage approach was used to determine the consistency of the data used in the study with the research hypotheses (Anderson and Gerbing, 1988). In the first step,&nbsp;the measurement model was tested to determine whether the observed variables in the model accurately measured the latent variables to which they belong. This stage of the analysis is considered as Confirmatory Factor Analysis. If the indicator variables that make latent variables measurable do not accurately measure the constructed structure, the next step, the structural model, will not need to be tested. For this reason, the measurement model must meet the requirements for compliance. The second stage includes the testing of the structural model (Huchting, Lac and Labrie, 2008, p.543). When the model was evaluated according to the obtained t-values, there was a direct relationship between economic freedom and democracy index, and between democracy index and economic performance, while no direct relationship was found between economic freedom and economic performance. This suggests that the index of democracy may be a mediating variable. In order to evaluate the mediation effect, a significant relationship was found between economic freedom and economic performance. When the index of democracy is included in the model, the value of the path coefficient between these two variables decreases and the path becomes meaningless. In this case, it can be said that the index of democracy fully mediates the relationship between economic freedom and economic performance. In other words, the relationship between economic freedom and economic performance is indirectly realized through the democracy index. The fact that there is a direct relationship between economic freedom and democracy index and democracy index and economic performance supports the mediating effect (Judd and Kenny, 1981, pp. 605-606; Baron and Kenny, 1986, p.1176-1177). This study shows that economic performance and economic freedom, which are the determinants of the institutional structure for European countries, can be increased with economic performance and economic freedoms in order to improve democracy. For sustainable economic performance, countries should strengthen and add importance to their institutional structures. Countries aiming to increase their economic performance should set policies to increase their democracies and economic freedoms. Since the findings obtained belong to a certain group of countries, they cannot be generalized for all countries of the world. In future studies, analyses can be made for different country groups and time periods. The results obtained by using different analysis programs and different estimation methods can then be compared. The sub-components of economic freedom affect the environment and functioning of the market and contribute to the development of democracy, with the effect it has on entrepreneurship. Furthermore, individual commercial activities positively affect economic performance.

An Evulation on Effect of Freedoms on Economic Performance with Structural Equation Modeling

Mücahit

Purchasing power parity (PPP), which is one of the subjects of interest in international finance and economy, is defined as a rate of change that equalizes the purchasing power of different currencies by eliminating price level differences between countries (TURKSTAT, 2008). In other words, the theory of purchasing power parity states that the nominal exchange rate between the two currencies is determined by the purchasing power of each country’s currency. This means that the exchange rate between the two countries must be equal to a fixed level of goods and services basket price of the two currencies. While economists generally doubt the validity of PPP in the short term, they agree that it is necessary to investigate whether PPP is valid in the long term because price differences between countries are not sustainable in the long term (Acaravcı and Öztürk, 2010). Chortareas and Kapetanios (2009) evaluated the importance of purchasing power parity in terms of both traditional and new approaches to open economy macroeconomics for policy purposes. According to the traditional approach, the validity of PPP is valuable information for policy-makers who want to evaluate the effects of devaluation since the effects of devaluation under PPP on competitiveness will be eliminated in the long term. In open economies with new approaches, PPP is a necessary condition for equalizing market integrity and marginal utility. Empirical studies use cointegration tests, variance ratio tests, and quantitative regressions for nominal exchange rates and prices, and unit root tests for real exchange rates, to assess the validity of PPP. (Chortareas and Kapetanios, 2009; 391). The estimation of PPP exchange rates is very important for practical purposes. These objectives are; (i) determining the degree of deviation from the nominal exchange rate, ie determining whether the exchange rate is low or not. (ii) making appropriate policy decisions; (iii) adjusting currency parities; (iv) an international comparison of national income levels; and (v) a comparison between domestic price and foreign price (Sarno and Taylor, 2002). Whether PPP is valid or not should be examined. Where PPP is not valid, PPP cannot be used as a criterion for international income level comparison and estimation of real exchange rates, and where applicable, it can be used as a criterion for the level of development comparisons and the reliability of all economic decisions (Güriş et al. 2016). . In this study, the validity of purchasing power parity was examined using Fourier unit root tests for Turkey for the period 1992:01-2018:12. In order to make a comparison, two different recently developed unit root tests were used in the study. The study is expected to contribute to the current literature in terms of the method used. The studies for Turkey is as follows; Gurbuz and Hasgur (1997), Telatar and Kazdagli (1998), Erlat (2003), Yazgan (2003), Alba and Park (2005), Aslan and Kanbur (2007), Ozdemir (2008), Kalyoncu (2009), Lightning and Lightning (2012), Sener et al. (2015), Güriş et al. (2016), Rock and Steel (2018). In cases where series do not have a linear structure, nonlinear unit root tests give more powerful results than linear unit root tests. In the literature, there are unit root tests examining stationarity structures of nonlinear series. In this study, Güris (2018) and Ranjbar et al. (2018) non-linear Fourier unit root tests were used. Firstly, the linearity of the calculated real exchange rate series was examined and it was found that it does not have a linear structure. In the second part of the empirical analysis, the stationarity of the series was examined with the help of Fourier unit root tests. The obtained results indicate that Turkey has a stationary structure in the real exchange rate series. Accordingly, it is seen that the PPP hypothesis is valid for Turkey. In other words, the analyzed period, the real exchange rate being stationary and Turkey coming to the real exchange rate shocks are temporary. The validity of PPP means that the prices of goods expressed in the same currency are the same anywhere in the world. Therefore, PPP is expected to play an active role in the monetary policy decision for Turkey.

Investigation of the Validity of Purchasing Power Parity Hypothesis with Fourier Unit Root Tests: The Case of Turkey

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EKOIST Journal of Econometrics and Statistics is published twice a year, every 6 months. Our journal aims to publish high quality articles on the application of new econometric techniques, including economics and related topics, covering measurement, forecasting, testing, forecasting and policy analysis. Appropriate interpretation of the results obtained by careful and rigorous application of econometric techniques is emphasized. Emphasis should be stressed on economic content in articles.

EKOIST Journal of Econometrics and Statistics publishes high quality research, mainly in the fields of Econometrics, Statistics and operations research. To provide an outlet for innovative, quantitative research in economics, which includes achievable techniques and can be easily repeated by other researchers. All submissions are subject to a double blind review process.  EKOIST Journal of Econometrics and Statistics has been published as a "peer-reviewed journal" every six months since 2005. The language of the journal is English and Turkish. Contributions that introduce statistical methods that are applicable to a variety of economic problems are actively encouraged.

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Istanbul University, EKOIST Journal of Econometrics and Statistics is published twice a year, every 6 months.Our journal aims to publish high quality articles on the application of new econometric techniques, including economics and related topics, covering measurement, forecasting, testing, forecasting and policy analysis.Appropriate interpretation of the results obtained by careful and rigorous application of econometric techniques is emphasized.Emphasis should be stressed on economic content in articles.Istanbul University, EKOIST Journal of Econometrics and Statistics publishes high quality research, mainly in the fields of Econometrics, Statistics and operations research.To provide an outlet for innovative, quantitative research in economics, which includes achievable techniques and can be easily repeated by other researchers.All submissions are subject to a double blind review process.Istanbul University, EKOIST Journal of Econometrics and Statistics has been published as a &#34;peer-reviewed journal&#34; every six months since 2005.The language of the journal is English and Turkish.Contributions that introduce statistical methods that are applicable to a variety of economic problems are actively encouraged.

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TUBITAK-ULAKBIM TR Index ProQuest CentralDOAJERIH PLUS  <a href="https://ideas.repec.org/s/ist/ekoist.html" target="_blank">RePEc IDEAS</a> <a href="https://econpapers.repec.org/article/istekoist/" target="_blank">RePEc EconPapers </a><a href="http://atif.sobiad.com/index.jsp?modul=dergi-sayfasi&amp;ID=0&amp;magazinename=Ekoist:%20Journal%20of%20Econometrics%20and%20Statistics" target="_blank">SOBIAD</a>Cabells Journalytics

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The journal is committed to upholding the highest standards of publication ethics and pays regard to Principles of Transparency and Best Practice in Scholarly Publishing published by the <a href="https://publicationethics.org/" target="_blank">Committee on Publication Ethics (COPE)</a>, the <a href="https://doaj.org/apply/transparency/#principles-of-transparency-and-best-practice-in-scholarly-publishing" target="_blank">Directory of Open Access Journals (DOAJ)</a>, the <a href="https://oaspa.org/" target="_blank">Open Access Scholarly Publishers Association (OASPA)</a>, and the <a href="https://www.wame.org/" target="_blank">World Association of Medical Editors (WAME)</a> on <a href="https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing" target="_blank">https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing</a> The subjects covered in the manuscripts submitted to the Journal for publication must be in accordance with the aim and scope of the Journal. Only those manuscripts approved by every individual author and that were not published before in or sent to another journal, are accepted for evaluation.Changing the name of an author (omission, addition or order) in papers submitted to the Journal requires written permission of all declared authors.Plagiarism, duplication, fraud authorship/denied authorship, research/data fabrication, salami slicing/salami publication, breaching of copyrights, prevailing conflict of interest are unethical behaviors. All manuscripts not in accordance with the accepted ethical standards will be removed from the publication. This also contains any possible malpractice discovered after the publication. Plagiarism Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. If plagiarism/self-plagiarism will be found authors will be informed. Editors may resubmit manuscript for similarity check at any peer-review or production stage if required. High similarity scores may lead to rejection of a manuscript before and even after acceptance. Depending on the type of article and the percentage of similarity score taken from each article, the overall similarity score is generally expected to be less than 15 or 20%. Double Blind Peer-Review After plagiarism check, the eligible ones are evaluated by the editors-in-chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope. The editor provides a fair double-blind peer review of the submitted articles and hands over the papers matching the formal rules to at least two national/international referees for evaluation and gives green light for publication upon modification by the authors in accordance with the referees’ claims.

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EKOIST Journal of Econometrics and Statistics is committed to upholding the highest standards of publication ethics and pays regard to Principles of Transparency and Best Practice in Scholarly Publishing published by the <a href="https://publicationethics.org/" target="_blank">Committee on Publication Ethics (COPE)</a>, the <a href="https://doaj.org/apply/transparency/#principles-of-transparency-and-best-practice-in-scholarly-publishing" target="_blank">Directory of Open Access Journals (DOAJ)</a>, the <a href="https://oaspa.org/" target="_blank">Open Access Scholarly Publishers Association (OASPA)</a>, and the <a href="https://www.wame.org/" target="_blank">World Association of Medical Editors (WAME)</a> on <a href="https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing" target="_blank">https://publicationethics.org/resources/guidelines-new/principles-transparency-and-best-practice-scholarly-publishing</a>All parties involved in the publishing process (Editors, Reviewers, Authors and Publishers) are expected to agree on the following ethical principles.All submissions must be original, unpublished (including as full text in conference proceedings), and not under the review of any other publication synchronously. Each manuscript is reviewed by one of the editors and at least two referees under double-blind peer review process. Plagiarism, duplication, fraud authorship/denied authorship, research/data fabrication, salami slicing/salami publication, breaching of copyrights, prevailing conflict of interest are unnethical behaviors.All manuscripts not in accordance with the accepted ethical standards will be removed from the publication. This also contains any possible malpractice discovered after the publication. In accordance with the code of conduct we will report any cases of suspected plagiarism or duplicate publishing.

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Only those manuscripts approved by its every individual author and that were not published before in or sent to another journal, are accepted for evaluation.Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. After plagiarism check, the eligible ones are evaluated by editor-in-chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope. The selected manuscripts are sent to at least two national/international referees for evaluation and publication decision is given by editor-in-chief  upon modification by the authors in accordance with the referees’ claims.Editor-in-Chief evaluates manuscripts for their scientific content without regard to ethnic origin, gender, sexual orientation, citizenship, religious belief or political philosophy of the authors. He/She provides a fair double-blind peer review of the submitted articles for publication and ensures that all the information related to submitted manuscripts is kept as confidential before publishing. Editor-in-Chief is responsible for the contents and overall quality of the publication. He/She must publish errata pages or make corrections when needed. Editor-in-Chief does not allow any conflicts of interest between the authors, editors and reviewers. Only he has the full authority to assign a reviewer and is responsible for final decision for publication of the manuscripts in the Journal. Reviewers must have no conflict of interest with respect to the research, the authors and/or the research funders. Their judgments must be objective. Reviewers must ensure that all the information related to submitted manuscripts is kept as confidential and must report to the editor if they are aware of copyright infringement and plagiarism on the author’s side. A reviewer who feels unqualified to review the topic of a manuscript or knows that its prompt review will be impossible should notify the editor and excuse himself from the review process. The editor informs the reviewers that the manuscripts are confidential information and that this is a privileged interaction. The reviewers and editorial board cannot discuss the manuscripts with other persons. The anonymity of the referees must be ensured. In particular situations, the editor may share the review of one reviewer with other reviewers to clarify a particular point.

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Only those manuscripts approved by its every individual author and that were not published before in or sent to another journal, are accepted for evaluation. Submitted manuscripts that pass preliminary control are scanned for plagiarism using iThenticate software. After plagiarism check, the eligible ones are evaluated by Editor-in-Chief for their originality, methodology, the importance of the subject covered and compliance with the journal scope. Editor-in-Chief evaluates manuscripts for their scientific content without regard to ethnic origin, gender, sexual orientation, citizenship, religious belief or political philosophy of the authors and ensures a fair double-blind peer review of the selected manuscripts. The selected manuscripts are sent to at least two national/international external referees for evaluation and publication decision is given by Editor-in-Chief upon modification by the authors in accordance with the referees’ claims. Editor-in-Chief does not allow any conflicts of interest between the authors, editors and reviewers and is responsible for final decision for publication of the manuscripts in the Journal. Reviewers’ judgments must be objective. Reviewers’ comments on the following aspects are expected while conducting the review. - Does the manuscript contain new and significant information? - Does the abstract clearly and accurately describe the content of the manuscript? - Is the problem significant and concisely stated? - Are the methods described comprehensively? - Are the interpretations and consclusions justified by the results? - Is adequate references made to other Works in the field? - Is the language acceptable? Reviewers must ensure that all the information related to submitted manuscripts is kept as confidential and must report to the editor if they are aware of copyright infringement and plagiarism on the author’s side. A reviewer who feels unqualified to review the topic of a manuscript or knows that its prompt review will be impossible should notify the editor and excuse himself from the review process. The editor informs the reviewers that the manuscripts are confidential information and that this is a privileged interaction. The reviewers and editorial board cannot discuss the manuscripts with other persons. The anonymity of the referees is important.

LanguageThe language of the journal is both Turkish and English.Manuscript Organization and SubmissionAll correspondence will be sent to the first-named author unless otherwise specified. Manuscpript is to be submitted online via <a href="https://dergipark.org.tr/tr/pub/ekoist" target="_blank">https://dergipark.org.tr/tr/pub/ekoist</a> and it must be accompanied by a cover letter indicating that the manuscript is intended for publication, specifying the article category (i.e. research article, review etc.) and including information about the manuscript (see the Submission Checklist). Manuscripts should be prepared in Microsoft Word 2003 and upper versions. In addition, <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/ABC26D9F796147E2BEB8F140CC273B87" target="_blank">Copyright Agreement Form</a> that has to be signed by all authors must be submitted. The Copyright Agreement Form must be scanned and converted to .pdf format with wet signature(s) by the author(s) before being uploaded to the system.1. The manuscripts should be in A4 paper standards: having 2.5 cm margins from right, left, bottom and top, Times New Roman font style in 10 font size and line spacing of 1.15.2. The manuscripts should contain between 4500 and 8500 words and the page numbers must be at the bottom and in the middle.3. Author information and institutional details should not be present in the Word files uploaded to the system. The author-related information should be removed from the file by right-clicking on the full text document, selecting 'Properties,' then 'Details,' and choosing 'Remove personal information from this file.4. Submitted manuscripts in Turkish must have before the introduction section, the abstract both in Turkish and English, between 200 and 250 words and an extended abstract in English between 600-800 words, summarizing the scope, the purpose, the results of the study and the methodology used. Underneath the abstracts, 3 to 5 keywords that inform the reader about the content of the study should be specified in Turkish and in English. If the manuscript is written in English, it must include an abstract only in English.5. The manuscripts should contain mainly these components: title, abstract and keywords; extended abstract, body text with sections, footnotes and references.6. The 6th version of the APA (American Psychological Association) reference style should be used for in-text citation and references list. For information and samples on the APA 6 style please refer to http://jecs.istanbul.edu.tr/en/content/information-for-authors/references and/or REFERENCES section in the Information for Authors.7. Tables, graphs and figures can be given with a number and a defining title if and only if it is necessary to follow the idea of the article. the article. The title of table should be placed above the table; caption of figure should be placed beneath the figure. Features like demographic characteristics that can be given within the text should not be indicated as tables separately.8. A title page including author information must be submitted together with the manuscript. The title page is to include fully descriptive title of the manuscript and, affiliation, title, e-mail address, postal address, phone and fax number of the author(s) (see The Submission Checklist).9. Authors are responsible for all statements made in their work submitted to the Journal for publication.10. The author(s) can be asked to make some changes in their articles due to peer reviews.11. A copy of the journal will be sent to each author of the accepted articles upon their request.12. The manuscripts that were submitted to the journal will not be returned whether they are published or not.

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Before beginning the online submission process please read the Information for Authors and make sure you have the followings available:Cover letter to the editor<ul type="disc"> <ul type="circle"> <li>The category of the manuscript</li> <li>Confirming that “the paper is not under consideration for publication in another journal”.</li> <li>Including disclosure of any commercial or financial involvement.</li> <li>Confirming that the statistical design of the research article is reviewed.</li> <li>Confirming that last control for fluent English was done.</li> <li>Confirming that journal policies detailed in Information for Authors have been reviewed.</li> <li>Confirming that the references cited in the text and listed in the references section are in line with APA 6.</li> </ul> </ul><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/ABC26D9F796147E2BEB8F140CC273B87" target="_blank">Copyright Agreement Form</a>Permission of previous published material if used in the present manuscript <a href="http://cdn.istanbul.edu.tr/FileHandler2.ashx?f=ekoist_title-page.docx" target="_blank">Title page</a><ul type="disc"> <ul type="circle"> <li>The category of the manuscript</li> <li>The title of the manuscript both in Turkish and in English</li> <li>All authors’ names and affiliations (institution, faculty/department, city, country), e-mail addresses</li> <li>Corresponding author’s email address, full postal address, telephone and fax number</li> <li>ORCIDs of all authors.</li> </ul> </ul>Main Manuscript Document<ul type="disc"> <ul type="circle"> <li>The title of the manuscript both in Turkish and in English</li> <li>Abstracts (200-250 words) both in Turkish and in English</li> <li>Key words: 3 to 5 words both in Turkish and in English</li> <li>Extended Abstract (600-800 words) in English (only for Turkish articles)</li> <li>Main article sections</li> <li>Acknowledgement (if exits)</li> <li>References</li> <li>All tables, illustrations (figures) (including title, description, footnotes)</li> </ul> </ul>Manuscript Submission<ul type="disc"> <li>Dergipark manuscript submission site of the journal is: <a href="https://dergipark.org.tr/tr/pub/ekoist" target="_blank">https://dergipark.org.tr/tr/pub/ekoist</a></li><li>While uploading Main Document, make sure that the main document has no information that clarify the author’s identity. Due to double blind peer review, Main Document must not include Title Page, the name of author or any other detail that can disclose the author identity. </li> <li>Additionaly, Supplemental File for Review must not include any detail that can disclose author identity as well.</li> </ul><ul type="disc"> </ul>Files to be uploaded separately<ul type="disc"> <li>Copyright Agreement Form</li> <li>Permissions obtained for previously published material if used in the present manuscript</li> <li>Title page</li> <li>Main Manuscript Document</li> </ul><ul type="disc"> <ul type="circle"> <li>The title of the manuscript both in Turkish and in English</li> <li>Abstracts (200-250 words) both in Turkish and in English</li> <li>Key words: 3 to 5 words both in Turkish and in English</li> <li>Extended Abstract (600-800 words) in English (only for Turkish articles)</li> <li>Main article sections</li> <li>Acknowledgement (if exists)</li> <li>References</li> <li>All tables, illustrations (figures) (including title, description, footnotes)</li></ul></ul><ul type="disc"> </ul>

Although references to review articles can be an efficient way to guide readers to a body of literature, review articles do not always reflect original work accurately. Readers should therefore be provided with direct references to original research sources whenever possible. On the other hand, extensive lists of references to original work on a topic can use excessive space on the printed page. Small numbers of references to key original papers often serve as well as more exhaustive lists, particularly since references can now be added to the electronic version of published papers, and since electronic literature searching allows readers to retrieve published literature efficiently. Papers accepted but not yet included in the issue are published online in the Early View section and they should be cited as “advance online publication”. Citing a “personal communication” should be avoided unless it provides essential information not available from a public source, in which case the name of the person and date of communication should be cited in parentheses in the text. For scientific articles, written permission and confirmation of accuracy from the source of a personal communication must be obtained.Reference Style and FormatEKOIST: Econometrics and Statistics complies with APA (American Psychological Association) style 6th Edition for referencing and quoting. For more information:-    American Psychological Association. (2010). Publication manual of the American Psychological Association (6th ed.). Washington, DC: APA.-    <a href="http://www.apastyle.org" target="_blank">http://www.apastyle.org</a>Citations in the TextCitations must be indicated with the author surname and publication year within the parenthesis.If more than one citation is made within the same paranthesis, separate them with (;).Samples:More than one citation;(Esin, et al., 2002; Karasar, 1995)Citation with one author;(Akyolcu, 2007)Citation with two authors;(Sayıner &amp; Demirci, 2007)Citation with three, four, five authors;First citation in the text: (Ailen, Ciambrune, &amp; Welch, 2000) Subsequent citations in the text: (Ailen, et al., 2000)Citations with more than six authors;(Çavdar, et al., 2003)Citations in the ReferenceAll the citations done in the text should be listed in the References section in alphabetical order of author surname without numbering. Below given examples should be considered in citing the references.Basic Reference TypesBooka) Turkish BookKarasar, N. (1995). Araştırmalarda rapor hazırlama (8th ed.) [Preparing research reports]. Ankara, Turkey: 3A Eğitim Danışmanlık Ltd.b) Book Translated into TurkishMucchielli, A. (1991). Zihniyetler [Mindsets] (A. Kotil, Trans.). İstanbul, Turkey: İletişim Yayınları.c) Edited BookÖren, T., Üney, T., &amp; Çölkesen, R. (Eds.). (2006). Türkiye bilişim ansiklopedisi [Turkish Encyclopedia of Informatics]. İstanbul, Turkey: Papatya Yayıncılık.d) Turkish Book with Multiple AuthorsTonta, Y., Bitirim, Y., &amp; Sever, H. (2002). Türkçe arama motorlarında performans değerlendirme [Performance evaluation in Turkish search engines]. Ankara, Turkey: Total Bilişim.e) Book in EnglishKamien R., &amp; Kamien A. (2014). Music: An appreciation. New York, NY: McGraw-Hill Education.f) Chapter in an Edited BookBassett, C. (2006). Cultural studies and new media. In G. Hall &amp; C. Birchall (Eds.), New cultural studies: Adventures in theory (pp. 220–237). Edinburgh, UK: Edinburgh University Press.g) Chapter in an Edited Book in TurkishErkmen, T. (2012). Örgüt kültürü: Fonksiyonları, öğeleri, işletme yönetimi ve liderlikteki önemi [Organization culture: Its functions, elements and importance in leadership and business management]. In M. Zencirkıran (Ed.), Örgüt sosyolojisi [Organization sociology] (pp. 233–263). Bursa, Turkey: Dora Basım Yayın.h) Book with the same organization as author and publisherAmerican Psychological Association. (2009). Publication manual of the American psychological association (6th ed.). Washington, DC: Author.Articlea) Turkish ArticleMutlu, B., &amp; Savaşer, S. (2007). Çocuğu ameliyat sonrası yoğun bakımda olan ebeveynlerde stres nedenleri ve azaltma girişimleri [Source and intervention reduction of stress for parents whose children are in intensive care unit after surgery]. Istanbul University Florence Nightingale Journal of Nursing, 15(60), 179–182.b) English Articlede Cillia, R., Reisigl, M., &amp; Wodak, R. (1999). The discursive construction of national identity. Discourse and Society, 10(2), 149–173. http://dx.doi.org/10.1177/0957926599010002002c) Journal Article with DOI and More Than Seven AuthorsLal, H., Cunningham, A. L., Godeaux, O., Chlibek, R., Diez-Domingo, J., Hwang, S.-J. ... Heineman, T. C. (2015). Efficacy of an adjuvanted herpes zoster subunit vaccine in older adults. New England Journal of Medicine, 372, 2087–2096. http://dx.doi.org/10.1056/NEJMoa1501184d) Journal Article from Web, without DOISidani, S. (2003). Enhancing the evaluation of nursing care effectiveness. Canadian Journal of Nursing Research, 35(3), 26–38. Retrieved from http://cjnr.mcgill.cae) Journal Article wih DOITurner, S. J. (2010). Website statistics 2.0: Using Google Analytics to measure library website effectiveness. Technical Services Quarterly, 27, 261–278. http://dx.doi.org/10.1080/07317131003765910f) Advance Online PublicationSmith, J. A. (2010). Citing advance online publication: A review. Journal of Psychology. Advance online publication. http://dx.doi.org/10.1037/a45d7867g) Article in a MagazineHenry, W. A., III. (1990, April 9). Making the grade in today’s schools. Time, 135, 28–31.Doctoral Dissertation, Master’s Thesis, Presentation, Proceedinga) Dissertation/Thesis from a Commercial DatabaseVan Brunt, D. (1997). Networked consumer health information systems (Doctoral dissertation). Available from ProQuest Dissertations and Theses database. (UMI No. 9943436)b) Dissertation/Thesis from an Institutional DatabaseYaylalı-Yıldız, B. (2014). University campuses as places of potential publicness: Exploring the politicals, social and cultural practices in Ege University (Doctoral dissertation). Retrieved from Retrieved from: http://library.iyte.edu.tr/tr/hizli-erisim/iyte-tez-portalic) Dissertation/Thesis from WebTonta, Y. A. (1992). An analysis of search failures in online library catalogs (Doctoral dissertation, University of California, Berkeley). Retrieved from http://yunus.hacettepe.edu.tr/~tonta/yayinlar /phd/ickapak.htmld) Dissertation/Thesis abstracted in Dissertations Abstracts InternationalAppelbaum, L. G. (2005). Three studies of human information processing: Texture amplifica&#173;tion, motion representation, and figure-ground segregation. Dissertation Abstracts International: Section B. Sciences and Engineering, 65(10), 5428.e) Symposium ContributionKrinsky-McHale, S. J., Zigman, W. B., &amp; Silverman, W. (2012, August). Are neuropsychiatric symptoms markers of prodromal Alzheimer’s disease in adults with Down syndrome? In W. B. Zigman (Chair), Predictors of mild cognitive impairment, dementia, and mortality in adults with Down syndrome. Symposium conducted at the meeting of the American Psychological Association, Orlando, FL.f) Conference Paper Abstract Retrieved OnlineLiu, S. (2005, May). Defending against business crises with the help of intelligent agent based early warning solutions. Paper presented at the Seventh International Conference on Enterprise Information Systems, Miami, FL. Abstract retrieved from http://www.iceis.org/iceis2005/abstracts_2005.htmg) Conference Paper - In Regularly Published Proceedings and Retrieved OnlineHerculano-Houzel, S., Collins, C. E., Wong, P., Kaas, J. H., &amp; Lent, R. (2008). The basic nonuniformity of the cerebral cortex. Proceedings of the National Academy of Sciences, 105, 12593–12598. http://dx.doi.org/10.1073/pnas.0805417105h) Proceeding in Book FormParsons, O. A., Pryzwansky, W. B., Weinstein, D. J., &amp; Wiens, A. N. (1995). Taxonomy for psychology. In J. N. Reich, H. Sands, &amp; A. N. Wiens (Eds.), Education and training beyond the doctoral degree: Proceedings of the American Psychological Association National Conference on Postdoctoral Education and Training in Psychology (pp. 45–50). Washington, DC: American Psychological Association.i) Paper PresentationNguyen, C. A. (2012, August). Humor and deception in advertising: When laughter may not be the best medicine. Paper presented at the meeting of the American Psychological Association, Orlando, FL.Other Sourcesa) Newspaper ArticleBrowne, R. (2010, March 21). This brainless patient is no dummy. Sydney Morning Herald, 45.b) Newspaper Article with no AuthorNew drug appears to sharply cut risk of death from heart failure. (1993, July 15). The Washington Post, p. A12.c) Web Page/Blog PostBordwell, D. (2013, June 18). David Koepp: Making the world movie-sized [Web log post]. Retrieved from http://www.davidbordwell.net/blog/page/27/d) Online Encyclopedia/DictionaryIgnition. (1989). In Oxford English online dictionary (2nd ed.). Retrieved from http://dictionary.oed.comMarcoux, A. (2008). Business ethics. In E. N. Zalta (Ed.). The Stanford encyclopedia of philosophy. Retrieved from http://plato.stanford.edu/entries/ethics-business/e) PodcastDunning, B. (Producer). (2011, January 12). in Fact: Conspiracy theories [Video podcast]. Retrieved from http://itunes.apple.com/f) Single Episode in a Television SeriesEgan, D. (Writer), &amp; Alexander, J. (Director). (2005). Failure to communicate. [Television series episode]. In D. Shore (Executive producer), House; New York, NY: Fox Broadcasting.g) MusicFuchs, G. (2004). Light the menorah. On Eight nights of Hanukkah [CD]. Brick, NJ: Kid Kosher.

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EKOIST Journal of Econometrics and Statistics

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Determination of Criteria Affecting the Growth Performance of Manufacturing Industry Firms in Türkiye Using Quantile Regression

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