Ümit

Assoc. Prof.

Şebnem

Selim

Prof.

Determinants of Industry and Region Based Open Innovation in Turkey

Hazal

Esin

The Evolution of Diversity Climate Research: A Review and Synthesis

Mehmet

Lecturer

Sabahat

Although organizations consist of employees with different perspectives, different cultures and different characteristics, these employees come together for the purpose of the organization to form a common system of beliefs and values. The name of this system is organizational culture. Organizational culture is a paradigm of intellectual structure that allows the reality of the organization to be seen. In this context, organizational culture is an important phenomenon that separates organizations, gives them identities and brings employees under the same roof. The Denison Organizational Culture Model, which is given special value in the business environment especially because of the language and ease it provides in practice, is the model based on this study. This study was intended to be carried out in order to see the extent to which this model, which is behavior-based, directly connected with the application and has an accountable approach (Denison and Mishra, 1995; Denison and Nieminen, 2014), has gained its place in organizations. In this context, culture can have an impact on many organizational variables and can also have an impact on organizational power used in organizations. Most of the research sees the concept of organizational power in terms of the power of the manager. In this study, French and Raven's (1959) organizational power sources, reward power, coercive power, legitimate power, expertise power, charismatic power and knowledge power, are considered as the power sources of employees who control and manage organizations, and aims to demonstrate the perception of employees towards these power sources.The topic of this study is to reveal the dimensions in which organizational culture affects the perceptions of organizational power and managerial power. Within the scope of the study, the top 1000 organizations in Turkey were selected to determine the level of influence of the organizational culture on organizational power. In the context of the Denison Organizational Culture Model, it was aimed to analyze the relationships between organizational culture and the sub-dimensions of organizational power. As a sampling method, the method was selected with the convenience sampling method.The survey method was used for the purpose of collecting research data. 418 questionnaires were collected through interviews by providing questionnaire forms to firms. The reliability coefficient for organizational culture is 0.94, and for organizational power it is 0.92. Reliability coefficients for sub-dimensions of organizational power are 0.90, 0.86, 0.85, 0.73, 0.83, 0.72, respectively. The results obtained as a result of the structural equality model established to reveal the relations between variables determined that the Organizational Power predict variable of organizational power significantly improved the level of 0.05 (B = .22, Beta = .26). According to the results of the analysis obtained within the framework of the model, findings on the sub-dimensions of the organizational power variable (0.75, 0.76, 0.86, 0.73, 0.63, 0.68) were the results to support our other hypotheses. It is observed that the organizational culture also predicts the sub dimensions of the organizational power. In this&nbsp;context, all hypotheses have been accepted. Goodness of fit indexes (RMSEA;0.7, GFI;0.95, SRMR;0.2) which indicate how well they explain the data obtained in the structural equality model for testing our hypotheses have also been acceptable. The results are similar to those previously made regarding organizational culture and organizational power issues.The results of the analysis show that the legitimate, coercive and reward power of managers is highly perceived according to their expertise, knowledge and charismatic power. In other words, it is observed that managers use their position-based power more than their individual power. In terms of organizational culture, the emphasis on the use of legitimate, coercive and reward power of managers overlaps with the fact that managers use these powers. Although expertise, knowledge and charismatic power were also emphasized in this study, it was observed that managers used these powers less than other power resources. It is considered that the reason for this is that the power distance is perceived more precisely by the employees rather than the managers, and therefore, the individual power resources of the employees are perceived in the secondary plan compared to the position power resources. When we examined all the organizational culture and organizational power variables discussed in the study and all the relationships between the sub-dimensions of these variables, it was determined that there was a positive relationship between them. In other words, organizational power tends to increase as changes in organizational culture increase. When all evaluations and analysis results were considered, it was concluded that all of the hypotheses in the model were accepted.A number of proposals may be put forward to shed light on the work to be done next. The first of these proposals may be to carry out more research taking into account the social structure of our country and to determine new types of power in accordance with the cultural structure of our country. New research involving participants in companies in different sectors, regions and countries can produce important and useful results. It is assessed that the research carried out in this direction will contribute to the literature by following different methods to demonstrate organizational culture and organizational power, and to do so in different organizational and managerial issues.

A Research Between Organizational Culture and Organizational Power in the Context of Denison Organizational Culture Model

Şirin

Res. Assist.

Kenan

The concern towards the adverse effects of fast fashion on the environment and people working in the industry has increased in recent years. The awareness of these effects has also increased consciousness in general. Nowadays, the negative effects of the fashion industry are recognized by producers, retailers and consumers. These movements have made the fashion industry take steps to be more sustainable.&nbsp;The dynamic and complex nature of the fashion industry makes the markets change rapidly. The need for constant renewal requires the actors of the industry to be sensitive to changes. Retailers are specifically crucial for the supply chain since they are in front of this chain. Therefore, retailers play a more significant role in terms of sustainability in the fashion industry. Besides, integrating sustainability into practices also creates a sustainability culture. Therefore, the steps retailers take for sustainability have the potential to change consumption habits. The environmental, social and ethical changes that retailers face can be approached as value-creating opportunities. Researching how consumers perceive sustainable fashion retailing can help retailers, which are a bridge between consumers and producers, to pursue more conscious action plans. Furthermore, consumers play a significant role in the sustainability of the fashion industry with their adoption and consumption decisions. Hence, investigating consumers’ perspectives on sustainable fashion is fruitful for fashion companies, society, consumers and literature.&nbsp;&nbsp;This study aims to investigate consumers' perceptions of sustainability in the fashion industry and to research how consumers evaluate sustainable fashion retailers. Another purpose accompanying these aims is to determine the effect of the sustainability concept on buying and disposing of clothes. In line with these purposes, this study analyzed consumers’ opinions on sustainable fashion and investigated how consumers position sustainability and fashion concepts in their minds. Furthermore, consumers’ purchase intentions for these fashion retailers were also questioned.&nbsp;The study follows a qualitative approach to gain a better understanding of consumers’ perceptions. Therefore, the data were gathered from 31 participants through in-depth interviews. As a result of these interviews, themes were obtained, and models were constructed about the&nbsp;consumers’ perception of sustainable fashion, the effect of sustainable fashion activities on the retailers’ image, and the sustainability effect on clothing purchasing and disposal.Research results show that consumers are aware of the adverse effects of the fashion industry, and they are conscious of their responsibility together with retailers. Although they have some doubts, the consumers think every little effort is necessary, and they claim that it is necessary to be involved in sustainability practices. It is crucial to specify that consumers are not just “ordinary consumers,” but they are an essential factor in this process. Fashion companies should show consumers their affecting power. Furthermore, there is a lack of information regarding the content of the sustainability activities and the companies carrying out these activities. When considering the importance of education for encouraging sustainable consumption, it is essential to disseminate information about not just purchasing clothes, but also the disposal of clothes. Furthermore, participants underlined that being interested in sustainability practices and buying sustainable materials make them feel good. Focusing on consumers’ emotions and targeting consumers that are interested in sustainability issues have the potential to make the movement toward sustainable fashion easier.Consumers have favorable opinions on sustainable fashion retailing, and they think that sustainability actions support fashion retailers’ image. Sustainability practices also affect consumers’ trust in the retailer. Participants perceive the sustainable retailers as dynamic, sensitive and friendly. All of the participants indicated favorable judgments about the retailers that are engaged in sustainability practices. This point is noteworthy because consumers may approach the responsibility actions with doubts since they sometimes think these actions are, in fact, for the sake of the company. In order to convert the positive opinions into purchase behavior, communication activities, not compromising quality, design, and having a fair price are important.&nbsp;In conclusion, fashion retailers can strengthen their brand image while creating unique target customers and a positioning strategy by emphasizing sustainability practices. The sustainable fashion concept can be a way of being distinctive in the competitive fashion industry. Together with these, this concept can be approached as a communication activity that is beneficial for society, consumers and companies.

Sustainable Fashion Retailing: A Research on Consumer Perceptions

Burcu

Serdar

Yonca

The way that businesses obtain the human resources they need and protect natural resources, is through the concept of sustainable development. The idea of sustainable development was defined by the Brundtland Commission (1987) as “a development that meets today’s needs without compromising the ability of future generations to meet their own needs”. Corporate sustainability is a business approach that focuses on sustainable development. It is defined as the integration of economic, social, and environmental responsibilities with corporate governance principles into business management (Azapagic, 2003; Borsa İstanbul, 2014). The nature of the corporate sustainability paradigm argues that, by its very nature, these three responsibilities should be handled together without neglect. From this point of view, it is quite clear that enterprises should adopt strategies and activities that can meet the needs of themselves and their partners by protecting, maintaining, and developing both human and natural resources. To do this, it is vital that they regulate management tools, concepts, and systems. In the light of this, businesses adopt sustainability as an organizational culture, and formulate, and implement corporate sustainability strategies in line with the sustainability axis, considering the views of all stakeholders. They also publish their results in the form of sustainability reports on the principle of transparency and accountability. Moreover, businesses set up a sustainability committee to address economic, social, and environmental issues in terms of risk and strategic opportunities, and discuss their mission, vision, and strategies and their short- and long-term objectives in line with the sustainability paradigm.The importance of human resources, which is one of the most important elements of intellectual capital, is an undeniable fact in the realization of the vision and mission of corporate sustainability. It is critically important for an enterprise to manage its human resources in line with the sustainability paradigm to achieve sustainability-oriented change. Among the various management systems involved in sustainability-driven transformation, the belief that human resources management has a central role in facilitating and supporting this transformation is striking in the current literature (Ramus &amp; Steger 2000; Daily &amp; Huang 2001; Vickers 2005; Jabbour &amp; Santos 2008; Preuss, Haunschild &amp; Matten 2009). In this context, the concept of sustainable human resources management gains importance for the enterprises to perform their activities in line with corporate sustainability. From this point of view, the purposes of this research are three-fold, namely, to ascertain the reason for the use of sustainability studies/projects carried out by the enterprises included in the BIST Sustainability Index, to determine which stakeholders are involved in this process, and to investigate the impact of sustainability studies on the human resources function and practices and their level. Also, it will be analyzed whether human resources managers play a strategic role in sustainability studies. According to Ehnert (2009), sustainable human resources management is the prolongation of strategic human resources management. It is, therefore, clear that the strategic role of human resources management should also be questioned and uncovered.The sample of this study, which was conducted to measure the impact of corporate sustainability efforts on human resources practices and the strategic contribution and level of human resources management to these studies, involved 44 companies included in the BIST Sustainability Index between November 2017 and October 2018. These companies are preferred because their corporate sustainability performance levels are high.In this study, the questionnaire technique was used as a data collection tool. The questions in the survey, which also includes a detailed literature review and the CRANET 2015-2016 Report on Turkey, were formed utilizing expressions which are accepted as an indication of the strategic role of this research. 18 of the 44 companies included in the BIST Sustainability Index (41%) participated in the survey. The results of the research show that the participant enterprises have integrated sustainability into their corporate policies. It can be said that businesses internalize sustainability to increase the corporate reputation and brand value, contribute to economic and social development, develop relations with stakeholders, and gain public confidence. Furthermore, it is understood that sustainability has an impact on human resources functions and practices, and it can be stated that the human resources department plays a strategic role.

Investigation of Human Resources Applications from Sustainability Perspective: An Empirical Study

Hazar

Assist. Prof.

Review Subject: This systematic review examines studies in credit risk assessment field, that apply metaheuristic algorithms for classification and optimization purposes. Objective of these algorithms is to improve performances of credit applicants’ classifications as good or bad, which are predicted and interpreted as non-defaulters and defaulters, respectively.&nbsp;Study Questions: The review aims to shed light on the examples of metaheuristic algorithms usages in credit classification analyses and exhibit a contemporary framework. In this sense, answers to the following four questions are searched:&nbsp;1. What is the trend of metaheuristic algorithm applications over 2000-2018 period and which algorithms are used specifically? 2. What are the main classifiers in the analyses with metaheuristic optimization improvement? 3. How are the performances of analyses with metaheuristic improvements are evaluated? 4. What is the most recent situation in credit risk classification with metaheuristic optimization?Methodology: Prisma systematic review process is followed. Articles found in Web of Science, Scopus and ProQuest databases are included. Reviews, conference proceedings, patents and theses are not included. Three group of keywords are used for searching:Group 1: “credit scoring”, “credit evaluation”, “credit assessment”, “credit risk assessment”, “credit decision”; Group 2: “classification”, “data mining”, “machine learning”, “statistical learning”, “soft computing”, “computational intelligence”; Group 3: “metaheuristic”, “evolutionary computing”, “heuristic”, “genetic algorithm”, “genetic programming”, “swarm intelligence”, “evolutionary programming”All included studies’ objectives are either classification and/or improvement of classification performances.Results and Conclusions: By following the systematic process, a total of thirty articles are found over the examination period. Publishing trend shows at least one article is presented to the literature each year after 2005 and there is a strong positive trend after 2015. It seems like more and more researchers are attracted to make use of metaheuristic algorithms to optimize credit classification analyses. Studies report improved performances with metaheuristic algorithm utilizations.Most metaheuristic algorithm designs are not suitable to classify observations in data sets. For this reason, they are used as an optimization technique rather than classifier itself. In the examined studies, only Genetic Programming is found to be used as both a classifier and optimization method, by virtue of its solution representation and solution space searching design. In credit risk assessment, as the first empirical studies used statistical learning methods like classical linear regression, logistic regression and discriminant analysis, machine learning and unsupervised methods became more popular in the last two decades. Neural network models, support vector machines, tree-based methods, Bayesian networks, fuzzy logic and k-nearest neighborhood models are preferred classifiers, while the former two are dominating the field.Frequently used metaheuristic in the studies is Genetic Algorithm, which is also well-known in other research fields with intense data analysis. Genetic algorithm is followed by Genetic Programming, Particle Swarm Optimization, Tabu Search and Simulated Annealing. Choice of metaheuristic seem to be focused only on a few alternatives, though there are many other suggestions available in optimization literature.Metaheuristics contribute to classifier performances in several ways. More widely, they are used for variable selection, to find optimum set of variables to teach the main classifier in the analyses. This selection provides classifier with a smaller set of variables and thus improve efficiency and effectivity. Parameter optimization comes after feature selection; in which several parameters of the classifiers are optimized. It is important to configure parameters in a proper way to achieve best results. Optimizing variables to be included and method parameters are both complex in nature, and best or near to best solution finding cannot be done by more conventional optimization techniques that aim to find exact solutions. Metaheuristics’ main advantage is their solution space searching mechanisms and can provide feasible solutions in reasonable times. Therefore, implementation of metaheuristic search algorithms into analyses significantly contributes to credit risk assessments/scorings.This review shows that a solid literature is formed for metaheuristic applications in credit classification. More and more studies are expected to be presented in the future. There lies a huge potential by widening the choice of algorithms and hybrid/combined forms. By following this pace, credit risk management activities in banks may continue to benefit from developments in data analysis field.

Metaheuristic Algorithms and Modern Credit Classification Methods: A Systematic Review

Seda

COMMUNICATION STATEMENT

Beril

Prof. Dr.

Hüseyin

Assoc. Prof. Dr.

Murat

Behind the Youtube Addiction and Online Stickiness. Does Fear of Missing Out Count?

Fethi

Model Proposal for Evaluation of Technology Development Process: Conceptualisation and Scale Development

Behice

Ayşe

Gökhan

Dynamics of Digital Financial Inclusion in Türkiye

Zeynep

Ahmet

Changes in Capital Structure in Seasoned Equity Offerings: BIST Implementation

Aydın

Meltem

Emre

The Impact of Fintech on Economic Growth: Evidence from Panels of Turkic and Southeast Asian Countries

Serkan

Fatma

Lean Management’s Effect on Industry 4.0 Regarding Innovation

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@JOURNAL_BOX_EARLYVIEW

Sevtap

Tuğba

Öğretim Görevlisi

Do We Know Organic Food Consumers? The Personal and Social Determinants of Organic Food Consumption

Hakan

Süleyman

In this study, the relationship between inflation and interest rates for Turkey’s economy and whether this is a long-term relationship were tested out using the Fisher hypothesis for the period of 2002:M1-2018:M6. In the study, it was tested if there is a long-term relationship from demand-pull inflation toward Individual Loan Rates (ILRs), and from cost-push-to-supply inflation toward Commercial Loan Rates (CLRs) using Fisher’s hypothesis. Subsequently, Perron (1997) structural break unit root test was performed in order to determine if there is structural breakage in the economy. According to Granger Causality test results for the period, there was a unidirectional causality for Turkey’s economy from both the Consumer Price Index (CPI) to the ILRs and from the Producer Price Index (PPI) to CLRs. In addition, the results of the ARDL bound test for co-integration showed that, there is no long-term cointegrated relationship from CPI to ILRs, while a long-term cointegrated relationship is seen from PPI toward CLRs. Therefore, this long-term relationship is not one-to-one as stated by Irving Fisher, and implies that a 1% shock to PPI affects the CLRs by 0.45% in the long term. On account of the fact that Turkey’s economy has not been able to reach its full employment level, the pass-through effect from CPI, -which measures demand-pull inflation-, toward ILRs, was not cointegrated in the long-term and thus, the Fisher effect did not occur even in the longterm. Hence, Turkey’s economy in the long-term was in conditions of underemployment, and changes in monetary variables influenced real variables due to unexpected fluctuations in the CPI. Due to the nominal interest rates being adjusted according to the expected (or, ex-ante) CPI, the real interest rates fluctuated due to the fact that the CPI was realized outside of the range of the end-of-term (or, ex-post) expectations. The reason behind the CPI being realized outside of expectations in these periods was due to the fact that this index did not reflect a pure demand inflation and was under the effect of PPI series. The pass-through effect from CPI towards PPI, -which occurs depending on external shocks such as foreign exchange rates, oil prices, and food prices-, causes the deterioration of the long-term equilibrium between the CPI and nominal interest rates and thus, this leads a reflection in real interest rates. Therefore, this result indicates that monetary variables affects real variables and in this context, the Central Bank’s monetary policies may affect real variables such as real interest rates, real wages, investments, savings and employment. It is concluded that there is a cointegrated relationship along with long-term positive direction from supply side-cost push inflation toward nominal interest rates and a 1% shock to supply-side inflation reflects itself in nominal interest rates by 0.45% in the longterm. Considering the economic structure of our country, the Turkish Lira currency has an extremely fragile structure when faced with external shocks and is dependent on foreign financing because of its lack of sufficient level of domestic saving to finance its invesments. Thus, the fagility factor of the Turkish Lira in the face of sudden portfolio outflows affects&nbsp;foreign exchange rates immediately and this means that it invites supply-side inflation to the country, and hence, the Central Bank is forced to raise interest rates to curb this expected inflation. This leads to the emergence of the Fisher effect. According to these results, in this context of the emergence of the Fisher effect on Turkey’s economy, it usually indicates that supply-side (cost-push) inflationist effects reveal themselves because external shocks are more prepotent. Consequently, while determining interest rates, it is noted that supply-side pricing will be more effective than demand-side pricing. In conclusion, taking into account PPI will be more rational. In conclusion, the production structure of Turkey’s economy is dependent on imports. In fact, Turkey’s economy for the period was composed on average of 70 % import of intermediate goods and raw materials, and 15-20 % import of invesment goods. That is to say, 85-90 % of the aggregate imports comprised input (production goods). This situation makes our country’s economy highly dependent on foreign financing and increases the Turkish economy’s sensivity to foreign currency due to the lack of a sufficient level of domestic saving to finance its invesments because of the currency mismatch (borrowing with foreign currency and earning with national currency). Therefore, the Turkish Lira becomes extremely fragile against international reserve monies ( $, €, ₤). This fragility of the Turkish Lira can be managed with policies on structural adjustment along with conjunctural policies (monetary policy, fiscal policy, and foreign exchange policy). Domestic production should be promoted by structural reforms and herewith, the Turkish economy can achieve a comparative advantage of input manufacturing in the long-term. Therefore, by reducing the high dependency on foreign financing it can also reduce the fragility of the Turkish Lira. Consequently, the Turkish economy can achieve a stable structure so that foreign exchange rates, the overall price level and interest rates can reach a more stable and predictable level.

Enflasyon ve Kredi Faizleri Arasındaki Uzun Dönemli İlişkinin Fisher Hipotezi Çerçevesinde Değerlendirilmesi: Türkiye Uygulaması (2002-2018)

Seniye

Oktay Zihni

Endüstri 4.0 Yolculuğunda Trendler ve Robotlar

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Atılhan

The survival of organizations operating in an ever-changing and complex environment significantly depends on the positive perceptions of stakeholders regarding the organization, or, in other words, on organizations’ abilities to manage their corporate reputations and make them part of the strategic management processes. The reason for this is that awareness of a company’s reputation provides stakeholders with the opportunity to compare the products, jobs, strategies and image of said organization with its rivals. Within this context, important duties fall to the strategic leaders who play an active role in the strategic management process for the effective and careful management of the corporate reputation. First of all, strategic leaders should aim to change the perceptions regarding reputation of the employees who are perfectly placed to influence the perceptions of other stakeholders. However, the existence of strategic leaders may not always create a positive perception among employees. For this reason, employees should be made aware that the organization performs CSR activities. With CSR, organizations provide a service to society, improve the quality of life, manage its economic-legal-ethical-volunteer activities in accordance with the expectations of society and try to find solutions to social problems. Therefore, stakeholders can reach a general conclusion about the organization based on its CSR activities, and they may develop certain expectations for the future. In this context, the aim of this study is to examine the role of CSR activities in the impact of strategic leadership behaviors of managers on the corporate reputation perception of employees. The survey method was used in this study. The study group consisted of 517 employees in three private hospitals operating in Trabzon in 2016. Firstly, strategic leadership, corporate reputation and CSR scales were subjected to explanatory and confirmatory factor analyses.&nbsp;Secondly, correlation analysis was performed across the variables. The correlation analyses showed that there is a positive and significant relationship between strategic leadership and corporate reputation, between strategic leadership and CSR and between CSR and corporate reputation at 99% confidence level in general. Thirdly, a three-stage regression analysis, as proposed by Baron and Kenny (1986: 1177), was carried out to explain the mediating role of CSR in the impact of strategic leadership behaviors on the corporate reputation perception of employees. At the first stage, it was seen that the independent variable (SL) had a significant impact on the dependent variable (CR) (β=.552; p&lt;.001). At the second stage, the impact of the independent variable (SL) on the mediator variable (CSR) was examined (β=.589; p&lt;.001). At the third stage, the impact of the mediator variable (CSR) on the dependent variable (CR) was examined (β=.719; p&lt;.001). Finally, the independent variable (SL) was included in the model with the mediator variable (CSR) and attempts were made to explain the dependent variable (CR). When the last step was examined, it was observed that there was no insignificance&nbsp;in the association between strategic leadership and corporate reputation, but the impact strength decreased (β=.196; p&lt;.001) and that the impact of CSR on corporate reputation continued (β=.603; p&lt;.001. This finding shows that CSR plays a partial mediation role in the impact of strategic leadership on corporate reputation. The Sobel test was performed to determine the significance level of the mediation impact and this was confirmed given that the result was significant (z=13,574; p&lt;.001). The study was limited to three private hospitals in Trabzon. Similar studies could be conducted in different geographical regions and the possible impacts of regional differences could be examined in terms of the research subject. In addition, this study, which was conducted in the health sector, might equally be applied to organizations operating in different industries. In this study, the variables that make up the research subject were evaluated from the perspective of the employees. Other stakeholder groups that organizations interact with could be included in the study to compare evaluations of stakeholder groups.

Yöneticilerin Stratejik Liderlik Davranışlarının Kurumsal İtibar Algısı Üzerine Etkisinde Kurumsal Sosyal Sorumluluğun (KSS) Rolü

Esra

Ünal

A market in which prices always “fully reflect” the available information is called “efficient”. According to Fama (1970), there are three types of efficiency. First, weak form tests, in which the information set is just historical prices. Second, semi-strong form tests, in which the concern is whether prices efficiently adjust to other information that is obviously publicly available (i.e., announcements of annual earnings, stock splits, etc.). Third, strong form tests, concerned with whether the given investors or groups have monopolistic access to any information relevant to pricing formation. In the relevant literature, there are several studies which have addressed Efficient Market Hypothesis by testing different markets. Some of these studies focused on stock markets, foreign exchange markets, several commodity markets, and crypto currency markets. Additionally, a number of researchers have examined the housing markets as well. Housing wealth accounts for the highest proportion of non-financial wealth owned by households. Therefore, the house is an investment good as well as a consumer good. Houses may provide wealth stock, an increase in loan facilities and rent gains. Hence, house prices may affect the wealth of homeowners and so it becomes significant to analyze whether historical prices fully reflect all available information and whether making profit above the average price is possible or not. The statistics on the Turkish housing market provided by the Turkish Statistical Institute (i.e., home ownership ratio, change in the number of households, number of first-time buyers) indicate that households’ demand may reflect an investment motive other than buying just for consumption. To the best of our knowledge, no previous study has investigated the efficiency of the Turkish housing market and in this context, our study fills the gap in the literature. The key research question of this study is whether or not the Turkish housing market, which has been one of the prominent sectors of the Turkish economy in recent years, is an efficient market. We aim to answer this question by testing the Efficient Market Hypothesis in weak form for the Turkish housing market. With this purpose, we utilized both traditional unit root tests and unit root tests with structural breaks. Our dataset consists of the House price index, hedonic house price index, new housing price index and existing housing price index series, provided by the Central Bank of the Republic of Turkey (CBRT). Our sample covers the 2010M01-2018M07 period.&nbsp;&nbsp;We employed the traditional unit root test of Augmented Dickey-Fuller (ADF) and Kwiatkowski, Phillips, Schmidt and Shin (KPSS) and unit root tests with two structural breaks of Lee- Strazicich (LS) and Clemente, Montañés and Reyes (CMR). The CMR unit-root test classifies structural breaks into two types. In a model with additive outliers (AO model), changes are assumed to take place rapidly, allowing for a break in the slope. In a model with innovative outliers (IO model), changes are assumed to take place gradually and allow for a break both in intercept and slope. In both LS and CMR unit root tests structural breaks are determined as endogenous. Unit root tests were applied to the natural logarithm of the series. The results of both the traditional unit root tests and unit root tests with structural breaks, indicate the presence of unit root in all series, that is, all unit root tests’ results are consistent with&nbsp;each other. Structural break dates were different in the LS and CMR tests and also the dates in the AO model varied from the IO model. A possible explanation for this difference may be related to different assumptions of the models. There are various factors that cause structural breaks in the series which affect housing supply and demand. For instance, financial wealth, construction costs, access to housing (mortgage) credits, volatility of interest rates and households’ expectations on future prices and interest rates may affect housing supply and demand which thus dominates price variations in the housing market. Consequently, the overall results imply that prices in the Turkish housing market follow a random walk This evidence suggests that the Turkish housing market is efficient in its weak form. This is an important issue for future research. A further study with more focus on testing the semistrong form and strong form of efficiency is therefore suggested.

Türkiye Konut Piyasasında Etkinlik Analizi

Volkan

Canan

Reklamlarla Marka Kişiliği Geliştirmek: Arketipler Tüketicileri Yakalayabiliyor Mu?

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Dear colleagues,

Welcome to the official journal of the School of Business of Istanbul University. Formerly known as Istanbul University Journal of the School of Business, our peer reviewed journal begun its publication life in 1972. The online journal publishes biannually and has been renamed as Istanbul Business Research (IBR), beginning with V. 47 (1) 2018.

Dear authors,

Thank you for your interest in publishing with us. We would like to mention that IBR accepts articles written only in English, since being indexed in Web of Science Emerging Science Citation Index (ESCI) beginning with V. 46 (1) 2017. Thus, all communication regarding articles must be done in English and only via Dergipark system for our records. We reserve the right to terminate article processing in case of a failure to comply.


Many thanks for your interest in IBR.
Best,
IBR Editorial Team

Sayı Türü	Regular
Editör(ler)	Seda Tolun Tayalı
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Istanbul Business Research

CİLT 49, SAYI 1, 2020