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

Assoc. Prof. Dr.

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

Burak

Zeynep

In line with the economic conditions that countries are subject to, they use foreign trade and monetary policy tools to increase production within the country, encourage domestic production and producers, and ensure growth by accelerating exports and gain a competitive advantage in foreign trade. From a historical perspective, devaluation has been the most widely used monetary policy tool among countries. Resorting to devaluation under the fixed exchange rate regime, countries make various interventions in exchange rates by devaluing their currencies. In today’s conditions, it would be more appropriate to state that countries cause this situation mutually under the flexible exchange rate regime, especially through exchange rate changes or exchange rate volatility. Particularly after the global financial crisis, countries accusing each other of exchange rate manipulation brought these debates back to today’s agenda. Considering the empirical literature in general, there are studies suggesting that the effects of exchange rate volatility on the trade balance are positive, as well as studies stating that it has a negative effect and even stating that the relationship between them is meaningless and insignificant. In the present study, the period that has not been addressed in the literature will be discussed in a way that can compare both developed and developing country groups, namely G7 and BRICS countries, and the effect of exchange rate volatility on export volume will be examined by panel data analysis. Furthermore, to determine real exchange rate volatility, the Generalised Autoregressive Conditional Heteroscedasticity (GARCH) model was employed in the study, and then panel data analysis was performed. In the analysis, the effect of real exchange rate volatility, one of the macroeconomic variables affecting the export volume, in other words, the relationship between export and volatility constitutes the limit of our study. Therefore, the real exchange rate volatility is the explanatory independent variable on export volume in the established model. The other independent variables include the real exchange rate index of the countries, the annual growth rate of GDP, foreign direct investment inflows, and weighted average tariff rates applied to the basic product import shares of the trading partner countries. In this study, panel data analysis was performed by establishing two models consisting of the same variables between the years 1990 and 2020 to make a comparative evaluation between G7 countries (Germany, the United States, the United Kingdom, Italy, France, Japan, Canada) and BRICS countries (Brazil, Russia, China, South Africa). Empirical findings indicate that the real exchange rate and its volatility in BRICS countries are statistically significant and their effect on export volume is negative. In other words, the increase in the real exchange rate and exchange rate volatility leads to a reducing effect on the export volume. Thus, developing countries are adversely affected by exchange rate volatility and exchange rate fluctuations, and their export volumes decrease. When evaluated in terms of the G7, it is observed that the real exchange rate volatility is insignificant, while the real exchange rate is statistically significant. The increase in the real exchange rate decreases the export volume, and this result is the same as that for BRICS. However, it was found that exchange rate volatility did not have a significant effect on export volume in the G7 countries. Furthermore, considering that the percentage increase in the real exchange rate decreases the export volume for both BRICS and G7 countries, it is understood that the export volume decreases in return for the appreciation of the domestic currency, in line with the trade theory in general. In accordance with the analysis results, while the effect of real exchange rate volatility on export volume in BRICS countries was confirmed, it was understood that real exchange rate volatility did not affect export volume in G7 countries. In other words, developed countries are not as affected by exchange rate volatility as developing countries. In this respect, we can say that while the changes in the exchange rate created by developed countries using monetary policy tools are ineffective on their own export volumes, developing countries are more affected by these changes. Namely, it is obvious that it is appropriate for developing countries, such as Brazil, to react to the monetary policy implemented by developed countries, especially after the global financial crisis. In developing countries, exchange rate volatility has a negative effect on export volume, reducing the trade volume of these countries, let alone acquiring a competitive advantage. Hence, developing countries are more affected by the volatility in exchange rates and cannot acquire a competitive advantage in commercial terms. Ultimately, it is seen that exchange rate volatility has a trade contraction effect in developing countries. Therefore, to increase international trade, it is recommended that developed countries cooperate with developing countries, particularly when implementing monetary policy decisions.&nbsp;

Effect of Exchange Rate Volatility on Export Volume in BRICS and G7 Countries: Panel Data Analysis

Emmanuel

A Monte Carlo Study of the Residuals of System Estimators in the Presence  of Multicollinearity

Savaş

Bubble Spillover of Assets: Evidence from the Exchange Rates of Some Newly Industrialized Countries

Damla

Meltem

In this study, the joint movements of the stocks of the companies included in the BIST 100 index were examined. Clustering Analysis and Association Rules Analysis were chosen as the method in the study. For the cluster analysis, return, volume, price volatility, market value, beta, market value/book value, equity/paid capital, market value/net sales (revenue) variables; In the association rules analysis, the closing price is taken as a variable and covers the period 06.12.2012 to -30.12.2022. The co-movements of stocks in the specified period were examined. In addition, a cluster analysis was conducted for this period and the associations of stocks for each cluster were examined. Here, information is shared about investors making profits by investing in stocks that have been identified to move together. The CLARA Algorithm was applied for the Clustering Analysis and the FP-Growth Algorithm was applied for the Association Rules Analysis.First, the clusterability of the dataset was tested by using Hopkins Statistics in the R Programme. After determining that the dataset was musterable, the number of clusters was determined using the Gap Statistics. The number of clusters was determined as 9, and the CLARA Clustering Algorithm was applied. As a result of the CLARA Clustering Algorithm: In the 1st Cluster, AEFES, AKSEN, ALBRK, BAGFS, CCOLA, DOHOL, GLYHO, GSDHO, IPEKE, ISGYO, KOZAA, NTHOL, SKBNK, SNGYO, TAVHL, TKFEN, TRGYO, TSKB, TTRAK, TURSG, and ULKER stocks are listed together. In this cluster, there are stocks of companies of different sizes and from different sectors... In Cluster 2, AGHOL, ALGYO, BRYAT, EGEEN, and KARTN stocks are listed together. Stocks like BRYAT, EGEEN, KARTN and AGHOL that in general have a high potential for free capital increase are in this group. In Cluster 3, AKBNK, GARAN, HALKB, ISCTR, VAKBN, and YKBNK stocks are listed together. It can be said that this cluster differs from other clusters because there are only banks in it. In Cluster 4, AKFGY, AKSA, ALARK, ALKIM, BUCIM, CEMTS, CIMSA, DEVA, DOAS, ECILC, ERBOS, GUBRF, ISFIN, KARSN, KORDS, OTKAR, SELEC, TMSN, and YATAS stocks are listed together. It has been determined that this cluster includes organisations related to the pharmaceutical (DEVA, ECILC, SELEC), cement (BUCIM, ÇIMSA) and automotive (DOAS, KARSN, OTKAR, TMSN) sectors. In Cluster 5, stocks of ARCLK, BIMAS, ENKAI, FROTO, KCHOL, SAHOL, TCELL, TOASO, and TTKOM are listed together. The BIST 30 index includes important and large companies. There are also large holdings (KCHOL, SAHOL) in this cluster. In Cluster 6, ASELS, EKGYO, EREGL, KOZAL, KRDMD, PETKM, SISE, THYAO, and TUPRS stocks are listed together. Generally, the largest production enterprises of the BIST 30 index (except THYAO) are seen in this cluster. In Cluster 7, BERA, HEKTS, ISMEN, JANTS, LOGO, PRKAB, SASA, TUKAS, VESBE, and VESTL stocks are listed together. The SASA, HEKTS, and VESTL groups lead in this cluster. In Cluster 8, the GOZDE stock stands out alone. In Cluster 9, the MGROS, NUGYO, and OYAKC stocks are listed together. Here, three dissimilar companies have come together: a retail company, an investment trust and a cement company. However, the stocks of these companies are in similar clusters according to the determined variables.&nbsp;Then, by the WEKA programme, the joint movement of all stocks was first determined by FP-Growth Association Rules Analysis. A confidence level of 0.90 was considered for all stocks, and as a result of the analysis, no association rule other than of the bank was found in the first 54 of 74 rules.The associations within each cluster identified by CLARA Clustering Analysis were further determined using FP-Growth Association Rules Analysis. According to this;&nbsp;• In Cluster 1, 1270 rules were found at the 0.90 confidence level.• In Cluster 2, 5 rules were found at the 0.80 confidence level.• In Cluster 3, 68 rules were found at the 0.90 confidence level. • In Cluster 4, 126 association rules were found at a confidence level of 0.90.• In Cluster 5, 14 rules were found at the 0.90 confidence level. • In cluster 6, 20 association rules were found at a confidence level of 0.90. • In Cluster 7, 24 association rules were found at a confidence level of 0.90.• In Cluster 8, no rule has been formed. • In cluster 9, 2 association rules were found at a confidence level of 70.Because of the study; With Cluster Analysis, the connections between stocks were seen, and then with Association Rules Analysis, it was seen which stocks moved together. This will help both individual and corporate portfolio managers in determining which stocks they can focus on in the portfolio diversification process. According to the basic findings of the research, a very intense unity was detected among the companies operating in the banking field. In addition, sectoral unity wasis observed between pharmaceutical, household appliances, iron and steel, retail, energy, petrochemical and production companies operating in the same sector. It has also been determined that there is unity between family group companies and companies within the real estate investment trust.&nbsp;

Examination of Stocks in the Istanbul Stock Exchange 100 Index With Clustering and  Association Rules Analysis

Ahmet

Halim

Operational Implications of Time Window Relaxation in Vehicle Routing  Problems

Ebru

Noyan

Innovation can be seen as the adoption or implementation of a new idea or product within a specific context, demonstrating the adaptability of a concrete output resulting from the creative process. It generates excitement, encourages skill development and information exchange, and promotes dynamism by breaking monotony. Innovation also accelerates organisational and personal growth, encouraging originality, personal development, and continuous learning. Innovation has become increasingly crucial in both social and economic contexts, prompting rapid changes towards more scientifically advanced societies. Adapting to these changes is vital to avoid being left behind. Knowledge acquisition is central to socioeconomic progress, influencing economic, political, and social dynamics. As knowledge spreads, it profoundly impacts sectors such as the economy, business environment, and education, fostering a culture of innovation. Innovation integrates new technologies and business practises, facilitating governance by addressing public issues and shaping policy frameworks.The innovation process involves developing, commercialising, and marketing new or improved products, processes, or services. It encompasses a broad range of activities, from product development to implementing new organisational structures and administrative systems. Technological innovation involves transforming new ideas into concrete products and disseminating them. It is divided into two main types: technological product innovation, which commercialises a product to provide new services or maximise existing product benefits, and technological process innovation, which involves the complete innovation or significant improvement of production or distribution processes. Technological developments and innovative approaches create practical products. This innovation manifest in both the improvement and development of existing products and the production of entirely new ones. Technological product innovation focuses on providing new services to consumers through product development or commercialisation, while technological process innovation aims at improving production or distribution methods. Globalisation, driven by technological progress, has reshaped the global arena, intensifying competition, particularly in industrial areas. Creativity, the essence of human endeavour, significantly impacts organisational effectiveness, providing resilience in rapid transformations and competitive environments. The process of birthing new concepts embodies creativity as a precursor to innovative breakthroughs, fuelling innovation and turning intellectual effort into tangible results. Creativity involves critical thinking, distinguishing connections between events, anticipating obstacles, finding solutions, and expressing findings precisely. It is crucial to adapt to variability in complex and competitive environments to innovate and enhance performance.An entrepreneur combines innovative products, processes, markets, organisational structures, or supply channels, taking proactive risks to transform opportunities into viable economic offers. Entrepreneurship involves implementing new configurations, perceiving opportunities arising from environmental factors, and transforming these opportunities into products or services. In today’s globalised world, entrepreneurship has emerged as a critical factor driving economic progress. With increasing competition and technological advancements, individuals and institutions must adopt innovations to stay current. Entrepreneurs play a pivotal role in this by pioneering new ideas and products through their visionary perspectives. This study examines the relationship between university students’ entrepreneurial characteristics and their innovation-technological innovativeness. Data were collected through a survey and analysed using a structural equation model. The study focuses on the innovative and entrepreneurial characteristics of university students, hypothesising their impact on the students’ general tendency to innovate and subsequently their tendency towards technological innovation. Data were gathered from 836 undergraduate students at Kütahya Dumlupınar University Faculty of Economics and Administrative Sciences. University students were chosen due to their leading role in society and their potential to generate new ideas and contribute significantly to economic and technological progress. Universities are key action centres for discovering talents and producing and sharing knowledge. The survey targeted students to test the impact of their innovative capacity on technological innovation tendency using structural equation modelling. The scale used to measure innovation and technological innovation tendency included factors like risk-taking, proactiveness, uncertainty avoidance, creativity, innovativeness, and technological innovation. The overall reliability of the measurement model was high (Cronbach’s α = 0.95). Confirmatory factor analysis and necessary modifications yielded a significant model (p&lt;0.05) with acceptable goodness of fit values (X2/df = 3.35, GFI = 0.85, RMSEA = 0.59). All hypotheses were confirmed, except for the one proposing a relationship between the risk-taking tendency and the innovation tendency. Creativity was the most important factor influencing students’ innovation tendency, while risk-taking was the least important. The emphasis on creativity may stem from the need to tackle diverse problems in a world of constant change and competition. Students’ perceptions of socioeconomic risk and uncertainty might influence the lack of a significant relationship between risk-taking and innovation tendencies.&nbsp;To foster innovation, innovation be integrated into national education policy from an early age, with local and general competitions to encourage students. During long holidays, students can be directed to techno parks, research centres, and university campuses for scientific research training. Higher education students should be encouraged to participate in social and scientific activities to apply their theoretical knowledge. Finally, the entrepreneurship course content and teaching style in higher education should be revised to be practical and independent of grade concerns.

A Model Proposal to Measure the Effect of University Students’ Innovation Capacity  on Their Technological Innovation Tendencies

Yunus Emre

Dinara

Classical finance theories assume that investors are rational and that they consider all information in the market during the decision-making process. The number of studies that include and try to develop behavioural aspects that are often neglected in classical theoretical models is increasing in the literature. The increasing interest in the non-classical approach stems from the need to explain phenomena that are regularly observed in financial markets and that do not comply with the predictions of classical models (Yoshinaga and Castro Junior, 2012). De Long et al. (1990) divided investors into two categories, considering the effect of financial market sentiment: rational investors and rumour merchants. In the model, investors in both categories determine the prices of assets and their expected returns. The possibility of rational investors profiting from mispricing is limited due to various reasons such as short investment horizon, transaction costs, and risks. These reasons allow prices to deviate from their fundamental values. Sentiment in the context of investment may indicate overly optimistic or pessimistic cash flow estimates or changes in risk tolerance (Edelen et al., 2010). As a result of this situation, the relationship between the net present value of the discounted cash flows of the asset and the asset price may occur differently. Here, investors’ emotional reactions may have an effect. The link between investor sentiment and stock returns has been examined in many studies. Chowdhury et al. (2024) found a positive effect of investor sentiment on stock returns in the S&amp;P 500 index. Schmeling (2009) found a negative relationship between investor sentiment and stock returns. It is observed that there is a separation in the variables selected as sentiment proxies in the studies conducted in the literature. The variables used in previous studies: confidence indices obtained from investor surveys (Usul et al., 2017; Kandır, 2006); investor mood (Kostopoulos and Meyer, 2018); implied volatility of the option contract (Qadan et al., 2019); closed-end investment fund discount (Keleş and Arat, 2019); investment fund flows (Ben-Rephael et al., 2012); transaction volume or transaction amount (Ding et al., 2014) and the composite sentiment index combining these proxies (Baker and Wurgler, 2006).The Central Bank of the Republic of Turkey (CBRT) calculates the Financial Services Confidence Index (FSCI) to reveal the assessments and expectations regarding the business situations and demand for services in the financial services sector. A financial service survey was conducted to calculate the FSCI. With the monthly financial services survey, the recent past assessments and future expectations of financial institution managers regarding their business situations are obtained and trends in the financial services sector are determined. The FSCI index calculated from the survey results is calculated as a function of the answers to the questions about the business status of financial institutions, the demand for services in the last three months, and the demand for services in the next three months (TCMB, 2024). The expectations of economic agents affect macroeconomic and financial indicators. Therefore, examining the effect of confidence indices reflecting expectations on the stock market is an important issue. This study aims to empirically analyse the causality relationship between the financial confidence index and stock returns in Turkey in the period 2012:06-2024:05. In addition to the Toda-Yamamoto causality test, the Hatemi-j (2012) asymmetric causality test was used in the study. According to the TodaYamamoto (1995) causality test results, no causality relationship was determined between the financial services confidence index and the Borsa Istanbul (BIST) sector index returns. However, an asymmetric causality relationship was determined between the variables. Thus, the hidden relationships that the Toda-Yamamoto (1995) causality test could not detect were revealed with the help of the asymmetric causality test.

Relationship between Financial Services Confidence Index and Stock Market Returns: Toda-Yamamoto and Asymmetric Causality Analysis

Halil

The Effect of ESG (Environmental, Social And Governance) Scores on Company Performance: Evidence from the Manufacturing Industry in Turkey

Burhan

Climate change caused by increases in anthropogenic activities threatens both the present and the future. In this sense, rising greenhouse gas (GHG) emissions are one of the biggest obstacles to sustainability. The identification of factors that either positively or negatively impact environmental degradation is a valuable step in the development of policies designed to mitigate the effects of this problem. Carbon emissions are often used as a proxy for environmental degradation. However, GHG emissions are a more comprehensive indicator that also includes carbon compounds. This study is based on the assumption that the various dimensions of human development may exert disparate impacts on environmental quality. Unlike previous studies, human development is included in the econometric model both in general and in its components such as education, health and income. Moreover, GHG emissions, which are a more encompassing measure than carbon emissions, are employed as an environmental quality variable. By incorporating urbanisation rates into the model as a control variable, it becomes evident how urbanisation impacts sustainability. The research questions of this study are i) how does human development affect environmental quality and ii) is there a difference in the effects of human development components on environmental quality? The absence of any other study in the literature that analyzes the impact of human development on environmental quality by decomposing it into its components has been a significant motivating factor in the development of this study. Although numerous studies have been conducted to examine the relationship between environmental degradation and economic growth, the existing literature on the relationship between environmental degradation and development remains limited. Some studies have generally emphasised the mitigating effect of human development on environmental degradation. The literature on the relationship between education, health and income indicators and environmental degradation, on the other hand, has emphasised the environment-protective effect of these three dimensions, with contrasting results. In this study, the effect of the sub-indices of the human development index, which is widely accepted as a comprehensive indicator of development, on GHG emissions in Türkiye for the period 1990-2021 is analysed with the augmented ARDL method. In the study, two models were constructed with GHG emissions as the dependent variable. The independent variables are the Human Development Index in the first model and the sub-indices of education, health, and income in the second model. In both models, urbanisation rate is used as a control variable. The stationarity of the variables was tested with the Augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests. Furthermore, the stationarity analysis was repeated with the Zivot-Andrews (ZA) unit root test, which also identified the structural breaks in the model. The AARDL procedure, as proposed by Sam et al. (2019), is more effective than the traditional ARDL method in detecting the relationship between variables. The ADF and PP unit root tests show that all variables except urbanisation are stationary at first differences. The ADF test indicated an I(2) process for urbanisation, while the PP unit root test indicated stationarity at the level. The unit root test with the ZA break reported that the stationary process is valid in the first difference for all variables. The bounds test results show that the variables are co-integrated in both models and that there is no degenerate case in the models. The long-run elasticities indicate that increases in income and urbanisation are associated with heightened environmental degradation. Conversely, the education dimension exerts a slight protective effect on the environment. The effects of the human development index and the health index on environmental degradation are statistically insignificant. However, when the robustness check was conducted with the FMOLS method, the effect of the human development index was found to be significant. The results for Türkiye indicate the necessity for the implementation of policies aimed at reducing environmental degradation. Primarily, the proportion of fossil fuels in primary energy consumption should be reduced, while investments in renewable energy should be increased. To reduce the environmental impact of production processes, regulations should be enacted, particularly in relation to energy efficiency and conservation. Furthermore, it is crucial to expand the scope of educational services to encompass a more inclusive and equitable approach. It is also essential to incorporate environmental awareness into the educational process and to provide support for research and development studies on green technologies at the post-secondary level.

Analysing the Linkage between Human Development and Environmental Quality: Fresh Evidence from Türkiye

Sevda

Fatma

In line with globalisation and technological changes, countries that sell goods and services abroad, that is, export, increase their foreign trade earnings and competitiveness. Exports according to technology intensity are one of the basic indicators reflecting the goods composition and sectoral competitive advantages in foreign trade of countries and are classified as low, medium (lowhigh), and high-technology exports. As countries shift from low-tech products to medium- and high-tech products in their export commodity baskets, their competitiveness, export revenues, and hence their level of economic development increase. One of the key factors that enhance the export performance of countries is innovation. Innovation, which can be defined as developing a new product and/or service or production technology, finding a new market, or providing change and improvement beyond what is available in logistics activities, is the primary source of countries’ international competitive advantage. Although numerous studies have been conducted to measure innovation, a universally accepted measurement has yet to be established. Factors that vary according to internal and external sources such as firm, industry, and economic structure, the fact that innovation is a complex process that requires continuity and that it is difficult to measure with simple techniques, it makes difficult to develop a standard innovation measurement.However, by employing various measurement techniques, a consensus has emerged on several indicators for comparing innovation levels at both the firm and country levels. The main ones are RD expenditures, patent application numbers, Information Communication Technologies (ICT), and Total Factor Productivity (TFP). RD activities grounded in scientific research, technology transfer, and the development of existing knowledge facilitate the integration of new knowledge, particularly into the production process. Patents, which protect the inventions/innovations of individuals or companies, are official documents that ensure monopolisation in the production and trade of the invention/innovation in question. New products and production processes can be developed through ICT, which encompasses the examination, development, management, and implementation of electronic and computer-based information systems and data. TFP, defined as obtaining more output from the increase in labour and capital inputs, reveals the cost-cutting and efficiency-enhancing effects of technological advancement. In the literature, the number of applied studies investigating the relationship between innovation and foreign trade/export in Turkey has been on the rise, particularly in recent years. However, the effects of basic innovation indicators on medium-high and high-technology product exports have not been examined in studies on the subject. Therefore, this study aims to fill this gap in the literature by empirically revealing the effects of four fundamental innovation indicators on exports according to technology intensity in the Turkish example. In this study, the effects of basic innovation indicators such as RD expenditures, patent application numbers, ICT and TFP on exports according to the technology intensity have been examined. For this purpose, predictions were made using the Vector AutoRegression (VAR) model, using annual data from the period 1990-2021 for Turkey. Variance decomposition and ımpulse-response functions were employed to identify the relationships between the variables in accordance with the VAR model estimates. In the Variance Decomposition, it was determined that the most effective innovation indicator in exports according to the technology intensity is R&amp;D expenditures. The impulse-response functions reveal that the main innovation indicator influencing the export of medium-high-tech products is ICT, whereas the indicator impacting the export of high-tech products is R&amp;D expenditures. Furthermore, it has been determined that the positive effect on future period export performance of past period performance of the export of medium-high-tech products is higher than the effect of the export of high-tech products. The findings obtained within the scope of the study are consistent with the findings obtained in the studies conducted by researchers such as Hirsch and Bijaoui (1985), Le (1987), Zhao and Li (1997), Şahbaz et al. (2014), Kılıç et al. (2014), Özkan and Yılmaz (2017), Neves, Teixeria and Silva (2016), Usman (2019) and Akyol and Demez (2020). However, the findings differ from the results of the main studies by Landesman and Pfaffermayr (1997), Karagöz (2007), Wagner (2008), Fu, Wu, and Tang (2011), and Han et al. (2017). It is possible to say that this difference may be due to the data period, method used, sample and the use of non-standard innovation indicators. Using data sets grounded in standard innovation measures for future studies will contribute to obtaining more meaningful and comparable results. Based on the analysis results, it is possible to say that technology exports in Turkey are partially affected by innovation and therefore the possibility of gaining international competitiveness in terms of exports is low. To enhance Turkey’s competitiveness, it needs to produce and sell export goods and services that are based on qualified labour, knowledge and technology, and have high added value and economic complexity. To achieve this, it is crucial to boost public-private investments, especially R&amp;D expenditures along with other innovation indicators.

Basic Innovation Indicators Affecting Exports According to Technology Intensity: An Application Based on Time Series Analysis for Türkiye

Sema

Dilan

Technological innovations, which are among the most important factors that form the basis of competition between countries, can affect the level of competition in foreign trade and lead to an increase in welfare. As a result, high-technology exports are&nbsp; critical for establishing competitiveness in foreign trade. Especially when the added value it provides is taken into consideration, high-technology exports take its place among the priorities of countries. The main factor that is indispensable for technological innovations is research and development activities. The answer to the question of how investments made in R&amp;D activities affect high-technology product exports is important. For this reason, the aim of the study is to determine the role of R&amp;D expenditures in high-technology exports, to determine whether there is a causal relationship between them, and if so, to determine the direction of this relationship. Determining the causal relationship and the direction of this relationship is extremely important in the economic policies to be implemented. The study used econometric analysis to investigate the link between high-technology exports and R&amp;D spending. This study explores the relationship between high-tech exports (HTECH), research and development expenditures (RD), trade openness (TRADE), and gross fixed capital formation (GFCF) in a panel dataset of 22 OECD countries from 1996 to 2021. Following the cross-section dependency test and unit root test, a homogeneity test was used to evaluate whether the slope coefficients were homogenous or heterogeneous. Then, the panel causality analysis technique is used to analyse the causation between high-tech exports and R&amp;D spending. According to the Cross-Section Dependency test results, it was determined that there was a cross-sectional dependency between the series in the panel. Therefore, a second generation test, the Cross-Sectional Augmented Dickey-Fuller (CADF) unit root test, which takes into account the existence of cross-sectional dependency in the analysis, was applied. According to the unit root test result, all variables show non-stationary properties at the level but become stationary at the first difference. Determining whether the slope coefficients are homogenous or heterogeneous is critical in deciding which panel unit root and panel causality analysis methods to use. According to the results of the homogeneity test of the model, it was concluded that the slope coefficients are not homogeneous but heterogeneous. In other words, according to the results obtained, the slope parameters vary between the horizontal sections. Finally, according to the new version of the Granger causality test by Juodis, Karavias, and Sarafidis (2021) developed by Xiao et al. (2023), which was conducted to determine the causality relationship between high-technology exports and R&amp;D expenditures, a bidirectional causality relationship was found between high-technology exports (HTECH) and R&amp;D expenditures (RD). A bidirectional causality relationship was found between high-tech product exports and the gross fixed capital investments (GFCF) and trade openness (TRADE) added to the model as control variables. According to the results of this study, in which the effect of R&amp;D expenditures on high-technology exports is examined and the causality relationship between them is determined, policy makers need to increase investments in R&amp;D expenditures in order for countries to gain competitive advantage in foreign trade, maintain their advantages and increase their welfare levels. For this purpose, more resources should be allocated from the national income to R&amp;D expenditures. In addition, incentive policies can be implemented by providing tax deductions for R&amp;D investments and offering low-interest credit opportunities, as well as making educational arrangements to provide the qualified workforce required for R&amp;D activities, physical infrastructure investments to provide the necessary technological infrastructure, and increasing the share of the private sector in R&amp;D activities by ensuring public and private sector cooperation are also extremely important.&nbsp;

The Role of R&D Expenditures on High Technology Product Exports: A Panel Causality Analysis for OECD Countries

Fikriye

Selçuk

This study examines the relationship between domestic prices and exchange rates in the Türkiye economy and uses State Space Models and the Kalman Filter method to analyse this interaction. State Space Models are highly flexible models used in economic analysis and prevent data loss. This feature makes state-space models very useful in time-series analysis. In this framework, the Kalman filter is used in the estimation of the state space models. State Space Models and the Kalman Filter make important contributions in revealing economic relationships that are difficult to measure.In this article, first, the theory of the economic issue is discussed and then the general representation of State Space Models is analysed. Then, the structures of the State Space Models according to different specifications are discussed separately and the model structures are explained through equations. Then, the Kalman Filter method, which is the estimation method of State Space Models, developed by electrical engineer Rudolf Emil Kalman in 1960 for use in control engineering, is explained. The feature of the Kalman Filter that makes it very useful in the use of economic series is that it can be applied to both stationary and unit rooted series. Due to these useful features, the Kalman Filter was adapted to the economic series by Andrew Harvey in 1989 for use in econometric analyses. This study analyzes the relationship between Türkiye’s Consumer Price Index (CPI) and the USD/TRY and EUR/TRY exchange rates separately over a period extending from 2005 to 2024. Studying this long period provides a detailed analysis of the relationship between the CPI and USD/TRY and EUR/TRY. The analysis is initially carried out using State Space Models with only explanatory variables and investigates the direction and degree to which the USD/TRY and EUR/TRY exchange rates are driving the CPI. In addition to this modelling, a dummy variable representing the first month of 2023 and the following months was added to the model, and it was investigated how the dummy and explanatory variables explained the CPI variable. The purpose of adding the dummy variable to the model is to include the structural breaks and policy changes in the Turkish economy in the model. For both models, adding a dummy variable to the model made a positive contribution to the model. In order to analyse the State Space Models with Explanatory Variables and State Space Models with Explanatory Dummy Variables mentioned in the above paragraph in a more holistic sense, the deterministic and stochastic properties of the explanatory and dummy variables are included separately in the model. In this way, the possibility of correctly selecting the model type that gives the best model result has increased. It was determined that the model that gave the best result was the Stochastic Level Explanatory Variable-Dummy Variable Model, and this model was accepted as the final model. According to the model results, it is concluded that the USD/TRY and EUR/TRY variables positively affect the CPI variables. More specifically, a 1% change in the USD/TRY increases the CPI by approximately 0.1752%, while a 1% change in the EUR/TRY increases the CPI by approximately 0.1768%. The values are very close to each other, but it is observed that the EUR/TRY affects the CPI more than the USD/TRY. This is thought to be due to the fact that Türkiye imports mostly from European countries. These values also provide the elasticities. Accordingly, it can be interpreted that the CPI is inelastic against USD/TRY and EUR/TRY. This shows that domestic prices react little to the fluctuations in USD/TRY and EUR/TRY. Since there is also a dummy variable in the model, it is possible to compare the domestic prices of the two periods. Accordingly, in the CPI-USD/TRY model, Türkiye’s domestic prices are 0.04378% lower for January 2023 and later than the other dates, while in the CPI-EUR/TRY model, Türkiye’s domestic prices are 0.04375% lower for January 2023 and later than the other dates. It is noteworthy that these values are quite close to each other. This means that the policy changes that have started to be experienced since the first month of 2023 have a decreasing effect on domestic prices. At the end of the article, it is underlined that Türkiye, like every developing country, is quite sensitive to external shocks. To become more resilient to these external shocks, policies that encourage domestic production and exports are suggested.

Evaluation of Türkiye’s Domestic Prices and Exchange Rate Relationship with State Space Models

@JOURNAL_BOX_CURRENT

Çiğdem

BRICS-T countries, which stand out in global energy markets both in terms of supply and demand, hold a significant position in the energy sector. The energy policies of these countries, which play a critical role in the global energy balance, are aligned with sustainability goals in areas such as energy security, energy supply, energy prices, and the use of renewable energy. In this context, the primary motivation of this study has been to econometrically analyse the renewable energy consumption of the BRICS-T countries, with the aim of increasing the share of renewable energy use in total energy consumption. This study aims to identify the factors affecting renewable energy use, or in other words, consumption, in BRICS T countries using a panel data approach, with particular attention to structural breaks. For this purpose, the study uses data from BRICS-T countries for the period 1990-2020, with renewable energy consumption as the dependent variable and economic growth, carbon dioxide emissions, and foreign direct investment inflows as the independent variables. The dataset was obtained from the World Development Indicators published by the World Bank. To use the correct testing and estimation methods, the characteristics of the panel data model were initially tested using various tests found in the literature. The results revealed that the panel data structure is a heterogeneous panel data model with inter-unit correlation. Since the time dimension of the heterogeneous panel data model considered in the study is not long enough, which would cause a loss of degrees of freedom in multiple structural breaks, structural breaks in only a single number of constants are determined heterogeneously for each BRICS-T country. For the identified structural break dates, a dummy variable approach was used and the model estimation was performed with the Seemingly Unrelated Regression with Structural Breaks (SUR) Model proposed by Guliyev (2023). The structural break dates were found to be statistically significant at the 0.05 significance level in all countries except Russia. Accordingly, structural breaks were identified in 2015 for Brazil, 2012 for India, 1998 for China, 2001 for South Africa and 2000 for Turkey. According to the SUR estimation results, which account for structural breaks, all the individual regression equations are statistically significant at the 0.01 significance level. The coefficient of determination (R²) values calculated for the individual regression equations are 0.89 for Brazil, 0.58 for Russia, 0.99 for India, 0.99 for China, 0.98 for South Africa, and 0.97 for Turkey. Accordingly, with the inclusion of structural breaks, it is observed that the independent variables considered in the model—economic growth, carbon dioxide emissions, and foreign direct investment inflows—highly explain the changes in renewable energy consumption in all countries except Russia. When examining the model coefficients, it is observed that an increase in economic growth positively affects the renewable energy consumption of Brazil, India, China, and Turkey, while negatively affecting that of Russia and South Africa. Moreover, an increase in carbon dioxide emissions positively affects Russia’s renewable energy consumption but negatively impacts Brazil, India, China, and Turkey. Lastly, the increase in foreign direct investment inflows positively affects the renewable energy consumption of Brazil and South Africa, while negatively impacting that of China and Turkey. Furthermore, it was found that the changes in renewable energy consumption positively affected Brazil after 2015, India after 2012, and China after 1998, South Africa after 2001, and Turkey after 2000. The structural changes evaluated for each country indicate significant dates. In light of these findings, the study is considered to make significant contributions to the literature, not only by exam ining the effects of economic growth, carbon dioxide emissions, and foreign direct investment inflows on renewable energy consumption but also by analysing structural changes and their impact on these relationships. In addition, this study indicates that countries should develop strategies to increase the use of renewable energy resources in policy processes by addressing the economic and environmental impacts of increasing energy consumption in a multidimensional way. Thus, achieving sustainable energy goals is possible by reducing carbon emissions, creating new employment opportunities and ensuring energy supply security.

Determinants of Renewable Energy Consumption: Case of BRICS-T Countries

@JOURNAL_BOX_EARLYVIEW

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

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

@JOURNAL_BOX_FEATURED

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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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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The journal adheres to the highest standards in research ethics and follows the principles of international research ethics as defined below. The authors are responsible for the compliance of the manuscripts with the ethical rules.-    Principles of integrity, quality and transparency should be sustained in designing the research, reviewing the design and conducting the research.-    The research team and participants should be fully informed about the aim, methods, possible uses and requirements of the research and risks of participation in research.-    The confidentiality of the information provided by the research participants and the confidentiality of the respondents should be ensured. The research should be designed to protect the autonomy and dignity of the participants.-    Research participants should participate in the research voluntarily, not under any coercion.-    Any possible harm to participants must be avoided. The research should be planned in such a way that the participants are not at risk.-    The independence of research must be clear; and any conflict of interest or must be disclosed.-    In experimental studies with human subjects, written informed consent of the participants who decide to participate in the research must be obtained. In the case of children and those under wardship or with confirmed insanity, legal custodian’s assent must be obtained.-    If the study is to be carried out in any institution or organization, approval must be obtained from this institution or organization.-    In studies with human subject, it must be noted in the method’s section of the manuscript that the informed consent of the participants and ethics committee approval from the institution where the study has been conducted have been obtained.

It is authors’ responsibility to ensure that the article is in accordance with scientific and ethical standards and rules. And authors must ensure that submitted work is original. They must certify that the manuscript has not previously been published elsewhere or is not currently being considered for publication elsewhere, in any language. Applicable copyright laws and conventions must be followed. Copyright material (e.g. tables, figures or extensive quotations) must be reproduced only with appropriate permission and acknowledgement. Any work or words of other authors, contributors, or sources must be appropriately credited and referenced.All the authors of a submitted manuscript must have direct scientific and academic contribution to the manuscript. The author(s) of the original research articles is defined as a person who is significantly involved in “conceptualization and design of the study”, “collecting the data”, “analyzing the data”, “writing the manuscript”, “reviewing the manuscript with a critical perspective” and “planning/conducting the study of the manuscript and/or revising it”. Fund raising, data collection or supervision of the research group are not sufficient roles to be accepted as an author. The author(s) must meet all these criteria described above. The order of names in the author list of an article must be a co-decision and it must be indicated in the <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/ABC26D9F796147E2BEB8F140CC273B87" target="_blank">Copyright Agreement Form</a>. The individuals who do not meet the authorship criteria but contributed to the study must take place in the acknowledgement section. Individuals providing technical support, assisting writing, providing a general support, providing material or financial support are examples to be indicated in acknowledgement section.All authors must disclose all issues concerning financial relationship, conflict of interest, and competing interest that may potentially influence the results of the research or scientific judgment.When an author discovers a significant error or inaccuracy in his/her own published paper, it is the author’s obligation to promptly cooperate with the Editor to provide retractions or corrections of mistakes.

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.

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.

Author Guidelines

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.

Ensure that the following items are present:●    Cover letter to the editorü    The category of the manuscriptü    Confirming that “the paper is not under consideration for publication in another journal”.ü    Including disclosure of any commercial or financial involvement.ü    Confirming that the statistical design of the research article is reviewed.ü    Confirming that last control for fluent English was done.ü    Confirming that journal policies detailed in Information for Authors have been reviewed.ü    Confirming that the references cited in the text and listed in the references section are in line with APA 6.●    <a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/ABC26D9F796147E2BEB8F140CC273B87" target="_blank">Copyright Agreement Form</a>●    Permission of previously published copyrighted 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>ü    The category of the manuscriptü    The title of the manuscriptü    All authors’ names and affiliations (institution, faculty/department, city, country), e-mail addressesü    Corresponding author’s email address, full postal address, telephone and fax numberü    ORCIDs of all authors.●    Main Manuscript Documentü    The title of the manuscriptü    Abstract (200-250 words)ü    Key words: 3 to 5 wordsü    Main article sectionsü    Grant support (if exists)ü    Conflict of interest (if exists)ü    Acknowledgement (if exists)ü    Referencesü    All tables, illustrations (figures) (including title, description, footnotes)

<a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/5EED6D226A1F408CB1F80809BA35B678" target="_blank">Copyright Agreement Form</a><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/9988B0D4A44A4DAD8D16AC2790AE5A78" target="_blank">Title Page</a><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/C22173424E4E4BCF9EDCBFFF68A2B77C" target="_blank">Author Form</a><a href="https://cdn.istanbul.edu.tr/file/JTA6CLJ8T5/868377F65370453F971BA8B5B1930638" target="_blank">Article Template</a>

Issue Type	Regular
Editor(s)	Burak Güriş
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