Fatma

Res. Assist.

Sevtap

Prof.

Tuğba

Öğretim Görevlisi

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

Alev

Individualized HR Practices and Idiosyncratic Deals (I-Deals) and the Expected Positive Individual and Organizational Outcomes

Seda

Assist. Prof.

Atılhan

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

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

Esra

Ünal

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

Türkiye Konut Piyasasında Etkinlik Analizi

İsmail

Öğretim Görevlisi Dr.

Mustafa

Today, centralized inspection stands out as a modern risk-based inspection approach in the banking sector, which has a transactions-intensive character and faces new methods and risks of fraud. Recently, there is a shift of trend from branches to other service channels (e.g. internet branch, ATM) for the transactions performed in the banking sector. On the other hand, branches are still retaining their positions as service units where banking services are offered intensively. This indicates the need for effective management of fraud risks in branches. The banking sector has a pioneering role in the actualization of internal inspection practices in Turkey. Thus, it can be said that all kinds of developments in the field of internal inspection were extended to other areas through the banking sector. Risk-based inspection and technology-based continuous inspection/ centralized inspection come to the forefront among internal inspection practices performed in banks today. Within the scope of centralized inspection practices, scenarios are developed on the basis of certain risk constructs over banking transactions. Construct analyses and scenario development processes are conducted through brainstorming. The obtained scenarios are formulated by use of business intelligence software (e.g. ACL), and such formulas are applied to the data provided by the unit to be inspected. Risky transactions are determined by applying data mining techniques to accounting operations related to banking transactions as well as to system records. In this way, simultaneous inspections can be performed without the need for any physical presence in any branch. For instance, suspicious deposit and loan transactions performed in a branch can be monitored continuously. The purpose of this study is to answer the following research question: “What are the effects of centralized inspection, which is used in banks as a new internal inspection technique, on branch staff and its contributions to branch activities as an effective fraud detection and prevention function?”. In this regard, it is aimed to determine the effects of centralized inspection on branch staff and its contributions to branch activities. The primary motive of the study is to reveal the importance of centralized inspection activities, which are featured as a new internal inspection approach in the banking sector, for fight against fraud and the productiveness they provide for branch staff and branch activities. The case study method, which is a qualitative research method, was employed in the study. Centralized inspection, which is the subject of this study, is a new inspection method that has just started to be applied in the Turkish banking sector, and there is a knowledge gap on this subject. Therefore, it was considered necessary to have face-to-face interviews with implementers in order to obtain extensive and reliable information about centralized inspection. This is why the qualitative research method was used in this study. By this means, it was aimed to introduce the direct experiences and opinions of participants/implementers on the subject, which has little recognition, to the literature. The study was carried out in one of the largest publicly-held deposit banks of Turkey with the participation of bank managers. The research sample was determined through criterion sampling. On a voluntary basis, 14 managers who are experienced as inspectors, have worked in centralized&nbsp;inspection and/or on-site inspection units, and have branch experience except for one were interviewed based on semi-structured interview forms. The participants have almost 10 years-experience. Three are department managers in region headquarters; four are branch managers; five are managers in various branches; and two are managers in the head office. The research data were collected through interview. The data of the interviews with the bank managers were recorded via a recorder. The audio records of 14 managers interviewed in the study were transferred to the written environment without any change. Following the transcription, the obtained data were interpreted through content analysis. The content analysis on the responses delivered in the interviews showed that centralized inspection creates a sense of remote control among branch staff, leads to increased attention and prudence in transactions, and thus brings about reduced fraud risks thanks to deterrence they provide. In addition, centralized inspection motivates staff to improve themselves in their jobs. Centralized inspection was also seen to have various contributions to branch activities such as sharing the branch manager’s inspection load and ensuring the allocation of more time to marketing activities. Furthermore, the risky transaction findings obtained in centralized inspection practices have a function of supporting the initiatives to be taken within the scope of branch management. Centralized inspection has critical importance for institutions like banks that have multiple branches. The possibilities offered by centralized inspection minimize problems about the competence of inspection team and the adequacy of inspection time encountered in conventional on-site inspection activities. Centralized inspection, which is a modern inspection technique complying with risk-based inspection conception, offers more security to relevant parties. Centralized inspection as a technology-intensive and transformative internal inspection approach can be considered as the equivalent of the notion of Industry 4.0, whose focus is unmanned factories in the field of production, in internal inspection. The findings of this study may be supported by qualitative and quantitative research to be carried out in different banks employing the centralized inspection technique. Thanks to such research, advantages offered by centralized inspection to branch activities may be revealed for the banking sector in general.&nbsp;

Bankalarda Hile Denetimi: Merkezden Sürekli Denetimin Şube Faaliyetlerine Etkisi Üzerine Nitel Bir Araştırma

Çiğdem

Yavuz

Due to the shifting of production to different regions outside of home countries, more researchers of international business and economics have started to focus on multinational companies’ (MNCs) location choices of foreign direct investment (FDI). Thus, a rich literature of choice criteria has been created. In this study, we aim to define carrying capacity as a new criterion in MNCs’ FDI location choices. The validity of defining carrying capacity as a choice criterion requires the presence of a causality relationship between FDI and number of companies at the location of investment. While carrying capacity is a function of sector population, FDI refers to decisions of foreign investors about the choice of location. In our study, we used FDI data from 34 sub-sectors of the Agriculture, Industry and Service sectors in Turkey between 2006-2016 as well as the number of companies in the same sectors. The FDI data was obtained from the data bank of the Central Bank of the Republic of Turkey (2018), and company numbers from the data bank of the Ministry of Economy of the Republic of Turkey (2018). We investigated the causality relationship between the number of companies and FDI in these sectors. Before carrying out the analyses, a test to see if the time series satisfied the stationarity condition was required. Although there are examples of stationarity tests within the literature, in this study we selected the Augment Dickey-Fuller unit root test, which is the most widely used method. After rendering the variables stationary, we applied the Granger causality test in order to test for the presence of any causality relationship among the variables. In addition to the main analyses, we calculated the carrying capacity of the sectors using the logistics growth model. The findings obtained show that there was a causality relationship between FDI and number of companies in 93.5% of the sectors. We found a one-way causality relationship in 12 sub-sectors from FDI towards the number of companies, and a one-way causality relationship in 13 sub-sectors from number of companies towards FDI. In addition, we found a two-way causality relationship between FDI and number of companies in 4 sub-sectors. We could not find a causality relationship between FDI and number of companies in 2 sub-sectors. It can be understood from the findings from the sample that in all of the sectors we studied (Agriculture, Industry and Service sectors), in Turkey sector population is greater than the sector’s carrying capacity.&nbsp;The one-way causality relationship from number of companies towards FDI indicates that the number of companies in a sector can affect FDI– in other words, MNCs’ investment decisions in that sector. This might result from the mimetic behaviors of companies, which have created a notable area of study within international business literature. Another reason why number of companies can affect FDI might be agglomeration economies. Our study’s finding of the one-way causality relationship from FDI towards number of companies shows that FDI may affect the number of companies in the related sectors. This relationship might stem from various reasons. FDI is a whole set of capital accumulation, know-how and technology for the sector it enters, and can enhance current knowledge in that sector through labor-force training, adding abilities to the labor-force, alternative management applications and organizational regulations. All these are in fact factors that increase the sources of a sector, and might enable the establishment of more companies. Moreover, FDI might lead to the opening of new production/supply areas in the sector it enters. One of the remarkable findings of our study is that, in the sub-sectors of the Service sector, the number of companies is the main reason for FDI. Additionally, two-way causality relationships between variables were found in only 3 sub-sectors of the Service sector. This indicates that, in these sectors, FDI affects the number of companies, and the number of companies affects FDI. The fact that two-way causality relationships were only observed in the Service sector brings up new questions about the reasons behind this. The answers to these questions may be sought within companies’ strategic approaches in the sector or within the sectorial character. Furthermore, it is also possible to initiate a new discussion on twoway causality by taking into consideration the structure of the Turkish economy, which has evolved into a service-intensive producer. Further and more detailed research carried out to answer these questions could make more detailed investigations possible.&nbsp;In conclusion, this study suggests that MNCs use carrying capacity as a criterion in location choice decisions for FDI during the internationalization process. When carrying capacity is taken into consideration, an MNC will both be able to decide whether to enter a sector and have an indicator as to how to enter the sector once the entrance decision is certain. Thus, it will be possible for that MNC to make strategic evaluations in internationalization decisions.&nbsp;

Çokuluslu Şirketlerin Doğrudan Yabancı Yatırım Yer Seçiminde Sektör Taşıma Kapasitesinin Gerekliliği

COMMUNICATION STATEMENT

Bitcoin Mining in Turkey as an Example of Speculative Entrepreneurship

Asuman

Assoc. Prof.

Comparison of the Companies on the BIST Sustainability  Index with Other Listed Companies in the Context of  Earnings Manipulation

Hakan

Yeliz

A Meta Analysis of the Relationship between  Organizational Justice and Job Satisfaction: The Case of  Turkey

Neriman

Content Analysis of Audit Reports in Stock Indices EURONEXT 100 vs BIST 100

Samet

Lecturer

Malik

Can Eye Movements Be a Predictor of Implicit  Attitudes? Discrimination Against Disadvantaged  Individuals During the Recruitment Process

Ozan

Linking Leaders’ Humor Styles and Employees’  Organizational Creativity: Moderating Role of  Organizational Tenure

Volkan

Recommendation of Active Employment Policy Based  on Entrepreneurship and Social Innovation: Social  Entrepreneurship Support Model for Youth in Turkey

Remzi

Aviral

Analysis of the Frequency-Based Relationship between  Inflation Expectations and Gold Returns in Turkey

Yaşar

Asiye

Does Tax Planning Affect R&D Expenditures? A Study of  Borsa Istanbul (BIST) Manufacturing Sector

Esme

Ayfer

Metin

Yüksel

Figen

Mehmet

Will Outbreaks Increase or Reduce Income Inequality?  the Case of COVID-19

Ezgi

Ceyda

Ready or Not, Here Comes the Digitalization:  Assessment of Workforce Readiness and Change  Perception

Gamze

Serdar

Research on the Role of Self-Efficacy in the Effect of  Workplace Envy on Intention to Quit

The Dark Side of Firm Diversity: An Empirical  Examination of the Impact of Firm Diversity on Resource  Allocation Efficiency in Multidivisional Firms

@JOURNAL_BOX_CURRENT

Gaye

Ömür

Esin

Leader Behavior, Job Performance, and Service Quality:  Ethical Perspective From Banking Sector

Abdulvahid

İbrahim

Ahmet

Behavioral Tendencies, Stock Market Participation, Principal Component Analysis, Chi-Square Test, Logistic Regression Analysis

The Relationship between Behavioral Tendencies and Stock Market Participation: A Study for Accounting and Finance Academics

Selim

Hatice

Evaluation and Classification of Behavioral Biases  According to Thinking Styles, Risky Investment  Intention, and Subjective Financial Literacy

Öncü

Ferda

Scale Adaptation of Innovation-Outsourcing in Companies

Elif

Uğur

Retaining Employees through Organizational Social  Climate, Sense of Belonging and Workplace Friendship:  A Research in the Financial Sector

Onur

The Mediation Role of Supply Chain Practices and  Logistics Integration on the Effect of Lean Supply Chain  Strategy on Operational Performance

Serap

Hakkı

A Research on the Relationship of Social Intelligence  and Cultural Intelligence with Leadership Styles

Saniye

Investigation of the Mediating Effect of Strategic Posture  on the Relationship between Environmental Conditions  and Firm Performance on the Logistics Sector

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Süleyman

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

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

Seniye

Oktay Zihni

Endüstri 4.0 Yolculuğunda Trendler ve Robotlar

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Canan

Reklamlarla Marka Kişiliği Geliştirmek: Arketipler Tüketicileri Yakalayabiliyor Mu?

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Dear colleagues,

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

Dear authors,

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


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Best,
IBR Editorial Team

Sayı Türü	Regular
Editör(ler)	Seda Tolun Tayalı

Istanbul Business Research

CİLT 48, SAYI 1, 2019