HOLISTIC ECONOMICS

Portfolio construction with integrated CRITIC-based WASPAS method according to the financial ratios of companies traded in the ISE100 index

Naciye Tuba Yılmaz — 2023-10-04

The aim of this study is to create the best portfolio by using the financial indicators, annual returns and market multiples of the stocks of the companies traded in the ISE100 index in 2022, which provide a higher return than the CPI-adjusted ISE100 real rate of return (61.81%) announced by TURKSTAT and excluding financial institutions (banking-insurance). For this purpose, the WASPAS method, one of the multi-criteria decision-making methods, was used to rank the stocks and support the decision-making process by suggesting the investor to create a portfolio with the best companies. While selecting the companies traded in the ISE100 index, the criteria of high real returns, consistent observations and no outliers in the data set were taken into consideration. Multivariate outlier analysis was performed using Mahalonobis D2 distance. Based on the literature and expert opinions, the criteria were determined as Return on Equity, Return on Assets, Firm Value / Earnings Before Interest, Depreciation, Amortization and Taxation (EBITDA), Earnings per Share, Price Earnings Ratio (P/E), Market Value / Book Value (PD/ Book Value) and average daily return. One of the most important stages in multi-objective decision making methods is the determination of the weights of the criteria. In this study, in order to determine objective weights for each criterion, CRITIC method and CRITIC-M and D-CRITIC methods, which are new modified methods of CRITIC method, were used to assign criteria weights obtained by using the modified steps in an integrated manner. Then, the weights obtained with both methods were assigned to the WASPAS method, which is one of the multi-criteria decision-making methods to be used for ranking companies, and the method was applied. As a result, the results are compared and interpreted so that investors can create a portfolio according to which criteria they attach more importance to.

The role of ethical climate in the effect of cynicism on turnover intention: An application in it sector

ZEKİ ÇETİN — 2023-10-04

The research aims to investigate the effect of organizational cynicism on turnover intention and the mediating role of perceived organizational ethical climate in this relationship in the IT sector, where high turnover rates pose significant challenges and competition is increasing. Within the scope of the research, the data obtained from 342 people working in the IT sector were analyzed with structural equation modeling using SPSS 26.00 and Smart PLS 4. The results of the study revealed that organizational cynicism has a positive effect on turnover intention, thus pointing to the potential destructiveness of cynicism on workforce stability. However, this effect was found to be mediated by perceived organizational ethical climate, which not only reduces turnover intention but also buffers the detrimental effect of cynicism. The findings underscore the critical role that an ethical work environment plays in reducing the negative effects of cynicism and retaining employees. The practical implications of these insights are far-reaching and suggest that organizations should strategically invest in fostering an ethical climate as a means to combat cynicism and reduce turnover intentions, thus ensuring organizational continuity and performance.

Assessment of public deficit, money creation and inflation problems in Turkey: 2010-2020

Zeynep Erdoğan — 2023-10-04

Turkey has faced economic problems such as public deficit, money creation, and inflation between 2010 and 2020. Public deficit is a situation where government expenditures exceed its revenues. In Turkey, the fiscal deficit has consistently remained high during these years, increasing the government’s borrowing needs. Money creation is a situation that arises when the central bank increases its money supply. The resulting abundance of money from the central bank has led to rising prices and decreased purchasing power for citizens. Money supply has continuously increased in Turkey over the past decade, which has also triggered inflation. These findings have been reached through a literature review. In conclusion, economic issues such as public debt, money creation, and inflation are closely related to each other and are factors that negatively affect economic growth. Turkey needs to develop policies and undertake economic reforms to address these problems.

The effects of financial development and tax on income inequality in Turkiye: The financial Kuznets curve hypothesis

Çisem Bektur — 2023-10-04

One of the factors that ensure the peace of society in a country is the fair distribution of income in that country. With the access of individuals to financial resources, the level of income increases, and this increase makes income distribution an even more important issue. Financial development is an important factor that can prevent income inequality. Kuznets approach put forward by Kuznets (1955) has been named the financialKuznets curve (FKC) with the finding of Greenwood and Jovanovic (1990). According to their theoretical stipulations, an inverted-U relation between financial sector development and income inequality exists. The main purpose of this study is to investigate whether financial development and tax have an effect on income distribution in the Turkish economy between the period of 1995-2021. Longterm estimation via ARDL boundary test indicates that the variables are cointegrated. It is revealed that the FKC hypothesis is not valid in the selected period.

Consequences of making municipalities joint to natural gas distribution companies

Ahmet Baybars Göğez — 2023-10-04

In the reports of the SIA, the Natural Gas Market Law No. 4646 m. 4.4.g according to, “The city distribution company, which has obtained a distribution license from the Board, is obliged to invite the municipality or municipal company in the city where it is authorized to become a partner in the distribution company at a rate of 10%, without seeking the condition of investing capital. This capital ratio can be increased by a maximum of 10%, provided that the price is paid
In this study, by quoting from my book, (with the expression of the Energy Market Regulatory Authority (EPDK)) that, “municipalities that are partnered due to the services and cooperation of municipalities” are not considered to be partnered with Electricity and Telecom companies; I will try to look into: why natural gas distribution companies are considered to get free partnership, and also what their results are.