Browsing by Author "Benli, Tolga"

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CDS Primini ve Vadeli İşlem Sözleşme Fiyatlarını Etkileyen Faktörler: Türkiye Örneği
(2025) Benli, Tolga; Dinçergök, Burcu; Business
Günümüz finansal piyasalarının karmaşık yapısı içerisinde etkin risk yönetimi ve optimal yatırım stratejileri geliştirmek, piyasa katılımcılarının çeşitli finansal enstrümanları derinlemesine kavramasını gerektirmektedir. Vadeli işlem sözleşmeleri ve Kredi Temerrüt Takasları (CDS) gibi türev ürünler, risk yönetiminde stratejik öneme sahip finansal varlıklar olarak öne çıkmaktadır. Bu enstrümanların fiyatlandırma mekanizmaları hem ulusal hem de küresel çok sayıda ekonomik faktörün etkisi altında şekillenmektedir. Söz konusu faktörlerin vadeli işlemler ve CDS primleri üzerindeki münferit etkilerinin sistematik analizi, risk yönetimi süreçlerinin optimizasyonu ve daha isabetli yatırım stratejilerinin geliştirilmesi açısından kritik öngörüler sağlamaktadır. Bu çalışmada Türkiye CDS primi ile Borsa İstanbul Vadeli İşlemler ve Opsiyon Piyasası ürünlerinden dolar/TL ve BIST30 vadeli işlem sözleşmesi fiyatlarının hangi ulusal ve küresel değişkenlerden etkilendiği belirlenmeye çalışılmıştır. Buna ek olarak ilgili değişkenlerin birbirleriyle olan ilişkileri de dikkate alınmıştır. Literatürde öne çıkan çalışmalardan faydalanarak ulusal düzeyde enflasyon, sanayi üretim endeksi, merkez bankası dış borcu ve rezervi verileri kullanılırken küresel düzeyde VIX ve MSCI ACWI endeksleri ve Amerika, Çin, Almanya, İtalya, Birleşik Krallık, Brezilya CDS primleri kullanılmıştır. Veriler, Ağustos 2018-Aralık 2024 dönemini kapsamakta ve aylık frekanstadır. Ulusal değişkenlerin birçoğunda Ağustos 2018 tarihinde meydana gelen yapısal kırılma sebebiyle veri seti bu tarih kesim noktası olacak şekilde ikiye bölünmüştür. Yöntem için VAR metodolojisi izlenmiş, Granger nedensellik testi, etki-tepki ve varyans ayrıştırma analizleri kullanılmıştır. Sonuçlar CDS priminin ve BIST30 vadeli işlem sözleşmesi fiyatlarının hem küresel hem de ulusal değişkenlerle ilişkisini ortaya koyarken dolar/TL vadeli işlem sözleşmesi fiyatlarının ulusal etki altında olduğunu göstermektedir. Ek olarak bağımlı değişkenlerin yapısal kırılmalardan etkilendiği sonucuna varılmıştır.
Citation - WoS: 9
Citation - Scopus: 10
Closing the Loop in Photovoltaic Solar and Wind Power Supply Chains: an Investigation in Turkey Through Neutrosphopic-Delphi Force Field Analysis and Neutrosphopic-Dematel
(Elsevier, 2022) Erol, Ismail; Peker, Iskender; Turan, Ismet; Benli, Tolga; Business
Since solar panels and wind turbines have limited lifespans, solar photovoltaic energy supply chain (SPvESC) and wind energy supply chain (WESC) in Turkey needs a paradigm shift to improve the efficiency and recyclability of solar panel and wind turbine components. The circular economy (CE) is a viable strategy for reducing the negative effects of linear supply chains in the SPvESC and WESC. However, despite the several drivers of implementing CE in the SPvESC and WESC, there are also barriers to CE initiatives. It is argued that further studies are needed to explore the drivers and challenges for CE adoption in different industries of developing and developed countries. Hence, the goal of this research is to explore the driving and restraining forces for CE adoption in Turkey's SPvESC and WESC through a decision framework that includes Neutrosphopic DELPHI-based Force Field Analysis, Neutrosphopic-DEMATEL, and Nominal Group Technique. The findings of this research suggested that because the total score of restraining forces is higher than that of driving forces in force field analysis, it is critical to investigate the relationships among the restraining forces. Our findings also suggested that nonexistence of effective incentives and regulations proved to be the most prominent restraining force.
Ensuring Circularity Through Outsourcing Decisions in Solar Photovoltaic Supply Chains
(Springer, 2025) Erol, Ismail; Peker, Iskender; Benli, Tolga; Ar, Ilker Murat; Business
Because solar photovoltaic (SPv) panels have seen such significant cost reductions in recent years, it has proven to be by far the most dynamic forms of renewable power generation. However, the transition from linear to circular is also crucial for building sustainability in SPv supply chains. The circular economy (CE) is appealing in part because of its ability to bring economic and environmental development objectives together to ensure sustainable production and consumption. To aid in the shift to a more circular economy, several circular-based strategies for various functions such as procurement can be developed. In this study, critical success factors (CSFs) to ensure circular outsourcing structure in SPv supply chains are identified and scrutinized. To achieve this, a multi-criteria-based methodology is proposed. The findings of this study argue that understanding the actual implications of not converting to circular outsourcing (C12) is the most significant cause CSF. This study also provides several implications. © 2025 Elsevier B.V., All rights reserved.
Citation - WoS: 3
Citation - Scopus: 4
Exploring the Enablers for Building Resilience in Solar Photovoltaic Energy Supply Chains
(Springer, 2024) Erol, Ismail; Peker, Iskender; Benli, Tolga; Ar, Ilker Murat; Searcy, Cory; Business
A solar photovoltaic energy supply chain (SPvESC) is a global network with several linkages, including mineral and metal mining, material processing, and module and panel manufacturing. Due to the wide range of uncertainties and the unfavorable environmental effects associated with current linear business models, this global network is vulnerable to disruptions. Strengthening the resilience of SPvESCs is crucial for addressing any disturbances. This requires identifying the key enablers of resilience in SPvESCs, an area that has been understudied in the existing literature. An enabler is an aspect that facilitates the achievement of a goal by another aspect. This research contributes to the existing literature by systematically investigating the enablers for SPvESCs to achieve resilience. Thus, the objective of this analysis is to identify enablers that have the potential to enhance the resilience of SPvESCs in T & uuml;rkiye. This was done by applying the Nominal Group Technique (NGT) in conjunction with a review of the current literature. Neutrosophic (N)-DEMATEL was then utilized to determine the relationships between the identified enablers. Finally, the results were validated using N-DELPHI. The results revealed that sensing and seizing new business models, adaptability to changes in novel energy generation and information technologies, and business contingency plans for natural and man-made disasters were the most influential enablers. The findings provide implications for practitioners, policymakers, and researchers to help ensure improved resilience in SPvESCs.
Citation - WoS: 3
Citation - Scopus: 3
Supply chain resilience in the tourism and hospitality industry: A comprehensive examination of driving and restraining forces
(Elsevier Sci Ltd, 2024) Erol, Ismail; Oztel, Ahmet; Dogru, Tarik; Peker, Iskender; Neuhofer, Irem Onder; Benli, Tolga; Business
Supply chain disruptions and a lack of resilient supply chains have adverse impact on the global economy. Particularly, complex nature of the tourism and hospitality industry makes it even more susceptible to failure when supply chain resiliency is rather low or does not exist. However, despite its significance, a comprehensive and systematic examination of building resilience in tourism and hospitality supply chains (THSCs) is lacking in the extant literature. The purpose of this study is to develop a comprehensive framework that outlines the driving and restraining forces for building resilient THSCs. The decision framework proposed in this study integrates rough interval valued neutrosophic (RIVN) force field theory of change with RIVN-ISM-MICMAC methodology. The results showed that the restraining forces, such as lack of effective regulations and incentives and effective organizational and supply chain policies are the primary factors that constrain improving resilience in THSCs. Theoretical and practical implications are discussed.