Browsing by Author "Dincergok, Burcu"

Now showing 1 - 6 of 6

Citation - WoS: 1
Citation - Scopus: 1
Capital Structure Decisions Under Uncertainty: the Case of Turkey
(Routledge Journals, Taylor & Francis Ltd, 2024) Dincergok, Burcu; Eruygur, Hakki Ozan
This study analyzes the relationship between uncertainty and target leverage ratios on manufacturing firms listed in Borsa Istanbul between 2005-2020. To handle possible instrument proliferation and weak instrument problems of System GMM methodology of dynamic panel data, we mainly adopted the Quasi Maximum Likelihood estimator and found that uncertainty has a significant negative marginal effect on target leverage ratios. Our analysis revealed that firms with high levels of uncertainty have lower average leverage ratios than other firms. ANCOVA analysis results show that uncertainty is in the first three time-varying variables which have the highest impact on target leverage variation.
Citation - WoS: 159
Citation - Scopus: 164
Economic Policy Uncertainty, Energy Consumption and Carbon Emissions in G7 Countries: Evidence From a Panel Granger Causality Analysis
(Springer Heidelberg, 2020) Pirgaip, Burak; Dincergok, Burcu
We investigate the causal relationship between economic policy uncertainty (EPU) and energy consumption and carbon (CO2) emissions in G7 countries. We employ a bootstrap panel Granger causality test developed by Konya (Econ Model 23:978-992, 2006), using a yearly data set spanning from 1998 to 2018. Our test results provide significant support for a unidirectional causality running from EPU to energy consumption in Japan; from EPU to CO2 emissions in the USA and Germany; and from EPU to both energy consumption and CO2 emissions in Canada. In Italy, causality runs from CO2 emissions to EPU, but a bidirectional causality between EPU and energy consumption exists as well. We also explore a unidirectional causality that runs from energy consumption to CO2 in the USA. Based on the overall findings, we draw important implications for policymakers and we strongly recommend for G7 countries to take into account possible negative effects of EPU on energy conservation policies, which should be embarked upon to reduce energy consumption and CO2 emissions, as committed in their recent climate mandate.
Citation - WoS: 1
Citation - Scopus: 2
Financial Constraints and the ESG-Firm Performance Nexus in the Automotive Industry: Evidence From a Global Panel Study
(MDPI, 2025) Dincergok, Burcu; Pirgaip, Burak
This study examines the complex relationship between environmental, social, and governance (ESG) and financial performance in the automotive industry, with a particular focus on how financial constraints shape this relationship. Using a global data set for the period 2008 to 2023 and employing a range of panel data techniques, including those addressing endogeneity concerns, we find that higher ESG scores positively affect financial performance. Specifically, a one-point rise in ESG score corresponds to an estimated 1-1.7% increase in the market-to-book ratio, with the effect reaching approximately 1.6% for firms facing financial constraints. These findings highlight the economic significance of ESG engagement, particularly for resource-constrained companies. The novelty of this study is that it focuses on the automotive sector, an industry with limited ESG-specific research, and that it makes a theoretical contribution by linking ESG performance outcomes to financial constraints, an angle largely overlooked in prior research. The findings offer critical policy insights, emphasizing the strategic importance of ESG initiatives for value creation under varying financial conditions.
Citation - WoS: 5
Citation - Scopus: 5
Revisiting the Finance-Growth Nexus: the Turkish Case, 1980-2010
(Routledge Journals, Taylor & Francis Ltd, 2017) Ismihan, Mustafa; Dincergok, Burcu; Cilasun, Seyit Mumin
In Turkey, the empirical results on the link between financial development and economic growth are mixed. The existing studies do not take into account the fact that Turkey has experienced endemic political and economic instabilities over extended periods. This study aims to analyse the role of macroeconomic instability and public borrowing on the finance-growth nexus in Turkey by using time series econometric techniques over the 1980-2010 period. In doing so, we attempt to extend the existing literature by taking into account the role of macroeconomic instability as well as public borrowing. Our results reveal that there are additional - albeit indirect - channels between finance and growth via the effects of macro instability and public borrowing on financial development and economic growth. After taking into account the effects of overall instability and public borrowing, we found that growth-financial development relationship is bidirectional and permanent. In other words, in Turkish case, economic growth and financial development are jointly determined. Thus, our results shed some light on the ambiguity of the evidence on the link between financial development and economic growth for Turkey.
Citation - WoS: 16
Citation - Scopus: 17
Share repurchases under uncertainty: US evidence
(Academic Press inc Elsevier Science, 2019) Pirgaip, Burak; Dincergok, Burcu
We examine the impact of economic policy uncertainty as measured by Baker et al. (2016) on share repurchase activity in the U.S. market. We employ panel analyses with 2258 firms between 1990 and 2017 using a quarterly dataset. Our findings reveal that firm managers tend to make less or no repurchases under high level of uncertainty in the economy.
Citation - WoS: 2
Value Relevance of Earnings and Book Value of Equity in Turkey: the 2003-2009 Period
(Bilgesel Yayincilik San & Tic Ltd, 2013) Dincergok, Burcu
This study investigates the value relevance of earnings and the book value of equity in Turkey over the 2003-2009 period. It also focuses on the effects of the Global Financial Crisis and the negative earnings on the value relevance of the stated accounting values. To do this, a number of manufacturing firms are analyzed using both pooled ordinary least squares and panel data regression analysis. The results of the price models reveal that the value relevance of earnings and the book value of equity declined whereas, for the return models, the value relevance of earnings declined in the Global Financial Crisis period compared to non-crisis periods. Additionally, the results provide evidence that the value relevance of earnings for loss-making firms was lower than profit-making ones. Also, these results do not differ across the sub-sectors of the manufacturing sector.