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    Does Environmental, Social, and Governance Sustainability Improve Financial Performance? A Nonlinear Panel Data Analysis on Industrial Firms in G20 Countries
    (Ahmet Arif EREN, 2025) Sakalsız, Seren Aydıngülü; Şahin, Serkan; Kısakürek, Mustafa
    The environmental, social, and governance dimensions of sustainability deal with issues such as firms’ environmental impact, efficient use of resources, their relations with stakeholders and society in general, and management transparency. Sustainable activities of firms have different meanings for policymakers, managers, investors, and other stakeholders. Business managers focus on the impact of sustainability investments on financial performance. This study examines the linkage between corporate governance performance, social performance, environmental performance, and financial performance of firms in G20 countries. Unlike previous studies examining the linear relationship between firms’ sustainability scores and financial performance, this study investigates non-linear relationships. In this respect, this study draws attention to the fact that there may be an optimal point for firms’ sustainability investments. In this context, the "too little of a good thing" and "too much of a good thing" views, which argue that there is a U-shaped or inverted U-shaped linkage between sustainability scores and financial performance, respectively, are tested with panel data analysis methods for 251 firms operating in the industrial sector of G20 countries. According to the results, there is an inverted U-shaped relationship between firms’ sustainability, social, environmental, and corporate governance performance and their return on assets and equity. This result supports the validity of the "too much of a good thing" effect. However, there is no significant relationship between firms’ environmental performance and their return on equity. Accordingly, firms’ financial performance varies depending on environmental, social, and governance performance levels.
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    The Association between Financial Innovation and Economic Growth in E7 Countrıes: A Panel Causality Analysis
    (Pamukkale Üniversitesi, 2021) Ünal, Ayşe Ergin; Şahin, Serkan
    Financial innovations, as one of the factors affecting the development of the financial system, contribute to the enhancement of economic development by increasing the efficiency of investments, savings and competitive advantage. Therefore, taking into account the effects of financial innovations on economic growth may increase policy effectiveness. On the other hand, economic growth may also boost the rise of financial innovations by improving the efficiency of the financial system. In this context, it is vital to determine the association between financial innovation and economic growth in terms of determining the factors that increase economic growth and supporting policies that increase economic competitiveness. The purpose of this paper is to investigate the interaction between financial innovation and economic growth in E7 countries using panel causality analysis. Findings revealed that financial innovation causes economic growth in China and Turkey whereas, economic growth causes financial innovation in Russia, Mexico and Indonesia when different indicators are taken into consideration. In other words, it is possible to boost economic growth by encouraging financial innovations in quantity and quality. In Russia, Mexico and Indonesia, on the other hand, economic growth is an encouraging factor for the rise of financial innovations.
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    The Nexus between Credit Default Swaps (CDS), Inflation, BIST100 Index and CBOE VIX Index: An Application on Türkiye
    (Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği, 2024) Topaloğlu, Emre Esat; Şahin, Serkan; Görgel, Büşra
    This study analyzes the short- and long-term relationships between credit default swaps and inflation, the BIST100 index, and the VIX index. For this purpose, short and long-run elasticity coefficients are estimated for 2008-2024 using the ARDL-PMEG model. The Granger causality test was applied to determine the causality between the variables. As a result of the study, according to the ARDL estimation method, there is a long-run relationship between CDS and explanatory variables. According to the long-run estimation results, CDS is positively correlated with inflation and the VIX index and negatively correlated with the BIST00 index. Short-run estimation results show that short-run imbalances can be eliminated by inflation and BIST100 variables, but the VIX index is not effective on CDS. Causality analysis reveals that inflation and the BIST100 index are Granger causes of CDS. Therefore, policymakers in high-risk countries are advised to develop policies that support a safe, low-risk, high-return market environment, especially for foreign investors.
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    TÜRKİYE’DE BANKALARIN SOSYAL MEDYA SKORLARI İLE PAY SENEDİ GETİRİLERİ ARASINDAKİ İLİŞKİ: PANEL NEDENSELLİK ANALİZİ
    (Gümüşhane Üniversitesi, 2021) Sakalsız, Seren Aydıngülü; Şahin, Serkan
    Bireylerin günlük yaşantısının önemli bir parçası olan sosyal medya bireylerin tüketici davranışlarından yatırım kararlarına kadar farklı yelpazedeki kararları üzerinde etkili olmaktadır. Soyal medya kullanımının artması ile birlikte finans sektöründe sosyal medya kullanımının etkisi de tartışılır hale gelmiştir. Günümüzde birçok finansal kurum gerek tanıtım gerekse iletişim aracı olarak sosyal medyayı aktif olarak kullanmaktadır. Ülkemizde de bankalar sosyal medyayı tanıtım, yatırımcı ilişkilerini geliştirme ve ticari faaliyetlerini yürütme amacı ile kullanabilmektedirler. Diğer taraftan yatırımcılar da konvansiyonel iletişim kanalları yerine sosyal medya kanalları üzerinden birçok işletmeyi takip ederek yatırım kararlarına yön verebilmektedirler. Buna göre, bankaların sosyal medya kullanımlarının yatırımcı ilgisi kanalı ile pay senedi getirilerini etkileyebilmesi olası görülmektedir. Bu çalışmada da sosyal medyayı etkin kullanan 10 farklı bankanın Ekim 2016-Eylül 2020 arasındaki 48 dönemlik pay senedi getirileri ile sosyal medya skorları arasındaki ilişki incelenmiştir. Elde edilen bulgular pay senedi getirileri ile bankaların Twitter ve Facebook skorları arasında çift yönlü ilişki olduğunu göstermiştir.