International Journal of Energy Sector Management, 2011
Purpose – The purpose of this paper is to analyze emission trading applications in the European U... more Purpose – The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand. Design/methodology/approach – The Kyoto Protocol and its market-based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets. Findings – This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post-Kyoto period, to benefit from similar mechanisms to finance its energy investments. Practical implications – The paper is a useful source of information for ETS. Social implications – This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy. Originality/value – This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.
International Journal of Business and Management Studies, 2010
Page 1. INTERNATIONAL JOURNAL OF BUSINESS AND MANAGEMENT STUDIES Vol 2, No 2, 2010 ISSN: 1309-804... more Page 1. INTERNATIONAL JOURNAL OF BUSINESS AND MANAGEMENT STUDIES Vol 2, No 2, 2010 ISSN: 1309-8047 (Online) 1 WHAT DO BUSINESS SENTIMENTS SIGNAL: GROWTH OR NOTHING? Aslı Yuksel MERMOD ...
Research Anthology on Business Continuity and Navigating Times of Crisis
This chapter highlights the facts about financial crises and their fundamental causes on specific... more This chapter highlights the facts about financial crises and their fundamental causes on specific incidents, including the 1929 Great Depression that lasted until the early-1940s, 1997 Asian Financial Crises, 1998 Russian Financial Crises, and the Liquidity Crises of 2008, and makes a comparison among them and their various outcomes. In doing so, the study specifies the cues that emerge in the financial system that may help governments predict upcoming financial crises through those early warning signals. This case study specifically analyses the Turkish Banking System that was restructured after the enormous financial crises in Turkey in 2001, which caused many Turkish banks to collapse. However, the precautions taken in the aftermath of the financial turmoil allowed them to survive the liquidity crises in 2008. The indicators of an upcoming crisis are examined, the lessons learned from this case are analyzed, and important recommendations to overcome banking crises are provided.
The Journal of Internet Banking and Commerce, 2011
The advent and expansion of globalization and the development of new technologies forced the bank... more The advent and expansion of globalization and the development of new technologies forced the banks to launch new channels to gain competitive advantage, reduce their costs, improve their financial services, enlarge their customer databases, progress their financial positions through innovative products and boost their general customer loyalty. Today, banks are switching to multi-channel distribution of financial services through internet. This paper tries to assess electronic banking in terms of a multi-channel distribution technique. The objective of this research is to examine the progression of Internet-banking in an emerging market, namely Turkey. This is done through a survey among online customers of Turkish banks and the proposition of strategies to control and fight against the risky issues associated with electronic banking (e-banking) activities. The usage percentage of online banking, the awareness of customers about the online services and their expectations from online ...
Cukurova Universitesi Sosyal Bilimler Enstitusu Dergisi, 2013
There are about eight hundred thousand companies in Turkey; however there are only a very limited... more There are about eight hundred thousand companies in Turkey; however there are only a very limited number of companies who have internal audit departments established in their organizations Whether the activities performed under the internal audit name in these organizations are consistent with the vast body of knowledge and best practices in the field of internal audit or not is the subject matter of this study With the exception of banks and public offices in Turkey organization structure scope and content of internal audit activities in Turkish organizations seem different than in western organizations The objective of this paper is to explore in depth the internal audit function in Istanbul Stock Exchange Top 100 Index Companies from all relevant perspectives There are only a few studies about internal audit in Turkey and most of these are focused on banks and public sector and the rest are related to the internal audit topic in general By analyzing and outlining the As is situation this study aims to contribute to increase the awareness level; thus motivate decision makers of Turkish organizations to interrogate and challenge what they should be expecting from internal audit function Keywords: Internal audit operational audit financial audit risk based audit independence process audit audit in Turkey internal audit in Turkish companies
The objective of this paper is to introduce a new model about positioning of internal audit. Ther... more The objective of this paper is to introduce a new model about positioning of internal audit. There are only a few studies about this subject. Studies about positioning of internal audit function are made for individual research subject such as internal audit’s position in public companies, in private companies, in big firms, in a country, etc. However, there are not many models which show dynamics of internal audit function with a macro approach for positioning as to its maturity, skill sets, independence and governance for private industrial companies. The positioning model outlined in this paper aims to contribute to literature by providing a generic guideline and a tool for assessing the position of any internal audit function and to increase the awareness among stakeholders; thus, motivate decision makers of Turkish organizations to interrogate and challenge what they should be expecting from internal audit function. It will also help the Chief Audit Executives to make more effective audit planning, budgeting, staffing, training, and execution
Bankacilik sektoru hizli ve gittikce yogunlasan bir rekabet ortaminda gelismektedir. Kuresellesme... more Bankacilik sektoru hizli ve gittikce yogunlasan bir rekabet ortaminda gelismektedir. Kuresellesme ve bu nedenle sektorde hizla artan rekabet, bankacilik alaninda ciddi reformlar ve yeni duzenlemeler yapilmasinin geregini de beraberinde getirmistir. Teknik konularda bilgiyi guncel tutmanin ve surekli kendilerini yenilemelerinin yani sira bankalarda ust duzey yoneticilerin karar alma asamalarinda etik kurallari da gozetmeleri geregi calitiklari ve temsil ettikleri bankalarin uluslararasi piyasalarda varliklarini surdurebilmesi acisindan zorunlu hale gelmistir. Bu calismanin amaci, bankacilikta etik konusunun anlamini ve onemini arastirarak, Turkiye'de etik uzerine yapilan duzenlemeleri ve bankacilikta ideal ust duzey yoneticisinden beklentileri belirlemek ve bankacilik gibi son derece ciddi, guven ve sorumluluk gerektiren bir sektorde etik acidan daha iyiye nasil ulasilmasi gerektigi konusunda bir saptama yapmaktir.
Gunumuzde; sermaye hareketlerinin hiz kazanmasi, diger sektorleri oldugu gibi temel finansal arac... more Gunumuzde; sermaye hareketlerinin hiz kazanmasi, diger sektorleri oldugu gibi temel finansal aracilik faaliyetlerini yuruten bankacilik sektorunu de derinden etkilemektedir. Bu noktada; bankalarin barindirdiklari riskler artmakta ve cesitlenmektedir. Risk yonetimi de bu sayede onemini oldukca artirmaktadir. Bu calismada; risk kavrami uzerinden baslanilarak bankacilik sektorunun maruz kaldigi riskler incelenmekte ve Basel Komitesi tavsiyeleri dogrultusunda bu riskler icin sunulan sermaye yeterlilikleri degerlendirilerek Turkiye – Avrupa – Amerika Birlesik Devletleri kiyaslamasi yapilmaktadir. Sonucta, Turk Bankacilik Sektoru’nun genel anlamda saglam bir yapiya sahip oldugu gorulmektedir. Anahtar Kelimeler: Risk, Bankacilik Riskleri, Sermaye Yeterlilik Orani, Kaldirac Orani, Basel III.
The term ‘Socially responsible investing (SRI)’ has become increasingly popular since the 1980s. ... more The term ‘Socially responsible investing (SRI)’ has become increasingly popular since the 1980s. It’s becoming one of the trendiest investment approaches in the world especially after the financial crises of recent times. Socially responsible investing is not only interesting for the investors but also for companies and governments of different countries. SRI allows people to invest their funds based on their own personal ethical and moral values. These investments are mostly used to make positive contributions to society in economic, social and environmental terms. Financial intermediaries are finding it harder and socially unacceptable to justify investing in companies which care less about the environment. There are not many socially irresponsible companies left in any event. Financial intermediaries, particularly banks should prolong their goals like making long-lasting profits and maximizing their stock values, but they should also consider protecting their reputation as well as their credibility by supporting socially responsible companies since good reputation means a lot in modern banking. This chapter seeks to demonstrate the importance of ethics and social responsibility in financial markets and to discuss the notion of ‘socially responsible investing’. It traces the history of SRIs from its origins, discusses the benefits of Socially Responsible Investing (SRI) and finally discusses the contributions of SRI Indexes and states Turkey’s position in SRI.
This chapter is organized as follows: first, definitions, concept, and the motivations that lead ... more This chapter is organized as follows: first, definitions, concept, and the motivations that lead fraudsters to execute fraudulent actions are clarified. Second, different types of fraud in the banking industry are observed with emphasis on online/internet banking fraud. In the third part, the detection and prevention of banking fraud especially the methods used to prevent online banking fraud are stated and the pros and cons of these methods are discussed.
This paper examines the relationship between consumer confidence, economic growth and retail sale... more This paper examines the relationship between consumer confidence, economic growth and retail sales for selected countries employing frequency domain analysis. Our methodology includes the causality test developed by Breitung and Candelon (2006) ...
There are various forms of entrance into foreign markets, varying in magnitude and direction of r... more There are various forms of entrance into foreign markets, varying in magnitude and direction of risks which may endanger either the investor or the host country. Some of the foreign market entry modes involve just financial investments with almost no risks, such as international ...
This paper contributes to the discussion about Corporate social responsibility (CSR), competitive... more This paper contributes to the discussion about Corporate social responsibility (CSR), competitiveness and trade policies, and how trade barriers emerge between countries already committed to CSR and those for whom CSR is still gaining ground. The authors describe the development of CSR within Europe and explain its role in shaping trade relationships. Gaining access to the European market, and obtaining the 'licence to operate'in light of strengthening commitment to CSR, is an issue for many companies. For ...
International Journal of Energy Sector Management, 2011
Purpose – The purpose of this paper is to analyze emission trading applications in the European U... more Purpose – The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand. Design/methodology/approach – The Kyoto Protocol and its market-based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets. Findings – This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has th...
International Journal of Energy Sector Management, 2011
Purpose – The purpose of this paper is to analyze emission trading applications in the European U... more Purpose – The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand. Design/methodology/approach – The Kyoto Protocol and its market-based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets. Findings – This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has the potential to be leader in the formation of a global emission trading program. It made possible the transfer of technology and experience to emerging countries. Turkey should be aware and well prepared, for the post-Kyoto period, to benefit from similar mechanisms to finance its energy investments. Practical implications – The paper is a useful source of information for ETS. Social implications – This paper gives information on emission reduction mechanisms used worldwide by countries which aim to be a low carbon economy. Originality/value – This paper fulfils a resource need for the structure of ETS and the position of Turkey as an emerging market with Kyoto's Protocol.
International Journal of Business and Management Studies, 2010
Page 1. INTERNATIONAL JOURNAL OF BUSINESS AND MANAGEMENT STUDIES Vol 2, No 2, 2010 ISSN: 1309-804... more Page 1. INTERNATIONAL JOURNAL OF BUSINESS AND MANAGEMENT STUDIES Vol 2, No 2, 2010 ISSN: 1309-8047 (Online) 1 WHAT DO BUSINESS SENTIMENTS SIGNAL: GROWTH OR NOTHING? Aslı Yuksel MERMOD ...
Research Anthology on Business Continuity and Navigating Times of Crisis
This chapter highlights the facts about financial crises and their fundamental causes on specific... more This chapter highlights the facts about financial crises and their fundamental causes on specific incidents, including the 1929 Great Depression that lasted until the early-1940s, 1997 Asian Financial Crises, 1998 Russian Financial Crises, and the Liquidity Crises of 2008, and makes a comparison among them and their various outcomes. In doing so, the study specifies the cues that emerge in the financial system that may help governments predict upcoming financial crises through those early warning signals. This case study specifically analyses the Turkish Banking System that was restructured after the enormous financial crises in Turkey in 2001, which caused many Turkish banks to collapse. However, the precautions taken in the aftermath of the financial turmoil allowed them to survive the liquidity crises in 2008. The indicators of an upcoming crisis are examined, the lessons learned from this case are analyzed, and important recommendations to overcome banking crises are provided.
The Journal of Internet Banking and Commerce, 2011
The advent and expansion of globalization and the development of new technologies forced the bank... more The advent and expansion of globalization and the development of new technologies forced the banks to launch new channels to gain competitive advantage, reduce their costs, improve their financial services, enlarge their customer databases, progress their financial positions through innovative products and boost their general customer loyalty. Today, banks are switching to multi-channel distribution of financial services through internet. This paper tries to assess electronic banking in terms of a multi-channel distribution technique. The objective of this research is to examine the progression of Internet-banking in an emerging market, namely Turkey. This is done through a survey among online customers of Turkish banks and the proposition of strategies to control and fight against the risky issues associated with electronic banking (e-banking) activities. The usage percentage of online banking, the awareness of customers about the online services and their expectations from online ...
Cukurova Universitesi Sosyal Bilimler Enstitusu Dergisi, 2013
There are about eight hundred thousand companies in Turkey; however there are only a very limited... more There are about eight hundred thousand companies in Turkey; however there are only a very limited number of companies who have internal audit departments established in their organizations Whether the activities performed under the internal audit name in these organizations are consistent with the vast body of knowledge and best practices in the field of internal audit or not is the subject matter of this study With the exception of banks and public offices in Turkey organization structure scope and content of internal audit activities in Turkish organizations seem different than in western organizations The objective of this paper is to explore in depth the internal audit function in Istanbul Stock Exchange Top 100 Index Companies from all relevant perspectives There are only a few studies about internal audit in Turkey and most of these are focused on banks and public sector and the rest are related to the internal audit topic in general By analyzing and outlining the As is situation this study aims to contribute to increase the awareness level; thus motivate decision makers of Turkish organizations to interrogate and challenge what they should be expecting from internal audit function Keywords: Internal audit operational audit financial audit risk based audit independence process audit audit in Turkey internal audit in Turkish companies
The objective of this paper is to introduce a new model about positioning of internal audit. Ther... more The objective of this paper is to introduce a new model about positioning of internal audit. There are only a few studies about this subject. Studies about positioning of internal audit function are made for individual research subject such as internal audit’s position in public companies, in private companies, in big firms, in a country, etc. However, there are not many models which show dynamics of internal audit function with a macro approach for positioning as to its maturity, skill sets, independence and governance for private industrial companies. The positioning model outlined in this paper aims to contribute to literature by providing a generic guideline and a tool for assessing the position of any internal audit function and to increase the awareness among stakeholders; thus, motivate decision makers of Turkish organizations to interrogate and challenge what they should be expecting from internal audit function. It will also help the Chief Audit Executives to make more effective audit planning, budgeting, staffing, training, and execution
Bankacilik sektoru hizli ve gittikce yogunlasan bir rekabet ortaminda gelismektedir. Kuresellesme... more Bankacilik sektoru hizli ve gittikce yogunlasan bir rekabet ortaminda gelismektedir. Kuresellesme ve bu nedenle sektorde hizla artan rekabet, bankacilik alaninda ciddi reformlar ve yeni duzenlemeler yapilmasinin geregini de beraberinde getirmistir. Teknik konularda bilgiyi guncel tutmanin ve surekli kendilerini yenilemelerinin yani sira bankalarda ust duzey yoneticilerin karar alma asamalarinda etik kurallari da gozetmeleri geregi calitiklari ve temsil ettikleri bankalarin uluslararasi piyasalarda varliklarini surdurebilmesi acisindan zorunlu hale gelmistir. Bu calismanin amaci, bankacilikta etik konusunun anlamini ve onemini arastirarak, Turkiye'de etik uzerine yapilan duzenlemeleri ve bankacilikta ideal ust duzey yoneticisinden beklentileri belirlemek ve bankacilik gibi son derece ciddi, guven ve sorumluluk gerektiren bir sektorde etik acidan daha iyiye nasil ulasilmasi gerektigi konusunda bir saptama yapmaktir.
Gunumuzde; sermaye hareketlerinin hiz kazanmasi, diger sektorleri oldugu gibi temel finansal arac... more Gunumuzde; sermaye hareketlerinin hiz kazanmasi, diger sektorleri oldugu gibi temel finansal aracilik faaliyetlerini yuruten bankacilik sektorunu de derinden etkilemektedir. Bu noktada; bankalarin barindirdiklari riskler artmakta ve cesitlenmektedir. Risk yonetimi de bu sayede onemini oldukca artirmaktadir. Bu calismada; risk kavrami uzerinden baslanilarak bankacilik sektorunun maruz kaldigi riskler incelenmekte ve Basel Komitesi tavsiyeleri dogrultusunda bu riskler icin sunulan sermaye yeterlilikleri degerlendirilerek Turkiye – Avrupa – Amerika Birlesik Devletleri kiyaslamasi yapilmaktadir. Sonucta, Turk Bankacilik Sektoru’nun genel anlamda saglam bir yapiya sahip oldugu gorulmektedir. Anahtar Kelimeler: Risk, Bankacilik Riskleri, Sermaye Yeterlilik Orani, Kaldirac Orani, Basel III.
The term ‘Socially responsible investing (SRI)’ has become increasingly popular since the 1980s. ... more The term ‘Socially responsible investing (SRI)’ has become increasingly popular since the 1980s. It’s becoming one of the trendiest investment approaches in the world especially after the financial crises of recent times. Socially responsible investing is not only interesting for the investors but also for companies and governments of different countries. SRI allows people to invest their funds based on their own personal ethical and moral values. These investments are mostly used to make positive contributions to society in economic, social and environmental terms. Financial intermediaries are finding it harder and socially unacceptable to justify investing in companies which care less about the environment. There are not many socially irresponsible companies left in any event. Financial intermediaries, particularly banks should prolong their goals like making long-lasting profits and maximizing their stock values, but they should also consider protecting their reputation as well as their credibility by supporting socially responsible companies since good reputation means a lot in modern banking. This chapter seeks to demonstrate the importance of ethics and social responsibility in financial markets and to discuss the notion of ‘socially responsible investing’. It traces the history of SRIs from its origins, discusses the benefits of Socially Responsible Investing (SRI) and finally discusses the contributions of SRI Indexes and states Turkey’s position in SRI.
This chapter is organized as follows: first, definitions, concept, and the motivations that lead ... more This chapter is organized as follows: first, definitions, concept, and the motivations that lead fraudsters to execute fraudulent actions are clarified. Second, different types of fraud in the banking industry are observed with emphasis on online/internet banking fraud. In the third part, the detection and prevention of banking fraud especially the methods used to prevent online banking fraud are stated and the pros and cons of these methods are discussed.
This paper examines the relationship between consumer confidence, economic growth and retail sale... more This paper examines the relationship between consumer confidence, economic growth and retail sales for selected countries employing frequency domain analysis. Our methodology includes the causality test developed by Breitung and Candelon (2006) ...
There are various forms of entrance into foreign markets, varying in magnitude and direction of r... more There are various forms of entrance into foreign markets, varying in magnitude and direction of risks which may endanger either the investor or the host country. Some of the foreign market entry modes involve just financial investments with almost no risks, such as international ...
This paper contributes to the discussion about Corporate social responsibility (CSR), competitive... more This paper contributes to the discussion about Corporate social responsibility (CSR), competitiveness and trade policies, and how trade barriers emerge between countries already committed to CSR and those for whom CSR is still gaining ground. The authors describe the development of CSR within Europe and explain its role in shaping trade relationships. Gaining access to the European market, and obtaining the 'licence to operate'in light of strengthening commitment to CSR, is an issue for many companies. For ...
International Journal of Energy Sector Management, 2011
Purpose – The purpose of this paper is to analyze emission trading applications in the European U... more Purpose – The purpose of this paper is to analyze emission trading applications in the European Union (EU) and to benefit from its experiences; also to discuss different types of energy financing mechanisms for Turkey, an emerging market which faces a fast growth of energy demand. Design/methodology/approach – The Kyoto Protocol and its market-based flexible mechanisms to reduce emissions worldwide are explained. The logic and development phases of an emission trading scheme (ETS) started in 2005 in the EU are given in response to this protocol's targets. With lessons learned from the ETS, the position of Turkey in terms of greenhouse gas emissions and its strategy to find solutions for a low carbon economy are underlined, as it can be assumed to be a reference point for other emerging markets. Findings – This ETS became the main vehicle for EU member states to enforce themselves, to be in line with their Kyoto's emission reduction targets via some mechanisms and it has th...
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