Bachelor's Degree from the School of Business at Istanbul University, MSc in Accounting and Finance at Social Sciences Institute at Marmara University, PhD in Business at Social Sciences Institute at Istanbul University Assistant Prof.Dr. at Istanbul Medeniyet University
... Coeurderoy, Regis (2000), Are There Legal Determinants of Capital Structure?: A European Comp... more ... Coeurderoy, Regis (2000), Are There Legal Determinants of Capital Structure?: A European Comparison, ISNIE 2000 Conference. ... Leland, Hyne E. (1998), Agency Costs, Risk Management, and Capital Structure, Journal of Finance, 53(4): 1213-1243. ...
GENERAL KNOWLEDGE Name - Surname : Erol Muzır Field : Management Programme : Accounting and Finan... more GENERAL KNOWLEDGE Name - Surname : Erol Muzır Field : Management Programme : Accounting and Finance (English) Supervisor : Associate Prof. Figen Öker Degree Awarded and Date : Master - July 2004 Keywords : Capital structure decisions, financial risk, financial distress and bankruptcy, prediction of financial distress. ABSTRACT NATURE OF FINANCIAL DISTRESS & ITS PREDICTION: AN EMPIRICAL STUDY TOWARDS TESTING THE EXISTING MODELS AND DEVELOPING A NEW MODEL IN TURKEY Severe economic conditions and the latest economic crises experienced in the Turkish economy during the last decade have had disturbing and harmful impacts on the real and financial sectors. Because of these impacts, firms and corporations have faced so a serious dilemma, which is called financial distress. Even, this problem has caused many of them to go bankrupt and involuntarily exit the economy. In fact, it has been a common concern of not only the developing but also the developed countries for many years. As financial distress refers to an unfavorable microeconomic situation for business entities, this phenomenon and its prediction have become a significant field for academicians and practitioners to study in. As a result of this great interest, many researches have been carried out to develop appropriate and well-functioning models for predicting financial distress and bankruptcy. As part of this recent trend, this study has been aimed at testing the existing financial distress prediction models in Turkey along with an additional attempt to derive a new model unique to our country. The final goal is to provide a functional mechanism to the parties with any stake in corporations for predicting corporate failure. GENEL BİLGİLER İsmi ve Soyadı : Erol Muzır Anabilim Dalı : İşletme Program : Muhasebe ve Finansman (İngilizce) Tez Danışmanı : Doç. Dr. Figen Öker Tez Türü ve Tarihi : Yüksek Lisans - Temmuz 2004 Anahtar Kelimeler : Sermaye yapısı kararları, finansal risk, finansal başarısızlık ve iflas, finansal başarısızlık tahmini. FİNANSAL BAŞARISIZLIK VE TAHMİNİ : MEVCUT TAHMİN MODELLERİNİN TÜRKİYE'DE TEST EDİLMESİ VE YENİ BİR MODEL GELİŞTİRMEYE YÖNELİK AMPRİK BİR ÇALIŞMA Son on yıl içerisinde Türkiye ekonomisinde yaşanılan ağır ekonomik koşulların ve büyük ekonomik krizlerin reel sektör ve finans sektörü üzerinde yıkıcı etkileri olmuştur. Bu yıkıcı etkiler nedeniyle firmalar finansal başarısızlık gibi çok ciddi bir problemle karşı karşıya kalmışlardır. Hatta bu sorun birçok firmanın iflas etmesine ve ekonomiden silinmesine sebebiyet vermiştir. Aslında bu kavram, sadece Türkiye gibi gelişmekte olan ülkelerin ortak sorunu olmayıp, gelişmiş ülkeler için de önemli bir sorun haline gelmiştir. Finansal başarısızlığın işletmeler açısından arzu edilmeyen ekonomik bir olgu olması, finansal başarısızlık tahminine ilişkin çok sayıda çalışmanın gerçekleştirilmesine ve çok çeşitli tahmin modellerinin geliştirilmesine zemin hazırlamıştır. Finansal başarısızlık tahmin modellerinin keşfine yönelik mevcut bilimsel etüdlerin bir uzantısı olması suretiyle bu amprik çalışma, mevcut tahmin modellerinin Türkiye'de test edilmesi ve ülkemize özgü farklı bir modelin kurulması amacını taşımaktadır. Çalışmanın nihai amacı olarak, firmalarla çıkar ilişkisi içinde olan ilgili kesimlerin finansal başarısızlık tahmininde yararlanabilecekleri fonksiyonel bir mekanizma üretme ereği güdülmektedir
The COVID-19 epidemic is going on as a serious health problem and threat. Indeed, it is also a de... more The COVID-19 epidemic is going on as a serious health problem and threat. Indeed, it is also a devastating financial and economic problem. Unfortunately, the COVID-19 epidemic is causing many firms to shut down and go out of business. This triggers unemployment and instability in countries all over the World. The developed countries armed with higher funds are able to better support their citizens and businesses compared to developing and underdeveloped countries. All countries implement different measures to eliminate the several negative effects of COVID-19 epidemic, which has undesired reflections on numerous sectors such as the health, education, tourism, food & beverages and manufacturing industries. This paper argues that, the COVID-19 epidemic in fact has deeper reflections and it may be a new arena of financial fraud. Based on this research, citizens and governments must be extra careful about the new types of financial fraud observed as a result of the COVID-19 epidemic. Also, additional and new measures are needed such as awareness and training on the subject. Especially, emerging financial fraud related to information technologies (IT) require special attention. This article suggests that, firms as well as governments must operate their internal controls and internal auditing mechanisms efficiently in order to prevent the negative consequences and financial fraud arising as a result of the COVID-19 epidemic. Emerging new types of financial fraud in the COVID-19 epidemic era and recommendations to minimize their negative effects are discussed.
... Coeurderoy, Regis (2000), Are There Legal Determinants of Capital Structure?: A European Comp... more ... Coeurderoy, Regis (2000), Are There Legal Determinants of Capital Structure?: A European Comparison, ISNIE 2000 Conference. ... Leland, Hyne E. (1998), Agency Costs, Risk Management, and Capital Structure, Journal of Finance, 53(4): 1213-1243. ...
GENERAL KNOWLEDGE Name - Surname : Erol Muzır Field : Management Programme : Accounting and Finan... more GENERAL KNOWLEDGE Name - Surname : Erol Muzır Field : Management Programme : Accounting and Finance (English) Supervisor : Associate Prof. Figen Öker Degree Awarded and Date : Master - July 2004 Keywords : Capital structure decisions, financial risk, financial distress and bankruptcy, prediction of financial distress. ABSTRACT NATURE OF FINANCIAL DISTRESS & ITS PREDICTION: AN EMPIRICAL STUDY TOWARDS TESTING THE EXISTING MODELS AND DEVELOPING A NEW MODEL IN TURKEY Severe economic conditions and the latest economic crises experienced in the Turkish economy during the last decade have had disturbing and harmful impacts on the real and financial sectors. Because of these impacts, firms and corporations have faced so a serious dilemma, which is called financial distress. Even, this problem has caused many of them to go bankrupt and involuntarily exit the economy. In fact, it has been a common concern of not only the developing but also the developed countries for many years. As financial distress refers to an unfavorable microeconomic situation for business entities, this phenomenon and its prediction have become a significant field for academicians and practitioners to study in. As a result of this great interest, many researches have been carried out to develop appropriate and well-functioning models for predicting financial distress and bankruptcy. As part of this recent trend, this study has been aimed at testing the existing financial distress prediction models in Turkey along with an additional attempt to derive a new model unique to our country. The final goal is to provide a functional mechanism to the parties with any stake in corporations for predicting corporate failure. GENEL BİLGİLER İsmi ve Soyadı : Erol Muzır Anabilim Dalı : İşletme Program : Muhasebe ve Finansman (İngilizce) Tez Danışmanı : Doç. Dr. Figen Öker Tez Türü ve Tarihi : Yüksek Lisans - Temmuz 2004 Anahtar Kelimeler : Sermaye yapısı kararları, finansal risk, finansal başarısızlık ve iflas, finansal başarısızlık tahmini. FİNANSAL BAŞARISIZLIK VE TAHMİNİ : MEVCUT TAHMİN MODELLERİNİN TÜRKİYE'DE TEST EDİLMESİ VE YENİ BİR MODEL GELİŞTİRMEYE YÖNELİK AMPRİK BİR ÇALIŞMA Son on yıl içerisinde Türkiye ekonomisinde yaşanılan ağır ekonomik koşulların ve büyük ekonomik krizlerin reel sektör ve finans sektörü üzerinde yıkıcı etkileri olmuştur. Bu yıkıcı etkiler nedeniyle firmalar finansal başarısızlık gibi çok ciddi bir problemle karşı karşıya kalmışlardır. Hatta bu sorun birçok firmanın iflas etmesine ve ekonomiden silinmesine sebebiyet vermiştir. Aslında bu kavram, sadece Türkiye gibi gelişmekte olan ülkelerin ortak sorunu olmayıp, gelişmiş ülkeler için de önemli bir sorun haline gelmiştir. Finansal başarısızlığın işletmeler açısından arzu edilmeyen ekonomik bir olgu olması, finansal başarısızlık tahminine ilişkin çok sayıda çalışmanın gerçekleştirilmesine ve çok çeşitli tahmin modellerinin geliştirilmesine zemin hazırlamıştır. Finansal başarısızlık tahmin modellerinin keşfine yönelik mevcut bilimsel etüdlerin bir uzantısı olması suretiyle bu amprik çalışma, mevcut tahmin modellerinin Türkiye'de test edilmesi ve ülkemize özgü farklı bir modelin kurulması amacını taşımaktadır. Çalışmanın nihai amacı olarak, firmalarla çıkar ilişkisi içinde olan ilgili kesimlerin finansal başarısızlık tahmininde yararlanabilecekleri fonksiyonel bir mekanizma üretme ereği güdülmektedir
The COVID-19 epidemic is going on as a serious health problem and threat. Indeed, it is also a de... more The COVID-19 epidemic is going on as a serious health problem and threat. Indeed, it is also a devastating financial and economic problem. Unfortunately, the COVID-19 epidemic is causing many firms to shut down and go out of business. This triggers unemployment and instability in countries all over the World. The developed countries armed with higher funds are able to better support their citizens and businesses compared to developing and underdeveloped countries. All countries implement different measures to eliminate the several negative effects of COVID-19 epidemic, which has undesired reflections on numerous sectors such as the health, education, tourism, food & beverages and manufacturing industries. This paper argues that, the COVID-19 epidemic in fact has deeper reflections and it may be a new arena of financial fraud. Based on this research, citizens and governments must be extra careful about the new types of financial fraud observed as a result of the COVID-19 epidemic. Also, additional and new measures are needed such as awareness and training on the subject. Especially, emerging financial fraud related to information technologies (IT) require special attention. This article suggests that, firms as well as governments must operate their internal controls and internal auditing mechanisms efficiently in order to prevent the negative consequences and financial fraud arising as a result of the COVID-19 epidemic. Emerging new types of financial fraud in the COVID-19 epidemic era and recommendations to minimize their negative effects are discussed.
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