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Öğe Aile İşletmelerinin Kurumsallaşma Sorunlarının Çözümü Açısından Kurumsal Yönetim İlkelerinin Değerlendirilmesi(Marmara Üniversitesi İşletme Fakültesi, 2014) Genç, Nurullah; Okay, Esin; İyigün, ÖyküAile işletmelerinin kurumsallaşma sorunları ve bu sorunların uygun yöntemlerle çözümü işletmelerin yaşam eğrisi açısından son derece önemlidir. Gelecek kuşaklara daha çok sayıda işletmenin kalabilmesi için kurumsallaşma zorunluluk arz eder. Bu nedenle bu çalışmada aile işletmesi ve kurumsallaşma kavramları üzerinde durulmuş, kurumsallaşma sorunları izah edilerek kurumsal yönetim ilkeleri anlatılmıştır. Konuyla ilgili literatür taraması gerçekleştirildikten sonra, aile işletmesi kurumsallaşma sorunlarının çözümü için özellikle işletme fonksiyonları açısından kurumsallaşma ilkelerinin ne anlam ifade ettiği derinliğine irdelenmiştir. Sonuç olarak, işletmenin tepe yönetiminden operasyonel yönetim düzeyine kadar her yönetici ve işgöreni ilgilendiren bir çalışma mantığının kurumsal yönetim ilkelerinin uygulamaya geçirilmesi açısından önemli olduğu ortaya çıkmıştır. Dolayısıyla, kuramsal yönetim ilkeleri stratejik olarak tepe yönetimi tarafından kararlaştırılacak bir konu olmasına rağmen, uygulamada işletmenin bütün boyutlarını yakından ilgilendirmektedir.Öğe Bankacılıkta risk yönetiminin gelişimi ve önemi(İstanbul Ticaret Üniversitesi, 2002) Okay, Esin[Abstract Not Available]Öğe Creative Energy Alternatives: Cheap and Clean Future Energy for Turkey(IGI Global, 2017) Okay, EsinEnergy has a strong impact on both economy and ecology. Global economy and ecology need to obtain sustainable and clean sources of energy, which is an issue of financial challenges. Developing countries face problems of energy sourcing due to costs and risks. But using the natural sources of energy in creative ways is cheap and clean. Therefore, developing economies must develop energy strategies based on creative energy solutions. Turkey as a developing country implemented policies to improve renewables and energy efficiency in line with EU requirements. Turkey does not have enough conventional energy but very large renewable energy resources. In this chapter, the large potential of creative energy alternatives in Turkey is explored. The indistinct start of energy savings market and the risks of financing huge energy projects show that Turkey needs to depend on investing in the cheapest forms of creative energy solutionsÖğe Creative Energy Alternatives: Cheap and Clean Future Energy for Turkey(IGI Global, 2015) Okay, EsinEnergy has a strong impact on both economy and ecology. Global economy and ecology need to obtain sustainable and clean sources of energy, which is an issue of financial challenges. Developing countries face problems of energy sourcing due to costs and risks. But using the natural sources of energy in creative ways is cheap and clean. Therefore, developing economies must develop energy strategies based on creative energy solutions. Turkey as a developing country implemented policies to improve renewables and energy efficiency in line with EU requirements. Turkey does not have enough conventional energy but very large renewable energy resources. In this chapter, the large potential of creative energy alternatives in Turkey is explored. The indistinct start of energy savings market and the risks of financing huge energy projects show that Turkey needs to depend on investing in the cheapest forms of creative energy solutionsÖğe Current snapshot of the Turkish ESCO market(Elsevier, 2013) Okay, Esin; Akman, Uğur; Okay, NesrinTurkey's Energy Efficiency Law (EEL), enacted in 2007, had been expected to transform the energy policies in government and private sectors, and offer opportunities for, then-impending, Turkish Energy Service Company (ESCO) market. Yet, the communiqué of the EEL related to ESCOs was released only recently in July 2012. In this work, we review the current status of the ESCO market in Turkey. We provide an outlook through the recent legal communiqué and present barriers, enabling factors, and opportunities, supported by country's financial and economic facts. ESCO-financing mechanism prevailing and the sources of financing in the country are also mentioned. The communiqué on ESCOs fits well in the chain of regulatory attempts to increase Turkey's competitiveness in the global markets. However, we anticipate that some of its principles and procedures to be enforced may be deterrent for small-scale candidate ESCOs and may slow down the expected development of the Turkish ESCO market. Otherwise, the communiqué should lead restructuring of a stronger ESCO market in Turkey.Öğe The effects of the exchange rate changes on the current account balance in the Turkish economy(Bilgesel Yayıncılık, 2012) Okay, Esin; Atabay, Rana; Sarıdoğan, ErcanThe ongoing floating exchange rate regime in Turkey since 2001 brings about both positive and negative impacts on the economy. Although, foreign exchange market relatively happens to retrieve stability, TL strengthening has detrimental side effects on the current account balance in the Turkish Economy. The purpose of this study is to investigate the effects of the real effective exchange rate on the current account balance in the Turkish Economy for the period 2003:01-2010:12 by applying time series econometric analysis. In the study, it is found that the real effective exchange rate inversely affects the current account balance in the long run, indicating Marshall- Lerner condition holds in the Turkish Economy in the long run. According to the impulse response results, the J-Curve effect exists in the Turkish Economy. Thus, competitiveness oriented currency, monetary and fiscal policies must be efficiently designed and applied in the Turkish Economy to achieve sustainable current account balance path.Öğe Finansal Değerlendirme Açısından Finansal Tabloların Şeffaflığı(Türmob, 2005) Okay, EsinArtan globalleşme ve dünyada finansal piyasaların entegrasyonun etkileri yenileyici finansal mekanizmaların gelişimine ihtiyaç duyulması kadar daha çok bilgilendirme olanağı gerekliliğine dikkat çekmektedir. Bu genel anlamda şeffaflığa işaret etmektedir. Şeffaflık çalışmaları gündemde olan ve oldukça derin fakat aynı zamanda çokça araştırılmamış bir alandır. Finansal değerlendirme adına işletmelerin finansal tablolarının sağlıklı hazırlanması prensibi de eklenince şeffaflığın araştırma alanı çok daha genişlemektedir. Bu çalışmada, şeffaflıkta mevcut literatürü incelemekte ve şeffaf finansal tabloların önemini vurgulamakta ve şeffaflık ve finans arasında ilişki kurularak sermaye piyasalarındaki etkinliği sağladığı gösterilmektedir. Finansal bakış açısı ile çalışma, finansal analizin ve finansal istikrarın desteklenmesi açısından şeffaflığın rolü üzerinde durmaktadır. Çalışmada sonuç olarak, özellikle finansal tabloların şeffaflığını kısıtlayan yetersiz yaptırımların olduğuT ürkiye’de yasal düzenlenmelerin çerçevesi açısından daha fazla şeffaflık temini için gereken maliyet ve faydaların dağılımının dengelenmesi vurgulanmaktadır.Öğe Influence of the EU Circular Economy Action Plan on Turkey's Energy Policy and Investments in Renewables(IGI Global, 2019) Okay, EsinThe European Union Circular Economy Action Plan is a new enactment but rapidly growing to transform EU economies into more sustainable sources and surroundings adopting measures that include renewable energy investments and low carbon strategy. As the world still faces huge environmental changes and climate problems, energy remains the major issue for both economic and ecological sustainability. Low carbon energy strategy is the main target for EU circular economy enforcing renewable energy sources which are healthy, clean, and cheap. In this chapter, circular energy act and its development in Turkey are explored and questioned. The study emphasizes the great potential of renewables in Turkey and shows that there is still much to be done to transform the energy market in order to adopt circular economy in the future. Barriers of economic risks and lack of cultural awareness strongly challenge the progress of Turkey in energy solutions. And more than that, those problems trigger the financial concerns limiting the future energy projects.Öğe Investment on Heat Pumps: Geothermal Green Solutions for Turkey Lowering Energy Costs(IGI Global, 2018) Okay, EsinRecent scientific researches show that human influence on climate change due to the use of conventional energy is continuously affecting the world. By all means, conventional energy sources destruct the earth, living standards of environment, and health leading to unnecessary risks and high costs. Therefore, nations focus to find new solutions of renewable energy sources which are clean, healthful, smart, and affordable. This chapter explores one of the new forms of smart energy management systems for heating called “heat pump” and its development in Turkey. Heat pumps offer smart heating solutions for buildings that lower the imported energy costs in the economies. The study shows that as Turkey facing severe financial burdens, major factors still act against the progress of renewable energy investments and energy efficiency solutions. However, efforts to improve energy saving investments like heat …Öğe Küresel krizden sonra yeniden yapılandırma-nereden başlanmalı?(İstanbul Ticaret Üniversitesi, 2012) Okay, EsinSon yaşanan (2008- ) ekonomik krizin zararlı sonuçları global mimarinin yeniden inşa edilmesi ve yenilenmesi için yapılan tartışmaların ötesinde yeniden düşünmeyi gerektirdiğini göstermektedir. Kriz tüm dünyada, büyük finansal kurumların batması, devletler tarafından bankaların kurtarılması, hisse senetleri piyasalarında yüksek dalgalanma ve şoklara ve nihayet ekonomik aktivitenin uzun dönemli düşüşü ile global anlamda ciddi bir ekonomik durgunluğa neden olmuştur. Bu makalede, global krizin arka planı- özellikle illiyet bağı anlatılmaktadır. Global krizin bulgularına dayalı olarak, krize temel olan nedenlerin varlık nedeni ve tesiri; aynı zamanda global krizin çözümü olan tek bir kökene işaret ettiği kabul edilmektedir. Bu nedenle, makale global ekonomik toparlanma ve risklerin yönetilerek krizlerin önlenmesi yolunda yeniden yapılandırma için başlangıç noktası ve/veya doğru rotayı önermektedir. Çalışmanın amacı, krizlerde yeniden yapılandırma sürecinin gerekliliğinin anlaşılmasına katkıda bulunmaktır.Öğe More obstacles to the Growth of ESCOs in Turkey: Stumble in the midst of a financial distress(IGI Global, 2019) Okay, EsinSustainable and clean sources of energy is an issue of financial challenges for developing countries. Turkey has a considerable potential for a sustainable and cheap form of energy. As a developing country, Turkey implemented policies to improve renewables and energy efficiency in line with EU requirements. But there is incompetence of policy making and practice in which lack of familiarity with infrastructure investment and financing methods challenge renewable energy utilization in Turkey. The weak rule of law does not help to obtain culture, awareness, and consciousness of energy efficiency in Turkey. The enactment of raising awareness of energy saving projects and companies for reducing costs of energy efficiency should be the first priority of government. Beyond infrastructural problems, the key failure of ESCOs is lack of risk culture and poor risk management. Nowadays, the ongoing economic obstacles enhanced and ESCOs are facing financial distress and corporate debt restructuring which will affect the growth of energy savings in Turkey. © 2020, IGI Global. © 2020 by IGI Global.Öğe A New Barrier for the Future of Energy Market in Turkey: Internal Capital Adequacy Assessment Process (ICAAP)(IGI Global, 2017) Okay, EsinThe Banking Regulation and Supervision Agency (BRSA) in Turkey has implemented a risk based framework since 2006, making bold moves of resulted in a stellar increase of capital adequacy in Turkish Banking System. But the enactment of the new law for the Internal capital adequacy assessment process (ICAAP) is evaluated as being quite an early adoption. The Bank for International Settlements (BIS) points that Turkey has early-adopted the implementation recommending further discussions for a reconsideration of the target capital adequacy ratio. The banks have already found it difficult to follow up high capital adequacy especially while financing energy projects, as the Turkish Banking system is preparing for the requirements of Basel III framework. Under the new regulation, the ICAAP is expected to decrease the capital adequacy of banks in Turkey. Meanwhile, the challenge in adopting ICAAP can be an additional barrier standing in the way to the development of energy market.Öğe The Risks of Financing Energy in Turkey: Heading for a Rocky Road(Scientific Research Publishing (SCIRP), 2014) Okay, EsinAfter the implementation of Energy Efficiency Law (EEL) in Turkey, Turkish engineering firms show considerable interest in energy savings projects. There is a growing sign of an energy efficiency implementation in Turkey. However, energy importation costs of Turkey still present a challenge leading to huge financial burdens. This paper explores the energy financing in Turkey and the likelihood of risks after the establishment of structural reforms. The so-called structural problems on the agenda of Turkey are emphasized during the crisis. Actually, global crisis affected the lending conditions herein counterparty risk and restricted the relations of enterprises and banks. In this study, it is argued that there are strong barriers for the future energy saving industry in Turkey made up of macro-economic, micro-economic and financial risks coming through both domestic and global means.Öğe Towards Smart Cities in Turkey? Transitioning from Waste to Creative, Clean and Cheap Eco-Energy(IGI Global, 2019) Okay, EsinThe earth faces huge environmental changes and climate problems leading to catastrophic failure of our sources and surroundings. Besides, the world suffers from urban and industrial wastes and that is a double whammy which disrupts the ecological maintenance. Energy is a big issue for achieving ecological welfare and sustainability. Carbon energy sources that destruct the living standards of cities act against global ecology damaging health. However, the renewable energy sources are healtiful, clean and cheap. Environment and cities where we live can only be protected with creative eco-energy. Nowadays, the future of global ecology is to create a world with zero-carbon cities. Turkey, as a developing country finally solved the energy problem and implemented policies to improve renewables and energy efficiency. Although Turkey has a huge potential of renewable energy resources, the progress of the energy market is still slow that it's not widespread and transitioned to urban planning, yet.Öğe Towards Smart Cities in Turkey? Transitioning from Waste to Creative, Clean and Cheap Eco-Energy(IGI Global, 2016) Okay, EsinThe earth faces huge environmental changes and climate problems leading to catastrophic failure of our sources and surroundings. Besides, the world suffers from urban and industrial wastes and that is a double whammy which disrupts the ecological maintenance. Energy is a big issue for achieving ecological welfare and sustainability. Carbon energy sources that destruct the living standards of cities act against global ecology damaging health. However, the renewable energy sources are healtiful, clean and cheap. Environment and cities where we live can only be protected with creative eco-energy. Nowadays, the future of global ecology is to create a world with zero-carbon cities. Turkey, as a developing country finally solved the energy problem and implemented policies to improve renewables and energy efficiency. Although Turkey has a huge potential of renewable energy resources, the progress of the energy market is still slow that it's not widespread and transitioned to urban planning, yet.Öğe Türk bankacılık sektöründe risk ve kriz(İstanbul Ticaret Üniversitesi, 2002) Okay, Esin[Abstract Not Available]Öğe Türk Yatırımcısının Risk Tercihi(Bilgesel Yayıncılık, 2006) Okay, Esin; Taşpınar, DicleBu çalışmanın temel amacı,Türkiye’de risk alma ve farklı risk tutumlarına bağlı psikolojik profillerinin incelenmesidir. Davranışsal ekonomi ve finans, daha reel psikolojik yaklaşımlar yardımı ile modellerin açıklayıcı gücünü arttırmaktadır. Çalışma bireysel yatırımcıların yatırım yaklaşımlarını ve bu yöndeki davranışlarınıele almaktadır. Anket yaklaşımı ile çalışmada davranışların araştırılması sonucunda çeşitli bulgulara ulaşılmaktadır. Türk yatırımcılarına uygulanan bir risk anketi ile riske yaklaşım ölçülmektedir. Çalışma verisi frekans, yüzde, aritmetik ortalama, ki-kare bağımsız testi ve non-linear principle komponent analizi gibi istatiksel teknikler kullanılarak analiz edilmektedir. Çalışmanın sonuçlarına göre, risk ölçütleri bağlamında Türkiye’de yatırım miktarı ile kullanılan veriye ait değişkenler arasında çok büyük farklılıkların olmadığı görülmektedir.Öğe Utility Function and Risk Taking: An Experiment(Cambridge, 2006) Okay, Esin; Taşpınar, DicleInvesting by its very nature is an emotional business. Few investors have the self-knowledge, emotional stamina or self-control to make rational, intelligent and profitable decisions, particularly in times of uncertainty. The main purpose of this study is to examine the style of financial risk taking, and in particular the psychological profiles associated with different risk taking behaviours. Behavioural economics and finance increases the explanatory power of models by providing it with more realistic psychological foundations. The assumption of behavioural risk taking leads to three fundamental approaches to risk: Risk avoiders abstain from investments they perceive to contain risk, risk reducers participate in high risk investments in spite of the risks involved, and risk optimisers who are motivated by the exposure to risk. This study identifies and characterizes individual investors based on their shared investing attitudes and behaviour. It finds out evidence of a behavioural search for investments based on a questionnaire approach suggested by LeBaron, Farrelly and Gula (1989). The approach to risk is studied by a psychometric measure, "Risk Assessment Inventory" prepared for the Turkish investors. The research data is analyzed using statistical techniques, namely frequency, percent, arithmetic mean, chi-square independent test, non¬linear principle component analysis and t-test. The result of the research data have shown that there are not much significant differences between the variables related to the amount of investment when they are analyzed with respect to the dimensions of risk assessments.Öğe Views on Turkey’s impending ESCO market: Is it promising?(Elsevier, 2008) Okay, Esin; Okay, Nesrin; Konukman, Alp Er Ş.; Akman, UğurTurkey’s Energy Efficiency Law (EEL) came into force in May 2007. The EEL will transform energy policies implemented in the government and private sectors. The law and upcoming regulations will offer opportunities for the impending Energy Service Company (ESCO) market in Turkey. In this work, we briefly review the ESCO literature and its financing mechanisms in the world, and present our views with regard to the funding and related risks that are likely to be associated with the forthcoming Turkish ESCO market. These views are backed up with Turkish credit and banking market performance and the lessons learned from implementation of some EU-related projects involving the banking sector and small-and-medium-sized firms. We conclude that in order to create a promising competitive ESCO market, Turkey’s policy must be to sustain its average 5% growth rate achieved lately for the coming decade, finish the structural reforms which will invite necessary capital inflows to ensure an economic stability and financing.Öğe Without Corporate Governance Banks Are Bound To Risk(Tübitak, 2005) Okay, EsinSince the last decade, finance has undergone some major changes and there's no end to that transformation in sight. Principles like corporate governance and corporate control emerged as alternative disciplinary mechanisms. Nowadays, international financial aspect is to establish a reregulation process to prevent potential crises and risks from the financial markets. Banking -accepted as the corner-stone of financial system- is one of the main target of international authorities for the settlements on the financial area, Banking International Settlements leading this way is trying to improve corporate governance practices in banking systems around the world and increase the efficiency and transparency of the financial system. The regulation named as Basel II that is so special provides incentives to strengthen domestic supervision pushing banks to become more sophisticated in their management of risk, as suggested by Powell (2004). Therefore, banks are working to meet the new guidelines with corporate governance initiatives Emi are so special and important for them (Claessens, 2004). This paper provides an alternative analysis of Turkish banks by analysing the evolution of control and ownership. Most banks are floated by families or holding companies and for a majority of them control stays with the family long after the flotation. Ownership and performance of each bank are examined from the moment of the flotation (1999-2004) to five years later. The data suggest that the evolution of ownership depends on certain corporate characteristics of Turkish Banking System.
