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Öğe Bank Specific and Macroeconomic Determinants of Bank Profitability: Evidence from Turkey(International Journal of Economics and Financial Issues, 2017) Topak, Mehmet Sabri; Tırmandıoğlu Talu, Nimet HülyaIn this study, we attempt to determine the bank-specific and macroeconomic determinants of commercial banks in Turkey over the period 2005-2015. A balanced panel data set has been formed covering 43 periods between the dates of January 2005 and September 2015. Each period is of 1-year length. According to the empirical results, bank-specific characteristics such as, the ratio of interest on loans to the interest on deposits (ILID), used as a proxy for net interest margin, the ratio of net fees and commissions revenues to total operating expenses (FCE), and relative size (SIZE) have positive and significant impact on profitability represented by return on assets and return on equity. On the other hand, the ratio of nonperforming loans to total loans (NPL) used as a proxy for credit risk, and capital adequacy (ESA) and the ratio of other operating expenses to total operating revenues (OEI), are negatively related to profitability. The most striking result is the fact that among all the bank-specific variables OEI has the strongest impact on profitability. This finding is consistent with the fact that since banks are limited in the determination of interest rates, they do not have control on the level of net interest revenues. Thus economising on the operating expenses is a more feasible option in increasing the profits. With respect to macroeconomic variables, real GDP and interest rate have positive impact on profitability whereas the exchange rate has a negative impact. Keywords: Bank Profitability, Performance, Turkish Banking Sector, Panel DataÖğe The Impact of Global Capital Flows on Firms’ Performance: Evidence from Turkey(İstanbul Gelişim Üniversitesi Yayınları / Istanbul Gelisim University Press, 2018-02-01) Mollaahmetoğlu, Ebubekir; Topak, Mehmet SabriIn the globalizing world, the impact of international capital flows on the economies is increasing day by day. Firms, the smallest units in the economy, are directly affected by developments. The purpose of this study is to examine the effect of international capital flows on firm performance. The study, using panel data analysis, covers 120 companies in the Stock Exchange Istanbul (BIST) Industrial Production Index in the 2004-2015 period. Two models have been developed with ROA and ROE as dependent variables, which are selected as company performance measures. According to the general results of the study with employing Swamy's random coefficient model: the ratios of the direct foreign capital flows to GDP and the portfolio investments to GDP are not statistically significant on firm profitability; and it has been conducted that the ratios of other investments and short-term foreign capital flow to GDP have an effect on the profitability of the firms. The findings include also eight sub-sectors results in the manufacturing industry.Öğe Internal determinants of bank profitability: Evidience from Turkish banking sector(International Economic Society, 2016) Topak, Mehmet Sabri; Talu, Nimet HülyaThe aim of this paper is to explore the factors affecting the profitability of Turkish commercial banks during the period from January 2006 to March 2014. Some of these are internal factors controllable by the management. Others are external, such as macroeconomic and sector specific conditions outside the control of management. This study has focused on the bank specific factors. Using quarterly data from the unconsolidated financial statements of the 12 commercial banks in the BIST Banks Index, a balanced panel data set has been constructed to which the Swamy’s Random Coefficients Model has been employed. Two models have been used with ROA and ROE as dependent variables. According to the general results, the ratios of net fees and commissons to total expenses and interest from loans to interest on deposits have positive effect on ROA and ROE. The ratio of other operating expenses to total operating income and size represented by the natural logarithm of total assets, have been found to have a negative impact on profitability. The ratio of equity and long term subordinated loans to total assets has a positive impact on ROA but has been found insignificant in explaining ROE. Based on the results on individual banks, the ratio of other expenses to total operating income has been found to have a negative impact on both ROA and ROE in each of the 12 banks. Interest from loans to interest on deposits ratio has a positive impact on ROA and ROE in 11 banks. © International Economic Society.Öğe The Relationship Between Initial Public Offering and Firm Performance: A Research on Borsa Istanbul (BIST)(İstanbul Gelişim Üniversitesi Yayınları / Istanbul Gelisim University Press, 2019) Mhagama, Fenant Laurent; Topak, Mehmet SabriThe aim of this study is to examine the relationship between initial public offering (IPO) and firm performances of the firms operating in Turkey. The data set involves 38 firms that conducted initial public offerings in Borsa Istanbul (BIST) for the period of 2003 and 2011. Return on asset (ROA), return on equity (ROE), and operating profit margin (OPM) are used as a measure of firm performance. Median change analysis and panel data analysis have been employed as two different methods. According to the results of these analyses, there is a statistically significant relationship between the IPO and firm performance. It was found that firm performance decreased during the same and the following first year that the IPO took place, in comparison to the year preceding the IPO.
