Bu calismanin amaci, 2002-2016 doneminde Kirilgan Besli ulkeler olarak tanimlanan Brezilya, Hindistan, Endonezya, Guney Afrika ve Turkiye’de hisse senedi piyasasi gelisimi ve ekonomik buyume iliskisini panel es-butunlesme ve nedensellik testleri ile analiz etmektir. Analizde hisse senedi piyasasi gelisimini temsil eden uc adet parametre, buyume gostergesi olarak kisi basina dusen milli gelir kullanilmis ve hisse senedi piyasasi ile buyume arasinda uzun donemli es-butunlesme iliskisi tespit edilmistir. Bulgular nedensellik iliskisinin hisse senedi piyasasi gelisiminden ekonomik buyumeye dogru oldugunu gostermis ve arz oncullu hipotezin gecerliligini ortaya koymustur. Panel DOLS ve FMOLS test sonuclari hisse senetlerinin piyasa degeri (kapitalizasyon) ve islem degerinin buyumeye etkisinde genel sonuclarla paralellik gostermistir. Anahtar Sozcukler: Ekonomik Buyume, Finansal Gelisme, Hisse Senedi Piyasalari, Kirilgan Besli, Panel Veri JEL Kodu : E44, G15, O43 ------------------------------------------------------------------------------------------------------------------------------------- Stock Market Development and Economic Growth Nexus in Fragile Five Countries ABSTRACT: The aim of this study is to analyze the relationship between stock market development and economic growth in Brazil, India, Indonesia, South Africa and Turkey as defined Fragile Five by applying panel co-integration and causality tests for the period 2002-2016. Three parameters representing stock market development and per capita GDP as economic growth indicator are used and long-run co-integration relationship between stock market and growth is found. The findings reveal that direction of causality relationship is from stock market development to economic growth and “supply leading hypothesis” is corroborated. Panel DOLS and FMOLS test results show parallelism with the general results in the impact of stock market capitalization and stocks traded value on growth. Keywords: Economic Growth, Financial Development, Stock Markets, Fragile Five, Panel Data JEL Code : E44, G15, O43 DOI: https://doi.org/10.32479/iicd.151

Bu calismada Turkiye’de ekonomik krizlerin, dis ticaret ve rekabet gucu uzerindeki etkileri, 1990:M01-2018:M06 donemi icin arastirilmistir. Serilerin duraganligi; ADF ve PP birim kok testleriyle incelenmis ve serilerin I(1) olduklari gorulmustur. Esbutunlesme iliskileri; Johansen testiyle sinanmis ve serilerin esbutunlesik olduklari gorulmustur. Uzun ve kisa donem analizleri VECM yontemiyle gerceklestirilmis ve dunyadaki kisi basina dusen milli gelir artislarinin, Turkiye’nin ihracatini kisa donemde etkilemedigi, uzun donemde arttirdigi, reel efektif doviz kurundaki artislarin Turkiye’nin ihracatini kisa donemde etkilemedigi, uzun donemde azalttigi, Turkiye’deki kisi basina dusen milli gelir ve reel efektif doviz kuru artislarinin ithalati kisa donemde de uzun donemde de arttirdigi, uzun donemdeki etkilerin daha buyuk oldugu gorulmustur. 1994 krizinde Turkiye’nin ihracatinin ve ithalatinin kisa donemde azaldigi, uzun donemde etkilenmedigi, 2001 krizinde dis ticaretin kisa donemde etkilenmedigi, uzun donemde arttigi, 2008 krizinde ise ithalatin kisa donemde azaldigi, ihracatin ise uzun donemde arttigi belirlenmistir. Modellerin hata duzletme mekanizmalari calismaktadir. Nedensellik iliskileri Granger testiyle incelenmis ve dunyadaki kisi basina dusen milli gelir ile Turkiye’nin ihracati, Turkiye’deki kisi basina dusen milli gelir ile Turkiye’nin ithalati ve Turkiye’nin ihracati ile ithalati arasinda iki yonlu, reel efektif doviz kurundan ithalata ve Turkiye’deki kisi basina dusen milli gelirden reel efektif doviz kuruna dogru tek yonlu nedensellik iliskileri tespit edilmistir. Reel efektif doviz kuru ile ihracat arasinda ise herhangi bir nedensellik iliskisine ulasilamamistir. Anahtar Kelimeler: Ekonomik Krizler, Ihracat, Ithalat, Rekabet Gucu, Zaman Serisi Analizi. JEL Kodu: F14, F41, G01. ---------------------------------------------------------------------------------------------------------------------------------------- Econometric Analysis of the Impacts of Economic Crisis on Foreign Trade and Competitive Power of Turkey ABSTRACT: In this study, effects of the economic crisis on international trade and competitive power in Turkey are investigated for 1990:M01-2018:M06 period. Stationarity of the series are examined by ADF and PP unit root tests and the series are found to be I(1). Cointegration relationships are tested by Johansen test, and the series are found to be cointegrated. Long and short term analysis are performed by VECM method and it is seen that per capita GDP growth of the world does not affect the exports of Turkey in the short term and increase in the long term, while the increase in real effective exchange rate does not affect Turkey's exports in the short term and reduce it in the long term. It is also seen that increases in per capita national income and real effective exchange rate in Turkey improve imports in both short and long term, while the impacts in long term is greater. It is determined for Turkey that 1994 crisis decreased both exports and imports in the short term but did not affect them in long term, while foreign trade is not affected in the short term and is increased in the long term in 2001 crisis. In 2008 crisis, import declines in short term and export inclines in long term. Error correction mechanism of the models operates. Causality relationships are investigated by Granger test and it is determined that two-way causality between per capita income of the world and Turkey’s export, between per capita national income of Turkey and export of Turkey, between export and import of Turkey exist, while there is one-way causality relationship from real effective exchange rate to imports and from per capita national income of Turkey to real effective exchange rate. Furthermore, no causality relationship can be estimated between real effective exchange rate and exports. Keywords: Economic Crisis, Export, Import, Competition Power, Time Series Analysis. JEL Code: F14, F41, G01. DOI: https://doi.org/10.32479/iicd.146

Gunumuzde internet dunyadaki her sey ile temas halindedir. Endustri 4.0 Devrimi; Otonom Makineler (Robotlar), Nesnelerin Interneti, Hizmetlerin Interneti, Siber-Fiziksel Sistemler ve Hucresel Tasima Sistemleri ile Endustriyi bir araya getirmeyi hedeflemektedir. Boylece isletmelerin tum fonksiyonlarinda onemli degisiklikler olacagi ongorulmektedir. Uretim, Endustri 4.0’in derinden etkileyecegi en onemli isletme fonksiyonudur. Uretimle lojistigi birbirinden ayri dusunmek imkansiz oldugundan Endustri 4.0’in lojistik sektorundeki is surecleri yeniden belirleyecegi beklenmektedir. Calismanin temel amaci; Endustri 4.0 devrimini detaylica incelemek ve bu devrimin lojistik sektorune getirecegi yenilikleri ortaya koymaktir. Kavramsal cerceve olarak hazirlanan bu calismanin Endustri 4.0’in lojistik sektorune etkileri hakkinda farkindalik yaratacagi ve teori ve uygulama bakimindan yeni bir bakis acisi ortaya koyacagi dusunulmektedir. Anahtar Sozcukler : Dijital Sanayi Devrimi, Endustri 4.0, Lojistik 4.0, Lojistik, Nesnelerin Interneti. JEL Kodu: M10, M11, L99 ------------------------------------------------------------------------------------------------------------------------------------------------ Industry 4.0 and Its Effects to Logistics Sector: Logistics 4.0 ABSTRACT: Today, internet keeps in contact with everything in the world. The Revolution of Industry 4.0 has aimed to bring otonom machines (robots), internet of things, internet of services, cyber-physical systems, cellular transportation systems and industry together. In this way It is predicted that there will be important changes in all functions of the business. Manufacturing is the most important of business functions what Industry 4.0 will deeply influences. Since it is impossible to think separately about manufacturing and logistics, it is expected Industry 4.0 will redetermine business process in the logistics sector. The main purpose of study is to examine in detail of The Revolution of Industry 4.0 and reveal innovations what this revolution will bring to logistics sector. It is thought that this study, which is prepared as conceptual framework will create awareness about the effects of Industry 4.0 on the logistics sector and will reveal a new perspective in terms of theory and practice. Keywords : Digital Industry Revolution, Industry 4.0, Logistics 4.0, Logistics, Internet of Things. JEL Code: M10, M11, L99 DOI: https://doi.org/10.32479/iicd.147

Portfoy teorilerinde, rasyonel yatirimcilarin yatirim kararlari alirken beklenen getiri ve riski dikkate alarak yatirim yapacaklari kabul edilmektedir. Dolayisiyla hisse senedi getirisi bu anlamda onem kazanmakla birlikte firmalarin borclanma oranina yonelik tutumlari da risklerini etkilemektedir. Bu nedenle, literaturde hisse senedi getirisi ve sermaye yapisi arasindaki iliskinin arastirildigi gorulmektedir. Ancak, bir firmanin hisse senedinin getirisi, firmaya ozgu faktorlerden de etkilenebilmektedir. Hisse senedi getirisi ile sermaye yapisi iliskisi cesitli acilardan incelenmistir. Bu calismada, bu iliskiye etki etmesi olasi firmaya ozgu faktorlerden buyukluk, buyume firsatlari, karlilik, varlik yapisi ve pazarlama yogunlugu incelenmistir. Arastirma orneklemini, Borsa Istanbul’a kayitli imalat sanayi firmalari olusturmustur. Veriler 2017 yili donemini kapsamaktadir. Kuramsal modelde yer alan iliskiler yapisal esitlik modellemesi gozlenen degiskenlerle yol analizi yapilarak test edilmistir. Anahtar Kelimeler: Hisse senedi getirisi, sermaye yapisi, yapisal esitlik modellemesi. JEL Kodu: G2, G32 ------------------------------------------------------------------------------------------------------------------------------------------ Analyzing Factors Affecting Stock Return and Capital Structure Relationship via Structural Equation Modeling ABSTRACT: In portfolio theories, it’s accepted that rational investors when make decision take into account stock return and risk. Therefore, although stock return is going to gain meaning in this ground, the attitudes toward debt ratio of firms influence to their risks, as well. Thus, it’s seen to be researched the relationship between stock return and capital structure in the literature. However, stock return of a firm is also effected by endogenous factors. The relationship between stock return and capital structure has been investigated from various perspectives. In this study, some of endogenous factors which might affect this relationship such as firm size, growth opportunities, profitability, assets and marketing intensity have been examined. The sample consists of manufacture firms registered in Borsa Istanbul. Data covers the term of 2017. The relationships taking place in the conceptual model have been tested by structural equation modeling-path analysis with observed variables. Keywords: Stock return, capital structure, structural equation modeling. JEL Code: G2, G32 DOI: https://doi.org/10.32479/iicd.152

Bu calismada turizm sirketlerinde cesitli finansal rasyolar ile karlilik arasindaki bir iliski olup olmadigi dinamik panel yontemi ile tespit edilmesi amaclanmistir. Calismada 15 farkli ulkeden toplamda 131 turizm sirketinin 2007 ile 2016 tarihleri arasinda donem sonu finansal tablolarindan elde edilen dort farkli oran kullanilmistir. Bu baglamda kaldirac orani, Aktif devir hizi ve net isletme sermayesi (NIS) devir hizi oranlari bagimsiz degisken olarak, ozkaynak karliligi ise bagimli degisken olarak analize dâhil edilmistir. Fark GMM Dinamik panel tahmin yontemi kullanilarak gerceklestirilen analiz sonucunda kaldirac oraninin ozkaynak karliligi uzerinde anlamli ve negatif etkisi oldugu, NIS devir hizinin ise ozkaynak karliligi uzerinde anlamli ve pozitif etkisinin oldugu tespit edilmistir. Aktif devir hizinin ise oz kaynak karliligi uzerinde anlamli bir etkisinin olmadigi tespit edilmistir. Anahtar Kelimeler: Finansal Rasyo, Karlilik, Turizm Sirketleri, Dinamik Panel JEL Kodu: C33, D24, L83 -------------------------------------------------------------------------------------------------------------------------------------- The Effect of Various Financial Ratios on Profitability: An Application on Tourism Companies in OECD Countries ABSTRACT: In this study, it is aimed to determine whether there is a relationship between various financial ratios and profitability in tourism companies with dynamic panel method. In this study, four different ratios from the end-of-year financial statements of 131 tourism companies from 15 different countries were used between 2007 and 2016. In this context, leverage ratio, net working capital turnover rate and active turnover rate were included as independent variables and return on equity as the dependent variable. As a result of the analysis carried out by using differ GMM Dynamic Panel Estimation method, it was found that leverage ratio had a significant and negative effect on return on equity and net working capital turnover rate had a significant and positive effect on return on equity. It was determined that the active turnover rate had no significant effect on the return on equity. Keywords: Financial Ratio, Profitability, Tourism Companies, Dynamic Panel JEL Code: C33, D24, L83 DOI: https://doi.org/10.32479/iicd.150

Bu calisma, Balkan Ulkelerinde dogrudan yabanci sermaye yatirimlari, ekonomik buyume ve disa aciklik arasindaki nedensellik iliskilerini, yatay-kesit bagimliligi dikkate alan ikinci nesil panel veri yontemleri kullanarak 1996-2017 donemi icin arastirmaktadir. Yatay kesit bagimlilik ve egim katsayilari homojenlik test sonuclarina gore model yatay kesit bagimlidir ve hesaplanacak egim katsayilari heterojendir. Degiskenler arasindaki nedensellik iliskileri, yatay kesit bagimliligi dikkate alan ve ulke bazli sonuclar elde etmeye olanak saglayan Konya (2006) panel nedensellik modeliyle incelenmistir. Analiz sonuclari su sekilde ozetlenebilir: i) Dogrudan yabanci yatirimlar ve gelir arasinda zayif bir nedensellik iliskisi mevcuttur. ii) Disa aciklik ve gelir arasinda zayif bir nedensellik iliskisi mevcuttur. Anahtar Kelimeler: Balkan Ulkeleri, Ekonomik Buyume, Dogrudan Yabanci Sermaye Yatirimlari, Disa Aciklik, Panel Nedensellik Analizi. JEL Kodu: F13, F21, F41 ----------------------------------------------------------------------------------------------------------------------------- Relationships of Foreign Direct Investments, Economic Growth and Trade Openness: An Empirical Analysis for Balkan States ABSTRACT: This study explores the causal relationships between foreign direct investments, economic growth and trade openness in Balkan States for 1996-2017 period by using the second-generation panel data methods under cross-sectional dependence. According to cross-sectional dependence and homogeneity tests, models are cross-sectionally dependent and slope coefficients are heterogeneous. Causal relationships between variables have been examined by using Konya (2006) panel data causality approach that allows cross-sectional dependence and obtain country-specific results. The results can be summarized as follows: i) There exist a weak causal relationship between foreign direct investment and real income. ii) There exist a weak causal relationship between trade openness and real income. Keywords: Balkan States, Economic Growth, Foreign Direct Investment, Trade Openness, Panel Causality Analysis. JEL Code: F13, F21, F41 DOI: https://doi.org/10.32479/iicd.149

OZ : 21. Yuzyila gelindiginde, kuresellesme ile birlikte internet ve ileri teknolojiler hem is hayatini ve hem de gunluk yasami etkilemeye baslamis ve bilgi ve iletisim teknolojilerinin gelisimi ile ekonomik yapida donusum baslamistir. “Yeni ekonomi” kavrami da bu cercevede ortaya cikan yaklasimlardan biridir. Yeni ekonomi, bilgi teknolojilerindeki gelismelerin iktisadi etkilerini inceleyen calisma alanidir. Internet ekonomisi de bu kavram altinda incelenmektedir. Hizla artan internet kullanicisiyla beraber internetin ekonomik boyutu dunyada onem kazanmaya baslamistir. Elektronik ticaret ise internet ekonomisinin guclu bir parcasi olarak ortaya cikmistir. Bu calismada, internetin kuresellesme surecindeki rolu ele alinarak dunyada ve Turkiye’de internet ekonomi politigi ve e-ticaret incelenecektir. Anahtar Kelimeler: Internet Ekonomisi, Kuresellesme, Yeni Ekonomi, E-Ticaret, Turkiye JEL Kodu: F40, F62, L81, L86 ------------------------------------------------------------------------------------------------------------------------------ The Political Economy of Internet in the Globalization Age: A Review on Turkey ABSTRACT: In the 21st century, as a result of globalization, internet and advanced technologies started to affect both business and daily life. Economical structure started to transform with the development of information and communication technologies. The concept of “new economy” is one of the approaches that emerged within this framework. The new economy is the field of study that examines the economic impacts of developments in information technologies. Internet economy is also examined under “new economy” concept. With the rapidly increasing number of internet users in all parts of the world, the internet economy has started to gain importance. Electronic commerce (E-commerce) has emerged as a powerful part of the internet economy. This study will examine the role of the internet in the process of globalization and analyze the political economy of the Internet and e-commerce both globally and in Turkey. Keywords: Internet Economy, Globalization, New Economy, E-Commerce, Turkey JEL Code: F40, F62, L81, L86 DOI: https://doi.org/10.32479/iicd.153

Gunumuzde tuketicilerin tuketim degerlerinin satin alma davranisinin onculleri oldugu konusu yogun bir bicimde tartisilmaktadir. Bu calismanin amaci; bireylerin tuketimlerine yon veren degerlerin, gosterisci tuketim egilimi ve satin alma niyetlerine etkilerini acikliga kavusturmaktir. Calismada teorik cerceveden hareketle, tuketim degerlerinin gosterisci tuketim egilimi ve gosteris amacli satin alma niyeti uzerindeki direkt ve indirekt etkilerini ortaya koyan kavramsal bir model test edilmistir. Calismanin ana kutlesini Hatay Ili Iskenderun ilcesinde yasayan 20 yas ustu tuketiciler olusturmaktadir. Orneklemin olusturulmasinda, tesadufi ornekleme yontemlerinden biri olan Alan Orneklemesi yontemi kullanilmistir. Orneklem hacmi 384 tuketici olarak belirlenmistir. Arastirmada 2018 yilinda yuz yuze veri toplanmis olup, iletisim araci ankettir. Modelde tahmin edilen iliskilerin sinanmasi icin, SmartPLS.3 kullanilarak yapisal esitlik modellemesi yol analizi uygulanmistir. Ayni zamanda, olcme modelinin guvenirliligi ve gecerliligi de test edilmistir. Arastirma sonucunda elde edilen bulgulara gore; tuketim degerlerinden sosyal ve parasal degerin gosterisci tuketim egilimi uzerinde pozitif ve anlamli bir etkisi vardir. Ancak duygusal deger ve fonksiyonel degerin gosterisci tuketim egilimi uzerindeki etkisi anlamsiz bulunmustur. Ayrica, tuketim degerlerinden sosyal ve parasal deger ile gosterisci tuketim egilimi satin alma niyetini pozitif yonde etkilemektedirler. Fonksiyonel ve duygusal degerlerin satin alma niyetine etkisi bulunamamistir. Bulgular isiginda pazarlama yoneticilerine ve arastirmacilara oneriler sunulmaktadir

Bireysel emeklilik sisteminin ortaya cikmasi ile birlikte yeni bir finansal arac olarak adlandirilan emeklilik yatirim fonlari da faaliyetlerine baslamistir. Turkiye’de onemi her gecen gun giderek artmakta olan bireysel emeklilik sisteminde biriken fon buyuklugu 2018 yili Ekim ayi itibariyle 85 Milyar Turk Lirasini asmistir. Toplanan bu fonlarin, kaynak bulma maliyetlerini onemli olcude dusurdugu, sermaye piyasalarinin gelismesine ve derinlesmesine yardimci olarak uzun vadeli yatirimlarin artmasina yol actigi, ekonomik ve finansal istikrarin saglanmasina olumlu katkida bulundugu ifade edilmektedir. Bu kapsamda calismanin amaci, bireysel emeklilik sistemde yer alan emeklilik yatirim fonlarinin gosterdigi performanslari olcmektir. Calismada, yatirimcilar icin onemli bir yatirim araci olarak gorulen ve bireysel emeklilik sistemi icerisinde yer alan 157 adet emeklilik yatirim fonunun 2014 yili Ocak ayi ile 2017 yili Aralik ayi arasinda gosterdigi performanslarin olcumu; Sharpe Orani, Treynor Orani ve Jensen Olcutu kullanilarak hesaplanmis ve performans analizi sonucunda elde edilen ciktilar ayni donemdeki BIST-100 endeksinin performansi ile karsilastirilmistir. Calismadan elde edilen sonuclar incelendiginde; Sharpe Oranina gore, 48 adet bireysel emeklilik yatirim fonunun, Treynor Orani gore 21 adet emeklilik yatirim fonunun, Jensen Olcutune gore ise 51 adet emeklilik yatirim fonunun karsilastirma olcutu olarak alinan BIST-100 endeksinden daha iyi bir performans sergiledigi sonucuna ulasilmistir. Anahtar Kelimeler: Emeklilik Yatirim Fonlari, Performans Degerlendirme, Sharpe Orani, Treynor Orani, Jensen Olcutu JEL Kodu: H55, G22,G11 ---------------------------------------------------------------------------------------------------------------------- BIST-100 Index Performance Comparison of Performance on Pension Funds in Turkey ABSTRACT: With the emergence of the private pension system, a new financial instrument called pension funds has started to operate. Turkey increasingly in importance with each passing day total funds accumulated in individual pension system, which increases as of October 2018 has exceeded 85 billion Turkish Liras. It is stated that these funds contribute significantly to the cost of finding resources, increase the long-term investments by helping to develop and deepen capital markets, and contributes positively to economic and financial stability. In this context, the aim of the study is to measure the performance of pension investment funds in the private pension system. In the study, the measurement of the performances of 157 pension investment funds, which are considered as an important investment tool for investors, between January 2014 and December 2017; Sharpe Ratio was calculated by using Treynor Ratio and Jensen Criteria and the results obtained from the performance analysis were compared with the performance of the BIST-100 index in the same period. When the results of the study were examined; According to the Sharpe Ratio, it was concluded that 48 private pension investment funds performed better than the BIST-100 compared to the 21 pension investment funds according to the Treynor Ratio and 51 private pension investment funds according to the Jensen Criteria. Keywords: Pension Mutual Fund, Performance Evaluation, Sharpe Ratio, Treynor Ratio, Jensen JEL Code: H55, G22,G11 DOI: https://doi.org/10.32479/iicd.129