The Impact of Petrol Prices on Stock Prices of Energy Companies: A Panel Data Analysis for Turkey

Working Paper
Nur Dilbaz Alacahan, Seda Yavuzaslan Söylemez
EconWorld Working Papers Series No: 2017006
DOI: 10.22440/EconWorld.WP.2017.006

 

Abstract

The aim of this paper is to analyze the impact of petrol prices on the stock prices of energy companies traded in Istanbul Stock Exchange. To achieve this objective, daily panel data for 9 energy companies are examined for the period between 01/02/2008 and02/26/2016. For the estimations, random effects and fixed effects panel data estimation methods are used. According to the results, changes in petrol prices effects stock prices of energy companies, negatively. Interest rates and M2 money supply affect stock prices of the energy companies, negatively. In addition to the macro variables, ROA and capital growth are the micro variables affecting stock prices of energy companies.

Keywords: Petrol Prices, Stock Prices, Panel Data Analysis, Turkey

Jel Codes: E44, G12, E44

Dijital Bölünme Çerçevesinde Türkiye’nin Durumunun Değerlendirilmesi

Working Paper
Barış Yıldız Gizem Akbulut
EconWorld Working Papers Series No: 2017005

Özet

Bilgi ve İletişim Teknolojilerinde (BİT-ICT) yaşanan gelişmeler ülkelerin mevcut durumlarının değerlendirilmesine ışık tutmaktadır. Ülkelerin sahip oldukları BİT dinamiklerinin farklı olmasından kaynaklanan dijital bölünme sorunu hala ciddi bir şekilde yaşanmaktadır. Dijital Bölünme (Digital Divide) kavramının pek çok tanımı yapılmakla birlikte BİT (ICT-Information and Communication Technologies)’ ye sahip olanlar ile olmayanlar, ICT’ yi kullanan ve kullanmayanlar arasındaki farklılık düzeyleri olarak tanımlamak mümkündür. Dijital bölünme kavramı sadece küresel ölçekte değil aynı zamanda ülke içerisinde bölgeler arasında yaşanan eşitsizlik sonucu da meydana gelebilmektedir. Diğer taraftan gelişmekte olan ülkelerin içerisinde yaşanan dijital bölünme sorunu gelişmiş ülkelerle olan ilişkilerini de etkileyebilmektedir. Dijital bölünme sadece gelişmekte olan ülkelerin değil aynı zamanda gelişmiş ülkelerin de sorunu haline gelmektedir. Bilgiye ve teknolojiye erişimlerin kıyaslanmasında çeşitli endeks değerler kullanılmakla birlikte Uluslararası Telekomünikasyon Birliği (ITU) tarafından geliştirilen ICT Gelişme Endeksi-IDI (ICT Development Index) ölçüt olarak çalışmada kullanılmıştır. Gelişmekte olan ülkeler arasında yer alan Türkiye açısından bu endeks değere göre 2000 yılından itibaren genel olarak olumlu bir seyir izlediği görülmüştür. Ancak bu olumlu seyir Türkiye’nin gelişmiş ülkeler arasında yer alması noktasında yetersiz kalmaktadır. Hem Türkiye içerisinde bölgelerarası eşitsizliğin yüksek oranda olması hem de gelişmiş ülkelerle kıyaslandığında endeks sıralamasında oldukça gerilerde kalması Türkiye’nin dijital bölünme sorununa çözüm bulmasını zorunlu kılmaktadır.

Anahtar Kelimeler: Teknoloji, Dijital Bölünme, Bilgi ve İletişim Teknolojileri.

Jel Kodları: O14, L86, L96

 

Evaluation of the Situation of Turkey in the Digital Division Framework

Abstract

Developments in Information and Communication Technologies (ICT) shed light on the assessment of the current situation of countries. It is possible to define as the level of difference between those who have ICT and those who do not, and those who do not use it, as well as many definitions of the Digital Divide concept. The concept of digital division is not only a result of global inequality, but also of inequality among regions within the country. The problem of digital divide among the developing countries can also affect relations with developed countries. Digital divide is not only a problem of the developing countries but also of the developed countries. The ICT Development Index developed by the International Telecommunication Union (ITU) has been used as a benchmark, with various index values being used to compare countries' access to information and technology access. As regards Turkey it has been seen that this index has been generally positive from 2000 onwards. However, this positive trend is inadequate at the point where Turkey is among the developed countries. Both the fact that the regional inequalities are high in Turkey and the fact that they are quite behind in the index order compared to the developed countries necessitates Turkey to find a solution to the digital divide problem.

Keywords: Technology, Digital Divide, Information and Communication Technologies

Jel Codes: O14,L86, L96

Addressing Un/Under-Employment at the Local Level: Participatory Action Research in Greece of Crisis

Working Paper
Eugenia Vathakou, Maria Tsampra, Pantelis Sklias
EconWorld Working Papers Series No: 2017004

 

Abstract

The underutilization of human capital, reflected on shrinking job opportunities and employment deterioration, is the major crisis outcome and cause of socio-economic exclusion in Greece. Our research (EEA-GR07/3694 project), addressing un/under-employment at the local level during the country’s downturn, identified wide discrepancies between labour supply and demand. Data analysis revealed that the type of employment required by locally prevailing business does not contribute to local employability, nor sustains labour market resilience and employment recovery. On this ground, the capability of local entrepreneurship to capitalize the existing qualified personnel was questioned; and Participatory Action Research (PAR) was carried out in order to set new accounts of entrepreneurship for inclusive growth and social innovation. The paper presents the collaborative process and tentative results of PAR undertaken at the target-locality of Sparta in Greece. The process of action planning and implementation engaged local key-stakeholders and empowered local actors (municipality, vocational institutions, business chambers, trade unions, cooperatives) to address the potential of the un/underemployed and particularly, the most vulnerable of the labour market (young and women). The action implemented as part of the PAR process, "Spartathlon - Routes of Taste, Trade and Art", sought to attract more tourists to the town and strengthen local business. Its presentation makes a contribution to the discussion for social innovation, cohesion and sustainable economic recovery.

Keywords: local entrepreneurship, skills mismatch, labour surplus, participatory action research

Jel Codes: J24, P48, J64

Women Directors’ Compensation and Firm Performance of an Emerging Economy: India

Working Paper
Rakesh Yadav
EconWorld Working Papers Series No: 2017003

 

Abstract

 

This probably maiden study for Indian financial market on executive compensation uses novel approach by using data of women director’s compensation of firm listed at Bombay stock exchange (BSE)India. The methodology adopted for this study is multivariate regression method; this method is common for the research on compensation, on the basis of the survey of literature which treats total compensation paid to the director as dependent variable and firm performance as independent variable. This study adds to the literature one more equation that is impact of firm performance (dependent variable) on compensation (independent variable). Further by using the holistic combination which is rare in the literature of executivecompensation, both measures of firm performance mainly accounting measures (EPS, ROCE and RONW) and market measures (P/E, P/BV) gives comprehensive view of firm performance in relation to compensation. The control variables mainly net sales, R and D and total assets are drawn from literature often known as instrumental variable approach in econometrics. The boundary condition for the sample is BSE-500 firms listed at Bombay stock exchange out of this BSE-500 firms sample of 407 firms are used for study.

Keywords: Logistic model, asymptotic methods, small parameter, asymptotic expansions

Jel Codes: С59, M11, M20

Türkiye’de Enerji Üretiminde Fosil Yakıt Kullanımı ve CO2 Emisyonu İlişkisi: Bir Senaryo Analizi

Working Paper
Hakan Çetintaş , İ. Murat Bicil , Kumru Türköz
EconWorld Working Papers Series No: 2017002

Özet

Elektrik üretiminde fosil yakıtların kullanımı CO2 emisyonlarının artmasında önemli etkenlerin başında gelmektedir. Bu çalışmada Türkiye’de 1986-2013 yılları için yıllık veriler ele alınarak fosil yakıtlarla CO2 emisyonları arasındaki uzun dönemli ilişkiden yola çıkılarak üretimde fosil yakıt seçimi ile ilgili farklı bileşimlere göre oluşturulan senaryolara dayalı CO2 emisyonu öngörüleri yapılmıştır. Farklı üretim senaryolarına göre emisyondaki değişmeleri hesaplamak için Türkiye’de elektrik üretimi Box-Jenkins metodolojisi ile tahmin edilmiş ve üretim projeksiyonu kullanılarak farklı yakıt bileşimi senaryoları altında CO2 emisyonları hesaplanmıştır. Buna göre elektrik üretiminde mevcut durumun devamı, kömüre alternatif olarak doğal gaz kullanımı, kömürden yenilenebilir enerjiye geçiş gibi alternatif senaryoların CO2 emisyonunu nasıl değiştirdiği üretim projeksiyonuna bağlı olarak değerlendirilmiştir.

Anahtar Kelimeler: CO2 Emisyonları, Enerji Üretimi, Fosil Yakıtlar

Jel Kodları: Q2, Q4, Q47

 

Abstract

The use of fossil fuels in electricity generations is a major factor that increases CO2 emissions. In this paper, annual data between 1986-2013 used to predict CO2 emissions. Predictions based on alternative generation scenarios with different fuel combinations and the long run relation between fossil fuels and CO2 emissions. Electricity generation is predicted by using Box- Jenkins methodology to accounting emission changes in Turkey. Then generation predictions used for accounting CO2 emissions with different fuel combination scenarios. Accordingly, how the CO2 emissions changes under alternative scenarios that the continuation of the current situation in electricity generation and the use of natural gas and renewable resources as an alternative to coal has been evaluated depending on generation forecast.

Keywords: CO 2 Emissions, Energy Production, Fossil Fuels

Jel Codes: Q2, Q4, Q47

Optimization of Inventory Management Logistic Model of the Machine-Building Enterprises

Working Paper
Olha Holovan, Oleksandr Oliynyk, Yevheniia Makazan
EconWorld Working Papers Series No: 2017001

 

Abstract

The aim of this study is to develop the inventory management model based on Economic Order Quantity model using asymptotic perturbation methods. The simple asymptotic formulas for the “perturbed” order quantity has been obtained when cost per order, storage cost and product demand change slightly. As the results show, the total costs, which correspond to “perturbed” order quantities, are less than ones at economic order quantity. Decrease of logistics costs can improve the market competitiveness of the machine-building enterprises’ products. Modeling the nature of cost increase and demand fluctuation using asymptotic formulas the machine-building enterprises will be able to make prompt adjustments to optimize logistics processes.

Keywords: Logistic model, asymptotic methods, small parameter, asymptotic expansions

Jel Codes: С59, M11, M20

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