İşletme Bölümü / Department of Business Administration

Permanent URI for this collectionhttps://gcris3.etu.edu.tr/handle/20.500.11851/271

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Citation - Scopus: 43
Antecedents and Consequences of Co-Creation in Credence-Based Service Contexts
(Routledge Journals, Taylor & Francıs Ltd, 2016) Tarı Kasnakoğlu, Berna
The present study proposes that co-creation is a dialogical process which involves a high level of participation by both partners, and attempts to test a co-creation model, where partners engage in a service interaction using their operant resources. Results from 65 exploratory interviews and 502 scenario-based experiments demonstrate that operant resources lead to higher levels of participation; however, participation by one partner does not lead to co-creation unless the other partner is also participating, indicating the constructive effects of a mutually contributing relationship. Results also imply that co-creation is a highly contextual and interactive phenomenon, thus the dimensions and the effects of mutual participation should be interpreted by investigating specific service contexts. Positive outcomes significantly increase with co-creation; however, well-being seems to be a concept intertwined within the dyadic service relationship rather than a remote state of the consumer.
Citation - Scopus: 9
An Asymmetric Configural Model Approach for Understanding Complainer Emotions and Loyalty
(Elsevier Science Inc, 2016) Tarı Kasnakoğlu, Berna; Yılmaz, Cengiz; Varnalı, Kaan
Few works emphasize the emotional nature of customer complaint behavior, and those that do so fodis largely on negativity. The idea that specific emotions might lead to idiosyncratic reactions and that in some cases positive emotions may also-be aroused during the complaint experience has been largely neglected. The study explores this issue by identifying specific emotions experienced by complainers and then relating them to resulting complainer loyalty levels, separately under conditions where the outcomes of the complaint process is evaluated favorably versus unfavorably. Complaint texts posted on a well-known website are content analyzed and six types of emotions (hopeful, puzzled, recessive, befooled, offended, and hypersensitive), three types of texting styles (general, specific, and threatening), and five types of complainer concerns (financial, technical, psychological, social, and physical) are identified via content analyses. Configural analyses reveal 33 combination paths of these antecedent conditions for complainer loyalty and 65 different combinations for disloyalty. Results suggest that the specific emotions approach potentially explains more about complaining customer behavior compared to the more general valence-based approach, and that post-complaint loyalty depends considerably on complainer emotions, concerns, and texting styles experienced and expressed during the complaint process. (C) 2016 Elsevier Inc. All rights reserved.
Citation - Scopus: 2
Budget Impact of Incorporating Non-Invasive Prenatal Testing in Prenatal Screening for Down Syndrome in Turkey
(Elsevier Ltd., 2019-12) Ökem, Zeynep Güldem; Örgül, Gökçen; Tarı Kasnakoğlu, Berna; Çakar, Mehmet; Beksaç, Mehmet Sinan
Objectives: To provide information to the government about the budget impact of implementing non-invasive prenatal testing (NIPT) into prenatal screening strategies to detect Down syndrome (DS) in singleton pregnancies in Turkey; the likely costs or savings associated with NIPT in comparison to the current practice were calculated. Methods: A decision-analytic model was developed to calculate the cost estimates for 1,309,771 women who gave birth in 2016; 84.8% of whom were <35-years-of-age. The superior combined test (CT) among current strategies is compared with contingent NIPT for women < 35-years-of-age; and usual practice of amniocentesis (AC) for women ? 35 years-of-age was replaced with universal NIPT. Results: When the market price of NIPT (1,077 PPPUS$) is used, contingent NIPT offered to high-risk women < 35-years-of-age adds 34,907,225 PPPUS$; and for women-35 ? years-of-age the universal NIPT leads to 142,785,818 PPPUS$ more cost to the government compared to current strategies. The additional costs with NIPT are partially compensated by the cost-savings due to reduction of the number of invasive tests and procedure related losses (17,826,476 PPPUS$ for women < 35-years-of-age and 37,070 PPPUS$ for women ? 35-years-of-age). Results are sensitive to the NIPT costs; with a lower cost of NIPT, a total saving would be 33,116,046 PPPUS$ with new strategies. Conclusions: NIPT might be the choice of prenatal screening strategies if its price is lowered to economically acceptable levels. Until that time, currently accepted protocols seem to be more realistic. On the other hand, decision makers should also consider possible savings and the women's quality of life that can be improved with the new technology.
Citation - Scopus: 68
Cyber Security Risk Management: Public Policy Implications of Correlated Risk, Imperfect Ability To Prove Loss, and Observability of Self-Protection
(Wiley, 2011) Ögüt, Hulisi; Raghunathan, Şrinivaşan; Menon, Nirup
The correlated nature of security breach risks, the imperfect ability to prove loss from a breach to an insurer, and the inability of insurers and external agents to observe firms' self-protection efforts have posed significant challenges to cyber security risk management. Our analysis finds that a firm invests less than the social optimal levels in self-protection and in insurance when risks are correlated and the ability to prove loss is imperfect. We find that the appropriate social intervention policy to induce a firm to invest at socially optimal levels depends on whether insurers can verify a firm's self-protection levels. If self-protection of a firm is observable to an insurer so that it can design a contract that is contingent on the self-protection level, then self-protection and insurance behave as complements. In this case, a social planner can induce a firm to choose the socially optimal self-protection and insurance levels by offering a subsidy on self-protection. We also find that providing a subsidy on insurance does not provide a similar inducement to a firm. If self-protection of a firm is not observable to an insurer, then self-protection and insurance behave as substitutes. In this case, a social planner should tax the insurance premium to achieve socially optimal results. The results of our analysis hold regardless of whether the insurance market is perfectly competitive or not, implying that solely reforming the currently imperfect insurance market is insufficient to achieve the efficient outcome in cyber security risk management.
Citation - Scopus: 85
Detecting Stock-Price Manipulation in an Emerging Market: the Case of Turkey
(Pergamon-Elsevier Science Ltd, 2009) Ögüt, Hulisi; Doğanay, M. Mete; Aktaş, Ramazan
This paper aims to develop methods that are capable of detecting manipulation in the Istanbul Stock Exchange. We take the difference between manipulated stock's and index's average daily return, average daily change in trading volume and average daily volatility and used these statistics as explanatory variables. The data in post-manipulation and pre-manipulation periods are used as non-manipulated instances while the data in the manipulation period are used as manipulated instances. Test performance of classification accuracy, sensitivity and specificity statistics for Artificial Neural Networks (ANN) and Support Vector Machine (SVM) are compared with the results of discriminant analysis and logistics regression (logit). We found that the data mining techniques (ANN and SVM) are better suited to detect stock-price manipulation than multivariate statistical techniques (discriminant analysis, logistics regression) as the performances of the data mining techniques in terms of total classification accuracy and sensitivity statistics are better than those of multivariate techniques. We also found that unit change in difference between average daily return of manipulated stock and the index has the largest effect while unit change in difference between average daily change in trading volume of manipulated stock and index has the least effect on multivariate classifiers' decision functions. (C) 2009 Elsevier Ltd. All rights reserved.
Embracing Food Well-Being: Lessons From Chefs' Caring Actions in the Fight Against Food Waste
(Sage Publications Inc, 2024) Pizzetti, Marta; Longo, Cristina; Türe, Meltem
This research analyzes world-renowned chefs' fight against food waste as a manifestation of care, and aims to contribute to the understanding of food well-being (FWB). A qualitative study was conducted to analyze a large set of data triangulated from multiple sources (online streaming platforms, books, newspapers, magazines, websites, and social media channels). The findings reveal that, in proclaiming their responsibility to act against food waste, chefs challenge a wasteful food culture by weaving a web of care targeted at both supporting and training consumers and other stakeholders in the food supply chain. In doing so, the chefs leverage their position in society and within the food supply chain to connect multiple stakeholders in order to form a mutually beneficial and positive relationship with food. The results contribute to the conceptualization of FWB by highlighting the relational and dynamic nature of care in the FWB model. The study has policy implications for fighting food waste and enhancing FWB.
Citation - Scopus: 17
Empirical Distributions of Daily Equity Index Returns: a Comparison
(Pergamon-Elsevier Science Ltd, 2016) Çorlu, Canan G.; Meterelliyoz Kuyzu, Melike; Tiniç, Murat
The normality assumption concerning the distribution of equity returns has long been challenged both empirically and theoretically. Alternative distributions have been proposed to better capture the characteristics of equity return data. This paper investigates the ability of five alternative distributions to represent the behavior of daily equity index returns over the period 1979-2014: the skewed Student-t distribution, the generalized lambda distribution, the Johnson system of distributions, the normal inverse Gaussian distribution, and the g-and-h distribution. We find that the generalized lambda distribution is a prominent alternative for modeling the behavior of daily equity index returns. (C) 2016 Elsevier Ltd. All rights reserved.
Citation - Scopus: 44
Financial Reporting Transformation: the Experience of Turkey
(2009) Alp, Dursun Ali; Üstundağ, S.
From the viewpoint of a developing country which is in need of foreign capital and foreign investments to finance its economic growth, the need for high quality financial information has vital importance. The need for IFRS in Turkey was brought up by the same reasons as a developing country and as an emerging market. With the internationalization of capital markets and the increased volume of international investments, companies functioning in Turkey needed to provide high quality financial information to access financial resources. Furthermore, internationally accepted and reliable financial information is also needed for the overseas customers of the domestic companies. Another reason facilitating the need for IFRS is Turkey's candidation for European Union membership. This paper attempts to explain the development process of accounting standards around the world and its practical results in a developing country: Turkey. Within this context, brief information is given about the structure of International Accounting Standards Board (IASB), and adoption process of IFRS in Turkey. During this adoption process, Turkey encounters several complications such as complex structure of the international standards, potential knowledge shortfalls, and difficulties in application and enforcement issues. This paper explores these difficulties and shares the Turkish experience from a viewpoint of a regulator and an academician, and discusses the proper and consistent way implementing a "Principle Based" IFRS in Turkey. © 2009.
Citation - Scopus: 6
Folded Overlapping Variance Estimators for Simulation
(Elsevier, 2012) Meterelliyoz Kuyzu, Melike; Alexopoulos, Christos; Goldsman, David
We propose and analyze a new class of estimators for the variance parameter of a steady-state simulation output process. The new estimators are computed by averaging individual estimators from "folded" standardized time series based on overlapping batches composed of consecutive observations. The folding transformation on each batch can be applied more than once to produce an entire set of estimators. We establish the limiting distributions of the proposed estimators as the sample size tends to infinity while the ratio of the sample size to the batch size remains constant. We give analytical and Monte Carlo results showing that, compared to their counterparts computed from nonoverlapping batches, the new estimators have roughly the same bias but smaller variance. In addition, these estimators can be computed with order-of-sample-size work. (C) 2012 Elsevier B.V. All rights reserved.
Citation - Scopus: 4
Forecasting Model of Shanghai and Crb Commodity Indexes
(Pergamon-Elsevier Science Ltd, 2012) Göleç, Adem; Murat, Atılım; Tokat, Ekin; Türkşen, İsmail Burhan
This paper examines the long-run relationship between the Shanghai index and CRB commodity index. We run our vector error correction model (VECM) for two sub-samples as pre-crisis period and post-crisis period. In pre-crisis period, there is strong bidirectional causality link between the Shanghai and CRB. In post-crisis period, there is no causality between the indices. In the second part of the article, we employ Fuzzy System Modeling (FSM) to increase the performances of root mean-square error, R-2 and Adjusted R-2. We show the results of our analysis for both Shanghai and CRB indexes. We have demonstrated the results for a good number of our investigations ANFIS, GENFIS, Classical LSE and three versions of support vector regression. For both Shanghai and CRB indexes, our FSMIFF with LSE obtains better results than all other models we have investigated and thus are more suitable for forecasting stable and unstable stock market behavior. Crown Copyright (C) 2012 Published by Elsevier Ltd. All rights reserved.
Citation - Scopus: 110
Forecasting Oil Price Movements With Crack Spread Futures
(Elsevier, 2009) Murat, Atılım; Tokat, Ekin
In oil markets, the crack spread refers to the crude-product price relationship. Refiners are major participants in oil markets and they are primarily exposed to the crack spread. In other words. refiner activity is substantially driven by the objective of protecting the crack spread. Moreover, oil consumers are active participants in the oil hedging market and they are frequently exposed to the crack spread. From another perspective, hedge funds are heavily using crack spread to speculate in oil markets. Based on the high volume of crack spread futures trading in oil markets, the question we want to raise is whether the crack spread futures can be a good predictor of oil price movements. We investigated first whether there is a causal relationship between the crack spread futures and the spot oil markets in a vector error correction framework. We found the causal impact of crack spread futures on spot oil market both in the long- and the short-run after April 2003 where we detected a structural break in the model. To examine the forecasting performance, we use the random walk model (RWM) as a benchmark, and we also evaluate the forecasting power of crack spread futures against the crude oil futures. The results showed that (a) both the crack spread futures and the crude oil futures outperformed the RWM: and (b) the crack spread futures are almost as good as the crude oil futures in predicting the movements in spot oil markets. (C) 2008 Elsevier B.V. All rights reserved.
Citation - Scopus: 34
Forecasting Precious Metal Price Movements Using Trader Positions
(Elsevier Sci Ltd, 2012) Mutafoğlu, Takvor H.; Tokat, Ekin; Tokat, Hakkı A.
In the early 2000s, the precious metal markets entered into a new phase where a steady rise of prices had been observed until the October 2008 crash. Given the size and importance of precious metal market, as well as the hedging capacity of precious metals due to their low correlation with equity markets (Draper et al., 2006), the question we want to arise is whether trader positions predict the direction of gold, platinum, and silver spot price movements. The forecasting content of the Commodity Futures Trading Commission's Commitment of Traders report for platinum, silver and gold prices using trader positions is investigated in a VAR framework. Granger causality tests are conducted to determine whether a relation between trader positions and market prices exists. An examination of the extreme trader positions on price movements is also conducted. The results indicate that market return is a significant parameter in explaining trader's positions for all trader types in each of the precious metal markets under consideration after the beginning of 2000s where we detect a structural break for each of the market under study. Commercial traders are found to be negative feedback traders, that is, they sell when the prices increase in the market. On the other hand, in line with the previous literature, a positive correlation between returns and positions held by non-commercial and non-reporting traders is found. However, trader's net positions do not lead market returns in general. There is some evidence on the forecasting ability of extreme trader positions on market returns. (C) 2012 Elsevier Ltd. All rights reserved.
Citation - Scopus: 55
How Do Firms Benefit From Customer Complaints?
(Elsevier Science Inc, 2016) Yılmaz, Cengiz; Varnali, Kaan; Tarı Kasnakoğlu, Berna
The study explores the effects of two sets of factors relating to complaint management on firm performance, namely, (1)customer response factors and (2) organizational learning factors, thereby integrating organizational learning into the conceptualization of complaint management Symmetric testing using hierarchical regression analysis of data obtained from complainants and firm managers revealed the joint effects of the two main paths on firm performance, independently from one another. Learning from complaints is shown to influence both short- and long-term firm-level performance measures positively. However, contrary to expectations, complainants' and managers' perceptions of fairness in the complaint handling processes of firms are found to (1) be nonrelated to short-term firm performances and (2) influence long-term performance expectancies negatively. Asymmetric analyses involving contrarian cases and further utilizing the fuzzy-set qualitative comparative analysis (fsQCA) disclosed distinct sets of antecedents that are sufficient for explaining short- and long-term firm performance. (C) 2015 Elsevier Inc. All rights reserved.
Citation - Scopus: 24
Increasing Accuracy of Two-Class Pattern Recognition With Enhanced Fuzzy Functions
(Pergamon-Elsevier Science Ltd, 2009) Çelikyılmaz, Aslı; Türkşen, İsmail Burhan; Aktaş, Ramazan; Doğanay, M. Mete; Ceylan, N. Başak
In building an approximate fuzzy classifier system, significant effort is laid oil estimation and fine tuning of fuzzy sets. However, in such systems little thought is given to the way in which membership functions are combined within fuzzy rules. In this paper, a robust method, improved fuzzy classifier functions (IFCF) design is proposed for two-class pattern recognition problems. A supervised hybrid improved fuzzy Clustering for classification (IFC-C) algorithm is implemented for structure identification. IFC-C algorithm is based oil it dual optimization method, which yields simultaneous estimates of the parameters of (c-classification functions together with fuzzy c partitioning of dataset based oil a distance measure. The merit of novel IFCF is that the information oil natural grouping of data samples i.e., the membership values, are utilized as additional predictors of each fuzzy classifier function to improve accuracy of system model. Improved fuzzy classifier functions are approximated using statistical and soft computing approaches. A new semi-non-parametric inference mechanism is implemented for reasoning. The experimental results Of the new modeling approach indicate that the new IFCF is it promising method for two-class pattern recognition problems. (c) 2007 Elsevier Ltd. All rights reserved.
Citation - Scopus: 39
Prediction of Bank Financial Strength Ratings: the Case of Turkey
(Elsevier Science Bv, 2012) Ögüt, Hulisi; Doğanay, M. Mete; Ceylan, Nildağ Başak; Aktaş, Ramazan
Bank financial strength ratings have gained widespread popularity especially after the recent financial turmoil. Rating agencies were criticized because of their ratings and failure to predict the bankruptcy of the banks. Based on this observation, we investigate whether the forecast of the rating of bank's financial strength using publicly available data is consistent with those of the credit rating agency. We use the data of Turkish banks for this investigation. We take a country-specific approach because previous studies found that proxies used for environmental factors (political, economic, and financial risk of the country) did not have any explanatory power and it is hard to find international data for other important factors such as franchise value, concentration, and efficiency. We use two popular multivariate statistical techniques (multiple discriminant analysis and ordered logistic regression) to estimate a suitable model and we compare their performances with those of two mostly used data mining techniques (Support Vector Machine and Artificial Neural Network). Our results suggest that our predictions are consistent with those of Moody's financial strength rating in general.. The important factors in rating are found to be profitability (measured by return on equity), efficient use of resources, and funding the businesses and the households instead of the government that shows efficient placement of the funds. (C) 2012 Elsevier B.V. All rights reserved.
Citation - Scopus: 27
Prediction of Financial Information Manipulation by Using Support Vector Machine and Probabilistic Neural Network
(Pergamon-Elsevier Science Ltd, 2009) Ögüt, Hulisi; Aktaş, Ramazan; Alp, Dursun Ali; Doğanay, M. Mete
Different methods have been used to predict financial information manipulation that can be defined as the distortion of the information in the financial statements. The purpose of this paper is to predict financial information manipulation by using support vector machine (SVM) and probabilistic neural network (PNN). A number of financial ratios are used as explanatory variables. Test performance of classification accuracy, sensitivity and specificity statistics for PNN and SVM are compared with the results of discriminant analysis, logistics regression (logit), and probit classifiers, which have been used in other studies. We have found that the performance of SVM and PNN are higher than that of the other classifiers analyzed before. Thus, both classifiers can be used as automated decision support system for the detection of financial information manipulation. (C) 2008 Elsevier Ltd. All rights reserved.
Citation - Scopus: 11
Shock and Volatility Transmission in the Futures and Spot Markets: Evidence From Turkish Markets
(M E Sharpe Inc, 2010) Mutafoğlu, Takvor H.; Tokat, Ekin; Tokat, Hakki Arda
This paper examines the volatility transmission mechanism between the futures and corresponding underlying asset spot markets, focusing on Turkish currency and stock index futures traded on the lately established Turkish Derivatives Exchange (TURKDEX). Employing multivariate generalized autoregressive conditional heteroskedasticity modeling, which allows for potential spillovers and asymmetries in the variance covariance structure for the market returns, the paper investigates the volatility interactions among each of the three futures-spot market systems. For all market systems under study, the volatility spillovers are found to be important and bidirectional. For the stock index market system, in line with the previous literature, volatility shows asymmetric behavior and strong asymmetric shock transmission. The main implication is that investors need to account for volatility spillovers and asymmetries among the futures and the spot markets to correctly build hedging strategies.
Citation - Scopus: 45
Sourcing Information Security Operations: the Role of Risk Interdependency and Competitive Externality in Outsourcing Decisions
(Wiley, 2017) Cezar, Asunur; Çavuşoğlu, Hüseyin; Raghunathan, Şrinivaşan
Firms are increasingly outsourcing information security operations to managed security service providers (MSSPs). Cost reduction and quality (security) improvement are often mentioned as motives for outsourcing information security, and these are also the frequently cited reasons for outsourcing traditional information technology (IT) functions, such as software development and maintenance. In this study, we present a different explanation-one based on interdependent risks and competitive externalities associated with IT security-for firms' decisions to outsource security. We show that in the absence of competitive externalities and interdependent risks, a firm will outsource security if and only if the MSSP offers a quality advantage over in-house operations, which is consistent with the conventional explanation for security outsourcing. However, when security risks are interdependent and breaches impose competitive externalities, although firms still have stronger incentive to outsource security if the MSSP offers a higher quality in terms of preventing breaches than in-house management, a quality advantage of MSSP over in-house management is neither a prerequisite for a firm to outsource security nor a guarantee that a firm will. In addition to MSSP quality, the type of externality (positive or negative), the degree of externality, whether outsourcing increases or decreases risk interdependency, and the breach characteristics determine firms' sourcing decisions. When security breaches impose a positive externality, the incentive to outsource is enhanced if the MSSP decreases the risk interdependency and diminished if the MSSP increases this interdependency. A negative externality has the opposite effect on firms' incentives to outsource. A high demand spill-over to a competitor, together with a high loss in industry demand because of a security breach, enhances these incentives to outsource security operations when the externality is negative. Finally, we extend our base model in several dimensions and show that our main results regarding the impact of interdependent risks and competitive externalities on sourcing decisions are robust and generalizable to different specifications.

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