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Purpose – The aim of the study is to examine strategic groups and to investigate the relationship between group membership and performance. Design/methodology/approach – The research has been conducted in the Turkish banking industry, covering the years 2006-2015. First, stable strategic time periods, which indicate the time periods banks are homogeneous in their strategic behaviour, are determined and the strategic groups in the industry are defined in each period, then according to four performance variables-ROA, ROE, profit per branch and profit per employee- performance of banks is measured and group membership-performance relationship is examined. Accordingly, cluster analysis is used to determine strategic groups, and one-way analysis of variance (ANOVA), Mann Whitney-U and Kruskal Wallis tests are used to test the hypotheses. All analysis are carried out with the SPSS package program and interpreted at a %95 confidence level. Findings – The findings reveal significant performance differences among strategic groups within the industry and also the banks within the same strategic group. However, differences between groups is significantly higher than differences within groups. Finally, change in group membership negatively affects the performance of banks. However, this result is not statistically significant.
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Polish-German relations after the reunification of Germany constitute an interesting field of research, which results from difficult and painful relations in a distant history, a whole range of mutual stereotypes but also positive experiences. The author believes that against this background their balance in the last three decades is positive. To confirm this thesis, the article makes – and this is its main goal – the selection of more important areas of mutual relations, starting from their treaty regulation in the years 1990–1991. Great emphasis was placed on the multilateral context of Polish- German relations, including the role of Germany as Poland’s advocate in efforts to join the EU and NATO, an outline of the eastern policy of both countries (attitude towards Russia and Ukraine) but also disputable issues, such as controversy around the decision-making system in the EU and major bilateral problems. The article uses monographs in the field of German studies, publications of German research centers, scientific journals, press and websites of the German government and the Ministry of Foreign Affairs (Auswärtiges Amt).
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Purpose — Firms often form alliances to manage innovation activities with prior or new partners. However, it is not clear whether repeated alliances might reduce or increase incremental versus radical innovations. This paper investigates the effect of repeated partnerships on firm´s innovations in a creative industry, namely mobile gaming industry. Specifically, the effects of publisher and carrier partnerships on new game releases with existing versus new genres. Design/methodology/approach — An empirical research was conducted using US mobile gaming industry data between 2003-2005 which covers the new games released in period after 3G introduction and before smartphones. Thus, included mobile games belong to the same generation in terms of mobile internet telecommunication technology. The effect of repeated partnerships between a publisher and a carrier on a mobile game genre was empirically tested with logistic regression. Findings—Repeated partnerships lead to lower likelihood of radical innovation. The likelihood of radical innovation was lower for a large size partner relative to small size partner. Discussion — This research contributes two streams of research: strategic alliance research and research on creative industries. The type of innovation repeated interactions lead to in creative industry context was examined and partner size was also introduced as an important factor. This study gives advices on firms who needs alliance and suggest to have more diverse portfolio to continue their radical innovations.
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Purpose – The aim of this study is to reveal the relationship between the amounts of domestic credits, macroeconomic factors and financial development levels by providing worldwide evidence. Design/methodology/approach – This study uses the data obtained from the financial development database provided by the World Bank and covering all countries of the world and the years 2001-2019. The dependent variable is the ratio of domestic loans distributed to the private sector to gross domestic product, in the fixed effects panel regressions, while macroeconomic factors such as money supply, exchange rate, interest rate, price index are included as independent variables. Two indices are used to represent the financial institutions’ development levels. One of them shows the extent to which the borrowers and lenders are guaranteed by the laws in financial markets, the other index shows the efficiency of the debtor information provided by the credit registry institutions. Findings – This paper unveils strong findings for the positive relationship between domestic credit and expansionary monetary policy. On the other hand, it is found that the consumer price index and the domestic credits are negatively associated. The paper provides no evidence for the effect of financial institutions’ development levels on domestic credits. Discussion – While the discussions continue on the positive and negative consequences of the credit expansions in the economy, the importance of the papers those analyze the reasons of credit expansions are also increasing. This study contributes to the existing literature, which mostly emphasizes the importance of macroeconomic factors, considering the differences in financial development levels between countries. The econometric analysis applied in the study reveals the negative relationship between the consumer price index and domestic credits, and the positive relationship between money supply and domestic credit. Taken together, these adverse effects reveal that policy makers should be careful in their monetary policies designs.
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Purpose – The aim of this study was to investigate the effect of asymmetric information problem loans in the banking sector of Turkey it is to test the validity of the credit rationing in the banking sector in Turkey. For this purpose, the variables of the ratio of total loans to total assets for the years 2001-2019 and the ratio of non-performing loans to total loans of banks included in the BIST BANK (XBANK) index were used. Design/Methodology/Approach – The variables of the ratio of total loans to total assets and the ratio of non-performing loans to total loans for the years 2001-2019 of banks included in the BIST BANK (XBANK) index were used and the relationship between these variables was analyzed with the second generation Dumitrescu and Hurlin Panel Causality Test. Findings – As a result of the Dumitrescu and Hurlin Panel Causality Test analysis, it was determined that the banks listed in the BIST BANK (XBANK) index were not credit rationing for the period examined. Discussion – As a result of the findings, it is determined that credit rationing is not valid and the regulations implemented in reducing asymmetric information, effective risk management, public regulations, strict practices for detecting good and bad customers, and credit market regulations. It can be said that the activities have a significant impact.
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Purpose- The aim of the study is to determine the business cycles and stock market cycles that took place in Turkey between January 2000 and August 2021, to reveal their general characteristics and to analyze the relations between the two. Design/methodology/approach – Two methods were used to detect the cycles. First, the turning points of the cycles were determined by applying the Bry and Boschan (1971) procedure. Second, the deviations from the trend component determined by the Hodrick-Prescott (1997) filter were calculated, so the cycle series were created. In the study, the relationship between stock market cycles and business cycles was tested with the Granger causality test, and the direction and degree of the relationship between the series was tested with Vector Autoregressive Model (VAR) analysis. Findings- Granger causality test results show that there is a one-way causality relationship between stock market cycles and business cycles, and the direction of the relationship between these two series is from stock market cycles to business cycles. In addition, variance decomposition and impulse response analysis also show that a conversion time is approximately 2 years in terms of explaining the total change between the two series. Discussion- The fact that the cycles occurring in the stock markets have a causality effect on the business cycles is meaningful since the stock markets have a future-oriented structure. While this can be explained by the pricing of expectations regarding future economic activities in the stock market, it can also show that fluctuations in share prices may have an impact on the real economy.
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