İşletme Bölümü Koleksiyonu

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https://hdl.handle.net/20.500.12154/1467

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Link between digital technologies adoption and sustainability performance: Supply chain traceability/resilience or circular economy practices
(Multidisciplinary Digital Publishing Institute (MDPI), 2024) Duman Altan, Aylin; Beyca, Ömer Faruk; Zaim, Selim; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Technological progress and digitalization have ushered in significant transformations in business strategies. At present, research is scarcely focused on the influence of the adoption of digital technologies (DTs) on establishing comprehensive relationships within the context of a circular economy (CE), and the supply chain (SC) framework to contribute to the Resource-Based View (RBV) theory. This study utilizes survey data collected from 235 manufacturing practitioners employed by Turkish manufacturing enterprises to explore a model elucidating the relationship between DTs adoption and sustainability performance (SP) through supply chain traceability (SCT), supply chain resilience (SCR), and circular economy practices (CEPs), based on 10R strategies. Through this linkage, this research accentuates that the exclusive integration of CEPs with digital technology solutions is insufficient for industrial enterprises to attain their long-term sustainability goals. It underscores the necessity of ensuring SCT and/or SCR in this context.
An integrated expert recommender system approach to environmental service priorities in renewable energy
(IOP Publishing, 2024) Yüksel, Serhat; Dinçer, Hasan; Hacıoğlu, Ümit; An, Jaehyung; Mikhaylov, Alexey; Karpyn, Zuleima; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The purpose of this study is to analyze the investment success of renewable energy generation projects design. A novel model has been constructed for this purpose. At the first stage, collaborative filtering methodology is taken into consideration to complete missing evaluations. After that, M-SWARA based on QUSFSs with golden cut is used to compute the weights of these factors. Finally, the components of the service design are ranked by TOPSIS approach. The main contribution of the paper is that a new methodology (M-SWARA) has been created in this study by making improvements to SWARA. With the help of this new model, causal directions between the indicators can also be examined. Similarly, collaborative filtering methodology is taken into consideration to complete missing evaluations. In this process, the decision makers are allowed to leave the questions they wanted blank. This situation is considered as the superiority of the proposed model compared to many previous models in the literature. The findings indicate that cost is the most significant factor for the success of renewable energy investments because it gets the highest weight (.261). The ranking results also demonstrate that product is the most essential component of the service design of renewable energy investments. Therefore, solving the high-cost problem is of vital importance to increase these investments. First, renewable energy companies can reduce costs with more effective financial management. To carry out this process effectively, a finance department consisting of qualified personnel is needed. Thanks to this team, current situations in the financial markets will be better followed and this will play an important role in reducing costs.
Sustainable fashion consumption: The narrative documented from fast fashion brands and factors influencing consumers’ purchase intentions in Türkiye
(2024) Shehneh, Mohannad; Kachkar, Omar; Salman, Gülberk Gültekin; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study aims at exploring Turkish consumers’ behaviors toward purchasing green fashion. Amixed-methods approach was used in this study. Six experts from the main brands in the fashion industry inTürkiye were interviewed. A total of 268 questionnaires were collected from Turkish consumers, and theirresponses were analyzed. The theory of planned behavior (TPB) informed the theoretical framework of thisstudy. The main components of the TPB were extended to include perceived consumer effectiveness. Athematic analysis was conducted to analyze and code the interviews. To test the hypotheses, structuralequation modeling (SEM) was conducted. The findings show that the key factors of the TPB, i.e., attitudes(ATTs), subjective norms (SNs), and perceived behavioral control (PBC), as well as perceived consumereffectiveness, significantly impact the intentions of Turkish consumers to purchase sustainable fashion.However, the results highlight some inconsistencies, gaps, and barriers that discourage the purchase intentionsof consumers, including a lack of information, misinformation, greenwashing, green skepticism, a lack of trust,and the high cost of sustainable fashion.
A Scoping review of artificial intelligence applications in airports
(Sigma Xplore, 2024) Amiri, Misagh Haji; Kuşakcı, Ali Osman; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This paper aims to synthesize the literature on the application of artificial intelligence for airports. The selected methodology was based on the PRISMA Extension for Scoping Reviews (PRISMA-ScR), a recognized framework for systematic reviews. Authors searched the Scopus and Web of Science databases for articles that met the following criteria: (1) publication in peer-reviewed journals, (2) English language, and (3) relevance to airport operations, demonstrated by either (a) the use of airport datasets for showcasing AI applications or (b) the use of airports as case studies. Articles were assessed by two reviewers, and data were extracted on the articles’ keywords, publication year, and origin country. After screening and checking for eligibility, 121 unique articles were examined. Upon assessment, the included articles were categorized into seven main themes. Each category and its specific subtopics were individually discussed within this paper. Results indicate that the most extensively studied category belongs to airport administration and management. Security and air traffic control (ATC) were the second and third most studied categories, respectively. Notably, a significant portion of the articles focused on optimization techniques, scheduling strategies, and developing decision support systems (DSS) tailored to various airport departments. This paper not only highlights current research trends in the field of AI for airports but also identifies gaps in the existing literature. The paper proposes future research directions to enhance the effective implementation of AI technologies within airport environments.
Performance evaluation of sustainable energy alternatives to obtain efficient hybrid energy investments
(Vilnius Gediminas Technical University, 2024) Dinçer, Hasan; Yüksel, Serhat; Hacıoğlu, Ümit; Gherghina, Ştefan Cristian; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study evaluates the synergy of coalition for hybrid renewable energy (RWB) system alternatives. In this context, the alternative sources of hybrid RWB system are examined to illustrate the impact-relation directions among them with multi SWARA based on q-ROFs and golden cut. Next, the performances of renewable alternatives are measured in terms of the synergy of coalition with game theory and Shapley value. It is concluded that solar energy is the most suitable RWB alternative for synergy to increase efficiency in investments. However, biomass does not have a significant influence on providing synergy in energy investments. Therefore, solar energy should be prioritized for hybrid energy investments. Especially with the effect of technological developments, the efficiency of solar energy investments increases significantly. Thus, solar energy investments have become quite suitable for increasing the synergy in hybrid energy projects. Furthermore, necessary research should be conducted to make biomass energy more efficient.
Sustainability to financial realities: A comparative study of renewable energy's impact on financial performance
(Institute of Electrical and Electronics Engineers, 2024) Chlyeh, Dounia; Bayraktar, Erkan; Yılmaz, Mustafa Kemal; Tatoğlu, Ekrem; Zaim, Selim; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study examines the impact of renewable energy (RE) performance on companies' financial performance, primarily focusing on RE-related sustainable development goals (SDGs) and environmental factors. We analyze a sample of 2,737 companies across 47 countries from 2009 to 2018 using panel data analysis. Our results suggest that the effect of RE performance can be understood through three phases: policies adopted, targets established, and actions implemented. Interestingly, RE policies negatively impact profitability due to the substantial costs incurred by companies. Moreover, RE-related SDGs are found to affect companies' financial performance adversely. However, environmental factors demonstrate a positive and significant impact on corporate financial performance, which is observed consistently across developed and emerging countries. Furthermore, RE performance targets and actions have a significant positive impact, specifically in developed countries. This highlights the complex relationship between RE initiatives and financial outcomes, highlighting differential effects across various stages of implementation and geographic contexts.
Trait emotional intelligence and individual innovativeness: A study on technoparks
(Inderscience Publishers, 2024) Kıvrak, Fatma Halide; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Emotional intelligence is increasingly acknowledged as a driving force behind innovation. Employees with elevated emotional intelligence exhibit enhanced adaptability in industries focused on innovation, where heightened creativity and proficient collaborative problem-solving skills distinguish them from their counterparts lacking emotional intelligence. This study investigates the impact of employees’ trait emotional intelligence on individual innovativeness within the context of technoparks. The research also explores potential disparities in trait emotional intelligence and innovativeness, considering variables such as gender, marital status, education level, age, and managerial position. Using structural equation modelling, linear regression analysis, t-test and ANOVA, we analysed data collected from 164 employees in Istanbul’s technoparks. The findings highlight that general trait emotional intelligence, particularly its well-being and sociability dimensions, positively related with individual innovation. Additionally, significant differences in trait emotional intelligence were observed across all demographic factors, except marital status. Notably, gender and managerial position emerged as key differentiators for individual innovativeness, revealing higher levels of both emotional intelligence and innovativeness among those with managerial duties.
Holistic evaluation of energy transition technology investments using an integrated recommender system and artificial intelligence-based fuzzy decision-making approach
(Elsevier, 2024) Dinçer, Hasan; Pamucar, Dragan; Yüksel, Serhat; Deveci, Muhammet; Eti, Serkan; Hacıoğlu, Ümit; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The most essential criteria should be determined in the selection of the suitable energy transition technologies due to budget deficit problem. Therefore, it is necessary to identify the most important criteria in energy transition technology selection. Therefore, a new study is needed to determine the most prominent issues in the correct selection of energy transition technologies. The purpose of this study is to identify the most appropriate energy transition technology alternative. Within this framework, a novel artificial intelligence (AI)-based fuzzy decision-making model has been presented. In the first part, the experts are prioritized by the help of AI methodology. In the next section, missing evaluations of energy transition technology investments are estimated via expert recommender system. Thirdly, the weights of the criteria for energy transition technology selection are computed by quantum picture fuzzy rough sets (QPFR) M-Stepwise Weight Assessment Ratio Analysis (SWARA). At the final stage, selected energy transition technology alternatives are ranked via QPFR-Vlse Kriterijumska Optimizacija Kompromisno Resenje (VIKOR). The main contribution of this study is the integration of AI technique to the proposed model. Similar to this issue, using M-SWARA methodology in the process of criteria weighting increases the quality of the findings. This methodology helps to consider the impact relation map of the criteria. The findings demonstrate that the most important factor is cost-effectiveness of energy transition. Similarly, it is also found that the local ecosystem is the second most significant issue. On the other side, the ranking results denote that compact renewable systems for small scale production is the most optimal solution of energy transition technology alternatives.
The perception of fraud and perspective on ethics of the media employees in emerging countries in the digital era: Evidence from Türkiye
(İbn Haldun Üniversitesi, 2024) Aksoy, Tamer; Denkdemir, Ali Tümay; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study aimed to examine whether there is a significant difference between media employees' perception of fraud and their views on ethics and their demographic characteristics, through the example of a leading corporate written/audio/visual media company in Türkiye. Methodologically, data from 202 employees were collected by survey method and analyzed with SPSS-22. The study revealed that there was no significant difference between the participants' demographic characteristics such as age, education level, years of experience, position, and their perception of fraud and their views on ethics. The study also concluded that there are significant differences in the perception of fraud and ethical perspectives between female and male employees regarding gender criteria. It was determined that statistical significance and scoring were higher compared to men. In other words, it was revealed that female participants were more sensitive to fraud and ethical values than men.
The role of flexibility, digitalization, and crisis response strategy for SMEs: Case of COVID-19
(Taylor and Francis, 2024) Kahveci, Eyüp; Avunduk, Zehra Binnur; Daim, Tuğrul; Zaim, Selim; Yönetim Bilimleri Fakültesi, İşletme Bölümü
We explore the impact of COVID-19 on small- and medium-sizedenterprises (SMEs) and examine how crisis management strate-gies, particularly related to flexibility and digitalization, haveinfluenced their responses during and after the pandemic. Inthis regard, we investigate the relationships between strategicflexibility, digitalization, digital technology adoption, COVID-19 perception, and firm strategy after the pandemic by specifi-cally incorporating the mediating role of the crisis responsestrategy. Based on a survey of 206 Turkish SMEs in manufactur-ing and service industries, our research employs structural equa-tion modeling using Smart PLS. Our findings indicate that crisisresponse strategies play a significant role in shaping the firmstrategy after COVID-19, mediating the impact of strategic flex-ibility, digitalization, digital technology adoption, and COVID-19 perception. The findings highlight the importance of crisisresponse strategies—including optimizing business models,developing marketing channels, investing in technologicalinnovation, diversifying into new business areas, and integrat-ing the supply chain—during the COVID-19 period. These stra-tegies are crucial influencers in shaping the firm strategies ofSMEs beyond the pandemic. In particular, SMEs demonstrateadaptation by reassessing and restructuring their product port-folios, expanding their presence in regional markets, and estab-lishing strategic collaborations to thrive in the evolving businesslandscape.
Comparing product advertising videos: User comments on traditional celebrities vs. Youtubers
(İdeal Kent Yayınları, 2024) Kıvrak, Fatma Halide; Kıvrak, Ali; İletişim Fakültesi, Yeni Medya ve İletişim Fakültesi
Businesses are modifying their strategies to respond to the constantly changing media environment. In the past, marketing teams relied on traditional celebrities to promote brands and boost sales. Recently, social media celebrities such as Instagrammers, Tiktokers, youtubers, and influencers have emerged as popular options for marketing communication due to their significant attention and preference. Despite considerable research on traditional and social media influencer endorsements, there remains a gap in understanding how social media users perceive and interact with these endorsements. This study investigates the differences in topic, sentiment, and pragmatics of user comments on Youtube advertisement videos showcasing traditional celebrities and youtubers. We examined user comments on eight advertisement videos using content analysis, with half featuring traditional celebrities and the other half featuring youtubers. The findings indicate that including traditional celebrities in videos leads to increased user focus on brand features, along with greater expressions of admiration and positive sentiment. Furthermore, traditional celebrities are more effective than influencers in fostering favourable and reliable brand awareness. Possible explanations for these results are considered, and their theoretical and practical implications are derived.
Examining the role of employee social intrapreneurial behavioural and job satisfaction as mediators of employee commitment
(Richtmann Publishing, 2024) Malaj, Ardita; Alsaber, Ahmad R.; Alboloushi, Bedour; Alkandari, Anwaar; Zaim, Selim; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study investigates the series of mediating effects of employee social intrapreneurial behaviour and job satisfaction on innovative organizational culture and employee commitment. This research aims to explore the relationship between an innovative organizational culture, employee intrapreneurial behaviour, employee job satisfaction, and employee job commitment in the manufacturing sector of Kuwait, a developed economy. Literature reviews analyses core concepts and their associated domains to discover gaps in existing research by examining definitions, dimensions, and relevance. The examination of relevant research identified significant knowledge deficiencies. The framework examines employee social intrapreneurial behaviour by incorporating several aspects such as idea generation, idea promotion, and idea realization. The current study utilized quantitative research methods. The researcher utilized SPSS version 28 to analyses the numerical data collected through a questionnaire to meet the study questions. The questionnaire was distributed using both computerized and self-administered ways to increase the response rate. We have obtained an extensive list of contact names for all manufacturing companies in Kuwait. The study is based on three primary theories: Self Determination Theory, Social Exchange Theory, and Theory of Planned Behaviour. This study aims to develop a new formula to promote a culture of social innovation. The research findings suggest that Employee Social Intrapreneurial Behaviour (ESIB) has a notable influence on manufacturing enterprises in Kuwait. Employee social intrapreneurial behaviour and job satisfaction were shown to have a mediating impact on innovative organizational culture and employee commitment. The research's theoretical framework enhances managers' understanding of the significance of intrapreneurship and how organizations can facilitate its development at both individual and organizational levels.
Perception of customers toward the introduction of Islamic banking to Ghana
(Springer, 20224) Yahuza, Jibril; Kachkar, Omar; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study seeks to determine customers' impressions of Islamic banking (IB) in Ghana. As a non-Islamic Sub-Saharan African country, the study's goal is to investigate Ghana's behavioural goals about IB implementation. The recommended approach is based on the 'theory of planned behaviour (TPB),' which is widely utilized in customer behaviour evaluation. This theory consists of belief structures related to behavior, norms, and control that influence consumers' intentions. The questionnaire was designed to be self-administered. The results of the self-administered structured questionnaire were employed to gather information from 312 respondents to investigate banking customers' perceptions of embracing IB in Ghana. SPSS Amos and partial least squares structural equation modeling (PLS-SEM) were utilized in conducting the descriptive technique. The technique of the model shows an acceptable high goodness-of-fit index, and the data is consistent with the statistical model; the measurement model had a good enough validity and reliability, and the Standardized Mean Square Values (SRMR) were acceptable because it was below the threshold. All three predictors were found positive and significant; the attitude of banking customers in Ghana towards IB significantly impacted their behavioral intention to use it when introduced. Similarly, subjective norms were found to be significant and positive, and lastly, perceived behavior control was found to be positive and effective from all three components. Attitude is the most important factor determining a consumer's desire to use IB, and it has the greatest performance value, followed by subjective norms and perceived behaviour control. Nevertheless, perceived behavioural control outperformed subjective norms, which means more awareness must be created to motivate more banking consumers to use IB when introduced.
SRI Sukuk to achieve SDGs with a special reference to the legal and regulatory framework in Malaysia
(Springer, 2024) Kachkar, Omar; Al Fares, Marwa; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Malaysia has the leadership in developing Islamic socially responsible investing (SRI) and green finance. This study aims to highlight the importance of issuing SRI sukuk to achieve sustainable development and point out the incentives which attract investors to participate in the SRI sukuk within its legal and regulatory framework. This study has adopted a qualitative approach by analysing previous literature, as well as examining Malaysian SRI regulatory framework provisions. This study found that Malaysia is the key actor in provision of an environment requisite for issuing Sukuk aligned with SDGs such as SRI sukuk and SDG Sukuk. Promoting financing for SRI projects through issuing SRI sukuk will meet the United Nations Sustainable Development Goals (SDGs). In order to attract more investors to subscribe to SRI sukuk, SC Malaysia is determined that SRI sukuk should be highly mandated to invest in green, social, sustainable and waqf dimensions. Moreover, the government of Malaysia (GoM) provides Tax incentives for SRI sukuk issuers, investors as well as brokers. For instance, the SRI sukuk issuer enjoys tax concessions on SRI sukuk issuance. Finally, SDG Sukuk Framework explains the Malaysian Government’s intention to utilize the SDG Sukuk to fund projects that will generate environmental and social benefits and also conform to sustainable development goals.
Assessment of sustainable aviation fuel production methods using a hybridized decision-making framework
(Ankara Yıldırım Beyazıt Üniversitesi, 2024) Ibrahim, Ibrahim Temam; Kuşakcı, Ali Osman; Abdullah, Amna; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Sustainable aviation fuels (SAF) present a feasible solution to decarbonize modern aviation. Unlike traditional jet fuels, SAFs are produced in a variety of ways, thereby choosing one of these processes is a complicated Multi-Criteria Decision Making (MCDM) challenge that involves conflicting priorities. This study evaluates SAF production processes using a multicriteria methodology, PROMETHEE II. With SAF technology in its nascent stage and limited data, several stakeholders in the aviation sector were enlisted to assist in the collection of data and preferences. The suggested framework’s strength lies in its adaptability to suit the subjective opinions of diverse stakeholders, selection of a ranking system, and robustness of outcomes. This research engaged stakeholders in a participatory manner to rank 11 (A1 to A11) SAF production paths based on 24 parameters categorized into social, environmental, economic, and technological evaluation criteria. Industry professionals were given a form to rate SAF production methods according to a performance criterion. Data is validated using fuzzy TOPSIS, fuzzy VIKOR, and PROMETHEE II to reduce professionals’ judgmental personal prejudice. Results indicate the optimal feedstock for SAF production is the direct transition process of CO2 to SAF (A11) in the gasification or Fischer-T synthesis group.
Building higher value-added firm practices in challenging contexts: Formal networks and talent management in Turkey
(SAGE Publications, 2024) Demirbağ, Mehmet; Tatoğlu, Ekrem; Wood, Geoffrey; Glaister, Alison J.; Zaim, Selim; Nair, Smitha R.; Yönetim Bilimleri Fakültesi, İşletme Bölümü
Where do high-impact human resources management practices thrive, and how do they make a difference in environments with limited institutional support? This study delves into the realm of talent management (TM) in Turkey, where institutional coverage is incomplete and unstable. Drawing on survey data, we explore the conditions under which TM succeeds, supplementing previous research on internal networks by examining the impact of external networks that encompass the entire firm. We find that when firms have closer ties with customers, suppliers and competitors (and hence, the basis for formal network tie building), TM is more prevalent and more likely to be successful. While conventional wisdom in comparative institutional literature suggests that such dense ties might be less effective in emerging markets owing to the absence of advanced complementarities found in mature economies, our study challenges these assumptions. In the eyes of managers, TM is not merely a tool to overcome disadvantages; it is perceived as a source of opportunities. This prompts a critical question: what specific advantages does the emerging economy system confer on firms embracing TM? Our study seeks to unravel these dynamics and contribute to a deeper understanding of the interplay between institutional contexts and TM.
The effect of organizational culture, supplier trust and information sharing on supply chain viability
(Springer, 2024) Acar, Mehmet Fatih; Torgalöz, Alev Özer; Eryarsoy, Enes; Zaim, Selim; Ruel, Salomée; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study investigates the impact of intangible resources such as adhocracy culture (ADC), information sharing with suppliers (IS), and supplier trust (ST) on supply chain viability (SCV) under high inflation environment. To do this, a conceptual model is developed to analyze the associations between these suggested variables. Using on a cross-sectional survey, data are collected from 216 supply chain (SC) and production practitioners based in Türkiye who are medium- to senior-level managers. To analyze our theoretical model, we processed our data and model using lavaan package in R. The results show a significant relationship between ADC and SCV. Additionally, both of IS and ST capabilities are found to have a strong mediating effect on the ADC and SCV relationship. The results of this study will provide insight for managers and researchers to prevent the negative effects of SC disruptions due to the high inflation or other type of stress tests. Extant research has investigated the SCV with different crises like COVID-19 pandemic however, the study is the first research that examines SCV under high inflation stress test. Moreover, ADC, IS and ST have not widely appeared in SCV literature. In this regard, this research also contributes to the ongoing efforts of investigating the antecedents of SCV.
Unveiling the power of social value: Catalyzing circular economy in emerging market SMEs
(Elsevier, 2024) Ayaz, Özlem; Tatoğlu, Ekrem; Yönetim Bilimleri Fakültesi, İşletme Bölümü
The circular economy serves as a dynamic force for sustainability, emphasizing energy conservation, enduring design, and recycling, all while prioritizing value creation. Aligned with the comprehensive triple bottom line framework, encompassing environmental, social, and financial dimensions, circular economy initiatives hold the promise of substantial organizational benefits. This research, deeply rooted in systems thinking, investigates the pivotal role of social value in achieving organizational objectives. Employing structural equation modeling, a serial mediation model is meticulously crafted based on a cross-sectional online survey conducted among small and medium-sized enterprises in Turkey. The findings bring to light mutually reinforcing relationships among triple bottom line dimensions, accentuating the positive mediating mechanisms between social value initiatives and organizational performance. This study significantly advances our understanding of social value, circular economy practices, and sustainability within the context of Turkish SMEs. The practical implications of this research provide valuable guidance for organizations navigating the realms of social and environmental responsibility. Through the implementation of diverse strategies, organizations can adeptly integrate and manage the multifaceted aspects of the triple bottom line, culminating in favorable outcomes and the cultivation of triumvirate elements that augment organizational performance.
MNEs engagement with environmental sustainability in an emerging economy: Do dynamic capabilities and entrepreneurial orientation matter?
(Elsevier, 2024) Bouguerra, Abderaouf; Çakır, M. Selim; Rajwani, Tazeeb; Mellahi, Kamel; Tatoğlu, Ekrem; Tatoğlu, Ekrem; Yönetim Bilimleri Fakültesi, İşletme Bölümü
In this study, we investigate the link between multinational enterprises’ (MNEs) dynamic capabilities (DC) and their environmental collaboration with suppliers mediated by entrepreneurial orientation (EO) and moderated by environmental complexity. Drawing on responses from 249 managers of MNEs in Türkiye, we find that DC improve environmental collaboration with suppliers. Moreover, we posit that through EO, MNEs achieves greater environmental collaboration with suppliers for effective environmental solutions, especially at a low level of environmental complexity. The results enrich the role of organizational capabilities in strengthening environmental collaboration with suppliers to achieve environmental sustainability, and provide suggestions for managers and policymakers to better understand capabilities for the purpose of attaining sustainability.
Stock market response to natural disasters: Does corporate sustainability performance make difference?
(Elsevier, 2024) Aksoy, Mine; Yılmaz, Mustafa Kemal; Tatoğlu, Ekrem; Yönetim Bilimleri Fakültesi, İşletme Bölümü
This study aims to examine the short-term price reactions of the stocks listed on Borsa Istanbul (BIST) after the severe earthquake of February 6, 2023, that happened in the southeastern region of Türkiye covering 11 provinces and causing more than 50,000 fatalities. Using a sample of 450 companies listed on the BIST All Index, this study estimates the abnormal returns (ARs) of stocks by employing an event study methodology. Using BIST 100 companies as a sub-sample, this study also explores whether sustainability performance creates resilience against downside risk after the earthquake. The results of the market model and the mean-adjusted model show that on the event day, most of the sectors had negative and significant ARs, while only the non-metal mineral products had positive and significant ARs. Most of the sectors continued to decline in the following 10 days except basic metal and non-metal mineral products sectors. The telecommunications sector was the most negatively affected sector in both models after the event day as it has underperformed in ensuring uninterrupted access to communication. The findings also indicate that firms in the financial sector that have higher sustainability performance are more resilient in responding to the disaster.

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