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Öğe Cryptocurrencies and Blockchain Technology: Investigating the Relationship between Bitcoin and Financial Markets(Verlag Peter Lang AG, 2022) Selimefendigil, Seyfullah; Güzeloğlu, Hakan; Çatak, ÇiydemThe main purpose of this study is to investigate both causality relationship and cointegration relationship between bitcoin and capital markets during the Covid-19 period. To probe the issue a dataset based on a total of eight capital markets and the Bitcoin weekly prices utilized together. Based on Granger causality test, it is found that there is one-way causality relationship from BTC to BOVESPA and from SHANGHAI to BTC. Moreover, the ARDL bounds test shows that Bitcoin has no significant relationship with capital markets in the long run. © Peter Lang GmbH.Öğe Decision usefulness and inflation accounting : The case of Turkey(Muhasebe Bilim Dünyası Dergisi, 2023) Selimefendigil, SeyfullahThe purpose of this study is to examine the issue of inflation accounting and decision usefulness. As well as having political costs for a country, inflation has financial costs for companies and their stakeholders. To test the necessity of inflation accounting adoption, Ohlson's (1995) pricing model is used and earnings volatility is measured across years. It was concluded that earnings are more volatile and don’t explain the changes in company market value when inflation adjustments are required. Furthermore, it has been suggested that stewardship theory can explain the reporting of inflationadjusted values in conjunction with historical cost values.Öğe Denetim kalitesinin finansal raporlama kalitesi üzerine etkisi: BİST şirketleri örneği(Gazi İktisat ve İşletme Dergisi, 2023) Selimefendigil, SeyfullahBu çalışmada denetim kalitesinin finansal raporlama kalitesi üzerindeki etkisi incelenmiştir. Borsa İstanbul’da faaliyet gösteren 262 finansal olmayan firmanın 2012-2021 yılları arasındaki verileri kullanılmıştır. Finansal raporlama kalitesinin göstergesi olan kazanç yönetimi uygulamalarının ölçümünde düzeltilmiş Jones Modeli kullanılmıştır. Denetim firmasının büyüklüğü olarak kabul edilebilen firmaların dört büyük denetim firması (E&Y, Deloitte, KPMG ve PwC) tarafından denetlenme durumu, denetim kalitesi ölçütü olarak belirlenmiştir. Yapılan analiz sonucunda ise denetim firmasının büyüklüğünün kazanç yönetimi uygulamalarını sınırlandırdığı görülmüş olup ayrıca firmaların kârlılık oranının kazanç yönetimi uygulamaları üzerinde anlamlı bir etkisi bulunmuştur. Ancak kazanç yönetimi uygulamaları ile firma büyüklüğü, borçluluk düzeyi ve likidite durumu arasında herhangi bir ilişkiye rastlanmamıştır.Öğe Does ESG Investment Influence Firm Risk During the COVID-19 Pandemic? Evidence from European Markets(Istanbul Univ, Sch Business, 2024) Selimefendigil, SeyfullahIn recent decades, corporate social performance (CSP) has gained in importance. Because of concerns raised by consumers, investors, fund providers, and governmental organizations about sustainability, businesses are motivated to work toward a more sustainable environment. This paper examines the nexus between environmental, social, and governance factors (ESG) and various risk types, including market and accounting-based risk, using a data set comprising 1400 firm- year observations spanning the period from 2015 to 2022 from European countries. It examines both aggregated and disaggregated ESG scores and their associations with accounting-based default risk, measured by Altman's Z and Zmijewski's ZM-scores, as well as market risk proxied by beta. To explore the nexus between ESG and risk factors, panel data analysis with both time and unit effects was used and considered with cluster robust standard errors. This study shows that economic cycles have an impact on these relationships, with ESG factors demonstrating a risk-mitigating effect during the COVID-19 pandemic, but no impact before the COVID-19 pandemic. Moreover, this study highlights the comparative informativeness of measuring systematic beta risk compared with traditional accounting-based risk assessments.Öğe Predicting financial distress using supervised machine learning algorithms : An application on Borsa Istanbul(Press Academia, 2023) Selimefendigil, SeyfullahABSTRACT Purpose- The main purpose of this study is to identify the most significant variables to detect financial distress earlier and to find the best machine learning algorithm model. Methodology-This study has used Support Vector Machine, Logistic Regression, Random Forest and K-nearest neighbors method techniques to predict the financial distress prediction for the companies of Turkey between 2012 and 2021. Findings- As a result of the study, it has been determined that Random Forest provides the best results in terms of precision, accuracy, and recall. Further, this study has found the most important five independent variables to determine the financial distress status of the firms. In this way, it has been found that Current Assets/ Current Liabilities, Working Capital / Total Assets, Gross profit / Revenue, Retained Earnings / Total Assets and Sales growth rate are the most useful variables to determine financial distress status of Turkish firms earlier. Conclusion- This study has concluded that cash ratios and profitability ratios and sales growth are the most important independent variables to determine financial distress one-year ahead. Furthermore, it has been found that random forest is the best machine learning method among other supervised machine learning methods used in this study.Öğe The relationship between corporate social responsibility and earnings management: Empirical evidence from the U.S.(Çankırı Karatekin Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 2022) Selimefendigil, Seyfullah; Öner, MehtapThe purpose of this study is to reveal the nexus between Earnings Management (EM) and Corporate Social Responsibility (CSR) as well as comparing the earnings management estimation models. Using Dechow and Dichev’s (2002) and Kothari, Leone, and Wasley’s (2005) models; in this study abnormal accruals are estimated and utilized as a sign of earnings quality. This study utilized data from 26 non-financial U.S. companies for the period between 2011 and 2020. The findings reveal that the Dechow and Dichev’s (2002) model is more strongly pronounced than Kothari, Leone, and Wasley’s (2005) model in estimating accruals EM. Furthermore, no significant relationship has been documented between EM and CSR. With respect to the control variables, it is found that audittenure, leverage, and cash flows from operations have an inverse association with EM whereas return on assets has a positive association. Finally, in this study no relationship is documented between firm size and EM.
