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Öğe A Consolidated MCDM Framework for Overall Performance Assessment of Listed Insurance Companies Based on Ranking Strategies(Springer, 2024) Isik, Ozcan; Calik, Ahmet; Shabir, MohsinThe main objective of this study is to analyze the performance of non-life insurance companies operating in the Turkish insurance industry with a hybrid model including Pythagorean Fuzzy Analytic Hierarchy Process (PFAHP) and Multi-Attributive Ideal-Real Comparative Analysis (MAIRCA) methods. For this purpose, the performance assessment indicators, consisting of fourteen sub-criteria in three dimensions are taken into account for comparing five insurance companies traded on the Borsa Istanbul (BIST) over five consecutive years (2015 to 2019). Subsequently, year-wise rankings are aggregated using the Borda count (BC) procedure. The results of PFAHP indicate that service network is the most important main criterion (dimension) for performance assessment of non-life insurance companies, followed by stock market performance and financial ratios that come in the second and third ranks, respectively. Furthermore, the results of MAIRCA based on BC procedure reveal that Halk Sigorta, a state-owned insurance company, is the most successful company in terms of selected performance indicators in the period examined. A comprehensive sensitivity analysis is performed in order to test stability and the robustness of the results from the proposed framework, and the results of sensitivity analysis confirms the rationality and robustness of the suggested integrated MCDM framework. As a result, the suggested assessment framework can be applied by different decision-making groups in the industry as a valuable and practical decision-making tool for monitoring and improving the performance of insurance companies. Finally, some of managerial implications are also discussed.Öğe A hybrid framework for assessing Pakistani commercial bank performance using multi-criteria decision-making(Springer, 2025) Isik, Ozcan; Shabir, Mohsin; Demir, Gulay; Puska, Adis; Pamucar, DraganOverall bank performance in a particular year or period is important to all banking industry stakeholders, as it indicates their success or failure relative to predetermined targets. Due to conflicting criteria and uncertainties, assessing bank performance is a complicated decision-making problem. The current paper proposes the Fuzzy Level Based Weight Assessment (F-LBWA), the Fuzzy Logarithm Methodology of Additive Weights (F-LMAW), and the Measurement Alternatives and Ranking according to the Compromise Solution (MARCOS) combination as a practical and robust decision-making tool to cope with many complex ambiguities. In the first phase, the suggested hybrid Multi-Criteria Decision-Making (MCDM) approach estimates the weight coefficients of the performance criteria with the aid of a combined version of the F-LBWA and F-LMAW methods. In the second phase, the MARCOS method determines the ranking performance of the decision alternatives. The introduced model is tested and validated on a case study assessing publicly traded bank performance in Pakistan. The findings obtained from the sensitivity analysis revealed that the presented F-LBWA-F-LMAW-MARCOS approach produces consistent solutions and is a reliable and effective procedure in rational decision-making.Öğe A hybrid MCDM framework for assessing urban competitiveness: A case study of European cities(Elsevier Science Inc, 2024) Isik, Ozcan; Shabir, Mohsin; Moslem, SarbastAchieving high performance in long-term sustainability is crucial for urban areas. Comparative analysis of cities based on specific indicators over time offers valuable insights for stakeholders involved in urban development and enhances the understanding of city performance. This study tackles the challenge of ranking major cities based on multidimensional performance using a multiple-criteria decision-making (MCDM) approach. We introduce a novel hybrid MCDM framework that integrates Logarithmic Percentage Change-driven Objective Weighting (LOPCOW), CRiteria Importance Through Inter-criteria Correlation (CRITIC), and Aczel-Alsina Weighted ASsessment (ALWAS). The results derived from the data-driven linear weighting strategy combining the outputs from LOPCOW and CRITIC indicate that the three most influential drivers influencing the competitive levels of the analyzed cities are livability, environment, and accessibility, respectively. The findings of ALWAS, responsible for the city rankings, show that London is the most successful city with respect to competitive performance among the leading European cities in the sample. Additionally, the effectiveness of the proposed framework is illustrated through a case study evaluating the global competitiveness of European cities. Sensitivity and comparison analyses confirm the stability and reliability of the results, validating the robustness of the proposed approach.Öğe Determinants of Capital Structure: Empirical Evidence from Manufacturing Firms Listed on BIST(Eskisehir Osmangazi Univ, Fac Education, 2021) Isik, Ozcan; Ersoy, ErsanIn this study, we analyze the impact of firm-level determinants on the capital structure decisions of Turkish publicly traded firms operating in the manufacturing sector over the period from 2010 to 2019, and we also investigate whether this impact is particularly associated with firm size and level of debt. Panel regression results based on the Driscoll-Kraay procedure imply that firm-specific variables selected within the framework of two dominant theories of capital structure play critical roles in explaining the changes in borrowing behaviors of the firms. Moreover, our empirical results reveal that the impact of the firm-level variables on capital structure varies over different groups of firms.Öğe Diversification and bank stability: Role of political instability and climate risk(Elsevier, 2024) Shabir, Mohsin; Jiang, Ping; Shahab, Yasir; Wang, Wenhao; Isik, Ozcan; Mehroush, IqraAmid the changing regulatory environment, economic volatility, and environmental complexities, the banking industry has experienced significant transformation. In this scenario, diversification has arisen as a critical risk management approach. This research investigates the intricate dynamics between bank diversification strategy and stability, particularly concentrating on the influences exerted by political uncertainty and climate-related risks. Our study examines the effect of bank diversification strategies on bank stability by using a sample of 271 banks operating in the MENA countries during the period 2009-2020. We also analyze how political instability and climate risk impact the nexus between diversification and bank stability. Our results show that the impact of enhancing banking diversification on stability is mixed. The bank's income and assets diversification improve the bank's stability. In contrast, diversification benefits appear to be deteriorating with the increase in non-interest activities-the so-called 'dark side of diversification.' While political instability and climate risk significantly affect the bank's stability and reduce the benefits of the bank's diversification strategy. Furthermore, the impact of diversification on bank stability varies across banks due to differing size and market power levels. Notably, the adverse impact of bank diversification on stability is more pronounced in conventional and GCC countries than in Islamic and non-GCC countries. The study offers significant policy implications for bank regulators to identify measures needed to address the risks of climate change in the banking sector and improve the stability of banks.Öğe FİNANSAL ORANLARIN PAY GETİRİLERİ ÜZERİNDEKİ ETKİSİNİN PANEL VERİ ANALİZİ: BİST 100 FİRMALARINDAN KANITLAR - PANEL DATA ANALYSIS OF THE EFFECT OF FINANCIAL RATIOS ON STOCK RETURNS: EVIDENCE FROM BIST 100 FIRMS(Burdur Mehmet Akif Ersoy University, 2019) Isik, OzcanBu çalışmanın amacı, 2010-2017 döneminde Borsa İstanbul (BİST) 100 endeksi kapsamında sürekli faaliyet gösteren firmaların hisse senedi getirilerini etkileyen geleneksel finansal oranları belirlemektir. Çalışmada bağımsız değişken olarak kullanılan finansal oranlar sırasıyla borsa performans oranları, mali yapı oranları, karlılık oranları, faaliyet oranları ve likidite oranlarıdır. Panel veri regresyon analiz yönteminin uygulandığı çalışmadan elde edilen bulgulara göre, piyasa değeri defter değeri oranı, pay başına kazanç oranı, toplam borç oranı ve aktif getiri oranı gibi finansal oranlar pay getirilerindeki değişimi açıklamada istatistiksel olarak anlamlı bulunmuştur. Daha açık bir ifade ile pay senedi getirileri piyasa değeri defter değeri oranı, pay başına kazanç oranı, toplam borç oranı ve aktif getiri oranı ile pozitif yönde ilişkilidir.Öğe Impact of corporate social responsibility on bank performance in emerging markets(Emerald Group Publishing Ltd, 2024) Shabir, Mohsin; Ping, Jiang; Isik, Ozcan; Razzaq, KamranPurposeThis study investigates the relationship between corporate social responsibility (CSR) and financial performance of the banking sector from the prospective of emerging countries.Design/methodology/approachThis study obtained balance sheet and income statement data for 173 banks in 20 emerging countries from the Bankscope database from 2005-2018. The CSR-related data were taken from the Thomson Reuters ASSET4 database. Moreover, macroeconomic controls such as GDP per capita, inflation, and financial development are attained from the GFDD. The series of institutional quality indices (Political Stability, Rule of Law, Control of Corruption, Government Effectiveness, and Regulatory Quality) is obtained from the WGI. At the same time, national culture and bank regulation are attained from Hofstede Insights and Barth et al. (2013). We used the panel fixed-effects model in our baseline estimations, while 2SLS and GMM were applied to control for endogeneity.FindingsThe finding shows that CSR activities significantly improve bank performance, but the effect varies across the bank. Only environmentally friendly activities have shown a significant positive relationship with banking performance for CSR dimensions. However, the social and government dimensions did not significantly affect bank performance. Moreover, a sound institutional and regulatory environment and national norms play an important role in the nexus of CSR activities and bank performance.Originality/valueThis study provides empirical evidence that sheds light on CSR and bank performance in an emerging market context.Öğe IS THERE A CAUSAL RELATIONSHIP BETWEEN FINANCIAL PERFORMANCE AND PREMIUM PRODUCTION? EVIDENCE FROM TURKISH INSURANCE INDUSTRY(Mehmet Akif Ersoy Univ, 2023) Isik, Ozcan; Shabir, Mohsin; Belke, MuratThis study aims at determining the causal link between financial performance and premium production of non-life insurance companies. The relation between the financial performance and premium production is explored employing data from the 2011-2019 period for eight Turkish non-life insurance companies. In the first stage of the analysis, a hybrid model including LOPCOW, SWARA II, and MARCOS methods is proposed to determine companies' financial performance values. In this stage, a novel integrated weighting method for calculating criterion weights is applied based on objective information and judgements of decision-makers. In the second stage, the association between financial performance and premium production is investigated by correlation analysis. In the last stage, the causality linkage between the two variables is estimated using a panel causality test developed by Dumitrescu and Hurlin (2012). According to the results obtained from the panel causality test, the bidirectional causality relation exists between financial performance and premium production. Besides, the individual panel causality results reveal that bidirectional causality is valid for only Allianz and Anadolu insurance companies, which had an average share of over 35% in total non-life premium production during the analysis period. The paper provides fresh evidence on the association between the financial performance and premium production, particularly from the Turkish context. This is the first study toÖğe THE ASSESSMENT OF THE LOGISTICS PERFORMANCE INDEX OF CEE COUNTRIES WITH THE NEW COMBINATION OF SV AND MABAC METHODS(Poznan Sch Logistics, 2020) Isik, Ozcan; Aydin, Yuksel; Kosaroglu, S. MerveBackground: The increase in global trade has caused logistics activities to be an important tool in providing strategic competitive advantage on a global scale. The logistics industry, which helps to facilitate the activities related to the movement of goods in the supply chain, is one of the fastest-growing sectors and has important effects on the economic performance of the countries. Measuring and evaluating the logistics performance of countries can enable them to reach their goals of achieving sustainable competitive advantage by revealing the strengths and weaknesses of logistics services in the entire supply chain. In this regard, the purpose of this study is to analyze and rank logistics performance in terms of selected 11 Central and Eastern European Countries (CEECs). Methods: In this study, the SV (Statistical Variance) and the MABAC (Multi-Attributive Border Approximation area Comparison) methods are used to form a decision-making model in evaluating the logistic performance. In logistics performance evaluation, the SV method is used to weight the selected performance criteria, whereas the MABAC method is employed to evaluate and rank the logistics performance of CEECs. Results: The results obtained from the SV method demonstrates that timeliness and infrastructure are the most and least significant performance criteria, respectively. According to the performance ranking of the countries by the MABAC method, the countries in the top three rankings are the Czech Republic, Poland and Hungary, respectively. Conclusions: The fact that the ranking of the proposed hybrid model is the same as the original logistics performance index (LPI) ranking of the selected countries suggests that the proposed model is consistent.Öğe The role of innovation in environmental-related technologies and institutional quality to drive environmental sustainability(Frontiers Media Sa, 2023) Shabir, Mohsin; Hussain, Iftikhar; Isik, Ozcan; Razzaq, Kamran; Mehroush, IqraIn this study, we examine the long-run effect of environmental-related technological innovation, institutional quality, trade openness, energy consumption, and economic growth on CO2 emissions in APEC countries from 2004 to 2018. Firstly, panel unit root tests were used to explore the stationarity of each data series. The panel unit root test findings showed that all data series are stationary at the first difference. Second, the Westerlund panel cointegration test was used to deal with heterogeneity and cross-sectional dependence. Thirdly, the empirical findings from the augmented mean group (AMG) and common correlated effects mean group (CCEMG) estimators indicate that environmental-related technological innovation and institutional quality destructively affect CO2 emissions. In contrast, trade openness, energy consumption, and economic growth positively impact CO2 emissions. While causality analysis refers to the unidirectional causality runs from trade openness, energy consumption to CO2 emission and bidirectional causality relationships are between technological innovation, institutional quality, GDP, CO2 emission. Based on the findings, we proposed that APEC countries should raise investment in environmental-related technological innovation and improve the quality of the institutional environment to achieve sustainable development targets.Öğe TÜRK MEVDUAT BANKACILIĞI SEKTÖRÜNÜN FİNANSAL PERFORMANSLARININ ENTROPİ TABANLI ARAS YÖNTEMİ KULLANILARAK DEĞERLENDİRİLMESİ(Ferudun KAYA, 2019) Isik, OzcanBu çalışmanın amacı Türk mevduat bankacılığı sektörünün 2008-20117 yılları arasındaki finansal performansı değerlendirmektir. Bu amaçla çalışmada sektörünün 2008-20117 yılları arasındaki performansı 8 değerlendirme kriteri (sermaye yeterlilik oranı, mevduat-varlık oranı, kredi-varlık oranı, takibe düşen krediler oranı, likit varlık oranı, aktif karlılığı, faiz dışı gelirler oranı ve etkinsizlik oranı) kullanılarak çok kriterli karar verme (ÇKKV) yöntemleriyle değerlendirilmiştir. Çalışmada değerlendirme kriterleri için ağırlıklar Entropi yöntemine göre hesaplanmış ve yıllara ilişkin performans değerlendirmesi için ise ARAS (Additive Ratio Assesment) yöntemi kullanılmıştır. Yapılan değerlendirmenin sonucunda performans değerlendirmesinde en yüksek ağırlığa sahip olan kriter faiz dışı gelirler oranı olmuştur. Ayrıca, incelenen dönem itibariyle 2010 yılı sektörün en iyi finansal performans gösterdiği yıl olarak belirlenmiştir.
