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Öğe Air pollution and firm performance: the role of innovation and happiness(Emerald Publishing, 2024) Kalash, IsmailPurpose: The detrimental effects of air pollution on the continuity of corporations attract more and more attention in the economic and financial studies. Prior literature investigates the impact of air pollution on corporate financial performance. This study aims to extend this research area by exploring the role of corporate innovation and happiness as factors that mitigate the adverse effects of air pollution and moderate the relationship between air pollution and financial performance. Design/methodology/approach: This study uses two-step system generalized method of moments models to analyze the data of 200 firms listed on Istanbul Stock Exchange over the period 2009–2022. Findings: The results show that firms located in regions with higher air pollution are more likely to invest in innovation. In addition, firms that are more exposed to air pollution and have investments in research and development (R&D) have less ability to improve their financial performance compared to firms that have no investments in R&D. In a similar vein, although R&D has positive effect on financial performance, this effect diminishes in the presence of higher air pollution. The results also show that happiness has no significant moderating effect on the relationship between air pollution and financial performance. Practical implications: The findings of this study related to the role of corporate innovation in determining the effect of air pollution on financial performance indicate that the costs of investment in R&D weaken the firm’s ability to mitigate the adverse impact of air pollution on financial performance, which provides important signals to policymakers to concentrate more on supporting investment in corporate innovation by providing the necessary facilities for firms to improve their innovative performance and decrease the costs of investment in innovation. Originality/value: To the author’s knowledge, this research is the first to explore the influence of happiness on the air pollution–financial performance relationship. In addition, this study differs from most prior ones by examining how responding to air pollution through investment in innovation can moderate the association between air pollution and financial performance.Öğe Corporate sustainability performance in the emerging market of Turkey: the role of accounting information quality and firm risk(Emerald Group Publishing, 2021) Kalash, IsmailPurpose– The purpose of this study is to investigate the effect of accounting information quality (AIQ) and firm risk on the corporate sustainability performance (CSP) of Turkish listed firms. Design/methodology/approach– This study used data of 70 firms listed on Istanbul Stock Exchange during the period 2014–2019. Binary and ordinal logistic regression models are used to examine the factors affecting CSP as proxied by the membership to BIST Sustainability Index. Findings– The results of this research indicate that AIQ is negatively related to CSP in firms with severe agency problem. The results also show a significant negative relationship between accounting earnings volatility and CSP. However, the effect of stock return volatility on CSP is not significant. Furthermore, the findings reveal that the possibility of being a memberof Turkishsustainability index is higherfor largerfirms, firms that are included in BIST Corporate Governance Index and firms with high leverage, more research and development (R&D) intensity and high brand value. Practical implications– The results of this study provide implications for policymakers, investors and firms about the role of firm characteristics in determining CSP. Originality/value–Totheauthor’sknowledge,thisstudyisthefirsttoexploretheeffectofAIQandfirmrisk on CSP in the Turkish context.Öğe Do agency costs and business risk affect the corporate sustainability-financial performance relationship?(Emerald Group Publishing Ltd, 2024) Kalash, IsmailPurposeThe aim of this research is to examine the effect of corporate sustainability performance on financial performance and the role of agency costs and business risk in determining this effect.Design/methodology/approachThis study uses the data of 83 non-financial Turkish firms listed on Istanbul Stock Exchange during the period 2014-2021. Two-step system GMM models are applied to examine the study's hypotheses.FindingsThe results indicate a positive effect of corporate sustainability performance on financial performance, and that this effect is significant only for firms that are more likely to suffer agency costs of equity, firms with R&D expenditures and firms with lower business risk.Practical implicationsThe results of this study confirm the importance of regulations introduced by regulators to support the sustainability initiatives for firms that have less ability to access funds required for their investments. In addition, the findings provide important insight into the role of the persistence of corporate sustainability performance in enhancing financial performance through mitigating managers' opportunistic behavior.Originality/valueTo the author's knowledge, this research is one of few that examine the effect of agency costs and business risk on the corporate sustainability-financial performance relationship in emerging markets.Öğe The dynamic relationship between firms' cash reserves and financial leverage: evidence from MENA emerging markets(Emerald Group Publishing Ltd, 2022) Almustafa, Hamza; Kalash, IsmailPurpose This paper investigates the impact of financial leverage on corporate cash holdings in the Middle East and North African (MENA) emerging markets. Design/methodology/approach The author applies the dynamic modeling approach to data from nonfinancial firms listed in 10 MENA countries between 2010 and 2019. The empirical model avoids the shortcomings of the prior literature by including indicators of the dynamics of the financial leverage to account for its persistence in the corporate cash holdings reserves. Findings This research reports a significant negative relationship between corporate cash holdings and financial leverage. The results support the pecking order model, suggesting that leverage can be regarded as a substitute for holding a larger amount of cash and marketable securities. The author argues that the negative relationship between financial leverage and corporate cash holdings reinforces the precautionary motive to have internal cash reserves rather than external debt to support capital and investment activities by firms in the MENA emerging markets. Practical implications The results of this research provide important insights into cash and capital structure management for nonfinancial listed firms in the MENA emerging markets. Specifically, the paper will help managers to understand the dynamic financial leverage determinants of holding cash in corporations in the MENA emerging markets and encourage policymakers to financially determine the corporate capital structure and cash holdings based on cost and benefits. Managing the firm's capital structure and cash holdings based on trade-offs between costs and benefits would enhance operating cash flow which may play an important role in creating value for shareholders. Originality/value Prior studies have commonly been concerned with the determinants of corporate cash holdings, but few have investigated the dynamic financial leverage determinants of corporate cash holdings. This paper draws attention to this issue within the context of MENA emerging markets. To the authors' best knowledge, this is the first study that explores the relationship between cash holdings and financial leverage in MENA emerging markets.Öğe The effect of air pollution on cash holdings and financial leverage(Emerald Publishing, 2023) Kalash, IsmailPurpose: The purpose of this paper is to investigate whether air pollution has significant impact on corporate cash holdings and financial leverage. Design/methodology/approach: The data of 199 firms listed on Istanbul Stock Exchange during the period 2009–2020 is analyzed by using pooled ordinary least squares and two-step system generalized method of moments models. Findings: The results indicate that firms in regions with high air pollution tend to increase cash level. In addition, the positive effect of air pollution on cash level is stronger and more significant for environmentally sensitive firms and firms with low operational and distress risk. The results also show insignificant effect of air pollution on financial leverage. Practical implications: Firms in regions with high air pollution should conduct proactive environmental protection procedures and enhance their eco-efficiency instead of holding excess cash that could negatively affect financial performance. In this context, policymakers should provide financial facilities to firms located in regions with high air pollution and that have low ability to finance environmental investments. On the other hand, the environmental laws and regulations introduced by regulatory authorities can enhance the economic development and firm performance by decreasing the adverse influences of air pollution on corporate financial policies. Originality/value: To the best of the author’s knowledge, this research is one of few that examines the impact of air pollution on corporate cash holdings and financial leverage in emerging markets.Öğe Environmental disclosure: Determinants and effects on financial performance? An empirical evidence from Turkey(Sosyoekonomi Society, 2020) Kalash, IsmailThis article investigates the determinants of public disclosure of environmental information by firms and its effect on their financial performance. Using a sample of 66 firms listed on Istanbul Stock Exchange during the period of 2014-2018, we find that highly leveraged and larger firms, and firms with higher equity agency costs are more likely to disclose environmental information. However, the results indicated that profitability, industry type, information asymmetry, investment opportunities and business risk do not affect the probability that the firm will disclose environmental information. Finally, we find a weak evidence that environmental disclosure affects the financial performance of Turkish firms.Öğe Factors affecting the financial leverage of service firms in Turkey: An empirical investigation(İstanbul Gelişim Üniversitesi, 2020) Bilen, Abdulkadir; Kalash, IsmailThis research investigates the factors affecting the financial leverage of 52 service firms listed on Istanbul Stock Exchange during the period from 2008 to 2017. Using Ordinary Least Squares (OLS) regressions, our results indicated that, as assumed by the pecking order model, leverage increases with investment opportunities and decreases with profitability, liquidity and tangibility. Furthermore, we find that larger firms tend to have high leverage. However, contradicting the trade-off model, non-debt tax shields are positively and significantly related to leverage.Öğe The financial leverage-financial performance relationship in the emerging market of Turkey: the role of financial distress risk and currency crisis(Emerald Group Publishing, 2021) Kalash, IsmailPurpose The purpose of this article is to examine how financial distress risk and currency crisis affect the relationship between financial leverage and financial performance. Design/methodology/approach This study uses data of 200 firms listed on Istanbul Stock Exchange during the period from 2009 to 2019, resulting in 1950 firm-year observations. Pooled ordinary least squares, random effects, firm fixed effects and two-step system GMM models are used to investigate the hypotheses of this study. Findings The results reveal that financial leverage has negative and significant effect on financial performance, and that this effect is stronger for firms with higher financial distress risk. Furthermore, the findings provide moderate evidence that currency crisis exacerbates the negative association between leverage and performance. Practical implications The results of this study have important implications for firms in emerging markets. Managers can enhance firm performance by reducing the level of financial leverage, especially in firms with higher financial distress risk. These firms incur higher debt costs, and then they can benefit more from the decreases in debt ratio in their capital structure. Moreover, the decreases in debt level have more importance in currency crisis times, when the access to external finance becomes more expensive and more difficult. Originality/value To the author's knowledge, this research is the first to examine the effect of currency crisis on the financial leverage-financial performance relationship and is one of few that investigate the role of financial distress risk in determining the linkage between leverage and firm performance.Öğe Firmaların finansal ve faaliyet kaldıracının karlılığa etkisi: BIST'ta ampirik bir çalışma(Dicle Üniversitesi, Sosyal Bilimler Enstitüsü, 2021) Kalash, Ismail; Bilen, AbdulkadirBu çalışma, 2008-2017 yılları arasında Borsa İstanbul'da (BIST) hisse senetleri işlem gören 200 firması verileri ele alınarak faaliyet kaldıracının firma karlılığı üzerindeki etkisi ve bu etkide satışlar büyümesinin rolünü incelenmiştir. Ayrıca faaliyet ve iflas riskinin finansal kaldıraç ile firma karlılığı arasındaki ilişki üzerinde etkisi analiz edilmiştir. Araştırmada sunulan hipotezleri test etmek için T-testi, Mann- Whitney U testi, Havuzlanmış En Küçük Kareler ve Sabit Etkiler Regresyonları ve Yapısal Eşitlik modelleri uygulanmıştır. Yapılan analiz sonucunda faaliyet kaldıracının firma karlılığı üzerindeki etkisinin olumsuz olduğu ortaya çıkmıştır. Üstelik yüksek / düşük satışlar büyümesine sahip olan firmalar için faaliyet kaldıracının negatif etkisinin daha zayıf / daha güçlü olduğu gösterilmiştir. Finansal kaldıraç ile ilgili sonuçlar ise borç oranı arttıkça firma karlılığının azaldığı, borç oranının firma karlılığı üzerindeki negatif etkisinin faaliyet ve iflas riski ile yükseldiği gözlemlenmiştir. Düşük faaliyet ve iflas riskine sahip firmalara kıyasla, yüksek faaliyet ve iflas riskine sahip firmaların borç oranı artışının karlılık oranları üzerindeki negatif etkisi daha yüksektir. Sonuç olarak, satışların büyüme oranı düşük olan firmaların kârları, faaliyet kaldıracı düşürülerek artırılabilir. Diğer taraftan, yüksek faaliyet ve iflas riskine sahip firmaların karlılığını arttırmak için sermaye yapısında borç kullanımı düşürülmelidir.Öğe Gender differences in the academic career: evidence from the accounting and finance departments(Emerald Publishing, 2024) Kalash, IsmailPurpose: The aim of this research is to examine gender differences in the context of research productivity, research collaboration and academic promotion. Design/methodology/approach: This research analyzes data related to 863 academics in the accounting and finance departments in Turkish universities by using OLS, Binary Logistic, Ordered Probit and Multinomial Probit Regressions. Findings: The findings show that female academics have in overall a representation ratio of 32%, and that there are no significant differences regarding the opportunities for female academics to be employed in public compared to private, and in high-rank compared to low-rank universities. The results also indicate that female academics have lower research impact compared to male academics, and that this difference is more pronounced for professors, and in universities with low ratio of female representation, and also in public universities. In addition, female academics engage more in research collaboration and are less likely to hold the academic title of full professor than male academics. Practical implications: The findings of this study provide significant signals about the need for improving gender policies that mitigate the conditions adversely affecting research productivity and impact by considering the supporting circumstances for female academics and improving the representation ratio, which also can play vital role in reducing discrimination and bias and contribute to better research and scientific environment. Originality/value: To the author’s knowledge, this article is the first to examine gender effect regarding research productivity, research collaboration and academic promotion in Turkish universities.Öğe How do firms manage liquidity during currency crisis? The case of Turkey(Routledge Journals, Taylor & Francis Ltd, 2023) Kalash, IsmailThis study investigates how the 2018-currency crisis in Turkey, which exacerbated the borrowing costs, has affected the liquidity management of a sample of 186 Turkish listed firms. The results reveal that firms that relied heavily on short-term borrowing before the crisis period have responded to the crisis by reducing short-term borrowing and increasing internal cash. However, investment levels and the use and supply of trade credit have not been changed during the crisis. The results also show that the substitution into internal cash is significantly higher for small firms than for large firms.Öğe How does excess cash affect corporate financial performance?(Emerald Group Publishing Ltd, 2024) Kalash, IsmailPurposeThis article analyzes the moderating role of investment opportunities, business risk and agency costs in shaping the nexus between excess cash and corporate performance.Design/methodology/approachThis research uses dynamic regression models (two-step system generalized method of moments) to analyze the data related to 200 Turkish companies listed on Borsa Istanbul (BIST) for the years between 2009 and 2020.FindingsThe findings indicate that when excess cash increases, the financial performance deteriorates only for firms with lower investments compared to firms with more investments. In addition, investment contributes to better financial performance for firms that hold cash surplus, whereas the influence of investment is insignificant for firms that have insufficient cash. Agency costs of equity exacerbate the adverse impact of excess cash on financial performance while agency costs of debt mitigate this effect. Excess cash reduces the financial performance of highly leveraged firms. However, this impact becomes insignificant when debt ratio decreases. The findings also show that investment has more significant role than business risk in building the precautionary motive to hold cash.Research limitations/implicationsThe findings of this article are limited to the Turkish market. Future research is still needed in other emerging markets to compare the results and reveal more about the effect of excess cash on firm performance, and how other factors can change this effect.Practical implicationsThe findings verify the increased significance of excess cash in the presence of investment opportunities and difficulties in accessing external funds. Nevertheless, the role of the equity related agency problem in reducing the benefits of cash surplus confirms the necessity of policies that support corporate governance, especially in emerging markets.Originality/valueThis article, according to the knowledge of author, is the first to examine the role of agency costs associated with debt and equity, and the compound effect of investment opportunities and business risk on the nexus between excess internal funds and corporate financial performance in emerging markets.Öğe The impact of environmental performance on capital structure and firm performance: the case of Turkey(Emerald Group Publishing, 2021) Kalash, IsmailPurpose – The purpose of this study is to investigate the effect of environmental performance on the capital structure and financial performance of Turkish listed firms. Design/methodology/approach – This study used data of 49 firms listed on Istanbul Stock Exchange during the period between 2014 and 2019, resulting in 205 firm-year observations. The environmental performance data were drawn from the carbon disclosure project Turkey climate change reports. Ordinary least squares and binary logistic regression models were used to examine whether environmental performance impacts the capital structure and financial performance. Findings – The findings of this research revealed that environmental performance significantly positively affects the firm leverage. Findings also showed that environmental performance has a significantly positive impact on return on assets, operating profitability and return on equity, but no significant impact on stock returns. Practical implications – Given the increased borrowing costs for Turkish firms after the 2018 currency crisis in Turkey, the findings of this study are very important as they enable managers of Turkish firms to make better decisions related to capital structure and to understand the role of environmental performance in reducing the cost of debt and enhancing financial performance. Originality/value – To the author’s knowledge, this research is the first to investigate the effect of environmental performance on capital structure in the Turkish context, and is one of few that explained how environmental performance affects the financial performance of Turkish firmsÖğe İşletmelerin sahip olduğu finansal kaldıraç ve risk düzeylerinin karlılığa etkisi: Borsa İstanbul'daki hizmet firmaları üzerine ampirik bir araştırma(Muhasebe Öğretim Üyeleri Bilim Ve Dayanışma Vakfı, 2020) Bilen, Abdulkadir; Kalash, IsmailÖz:Bu çalışma 2011-2017 yılları arasında Borsa İstanbul’da (BİST) hizmet sektöründe hisse senetleri işlem gören52 firmanın finansal kaldıracı ile firma karlılığı arasındaki ilişki ve bu ilişki üzerindeki faaliyet riskinin etkisiniincelemektedir. En küçük kareler (OLS) modellerini kullanarak, yapılan analiz sonucunda borç oranı arttıkça firmakarlılığının azaldığı, finansal kaldıracın firma karlılığı üzerindeki negatif etkinin faaliyet riski ile arttığıgözlemlenmiştir. Yüksek faaliyet riskine sahip firmalara kıyasla, düşük faaliyet riskine sahip firmaların borç oranıartışının karlılık üzerindeki olumsuz etkisi daha düşüktür. Sonuç olarak, yüksek faaliyet riskine sahip firmalarınkarlılığını arttırmak için düşük borç oranı kullanması gerekir.Öğe The role of sales growth in determining the effect of operating leverage on financial performance: The case of Turkey(Muhasebe ve Finansman Öğretim Üyeleri Bilim ve Araştırma Derneği, 2021) Kalash, Ismail; Bilen, AbdulkadirABSTRACT: This article analyses the impact of sales growth on the association between operating leverage and financial performance. Using a sample of 200 firms listed on Istanbul Stock Exchange over the period from 2008 to 2017, we find that operating leverage has a negative effect on profitability, and that the negative effect of operating leverage is stronger (weaker) for firms with low (high) sales growth. It implies that sales growth mitigates the negative impact of operating leverage on profitability. These results confirm that firms with high operating leverage should increase sales level to enhance their financial performance.
