The impact of economic policy uncertainty on stock returns of Turkish tourism companies

Demir, Ender; Ersan, Oğuz

doi:10.1080/13683500.2016.1217195

Cited by 95 publications

(79 citation statements)

References 24 publications

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“…This study differs from the previous studies related to Turkey in terms of used methodology and the results found. The results are different than the results of Demir and Ersan (2016), since they looked at the effect of EPU on the Borsa Istanbul Tourism Index. It also differs from the results of Bayar and Erem Ceylan (2017), since they checked the impact of macroeconomic uncertainty on Return on Assets (ROA) and Return on Operating Profits (ROAF) by employing panel data analysis within the sample of Borsa Istanbul Non-Metallic Mineral Products sector.…”

Section: International Journal Of Economic and Administrative Studiescontrasting

confidence: 63%

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Determinants of Turkish Stock Returns Under the Impact of Economic Policy Uncertainty

Tiryaki

Ti̇ryaki̇

2019

Uluslararası İktisadi Ve İdari İncelemeler Dergisi

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This paper aims to investigate the short-run and long-run macroeconomic determinants of the Turkish stock returns under the impact of the "domestic and global economic policy uncertainty" by using the ARDL method and the monthly data for the period of 1991:M1 to 2017:M12. The set of macroeconomic variables utilized in the study are the stock market price indexes of Turkey's BIST100 index (BIST) and the BIST industrial index (IND), industrial production index (IPI), real effective exchange rate (RER), consumer price index (CPI), interest rate (R), Geopolitical risk index for Turkey (GPR) and the Economic Policy Uncertainty index of the United States of America (EPU). The ARDL estimation results reveal that in the short-run the BIST stock returns are positively affected from the changes in IPI, RER and CPI. The effects of the changes in Turkish interest rate (R), EPU and the dummy representing the impact of the 2008 Global Financial Crisis on the stock returns are negative. The long-run determinants of the BIST stock returns are the changes in IPI, RER, and CPI and the EPU. The effect of the changes in the EPU on the stock returns is negative and the effect of the other variables are positive.

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Section: International Journal Of Economic and Administrative Studiescontrasting

confidence: 63%

“…Boudoukh et al (2012),Antonakakis et al (2013),Brogaard and Detzel (2015),Davis (2016),Demir and Ersan (2016),Bayar and Erem Ceylan (2017),Shin et al (2017) and…”

mentioning

confidence: 99%

Determinants of Turkish Stock Returns Under the Impact of Economic Policy Uncertainty

Tiryaki

Ti̇ryaki̇

2019

Uluslararası İktisadi Ve İdari İncelemeler Dergisi

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“…Likewise, the price level is important for France and Germany, the income level is important for Italy and Spain, and the EPU is important for the tourist arrivals from the U.S. to Greece. On the other hand, Demir & Ersan (2018) show that the EPU in Europe and Turkey both have significant and negative effects on the stock returns of the listed tourism companies in Turkey over the period 2002-2013. Gozgor & Ongan (2017) focus on the potential effects of the EPU on domestic tourist spending in the U.S.…”

Section: Previous Literature On the Effects Of Epu On Tourismmentioning

confidence: 97%

The Effects of Economic Policy Uncertainty on Outbound Travel Expenditures

Gözgör¹,

Demir²

2018

JOC

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Tourism has been one of the fastest growing industries and it makes important contributions on economies. Based on this, the literature aims to determine the factors affecting tourism demand behavior. In this paper, we analyze the effect of economic policy uncertainty (EPU) on both total and personal outbound travel expenditures in the panel data of 17 developed and developing countries. This is the first paper to examine the impact of EPU on travel expenditures within a tourism demand framework. By using the fixed-effects and the Least Square Dummy Variable (LSDV) estimation techniques, we find that an increase in the level of uncertainty decreases travel expenditures. Our findings imply that when people experience an increase in uncertaintyrelated economic policies, they tend to decrease their expenditures abroad. On average, a one standard deviation rise in EPU leads to a 3% and a 6% decrease in the total and personal travel expenditures. We also find that the effect of EPU on travel expenditures is higher in developing economies compared to developed countries. The empirical results in this paper suggest that governments should realize the suppressing effect of uncertainties about their economic policies on tourism demand.

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“…They utilized the master plan of difference to examine the two different contrasts in time and benefit changeability. Their outcomes show that economic policy uncertainty has a positive impact on firm investment by decreasing the debt ratio for particular firms (Demir & Ersan, 2018).…”

Section: Economic Policy Uncertainty and Firm Investmentmentioning

confidence: 99%

The Economic Policy Uncertainty and Firm Investment in Germany

Oliver

2020

Journal of Accounting, Business and Finance Research

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The importance of the impact created by different uncertainties in the policies on the overall economy of a country or a region cannot be denied. These uncertainties might be because of political reasons but sometimes the overall economic environment brings such uncertainties as well. Being a crucial part of economy of the country, German firms might face different issues because of these uncertainties. In this regard, the researcher conducted this study with the motive to find the influence that EPU has on the investments made by various firms of Germany and for this purpose, the researcher derived data from the non-financial companies regarding their finance activities on quarterly basis for the time span consisting of 20 years. SYS GMM estimation was applied on the gathered data to fulfil the purpose of the study. The major result showed that EPU has important but negative impact on the investments made by the German firms. The next result that involves the heterogeneity impact of the firms show that although EFU alone has negative or declining impact on investments but when it is incorporated with the heterogeneity variables of the firm, the impact of these interactions become positive on the firms' investments. The last result including marketization is that when the marketization index interacts with EPU, the impact of EPU is more sensitive in case of highly marketed companies as compared to lower ones. The study has suggested that the policymakers must make transparent and favorable policies for the firms in regard of investments.

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The impact of economic policy uncertainty on stock returns of Turkish tourism companies

Cited by 95 publications

References 24 publications

Determinants of Turkish Stock Returns Under the Impact of Economic Policy Uncertainty

Determinants of Turkish Stock Returns Under the Impact of Economic Policy Uncertainty

The Effects of Economic Policy Uncertainty on Outbound Travel Expenditures

The Economic Policy Uncertainty and Firm Investment in Germany

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