Turkey: From a thriving economic past towards a rugged future? - An empirical analysis on the Turkish financial markets

Στούπος, Νικόλαος; Nikas, Christos; Kiohos, Apostolos

doi:10.1016/j.ememar.2022.100992

Cited by 7 publications

(7 citation statements)

References 33 publications

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“…Confirmation of hypothesis 2 highlights the uniqueness of the Russia-Ukraine conflict as an epochal geopolitical event driving volatility beyond just commodity prices. The significant dummy coefficient conforms recent findings that major conflicts directly increase firms' systematic risk exposure and cashflow uncertainty from altered consumer behaviours (Stoupos et al, 2023). Indonesian coal miners likely confronted demand fluctuations, shifting contract terms, and inventory revaluations tied to the conflict itself.…”

Section: Resultssupporting

confidence: 83%

“…Dismissal of hypothesis 5 reinforces that the Russia-Ukraine conflict itself did not significantly impact valuations. This suggests the downturn had more complex origins than just geopolitical tensions increasing systematic risk (Stoupos et al, 2023). Potential factors include pre-existing environmental policies accelerating energy transitions in major markets like China and the EU, tamping Indonesian coal growth prospects.…”

Section: Resultsmentioning

confidence: 99%

“…Furthermore, investor risk perceptions tend to increase amidst geopolitical conflicts, raising systematic risk and equity risk premiums -key inputs into valuation models (Stoupos et al, 2023). This distinct conflict effect gets captured through a dummy indicator.…”

Section: Figure 1 Global Coal Price Around Russian-ukraine Conflictmentioning

confidence: 99%

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The Impact of Russian-Ukraine Conflict on Profitability and Valuation of Indonesian Coal Stocks

Sumirat,

Firmansyah Hakam,

Sihab Budin F

2023

JOEB

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This research investigates the impact of the 2022 Russian invasion of Ukraine on the profitability and valuation of publicly listed Indonesian coal companies. Leveraging panel regression, the study offers empirically grounded perspectives on how an acute geopolitical conflict disrupted global energy trade flows to influence key financial metrics of a major exported commodity. Specifically, the analysis focuses on five leading Indonesian coal miners over 2019-2022. Profitability dynamics are examined through gross profit margins while valuations reliance on price-to-earnings ratios. Control variables capture coal prices, a conflict indicator, inflation, interest rates, and exchange rate fluctuations. Results reveal the global coal price spike had a statistically significant positive impact on profit margins, affirming the turmoil's commodity super-cycle upside. However, valuations diverged from earnings trends, suggesting more complex reassessments of long-term prospects. The conflict itself directly affected profitability but not valuations. This research contributes timely empirical insights on an understudied intersection of geopolitics, commodity markets, and emerging market equities. Evidence-based quantification of financial linkages and risk transmission inform both theory and practice. Strategic decision makers obtain granular clarity regarding exposures and opportunities during energy market turmoil.

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Section: Resultssupporting

confidence: 83%

Section: Resultsmentioning

confidence: 99%

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The Impact of Russian-Ukraine Conflict on Profitability and Valuation of Indonesian Coal Stocks

Sumirat,

Firmansyah Hakam,

Sihab Budin F

2023

JOEB

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“…Ebru Ger https://orcid.org/0000-0002-6140-1807 Aylin C. Küntay https://orcid.org/0000-0001-9057-7556 Sura Ertaş https://orcid.org/0000-0001-5614-0625 Sümeyye Koşkulu-Sancar https://orcid.org/0000-0001-9221-2294 Ulf Liszkowski https://orcid.org/0000-0003-4294-3632 FOOTNOTE 1 It should be noted that the data for monthly household expenditure was collected before the hyperinflation period that Turkey went through between 2018 and 2023, thus the expenditure categorization does not reflect the current situation (Ipsos, 2022;Stoupos et al, 2023).…”

Section: Conflict Of Interest Statementmentioning

confidence: 99%

“…1 1 It should be noted that the data for monthly household expenditure was collected before the hyperinflation period that Turkey went through between 2018 and 2023, thus the expenditure categorization does not reflect the current situation (Ipsos, 2022; Stoupos et al., 2023). …”

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confidence: 99%

Correlates of infant pointing frequency in the first year

Ger,

Küntay,

Ertaş

et al. 2023

Infancy

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This study examines the emergence of concurrent correlates of infant pointing frequency with the aim of contributing to its ontogenetic theories. We measured monthly from 8 to 12 months infants' (N = 56) index‐finger pointing frequency along with several candidate correlates: (1) family socioeconomic status (SES), (2) mothers' pointing production, and (3) infants' point following to targets in front of and behind them. Results revealed that (1) infants increased their pointing frequency across age, but high‐SES infants had a steeper increase, and a higher pointing frequency than low‐SES infants from 10 months onward, (2) maternal pointing frequency was not associated with infant pointing frequency at any age, (3) infants' point following abilities to targets behind their visual fields was positively associated with their pointing frequency at 12 months, after pointing had already emerged around 10 months. Findings suggest that family SES impacts infants' pointing development more generally, not just through maternal pointing. The association between pointing and following points to targets behind, but not in front, suggests that a higher level of referential understanding emerges after, and perhaps through the production of pointing.

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A Two-Stage Analysis of Interaction Between Stock and Exchange Rate Markets: Evidence from Turkey

Faisal,

Donduran

2024

Ann. Data. Sci.

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Turkey: From a thriving economic past towards a rugged future? - An empirical analysis on the Turkish financial markets

Cited by 7 publications

References 33 publications

The Impact of Russian-Ukraine Conflict on Profitability and Valuation of Indonesian Coal Stocks

The Impact of Russian-Ukraine Conflict on Profitability and Valuation of Indonesian Coal Stocks

Correlates of infant pointing frequency in the first year

A Two-Stage Analysis of Interaction Between Stock and Exchange Rate Markets: Evidence from Turkey

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