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This study develops and tests a model of the predictors of financial preparedness for retirement using retirement planning knowledge and attitude as mediators. The study also compares the model across groups that choose to opt out or stay after being automatically enrolled in the private pension system. Structural equation modeling methodology is used to test the relationships between constructs using data from 600 employees (333 men, 267 women; M age = 30.12 years, SD = 8.39) from workplaces preparing to initiate automatic enrollment into the private pension system in Turkey. It is shown that both parental influence and life satisfaction are positively related to perceived financial preparedness for retirement. In contrast, pessimistic future economic perspectives have a negative effect on perceived financial preparedness for retirement. Moreover, the findings reveal a positive impact of retirement planning attitude and a negative impact of retirement planning knowledge on perceived financial preparedness. Mediating roles of retirement planning knowledge and attitude are determined. Path differences between those who opt out and those who stay enrolled in the private pension system are demonstrated. The study makes an original contribution by showing the impact of consumers’ current life satisfaction and future economic perspectives on financial preparedness for retirement. Given that retirement and financial planning studies have generally been conducted in developed countries, research investigating the predictors of financial preparedness for retirement in emerging countries remains scarce. Moreover, this study is novel in that, unlike previous works, it considers mediating factors. Finally, a further contribution is made by examining differences in the model between individuals who choose to stay within the private pension system and those who choose to opt out.
Elif Akben-Selcuk; Asli Elif Aydin. Ready or Not, Here It Comes: A Model of Perceived Financial Preparedness for Retirement. Journal of Adult Development 2021, 1 -12.
AMA StyleElif Akben-Selcuk, Asli Elif Aydin. Ready or Not, Here It Comes: A Model of Perceived Financial Preparedness for Retirement. Journal of Adult Development. 2021; ():1-12.
Chicago/Turabian StyleElif Akben-Selcuk; Asli Elif Aydin. 2021. "Ready or Not, Here It Comes: A Model of Perceived Financial Preparedness for Retirement." Journal of Adult Development , no. : 1-12.
This chapter investigates the empirical factors affecting corporate cash holdings with special emphasis on corporate governance variables for a sample of Turkish-listed nonfinancial firms over the period 2006 to 2010. The findings reveal a significant non-linear relation between family ownership and cash holdings. In addition, while board structure does not significantly affect the level of cash holdings, tunneling increases cash reserves of firms. Furthermore, the results indicate that cash flow, leverage, other liquid assets that can be used as cash substitutes, the degree of tangibility of assets, and firm size are important in determining cash holdings among Turkish companies.
Elif Akben Selcuk; Pinar Sener. Cash Holdings and Corporate Governance. Advances in Linguistics and Communication Studies 2020, 133 -161.
AMA StyleElif Akben Selcuk, Pinar Sener. Cash Holdings and Corporate Governance. Advances in Linguistics and Communication Studies. 2020; ():133-161.
Chicago/Turabian StyleElif Akben Selcuk; Pinar Sener. 2020. "Cash Holdings and Corporate Governance." Advances in Linguistics and Communication Studies , no. : 133-161.
This paper investigates the role of firm-level and country-level governance on corporate diversification behaviour in emerging markets. The results show that firms with combined leadership structure are more diversified while firms with more independent directors are less diversified. There is a U-shaped relationship between ownership concentration and diversification. No significant association between country-level shareholder protection and diversification is demonstrated.
Pinar Sener; Elif Akben Selcuk. Does governance affect corporate diversification behaviour in emerging markets? Applied Economics Letters 2019, 27, 1238 -1242.
AMA StylePinar Sener, Elif Akben Selcuk. Does governance affect corporate diversification behaviour in emerging markets? Applied Economics Letters. 2019; 27 (15):1238-1242.
Chicago/Turabian StylePinar Sener; Elif Akben Selcuk. 2019. "Does governance affect corporate diversification behaviour in emerging markets?" Applied Economics Letters 27, no. 15: 1238-1242.
The objective of this study is to investigate the impact of corporate social responsibility (CSR) engagement on firm financial performance in a developing country, Turkey, and to analyze the moderating role of ownership concentration in the CSR–financial performance relationship. The sample consists of non-financial public firms listed on the Borsa Istanbul (BIST)-100 index and covers the period between 2014 and 2018. Empirical results using an instrumental variable approach show that corporate social responsibility has a positive relationship with financial performance. Furthermore, findings indicate that this relationship is negatively moderated by ownership concentration even when endogeneity is controlled for.
Elif Akben-Selcuk. Corporate Social Responsibility and Financial Performance: The Moderating Role of Ownership Concentration in Turkey. Sustainability 2019, 11, 3643 .
AMA StyleElif Akben-Selcuk. Corporate Social Responsibility and Financial Performance: The Moderating Role of Ownership Concentration in Turkey. Sustainability. 2019; 11 (13):3643.
Chicago/Turabian StyleElif Akben-Selcuk. 2019. "Corporate Social Responsibility and Financial Performance: The Moderating Role of Ownership Concentration in Turkey." Sustainability 11, no. 13: 3643.
Purpose The purpose of this paper is to investigate the relationship between dividends and family involvement as well as corporate governance characteristics among Turkish public firms. Design/methodology/approach Using panel data on Turkish firms listed on the Borsa Istanbul 100 index for 2006–2014, three models are estimated. For the first two models, where the dependent variables are the dividend payout ratio and dividend yield, respectively, tobit regressions are run. The last model, which employs a dividend dummy as the dependent variable, is estimated with logistic regression. Findings There is a positive and concave relationship between family ownership and dividends. The existence of a family chairman reduces dividends. There is a positive association between board size and dividends and this relationship is weaker for firms with higher levels of family ownership. Finally, the ratio of independent directors on the board is negatively associated with dividends. Practical implications The findings imply that firms with substantial family ownership and active family participation in management are more likely to send a negative signal to minority shareholders by paying lower dividends. In addition, minority shareholders should pay attention to the board structure of firms in which they invest. Originality/value This study is one of the few to analyze the nonlinear relationship between family ownership and dividend payments as well as the role of family management in a developing country. Second, it investigates the role of board characteristics in explaining dividend payment decisions.
Pinar Sener; Elif Akben Selcuk. Family involvement, corporate governance and dividends in Turkey. Managerial Finance 2019, 45, 602 -621.
AMA StylePinar Sener, Elif Akben Selcuk. Family involvement, corporate governance and dividends in Turkey. Managerial Finance. 2019; 45 (5):602-621.
Chicago/Turabian StylePinar Sener; Elif Akben Selcuk. 2019. "Family involvement, corporate governance and dividends in Turkey." Managerial Finance 45, no. 5: 602-621.
Purpose Financial literacy has a strong influence on financial well-being, and it is a concept especially important for college students who start to develop their financial habits. The purpose of this paper is to examine the relationship between financial literacy, money attitudes and time preferences among Turkish university students. Design/methodology/approach Data were collected from 1,443 university students from 14 campuses in Turkey. Structural equation modeling methodology is employed to test the hypotheses. Findings The results suggest that students with higher financial knowledge scores have more favorable financial attitudes and exhibit more desirable financial behaviors. It is also demonstrated that financial attitude is positively related to financial behavior. Furthermore, a significant and negative relationship between the affective dimension of the money ethic construct and financial behavior is found. In contrast, the relationship between the behavioral dimension of money ethic and financial behavior is positive. It is further demonstrated that a present orientation leads to more negative financial attitudes. Originality/value This study will reveal the interrelationships among dimensions of financial literacy, money ethics and time preferences in an emerging economy with a relatively little experience with formal financial systems and unstable macroeconomic conditions.
Asli Elif Aydin; Elif Akben Selcuk. An investigation of financial literacy, money ethics and time preferences among college students. International Journal of Bank Marketing 2019, 37, 880 -900.
AMA StyleAsli Elif Aydin, Elif Akben Selcuk. An investigation of financial literacy, money ethics and time preferences among college students. International Journal of Bank Marketing. 2019; 37 (3):880-900.
Chicago/Turabian StyleAsli Elif Aydin; Elif Akben Selcuk. 2019. "An investigation of financial literacy, money ethics and time preferences among college students." International Journal of Bank Marketing 37, no. 3: 880-900.
Using the Turkish portion of the Programme for International Student Assessment dataset ( N = 4,848; 51% boys, 49% girls; age, M = 15.81 years, SD = 0.28), this study investigated factors associated with mathematics achievement among Turkish students. Three different models were estimated using the method of balanced repeated replication with Fay’s method and taking into account the presence of five plausible values of the dependent variable. Results showed that male students and older students had better mathematics proficiency. Socio-economic status and school resources also played a significant role in explaining student achievement in mathematics. Finally, students who were more open to problem solving, who attributed their failure to external factors, and who were intrinsically motivated to learn mathematics achieved higher scores. Policy implications are provided.
Elif Akben-Selcuk. Personality, Motivation, and Math Achievement Among Turkish Students. Perceptual and Motor Skills 2017, 124, 514 -530.
AMA StyleElif Akben-Selcuk. Personality, Motivation, and Math Achievement Among Turkish Students. Perceptual and Motor Skills. 2017; 124 (2):514-530.
Chicago/Turabian StyleElif Akben-Selcuk. 2017. "Personality, Motivation, and Math Achievement Among Turkish Students." Perceptual and Motor Skills 124, no. 2: 514-530.
The objective of this chapter is to investigate the factors affecting corporate cash holdings in five emerging markets, namely Brazil, Indonesia, Mexico, Russia, and Turkey. The sample consists of 1991 firms listed on the major stock exchange of their countries and covers the period between 2009 and 2015. The model is estimated by Arellano–Bond dynamic generalized method of moments. Results show that firms which use higher leverage in their capital structure hold more cash. More profitable firms are shown to have higher levels of cash holdings. Another variable which has a positive effect on the level of cash holdings in any given period is the level of cash holdings in the previous period as shown by the positive and significant coefficient of the lagged dependent variable in the model. Liquidity and firm size have a negative and statistically significant impact on the level of corporate cash holdings. Firms with higher level of capital expenditures are also shown to hold less cash. Finally, growth opportunities do not have a significant impact on the level of cash holdings for the firms in the emerging markets analyzed.
Elif Akben-Selcuk; Ayse Altiok-Yilmaz. Determinants of Corporate Cash Holdings: Firm Level Evidence from Emerging Markets. Development and Implementation of Health Technology Assessment 2016, 417 -428.
AMA StyleElif Akben-Selcuk, Ayse Altiok-Yilmaz. Determinants of Corporate Cash Holdings: Firm Level Evidence from Emerging Markets. Development and Implementation of Health Technology Assessment. 2016; ():417-428.
Chicago/Turabian StyleElif Akben-Selcuk; Ayse Altiok-Yilmaz. 2016. "Determinants of Corporate Cash Holdings: Firm Level Evidence from Emerging Markets." Development and Implementation of Health Technology Assessment , no. : 417-428.
This paper investigates whether the internal capital markets of business groups mitigate the financial constraints of affiliated firms,and affect their financing policies.It aims to extend the evidence on internal capital markets to emerging countries where financing constraints are prevalent, and adds to the literature on trade credit by revealing that the distressed group-affiliated firms rely less on trade credit than their non-affiliated counterparts despite the positive relation between trade credit and distress. Group firms that have high investments in prior periods use less trade credit in the subsequent periods than non-affiliated firms. The study rests on panel data regressions covering 3906 firms from six emerging countries for the 2006-2012 period. The findings indicate that the Q-sensitivity of the investments of affiliated firms is lower than that of their unaffiliated counterparts in all countries and that the investment cash flow sensitivity of affiliates is lower in five countries, strongly indicating that group-affiliated firms are financially less constrained. The distressed group firms use significantly lower leverage than distressed unaffiliated firms despite the positive relation between distress and leverage. Group firms in high–Q industries invest less than unaffiliated firms. This paper contributes to the existing literature on internal capital markets by expanding the scope to emerging countries where market imperfections and financing constraints are more pronounced, and provides strong evidence for the role of business groups, prevalent in most emerging countries, in mitigating the constraints on the investments and financing choices of the group-affiliated firms.
Mine Ugurlu; Ayse Altiok-Yilmaz; Elif Akben-Selcuk. Corporate Financial Constraints and Internal Capital Markets: Evidence from Emerging Countries. Accounting and Finance Research 2016, 6, 25 .
AMA StyleMine Ugurlu, Ayse Altiok-Yilmaz, Elif Akben-Selcuk. Corporate Financial Constraints and Internal Capital Markets: Evidence from Emerging Countries. Accounting and Finance Research. 2016; 6 (1):25.
Chicago/Turabian StyleMine Ugurlu; Ayse Altiok-Yilmaz; Elif Akben-Selcuk. 2016. "Corporate Financial Constraints and Internal Capital Markets: Evidence from Emerging Countries." Accounting and Finance Research 6, no. 1: 25.
The objective of this study is to investigate the factors affecting firm competitiveness in an emerging market—Turkey. In the paper, competitiveness is proxied by a firm’s financial performance. The empirical analysis is based on firms listed on Borsa Istanbul and covers the period between 2005 and 2014. Results from a firm-level panel data model indicate that return on assets is positively related to firm size, international sales, liquidity and growth, and negatively related to leverage and R&D expenditures. On the other hand, gross profit margin is positively related to size and international sales, and negatively related to leverage and R&D expenditures. Finally, results show that Tobin’s Q ratio is higher for firms with higher levels of debt and higher liquidity levels.
Elif Akben-Selcuk. Factors Affecting Firm Competitiveness: Evidence from an Emerging Market. International Journal of Financial Studies 2016, 4, 9 .
AMA StyleElif Akben-Selcuk. Factors Affecting Firm Competitiveness: Evidence from an Emerging Market. International Journal of Financial Studies. 2016; 4 (2):9.
Chicago/Turabian StyleElif Akben-Selcuk. 2016. "Factors Affecting Firm Competitiveness: Evidence from an Emerging Market." International Journal of Financial Studies 4, no. 2: 9.
The objective of this study is to investigate shareholder wealth effects of mergers and acquisitions for an emerging market, namely Turkey. Specifically, we assess the impact of the M&A announcements on the stock price performance of Turkish target firms involved by using a dataset comprising 67 deals announced between 2000 and 2014. Stock price reaction is analyzed over a period of 21 days around the announcement by using standard event study methodology. Results indicate that shareholders of Turkish target firms involved in M&A activities enjoy positive and significant cumulative abnormal returns ranging from 5.25 percent to 8.53 percent depending on the event window analyzed. This finding is consistent with previous studies which show that most of the benefits from M&As accrue to target companies and that acquirers pay a premium to control the rights in these targets.
Elif Akben-Selcuk. Do Mergers and Acquisitions Create Value for Turkish Target Firms? An Event Study Analysis. Procedia Economics and Finance 2015, 30, 15 -21.
AMA StyleElif Akben-Selcuk. Do Mergers and Acquisitions Create Value for Turkish Target Firms? An Event Study Analysis. Procedia Economics and Finance. 2015; 30 ():15-21.
Chicago/Turabian StyleElif Akben-Selcuk. 2015. "Do Mergers and Acquisitions Create Value for Turkish Target Firms? An Event Study Analysis." Procedia Economics and Finance 30, no. : 15-21.
This study assessed financial literacy and its correlates among Turkish college students, with special emphasis on the role of formal education, learning approaches, and parental influences. Financial literacy was measured by the College Student Financial Literacy Survey, which assesses knowledge in four areas: general financial management, saving and borrowing, insurance, and investing. 853 Turkish university students were administered the survey (416 men, 437 women; M age=20.3 yr., SD=0.6). The mean percentage of correct responses was 45% (SD=12.8%). Regression results showed that formal finance education in college, a deep approach to learning, and direct financial teaching by parents were significantly associated with higher financial literacy scores.
Elif Akben Selcuk; Ayse Altiok-Yilmaz. Financial Literacy among Turkish College Students: The Role of Formal Education, Learning Approaches, and Parental Teaching. Psychological Reports 2014, 115, 351 -371.
AMA StyleElif Akben Selcuk, Ayse Altiok-Yilmaz. Financial Literacy among Turkish College Students: The Role of Formal Education, Learning Approaches, and Parental Teaching. Psychological Reports. 2014; 115 (2):351-371.
Chicago/Turabian StyleElif Akben Selcuk; Ayse Altiok-Yilmaz. 2014. "Financial Literacy among Turkish College Students: The Role of Formal Education, Learning Approaches, and Parental Teaching." Psychological Reports 115, no. 2: 351-371.
This study investigates the market reaction to dividend change announcements at the Istanbul Stock Exchange. A sample of 184 announcements made by 46 companies during the period 2005 to 2008 is analyzed by using the event study methodology. The results suggest that the market reacts positively to dividend increases, negatively to dividend decreases and does not react when dividends are not changed, consistent with the signaling hypothesis. Also, the results show pre-event information leakage for the decreasing dividends sample.
Ayse Altiok-Yilmaz; Elif Akben Selcuk. Information Content of Dividends: Evidence from Istanbul. International Business Research 2010, 3, p126 .
AMA StyleAyse Altiok-Yilmaz, Elif Akben Selcuk. Information Content of Dividends: Evidence from Istanbul. International Business Research. 2010; 3 (3):p126.
Chicago/Turabian StyleAyse Altiok-Yilmaz; Elif Akben Selcuk. 2010. "Information Content of Dividends: Evidence from Istanbul." International Business Research 3, no. 3: p126.