Purpose: This paper aims to determine the specific financial ratio's effects on market value and return of assets for Turkish real estate investment trusts (REITs) traded at Istanbul Stock Exchange (ISE). The paper intends to define liquidity ratios, financial structure ratios, return ratios and stock performance ratios related to market value and return of asset.Design/methodology/approach: The study includes 17 REITs traded in ISE. The period of study is specified as the year from 2009 to 2018. Panel data analysis is applied in this study. Dependent variables are current market value and return of assets, independent variables are 12 financial ratios, which are considered to explain the model significantly. These ratios will be calculated from audited year-end balance sheets for specific periods throughout at least ten years as time series. Two different models and hypotheses have been established to identify the financial ratios that affect the market value and return of assets for REITs.Findings: According to the results, long-term financial loans/total assets, return of equity and working capital ratio are negatively correlated with market value, while market value/book value and total assets are correlated positively. On the other hand, market value/book value ratio, price/earning ratio, long-term financial loans/total assets and earnings per share are correlated with return of assets. REITs have high levels of financial leverage, especially in foreign currency. The striking point is that REITs hardly ever do not use financial derivatives to hedge their position again currency and interest rate risk. This approach makes the financial structures of REITs vulnerable and fragile against market volatility.Originality/value: In Turkey, as an example of an emerging market, financial borrowing does not increase the return rates and market value for REITs due to market's idiosyncratic properties. This finding provides substantial insight into how the debt and equity allocation of Turkish REITs should be structured. Also, it has been observed that forward-looking expectations are considered more than the current situation in the market.

Bu çalışmanın amacı gayrimenkul yatırım ortaklığı firmalarının aktif karlılığı ve piyasa değerine etki eden finansal oranlarının tespit edilmesidir. Araştırmaya 2018 yıl sonu itibariyle Borsa İstanbul’da işlem gören firmalardan, 2009-2018 yılları arasındaki denetlenmiş yıl sonu bireysel mali verilerine kesintisiz olarak ulaşılabilen 17 firma dahil edilmiştir. Panel veri analizi yönteminin kullanıldığı araştırmada, bağımlı değişkenler firmaların aktif karlılığı ve piyasa değerleridir. Bağımsız değişkenler cari oran, likidite oranı, dönen varlıklar/aktif toplamı, kısa vadeli finansal borç/aktif toplamı, uzun vadeli finansal borç/aktif toplamı, öz kaynak/aktif toplamı, aktif toplamının logaritması, piyasa değeri / defter değeri, aktif karlılığı, öz kaynak karlılığı, pay senedi getirisi ve fiyat / kazanç oranları olarak seçilmiştir. Analizler sonucunda, uzun vadeli borçlar/aktif toplamı, öz kaynak karlılığı ve cari oran ile piyasa değeri arasında anlamlı negatif ilişki; aktif toplamı ile piyasa değeri arasında ilişki anlamlı pozitif ilişki; pay senedi getirisi, cari oran ve öz kaynak karlılığı ile aktif karlılık arasındaki anlamlı pozitif ilişki bulunmuştur.

The purpose of this paper is to explore the nature of housing price differences in Istanbul Metropolitan Area. Factors that affect house prices in Istanbul are investigated by Hedonic Regression Model with spatial variables. House Price taken in natural Log form as dependent variable and house characteristics, neighborhood characteristics and transportation infrastructure taken as independent variables. Location of houses on Europe continent has more impact on value than Asian part of the city. As the Istanbul city spread out new neighborhood areas are also developed with new characteristics. And those houses are sold according to amenities they surrounded by are spatially autocorrelated. House prices are examined in Istanbul by taking into consideration sub-market characteristics to identify localized factors. In the model distance to green areas, ports, proximity to metro stations, shopping malls, hospitals have positive but insignificant; proximity to earthquake fault lines, public bus transportation, industrial zones have negative and significant effect on prices.

Natural hazards, particularly earthquakes, can trigger technological accidents in industrial facilities, known as Natech events, leading to cascading secondary hazards. This paper focuses on Istanbul, a densely populated megacity situated in a high seismic activity zone. Past devastating earthquakes in Türkiye, such as Kocaeli (1999) and Kahramanmaraş (2023), have demonstrated the potential for catastrophic Natech events. This study presents neighborhood-level assessment of potential Natech risks in Istanbul specifically under the scenario of the probable earthquake, analyzing the spatial intersection of structural vulnerability and hazardous industrial/economic activities. The methodology integrates seismic structural damage estimations for 939 neighborhoods using geocoded data on over 500,000 businesses, based on workplace hazard classification. Three indices were introduced: ( i ) Damage Ratio Index to quantify seismic structural risk per neighborhood, ( ii ) Natech Share Index to assess the share of very hazardous business activities, and Integrated Natech-Risk Assessment to combine structural risk and Natech-risk. The analysis identifies 8,785 businesses engaged in activities posing significant Natech risks, 4,843 chemical leakage and 3,942 fire/explosion. Findings indicated that neighborhoods classified with high structural vulnerability combined with a high share of hazardous activities represent critical hotspots, with approximately 17% of Istanbul’s neighborhoods falling into the highest risk category, encompassing 31% of the city’s population, 25% of the total businesses and 24% of the Natech-risky businesses. These findings highlight the critical necessity of integrating seismic hazard assessments with industrial risk management and targeted land-use planning to enhance urban resilience and mitigate potentially devastating consequences from Natech events triggered by the seismic events.

Resilience in the face of crises is crucial for minimizing the impact of disasters and enabling rapid recovery. This study delves into the interlinked consequences of two seismic events that significantly impacted Türkiye in 1999 and 2023. Using an impact chain analysis, the aim is to provide a thorough understanding of the extensive effects on structures, infrastructure, and socio-economic dynamics. The research also examines the evolution of disaster management practices from the 1999 Kocaeli Earthquake to the more recent seismic events in 2023, highlighting advancements in risk management and resilience. Structurally, both seismic events revealed vulnerabilities in building design, emphasizing seismic shortcomings that led to widespread damage. Earthquakes exert a profound impact on critical infrastructure, affecting transportation, communication, and energy systems, with cascading effects that extend to the broader socio-economic landscape. The effectiveness of the methodology, particularly, the Impact Chain analysis, is emphasized as it reveals complex causal relationships. Visual representations support effective communication and collaboration among stakeholders, offering a holistic perspective on systemic risks. In conclusion, this study contributes to understanding disaster resilience and provides a foundation for subsequent research, policy formulation, and pragmatic strategies for disaster preparedness and response.

During the final quarter of the last century, Istanbul experienced rapid population growth with increases in income, an expanded free trade economy, and the influence of greater globalization. Together, these stimulated an increase in the demands for new services. One of these demands was answered by an influx of coffee shop chains, and this effected both the growth patterns of traditional coffee houses and introduced a new lifestyle. Despite the closure of many businesses due to economic crises, coffee shops are increasing in number. This paper investigates the spatial distribution of coffee shops with respect to the socio-economic and demographic characteristics of several selected districts by using regression analysis. The number of coffee shops is taken as the dependent variable and the social life index and the proportion of the population aged over 65 are used as independent variables. These were chosen through an evaluation of several characteristics of the districts under discussion. According to the results, the location of coffee shops in Istanbul is affected more by a district’s social life index and by the proportion of its population which is aged over 65 than the other characteristics of the districts. The impact of the multi-center development on the distribution of coffee shops is explained. the balanced distribution of coffee shops with respect to other small businesses is suggested for further research.