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Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities

Year 2021, , 79 - 106, 25.01.2021
https://doi.org/10.17233/sosyoekonomi.2021.01.04

Abstract

This study investigates volatility spillover effects as well as hedging and diversification opportunities between sectoral stock returns and world crude oil prices in Turkey using the weekly closing prices of the BIST 100 and twenty-three sectoral stock indices for the period 2002-2018. DCC modelling is employed to investigate volatility spillovers between sectoral stock returns and oil prices. Findings reveal significant volatility spillovers from the oil market to the BIST 100 and twelve stock sectors. Furthermore, optimal hedge ratios, optimal portfolio weights, hedging effectiveness, diversification effectiveness and risk-adjusted returns of oil-stock portfolios are computed and compared. The results indicate that diversification is a more effective strategy than hedging in terms of risk (variance) reductions and risk-adjusted returns in the Turkish stock market.

Project Number

2018-039

References

  • Abdioğlu, Z. & N. Değirmenci (2014), “The Relationship between Oil Prices and Stock Prices: BIST Sectoral Analysis”, Kafkas University Journal of Economics and Administrative Sciences Faculty, 5(8), 1-24.
  • Ahmad, W. & P. Sadorsky & A. Sharma (2018), “Optimal hedge ratios for clean energy equities”, Economic Modelling, 72, 278-295.
  • Aielli, G.P. (2013), “Dynamic Conditional Correlation: On Properties and Estimation”, Journal of Business & Economic Statistics, 31(3), 282-299.
  • Aktaş, M. & S. Akdağ (2013), “Türkiye’de Ekonomik Faktörlerin Hisse Senedi Fiyatları ile İlişkilerinin Araştırılması”, International Journal of Social Science Research, 2(1), 50-67.
  • Al-Fayoumi, N.A. (2009), “Oil Prices and Stock Market Returns in Oil Importing Countries: The Case of Turkey, Tunisia and Jordan”, European Journal of Economics, Finance and Administrative Sciences, 16, 84-98.
  • Al-Maadid A. & M.G. Caporale & F. Spagnolo (2017), “Spillovers between food and energy prices and structural breaks”, International Economics, 150, 1-18.
  • Arouri, M. & J. Jouini & D.K. Nguyen (2011), “Volatility spillovers between oil prices and stock sector returns: Implications for portfolio management”, Journal of International Money and Finance, 30, 1387-1405.
  • Arouri, M. & J. Jouini & D.K. Nguyen (2012), “On the impacts of oil price fluctuations on European equity markets: Volatility spillover and hedging effectiveness”, Energy Economics, 34, 611-617.
  • Baillie, R.T. & R.J. Myers (1991), “Bivariate GARCH estimation of the optimal commodity futures hedge”, Journal of Applied Econometrics, 6, 109-124.
  • Basher, A.S. & P. Sadorsky (2006), “Oil Price Risk and Emerging Stock Markets”, Global Finance Journal, 17, 224-251.
  • Basher, A.S. & P. Sadorsky (2016), “Hedging emerging market stock prices with oil, gold, VIX, and bonds: a comparison between DCC, ADCC and GO-GARCH”, Energy Economics, 54, 235-247.
  • Benet, B.A. (1992), “Hedge period length and ex ante futures hedging effectiveness: the case of foreign exchange risk cross hedges”, Journal of Futures Markets, 12, 163-175.
  • Büberkökü, Ö. (2017), “Examining the Impact of the Oil Prices on the Turkish Stock Market under Multiple Structural Breaks”, Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi-BSPAD, 1(2), 15-32.
  • Caporale, G.M. & F.M. Ali & N. Spagnolo (2015), “Oil price uncertainty and sectoral stock returns in China: A time-varying approach”, China Economic Review, 34, 311-321.
  • Cappiello, L. & R.F. Engle & K. Sheppard (2006), “Asymmetric Dynamics in the Correlations of Global Equity and Bond Returns”, Journal of Financial Econometrics, 4(4), 537-572.
  • Chang, C. & M. McAleer & R. Tansuchat (2011), “Crude oil hedging strategies using dynamic multivariate GARCH”, Energy Economics, 33, 912-923.
  • Ederington, L.H. (1979), “The hedging performance of the new futures markets”, The Journal of Finance, 34, 157-170.
  • Engle, R.F. (2002), “Dynamic conditional correlation: A simple class of multivariate generalized autoregressive conditional heteroskedasticity models”, Journal of Business and Economic Statistics, 20(3), 339-350.
  • Eyüboğlu, K. & S. Eyüboğlu (2016), “Examining the Relationship among the Natural Gas, Oil Prices and Sub-Indexes of BIST-Industrial”, Journal of Yasar University, 11(42), 150-162.
  • Figlewski, S. (1985), “Hedging with stock index futures: estimation and forecasting with error correction model”, Journal of Futures Markets, 13, 743-752.
  • Gencer, G.H. & S. Demiralay (2014), “Shock and Volatility Spillovers between Oil Prices and Turkish Sector Returns”, International Journal of Economics and Finance, 6(2), 174-180.
  • Gogineni, S. (2010), “Oil and the stock market: An industry level analysis”, The Financial Review, 45, 995-1010.
  • Gönüllü, Ç.O. & E. Otluoğlu & M.H. Şengöz (2015), “The Impact of Crude Oil Price Changes on Petrochemical Industry Returns”, International Journal of Economic and Administrative Studies, 14, 223-234.
  • Güler, S. & R. Tunç & Ç. Orçun (2010), “Petrol Fiyat Riski ve Hisse Senedi Fiyatları Arasındaki İlişkinin Belirlenmesi: Türkiye’de Enerji Sektörü Üzerinde Bir Uygulama”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(4), 297-315.
  • Guo, H. & L. Kliesen (2005), “Oil price volatility and US macroeconomic activity”, Federal Reserve Bank of St. Louis Review, 87, 669-683.
  • Hammoudeh, S. & Y. Yuan & M. McAleer & M. Thompson (2010), “Precious metals-exchange rate volatility transmissions and hedging strategies”, International Review of Economics and Finance, 19, 633-647.
  • Huang, R.D. & R.W. Masulis & H.R. Stoll (1996), “Energy shocks and financial markets”, Journal of Futures Markets, 16, 1-27.
  • İşcan, E. (2010), “The Impact of Oil Prices on Stock Prices”, Maliye Dergisi, 158, 607-617.
  • Jones, C.M. & G. Kaul (1996), “Oil and the stock markets”, Journal of Finance, 51, 463-491.
  • Kang, S.H. & R. Mclver & S.M. Yoon (2017), “Dynamic spillover effects among crude oil, precious metal and agricultural commodity futures markets”, Energy Economics, 62, 19-32.
  • Kapusuzoglu, A. (2011), “Relationships between Oil Price and Stock Market: An Empirical Analysis from Istanbul Stock Exchange (ISE)”, International Journal of Economics and Finance, 3(6), 99-106.
  • Kirkulak-Uludag, B. & O. Safarzadeh (2018), “The interactions between OPEC oil price and sectoral stock returns: Evidence from China”, Physica A, 508, 631-641.
  • Kroner, K.F. & J. Sultan (1993), “Time-Varying Distributions and Dynamic Hedging with Foreign Currency Futures”, Journal of Financial and Quantitative Analysis, 28(4), 535-551.
  • Kroner, K.F. & V.K. Ng (1998), “Modeling Asymmetric Comovement of Asset Returns”, The Review of Financial Studies, 11(4), 817-844.
  • Ku, Y.H. & H-C. Chen & K-H. Chen (2007), “On the application of the dynamic conditional correlation model in estimating optimal time varying hedge ratios”, Applied Economics Letters, 14(7), 503-509.
  • Lee, K. & S. Ni (2002), “On the dynamic effects of oil shocks: A study using industry level data”, Journal of Monetary Economics, 49, 823-852.
  • Lin, B. & P.K. Wesseh & M.O. Appiah (2014), “Oil price fluctuation, volatility spillover and the Ghanian equity market: Implication for portfolio management and hedging effectiveness”, Energy Economics, 42, 172-182.
  • Ling, S. & M. McAleer (2003), “Asymptotic theory for a vector ARMA-GARCH model”, Econometric Theory, 19, 278-308.
  • Malik, F. & B.T. Ewing (2009), “Volatility transmission between oil prices and equity sector returns”, International Review of Financial Analysis, 18, 95-100.
  • Malik, S. & S. Hammoudeh (2007), “Shock and volatility transmission in the oil, US and Gulf equity markets”, International Review of Economics and Finance, 17, 357-368.
  • McAleer, M. & S. Hoti & F. Chan (2009), “Structure and Asymptotic Theory for Multivariate Asymmetric Conditional Volatility”, Econometric Reviews, 28(5), 422-440.
  • Mensi, W. & M. Beljid & A. Boubaker & S. Managi (2013), “Correlations and volatility spillovers across commodity and stock markets: linking energies, food, and gold”, Economic Modelling, 32, 15-22.
  • Mensi, W. & S. Hammoudeh & D.K. Nguyen & S-M. Yoon (2014), “Dynamic spillovers among major energy and cereal commodity prices”, Energy Economics, 43, 225-294.
  • Myers, R.J. & S.R. Thompson (1989), “Generalized optimal hedge ratio estimation”, American Journal of Agricultural Economics, 71, 858-867.
  • Park, J. & R.A. Ratti (2008), “Oil price shocks and stock markets in the US and 13 European countries”, Energy Economics, 30, 2587-2608.
  • Ross, S. (1989), “Information and volatility: the no-arbitrage martingale approach to timing and resolution irrelevancy”, Journal of Finance, 44, 1-17.
  • Sadorsky, P. (2012), “Correlations and volatility spillovers between oil prices and the stock prices of clean energy and technology companies”, Energy Economics, 34, 248-255.
  • Sayılgan, G. & C. Süslü (2011), “Makroekonomik Faktörlerin Hisse Denedi Getirilerine Etkisi: Türkiye ve Gelişmekte Olan Piyasalar Üzerine Bir İnceleme”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 5(1), 73-96.
  • Şener, S. & V. Yılancı & M. Tıraşoğlu (2013), “Analyzing the Hidden Cointegration between Oil Prices and Stock Prices”, The Journal of Social Economic Research, 13(26), 231-248.
  • Soytas, U. & A. Oran (2011), “Volatility spillover from world oil spot markets to aggregate and electricity stock index returns in Turkey”, Applied Energy, 88, 354-360.
  • Unlu, U. & M. Topcu (2012), “Do Oil Prices Directly Affect Stock Markets: Evidence from Istanbul Stock Exchange”, Iktisat, Isletme ve Finans, 27(319), 75-88.

Türkiye’de Petrol Fiyatları ve Sanayi Sektörleri Arasında Volatilite Yayılımı ve Korelasyon: Riskten Korunma ve Portföy Çeşitlendirme Üzerine Etkileri

Year 2021, , 79 - 106, 25.01.2021
https://doi.org/10.17233/sosyoekonomi.2021.01.04

Abstract

Bu çalışmada, 2002-2018 dönemi için haftalık veriler kullanılmakla, dünya ham petrol fiyatları ile Türkiye’de BIST 100 ve 23 sanayi sektörü getiri oranları arasındaki volatilite yayılmaları, riskten korunma ve portföy çeşitlendirme stratejileri incelenmektedir. DCC modeli ile elde edilen volatilite yayılmaları tahmin sonuçlara göre, petrol fiyatlarından BIST 100 ve 12 sanayi sektörüne anlamlı volatilite geçişleri söz konusudur. Ayrıca, çalışmada petrol-sektör portföyü için optimal riskten korunma oranları, optimal portföy ağırlık oranları, riskten korunma etkinliği, portföy çeşitlendirme etkinliği ve risk-ayarlı getiri oranları hesaplanmaktadır. Tahmin sonuçlarına göre, risk (varyans) azalışı ve risk-ayarlı getiri oranları açısından portföy çeşitlendirme stratejisi riskten korunma stratejisine oranla daha etkin strateji olmaktadır.

Supporting Institution

Aksaray Üniversitesi BAP Birimi

Project Number

2018-039

References

  • Abdioğlu, Z. & N. Değirmenci (2014), “The Relationship between Oil Prices and Stock Prices: BIST Sectoral Analysis”, Kafkas University Journal of Economics and Administrative Sciences Faculty, 5(8), 1-24.
  • Ahmad, W. & P. Sadorsky & A. Sharma (2018), “Optimal hedge ratios for clean energy equities”, Economic Modelling, 72, 278-295.
  • Aielli, G.P. (2013), “Dynamic Conditional Correlation: On Properties and Estimation”, Journal of Business & Economic Statistics, 31(3), 282-299.
  • Aktaş, M. & S. Akdağ (2013), “Türkiye’de Ekonomik Faktörlerin Hisse Senedi Fiyatları ile İlişkilerinin Araştırılması”, International Journal of Social Science Research, 2(1), 50-67.
  • Al-Fayoumi, N.A. (2009), “Oil Prices and Stock Market Returns in Oil Importing Countries: The Case of Turkey, Tunisia and Jordan”, European Journal of Economics, Finance and Administrative Sciences, 16, 84-98.
  • Al-Maadid A. & M.G. Caporale & F. Spagnolo (2017), “Spillovers between food and energy prices and structural breaks”, International Economics, 150, 1-18.
  • Arouri, M. & J. Jouini & D.K. Nguyen (2011), “Volatility spillovers between oil prices and stock sector returns: Implications for portfolio management”, Journal of International Money and Finance, 30, 1387-1405.
  • Arouri, M. & J. Jouini & D.K. Nguyen (2012), “On the impacts of oil price fluctuations on European equity markets: Volatility spillover and hedging effectiveness”, Energy Economics, 34, 611-617.
  • Baillie, R.T. & R.J. Myers (1991), “Bivariate GARCH estimation of the optimal commodity futures hedge”, Journal of Applied Econometrics, 6, 109-124.
  • Basher, A.S. & P. Sadorsky (2006), “Oil Price Risk and Emerging Stock Markets”, Global Finance Journal, 17, 224-251.
  • Basher, A.S. & P. Sadorsky (2016), “Hedging emerging market stock prices with oil, gold, VIX, and bonds: a comparison between DCC, ADCC and GO-GARCH”, Energy Economics, 54, 235-247.
  • Benet, B.A. (1992), “Hedge period length and ex ante futures hedging effectiveness: the case of foreign exchange risk cross hedges”, Journal of Futures Markets, 12, 163-175.
  • Büberkökü, Ö. (2017), “Examining the Impact of the Oil Prices on the Turkish Stock Market under Multiple Structural Breaks”, Bankacılık ve Sermaye Piyasası Araştırmaları Dergisi-BSPAD, 1(2), 15-32.
  • Caporale, G.M. & F.M. Ali & N. Spagnolo (2015), “Oil price uncertainty and sectoral stock returns in China: A time-varying approach”, China Economic Review, 34, 311-321.
  • Cappiello, L. & R.F. Engle & K. Sheppard (2006), “Asymmetric Dynamics in the Correlations of Global Equity and Bond Returns”, Journal of Financial Econometrics, 4(4), 537-572.
  • Chang, C. & M. McAleer & R. Tansuchat (2011), “Crude oil hedging strategies using dynamic multivariate GARCH”, Energy Economics, 33, 912-923.
  • Ederington, L.H. (1979), “The hedging performance of the new futures markets”, The Journal of Finance, 34, 157-170.
  • Engle, R.F. (2002), “Dynamic conditional correlation: A simple class of multivariate generalized autoregressive conditional heteroskedasticity models”, Journal of Business and Economic Statistics, 20(3), 339-350.
  • Eyüboğlu, K. & S. Eyüboğlu (2016), “Examining the Relationship among the Natural Gas, Oil Prices and Sub-Indexes of BIST-Industrial”, Journal of Yasar University, 11(42), 150-162.
  • Figlewski, S. (1985), “Hedging with stock index futures: estimation and forecasting with error correction model”, Journal of Futures Markets, 13, 743-752.
  • Gencer, G.H. & S. Demiralay (2014), “Shock and Volatility Spillovers between Oil Prices and Turkish Sector Returns”, International Journal of Economics and Finance, 6(2), 174-180.
  • Gogineni, S. (2010), “Oil and the stock market: An industry level analysis”, The Financial Review, 45, 995-1010.
  • Gönüllü, Ç.O. & E. Otluoğlu & M.H. Şengöz (2015), “The Impact of Crude Oil Price Changes on Petrochemical Industry Returns”, International Journal of Economic and Administrative Studies, 14, 223-234.
  • Güler, S. & R. Tunç & Ç. Orçun (2010), “Petrol Fiyat Riski ve Hisse Senedi Fiyatları Arasındaki İlişkinin Belirlenmesi: Türkiye’de Enerji Sektörü Üzerinde Bir Uygulama”, Atatürk Üniversitesi İktisadi ve İdari Bilimler Dergisi, 24(4), 297-315.
  • Guo, H. & L. Kliesen (2005), “Oil price volatility and US macroeconomic activity”, Federal Reserve Bank of St. Louis Review, 87, 669-683.
  • Hammoudeh, S. & Y. Yuan & M. McAleer & M. Thompson (2010), “Precious metals-exchange rate volatility transmissions and hedging strategies”, International Review of Economics and Finance, 19, 633-647.
  • Huang, R.D. & R.W. Masulis & H.R. Stoll (1996), “Energy shocks and financial markets”, Journal of Futures Markets, 16, 1-27.
  • İşcan, E. (2010), “The Impact of Oil Prices on Stock Prices”, Maliye Dergisi, 158, 607-617.
  • Jones, C.M. & G. Kaul (1996), “Oil and the stock markets”, Journal of Finance, 51, 463-491.
  • Kang, S.H. & R. Mclver & S.M. Yoon (2017), “Dynamic spillover effects among crude oil, precious metal and agricultural commodity futures markets”, Energy Economics, 62, 19-32.
  • Kapusuzoglu, A. (2011), “Relationships between Oil Price and Stock Market: An Empirical Analysis from Istanbul Stock Exchange (ISE)”, International Journal of Economics and Finance, 3(6), 99-106.
  • Kirkulak-Uludag, B. & O. Safarzadeh (2018), “The interactions between OPEC oil price and sectoral stock returns: Evidence from China”, Physica A, 508, 631-641.
  • Kroner, K.F. & J. Sultan (1993), “Time-Varying Distributions and Dynamic Hedging with Foreign Currency Futures”, Journal of Financial and Quantitative Analysis, 28(4), 535-551.
  • Kroner, K.F. & V.K. Ng (1998), “Modeling Asymmetric Comovement of Asset Returns”, The Review of Financial Studies, 11(4), 817-844.
  • Ku, Y.H. & H-C. Chen & K-H. Chen (2007), “On the application of the dynamic conditional correlation model in estimating optimal time varying hedge ratios”, Applied Economics Letters, 14(7), 503-509.
  • Lee, K. & S. Ni (2002), “On the dynamic effects of oil shocks: A study using industry level data”, Journal of Monetary Economics, 49, 823-852.
  • Lin, B. & P.K. Wesseh & M.O. Appiah (2014), “Oil price fluctuation, volatility spillover and the Ghanian equity market: Implication for portfolio management and hedging effectiveness”, Energy Economics, 42, 172-182.
  • Ling, S. & M. McAleer (2003), “Asymptotic theory for a vector ARMA-GARCH model”, Econometric Theory, 19, 278-308.
  • Malik, F. & B.T. Ewing (2009), “Volatility transmission between oil prices and equity sector returns”, International Review of Financial Analysis, 18, 95-100.
  • Malik, S. & S. Hammoudeh (2007), “Shock and volatility transmission in the oil, US and Gulf equity markets”, International Review of Economics and Finance, 17, 357-368.
  • McAleer, M. & S. Hoti & F. Chan (2009), “Structure and Asymptotic Theory for Multivariate Asymmetric Conditional Volatility”, Econometric Reviews, 28(5), 422-440.
  • Mensi, W. & M. Beljid & A. Boubaker & S. Managi (2013), “Correlations and volatility spillovers across commodity and stock markets: linking energies, food, and gold”, Economic Modelling, 32, 15-22.
  • Mensi, W. & S. Hammoudeh & D.K. Nguyen & S-M. Yoon (2014), “Dynamic spillovers among major energy and cereal commodity prices”, Energy Economics, 43, 225-294.
  • Myers, R.J. & S.R. Thompson (1989), “Generalized optimal hedge ratio estimation”, American Journal of Agricultural Economics, 71, 858-867.
  • Park, J. & R.A. Ratti (2008), “Oil price shocks and stock markets in the US and 13 European countries”, Energy Economics, 30, 2587-2608.
  • Ross, S. (1989), “Information and volatility: the no-arbitrage martingale approach to timing and resolution irrelevancy”, Journal of Finance, 44, 1-17.
  • Sadorsky, P. (2012), “Correlations and volatility spillovers between oil prices and the stock prices of clean energy and technology companies”, Energy Economics, 34, 248-255.
  • Sayılgan, G. & C. Süslü (2011), “Makroekonomik Faktörlerin Hisse Denedi Getirilerine Etkisi: Türkiye ve Gelişmekte Olan Piyasalar Üzerine Bir İnceleme”, BDDK Bankacılık ve Finansal Piyasalar Dergisi, 5(1), 73-96.
  • Şener, S. & V. Yılancı & M. Tıraşoğlu (2013), “Analyzing the Hidden Cointegration between Oil Prices and Stock Prices”, The Journal of Social Economic Research, 13(26), 231-248.
  • Soytas, U. & A. Oran (2011), “Volatility spillover from world oil spot markets to aggregate and electricity stock index returns in Turkey”, Applied Energy, 88, 354-360.
  • Unlu, U. & M. Topcu (2012), “Do Oil Prices Directly Affect Stock Markets: Evidence from Istanbul Stock Exchange”, Iktisat, Isletme ve Finans, 27(319), 75-88.
There are 51 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Vasıf Abioğlu 0000-0002-8217-0702

Project Number 2018-039
Publication Date January 25, 2021
Submission Date May 29, 2020
Published in Issue Year 2021

Cite

APA Abioğlu, V. (2021). Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities. Sosyoekonomi, 29(47), 79-106. https://doi.org/10.17233/sosyoekonomi.2021.01.04
AMA Abioğlu V. Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities. Sosyoekonomi. January 2021;29(47):79-106. doi:10.17233/sosyoekonomi.2021.01.04
Chicago Abioğlu, Vasıf. “Volatility Spillovers and Correlations Between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities”. Sosyoekonomi 29, no. 47 (January 2021): 79-106. https://doi.org/10.17233/sosyoekonomi.2021.01.04.
EndNote Abioğlu V (January 1, 2021) Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities. Sosyoekonomi 29 47 79–106.
IEEE V. Abioğlu, “Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities”, Sosyoekonomi, vol. 29, no. 47, pp. 79–106, 2021, doi: 10.17233/sosyoekonomi.2021.01.04.
ISNAD Abioğlu, Vasıf. “Volatility Spillovers and Correlations Between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities”. Sosyoekonomi 29/47 (January 2021), 79-106. https://doi.org/10.17233/sosyoekonomi.2021.01.04.
JAMA Abioğlu V. Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities. Sosyoekonomi. 2021;29:79–106.
MLA Abioğlu, Vasıf. “Volatility Spillovers and Correlations Between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities”. Sosyoekonomi, vol. 29, no. 47, 2021, pp. 79-106, doi:10.17233/sosyoekonomi.2021.01.04.
Vancouver Abioğlu V. Volatility Spillovers and Correlations between Oil Prices and Stock Sectors in Turkey: Implications on Portfolio Hedging and Diversification Opportunities. Sosyoekonomi. 2021;29(47):79-106.