TY  - JOUR
T1  - Financial Derivatives and Bank Risk: Evidence from D-8 Countries
TT  - Finansal Türevler ve Banka Riski: D-8 Ülkeleri Örneği
AU  - Reis, Şükriye Gül
AU  - Gül, Zekeriya
PY  - 2021
DA  - November
DO  - 10.20990/kilisiibfakademik.985464
JF  - Akademik Araştırmalar ve Çalışmalar Dergisi (AKAD)
PB  - Kilis 7 Aralık Üniversitesi
WT  - DergiPark
SN  - 2149-1585
SP  - 551
EP  - 561
VL  - 13
IS  - 25
LA  - en
AB  - Purpose: The study aims to investigate the impact of financial derivatives use on bank risk. For this purpose, the banks operating in D-8 countries, are investigated.  Design/Methodology: While the relationship between the bank risk and derivative utilize is examined, some of the bank-specific control variables are added to the model. Due to the sample structure and endogeneity problem in the study, hypotheses were tested again by using Generalized Moments Method.Findings: The analysis results showed a statistically significant and negative relationship between financial derivative use and bank risk and using financial derivatives is reduced the bank's risk.Limitations: From D-8 countries, Iran and Bangladesh were excluded from the study because of the inaccessibility of the data related to the financial derivatives.Originality/Value: While the relationship between "Banking Risk and Use of Derivative Financial Instruments" in the literature is mainly tested in developed countries, there is a gap in the literature on how this relationship is in developing countries. This study aims to contribute to the literature by revealing the relationship between the use of financial derivatives and bank risk in D-8 countries, which are classified as developing countries.
KW  - Financial Derivatives
KW  - Bank Risk
KW  - D-8 Countries
KW  - Z-Score
KW  - Emerging Countries
N2  - Amaç: Bu çalışmanın amacı, finansal türev kullanımının banka riski üzerindeki etkisini araştırmaktır. Bu amaçla D-8 ülkelerinde faaliyet gösteren bankalar incelenmiştir.Tasarım/Yöntem: Banka riski ile türev kullanımı arasındaki ilişki incelenirken bankaya özgü bazı kontrol değişkenler modele eklenmiştir. Çalışmada örneklem yapısı ve içsellik probleminin önüne geçmek için, Genelleştirilmiş Momentler Yöntemi kullanılarak hipotezler yeniden test edilmiştir.Bulgular: Analizlerin sonucu; finansal türev araçlarının kullanımı ile bankacılık riski arasında negatif ve istatistiksel olarak anlamlı bir ilişki olduğunu ve finansal türev kullanımının bankaların riskini azalttığını göstermektedir.Sınırlılıklar: D-8 ülkelerinden İran ve Bangladeş’in finansal türev ürünlerine ilişkin verilerine erişilememesi nedeniyle İran ve Bangladeş örneklem dışında bırakılmıştır.Özgünlük/Değer: Literatürde "Bankacılık Riski ile Türev Finansal Araçların Kullanımı" arasındaki ilişki ağırlıklı olarak gelişmiş ülkelerde test edilirken gelişmekte olan ülkelerde bu ilişkinin nasıl olduğu konusunda literatürde boşluk bulunmaktadır.  Bu çalışmanın, gelişmekte olan ülkeler olarak sınıflandırılan D-8 ülkelerinde finansal türev kullanımı ile banka riski arasındaki ilişkiyi ortaya koyarak literatüre katkı sağlaması amaçlanmaktadır.
CR  - Adcock, C., Hua, X., Mazouz, K., & Yin, S. (2014). Derivative activities and Chinese banks’ exposures to exchange rate and interest rate movements. The European Journal of Finance, 23(7-9), 727-751.  https://doi.org/10.1080/1351847X.2014.899260
CR  - Afonso, A., & Rault, C. (2010). What do we really know about fiscal sustainability in the EU? A panel data diagnostic. Review of World Economics, 145(4), 731-755. https://doi.org/10.1007/s10290-009-0034-1
CR  - Ahmed, H., Azevedo, A., & Guney, Y. (2014). The effect of hedging on firm value and performance: Evidence from the nonfinancial UK firms. European Financial Management 2014 Annual Conference (pp. 1-31). University of Rome Tor Vergata-School of Economics. https://efmaefm.org/0EFMAMEETINGS/EFMA%20ANNUAL%20MEETINGS/2014-Rome/papers/EFMA2014_0342_fullpaper.pdf
CR  - Arellano, M., & Bond, S. (1991). Some tests of specification for panel data: Monte Carlo evidence and an application to employment. Review of Economic Studies. 58(2), 277-297. https://doi.org/10.2307/2297968
CR  - Baykut, E., Özen, E., & Yeşildağ, E. (2019). Likiditenin karlılık üzerine etkisi: BİST ticaret endeksi için GMM modeli uygulaması. Finans Ekonomi ve Sosyal Araştırmalar Dergisi, 4(4), 599-608. https://doi.org/10.29106/fesa.662717
CR  - Bowsher, C. G. (2002). On testing overidentifying restrictions in dynamic panel data models. Economics letters, 77(2), 211-220. https://doi.org/10.1016/S0165-1765(02)00130-1
CR  - Chang, C. C., Ho, K. Y., & Hsiao, Y. J. (2018). Derivatives usage for banking industry: Evidence from the European markets. Review of Quantitative Finance and Accounting, 51(4), 921-941. https://doi.org/10.1007/s11156-017-0692-3
CR  - Field, A. P. (2009). Discovering statistics using SPSS: (And sex, drugs and rock “n” roll) (3rd ed.). SAGE Publications.
CR  - Ghosh, A. (2017). How do derivative securities affect bank risk and profitability? Evidence from the US commercial banking industry. The Journal of Risk Finance, 18(2), 186-213. https://doi.org/10.1108/JRF-09-2016-0116
CR  - Global from Asia. (2018, April 22). List of top banks in Malaysia. https://www.globalfromasia.com/banks-in-malaysia/
CR  - Gujarati, D. N. (2004). Basic econometrics (4. Edition). McGraw Hill Companies.
CR  - Gunther, J., & Siems, T. F. (1995). Who's capitalizing on derivatives?. Financial Industry Studies. July. 1-19. https://ssrn.com/abstract=6876
CR  - Hapijournal. (2018, May 10). The best banks in Egypt. https://hapijournal.com/2020/10/02/
CR  - Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115(1), 53-74. https://doi.org/10.1016/S0304-4076(03)00092-7
CR  - Indonesia Investment. (2018, May 30). What are Indonesia’s biggest bank in terms of assets. https://www.indonesia-investments.com/news/todays-headlines/what-are-indonesia-s-biggest-banks-in-terms-of-assets/item8923
CR  - İskenderoğlu, Ö. (2008). İşletmelerin büyümesinde büyüklüğün etkisi: Türkiye için bir inceleme. Nobel Kitabevi.
CR  - Kasilingam, R. (1997). Financial derivatives. Pondicherry University. https://backup.pondiuni.edu.in/sites/default/files/downloads/Financial-derivatives-260214.pdf
CR  - KPMG Banking Survey. (2018, March 18). https://assets.kpmg/content/dam/kpmg/pk/pdf/2019/05/Banking%20Results%202018%20%20.pdf/
CR  - Lenee, T. L., & Oki, J. (2016). Financial derivatives and firm performance: Empirical evidence from financial and non financial firms. British Journal of Economics, Management and Trade, 16(4). 1-36. https://doi.org/10.9734/BJEMT/2017/30106
CR  - Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite-sample properties. Journal of Econometrics, 108(1), 1-24. https://doi.org/10.1016/S0304-4076(01)00098-7
CR  - Li, L., & Yu, Z. (2010). The impact of derivatives activity on commercial banks: Evidence from U.S. bank holding companies. Asia-Pacific Financial Markets, 17(3), 303-322. https://doi.org/10.1007/s10690-010-9117-1
CR  - Mallikarjunappa, T., & Afsal, E. M. (2008). The impact of derivatives on stock market volatility: A study of the Nifty Index. Asian Academy of Management Journal of Accounting and Finance, 4(2),43-65. https://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.1068.3476&rep=rep1&type=pdf
CR  - McDonald, L. R. (2013). Derivatives market. Pearson Education.
CR  - Morgan, J. P. (2013). Derivatives and risk management made simple. National Association of Pension Funds Limited. https://pdf4pro.com/view/derivatives-and-risk-management-made-simple-4d8c49.html
CR  - Rivas, A., Ozuna, T., & Policastro, F. (2006). Does the use of derivatives increase bank efficiency? Evidence from Latin American banks. International Business & Economics Research Journal, 5(11), 47-56. https://doi.org/10.19030/iber.v5i11.3525
CR  - Shen, X., & Hartarska, V. (2013). Derivatives as risk management and performance of agricultural banks. Agricultural Finance Review, 73(2), 290-309. https://doi.org/10.1108/AFR-07-2012-0036
CR  - Start Credits. (2018), The 2019-2018 top banks in Nigeria by assets. https://startcredits.com/the-2019-top-banks-in-nigeria-by-assets/
CR  - Sundaram, R. K., & Das, S. R. (2011). Derivatives: Principles and practice. McGraw-Hill Irwin.
CR  - The Banks Association of Turkey. (2018). The ranking of Turkish Banks according to assets size. https://www.tbb.org.tr/tr/banka-ve-sektor-bilgileri/istatistikiraporlar/Aktif_Buyukluklerine_Gore_Banka_Siralamasi/3762
CR  - Topaloğlu, E. E. (2018). Bankalarda finansal kırılganlığı etkileyen faktörlerin panel veri analizi ile belirlenmesi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Dergisi, 13(1), 15-38. https://doi.org/10.17153/oguiibf.344856
CR  - Vo, D. H., Huynh, S. V., & Ha, D. T. T (2019). The importance of the financial derivatives markets to economic development in the world’s four major economies. Journal of Risk and Financial Management, 12(1), 1-18. https://doi.org/10.3390/jrfm12010035
CR  - Yılmaz, E., & Arslan, T. (2016). Finansal risklerin yönetilmesinde türev ürünlerin kullanımı: Borsa İstanbul (BİST) 100 Endeksi’ndeki şirketler üzerine bir araştırma. İşletme Araştırmaları Dergisi, 8(1), 663-678. https://doi.org/10.20491/isader.2016.165
UR  - https://doi.org/10.20990/kilisiibfakademik.985464
L1  - http://dergipark.org.tr/tr/download/article-file/1935268
ER  -