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Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis

Yıl 2024, Cilt: 32 Sayı: 61, 11 - 20, 30.07.2024
https://doi.org/10.17233/sosyoekonomi.2024.03.01

Öz

This study aims to examine the impact of COVID-19 on the Turkish Banking Index of the Istanbul Stock Exchange. Bayer-Hanch Cointegration Test, a Canonical Cointegrating Regression, and a Fully Modified Least Squares test were examined. Gold price, Repo, exchange rate, and the COVID-19 cases exhibit a long-run relationship with the banking index. During the pandemic, COVID-19 cases affected banks' performance in a negative way at the Istanbul Stock Exchange. No study in the literature has specifically examined the impact of COVID-19 on the Turkish Banking Index using the Bayer Hanch Co-integration strategy. Therefore, this study provides valuable insight into the literature.

Kaynakça

  • Acaravcı, S.K. & A.E. Çalım (2013), “Turkish banking sector’s profitability factors”, International Journal of Economics and Financial Issues, 3, 27-41.
  • Açıkgöz, Ö. & A. Günay (2020), “The early impact of the Covid-19 pandemic on the global and Turkish economy”, Turkish Journal of Medical Sciences, 50, 520-526.
  • Akbaş, H.E. (2012), “Determinants of bank profitability: An investigation on Turkish banking sector”, Öneri Dergisi, 10, 103-110.
  • Awwad, T.A. & T. Türsoy (2016), “The Effects of Macroeconomic Variables on the Banking Sector Index: Evidence from Turkish Stock Market”, Journal of Social Sciences, 9(1), 168-190.
  • Babaoğlu, C. & O. Kulaç (2022), “Government Initiatives and Responses to COVID-19 Pandemic: The Case of Turkey”, in: P.G. Aquino Jr. & R.C. Jalagat Jr. (eds.), Effective Public Administration Strategies for Global “New Normal” (111-128), Springer.
  • Çakmaklı, C. et al. (2021), An evaluation of the Turkish economy during COVID-19, Centre for Applied Turkey Studies (CATS)| WP NR, 1.
  • Clark, L. et al. (2012), The external current account in the macroeconomic adjustment process in Turkey, Princeton University The Woodrow Wilson School’s Graduate Policy Workshop.
  • Coskun, M. et al. (2022), “Exploring Online Payment System Adoption Factors in the Age of COVID-19 - Evidence from the Turkish Banking Industry”, International Journal of Financial Studies, 10(2), 39.
  • Erden, B. & Ö.F. Aslan (2022), “The impact of the COVID-19 pandemic outbreak on the sustainable development of the Turkish banking sector”, Front. Environ. Sci., 10, 989070.
  • Gür, B. (2020), The impact of the Covid-19 pandemic process on the industrial companies traded on the Istanbul stock exchange (bist): a bayer-hanck cointegration analysis”, Social Sciences Studies Journal, 6(75), 5496-5505.
  • Gür, N. et al. (2023), “Firm Size and Financing Behavior during COVID-19 Pandemic: Evidence from SMEs in Istanbul”, Borsa Istanbul Review, 23(4), 804-817.
  • Hailu, S.M. & G. Vural (2020), “Testing the weak form market efficiency of Borsa Istanbul: an empirical evidence from Turkish banking sector stocks”, Journal of Economics Finance and Accounting, 7, 236-249.
  • İleri, S.G. (2022), “An investigation of the impacts of asset ratio policy on the banking system during the Covid-19 crisis in Turkey”, International Journal of Emerging Markets, 18(11), 5135-5154.
  • Karaömer, Y. & S.K. Acaravcı (2021), “The impact of COVID-19 outbreak on Borsa Istanbul: An event study method”, Journal of Economic and Administrative Sciences, 38, 652-666.
  • Kartal, M.T. et al. (2020), “The determinants of main stock exchange index changes in emerging countries: evidence from Turkey in COVID-19 pandemic age”, Available at SSRN 3659154.
  • Kartal, M.T. et al. (2022), “The impacts of foreign portfolio flows and monetary policy responses on stock markets by considering COVID-19 pandemic: Evidence from Turkey”, Borsa Istanbul Review, 22, 12-19.
  • Öztürk, Ö. et al. (2020), “Effect of COVID-19 outbreak on Turkish stock market: a sectoral-level analysis”, Hitit University Journal of Social Sciences Institute, 13, 56-68.
  • Rjoub, H. et al. (2017), “Micro and macroeconomic determinants of stock prices: The case of Turkish banking sector”, Romanian Journal of Economic Forecasting, 20, 150-166.
  • Sahu, P.K. et al. (2022), “Gold price and exchange rate in pre and during Covid-19 period in India: Modelling dependence using copulas”, Resour Policy, 79, 103126.
  • Saldanlı, A. et al. (2017), “The determinants of stock prices: Evidence from the Turkish banking sector”, Theoretical and Applied Economics, 22, 181-188.
  • Yağlı, İ. (2020), “The impact of COVID-19 on emerging stock market volatility: Empirical evidence from Borsa Istanbul”, Ekonomi Politika ve Finans Araştırmaları Dergisi, 5, 269-279.
  • Yağlı, İ. (2023), “Efficiency Assessment of the Turkish Banking Sector in the Pre-And During COVID-19 Pandemic Periods”, PressAcademia Procedia, 16, 26-32.
  • Yıldırım, A.C. (2020), “The impacts of digitalization and Covid-19 on the business model of banking: A qualitative study on Turkish banks”, Masters’ Thesis, Middle East Technical University.

COVİD-19’un Türk Bankacılık Sektörü Üzerindeki Etkisini Ortaya Çıkaran Ampirik Bir Analiz

Yıl 2024, Cilt: 32 Sayı: 61, 11 - 20, 30.07.2024
https://doi.org/10.17233/sosyoekonomi.2024.03.01

Öz

Bu çalışmanın amacı, COVID-19’un İstanbul Menkul Kıymetler Borsası Türk Bankacılık Endeksi üzerindeki etkisini incelemektir. Bu amaçla çalışmada Bayer-Hanch Eşbütünleşme Testi, Kanonik Eşbütünleşme Regresyon testi ve Tamamen Değiştirilmiş En Küçük Kareler testi kullanılmıştır. Altın fiyatı, repo, döviz kuru ve COVID-19 vakaları bankacılık endeksi ile uzun vadeli bir ilişki sergilemektedir. Pandemi sürecinde COVID-19 vakaları İstanbul Menkul Kıymetler Borsasında bankaların performansını olumsuz etkilemiştir. Bu çalışma, literatürde Bayer Hanch Eşbütünleşme stratejisi kullanarak COVID-19’un Türk Bankacılık Endeksi üzerindeki etkisini inceleyen ilk çalışmadır.

Kaynakça

  • Acaravcı, S.K. & A.E. Çalım (2013), “Turkish banking sector’s profitability factors”, International Journal of Economics and Financial Issues, 3, 27-41.
  • Açıkgöz, Ö. & A. Günay (2020), “The early impact of the Covid-19 pandemic on the global and Turkish economy”, Turkish Journal of Medical Sciences, 50, 520-526.
  • Akbaş, H.E. (2012), “Determinants of bank profitability: An investigation on Turkish banking sector”, Öneri Dergisi, 10, 103-110.
  • Awwad, T.A. & T. Türsoy (2016), “The Effects of Macroeconomic Variables on the Banking Sector Index: Evidence from Turkish Stock Market”, Journal of Social Sciences, 9(1), 168-190.
  • Babaoğlu, C. & O. Kulaç (2022), “Government Initiatives and Responses to COVID-19 Pandemic: The Case of Turkey”, in: P.G. Aquino Jr. & R.C. Jalagat Jr. (eds.), Effective Public Administration Strategies for Global “New Normal” (111-128), Springer.
  • Çakmaklı, C. et al. (2021), An evaluation of the Turkish economy during COVID-19, Centre for Applied Turkey Studies (CATS)| WP NR, 1.
  • Clark, L. et al. (2012), The external current account in the macroeconomic adjustment process in Turkey, Princeton University The Woodrow Wilson School’s Graduate Policy Workshop.
  • Coskun, M. et al. (2022), “Exploring Online Payment System Adoption Factors in the Age of COVID-19 - Evidence from the Turkish Banking Industry”, International Journal of Financial Studies, 10(2), 39.
  • Erden, B. & Ö.F. Aslan (2022), “The impact of the COVID-19 pandemic outbreak on the sustainable development of the Turkish banking sector”, Front. Environ. Sci., 10, 989070.
  • Gür, B. (2020), The impact of the Covid-19 pandemic process on the industrial companies traded on the Istanbul stock exchange (bist): a bayer-hanck cointegration analysis”, Social Sciences Studies Journal, 6(75), 5496-5505.
  • Gür, N. et al. (2023), “Firm Size and Financing Behavior during COVID-19 Pandemic: Evidence from SMEs in Istanbul”, Borsa Istanbul Review, 23(4), 804-817.
  • Hailu, S.M. & G. Vural (2020), “Testing the weak form market efficiency of Borsa Istanbul: an empirical evidence from Turkish banking sector stocks”, Journal of Economics Finance and Accounting, 7, 236-249.
  • İleri, S.G. (2022), “An investigation of the impacts of asset ratio policy on the banking system during the Covid-19 crisis in Turkey”, International Journal of Emerging Markets, 18(11), 5135-5154.
  • Karaömer, Y. & S.K. Acaravcı (2021), “The impact of COVID-19 outbreak on Borsa Istanbul: An event study method”, Journal of Economic and Administrative Sciences, 38, 652-666.
  • Kartal, M.T. et al. (2020), “The determinants of main stock exchange index changes in emerging countries: evidence from Turkey in COVID-19 pandemic age”, Available at SSRN 3659154.
  • Kartal, M.T. et al. (2022), “The impacts of foreign portfolio flows and monetary policy responses on stock markets by considering COVID-19 pandemic: Evidence from Turkey”, Borsa Istanbul Review, 22, 12-19.
  • Öztürk, Ö. et al. (2020), “Effect of COVID-19 outbreak on Turkish stock market: a sectoral-level analysis”, Hitit University Journal of Social Sciences Institute, 13, 56-68.
  • Rjoub, H. et al. (2017), “Micro and macroeconomic determinants of stock prices: The case of Turkish banking sector”, Romanian Journal of Economic Forecasting, 20, 150-166.
  • Sahu, P.K. et al. (2022), “Gold price and exchange rate in pre and during Covid-19 period in India: Modelling dependence using copulas”, Resour Policy, 79, 103126.
  • Saldanlı, A. et al. (2017), “The determinants of stock prices: Evidence from the Turkish banking sector”, Theoretical and Applied Economics, 22, 181-188.
  • Yağlı, İ. (2020), “The impact of COVID-19 on emerging stock market volatility: Empirical evidence from Borsa Istanbul”, Ekonomi Politika ve Finans Araştırmaları Dergisi, 5, 269-279.
  • Yağlı, İ. (2023), “Efficiency Assessment of the Turkish Banking Sector in the Pre-And During COVID-19 Pandemic Periods”, PressAcademia Procedia, 16, 26-32.
  • Yıldırım, A.C. (2020), “The impacts of digitalization and Covid-19 on the business model of banking: A qualitative study on Turkish banks”, Masters’ Thesis, Middle East Technical University.
Toplam 23 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Uygulamalı Ekonomi (Diğer)
Bölüm Makaleler
Yazarlar

Arzu Alvan Bozdereli 0000-0003-2183-0209

Derviş Kırıkkaleli 0000-0001-5733-5045

Şükrü Umarbeyli 0000-0001-7745-0606

Erken Görünüm Tarihi 21 Temmuz 2024
Yayımlanma Tarihi 30 Temmuz 2024
Gönderilme Tarihi 22 Eylül 2023
Yayımlandığı Sayı Yıl 2024 Cilt: 32 Sayı: 61

Kaynak Göster

APA Alvan Bozdereli, A., Kırıkkaleli, D., & Umarbeyli, Ş. (2024). Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis. Sosyoekonomi, 32(61), 11-20. https://doi.org/10.17233/sosyoekonomi.2024.03.01
AMA Alvan Bozdereli A, Kırıkkaleli D, Umarbeyli Ş. Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis. Sosyoekonomi. Temmuz 2024;32(61):11-20. doi:10.17233/sosyoekonomi.2024.03.01
Chicago Alvan Bozdereli, Arzu, Derviş Kırıkkaleli, ve Şükrü Umarbeyli. “Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis”. Sosyoekonomi 32, sy. 61 (Temmuz 2024): 11-20. https://doi.org/10.17233/sosyoekonomi.2024.03.01.
EndNote Alvan Bozdereli A, Kırıkkaleli D, Umarbeyli Ş (01 Temmuz 2024) Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis. Sosyoekonomi 32 61 11–20.
IEEE A. Alvan Bozdereli, D. Kırıkkaleli, ve Ş. Umarbeyli, “Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis”, Sosyoekonomi, c. 32, sy. 61, ss. 11–20, 2024, doi: 10.17233/sosyoekonomi.2024.03.01.
ISNAD Alvan Bozdereli, Arzu vd. “Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis”. Sosyoekonomi 32/61 (Temmuz 2024), 11-20. https://doi.org/10.17233/sosyoekonomi.2024.03.01.
JAMA Alvan Bozdereli A, Kırıkkaleli D, Umarbeyli Ş. Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis. Sosyoekonomi. 2024;32:11–20.
MLA Alvan Bozdereli, Arzu vd. “Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis”. Sosyoekonomi, c. 32, sy. 61, 2024, ss. 11-20, doi:10.17233/sosyoekonomi.2024.03.01.
Vancouver Alvan Bozdereli A, Kırıkkaleli D, Umarbeyli Ş. Unravelling the Impact of COVID-19 on The Turkish Banking Sector: An Empirical Analysis. Sosyoekonomi. 2024;32(61):11-20.