Yazar "Danisman, Gamze Ozturk" seçeneğine göre listele

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    Economic policy uncertainty and bank stability: Size, capital, and liquidity matter
    (Elsevier Science Inc, 2024) Danisman, Gamze Ozturk; Tarazi, Amine
    We examine the impact of economic policy uncertainty on bank stability post-2007-2008 global financial crisis and how bank size, capital, and liquidity mitigate this relationship. We use 176,477 quarterly observations for US commercial banks over the period from 2011Q1 to 2020Q3 and find consistent and robust evidence that bank stability decreases as the level of economic policy uncertainty increases. We show that bank size, capital, and liquidity matter, i.e., the negative impact of policy uncertainty on bank stability is stronger for larger banks and weaker for highly capitalized banks as well as for more liquid banks. Our channel analysis shows that the increase in the level and volatility of lending and deposit rates, and the decrease in risk-adjusted capitalization and risk-adjusted profitability might to some extent explain the decrease in bank stability in times of higher economic policy uncertainty. Additional analysis reveals that higher market power mitigates the negative impact of EPU on bank stability. Our findings support the Basel II and III regulatory reforms aimed at tightening the capital levels with stricter rules for the larger banks and the implementation of the newly introduced liquidity rules.
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    Economic uncertainty and climate change exposure
    (Academic Press Ltd- Elsevier Science Ltd, 2025) Danisman, Gamze Ozturk; Bilyay-Erdogan, Seda; Demir, Ender
    This paper explores how economic uncertainty affects firms' climate change exposure. We use an extensive sample from 24 countries from 2002 to 2021. Employing a novel measure of firm-level climate change exposure developed by Sautner et al. (2023b), we empirically demonstrate that prior to the Paris Agreement in 2015, economic uncertainty leads to a decrease in climate change disclosures. However, after the Paris Agreement, our findings reveal a positive association between economic uncertainty and climate change exposure. The positive disclosure effect is primarily driven by higher climate-related opportunities and regulatory exposures. Our findings are robust when we employ alternative definitions for economic uncertainty, alternative samples, additional firm-level and country-level control variables, and alternative methodologies. We find that institutional and foreign ownership positively moderates the association between economic uncertainty and climate change exposure after the Paris Agreement. Further analysis investigates the moderating impact of country-level environmental performance indicators. We present novel empirical evidence suggesting that firms operating in countries with less climate vulnerability, higher readiness, more stringent environmental policies, superior climate protection performance, and higher environmental litigation risk tend to have higher climate change exposure in uncertain times.
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    ESG performance and dividend payout: A channel analysis
    (Academic Press Inc Elsevier Science, 2023) Bilyay-Erdogan, Seda; Danisman, Gamze Ozturk; Demir, Ender
    This paper investigates the impact of environmental, social, and governance (ESG) performance on corporate dividend policy. We employ a panel data set comprised of 1094 non-financial listed firms in 21 European countries from 2002 to 2019. We show that companies with higher ESG performance are likely to pay higher dividends. Our results are robust to alternative variable definitions and specifications and address endogeneity concerns. We next investigate the possible transmission channels through which corporate ESG performance enhances dividend payouts. We present novel evidence that earnings and risk are the two possible channels through which ESG performance augments corporate dividends.
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    ESG performance and investment efficiency: The impact of information asymmetry
    (Elsevier, 2024) Bilyay-Erdogan, Seda; Danisman, Gamze Ozturk; Demir, Ender
    This paper investigates the relationship between firms' engagement in environmental, social, and governance (ESG) activities and corporate investment efficiency, using 1,094 firms from 21 countries in Europe, covering the years 2002-2019. We conduct our estimations using fixed effects panel data techniques and address potential endogeneity with instrumental variables (IV) estimations. We provide evidence that overall ESG engagement is positively and significantly associated with investment efficiency. Analyzing overinvestment and underinvestment scenarios shows that ESG engagement decreases only overinvestment problems. Within the underinvestment scenario, we observe that ESG engagement is beneficial only for firms with higher information asymmetries. Thus, information asymmetry matters in the underinvestment case. We next show that four firm-level channels-information asymmetry, financial constraints, cash flows, and risk-link ESG performance to investment inefficiency. Additional analysis shows that firms with extreme ESG scores (i.e., very low and very high) do not experience significant reductions in investment inefficiency. Altogether, our findings draw attention to the critical role of ESG performance and information asymmetry in determining corporate investment efficiency.
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    IT-Enabled Organisational Transformation and Green Employment Growth in Microfirms
    (Wiley, 2025) Demirel, Pelin; Kesidou, Effie; Danisman, Gamze Ozturk
    In this paper, we explore whether IT-enabled organisational transformation (ITOT) moderates the relationship between eco-innovation and the growth performance of microfirms. Our framework conceptualises ITOT in microfirms as a multistage process that includes: (i) setting a digitalisation strategy, (ii) adopting advanced information systems technology (IST) artefacts and (iii) developing in-house digital resources and capabilities. The analysis of a sample of 5015 microfirms from 39 countries indicates that eco-innovations boost firm growth when coupled with (i) a formalised digitalisation strategy, (ii) adoption of advanced IST artefacts (e.g., digital technologies that characterise Industry 4.0) and (iii) digital resources and capabilities in microfirms. These findings contribute to the growing digitalisation literature by highlighting the essential role that ITOT processes play in enabling sustainability-led growth pathways for microfirms. The paper advocates for the viability and performance benefits of a twin digital and ecological transformation and showcases the potential of ITOT for an economically successful net-zero transition that embraces microfirms.