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Covıd-19 Pandemisinde Piyasa Etkinliği Ve Davranışsal Finans Teorilerinin Geçerliliği: Uluslararası Piyasalarda Bir Uygulama

Yıl 2021, Sayı: 60, 519 - 546, 25.12.2021
https://doi.org/10.18070/erciyesiibd.994139

Öz

Bu çalışmanın amacı, temel finans teorilerinden Etkin Piyasalar Hipotezi ve Davranışsal Finans Teorisinin Covid-19 döneminde uluslararası pay piyasalarında test edilmesidir. Bu kapsamda çalışmada toplam vaka sayısı açısından dünya ölçeğinde ilk altı sırada bulunan ülkelere ilişkin 31.12.2019 - 01.07.2021 tarihleri arası günlük ve haftalık pay piyasası verileri ve Google Trends “Covid19” terimine yönelik haftalık arama sayıları verileri (Koronavirüs Korku Endeksi) kullanılmıştır. Etkin Piyasalar Hipotezinin geçerliliği Koşu (Run) Testi ile test edilirken, pay piyasalarındaki davranışsal etkilerin belirlenebilmesi için Dumitrescu & Hurlin (2012) Panel Nedensellik Analizinden yararlanılmıştır. Çalışma bulguları, Etkin Piyasalar Hipotezinin ABD ve Brezilya dışındaki ülkelerde pay piyasası getirileri için zayıf formda kabul edildiğini göstermiştir. Bunun yanı sıra davranışsal etkilerin test edilmesi için gerçekleştirilen Panel Nedensellik Analizi sonuçları, Koronavirüs Korku Endeksinin tüm ülkelerde pay fiyatlarındaki değişimin nedeni olduğunu ortaya koymuştur. 

Destekleyen Kurum

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Proje Numarası

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Teşekkür

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Kaynakça

  • Ahmed, F. (2021). Assessment of Capital Market Efficiency in COVID-19. European Journal of Business and Management Research, 6(3), 42-46.
  • Ajao, M. G., & Osayuwu, R. (2012). Testing the weak form of efficient market hypothesis in Nigerian capital market. Accounting and Finance Research, 1(1), 169-179.
  • Ammy-Driss, A., & Garcin, M. (2020). Efficiency of the financial markets during the COVID-19 crisis: time-varying parameters of fractional stable dynamics. arXiv preprint arXiv:2007.10727.
  • Anadolu Ajansı (2020), Erişim Linki: https://www.aa.com.tr/tr/dunya/cine-giden-dso-uzmani-vuhanda-aralik-2019daki-salginin-boyutu-dusunulenden-daha-buyuk/2144790 Erişim Tarihi: 09.08.2021.
  • Ariss, R. T., Rezvanian, R., & Mehdian, S. M. (2011). Calendar anomalies in the Gulf Cooperation Council stock markets. Emerging Markets Review, 12(3), 293-307.
  • Awiagah, R., & Choi, S. S. B. (2018). Predictable or random?-A Test of the weak-form efficient market hypothesis on the Ghana stock exchange. Journal of Finance and Economics, 6(6), 213-222.
  • Baker, H. K., & Nofsinger, J. R. (Eds.). (2010). Behavioral finance: investors, corporations, and markets (Vol. 6). John Wiley & Sons.
  • Barak, O. (2008). İMKB De Aşiri Reaksiyon Anomalisi Ve Davranişsal Finans Modelleri Kapsaminda Değerlendirilmesi. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1), 207-229.
  • Barberis, N., Jin, L. J., & Wang, B. (2019). Prospect theory and stock market anomalies. The Journal of Finance.
  • Barone, E. (1990). The Italian stock market: efficiency and calendar anomalies. Journal of Banking & Finance, 14(2-3), 483-510.
  • Black, F. (1986). Noise. The journal of finance, 41(3), 528-543.
  • Boone, T., Ganeshan, R., Hicks, R. L., & Sanders, N. R. (2018). Can Google trends improve your sales forecast?. Production and Operations Management, 27(10), 1770-1774.
  • Borges, M. R. (2010). Efficient market hypothesis in European stock markets. The European Journal of Finance, 16(7), 711-726.
  • Brennan, M. J., & Hughes, P. J. (1991). Stock prices and the supply of information. The Journal of Finance, 46(5), 1665-1691.
  • Chen, C., Liu, L., & Zhao, N. (2020). Fear sentiment, uncertainty, and bitcoin price dynamics: The case of COVID-19. Emerging Markets Finance and Trade, 56(10), 2298-2309.
  • Çelik, M. Y., & Ünsür, Z. (2020). Küreselleşme ve Büyüme İlişkisinin Dumitrescu-Hurlin Panel Nedensellik Testi İle Belirlenmesi. İzmir İktisat Dergisi, 35(1), 201-210.
  • Çetiner, M., Gökcek, H. A., & Gölbaşı, B. T. (2019). Davranışsal finans perspektifinden yatırımcı davranışları üzerine bir inceleme. Uluslararası Bankacılık Ekonomi ve Yönetim Araştırmaları Dergisi, 2(1), 1-30.
  • Datta, S., & Dhillon, U. S. (1993). Bond and stock market response to unexpected earnings announcements. Journal of Financial and Quantitative Analysis, 28(4), 565-577.
  • Doğukanlı, H., & Ergün, A. G. B. (2011). Davranışsal Finans Etkin Piyasalara Karşı: Aşırı Tepki Hipotezinin İMKB’de Araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 20(1), 321-336.
  • Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic modelling, 29(4), 1450-1460.
  • Fama, E. F. (1965). The behavior of stock-market prices. The journal of Business, 38(1), 34-105.
  • Fama, E. F. (1970). Efficient market hypothesis: A review of theory and empirical work. Journal of Finance, 25(2), 28-30.
  • Google Trends Arama Verileri (2021). Erişim Linki: https://trends.google.com/trends/?geo=TR Erişim Tarihi: 11.08.2021.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438.
  • Gujarati, D. N., & Porter, D. (2012). Temel ekonometri (Ü. Şenesen ve GG Şenesen, Çev.). İstanbul: Literatür Yayıncılık.
  • Gümüş, B. F., & Zeren, F. (2014). Analyzing the efficient market hypothesis with the fourier unit root tests: Evidence from G-20 countries. Ekonomski horizonti, 16(3), 225-237.
  • Hammoudeh, S., & Li, H. (2008). Sudden changes in volatility in emerging markets: The case of Gulf Arab stock markets. International Review of Financial Analysis, 17(1), 47-63.
  • İlhan, E. G. E., Topaloğlu, E. E., & Coşkun, D. (2012). Davranışsal finans ve anomaliler: Ocak ayı anomalisinin İMKB’de test edilmesi. Muhasebe ve Finansman Dergisi, (56), 175-190.
  • Jacobs, B. I., & Levy, K. N. (1988). Calendar anomalies: Abnormal returns at calendar turning points. Financial Analysts Journal, 44(6), 28-39.
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  • Kilic, Y., & Fatih, M. B. (2016). The efficient market hypothesis: Evidence from Turkey. International Journal of Academic Research in Business and Social Sciences, 6(10), 262-272.
  • Kumar, S. (2016). Revisiting calendar anomalies: three decades of multicurrency evidence. Journal of Economics and Business, 86, 16-32.
  • Lalwani, V., & Meshram, V. V. (2020). Stock market efficiency in the time of COVID-19: evidence from industry stock returns. International Journal of Accounting & Finance Review, 5(2), 40-44.
  • Li, W., Chien, F., Kamran, H. W., Aldeehani, T. M., Sadiq, M., Nguyen, V. C., & Taghizadeh-Hesary, F. (2021). The nexus between COVID-19 fear and stock market volatility. Economic Research-Ekonomska Istraživanja, 1-22. Lo AW. 2004. The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective. The Journal of Portfolio Management 30 (5): 15-29.
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  • Nofsinger, J. R. (2005). Social mood and financial economics. The Journal of Behavioral Finance, 6(3), 144-160.
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  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of applied econometrics, 22(2), 265-312.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93.
  • Rizkianto, G. D., & Surya, B. A. (2014). Testing the Efficient Market Hypothesis on Weak and Semistrong Form in the Indonesian Stock Market. Journal of Business and Management, 3(2), 179-190.
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The Validity of Market Efficiency and Behavioral Finance Theories in the Covid-19 Pandemic: An Application on International Markets

Yıl 2021, Sayı: 60, 519 - 546, 25.12.2021
https://doi.org/10.18070/erciyesiibd.994139

Öz

The purpose of this study is to test the Efficient Market Hypothesis and Behavioral Finance Theory which are among the main finance theories, in international stock markets during the Covid19 period. In this context, daily and weekly stock market data between 31.12.2019-01.07.2021 for the countries that are in the top six in the world in terms of a total number of cases and weekly search numbers for the term “Covid19” from Google Trends (Coronavirus Fear Index) were used. While the validity of the Efficient Market Hypothesis was tested with the Run Test, Dumitrescu & Hurlin (2012) Panel Causality Analysis was used to determine the behavioral effects in the stock markets. The study findings showed that the Efficient Market Hypothesis was accepted in weak form for stock market returns in countries other than the USA and Brazil. In addition, the results of the Panel Causality Analysis carried out to test the behavioral effects revealed that the Coronavirus Fear Index was the reason for the changes in stock prices in all countries.

Proje Numarası

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Kaynakça

  • Ahmed, F. (2021). Assessment of Capital Market Efficiency in COVID-19. European Journal of Business and Management Research, 6(3), 42-46.
  • Ajao, M. G., & Osayuwu, R. (2012). Testing the weak form of efficient market hypothesis in Nigerian capital market. Accounting and Finance Research, 1(1), 169-179.
  • Ammy-Driss, A., & Garcin, M. (2020). Efficiency of the financial markets during the COVID-19 crisis: time-varying parameters of fractional stable dynamics. arXiv preprint arXiv:2007.10727.
  • Anadolu Ajansı (2020), Erişim Linki: https://www.aa.com.tr/tr/dunya/cine-giden-dso-uzmani-vuhanda-aralik-2019daki-salginin-boyutu-dusunulenden-daha-buyuk/2144790 Erişim Tarihi: 09.08.2021.
  • Ariss, R. T., Rezvanian, R., & Mehdian, S. M. (2011). Calendar anomalies in the Gulf Cooperation Council stock markets. Emerging Markets Review, 12(3), 293-307.
  • Awiagah, R., & Choi, S. S. B. (2018). Predictable or random?-A Test of the weak-form efficient market hypothesis on the Ghana stock exchange. Journal of Finance and Economics, 6(6), 213-222.
  • Baker, H. K., & Nofsinger, J. R. (Eds.). (2010). Behavioral finance: investors, corporations, and markets (Vol. 6). John Wiley & Sons.
  • Barak, O. (2008). İMKB De Aşiri Reaksiyon Anomalisi Ve Davranişsal Finans Modelleri Kapsaminda Değerlendirilmesi. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(1), 207-229.
  • Barberis, N., Jin, L. J., & Wang, B. (2019). Prospect theory and stock market anomalies. The Journal of Finance.
  • Barone, E. (1990). The Italian stock market: efficiency and calendar anomalies. Journal of Banking & Finance, 14(2-3), 483-510.
  • Black, F. (1986). Noise. The journal of finance, 41(3), 528-543.
  • Boone, T., Ganeshan, R., Hicks, R. L., & Sanders, N. R. (2018). Can Google trends improve your sales forecast?. Production and Operations Management, 27(10), 1770-1774.
  • Borges, M. R. (2010). Efficient market hypothesis in European stock markets. The European Journal of Finance, 16(7), 711-726.
  • Brennan, M. J., & Hughes, P. J. (1991). Stock prices and the supply of information. The Journal of Finance, 46(5), 1665-1691.
  • Chen, C., Liu, L., & Zhao, N. (2020). Fear sentiment, uncertainty, and bitcoin price dynamics: The case of COVID-19. Emerging Markets Finance and Trade, 56(10), 2298-2309.
  • Çelik, M. Y., & Ünsür, Z. (2020). Küreselleşme ve Büyüme İlişkisinin Dumitrescu-Hurlin Panel Nedensellik Testi İle Belirlenmesi. İzmir İktisat Dergisi, 35(1), 201-210.
  • Çetiner, M., Gökcek, H. A., & Gölbaşı, B. T. (2019). Davranışsal finans perspektifinden yatırımcı davranışları üzerine bir inceleme. Uluslararası Bankacılık Ekonomi ve Yönetim Araştırmaları Dergisi, 2(1), 1-30.
  • Datta, S., & Dhillon, U. S. (1993). Bond and stock market response to unexpected earnings announcements. Journal of Financial and Quantitative Analysis, 28(4), 565-577.
  • Doğukanlı, H., & Ergün, A. G. B. (2011). Davranışsal Finans Etkin Piyasalara Karşı: Aşırı Tepki Hipotezinin İMKB’de Araştırılması. Çukurova Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 20(1), 321-336.
  • Dumitrescu, E. I., & Hurlin, C. (2012). Testing for Granger non-causality in heterogeneous panels. Economic modelling, 29(4), 1450-1460.
  • Fama, E. F. (1965). The behavior of stock-market prices. The journal of Business, 38(1), 34-105.
  • Fama, E. F. (1970). Efficient market hypothesis: A review of theory and empirical work. Journal of Finance, 25(2), 28-30.
  • Google Trends Arama Verileri (2021). Erişim Linki: https://trends.google.com/trends/?geo=TR Erişim Tarihi: 11.08.2021.
  • Granger, C. W. (1969). Investigating causal relations by econometric models and cross-spectral methods. Econometrica: journal of the Econometric Society, 424-438.
  • Gujarati, D. N., & Porter, D. (2012). Temel ekonometri (Ü. Şenesen ve GG Şenesen, Çev.). İstanbul: Literatür Yayıncılık.
  • Gümüş, B. F., & Zeren, F. (2014). Analyzing the efficient market hypothesis with the fourier unit root tests: Evidence from G-20 countries. Ekonomski horizonti, 16(3), 225-237.
  • Hammoudeh, S., & Li, H. (2008). Sudden changes in volatility in emerging markets: The case of Gulf Arab stock markets. International Review of Financial Analysis, 17(1), 47-63.
  • İlhan, E. G. E., Topaloğlu, E. E., & Coşkun, D. (2012). Davranışsal finans ve anomaliler: Ocak ayı anomalisinin İMKB’de test edilmesi. Muhasebe ve Finansman Dergisi, (56), 175-190.
  • Jacobs, B. I., & Levy, K. N. (1988). Calendar anomalies: Abnormal returns at calendar turning points. Financial Analysts Journal, 44(6), 28-39.
  • Kahneman, D. (2011). Thinking, fast and slow. Macmillan.
  • Karan, M. B. (2013). Yatırım analizi ve portföy yönetimi, Gazi yayınları, 4. Baskı, Ankara.
  • Khan, N. U., & Khan, S. (2016). Weak Form of Efficient Market Hypothesis â?? Evidence from Pakistan. Business & Economic Review, 8(SE), 1-18.
  • Kıyılar, M., & Akkaya, M. (2016). Davranışsal finans. İstanbul: Literatür Yayıncılık.
  • Kilic, Y., & Fatih, M. B. (2016). The efficient market hypothesis: Evidence from Turkey. International Journal of Academic Research in Business and Social Sciences, 6(10), 262-272.
  • Kumar, S. (2016). Revisiting calendar anomalies: three decades of multicurrency evidence. Journal of Economics and Business, 86, 16-32.
  • Lalwani, V., & Meshram, V. V. (2020). Stock market efficiency in the time of COVID-19: evidence from industry stock returns. International Journal of Accounting & Finance Review, 5(2), 40-44.
  • Li, W., Chien, F., Kamran, H. W., Aldeehani, T. M., Sadiq, M., Nguyen, V. C., & Taghizadeh-Hesary, F. (2021). The nexus between COVID-19 fear and stock market volatility. Economic Research-Ekonomska Istraživanja, 1-22. Lo AW. 2004. The Adaptive Markets Hypothesis: Market Efficiency from an Evolutionary Perspective. The Journal of Portfolio Management 30 (5): 15-29.
  • Lonie, A. A., Abeyratna, G., Power, D. M., & Sinclair, C. D. (1996). The stock market reaction to dividend announcements: A UK study of complex market signals. Journal of Economic studies.
  • Mallikarjunappa, T., & Manjunatha, T. (2009). Stock Price Reactions to Dividend Announcements. Journal of Management & Public Policy, 1(1).
  • McCluskey, T., Burton, B. M., Power, D. M., & Sinclair, C. D. (2006). Evidence on the Irish stock market's reaction to dividend announcements. Applied Financial Economics, 16(8), 617-628.
  • Nguyen, C. V., & Ali, M. M. (2011). Testing the weak efficient market hypothesis: Using Bangladeshi panel data. Banks & bank systems, (6, Iss. 1), 11-15.
  • Nofsinger, J. R. (2005). Social mood and financial economics. The Journal of Behavioral Finance, 6(3), 144-160.
  • Obayagbona, J., & Igbinosa, S. O. (2015). Test of random walk hypothesis in the Nigerian stock market. Current Research Journal of Social Sciences, 7(2), 27-36.
  • Pachetti, M., Marini, B., Benedetti, F., Giudici, F., Mauro, E., Storici, P., ... & Ippodrino, R. (2020). Emerging SARS-CoV-2 mutation hot spots include a novel RNA-dependent-RNA polymerase variant. Journal of translational medicine, 18(1), 1-9.
  • Pathan, R. K., Biswas, M., & Khandaker, M. U. (2020). Time series prediction of COVID-19 by mutation rate analysis using recurrent neural network-based LSTM model. Chaos, Solitons & Fractals, 138, 110018.
  • Pesaran, M. H. (2004). General diagnostic tests for cross-sectional dependence in panels. IZA Discussion Paper Series, DP No. 1240
  • Pesaran, M. H. (2007). A simple panel unit root test in the presence of cross‐section dependence. Journal of applied econometrics, 22(2), 265-312.
  • Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of econometrics, 142(1), 50-93.
  • Rizkianto, G. D., & Surya, B. A. (2014). Testing the Efficient Market Hypothesis on Weak and Semistrong Form in the Indonesian Stock Market. Journal of Business and Management, 3(2), 179-190.
  • Sadi, R., Asl, H. G., Rostami, M. R., Gholipour, A., & Gholipour, F. (2011). Behavioral finance: the explanation of investors’ personality and perceptual biases effects on financial decisions. International journal of economics and finance, 3(5), 234-241.
  • Sadiq, M., Hsu, C. C., Zhang, Y., & Chien, F. (2021). COVID-19 fear and volatility index movements: empirical insights from ASEAN stock markets. Environmental Science and Pollution Research, 1-18.
  • Safeer, M., & Kevin, S. (2014). A study on market anomalies in Indian stock market. Int. J. Bus. Admin. Res. Rev, 1, 128-137.
  • Sahoo, J. P., Mishra, A. P., Behera, L., Nath, S., & Samal, K. C. (2020). New Mutant COVID-19 Strain (VUI–202012/01)–More Contagious than Current Status. Biotica Research Today, 2(12), 1331-1333.
  • Santoso, E. B., & Ikhsan, M. (2020). Efficient Market Hypothesis in Indonesia Stock Exchange 2019. Advances in Economics, Business and Management Research, 127, 51-53.
  • Sattar, M. A., Toseef, M., & Sattar, M. F. (2020). Behavioral Finance Biases in Investment Decision Making. International Journal of Accounting, Finance and Risk Management, 5(2), 69.
  • Schwert, G. W. (1981). Using financial data to measure effects of regulation. The Journal of Law and Economics, 24(1), 121-158.
  • Singh, S. P. (2014). Stock market anomalies: Evidence from emerging BRIC markets. Vision, 18(1), 23-28.
  • Statman, M. (2014). Behavioral finance: Finance with normal people. Borsa Istanbul Review, 14(2), 65-73.
  • Su, Z., Liu, P., & Fang, T. (2021). Pandemic-induced fear and stock market returns: Evidence from China. Global Finance Journal, 100644.
  • Subramaniam, S., & Chakraborty, M. (2021). COVID-19 fear index: does it matter for stock market returns?. Review of Behavioral Finance.
  • Sümer, E., & Aybar, Ş. (2016). Etkin Piyasalar Hipotezinin, Finansal Piyasaları Açıklamadaki Yetersizliği ve Davranışsal Finans. Erzincan Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 9(2), 75-84.
  • Swamy, P. A. (1970). Efficient inference in a random coefficient regression model. Econometrica: Journal of the Econometric Society, 311-323.
  • Thaler, R. H., & Sunstein, C. R. (2009) Nudge: Improving decisions about health, wealth, and happiness.
  • Tufan, C., & Sarıçiçek, R. (2013). Davranışsal Finans Modelleri, Etkin Piyasa Hipotezi ve Anomalilerine İlişkin Bir Değerlendirme. Trakya Üniversitesi Sosyal Bilimler Dergisi, 15(2), 159-182.
  • Tunçel, A. K. (2007). Rassal yürüyüş (Random Walk) hipotezi’nin İMKB’de test edilmesi: Koşu testi uygulaması. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 9(2), 1-18.
  • Tversky, A., & Kahneman, D. (1992). Advances in prospect theory: Cumulative representation of uncertainty. Journal of Risk and uncertainty, 5(4), 297-323.
  • US News (2020), Erişim Linki: https://www.usnews.com/news/health-news/articles/2020-11-09/early-data-shows-pfizer-coronavirus-vaccine-is-90-effective Erişim Tarihi: 15.08.2021.
  • Vasileiou, E. (2021). Efficient Markets Hypothesis in the time of COVID-19. Review of Economic Analysis, 13(1), 45-63.
  • WHO (2021), Covid-19 Ülkelere Göre Toplam Vaka İstatistikleri. Erişim Linki: https://covid19.who.int/table Erişim Tarihi: 02.08.2021.
  • WHO (2021), Erişim Linki: https://www.who.int/publications/m/item/covid-19-public-health-emergency-of-international-concern-(pheic)-global-research-and-innovation-forum Erişim Tarihi: 14.08.2021.
  • Wong, W. K., Agarwal, A., & Wong, N. T. (2006). The disappearing calendar anomalies in the Singapore stock market.
  • Yerdelen Tatoğlu, F. (2017). Panel Zaman Serileri Analizi Stata Uygulamalı (3. Baskı 2020).
  • Yıldırım, K., Mercan, M., & Kostakoğlu, S. F. (2013). Satın alma gücü paritesinin geçerliliğinin test edilmesi: zaman serisi ve panel veri analizi. Eskişehir Osmangazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(3), 75-95.
  • Zahradnik, J., Marciano, S., Shemesh, M., Zoler, E., Chiaravalli, J., Meyer, B., ... & Schreiber, G. (2021). SARS-CoV-2 RBD in vitro evolution follows contagious mutation spread, yet generates an able infection inhibitor. Biorxiv.
  • Zaremba, A. (2016). Investor sentiment, limits on arbitrage, and the performance of cross-country stock market anomalies. Journal of Behavioral and Experimental Finance, 9, 136-163.
Toplam 75 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Mehmetcan Suyadal 0000-0002-8235-7462

Proje Numarası -
Yayımlanma Tarihi 25 Aralık 2021
Kabul Tarihi 4 Kasım 2021
Yayımlandığı Sayı Yıl 2021 Sayı: 60

Kaynak Göster

APA Suyadal, M. (2021). Covıd-19 Pandemisinde Piyasa Etkinliği Ve Davranışsal Finans Teorilerinin Geçerliliği: Uluslararası Piyasalarda Bir Uygulama. Erciyes Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi(60), 519-546. https://doi.org/10.18070/erciyesiibd.994139

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