Turhan Korkmaz Turhan Korkmaz İKTİSADİ VE İDARİ BİLİMLER FAKÜLTESİ İŞLETME BÖLÜMÜ MUHASEBE FİNANSMAN ANABİLİM DALI İŞLETME
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The Determination of Financing Sources Affecting the Capital Budgets of Airline Companies

Korkmaz, Turhan | Turaboğlu, Tuncay Turan

This study aims to determine the impact of airline companies’ internal and external financing decisions on fixed asset investments. For this purpose, 25 airline companies worldwide were divided into two groups, with a market value greater than 10 billion dollars (BigCap) and below (SmallCap), and analyzed using the panel data method. External financing sources have a negative effect on fixed asset investments for BigCap airline companies, while external financing sources have a positive effect on SmallCap airline companies. Equity financing, return on assets, and net profit margin have statistically significant positive effects on fixed asset investments in SmallCap companies, while these effects are not statistically significant for BigCap companies.

Machine Learning for Out-of-Sample Prediction of Industry Portfolio Returns Within Multi-Factor Asset Pricing Models

Duran, Esra Sarıoğlu | Korkmaz, Turhan

Accurately predicting asset returns remains a central challenge in finance, with significant implications for portfolio optimization and risk management. In response to the challenge, this study evaluates the predictive performance of machine learning algorithms in estimating excess returns of U.S. industry portfolios, within the out-of-sample prediction framework of the Fama–French three-, four-, five- and six-factor asset pricing models. In the analysis, Support Vector Regression, Multilayer Perceptron, Linear Regression, and k-Nearest Neighbor were employed using monthly return data from 1992 to 2022, covering 5-, 10-, 12-, 17-, 30-, 38-, 48-, and 49-portfolio configurations composed of NYSE, AMEX, and NASDAQ-listed firms. The findings reveal that support vector regression achieved the highest number of top-ranked results, producing the most successful outcomes in 305 out of 836 model–portfolio combinations. However, multilayer perceptron achieved the best fit in the largest number of portfolios, ranking first in all groups except the 5- industry configuration. Furthermore, the Fama–French five-factor model outperformed other specifications across all groupings, confirming the value of incorporating profitability and investment information. Predictive performance...

Firm-Specific Financial Determinants of a Cash Holding Strategy in the Renewable Energy Sector

Korkmaz, Turhan

This study aims to examine the firm-specific financial determinants of cash holding strategies in renewable energy companies for the period 2011-2022 using econometric analysis methods. By employing a panel regression model, the study investigates the impact of operating profit margin, leverage, growth, earnings, dividend payout, and the COVID-19 pandemic on cash-on-hand. Empirical findings indicate that operating profit margin, debt financing, growth policies, and pre-tax earnings are significant determinants of cash holding strategies in renewable energy companies. The analysis reveals that the effect of dividend policy on cash holdings is insignificant. The findings offer substantial insights into agency cost theory and financial hierarchy theory in cash management and provide evidence that managers of renewable energy companies act in accordance with speculative motive, agency motive, and precautionary motive.

Firm-Specific Financial Determinants of a Cash Holding Strategy in the Renewable Energy Sector

Korkmaz, Turhan

This study aims to examine the firm-specific financial determinants of cash holding strategies in renewable energy companies for the period 2011-2022 using econometric analysis methods. By employing a panel regression model, the study investigates the impact of operating profit margin, leverage, growth, earnings, dividend payout, and the COVID-19 pandemic on cash-on-hand. Empirical findings indicate that operating profit margin, debt financing, growth policies, and pre-tax earnings are significant determinants of cash holding strategies in renewable energy companies. The analysis reveals that the effect of dividend policy on cash holdings is insignificant. The findings offer substantial insights into agency cost theory and financial hierarchy theory in cash management and provide evidence that managers of renewable energy companies act in accordance with speculative motive, agency motive, and precautionary motive.