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The peculiarities of control over the implementation of the innovative development program are analyzed. The use of means of indicative control based on the evaluation of the analysis results of both individual indicators and their groups (time, resource and result) in the process of current control over the emergence of deviations and their prompt correction during the implementation of the innovative development program is scientifically substantiated. General principles of the financial efficiency evaluation of the implemented innovative programs are researched. The analysis procedure of financial efficiency of the innovative development program of the enterprise is suggested, which is based on the assumption that a highly effective innovative program should provide improvement of the financial condition of the enterprise and is carried out in several successive steps: the choice of nomenclature of indicators used for the analysis of the financial condition; formation of the reported data on the results of the implementation of the innovative program; direct carrying out of analytical works; generalization of the results of the analysis. The development method of adjusted forms of financial reporting, based on the business operations of the enterprise and connected with an exclusively innovative activity, is suggested. The problem analysis enables to determine the impact of the implementation results of the innovative development program of the enterprise on the indicators of the financial condition, in contrast to the impact of factors associated with a non-innovative activity, in particular, operating or financial.

This research resulted from a theoretical framework, with special focus on financial imbalance in local government, studying the determinants of that imbalance. All Portuguese local authorities were analysed for the period 2014 to 2016, by testing the empirically formulated research hypotheses using the econometric model of logistic regression. The results obtained show that a larger population under 15 years old and over 65, financial independence, transfers from central government and investment expenditure are less likely to produce situations of financial imbalance in local authorities. Political ideology, the existence of political alternation in government and local authorities with greater capital income and greater expenditure on staff are the explanatory variables of municipal financial imbalance. No statistical evidence was found for the variables of population size, population density, location, purchasing power index and form of governance., This work is funded by National Funds through the Foundation for Science and Technology under the project UID/GES/04752/2019. This study was conducted at Research Centre in Political Science (UID/CPO/0758/2019), University of Minho and supported by the Portuguese Foundation for Science and Technology and the Portuguese Ministry of Education and Science through national funds.

Rad ne sadrži sažetak.

This study has been done with the aim of examining the financial operations of 825 hospitals affiliated to the Ministry of Health.For this purpose,the efficiencies of hospitals have been assessed based on their financial data according to their group and type.Selected 6 input and 3 output variables have been analysed through Charnes – Cooper – Rhodes (CCR) Input Oriented Primal Model, Banker – Charnes – Cooper (BCC) Input Oriented Primal Model and Super Efficiency Model.In the light of the results obtained, 73 hospitals in CCR Model and 143 hospitals in BCC Model have been determined financially efficient.The results of both CCR and BCC Model have been found to be the same according to hospital type and group;however,efficiency levels of hospitals according to their groups have shown differences.Furthermore;although it appears at the end of the study that all input should be reduced and output should be increased according to hospital group,it has been seen that the number of inputs and outputs to be reduced and increased are not the same in every hospital group.It is thought that the results obtained will be a guide to operate hospitals with more efficient financial policies throughout the country., Bu çalışma Türkiye’de bulunan Sağlık Bakanlığı’na bağlı 825 hastanenin mali etkinliklerini incelenmek amacı ile yapıldı. Bu amaçla hastane grubu ve hastane türüne göre hastanelerin mali verilerinden hareketle etkinlikleri ölçüldü. Seçilen 6 girdi ve 3 çıktı değişkenleri Veri Zarflama Analizinde (VZA) kullanılan Charnes – Cooper – Rhodes (CCR) Girdi Yönlü Primal Modeli, Banker – Charnes – Cooper (BCC) Girdi Yönlü Primal Modeli ve Süper Etkinlik Modeli ile analiz edildi. Elde edilen sonuçlara göre CCR modelinde 73 hastane, BCC modelinde ise 143 hastane mali açıdan etkin olarak belirlendi. Bununla beraber hastanelerin türüne ve hastane grubuna göre hem CCR hem de BCC modeli sonuçları aynı bulundu, ancak hastane grubuna göre hastanelerin etkinlik düzeyleri farklılık gösterdi. Ayrıca çalışma sonucunda hastane grubuna göre bütün girdilerin azaltılması, çıktıların ise artırılması gerekliliği ortaya çıkmakla beraber her hastane grubunda artırılması ve azaltılması gereken çıktı ve girdilerin aynı oranda olmadığı görüldü. Dolayısıyla girdi minimizasyonu açısından yöneticilerin daha kolay kontrol edebilecekleri değişkenleri seçmekte serbest davranış gösterebilecekleri sonucunda varıldı. Elde edilen sonuçların ülke bazında hastanelerin daha etkili mali politikalar ile çalıştırılması için yol gösterici olacağı düşünülmektedir.

The intention of this dissertation is to understand how federal advisory boards are operationalizing Congressional intent of transparency, financial efficiency and balanced board membership. When Congress passed the Federal Advisory Commission Act (FACA) in 1972, these three values were intended to help add legitimacy to the operation advisory boards. Advisory boards have been in use on the federal level since the first term of President George Washington, and they provide valuable expertise on a wide variety of subjects for the government. Currently, over 1,000 advisory boards are operating across the federal government with nearly 25,000 people participating. Collectively, annual operations of these boards approaches a half billion dollars. In the years leading up to the passage of FACA, Congressional hearings revealed deficiencies across federal departments with transparency of advisory board operations, spending practices, and appointment processes which threatened the legitimacy of their use. The FACA law was intended to bring legitimacy back to boards' operation by requiring more transparency, financial efficiency and balance in viewpoints on board appointments. With the law more than 40 years old, this dissertation explores how advisory boards today are operating is relation to the values Congress laid out in legislation. A quantitative exploration was conducted to assess the fidelity to the Congressional values by using publicly available data points. A sample of the 1,000 operating advisory boards was used to conduct the research. Using the results of the quantitative exploration, six case studies were selected for additional examination. Three cases were selected by a systematic method based on the quantitative data, and three additional cases were selected by the unique results from the data. A dozen policy changes were suggested as a result of the quantitative and qualitative examinations to better align present day operation of advisory boards with the Congressional intent. This study may be useful to policymakers who have oversight on advisory board operations. Doctor of Philosophy American citizens provide input to the federal government in several ways. Voting for President and Members of Congress is the most visible way. However, serving on one of the approximately one thousand existing federal advisory boards is another way. These are boards and commissions made up of citizens who have expertise in various subjects for which the government needs ideas to help fix problems affecting our country. The focus of these boards ranges greatly. For example, some boards focus on highly specialized medical issues, and others focus on how citizens use the land around national forests. In 1972, Congress passed a law that set some basic guidelines on how these boards should operate. Congress said that boards need to be transparent in how they work so the public can monitor them easily. Congress also noted that the boards need to use the tax money given to them to operate efficiently and try to save money whenever they can. Finally, Congress wanted boards to have people with different points of views represented, so recommendations are not one-sided. Now that the law is over 40 years old, this dissertation examines how closely advisory boards today are following those guidelines Congress wrote in 1972. This dissertation suggests some ways to measure how close they are following the directions, and it looks in-depth to several of them to see how they operate. Finally, the dissertation gives some new suggestions on how all boards can operate to better reflect the ideas Congress wanted.

Este artículo incorpora los resultados de una investigación que se propuso evaluar la eficiencia financiera de las entidades promotoras de salud (eps) del régimen contributivo durante los años 2010 a 2012, mediante la metodología de análisis envolvente de datos (aed). Se usó, en particular, el modelo Banker, Chames y Cooper (bcc) orientado a salidas. Como fuente para los datos financieros de las distintas eps se utilizó la información provista por la Superintendencia Nacional de Salud. Como variables de entrada se trabajaron, específicamente, activo corriente, costos de venta, gastos de administración y gastos de ventas. Como variable de salida se utilizó la utilidad bruta. Se observó que siete de las dieciocho eps consideradas tienen una eficiencia del 100 % durante el periodo de estudio. Este artigo incorpora os resultados de uma pesquisa que se propôs avaliar a eficiência financeira das Entidades Promotoras de Saúde (eps) do regime contributivo durante os anos 2010-2012, mediante a metodologia de Análise Envolvente de Dados (aed). Utilizou-se, em particular, o modelo Banker, Chames e Cooper (bcc) orientado a saídas. Como fonte para os dados financeiros das distintas eps se utilizou a informação provida pela Superintendência Nacional de Saúde. Como variáveis de entrada se trabalharam, especificamente, ativo corrente, custo de venda, gastos de administração e gastos de vendas. Como variável de saída se utilizou a utilidade bruta. Observou-se que sete das dezoito eps consideradas têm uma eficácia de 100% durante o período de estudo. This paper includes the results of a research whose purpose was to assess the financial efficiency of the health promotion entities (eps, by its initials in Spanish) under the contributive regime during the years 2010 to 2012, using the Data Envelopment Analysis (dea) methodology. In particular, the Banker, Chames and Cooper (bcc) model, orientated towards outputs, was used. Information provided by the Colombian National Health Superintendency was also used as a source of financial data of the different eps. Specifically, current assets, sales costs, administrative expenses and sales expenses were considered as input variables, and gross profits were used as an output variable. We noted that seven out of the eighteen eps studied had 100% efficiency during the period of the study

The objective of this research is to identify the determinants of the financial efficiency of small Portuguese municipalities in the period from 2008 to 2016. For this purpose, the determinants were grouped into three categories: sociodemographic, political and budgetary. The results obtained showed that the financial efficiency of the municipalities is influenced by several sociodemographic determinants, such as location, purchasing power index, tourism and the unemployment rate. Regarding the budgetary determinants, it was found that tax revenue and financial independence positively influence the financial efficiency of municipalities. Staff costs have a negative effect on it. As regards the political determinants, it can be highlighted that the results do not present any statistical significance. The evidence obtained can contribute to the municipal leaders to define policies and measures that allow to increase the financial efficiency. This study is funded by National Funds through the Foundation for Science and Technology under the project . This study was conducted at Research Centre in Political Science (UID/CPO/0758/2019), University of Minho and supported by the Portuguese Foundation for Science and Technology and the Portuguese Ministry of Education and Science through national funds. info:eu-repo/semantics/publishedVersion

Yirminci yüzyılın özellikle ikinci yarısında yaşanan teknolojik yenilikler ve gelişmeler ile birlikte sağlık hizmetlerinin sunumunda da çok önemli değişimler yaşanmıştır. Sağlık hizmetlerinin yapısı gereği birçok farklı, karmaşık ve ekonomik olarak pahalı hizmetler bir arada yürütülmeye çalışılır. Bu nedenle kıt kaynaklarla yürütülmeye çalışılan sağlık hizmetlerinin, kaliteden ödün vermeden etkin ve verimli bir şekilde insanlara ulaştırılması son derecede önemlidir. Günümüzde, ülkeler kuruluş ve organizasyonlar için gelişmişliğin bir göstergesi olarak görülen sağlık hizmeti üretiminin en önemli problemi diğer sektörlerde olduğu gibi kaynak kıtlığıdır. Sağlık hizmetlerinin üretimi ve sunulmasında etkinlik, verim, kalite ve rekabet önemli kriterlerdir. Sağlık hizmetleri üretiminde maliyetlerin düşürülmesi, birçok dünya ülkesi için temel sağlık politikalarından biridir. Bu politikalar ışığında uluslararası rekabet, ürün ve hizmet sektörlerinin performanslarını sürekli iyileştirmelerini zorunlu hale getirmiştir. Performansın en önemli temel iki bileşeni `etkinlik` ve `verimlilik` tir. Sağlık hizmetlerinin etkinliğinin, sağlam temellere dayanarak gerçekleştirilmesi ve sürdürülmesi; geçmişi değerlendirme, bugünü daha objektif anlayabilme ve gelecekte karşılaşılması muhtemel sorunları tahmin edip bu sorunlara karşı önlemler alabilme ile mümkündür. Bu tez çalışmasında, OECD ülkelerinin 2000 – 2015 yılları arasında sahip oldukları sağlık hizmetlerinin etkinlik değerlendirmesi Veri Zarflama Analizi ve Malmquist Toplam Faktör Verimliliği metotları kullanılarak incelenmiştir. Çalışmada oluşturulan model ile detaylı verimlilik analizleri yapılarak OECD ülkelerinin etkinlik durumları çalışmanın bulgularına göre değerlendirilmiştir. Along with technological innovations and developments experienced in the second half of the twentieth century, very important changes have occurred in the presentation of health services. Many different, complex and economically expensive services in health services are being tried to be carried out together. For this reason, it is finally crucial that the health services delivered by health service providers to scarce resources are delivered effectively and efficiently to people without sacrificing quality.Today, the most important problem of the production of healthcare services, which is seen as a sign of development for the organizations and organizations of the countries, is the resource shortage as it is in other sectors. Efficiency, efficiency, quality and competition are important criteria in the production and delivery of health services. Reducing costs in the production of health services is one of the main health policies for many world countries. These policies have made it necessary for international competitiveness, product and service sectors to continually improve their performance. The two most important components of performance are `efficiency` and `productivity.` The realization and maintenance of the effectiveness of health services on the basis of sound foundations; historical evaluation is possible by understanding more objectively today and anticipating possible future problems and taking measures against these problems.In this thesis study, the efficiency evaluation of the health care services of OECD countries between 2000 and 2015 was examined using Data Envelopment Analysis and Malmquist Total Factor Indeks. Efficiency analyzes were performed with the model created in the study and the productivity of the OECD countries were evaluated according to the findings of the study. 124

This research work proposes a methodology for evaluation and forecasting for companies located in the Industrial Port Zone of the city of Barranquilla, Colombia. Based on an empirical and rational analysis, supported by the concepts of technical efficiency, purely technical efficiency, additive efficiency, efficiency of scale and of mixing, as well as in the algorithm for machine learning GLMNET. Work was done with 29 companies that presented their complete financial statements for the year 2017 in the Chamber of Commerce of Barranquilla - Colombia. As a result, it was found an average technical efficiency of 72.79%, a purely technical efficiency of 82.54% and an additive efficiency of 59.45%. In addition, the projections required to make inefficient organizations achieve efficiency are contributed. From the study, it can also be observed that 11 companies were constituted as benchmarks to measure the companies of the Free Zone of the Port of Barranquilla. It is noteworthy that the algorithm GLMNET delivered a good result in the prediction of group membership of efficient and inefficient enterprises, with an accuracy of 93.1%. © 2019 Centro de Informacion Tecnologica. All rights reserved. Department of Environmental Affairs, DEA Teniendo en cuenta que las exportaciones generan un incremento de la productividad como lo señalan diferentes autores (Pardo y García, 1999), esta variable se estudia en esta investigación toda vez que se aportan las directrices para que las empresas ineficientes de la zona franca en estudio alcancen la eficiencia empresarial. En términos financieros con esta investigación se analiza las magnitudes en términos de ingresos y utilidad neta de tal forma que las empresas ineficientes incrementen su eficiencia frente a los recursos que utilizan. Lo anterior permite generar una serie de decisiones en el contexto analizado que permite dinamizar y direccionar las acciones para alcanzar los resultados que permita a las organizaciones ineficientes ser competitivas en el sector. Existen investigaciones previas sobre el uso del análisis DEA y el aprendizaje automático, en (Hong et al., 1999) clasifican empresas eficientes y no eficientes utilizando DEA para luego predecir el estado de eficiencia de nuevas empresas, por otro lado (Lin, Hu, y Tsai, 2012) revisan en un periodo de cinco años la implementación del aprendizaje automático y los modelos DEA para la modelación del riesgo de quiebra en las empresas, a su vez otras investigaciones realizan procesos de clasificación paralelas utilizando la técnica de Support Vector Machines (Yeh, Chi, y Hsu, 2010), además de valoraciones empresariales en sectores específicos, como cadenas de suministro ( Wong y Wong, 2007) y desempeño corporativo (Mirhedayatian, Azadi y Saen, 2014).

Bir kişinin kişisel finansmanını yönetme yeteneği günümüz dünyasında önemli bir konu haline geldi. Finansal okuryazarlık, modern toplumlarda ekonomik katılımcılık açısından bir temel yaşam becerisidir. Bireyler için kişisel finans durumlarını yönetmeleri bugünün dünyasında daha da önemli bir hale gelmiştir. Bu anlamda geleceğe yönelik ayrıntılı planları yapmakta, finansal tutum ve okuryazarlığın önemi her geçen gün artmaktadır. Necmettin Erbakan Üniversitesi Siyasal Bilgiler Fakültesi öğrencileri üzerinde yapılan araştırmada bayan öğrencilerin okuryazarlık, davranış ve tutum düzeyleri bay öğrencilerinden yüksek olduğu görülmüştür. Öğrencilerin finansal becerilerini geliştirmekte yetersiz oldukları, kredi kartı kullanan öğrencilerin büyük bir çoğunluğu kredi kartı faiz oranlarını bilmediği tespit edilmiştir. 25 ve üstü yaşa sahip öğrencilerin diğer gruplara göre finansal bilgi ve okuryazarlığa en yüksek ortalama ile cevap verdiği görülmüş ve yaş arttıkça finansal bilgi ve okuryazarlık puanının arttığı gözlenmiştir. Araştırmada öğrencilerinin yetersiz olduğu açıkça görülmektedir, öğrencilere konu ile ilgili kendilerini geliştirecek imkânlar ve dersler verilebilir. The ability to manage a person's personal finances has become an important issue in today's world. Financial literacy is a basic life skill for economic participation in modern societies. Managing personal finance for individuals has become even more important in today's world. In this sense, it makes detailed plans for the future and the importance of financial attitude and literacy increases day by day. In the study conducted on the students of Necmettin Erbakan University Faculty of Political Sciences, it was seen that the literacy, behavior and attitude levels of female students were higher than male students. It has been found that students are inadequate in improving their financial skills and the majority of students who do not know credit card interest rates. It was observed that the students with the age of 25 and older responded to financial information and literacy with the highest average compared to the other groups and it was observed that the financial information and literacy score increased with age. In the research, it is clearly seen that students are inadequate and they can be given opportunities and lessons to improve themselves. 77

Bu çalışmada, Türk bankacılık sektörünün gelişim süreçleri incelenerek, sektöre olan yabancı sermaye ilgisi ve yabancı bankaların olası etkileri değerlendirilmiştir. Özellikle 1980 yılı sonrasında tüm dünyayı etkisi altına alan finansal liberalleşme süreciyle artan yabancı banka girişlerinin etkinliği analiz edilmiştir. Yapılan çalışmalar ışığında Türk bankacılık sektörüne dahil olan bankaların sektör rekabetini artırdığı ve bunun sonucu olarak verimliliğe olumlu katkı sağladığı görülmüştür.Yabancı bankaların finansal sistem üzerindeki etkinliğini ölçmek için yapılan analiz kapsamında ise VAR (vektör otoregresif model) modeli kurulmuş, etki tepki analizi, Granger nedensellik analizi ve varyans ayrıştırma analizleri yapılmıştır. Yapılan ampirik analizlerden elde edilen bulgular incelendiğinde yabancı banka girişlerinin finansal sistem üzerinde kısıtlı bir etkisinin olduğu sonucuna varılmıştır. In this study, the development processes of the Turkish banking sector were examined and the foreign capital interest to the sector and the possible effects of foreign banks were evaluated. Particularly after 1980, the efficiency of foreign bank inflows increased with the financial liberalization process that affected the whole world was analyzed. In the light of the studies, it was observed that the banks included in the Turkish banking sector increased the sector's competition and as a result contributed positively to productivity.VAR (vector autoregressive model) model was established within the scope of the analysis to measure the effectiveness of foreign banks on the financial system Impact response analysis, Granger causality analysis and variance decomposition analysis were performed. When the findings obtained from the empirical analyzes are examined, it is concluded that foreign bank inflows have a limited effect on the financial system. 79

Bu çalışmanın amacı, kripto paranın kavramsal çerçevesini ortaya koyduktan sonra, bir kriptopara olan Bitcoin para sistemin yapısını kavramsal ve teorik olarak incelemektir. Bu çalışmada teorikolarak kavramsal çerçeve verildikten sonra ulusal ve uluslararası literatür taraması yapılarak Bitcoinpara analiz edilmektedir. Bu kapsamda, kripto para sistemlerinden en çok kullanılanı ve tüm dünyadapopüler olan Bitcoin sanal paranın analiz edilmesi büyük önem arz etmektedir. Dolayısıyla, buaraştırmanın teorik bakımdan literatürde bu alanda mevcut bulunan boşluğun doldurulmasına yönelikönemli bir katkı yapması beklenmektedir.Anahtar Kelimeler: Sanal (Kripto) Para, Bitcoin, Finans Piyasaları, Türkiye The aim of this study is to examine the conceptual and theoretical structure of the Bitcoinmoney system, which is crypto money after the conceptual framework of crypto money. In this study,after the conceptual framework is given theoretically, Bitcoin money is analysed by making a nationaland international literature review. In this context, it is of utmost importance to analyse the Bitcoinvirtual money, which is the most widely used in cryptocurrency and popular in the world. Therefore, itis expected that this research will make a significant contribution to the filling of the space available inthe literature in the theoretical aspect.Keywords: Virtual (Crypto) Money, Bitcoin, Financial Markets, Turkey 70

The objective of this research is to identify the determinants of the financial efficiency of small Portuguese municipalities in the period from 2008 to 2016. For this purpose, the determinants were grouped into three categories: sociodemographic, political and budgetary. The results obtained showed that the financial efficiency of the municipalities is influenced by several sociodemographic determinants, such as location, purchasing power index, tourism and the unemployment rate. Regarding the budgetary determinants, it was found that tax revenue and financial independence positively influence the financial efficiency of municipalities. Staff costs have a negative effect on it. As regards the political determinants, it can be highlighted that the results do not present any statistical significance. The evidence obtained can contribute to the municipal leaders to define policies and measures that allow to increase the financial efficiency., This study is funded by National Funds through the Foundation for Science and Technology under the project UID/GES/04752/2019. This study was conducted at Research Centre in Political Science (UID/CPO/0758/2019), University of Minho and supported by the Portuguese Foundation for Science and Technology and the Portuguese Ministry of Education and Science through national funds.

Bankacılık sektörü finansal sistemin işleyişinde aracılık fonksiyonu sayesinde aktif rol oynamaktadır. Dengeli bir ilerleme kaydeden ülke ekonomisi için güçlü ve sağlam bir bankacılık sistemi gerekmektedir. Ancak bankacılık sektörü finansal piyasalarda aniden ortaya çıkan bozulmalardan ve olumsuz durumlardan hızlı bir şekilde etkilenmektedir. Buna göre ekonomide meydana gelen krizlerin neden olduğu sorunlar ile başa çıkmak ve istikrarın sağlanması amacıyla 'Güçlü Ekonomiye Geçiş Programı' uygulanmıştır. Yeniden yapılanma sonucunda sektör dayanıklı bir yapıya kavuşturulmuştur.Günümüzde bilgi teknolojilerindeki gelişmeler ve finansal ortamda yaşanılan rekabet bankaları etkin çalışmaya zorlamaktadır. Bankaların etkinliği, kullanılabilir kaynaklarını kârlı yatırımlara dönüştürmelerine bağlıdır ve belirlenmesinde etkinlik analizleri kullanılmaktadır. Bu sayede hem bankaların performans düzeyleri belirlenmektedir hem de etkinlikleri hesaplanmaktadır.Bu çalışmada Türk Bankacılık Sektörü'nde 2006-2017 dönemi içerisinde sürekli faaliyet gösteren birtakım kısıtlara göre belirlenen 16 bankanın veri zarflama analizi (VZA) ile sermaye kaynakları bakımından etkinlikleri analiz edilmiştir ve performansları kıyaslama yapılarak değerlendirilmiştir. Analiz sonuçlarına göre yorumlar getirilmiştir.Anahtar Kelimeler: Bankacılık Sistemi, Güçlü Ekonomiye Geçiş, Bankacılık Sektörü Etkinlik Analizi, Veri Zarflama Analizi The banking sector plays an active role in the mechanism of the financial system thanks to the intermediation function. A robust banking system is required for the country economy which has a balanced progress. However, the banking sector is rapidly affected by the sudden deterioration and negative situations in the financial markets. Accordingly, the 'Transition Program to a Strong Economy' were implemented in order to cope with the problems caused by the crises in the economy and ensure stability. As a result of the restructuring, the sector has become a resistant structure. Nowadays, improvements in information technologies and competition in the financial environment force banks to work effectively. The efficiency of banks depends on their ability to convert their available resources into profitable investments, and efficiency analyses are used to determine it. In this way, both the performance levels of banks are determined, and their activities are calculated. In this study, 16 banks, perpetual in the Turkish Banking Sector in the period 2006-2017, are determined according to certain constraints, and analyzed through data envelopment analysis (DEA) in terms of their capital resources, and their performances are evaluated by comparison. According to the results of the analysis, comments are made.Keywords: Banking System, Transition to Strong Economy, Banking Sector Effectiveness Analysis, Data Envelopment Analysis 90

International Transaction Journal of Engineering, Management, & Applied Sciences & Technologies, 10, 18, 10A18I: 1-9

Об’єкт дослідження – економічні відносини, що виникають між стейкхолдерами реального, фінансового та державного секторів в процесі відповідального ведення бізнесу, інвестування та врядування. Мета дослідження – розвиток методології та міждисциплінарного методичного інструментарію побудови механізмів і стратегії корпоративної соціально-екологічної відповідальності (КСЕВ) компаній різних секторів економіки, для вирішення загальнонаукової проблеми досягнення Цілей сталого розвитку (ЦСР) за допомогою поєднання зусиль бізнесу, фінансового та державного сектору.

Economic literature pays a great deal of attention to economic and financial efficiency, expressed in terms of competition, concentration, productivity and profitability. This paper provides an all-embracing framework for the various existing theories in this area and illustrates these theories with practical applications. Currently, changing the size of the production potential in agricultural units in the Republic of Moldova depends to a great extent on the influence of different trends in the modification of production resources: the reduction of labor resources and agricultural land, quantitative and qualitative changes in fixed assets, and in current assets, etc. The notion of resource potential means the totality of the volume of all resources (natural, labor, material, intellectual, information, etc.) on specific enterprises, territories, branches, regions. Evaluating a broad field of research, the paper describes profit maximizing food products and demonstrates how several widely-used products can be fit into this framework. The authors also present an overview of the current major trends in the food sector and relate them to the assumptions for food products, thereby displaying their relevance and timeliness. The results include a set of recommendations for future research on this topic. The design, methodology and approach of this research is to explain why efficiency can help obtain a profit surplus, and to measure this efficiency. For quality of methodology we apply a range of statistical methods, as well as the strategic capability of organisations – made up of resources and competences. One way to approach the stategic capability of an organisation is to consider its strengths and weaknesses (for example, where it has a competitive advantage, profit, efficiency or disadvantage). Based on our research and results, we sought to understand the concepts of financial effciency and to apply these concepts to practical situations. At the start of each analysis entrepreneurship plays an important role. Most organisations have to innovate constantly to obtain profit and efficiency for food products. They need to be first into a market, or simply a follower of customers in developing new products and services. Original studies in Moldova and Poland regarding farm concentration in terms of Gini Coefficient, Gini Index and Concentration Index of the utilized agricultural area. Original calculus formula to determine the Concentration Index of the UAA for the top 10% largest farms in Moldova and UK.

This research work proposes a methodology for evaluation and forecasting for companies located in the Industrial Port Zone of the city of Barranquilla, Colombia. Based on an empirical and rational analysis, supported by the concepts of technical efficiency, purely technical efficiency, additive efficiency, efficiency of scale and of mixing, as well as in the algorithm for machine learning GLMNET. Work was done with 29 companies that presented their complete financial statements for the year 2017 in the Chamber of Commerce of Barranquilla - Colombia. As a result, it was found an average technical efficiency of 72.79%, a purely technical efficiency of 82.54% and an additive efficiency of 59.45%. In addition, the projections required to make inefficient organizations achieve efficiency are contributed. From the study, it can also be observed that 11 companies were constituted as benchmarks to measure the companies of the Free Zone of the Port of Barranquilla. It is noteworthy that the algorithm GLMNET delivered a good result in the prediction of group membership of efficient and inefficient enterprises, with an accuracy of 93.1%. © 2019 Centro de Informacion Tecnologica. All rights reserved. Department of Environmental Affairs, DEA Teniendo en cuenta que las exportaciones generan un incremento de la productividad como lo señalan diferentes autores (Pardo y García, 1999), esta variable se estudia en esta investigación toda vez que se aportan las directrices para que las empresas ineficientes de la zona franca en estudio alcancen la eficiencia empresarial. En términos financieros con esta investigación se analiza las magnitudes en términos de ingresos y utilidad neta de tal forma que las empresas ineficientes incrementen su eficiencia frente a los recursos que utilizan. Lo anterior permite generar una serie de decisiones en el contexto analizado que permite dinamizar y direccionar las acciones para alcanzar los resultados que permita a las organizaciones ineficientes ser competitivas en el sector. Existen investigaciones previas sobre el uso del análisis DEA y el aprendizaje automático, en (Hong et al., 1999) clasifican empresas eficientes y no eficientes utilizando DEA para luego predecir el estado de eficiencia de nuevas empresas, por otro lado (Lin, Hu, y Tsai, 2012) revisan en un periodo de cinco años la implementación del aprendizaje automático y los modelos DEA para la modelación del riesgo de quiebra en las empresas, a su vez otras investigaciones realizan procesos de clasificación paralelas utilizando la técnica de Support Vector Machines (Yeh, Chi, y Hsu, 2010), además de valoraciones empresariales en sectores específicos, como cadenas de suministro ( Wong y Wong, 2007) y desempeño corporativo (Mirhedayatian, Azadi y Saen, 2014).

Veri madenciliği, geçmişten günümüze artan veri miktarı karşısında neredeyse imkansız hale gelen veri ile karar verme işlevini geliştirmiş ve büyük veriler ile çalışma imkanı sunan bir disiplin olarak literatüre girmiştir. Bu çalışmada, bankaların etkinlik skorlarına Veri Zarflama Analizi ile ulaşılmış, ardından bu sınıflandırma için geliştirilen dört veri madenciliği modelinden biri doğruluk oranları baz alınarak en uygun model olarak belirlenmiştir. Geliştirilen dört modelin arasındaki fark öncelikle kullandıkları iki farklı veri setinden kaynaklıdır. Araştırmada kullanılan temel veri seti, 198 birimin 30 finansal oranı ve etkinlik skorlarından oluşmaktadır.Veri setlerinden ilkine,temel veri setine Mann-Whitney U testi uygulanarak ulaşılmıştır. Bu veri setine C5.0 ve CART algoritmaları uygulanarak ilk iki model elde edilmiştir. İkinci veri seti ise temel veri setine uygulanan İkili Lojistik Regresyon analizi sonucunda elde kalan finansal oranlardan oluşmuştur. Bu sete uygulanan C5.0 ve CART algoritmaları ile son 2 model de oluşturulmuştur. Sonuç olarak en yüksek başarım veren model, Veri Seti-1'e uygulanan CART algoritması ile elde edilmiştir. Etkinlik skoruna en yüksek katkı sağlayan finansal oranlar %35,2 toplam mevduat/toplam aktifler, %19,5 (özkaynak-duran aktifler)/toplam aktifler, %10,3 TL mevduat/toplam mevduat, %9,7 takipteki krediler(brüt)/toplam kredi ve alacaklar olmuştur. Data mining has developed the decision-making function with the data that has become almost impossible against the increasing amount of data from the past to the present and has developed into the literature as a discipline that provides the opportunity to work with large data. In this study, the efficiency scores of the banks were obtained by using Data Envelopment Analysis, and then one of the four data mining models developed for this classification was determined as the most suitable model based on accuracy rates. The difference between the four models is based on the two different data sets they use. The basic data set used in the study consisted of 30 financial ratios and efficiency scores of 198 units. First of the data sets was reached applying the Mann-Whitney U test to the basic data set. The first two models were obtained applying C5.0 and CART algorithms to this data set. The second data set consisted of the financial ratios obtained as a result of the Binary Logistic Regression analysis applied to the basic data set. The last 2 models were created with C5.0 and CART algorithms applied to this set. As a result, the highest performance model was obtained by CART algorithm applied to Data Set-1. Financial ratios that make the highest contribution to the efficiency score were (35,2%) total deposits/total assets, (19,5%) (equity-fixed assets)/total assets, (10,3%) TL deposits/total deposits, (9,7%) non-performing loan (gross)/total loans and receivables. 113

У статті розглянуто проблему розвитку банківського сектору України в умовах системної фінансової кризи, а саме, наскільки банківський сектор виявився пристосований до ситуацій нестабільності та шоків, та як це відобразилося на структурі банківського сектору України. Проаналізовано структуру бізнес-моделей українських банків до початку кризи 2014-2017 років та її зміну у період кризи, яка частина банків зазнала непоправних втрат та визнала себе банкрутами. Розглянуто основні кластери бізнес-моделей українських банків за показниками фінансової стійкості та фінансової ефективності, а саме п’ять основних кластерів бізнес-моделей: універсальну модель, характерну для найбільших банків України, роздрібну модель (капітал залучається у населення, споживачів, портфель активів – це кредитування населення), корпоративну модель (капітал залучається у підприємств та бізнесу, кредитування також бізнесу), роздрібну модель з корпоративним кредитуванням (де капітал залучається у населення, а кредитується бізнес), та кластер банків у стані стагнації (неактивних або слабо активних банків, у яких структура активів така, що існує велика кількість ризикових кредитів, непрацюючих кредитів або об’єм активів взагалі прямує до нуля). Визначено причини фінансової нестійкості деяких бізнес-моделей українських банків. Проаналізовано фінансові показники, що стосуються прибутковості, активності, операційної рентабельності, достатності капіталу, наявності достатньої кількості активів у портфелі, наявності необхідних резервів банків тощо. Визначено показники, що найбільше вказують на ненормальне ринкове, фінансове та операційне становище банків, що входять до кластеру стагнації. Проаналізовано природу вказаних показників та зроблено припущення щодо причин їхнього викривлення та аномальних значень. Сформовано стратегію виходу з такого становища та переміщення таких банків до більш фінансово та ринково активних кластерів бізнес-моделей. The article deals with the problem of the development of the banking sector of Ukraine in the context of the systemic financial crisis, namely, how the banking sector was adapted to situations of instability and shock, and how it affected the structure of the banking sector in Ukraine. The structure of business models of Ukrainian banks before the beginning of the crisis of 2014-2017 and its change during the crisis period, which some of the banks suffered irreparable losses and declared bankrupt, were analyzed. The main clusters of Ukrainian business models based on the indicators of financial sustainability and financial efficiency are considered. Namely, these are five main clusters of business models: a universal model that is common for the largest Ukrainian banks, a retail model (capital is attracted by retail consumers, asset portfolio -also lending to the population, retail customers), corporate model (capital is attracted from enterprises and business, lending to business as well), retail model with corporate lending (where capital is attracted from the population, and lenders are business), and a cluster of banks in a state of stagnation (inactive or weakly active banks, in which the structure of assets is such that there is a large number of risk loans, non-performing loans or the volume of assets in general goes to zero). The reasons of financial instability of some business models of Ukrainian banks are determined. The financial indicators related to profitability, activity, operational profitability, capital adequacy, availability of sufficient assets in the portfolio, availability of necessary reserves of banks are analyzed. The indicators that most indicate the abnormal market, financial and operational status of the cluster of stagnation banks are determined. The nature of these indicators is analyzed and assumptions are made about the reasons for their distortion and abnormal values. A strategy has been formed for the exit of such a state and transfer of such banks to more financially and market-active clusters of business models.

Bankacılık endüstrisinde de diğer endüstrilerde olduğu gibi büyümenin temel yolupazar payını artırmaktan geçmektedir. Pazar payını artırmak için ise firmanın daha güçlü veetkin olması gerekmektedir.Büyümek için firmalar (bankalar) çeşitli yöntemlere başvurmaktadırlar. Bunlardan ençok tercih edilen yöntem birleşmeler ve satın almalar yolu ile büyümektir. 1900'lü yıllarınbaşında kapitalizmin kalesi ABD'de başlayan banka birleşmeleri, daha sonra Avrupa'da dabüyümek için tercih edilen başlıca yöntem olmuştur.Özellikle finansal serbestleşme ve yasal düzenlemeler, bankaları daha fazla büyümekiçin sınır ötesi operasyonlara yönlendirmiştir. İşte yaşanan bu satın alma ve birleşmelerin;banka kârlılıklarını artırıp artırmadığı, bankanın verimliliği ve etkinliğine olan katkıları gibiçeşitli sorular, bugüne dek birçok araştırmacının çalışmalarına konu olmuştur. Bir bankaişletmesinin hangi pazarda, hangi bankacılık ürünleri ile başarılı olabileceği öncelikle pazarınyapısının bilinmesinden başlamaktadır.Yapmış olduğumuz çalışmada; Türk bankacılık sektöründeki satın alma ve birleşmelersonrası yaşananlar, halka açık bankaların pazar performansları ve sektörün hacimsel veürünsel temel göstergeleri bankalar bazında araştırılmıştır.Onlarca yıldır üyesi olmayı arzuladığımız Avrupa Birliği bankacılık sektörünün çeşitlitemel verileri ve kapasite göstergeleri de üye ülkeler bazında sorgulanmıştır.Çalışmamızda son yıllarda sektörde yaşanan satın alma ve birleşmelerin etkinlik veverimlilik analizleri yıllar itibari ile VZA ve rasyo analizleri kullanılarak yapılmıştır. Çıkansonuçlar hipotezimizi doğrulamıştır.Anahtar kelimeler: Banka birleşmeleri, Veri Zarflama Analizi, Yoğunlaşma veEtkinlik. The fundamental method of development in banking sector as experienced in the otherindustries is to expand the market share. It is vital that the firm has to be more effective andefficient so as to expand the market share.There are several methods that firms(banks) apply in order to achieve theirdevelopment. The methods that are commonly preferred are carried out by means of bankmergers and acquisitions. The bank mergers that evolved in the USA which is Mecca ofcapitalism in the early 1900's, subsequently became the principal method of development inEurope, as well.Particularly, the financial liberalization and legal regulations made the banks to inclinetowards cross-border operations so as to achieve their development. Whether theseacquisitions and mergers in business have increased the profit or not; and also theircontribution to the efficiency and productivity of the bank have always been the main issue ofthe researchers.It is inevitable to know mainly the market structure and also in whichmarket,with which banking products the goal can be achieved in banking business.In this research, the incidents following the acquisitions and mergers in the Turkishbanking sector,the market performances of the public offered banks and also the fundamentalindicators based on the products and volumetric have been researched.The EU and its banking sector which Turkey wants to be a member of for the recentsdecades,on the basis of EU member countries with various fundamental datum and capacityindicators of the sector has been analysed.The efficiency and productivity of these acquisitions and mergers in recent years havebeen analysed by using DEA and ratio analysis. The results of the analysis have confirmedour hypothesis.Key words: Bank mergers, Data Envelopment Analysis, Concentration andEfficiency. 293

YÖK Tez ID: 558179 Bu çalışma, Kırıkkale Üniversitesi öğrencilerinin finansal okuryazarlık düzeylerinin belirlenmesi amacıyla gerçekleştirilmektedir. Bu amaçla "Kırıkkale Üniversitesi öğrencilerinin finansal okuryazarlık düzeylerini belirlemeye yönelik araştırma formundan yararlanılmaktadır. Araştırmada finansal okuryazarlık düzeyi, "temel düzeyde ekonomi ve finans, finansal yeterlilik, finansal davranış, finansal tutum ve güncel bilgiler" boyutlarında incelenmektedir. Finansal okuryazarlık düzeyini ortaya koyan soruların güvenirliğini belirlemek amacıyla Cronbach Alpha iç tutarlılık katsayısı değeri incelenerek 0,76 olarak tespit edilmeketdir. Bu doğrultuda, Kırıkkale Üniversitesinde okuyan 467 öğrenci üzerinde anket uygulanmktadır. Araştırma sonucunda, katılımcıların, temel düzeyde ekonomi ve finans boyutu içerisinde yer alan ifadelere göre likert endeksinin aldığı ortalama değer 2.31; finansal yeterlilik boyutu içerisinde yer alan ifadelere göre 2.3; finansal davranış boyutu içerisinde yer alan ifadelere 2.42; finansal tutum boyutu içerisinde yer alan ifadeler de 2.20 ve güncel bilgiler boyutu içerisinde yer alan ifadelere ortalama 2.18'dir. Uygulama sonucunda elde edilen verilerin çözümlenmesinde, gruplar arasında karşılaştırma yapmaya olanak sağlayan Bağımsız Örneklem T-Testi ve Tek Yönlü Varyans (ANOVA) Analizi testi kullanılmaktadır. Farklılığın kaynağının hangi gruplar arasında olduğunun belirlenmesi için ise çoklu karşılaştırma testlerinden Tukey testine başvurulmaktadır. Yine araştırmada, ölçek ifadeleri arasında yer alan boyutların birbirleri ile olan ilişkilerinin yönünü ortaya koyan korelasyon analizine yer verilmektedir. Araştırma sonucunda, katılımcıların finansal okuryazarlık düzeyleri ile yaş, cinsiyet, hane halkı gelir düzeyi, annenin eğitim düzeyi ve babanın eğitim düzeyi arasında anlamlı bir farklılık olmadığı görülmüş iken; öğrencilerin sınıfları ile finansal okuryazarlık düzeyleri arasında anlamlı bir farklılık olduğu görülmektedir. Yine katılımcıların temel düzeyde ekonomi ve finans düzeyleri ile finansal yeterlilik, finansal tutum ve güncel bilgilere yönelik bilgi düzeyleri arasında anlamlı bir ilişki olmadığı sonucuna ulaşılırken; finansal davranış düzeyleri arasında anlamlı bir ilişki olduğu anlaşılmaktadır. Son olarak, katılımcıların finansal yeterlilik düzeyleri ile finansal davranışları arasında anlamlı bir ilişki olduğu ortaya çıkmaktadır. Anahtar Kelimeler: Finansal Okuryazarlık, Temel Düzeyde Ekonomi Ve Finans, Finansal Yeterlilik, Finansal Davranış, Finansal Tutum. This study is conducted to determine the financial literacy levels of Kırıkkale University students. For this purpose, a research form is used to determine the financial literacy levels of Kırıkkale University students. The level of financial literacy at the basic level is examined in the dimensions of economics and finance, financial competence, financial behavior, financial attitude and current information. In order to determine the reliability of the questions indicating the level of financial literacy, Cronbach Alpha internal consistency coefficient value is examined and found as 0,76. Accordingly, 467 students studying at Kırıkkale University are surveyed. As a result of the research, the averages of the likert index value for the participants are found as 2.31 for the expressions in the basic level of economics and finance dimension, 2.3 for the expressions in the financial capability dimension, 2.42 for the expressions in the financial behavior dimension, 2.20 for the expressions in financial attitude dimension, 2.18 for the expressions in the current information dimension. The Independent Sample T-Test and the One-Way Variance (ANOVA) Test are used to analyze the data obtained from the application. Tukey test is used for multiple comparison tests in order to determine which groups are the source of the difference. In the research, the correlation analysis, which puts the direction of the relations between the dimensions of the scale expressions, is given. As a result of the study, it is seen that there is no significant difference between financial literacy levels of the participants and age, gender, household income level, mother's education level and education level of father; There is a significant difference between the students' classes and financial literacy levels. Again, it is concluded that there is no significant relationship between the level of economic and financial levels of the participants and their level of knowledge about financial qualification, financial attitude and current information; it is understood that there is a significant relationship between financial behavior levels. Finally, there is a significant relationship between financial competence levels and financial behaviors of the participants. Keywords: Financial literacy, Basic Economics and Finance, Financial Competence, Financial Behavior, Financial Attitude.

Bu tezde usul-ü fıkıh ilmindeki örf konusu ve örf konusunun alış-verişteki tatbikatı incelendi. Öncelikle örfün tarifi yapıldı ve örf kavramının oluşumu anlatıldı. Sonra örfün delil oluşu ve âlimlerin örfle amel konusundaki ihtilafları delilleriyle beraber anlatıldı ve tarafların delilleri değerlendirildi. Ayrıca örfün şartları, önemi, kullanım alanları ve deliller içerisindeki konumu ele alındı. Sonra örfün kısımları ve bu kısımların alış-veriş babındaki tatbikatı anlatıldı. Araştırmacı örfü üç kısım olarak ele aldı ve konuyu incelerken tümdengelim metodunu kullandı. Ayrıca üç kısım için ayrı ayrı eski ve yeni örnekler verdi. Sonra örfle ilgisi olan fıkhî kâideler anlatıldı. Araştırmacı `Zamanın değişmesiyle ahkâmın değişmesi inkâr edilemez` kaidesi için özel bir bahis açtı. Bu kaidenin manasını, delillerini, sübutunu ve örften etkilenen hükümleri anlattı. Bu hükümleri anlatırken pratikten örnekler verildi ve bu örneklerin insanların örf ve adetlerinin değişmesiyle nasıl değiştiği izah edildi. Yapılan Bu Çalışmada Şu Sonuçlara Ulaşılmıştır: a. İstisnasız olarak âlimlerin hepsi örfü delil alarak kabul etmiş ve örfle amel etmiştir. Ancak örfün delil olması konusunda âlimler ikiye ayrılmıştır. Bazıları onu müstakil ve asıl delil kabul ederken, bazıları ikincil ve tâbî delil kabul etmiştir. İnceleme ve araştırmada sonucunda örfün ikincil ve tâbî bir delil olduğu görüşünün tercihe şayan görüş olduğu ortaya çıkmıştır. Çünkü örf kendi başına bir hüküm ortaya koyamaz. Örfle irtibatlı olan bütün hükümler diğer ana delillerle irtibatlıdır. b. İslam hukukunda örfün çok önemli bir yeri vardır. Özellikle Şeriatın maksat ve gayelerini ortaya koymada örfün etkisi büyüktür. Örf, İslamî hükümlerin insanlar açısından ne derece uyumlu olduğunun en önemli delillerinden ve İslam fıkhının zengin kaynaklarından biridir. İnsanların ve toplumların örf ve adetlerini bilmek müçtehit, müftü ve kadı için olmazsa olmaz şartlardandır.c. Örfün kısımlarını bilmenin büyük faydaları vardır. Bu bilgi araştırmacıya araştırma yaparken daha bir dikkatli olmasını sağlar ve hükmü vakıaya uyarlarken yardımcı olur. d. Kavâidu'l-fıkhiyye ilminde örf konusuyla ilgili yeterince araştırma yapılmıştır. `Âdetler hakem tayin edilir` kâidesi, bütün fıkıh meselelerinin -bir şekilde- bağlantılı olduğu beş küllî kâideden biridir. Mecelletü'l-Ahkami'l-Adliyye örf konusuyla alakalı on tane kâide zikretmiştir. Şüphesiz bu örfün fıkıh usûlü ilminde ne kadar önemli olduğunu ifade etmektedir. e. İnsanların örf ve adetleri şüphesiz değişkendir. Devamlı değişir ve yenilenir. Örfe dayalı olan hükümlerde insanların örf ve adetlerinin değişmesine binaen değişir. Bu temel ilke İslam fıkhının genişliğine, uyumluluğuna ve bütün çağlar için elverişli olduğunun delilidir. Anahtar Kelimeler: Örf, Âdet, Ahkâmın değişmesi, Zamanların değişmesi. In this thesis, the custom subject and the application of custom subject in the Islamic law were investigated. Primarily, the definition of custom was given and then the forming of custom term was explained. Afterwards, forming of custom as a proof and the disputes between the Islamic scholars about practicing with custom were examined with the proofs and the proof of the parties were evaluated as well. Besides, the custom terms, the importance of it, the usage fields and the position in the proofs were presented. Then, the parts of custom and the application of these parts in shopping were discussed. The researcher reviewed the custom term in a three section and used the deductive method in the thesis as well. In addition, for those three sections, the previous and current examples were given. The Islamic pedestals in Islamic law which are about the custom were discussed. The researcher was detailed the explanation of `It cannot be denied the changing of judgements while the changing of time` expression. The meaning of this expression, the proofs, the certitude and provisions effected by Islamic custom were examined. While the detailing those terms, the practical examples were given and how those examples were altered during the changing of customs and traditions was explained.The results of the study are given below: a. All the Islamic scholars have accepted the customs as proofs and accorded with customs. However, the Islamic scholars were split in half in terms of customs as proof. Some Islamic scholars have accepted the customs as independent and essential proof, on the other hand, the others have accepted as secondary and dependent proof. As a result of investigation and examination, it is determined that the custom is a secondary and dependent proof approach is optional. Because, the customs and traditions cannot be exhibited a judgment. All the judgments that is related with the customs are linked with other essential proofs. b. The custom has a very significant place in Islamic law. Especially, the effect of custom on the application of goals and purposes of sharia is very huge. The custom is one of the richest sources of Islamic laws and is essential proof in accordance with the harmony of the Islamic laws and people daily life. The customs and traditions of individuals and nations is a must for interpreter of Islamic law, mufti, and Muslim judge.c. Knowing the parts of customs has several benefits. This knowledge can ensure to the researcher while performing research in terms of being careful and help to perform the judgment.d. There are enough studies about the customs in Kavâidu'l-fıkhiyye field. `Customs and traditions are assigned as judge` rule is one of the five rules related to the all Islamic law issues. In addition, there are ten rules which are related with the customs and traditions in Mecelletü'l-Ahkami'l-Adliyye. Doubtless, this can be showed that the importance of the customs and traditions on the Islamic law.e. The customs and traditions of nations are variable. They are continuously changing and regenerating. The judgement based on the customs can change in accordance with the customs and traditions of people. This main principle is a proof of the wideness of the Islamic law, harmony of it and suitable for all eras.Key Words: Customs, Traditions, Changing of judgments, Changing of times. 141

Manufacturing firm data and district financial quantity and quality indicators for 2005–2007 combined with heterogeneous firm characteristics were used with a threshold panel to study the effect of financial inefficiency on firm R&D and the financial boundaries of efficiency improvement. The results show that: (1) extensive financial quantity expansion cannot support high innovation efficiency R&D (Research and Development) activities in private enterprises, low- and medium-technology enterprises, and underdeveloped area enterprises, as it causes financial inefficiency problems and a shortage of R&D inputs; and (2) financial efficiency and financial competition have nonlinear effects on firm R&D. Financial inefficiency and either low or excessive financial competition result in a lack of highly efficient firm R&D. Only improvements in financial efficiency and moderate competition can significantly promote firm R&D. The results of this study reveal an important way to improve the influence of financial inefficiency on firm R&D by moving away from simply expanding financial quantity to promoting quality instead.

This case study tells the story of the evolution of psychometric credit scoring as an innovative solution in a World Bank operation, from its humble beginnings as a small pilot in Ethiopia, to the current movement to replicate its use for similar challenges in countries across the continent in Tanzania, Zimbabwe, Madagascar, and beyond. Fintech is commonly defined as an industry composed of companies that use technology to make financial systems more efficient. The story is one of both achievements and setbacks, just as the future of fintech holds both promise and limitations. It is shared with a view to better understand how psychometrics and fintech more broadly can be utilized to solve critical development challenges, and help get finance to those who need it most around the world.

The main aim of this article is to compare the financial performance of private and publicly traded companies in accordance with ownership structure and size. The analysis carried out in the article leads to the conclusion that in Poland private companies perform better than companies that are publicly traded on the Warsaw Stock Exchange (WSE). Statistically significant results are obtained for medium-sized companies. Moreover, it turns out that medium-sized enterprises operate better than large companies as far as profitability is concerned, at least in the group of private companies where results are statistically significant. The analyses conducted in the article are aimed at filling in the gap in studies comparing profitability between publicly traded and private companies.

Klasik ekonomistlerden günümüz modern ekonomistlerine değin mutabık olunan kıt kaynakların üretim bandında en verimli kullanımı ile en çok çıktıyı elde edebilmek amacına bağlı kalındığında verimlilik ile etkinlik kavramlarının anlamı önemlidir. İşletmeler açısından bakıldığında geçmişin değerlendirilmesi, geleceğin planlanması, hedeflerin saptanması, rakiplere karşı pozisyon alımı gibi konular da verimlilik ve etkinlik ölçümü önem arz etmektedir. Bu çalışmada Borsa İstanbul'a kote olmuş İmalat Sanayi İşletmelerinin etkin olup olmadıkları ve etkin olmayan işletmelerin etkin hale gelebilmesi için değişkenlerinde nasıl bir değişim yapmaları gerektiği amaçlanmaktadır. Bu çalışmada işletmelerin 2016 dönemine ait verilerinden hesaplanan finansal oranlar kullanılmıştır.Bu çalışmada işletmelerin etkinliğini ölçmede girdi yönlü VZA kullanılmıştır. Çalışma sonucunda yedi alt sektörden Orman ve Kağıt Sanayi sektörünün en etkin olduğu, Gıda, İçki ve Tütün Sanayi sektörü ile Kimya, Petrol, Kauçuk ve Plastik Ürünleri Sanayi sektörü en az etkin olan sektörler olarak bulunmuştur. Sektörlerde etkin olmayan işletmeler girdi değişkenlerinde azaltma yaparak daha etkin hale gelebilirler. From the classical economists to the contemporary modern economists, it is agreed upon that the meanings of the concepts `productivity` and `efficiency` are important when the scarce resources are used at maximum efficiency for manufacturing the highest output at the production line. From the perspective of businesses, the topics of evaluation of the past, planning of the future, determination of the goals, positioning against the rivals are important in terms of productivity and efficiency. In this study, it is aimed to determine the efficiency of businesses in the manufacturing field which are listed at Istanbul Stock Exchange and to determine what kind of transformations should be made for the inefficient businesses at their variables. Financial rates which have been calculated from the data of 2016 term of the businesses have been used for this study. Input oriented Data Envelopment Analysis Method have been used for determining the efficiency of the businesses. As a result of the study, among the seven sub-sectors, Forestry and Paper Production sector has been determined as the most efficient sector while Chemistry and Petrol, Rubber and Plastic Products are found to be the least efficient sectors. Enterprises not effective in sectors could become more active by reducing input variables.

Sermaye piyasalarının fon arz edenler ve fon talep edenler dışındaki en önemli unsurlarından biri sermaye piyasası ile ilgili tüm işlerin yapıldığı kurumlar olan aracı kurumlardırAracı kurumlar piyasadaki etkinlikleri ile sermaye piyasasının gelişimine doğrudan katkı veren kurumlardır. Aracı kurumların iyi bir etkinlik derecesine sahip olması sermaye piyasasındaki işlem hacminin ve katılımcı sayısının artmasına neden olacaktır. Bu nedenle bu kurumların etkinlikleri periyodik olarak ölçülmesi, analiz edilmesi ve yorumlanması, takip edilmesi önemli bir konudur.Bu çalışmada, Türkiye Sermaye Piyasasında faaliyet gösteren aracı kurumların veri zarflama analizi yolu ile etkinliğinin ölçülmesi ve karşılaştırılması yapılmıştır. Böylece Türkiye'deki aracı kurumların etkinliklerine yönelik önemli bulgular elde edilmiştir. Elde edilen bulgularla etkin ve etkin olmayan aracı kurumlar belirlenmiştir. Etkin olmayan aracı kurumların etkin hale gelebilmeleri için gerekli potansiyel iyileştirme oranları tespit edilmiştir. One of the most important components of the capital markets other than funders and fund claimants is the intermediary institutions which are the institutions where all operations related to the capital market are carried out.Intermediary institutions are the institutions that directly contribute to the development of the capital market through its activities on the market. The fact that intermediary institutions have a good efficiency rating will lead to an increase in the volume and number of participants in the capital market. For this reason, the effectiveness of these institutions should be measured, analyzed and interpreted periodically.In this study, the effectiveness of intermediary institutions operating in the Turkish Capital Markets was measured and compared by means of data envelopment analysis. Thus, important findings related to the effectiveness of intermediary institutions in Turkey were obtained. Effective and ineffective intermediary institutions were identified with the findings. Potential improvement ratios were identified to enable ineffective intermediary institutions to become effective. 131

Türkiye'nin makroekonomik hedefleri doğrultusunda, sanayi sektörü önem arz etmektedir. Bu sekörde faaliyet gösteren işletmelerin finansal performansları da sektörün performansının bir göstergesi olarak kabul edilebilir. Sektörün önemli işeltmeleri ise BIST'te işlem görmektedir. Bu sebeple, BIST Sınai Endeksi'nde bulunan ve Türkiye'nin en çok ihracat yaptığı sektörler olan, otomotiv, hazır giyim ve konfeksiyon, çelik ve elektrik elektronik ve hizmet setkörlerinde faaliyet gösteren 49 şitketin 2015 ve 2016 yılı finansal etkinlikleri ölçülmüştür. Finansal etkinliğin ölçümünde Veri Zarflama Analizi kullanılmıştır. Öncelikle CCR modeli ile her iki yılın finansal etkinlik değerleri bulunmuş ve iki yıl arasındaki değişimler belirtilmiştir. Ardından analiz BCC modeli ile tekrar edilmiştir. Her iki model de girdiye yönelik kurulmuştur. Çalışmada, Aktif Toplam, Özkaynak, Net İşletme Sermayesi (NİS), Cari Oran, Yabancı Kaynak / Toplam Aktif, Özkaynak / Yabancı Kaynak, Özkaynak / Toplam Aktif, Net Satışlar / Özkaynak, NİS / Net Satışlar, NİS / Net Kar girdi olarak; Net Satışlar, Net Kar / Özkaynak, Net Kar / Toplam Aktif ise çıktı olarak kullanılmıştır. Bu analizler sonucunda 2015 yılında 34 işletmenin etkin, 15 işletmenin etkin olmadığı; 2016 yılında ise önemli sayıdaki işletmenin etkinliklerini kaybettiği ve 15 işletmenin etkin, 34 işletmenin etkin olmadığı sonucuna ulaşılmıştır. According to the macroeconomic goals of Turkey, industry has an importance. Financial performances of companies operate in this sector, can be regarded as an indicator of performance of the sector. And the main companies of the sector are traded at Istanbul Exchange Market (BIST). Thus, financial efficiencies of 49 companies which are traded in BIST Industry Index and also operate in Automotive, Apparel, Steel, Electric Electronic and Services sectors that have biggest share in Turkey's export, have measured for 2015 and 2016.Data Envelopment Analysis has been used for finacial effciency measurement. First it had been measured by CCR model of DEA for the both years and stated the differences between two years, then the analysis repeated with BCC model of DEA. Both models are established as input oriented. In the study, Total Assets, Equity Capital, Net Current Assets, Current Ratio, Liability / Total Assets, Equity Capital / Liability, Equity Capital / Total Assets, Net Sales / Equity Capital, Net Current Assets / Net Sales, Net Sales / Net Profit are used as input; Net Sales, Net Profit / Equity Capital, Net Profit / Total Assets are used as output.It has been concluded that in 2015, 34 companies are efficient and 15 companies are not; in 2016, significant amount of them has lost the status of being efficient and 15 companies are efficient and 34 companies are not. 113

Çalışmada Borsa İstanbul'da bilişim sektöründe faaliyet gösteren işletmelerin etkinlikleri ile finansal performansları arasındaki ilişkinin belirlenmesi hedeflenmiştir. Bu amaçla çalışmanın ilk bölümünde bilişim sektörüne değinilmiştir. İlk bölümde sırasıyla bilişim kavramına ve önemine değinildikten sonra bilişim sektörünün özellikleri incelenmiştir. Daha sonra sektörün dünyada ve Türkiye'deki gelişimi ele alınmıştır. İlk bölümde son olarak sektörün dünyada ve Türkiye'deki mevcut durumuna değinilmiş ve bilişim sektöründeki yeniliklerden bahsedilmiştir. İkinci bölümde ise etkinlik kavramına, etkinlik ölçümünde kullanılan yöntemlere ve finansal performans kavramına yer verilmiştir. Üçüncü bölümde ise çalışmanın amacı, konusu ve yönteminden bahsedilmiştir. Çalışma Borsa İstanbul'a kayıtlı 14 işletme üzerinde yapılmıştır. Çalışmaya 2014, 2015 ve 2016 yılları dahil edilmiştir. Çalışmada üç girdi ve iki çıktı kullanılmıştır. Çalışmada kullanılan girdiler aktif toplamı, faaliyet giderleri ve satış maliyetleridir. Çalışmada kullanılan çıktılar satış geliri ve sürdürülen faaliyetler vergi öncesi karıdır. Çalışmanın dördüncü bölümünde elde edilen bulgular değerlendirilmiştir. Beşinci bölümünde de çalışmanın sonucu ele alınmaktadır. Çalışma sonucunda Veri Zarflama Analizi ve Gri İlişkisel Analiz ile elde edilen bulgular karşılaştırılarak aralarında ilişki belirlenmeye çalışılmıştır. The aim of the study is to determine the relationship between the efficiency and financial performance in the information technology sector in Borsa Istanbul. For this purpose, the first part of the study refers to the information sector. In the first part, the characteristics of the informatics sector were examined after the concept and importance of information respectively. Then the development of the sector in the world and Turkey were discussed. The first chapter was finally referred to the current situation of the sector in the world and Turkey and discussed the innovations in the IT sector. In the second part, concept of efficiency, methods used in efficiency measurement and concept of financial performance are included. In the third part, the purpose, the method and the method of study are mentioned. The study was carried out on 14 companies registered in Borsa Istanbul. Years 2014, 2015 and 2016 were included in the study. Three inputs and two outputs were used in the study. Inputs used in the study are total assets, operating expenses and cost of sales. Outputs used in the study are pre-tax income from continuing operations and sales revenues. The findings obtained in the fourth part of the study were evaluated. The fifth part deals with the end of the study. The results of the study were compared with the results obtained with Data Envelopment Analysis and Grey Relational Analysis and the relation between them was determined. 115

This paper studies the relationship of financial development and income inequality in China over the period of 1978-2013. Using the structural vector auto-regression (SVAR), the empirical results are consistent with the G-J hypothesis of an inverted U-shaped relationship between financial development and income inequality. An economy in its initial stages of financial development would present increasing inequality and only in a second or even third stage of development would inequality actually decrease. The evidence is valid for two indicators defined to measure the scale and the efficiency of financial development, respectively. Financial reform aimed at forming an appropriate financial system should be accelerated to help to reducing income inequality in China.

This paper focuses on the possible impact of more efficient credit allocation on a country's processes of structural transformation. We develop a dynamic version of a small-scale general equilibrium model for a dual economy, in which labour reallocation is accompanied by involuntary unemployment in the modern sector, whose degree of financial efficiency varies over time. Counterfactual simulations indicate that structural transformation is faster in economies with greater financial efficiency, because the incentives for intersectoral migration are greater. That is, from the very outset of the transition the expected utility of working in the modern sector is greater. In our simulations, the greater flow of labour does not translate into higher unemployment rates.