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Öğe A Conceptual Proposal on Blockchain: Distributed Ledger of Corporate Liquidity(2019) Açıkgöz, Ali Faruk; Apak, SudiReferring to the famous analogy which explains blockchain concept as “A wants to transfer money to B”, the study reverses it as “B wants to have trade credit from A” then the paradigm will rather be crediting instead of debiting. To what extent will a supplier allow trade credit upon request is a decision of accounts payable, but the extent to which a third party will offer more trade credit for the first borrower will require a reconsideration of that customer’s liquidity which is restricted by the accumulation of trade credit along with bank credit already held. The usage of trade credit and the level of bank credit are the main liquidity generators in a supply chain. The study reveals the need for a distributed ledger of liquidity based on trade credit by proposing the use blockchain technology to create zones of private distributed ledgers on liquidity. In the future, the suggested zones are expected to cooperate with government agencies and central bank in the challenge for eliminating informal transactions within the economy. Hence, trade credit in the short-term and relative liquidity indicators are presented in order to reveal the potential for an economy by giving evidence with the long-term data available in Turkey. The study depicts a conceptual proposal with the potential implications therein. Along with their blockchain challenge, the proposal in this study will strategically help the commercial banks which could consider investing on such a shared ledger of liquidity in terms of trade credits on firm-level.Öğe Cash vs. net working capital as strategic tools for the long-term relation between bank credits and liquidity: Inequalities in Turkey(Elsevier Science Bv, 2016) Apak, Sudi; Açıkgöz, Ali Faruk; Erbay, Ertuğrul Recep; Tuncer, GungorCash and net working capital are among corporate liquidity indicators which are generally compared with the short-term bank credits. The study reveals both the short and the long-term bank credits and their reflections on the cash, working capital and the short-term liabilities of the businesses in the long-run. The bank credits as a financing resource of the real sector (nonfinancial) businesses in Turkey with their effects on cash and net working capital are assessed in order to make comparisons on the total data of the businesses selected from all of the sectors for the case of Turkey in the long-run (1996-2014) in the study. The study endorses the strategic relation between bank credit usage and liquidity levels of the businesses so as to improve timely accessibility and creditability. In the findings, we confirm that cash-cash equivalents and net working capital have impacts on the level of bank credits in the long-term. Finally, the study endorses the strategic relation of bank credit and liquidity by inequalities. (C) 2016 The Authors. Published by Elsevier Ltd.Öğe Evidence for the Reliance of Equities on Liquidity and Bank Credit in the Agriculture Sector in Turkey(2019) Açıkgöz, Ali Faruk; Demirkol, Celal; Apak, SudiThe study aims to determine the potential of a long-run relation among liquidity indicators and equities in theagriculture sector along with the usage of bank credit. The study runs general linear regressions for which itshares the results and it adds up a set of supplementary analysis on stability diagnostics including leverageplots and recursive estimation. The significant findings reveal that the level of equities in the agriculturesector is a function of bank credit used at a level which could also be predicted by the first two famousliquidity indicators namely current ratio and acid-test ratio. Therefore, any incentive easing the access to bankcredit finance for the firms of agriculture sector would better be substituted with other encouragements whichwill rather promote the accumulation of equities so as to attain a sustainable finance with healthy liquid assetsand the limited bank credit contribution.Öğe İÇ KONTROL YAPISININ KURUMSAL YÖNETİMDE ARTAN ÖNEM VE ÖNCELİĞİ(Namık Kemal Üniversitesi,İktisadi ve İdari Bilimler Fakültesi, 2016-12) Apak, Sudi; Erol, Mikail; Aslan, Muhsin; Gül, HasanSon yıllarda iç kontrol yapısının kurumsal yönetimde kullanılması önem kazanmıştır. Bilgi teknolojileri alanında yaşanan gelişmeler, işletmelerin karar ve kontrol süreçlerinde ihtiyaç duyduğu bilgilerin daha güvenilir, daha hızlı üretilmesine olanak tanımakta ve işletmelerde etkin iç kontrol sistemlerinin kurulmasına katkı sağlamaktadır. Diğer taraftan etkin bir iç kontrol sisteminin oluşturulması muhasebe bilgi sisteminin de etkin olarak kullanılmasına katkı sağlayacaktır. İç kontrol yapısı ile her işletme fonksiyonuyla ilgili hiyerarşi, belge ve raporlama düzeni yapılandırılmakta, kişilerin görev ve sorumlulukları belirlenmekte, işletmede etkin bir iletişim ve denetim imkanı oluşturularak kişilerin hata ve hile yapmaları önlenmektedir. Etkin bir kurumsal yönetim uygulaması için iç kontrol sisteminin varlığı ve işleyiş kalitesi hayati önem taşımaktadır. Bunun yanında iç kontrol sisteminin işletmelerde etkin bir şekilde uygulanabilmesi için işletmede kurumsal yönetim ilke ve standartlarının etkin şekilde uygulanması da önem taşımaktadır. Bu çalışmada iç kontrol yapısının kurumsal yönetimdeki artan önemi ve önceliği ele alınmıştır.Öğe The effects of liquidity on inventory: Evidence form forestry products subsector in Turkey(2018) Açıkgöz, Ali Faruk; Demirkol, Celal; Apak, SudiAs a part of Agriculture sector, forestry subsector is the main provider for the forestry products industry which has been neglected in terms of short-term liabilities and liquidity analysis. Liquidity is a function of the liabilities of the businesses in the short-run and it is expected to consist much of trade credit rather than bank credit. This study tries to reveal the long-term dependence of the short-term inventories on cash and cash equivalents, short-term bank credit used, and short-term accounts receivable as a percentage of short-term liabilities in the forestry products subsector in Turkey. We analyze the sectoral three years averages of aggregate balance sheet data in the long-term (1998 - 2016) and we depict that inventories have correlations with cash and cash equivalents, short-term bank credit and short-term accounts receivable and we also reveal that the sector’s short-term liabilities have had a diminishing trend in the very long-run. After introducing the model, we have run the linear regression of the model and we share the robust results of the tests. The findings give evidence that inventories, which are in fact the most illiquid part of the current assets, have bank credit dependency as much as accounts receivable though decreasing liabilities in the short-term. We therefore offer suggestions on the results for the forestry products subsector so as to hedge against the potentially adverse liquidity conditions in the near future. Each precaution held for a subsector will therefore help the sustainability of the forestry and the agriculture sector as a whole and it will also contribute as an example therein integrated especially with the marketing strategies.Öğe The role of the AFA coefficient as a new criterion in the long-run liaison between corporate liquidity and bank credit: Evidence from Turkey(Emerald Group Publishing Ltd, 2018) Açıkgöz, Ali Faruk; Apak, Sudi; Apergis, Nicholas; Uzunoğlu, SadiPurpose This paper aims to focus on the absence of a direct criterion for the ideal level of net working capital (NWC) for which Acikgoz (2014) theoretically demonstrates that this NWC can be treated in a manner that allows the assessment of repayments. The study presents and discusses a new multiplier (i.e. the afa coefficient), defined as the ratio of cash equivalents ratio to NWC, measured as the percentage of short-term liabilities (Acikgoz, 2014). In other words, the study explores whether NWC could be an indicator of the ratios of corporate short-term bank credit to STL and of bank credit to total assets. Design/methodology/approach Sectoral panel regressions are used in the case of Turkey, spanning the period 1996-2013, on data obtained from the Central Bank of Turkey. Through second-generation panel unit root tests for cross-section dependence and panel cointegration methodologies, the results illustrate the statistical significance of the CD statistics, indicating the presence of cross dependence, the presence of non-stationary variables and the presence of a long-run association for the variables under study. Findings The findings document that a transformed variable of NWC is more substantive than the explicatory quality of the current ratio and may potentially be used in the prediction of bank credit in corporate liabilities. Originality/value The afa coefficient shows the ratio of liquid assets to NWC as a percentage of STL. The results illustrate that this coefficient plays a significant role for corporate bank credit usage in the case of the Turkish sectoral analysis.
