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Dividend policy of Indonesian listed firms: the role of families and the state (2018)
Journal Article
Duygun, M., Guney, Y., & Moin, A. (2018). Dividend policy of Indonesian listed firms: the role of families and the state. Economic Modelling, 75, 336-354. doi:10.1016/j.econmod.2018.07.007

We investigate factors influencing the dividend policy of the listed Indonesian firms by focusing on agency costs and ownership structure. Our study finds that firms with higher conflicts of interest among managers and shareholders pay lower dividend... Read More

Board independence, corruption and innovation: some evidence on UK subsidiaries (2018)
Journal Article
Sena, V., Duygun, M., Lubrano, G., Marra, M., & Shaban, M. (2018). Board independence, corruption and innovation: some evidence on UK subsidiaries. Journal of Corporate Finance, 50, 22-43. doi:10.1016/j.jcorpfin.2017.12.028

In this paper we test the hypothesis that independent boards can insulate a company from the detrimental impact of corruption on its performance (proxied by innovation). To this purpose, we have estimated an innovation production function that links... Read More

World productivity growth: a model averaging approach (2017)
Journal Article
Duygun, M., Hao, J., Isaksson, A., & Sickles, R. C. (in press). World productivity growth: a model averaging approach. Pacific Economic Review, 22(4), doi:10.1111/1468-0106.12238. ISSN 1361-374X

Policy makers and the economic researchers who provide them estimates of economic activity need to have an informative and scientifically-based method to develop a consensus estimate for the most basic of the productivity measures, total factor produ... Read More

Corporate pension plans and investment choices: bargaining or conforming? (2017)
Journal Article
Duygun, M., Huang, B., Qian, X., & Tam, L. H. (2018). Corporate pension plans and investment choices: bargaining or conforming?. Journal of Corporate Finance, 50, doi:10.1016/j.jcorpfin.2017.10.005. ISSN 0929-1199

This paper investigates the impacts of defined-benefit (DB) pension plans on the corporate investment choices between diversifying and non-diversifying investments. We find a firm’s DB plan coverage is negatively associated with its propensity of mak... Read More

Religiosity versus rationality: depositor behavior in Islamic and conventional banks (2017)
Journal Article
Aysan, A. F., Disli, M., Duygun, M., & Ozturk, H. (2018). Religiosity versus rationality: depositor behavior in Islamic and conventional banks. Journal of Comparative Economics, 46(1), doi:10.1016/j.jce.2017.03.001. ISSN 0147-5967

This study investigates the behavioral aspects of Islamic bank depositors in a dual banking system. By categorizing depositors into groups based on the amount of their deposited funds, we estimate the responses of these groups to interest rate change... Read More

Political connections, bailout in financial markets and firm value (2016)
Journal Article
Banerji, S., Duygun, M., & Shaban, M. (2018). Political connections, bailout in financial markets and firm value. Journal of Corporate Finance, 50, (388-401). doi:10.1016/j.jcorpfin.2016.12.001. ISSN 0929-1199

The paper shows that politically motivated interventions in the financial market in the form of bailing out borrowing firms reduce banks’ incentives to gather valuable information about firms’ projects. This loss of information is a hidden cost which... Read More

The cost efficiency of water utilities: when does public ownership matter? (2016)
Journal Article
Pazzi, S., Tortosa-ausina, E., Duygun, M., & Zambelli, S. (2016). The cost efficiency of water utilities: when does public ownership matter?. Local Government Studies, 42(6), doi:10.1080/03003930.2016.1207630. ISSN 0300-3930

This study explores the impact of different ownership types on the efficiency of water utilities. Theories and evidence have shown a puzzling relationship between ownership and performance. Moreover, relatively recent contributions (Andrews et al. 20... Read More

Did the global financial crisis hit Africa? Insights from a multi-country firm level survey (2016)
Journal Article
Duygun, M., Isaksson, A., & Kaulich, F. (in press). Did the global financial crisis hit Africa? Insights from a multi-country firm level survey. Economic Modelling, 58, doi:10.1016/j.econmod.2016.06.008. ISSN 0264-9993

In order to craft the most appropriate policy responses, it is imperative to identify the degree to which the firms in sub-Saharan Africa (SSA) were affected by the global financial crisis, despite the common perception amongst macro analysts that th... Read More

The role of sovereign credit ratings in fiscal discipline (2016)
Journal Article
Duygun, M., Ozturk, H., & Shaban, M. (in press). The role of sovereign credit ratings in fiscal discipline. Emerging Markets Review, 27, doi:10.1016/j.ememar.2016.05.002. ISSN 1566-0141

This paper investigates several aspects of the relationship between sovereign credit ratings and fiscal discipline. The analysis of over one thousand country–year observations for 93 countries during the 1999–2010 period reveals that a country’s debt... Read More

Trademarking activities and total factor productivity: some evidence for British commercial banks using a metafrontier approach (2016)
Journal Article
Duygun, M., Sena, V., & Shaban, M. (2016). Trademarking activities and total factor productivity: some evidence for British commercial banks using a metafrontier approach. Journal of Banking and Finance, 72(Suppl.), doi:10.1016/j.jbankfin.2016.04.017. ISSN 0378-4266

In this paper, we compute a non-parametric Metafrontier Malmquist index to evaluate the Total Factor Productivity (TFP) change among UK-based trademarking and non-trademarking commercial banks between 2005 and 2013. The use of the metafrontier approa... Read More

Islamic banks, deposit insurance reform, and market discipline: evidence from a natural framework (2016)
Journal Article
Aysan, A. F., Disli, M., Duygun, M., & Ozturk, H. (in press). Islamic banks, deposit insurance reform, and market discipline: evidence from a natural framework. Journal of Financial Services Research, doi:10.1007/s10693-016-0248-z. ISSN 0920-8550

Although it has been intensively claimed that Islamic banks are more subject to market discipline, the empirical literature is surprisingly mute on this topic. To fill this gap and to verify the conjecture that Islamic bank depositors are indeed able... Read More