Publications

Yönkul N.G., Ünlü H. (2022) How Does the Effect of Absorptive Capacity on Innovation Capacity Change According to Countries’ Technology Manufacturing Value-Added Levels?. In: Leitão J., Ratten V. (eds) Strategic Innovation. Contributions to Management Science. Springer, Cham. https://doi.org/10.1007/978-3-030-87112-3_9  (INDEX:SCOPUS )

The aim of this study is to analyze the effects of countries’ absorptive capacity on their innovation capacity according to their tendency to produce medium and high technology. In this context, the number of patent applications is used to represent innovation capacity. Ethics and corruption, foreign direct investment, tertiary education enrollment rate, technological literacy, university-industry research collaboration, and scientific and technical publications are used to represent social and technological absorption capacity. The variables used in the data set are taken from the Competitive Industrial Index, Global Innovation Index, and Global Competition Index. The study uses a special type of simultaneous equation models which is error correction two-stage least squares model for a panel data for years 2013–2017 and 60 countries. According to the analysis’ result, absorptive capacity has a significant impact on innovation capacity for both country groups. In addition, while in countries with a high value added on medium- and high-technology production technological readiness has an impact on innovation capacity, ethics and corruption are more effective in the group of countries with a low rate of value added on medium- and high-technology manufacturing. 

Ünlü, H., & Karacaer Ulusoy, M. (2021). Innovation and Corruption in Turkey: “Grease the Wheels” or “Sand the Wheels”. In Rafay, A. (Ed.), Handbook of Research on Theory and Practice of Financial Crimes (pp. 80-103). IGI Global. http://doi:10.4018/978-1-7998-5567-5.ch006 

(International Publisher)

In this chapter, one of the important financial crimes and its effect on the innovation success of firms has been investigated for Turkey. The business environment and enterprise performance survey is used to examine how the business perceives informal payments for the period between 2013-2014. The main concern of the chapter is that when corruption is the case, either “sand the wheels” or “grease the wheels” is the result of being unproductive or (even worse) destructive entrepreneurs. Moreover, different corruption levels are estimated and tested by using a PROBIT model. It is suggested that while the “sand the wheels” effect is strong, financial resources should be transferred to the innovation investments rather than corrupt activities. Even though corruption does not show a hindering effect on innovation, the time spent by the managers is the “grease the wheels” effect for innovation.

 ÜNLÜ, H., ARBI, K.A. (2020) "COVID-19 AND TRIPLE HELIX MODEL: TECHNOPARKS" In  COVID-19 AND NEW BUSINESS ECOSYSTEM edited by Duygu HIDIROĞLU, Semih Serkant AKTUĞ  and Osman YILMAZ, Gazi Kitabevi, Ankara/TURKEY, October 2020 (International Publisher)

In early 2020 the world has faced pandemic, which raised the importance of collaboration between three actors of the society namely Government, University, and Industry, the Triple Helix model. The pandemic COVID-19 has become a critical health threat of modern time. It is ever-increasing and posing greater challenges for humanity. Governments all over the world are trying hard to reduce the negative effects and damages of this pandemic. This study has significant insights due to its combating strategies in collaboration with certain industries and academia. Every government in the world came out with a concrete plan to combat this pandemic and got success and overcame COVID- 19 phenomena partially or wholly. Many firms across the world are engaged in responding to the emergency and started making special equipment for frontline healthcare workers through collaborating efforts. The prime objective of this study is to investigate the role of the Triple Helix Model on the COVID-19 response. We want to know the performance of the Science and Technology Parks (STPs) in Turkey. To specify the effect of TH on STP's COVID-19 response performance, we have used scientific research techniques to estimate the role of STP on the number of solution-oriented COVID-19 projects produced by the Turkish STPs. In the study, we found the importance of employees and other factors as a significant contributory element in the performance of STPs. This is a baseline study for policymakers to highlight the role of STPs in critical situations like pandemic COVID 19. 

 ÜNLÜ, Hülya (2020) "İnovasyonun Finansmanı" In  Ekonomik ve Teknolojik Değişim Sürecinde İNOVASYON edited by Gönül Muratoğlu, Gazi Kitabevi, Ankara/TURKEY, October 2020 (International Publisher)

Günümüz işletmelerinin çoğu, inovasyon projelerini finanse etmek için ciddi mali engellerle karşılaşmaktadırlar. İnovasyon yatırımları için yatırımdan beklenen getiri yüksek derecede belirsizdir. Her ne kadar risk ve belirsizlik genellikle birbiri yerine kullanılıyor olsa da bu iki kavram tamamen birbirinden farklı durumları ifade etmektedir. Klasik yatırımlar için öngörülen risk hesaplanabilirken, inovasyon yatırımları için öngörülen belirsizlik standart risk hesaplama yöntemleri ile hesaplanamamaktadır. Bu sebeple finansal kurumlar yenilikçi projeleri fonlamaktan kaçınmaktadırlar. Bu bölümde inovasyon yatırımlarının doğası ve de finansal teoriler (piyasa etkinsizliği, ilintisizlik teorisi, asimetrik bilgi teorisi, asil vekil sorunu, finansman hiyerarşisi teorisi ve ödünleşme teorisi) ile inovasyon yatırımlarının ilişkisi açıklanacaktır. Bilgi asimetrisi her malın işleminde mevcut gibi görünse de en çok görüldüğü yer inovasyon yatırımlarıdır. Düşük bilgi şeffaflığının dış kaynakların sınırlı olarak sağlanmasına veya hiç sağlanmamasına neden olduğunu bilinmektedir. İnovasyon yatırımlarındaki ters seçim problemi yaratıcı/girişimci ve yatırımcı arasında görülmektedir. Ahlaki tehlike problemi inovasyon projesinde yeni kurulan (başlangıç aşamasındaki) firmalar için en ciddi sorundur/sorunlardan biridir. İnovasyon yatırımlarında “ilk olarak iç kaynak kullanımına” dair herhangi bir fikir birliği bulunmasa da öz sermaye finansmanı yerine borç kullanımına dair bazı tartışmalar yer almaktadır. Piyasalarda karşılaşılan bu güçlükler doğrultusunda asimetrik bilgi, asil-vekil sorunu, ters seçim sorunu gibi finansın temel teori ve sorunları inovasyon yatırımlarında klasik yatırımlara göre daha ciddi sonuçlar doğurabilmektedir. İnovasyon yatırımlarının fonlanması ve fonlanmasının önünde karşılaşılan engellerin çözümü yenilikçi finansman yaklaşımlarına doğrudan bağlıdır. 

 ÜNLÜ, Hülya (2019) "Türkiye'de Zorlayıcı ve Durdurucu/Engelleyici Finansal Bariyerlerin İnovasyon Faaliyetleri Üzerine Etkileri (The Effect of Revealed and Deterred Financial Barriers on Innovation Activities in Turkey )" In Türkiye'nin Güncel İktisadi Sorunları (Turkey's Current Economic Problems) edited by Hasan TÜRE and Erkan AĞASLAN,Gazi Kitabevi, Ankara/TURKEY, September 2019 (International Publisher)

https://www.gazikitabevi.com.tr/urun/turkiyenin-guncel-iktisadi-sorunlari 

Bu çalışmanın amacı Türkiye’de inovasyon faaliyetleri yapan ve yapma arzusunu taşıyan girişimlerin algılamış oldukları zorlayıcı ve durdurucu/engelleyici finansal bariyerlerin ekonominin genişleme ve daralma dönemlerindeki değişimlerini tespit etmektir. Analizler, OECD tarafından geliştirilen Topluluk Yenilik Anketi (CIS) verileri ve Çok değişkenli Probit Modeli (Multivarate Probit Model) kullanılarak gerçekleştirilmiştir. Finansal bariyerlerin ekonomik genişleme ve daralma dönemlerindeki etkilerinin tespiti için CIS2006 ve CIS2010 dönemleri kullanılmıştır. Elde dilen bulgulara göre inovasyon faaliyetlerinde aktif olan firmaların inovasyon faaliyet sayısı arttıkça finansal bariyerlerle karşılaşma olasılığı artmakta ve firma büyüklüğü artarken bariyerlerle karşılaşma olasılığı düşmektedir. Bariyerleri aşamamış girişimler için en önemli durdurucu/engelleyici bariyerin öz sermaye yetersizliği olduğu görülmüştür. Ekonomik daralma dönemlerinde firma içi ve firma dışı finansal kaynak yetersizliği, daha önce inovasyon yapmış firmalar üzerinde durdurucu/engelleyici etki yaratmaktadır. 

ÜNLÜ, Hülya (2018) “Contagion of Financial Crises” LAP Lambert Academic Publishing, 2018. ISBN: 365954633X, 9783659546334 Pages: 56 (International Publisher)

https://www.amazon.co.uk/Contagion-Financial-Crises-H%C3%BClya-%C3%9Cnl%C3%BC/dp/365954633X 

This book provides an extensive range of definitions, causes and measurements of contagion in the literature. First, it reviews the causes of contagion, the available transmission channels and the current empirical methodology in the literature. Moreover, I provide an analysis of the existence of contagion via a probit model as in Eichengreen et al (1997). Eichengreen et al (1997) have basically two findings: (1) that “currency crises appear to pass “contagiously” from one country to another”, (2) and that commercially related countries have more tendencies to be caught up with contagion than others which share almost the same macroeconomic situation. While their study only includes data from 1959 to 1993, I have extended their time period till the first quarter of 2010. In this way, I observe that there is a stronger relationship between the countries in recent years than the one reported in Eichengreen et al (1997). By using the past half century’s panel data from nineteen industrialized countries, I find evidence of contagion as a result of my analysis. I show that a speculative attack elsewhere in the world raises the likelihoods of an attack on the domestic currency, which I estimate around 12 percentage points whereas Eichengreen et.al. (1997) obtained an estimate of around 8. My result also supports their findings which suggest that contagious currency crises have a tendency to spill over through the trade channels rather than the macroeconomic similarities. 

ÜNLÜ, Hülya (2016) “The Development of Active Venture Capital Markets and Determinants of Venture Capital Markets in Pakistan and Turkey” In Methodological Approaches to Social Sciences edited by Richard Davis, AGP Researchers, London /UK, December 2016 (International Publisher)

https://www.researchgate.net/publication/311279109_The_Development_of_Active_Venture_Capital_Markets_and_Determinants_of_Venture_Capital_Markets_in_Pakistan_and_Turkey

The role of developing venture capital markets is important for community innovation activities. The venture capitalists are able to lower risks via supporting management. It allows increasing the expected profits of high-technology products. Venture capital market is known as one of the important funds for financing the innovation activities and it also has an effect on development of countries. In this study we examine the developments of venture capital markets and some important viewpoints which have effects on the genesis of venture capital markets. In addition to all we are interested in defining the determinants of venture capital markets. The main purpose of this study is to examine the needs of both Turkey and Pakistan while they intend to innovate. The growth of the countries is related to their effort on making innovations, which makes countries invest in innovation investments. What happens to Venture Capital Availability of countries, when Judicial Independence, Business cost of Terrorism and infrastructure’s quality of countries is on the list of venture capitalist? We gather the Global competitiveness index data from the World Economic Forum from 2006-2007 to 2015-2016 and examine the determinants of venture capital markets by using panel data analysis. According to results VCs’ priorities are different for both countries. Pakistani government should show more effort on the security of businesses and corruption. Turkish government should be following a different strategy for export. The products should be more advanced technology based. For Turkey another important point is that the asymmetry on the government procurement of advanced technology products should be controlled carefully. 

Hülya Ünlü & Ali Saleh Alshebami (2021) Source of fund, financial constraints, political instability, and firm innovation: empirical evidence from Arab Spring countries, Journal of Sustainable Finance & Investment,  forthcoming.   (INDEX:SCOPUS )

 Doi Number:  10.1080/20430795.2021.1964812

https://www.tandfonline.com/doi/full/10.1080/20430795.2021.1964812?journalCode=tsfi20

The purpose of this article is to examine the impact of financial constraints on innovation in countries experiencing the Arab Spring. It also looks at how the impact of financial constraints varies with the source of funding. The study uses 2013 BEEPS data. 2261 companies from 5 MENA countries were included in our sample. The recursive bivariate probit and extended probit models are used. Our findings show that financial constraints negatively affect the likelihood of enhancing a firm's innovative performance. Unlike the existing literature, the effect of financial barriers was not only directly examined, but also the region and fund structure of the company were examined together. Although bank loans directly negatively impact innovation performance, when this effect is considered together with financial barriers, it has been observed that the effects of financial barriers decrease. An even more significant decline is seen with the inclusion of the regional influence. 

ÜNLÜ, H. (2020). The Effect of Credit Constraints on Innovation Activities during Different Economic Conditions: Firm-Level Evidence from Turkey. International Journal of Business Innovation and Research , forthcoming.   (INDEX:SCOPUS )

 Doi Number: 10.1504/IJBIR.2020.10033958 

https://www.inderscience.com/info/ingeneral/forthcoming.php?jcode=ijbir

The effect of credit constraints on the innovation activities of manufacturing firms before and after the recession has been researched. This paper assesses to answer the question "In the periods of during and after the recession, do the credit constraints affect the product innovation and R&D activity of manufacturing firms?". Taking into consideration that Turkey is a developing country, the financing opportunity for innovative firms are narrower than the developed countries. This paper uses five waves of Business Environment and Enterprise Performance Survey (BEEPS) data between 2005 and 2019 on manufacturing firms and analyses by using an extended probit model with endogenous treatment. Our results showed that there is an endogenous effect between innovative activities and financial barriers. Most importantly this research paper has evidence that the effect of credit constraints differentiates during different economic conditions. To sum up, the pre-recession period is more affected than the post-recession period. 

Karacaer Ulusoy, M , Ünlü, H . (2020). How Are Fenebahçe’s And Beşiktaş’s Stock Returns Reacted To The Match-Fixing Announcement? . Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi , 23 (1) , 154-163 .   (INDEX:ULAKBIM) 

 Doi Number: https://doi.org/10.29249/selcuksbmyd.655453 

Football is one of the most important sport activities in the worldwide, where stock prices are very sensitive to game results. On 3rd of July 2011 Beşiktaş and Fenerbahçe, the two major Turkish soccer teams, were accused of match-fixing which suddenly dampen their share prices. This study assesses to compare the stock market performances of both Beşiktaş and Fenerbahçe when they earn the right to enter group stages in UEFA European League before the match-fixing and after the match-fixing announcement by using event study method. The results indicate that the announcement of entering group stages in UEFA European League before the match-fixing process has a positive impact on both teams’ stock movements. On the other hand, after the announcement of match-fixing, negative effect is achieved for both of the teams, even they earned the right to enter group stages. Interestingly the evidences show that Fenerbahçe’s stocks are affected heavily during the match fixing process while the same negative effect is not strong for Beşiktaş. The findings of this study will contribute to the literature as it is the only study that compares the effect of match-fixing process on the stock market returns of both Beşiktaş and Fenerbahçe when these teams are successful in international areas by considering UEFA European League as the case. 

ÇETİN, Ahmet Kibar ; DÖLARSLAN, Emre Şahin; YAKIŞIK, Harun & ÜNLÜ, Hülya* ”Sanayi Ve Hizmet Sektörlerinde İnovasyon Bariyerleri” (Innovation barriers on Industry and Service Sectors) Journal Of Social & Humanities Sciences Research (JSHSR), Vol 4, Issue 5, Pages, 940-955, 2017 (INDEX: International Indexes) 

*Corresponding author

 Doi Number: http://dx.doi.org/10.26450/jshsr.178

The purpose of this study is to determine the factors which have an effect on innovation barriers faced by the enterprises in Turkey. It is also investigated according to sectoral levels, industry and service sectors. The logit models are applied by using the data from 2008-2010 wave of the Community Innovation Survey. In constructing sample groups, two sample groups are used . First one is deterred firms that do not undertake any innovation activities due to the innovation barriers, and the second group is revealed firms that undertake the innovation activity in despite of the innovation barriers. According to the findings, sectors do not matter when determining the factors affecting innovation barriers. As it was expected that the human capital would lower the barrier effects, it was not found statistically significant in any group and any barrier models. As expected, effects of barriers decreasing when firm size become larger. It was found that revealed firms with foreign capital share feel less knowledge barriers and financial barriers. Revealed firms that operate in international markets face more financial barriers. When analyzing local, domestic, and EU financial support, only domestic financial supports are statistically significant, and revealed firms face these barriers severely. 

ÜNLÜ, Hülya; ÇETİN, Ahmet Kibar; “The Impact of Learning Processes on Radical Innovation in Less Successful Innovator Countries: Turkey, Macedonia, Slovenia, and Serbia”, Journal of Entrepreneurship and Innovation Management, Vol 4, No 2, Pages 123-146, 2015, Beta Basım Yayım Dağıtım A.Ş. (INDEX:ULAKBIM).

 http://www.betadergi.com/jeim/yonetim/icerik/makaleler/37-published.pdf

Competition that has been accelerating rapidly in domestic and international markets in last decades compels firms to apply new ideas to their activities in order to increase value on their products and processes. Innovation which is a key driver of a success and survival of enterprises provides them competitive adventure in the markets. Learning processes on radical innovation, which is one of the most valuable innovation types is crucial. In this paper we examined the relationship between radical innovation and type of learning processes (learning by doing, learning by training, and learning by searching) with using probit model and firm level data (BEEPS) in relatively less successful innovator countries, namely Turkey, Macedonia, Slovenia, and Serbia. According to our results, the impact of learning process on making radical innovation varies in the less successful innovator countries. Any of the learning processes do not affect radical innovation in Macedonia while Serbia and Slovenia make radical innovation only with learning by searching. Turkish enterprises are making radical innovation with their top manager’s experience (learning by training) and their success in export performance (learning by doing). 

G.Daver, M.Karacaer, H.Ünlü “Testing of ISE and TurkDEX: Random Walk and Market Efficiency” INTERNATIONAL JOURNAL OF ECONOMICS AND FINANCE STUDIES Vol 5, No 2, 2013 ISSN: 1309-8055 (Online) (INDEX: International Indexes) 

 http://dergipark.gov.tr/ijefs/issue/26161/275565

We implemented several parametric and non-parametric tests to investigate random walk hypothesis and market efficiency theorem for Turkey’s two main markets, Turkish Derivatives Exchange and Borsa İstanbul(new name for İstanbul Stock Exchange). 12/02/2007 – 08/02/2013 period is our testing period and we used daily log returns. According to our findings in the very short term null hypothesis of random walk is accepted.