Research

Research interests

Corporate finance, corporate governance, ESG, climate change, SMEs, information asymmetry, firm performance, dividend policy

Projects

The Scientific and Technological Research Council of Turkey (TUBITAK), 3501 Career Development Program, TUBITAK grant to fund a 24-month research program titled

“The Impact of Corporate Governance on Access to Finance and the Effect of Access to Finance on Performance and Internationalization of SMEs in Turkey”,

(Duration of the grant: 15.09.2021-15.09.2023).

 Web Page: https://kobiyon.khas.edu.tr/ 

Publications

• Danisman, G. O., Bilyay-Erdogan, S., & Demir, E. (2025). Economic uncertainty and climate change exposure. Journal of Environmental Management, 373, 123760.

• Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2024). ESG performance and investment efficiency: The impact of information asymmetry. Journal of International Financial Markets, Institutions and Money, 91, 101919.

• Bilyay-Erdoğan, S. (2024). Do corporate carbon emissions affect financial constraints? Evidence from developed markets. Business & Management Studies: An International Journal, 12(3), 421-438.

• Bilyay-Erdoğan, S. (2024). ESG Performance and Corporate Default Risk: Do Countries’ Shareholder Protection Levels Affect This Relationship?. İstanbul Ticaret Üniversitesi Sosyal Bilimler Dergisi, 23(49), 1544-1570.

• Erdoğan, S. (2024). Kurumsal Çevresel, Sosyal ve Yönetişim (ÇSY) Performansı ve Kar Payı Dağıtım Politikası: Ülke Düzeyindeki Faktörlerin Etkisi. Financial Analysis/Mali Cozum Dergisi, 34(158).

• Bilyay-Erdogan, S., & Öztürkkal, B. (2023). The role of environmental, social, governance (ESG) practices and ownership on firm performance in emerging markets. Emerging Markets Finance and Trade, 59(12), 3776-3797.

• Bilyay-Erdogan, S., Danisman, G. O., & Demir, E. (2023). ESG performance and dividend payout: A channel analysis. Finance Research Letters, 55, 103827.

• Bi̇lyay-Erdoğan, S., Acar, M. G. C., & Birgören, İ. Ö. (2023). Internationalization of SMEs: Do Board Characteristics Matter?. Ekonomi Politika ve Finans Araştırmaları Dergisi, 8(4), 597-621.

• Bilyay-Erdogan, S. (2022). Corporate ESG engagement and information asymmetry: the moderating role of country-level institutional differences. Journal of Sustainable Finance & Investment (Scopus, Q1), 1-37 (DOI: 10.1080/20430795.2022.2128710)

• Nuhoglu, N.I., Parlak, D. and Bilyay-Erdogan, S. (2021). The Impact of Intellectual Capital on Financial Performance and Firm Value in Islamic Countries. The World of Accounting Science (Muhasebe Bilim Dünyası Dergisi), 23(3), 532-555.

• Bilyay-Erdogan, S. (2020). Does Financial Flexibility Enhance Firm Value? A Comparative Study Between Developed and Developing Countries. Business: Theory and Practice (Scopus, Citescore: 1.8), 21(2), 723-736.

• Uğurlu, M., Danisman, G., Erdogan, S. and Vural-Yavas, C. (2019). Asymmetric Cost Behavior and Acquirer Returns: Evidence from U.S. Mergers. Ege Academic Review (ESCI), 19(3), 323-339.

• Nuhoglu, N. I., and Erdogan, S. (2017). The Rise of "Independent Board Members" in Turkey. Muhasebe ve Finansman Dergisi, (73).

• Yavas, C. V., and Erdogan, S. (2017). The Effect of Foreign Ownership on Firm Performance: Evidence from Emerging Market. Australian Academy of Accounting and Finance Review, 2(4), 363-371.

• Erdogan, S. (2014). Bank Lending Criteria and Relationship Lending. Journal of Advanced Management Science, 2(3), 220-227.

Book Chapters

• Bilyay-Erdogan, S. (2024). Economic Uncertainty and Capital Structure Choices: Moderating Effect of Macro-level Institutional Quality Indicators. Current Topics in Finance: Insights on Evolving Markets and Practices, 37.

• Bilyay-Erdogan, S. (2024). Do carbon emissions affect firm performance? Evidence from Europe. Current Studies in Finance, 59-87.

• Erdogan, S. (2019). Financial Flexibility and Corporate Investment: Does Financial Flexibility Affect Sustainability of Firms? The Circular Economy and Its Implications on Sustainability and the Green Supply Chain, 230-246.

• Erdogan, S. (2015). The Effect of Working Capital Management on Firm’s Profitability: Evidence from Istanbul Stock Exchange. Handbook of Research on Waste Management Techniques for Sustainability, 244-261.

• Erdoğan, S. (2014). The Effect of Capital Structure on Profitability: An Empirical Analysis. Handbook of Research on Developing Sustainable Value in Economics, Finance, and Marketing, 307-322.