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    Financial inclusion in Turkey: unpacking the provincial inequality and its determinants
    (Routledge Journals, Taylor & Francis Ltd, 2022) Takmaz, Sefa; Sarı, Erkam; Alataş, Sedat
    This paper investigates the regional disparity of financial inclusion (FI) and its determinants in Turkey from 2004 to 2020. To this end, we first construct an FI index using the principal component analysis. Then, based on the club convergence approach, we test the existence of convergence to show regional disparities in FI. Finally, we examine the main determinants of provincial disparity using ordered logit models. The convergence results strongly reject the full-panel convergence, indicating a regional disparity in FI. Furthermore, our analyses reveal that financial inclusion positively correlates with population, income, and income inequality, while unemployment hinders inclusion. Overall, our results imply that policies focusing on digital financial services, increasing financial literacy, and reducing unemployment should significantly diminish regional disparities and improve FI.
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    The impact of catering incentives on the dividend policy: Evidence from Turkish firms
    (Emerald Group Publishing Ltd, 2021) Takmaz, Sefa; Evrim Mandaci, Pınar; Durukan, M. Banu
    Purpose The purpose of this paper is to empirically analyse the propensity to pay dividends and investigate whether the catering theory is valid in an emerging market. Design/methodology/approach The sample of this study comprises listed firms on the stock market of Turkey, Borsa Istanbul, with 2,438 observations during the period 1999-2015. In line with previous studies in the literature, appropriate control variables are used that may have an impact on Turkish firms' dividend policy. Control variables are examined in the likelihood of paying dividends by using Fama-Macbeth (1973) style cross-sectional logistic regressions. In addition, the linkage between the dividend premium and the propensity to pay is revealed to test the validity of the catering theory. Findings The findings of the study confirm the tenets of the catering theory for Turkey. When a positive dividend premium exists, that is when investors demand dividend, firms cater them and distribute dividend; on the contrary, when there is no demand, firms prefer not to pay. The effect of catering incentives on the dividend policy provides useful information for managers because the catering theory claims that investors' demand for dividends has an impact on the valuation of firms. Originality/value In the aftermath of the 2001 financial crisis, Turkey implemented far-reaching reforms and policy initiatives to improve the efficiency of capital markets and to overcome the obstacles sourcing from their culture and civil law origin. With the adoption of these major economic and structural reforms, as a civil law origin country, Turkey has managed to ameliorate the protection of investors as in common law countries. Ferris et al. (2009) state that the catering theory is applicable to firms in common law countries but not in civil law countries. In addition, prior research is not so extensive regarding the impact of catering incentives on the dividend policy of firms in emerging markets. The results of the analyses suggest that the catering theory is valid for Turkey as a civil law origin emerging country, and to the best of authors' knowledge, this study is the first to test the catering theory in the Turkish capital markets.