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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

Do rating grades convey important information: German evidence? (2016)
Journal Article
Kenjegaliev, A., Duygun, M., & Mamedshakhova, D. (2016). Do rating grades convey important information: German evidence?. Economic modelling, 53, (334-344). doi:10.1016/j.econmod.2015.11.021. ISSN 0264-9993

© 2015 Elsevier B.V. In this paper we investigate the impact of credit rating changes on German stock market. We evaluate daily abnormal stock returns of companies listed on the Frankfurt Stock Exchange (HDAX). Rating upgrades and downgrades are made... Read More

Disentangling the European airlines efficiency puzzle: a network data envelopment analysis approach (2015)
Journal Article
Duygun, M., Prior, D., Shaban, M., & Tortosa-Ausina, E. (2016). Disentangling the European airlines efficiency puzzle: a network data envelopment analysis approach. Omega, 60, (2-14). doi:10.1016/j.omega.2015.06.004. ISSN 0305-0483

© 2015 Elsevier Ltd. In recent years the European airline industry has undergone critical restructuring. It has evolved from a highly regulated market predominantly operated by national airlines to a dynamic, liberalized industry where airline firms... Read More

How a regulatory capital requirement affects banks' productivity: an application to emerging economies (2015)
Journal Article
Duygun, M., Shaban, M., Sickles, R. C., & Weyman-Jones, T. (2015). How a regulatory capital requirement affects banks' productivity: an application to emerging economies. Journal of productivity analysis, 44(3), 237-248. doi:10.1007/s11123-015-0451-1

© 2015, Springer Science+Business Media New York. This paper presents a novel approach to measure efficiency and productivity decomposition in the banking systems of emerging economies with a special focus on the role of equity capital. We model the... Read More

Measuring competition using the Boone relative profit difference indicator (2015)
Journal Article
Weyman-Jones, T., Duygun, M., Shaban, M., & Thomas, G. (2015). Measuring competition using the Boone relative profit difference indicator. Economics letters, 132, (117-120). doi:10.1016/j.econlet.2015.04.022. ISSN 0165-1765

This paper suggests a method for implementing the theoretical relative profit difference test for intensity of competition due to Boone (2008). An empirical illustration is given for banking systems in emerging economies.