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IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY

Year 2020, Volume: 13 Issue: 2, 385 - 407, 31.12.2020

Mehmet Oğuz Köksal , Şenol Babuşçu , Adalet Hazar

https://doi.org/10.17218/hititsosbil.773170

Abstract

In this study, the relationship between the capital ownership and risk taking tendency of banks is analysed. The data of multi-branch deposit banks from the banks operating during the analysis period were included in the study. The data of each bank for the end of 2008-2017 are taken into consideration. A total of 2800 variables consisting of 14 different variables belonging to 20 deposit banks covering 10 years were used in the analysis. From the 20 banks taken into account in the analysis; 3 are public, 11 are domestic private and 6 are foreign banks with private capital. One of the most striking points in the study is that the derivative financial instruments / equity variable included in the analysis as an independent variable and 3 risk indicators are in a meaningful relationship. In the framework of the data obtained from the analysis, there was no effect of capital ownership and capital concentration on the risk taking tendency of the banks in the Turkish Banking Sector.

Keywords

Risk Taking Ownership Structure Consantration Banking Deposit Banks

References

  • Aghion, P., Tirole, J., (1997). Formal and real authority in organizations. Journal of Political Economy, 55, 1–27. doi: https://doi.org/10.1086/262063
  • Altunbas, Y., Evans L., Molyneux,P. (2001). Bank ownership and efficiency. Journal of Money, Credit and Banking, 33(4), 926-954. Retrieved from: https://www.jstor.org/stable/2673929?seq=1
  • Altunbas, Y., Gardener, E. P.M., Molyneux, P., & Moore, B. (2001). Efficiency in European banking. European Economic Review, 45(10), 1931–1955. doi.org/10.1016/S0014-2921(00)00091-X
  • Anderson, R. C., Fraser, D. R.(2000), Corporate control, bank risk taking, and the health of the banking industry. Journal of Banking & Finance, 24, 1383-1398. doi.org/10.1016/S0378-4266(99)00088-6
  • Angkinand,A., Wihlborg,C. (2010). Deposit insurance coverage, ownership, and banks’ risk-taking in emerging markets. Journal of International Money and Finance, 29, 252–274. doi.org/10.1016/j.jimonfin.2009.08.001
  • Barry,T.A., Lepetit,L., Tarazi,A.(2011). Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance, 35, 1327-1340. doi.org/10.1016/j.jbankfin.2010.10.004
  • Berger, A., Clarke, G., Cill, R., Klapper, L., Udell, G. (2005). Corporate governance and bank performance: a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. Journal of Banking and Finance, 29, 2179–2221. doi.org/10.1596/1813-9450-3632
  • Bliss, R., Flannery, M. (2002). Market discipline in the governance of US bank holding companies: monitoring vs. influencing. European Finance Review, 6(3), 361– 396. https://doi.org/10.1023/A:1022021430852
  • Bonin, J.P., Hasan, I., Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance, 29, 31–54. doi.org/10.1016/j.jbankfin.2004.06.015
  • Caprio, G., Martinez-Peria, M.S. (2000). Avoiding disaster: policies to reduce the risk of banking crises. Egyptian Center for Economic Studies (ECES).Working Paper 47. Publication Number: ECESWP47-E Retrieved from: http://www.eces.org.eg/cms/NewsUploads /Pdf/2019_1_7-22_22_38SSS.pdf
  • Claessens, S., Demirguc-Kunt, A., Huizinga, H. (2001). How does foreign entry affect the domestic banking market?, Journal of Banking and Finance, 25, 891–911. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2894623
  • Clarke, G. R. G., Cull, R., & Shirley, M. M. (2005). Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking & Finance, 29, 1905–1930. doi.org/10.1016/j.jbankfin.2005.03.006
  • Demsetz, H. and Lehn, K. (1985), The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93, 1155-1177. doi.org/10.1086/261354
  • Dong, Y., Meng,C., Michael Firth,M., Wenxuan Hou,W. (2014). Ownership structure and risk-taking: comparative evidence from private and state-controlled banks in China. International Review of Financial Analysis, 36, 120-130. doi.org/10.1016/j.irfa.2014.03.009
  • Erginbay, U. (2015). Panel Veri Ekonometrisi Üzerine Genel Bir Bakış. doi:10.13140/RG.2.1.4966.1920
  • Fungacova, Z., Solanko, L. (2008). Risk taking by Russian banks: Do location, ownership and size matter?. BOFIT Working Paper No. 21/2008. Retrieved from: https://cyberleninka.ru/article/n/risk-taking-by-russian-banks-do-location-ownership-and-size-matter
  • Garcia-Marco, T., & Robles-Fernández, M.D. (2008). Risk-taking behaviour and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332–354. doi.org/10.1016/j.jeconbus.2007.04.008
  • Greenee, W. H. (2003). Econometric Analysis, 5th Ed., New York: Prentice Hall.
  • Haw, I. M., Ho, S. M., Hu, B., & Wu, D. (2010). Concentrated control, institutions, and banking sector: An international study. Journal of Banking & Finance, 34, 485–497. doi.org/10.1016/j.jbankfin.2009.08.013
  • Iannotta, G., Nocera, G., Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance, 31, 2127–2149. doi.org/10.1016/j.jbankfin.2006.07.013
  • Iannotta, G., Nocera, G., Sironi, A.(2013). The impact of government ownership on bank risk. Journal of Financial Intermediation, 22, 152-176. doi.org/10.1016/j.jfi.2012.11.002
  • Isik, I., & Hassan, M. K. (2002). Cost and profit efficiency of the Turkish banking industry: An empirical investigation. The Financial Review, 37(2), 257–279. doi.org/10.1111/1540-6288.00014
  • Jensen, M.C., Meckling, W.H., 1976. Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305–360. Retrieved from: https://link.springer.com/chapter/10.1007/978-94-009-9257-3_8
  • John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. Journal of Finance, 63, 1679–1728. doi.org/10.1111/j.1540-6261.2008.01372.x
  • Kennedy, P. (2006). Ekonometri Klavuzu, (çev. Muzaffer Sarımeşeli ve Şenay Açıkgöz), 5. Baskı, Gazi Yayınevi.
  • Kwan, H.K. (2004). Risk and return of publicly held versus privately owned banks. Economic Policy Review, 10, 97–107. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=787884
  • Laeven,L., 1999, Risk and efficiency in East Asian banks.World Bank Discussion Paper, No:2255. doi.org/10.1596/1813-9450-2255
  • Laeven,L., Levine,R.(2006). Corporate governance, regulation, and bank risk taking, Working Paper, 1-56. Retrieved from: https://www.researchgate.net/profile/Ross_Levine/publication/267566498_Corporate_Governance_Regulation_and_Bank_Risk_Taking/links/5523c95b0cf2b351d9c336a9/Corporate-Governance-Regulation-and-Bank-Risk-Taking.pdf
  • Laeven, L., & Levine, R. (2009). Bank governance, regulation, and risk taking. Journal of Financial Economics, 93, 259–275. doi.org/10.1016/j.jfineco.2008.09.003
  • Liu,Y., Brahma,S., Boateng, A. (2019). Impact of Ownership Structure and Ownership Concentration on Credit Risk of Chinese Commercial Banks. International Journal of Managerial Finance, 2(16), 253-272. doi.org/10.1108/IJMF-03-2019-0094
  • Micco, A., Ugo, P., Monica, Y. (2007). Bank ownership and performance: Does politics matter? Journal of Banking and Finance, 31, 219–241. doi.org/10.1016/j.jbankfin.2006.02.007
  • Nichols, D., Wahlen, J., Wieland, M. (2009). Publicly-traded versus privately-held: implications for conditional conservatism in bank accounting. Review of Accounting Studies, 14, 88–122. Retrieved from: https://link.springer.com/article/10.1007/s11142-008-9082-3
  • Pazarlıoğlu, M. V., Özlem K. G. (2007). Telekomünikasyon Yatırımları ve Ekonomik Büyüme. Finans Politik ve Ekonomik Yorumlar, 44(508), 35-43. Retrieved from: http://www.ekonomikyorumlar.com.tr/files/articles/152820004080_4.pdf Saunders, A., Strock, E., Travlos, N. (1990). Ownership structure, deregulation, and bank risk taking. Journal of Finance, 45 (2), 643–654. doi.org/10.1111/j.1540-6261.1990.tb03709.x
  • Shehzad, C. T., de Haan, J., & Scholtens, B. (2010). The impact of bank ownership concentration on impaired loans and capital adequacy. Journal of Banking & Finance, 34(2), 399–408. doi.org/10.1016/j.jbankfin.2009.08.007
  • Shirley, M., & Nellis, J. (1991). Public enterprise reform: The lessons of experience. World Bank discussion papers, No. WDP 119. Retrieved from: http://documents1.worldbank.org/curated/en/156711468779074142/pdf/multi-page.pdf
  • Shleifer, A., Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461–488. doi.org/10.1086/261385
  • Shleifer, A., Vishny, R.W. (1997). A survey of corporate governance. Journal of Finance, 52, 737–783. Retrieved from: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1997.tb04820.x
  • Srairi,S. (2013). Ownership structure and risk-taking behaviour in conventional and islamic banks: evidence for mena countries. Borsa Istanbul Review, 13, 115-127. doi.org/10.1016/j.bir.2013.10.010
  • Swamy, P. A. V. B. and Arora, S. S. (1972). The Exact Finite Sample Properties of the Esitmator of Coefficients in the Error Components Regression Model, Econometrica, 40(2), 261- 275. doi: 10.2307/1909405

BANKALARIN RİSK ÜSTLENMELERİNDE ORTAKLIK YAPISININ ETKİSİ VAR MI? TÜRKİYE ÖRNEĞİ

Year 2020, Volume: 13 Issue: 2, 385 - 407, 31.12.2020

Mehmet Oğuz Köksal , Şenol Babuşçu , Adalet Hazar

https://doi.org/10.17218/hititsosbil.773170

Abstract

Bu çalışmada, sermaye sahipliği ile bankaların risk alma eğilimi arasındaki ilişki incelenmiştir. Analiz döneminde faaliyet gösteren bankalardan çok şubeli mevduat bankalarının verileri çalışmaya alınmıştır. Her bankanın 2008-2017 sonu verileri dikkate alınmaktadır. Analizde, 10 yılı kapsayan 20 mevduat bankasına ait 14 farklı değişkenden oluşan toplam 2800 değişken kullanılmıştır. Analizde dikkate alınan 20 bankadan; 3'ü kamu, 11'i yerli özel ve 6'sı özel sermayeli yabancı bankalardır. Çalışmadaki en çarpıcı noktalardan biri, bağımsız bir değişken olarak analize dahil edilen türev finansal araçlar / özkaynak değişkeninin ve 3 risk göstergesinin anlamlı bir ilişki içinde olmasıdır. Analizden elde edilen veriler çerçevesinde, sermaye sahipliği ve sermaye yoğunluğunun Türk Bankacılık Sektöründeki bankaların risk alma eğilimi üzerinde bir etkisi olmamıştır.

Keywords

Risk Üstlenme Ortaklık Yapısı Konsantrasyon Bankacılık Mevduat Bankaları

References

  • Aghion, P., Tirole, J., (1997). Formal and real authority in organizations. Journal of Political Economy, 55, 1–27. doi: https://doi.org/10.1086/262063
  • Altunbas, Y., Evans L., Molyneux,P. (2001). Bank ownership and efficiency. Journal of Money, Credit and Banking, 33(4), 926-954. Retrieved from: https://www.jstor.org/stable/2673929?seq=1
  • Altunbas, Y., Gardener, E. P.M., Molyneux, P., & Moore, B. (2001). Efficiency in European banking. European Economic Review, 45(10), 1931–1955. doi.org/10.1016/S0014-2921(00)00091-X
  • Anderson, R. C., Fraser, D. R.(2000), Corporate control, bank risk taking, and the health of the banking industry. Journal of Banking & Finance, 24, 1383-1398. doi.org/10.1016/S0378-4266(99)00088-6
  • Angkinand,A., Wihlborg,C. (2010). Deposit insurance coverage, ownership, and banks’ risk-taking in emerging markets. Journal of International Money and Finance, 29, 252–274. doi.org/10.1016/j.jimonfin.2009.08.001
  • Barry,T.A., Lepetit,L., Tarazi,A.(2011). Ownership structure and risk in publicly held and privately owned banks. Journal of Banking & Finance, 35, 1327-1340. doi.org/10.1016/j.jbankfin.2010.10.004
  • Berger, A., Clarke, G., Cill, R., Klapper, L., Udell, G. (2005). Corporate governance and bank performance: a joint analysis of the static, selection, and dynamic effects of domestic, foreign, and state ownership. Journal of Banking and Finance, 29, 2179–2221. doi.org/10.1596/1813-9450-3632
  • Bliss, R., Flannery, M. (2002). Market discipline in the governance of US bank holding companies: monitoring vs. influencing. European Finance Review, 6(3), 361– 396. https://doi.org/10.1023/A:1022021430852
  • Bonin, J.P., Hasan, I., Wachtel, P. (2005). Bank performance, efficiency and ownership in transition countries. Journal of Banking and Finance, 29, 31–54. doi.org/10.1016/j.jbankfin.2004.06.015
  • Caprio, G., Martinez-Peria, M.S. (2000). Avoiding disaster: policies to reduce the risk of banking crises. Egyptian Center for Economic Studies (ECES).Working Paper 47. Publication Number: ECESWP47-E Retrieved from: http://www.eces.org.eg/cms/NewsUploads /Pdf/2019_1_7-22_22_38SSS.pdf
  • Claessens, S., Demirguc-Kunt, A., Huizinga, H. (2001). How does foreign entry affect the domestic banking market?, Journal of Banking and Finance, 25, 891–911. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2894623
  • Clarke, G. R. G., Cull, R., & Shirley, M. M. (2005). Bank privatization in developing countries: A summary of lessons and findings. Journal of Banking & Finance, 29, 1905–1930. doi.org/10.1016/j.jbankfin.2005.03.006
  • Demsetz, H. and Lehn, K. (1985), The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93, 1155-1177. doi.org/10.1086/261354
  • Dong, Y., Meng,C., Michael Firth,M., Wenxuan Hou,W. (2014). Ownership structure and risk-taking: comparative evidence from private and state-controlled banks in China. International Review of Financial Analysis, 36, 120-130. doi.org/10.1016/j.irfa.2014.03.009
  • Erginbay, U. (2015). Panel Veri Ekonometrisi Üzerine Genel Bir Bakış. doi:10.13140/RG.2.1.4966.1920
  • Fungacova, Z., Solanko, L. (2008). Risk taking by Russian banks: Do location, ownership and size matter?. BOFIT Working Paper No. 21/2008. Retrieved from: https://cyberleninka.ru/article/n/risk-taking-by-russian-banks-do-location-ownership-and-size-matter
  • Garcia-Marco, T., & Robles-Fernández, M.D. (2008). Risk-taking behaviour and ownership in the banking industry: The Spanish evidence. Journal of Economics and Business, 60(4), 332–354. doi.org/10.1016/j.jeconbus.2007.04.008
  • Greenee, W. H. (2003). Econometric Analysis, 5th Ed., New York: Prentice Hall.
  • Haw, I. M., Ho, S. M., Hu, B., & Wu, D. (2010). Concentrated control, institutions, and banking sector: An international study. Journal of Banking & Finance, 34, 485–497. doi.org/10.1016/j.jbankfin.2009.08.013
  • Iannotta, G., Nocera, G., Sironi, A. (2007). Ownership structure, risk and performance in the European banking industry. Journal of Banking and Finance, 31, 2127–2149. doi.org/10.1016/j.jbankfin.2006.07.013
  • Iannotta, G., Nocera, G., Sironi, A.(2013). The impact of government ownership on bank risk. Journal of Financial Intermediation, 22, 152-176. doi.org/10.1016/j.jfi.2012.11.002
  • Isik, I., & Hassan, M. K. (2002). Cost and profit efficiency of the Turkish banking industry: An empirical investigation. The Financial Review, 37(2), 257–279. doi.org/10.1111/1540-6288.00014
  • Jensen, M.C., Meckling, W.H., 1976. Theory of the firm: managerial behavior, agency cost and ownership structure. Journal of Financial Economics, 3, 305–360. Retrieved from: https://link.springer.com/chapter/10.1007/978-94-009-9257-3_8
  • John, K., Litov, L., & Yeung, B. (2008). Corporate governance and risk-taking. Journal of Finance, 63, 1679–1728. doi.org/10.1111/j.1540-6261.2008.01372.x
  • Kennedy, P. (2006). Ekonometri Klavuzu, (çev. Muzaffer Sarımeşeli ve Şenay Açıkgöz), 5. Baskı, Gazi Yayınevi.
  • Kwan, H.K. (2004). Risk and return of publicly held versus privately owned banks. Economic Policy Review, 10, 97–107. Retrieved from: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=787884
  • Laeven,L., 1999, Risk and efficiency in East Asian banks.World Bank Discussion Paper, No:2255. doi.org/10.1596/1813-9450-2255
  • Laeven,L., Levine,R.(2006). Corporate governance, regulation, and bank risk taking, Working Paper, 1-56. Retrieved from: https://www.researchgate.net/profile/Ross_Levine/publication/267566498_Corporate_Governance_Regulation_and_Bank_Risk_Taking/links/5523c95b0cf2b351d9c336a9/Corporate-Governance-Regulation-and-Bank-Risk-Taking.pdf
  • Laeven, L., & Levine, R. (2009). Bank governance, regulation, and risk taking. Journal of Financial Economics, 93, 259–275. doi.org/10.1016/j.jfineco.2008.09.003
  • Liu,Y., Brahma,S., Boateng, A. (2019). Impact of Ownership Structure and Ownership Concentration on Credit Risk of Chinese Commercial Banks. International Journal of Managerial Finance, 2(16), 253-272. doi.org/10.1108/IJMF-03-2019-0094
  • Micco, A., Ugo, P., Monica, Y. (2007). Bank ownership and performance: Does politics matter? Journal of Banking and Finance, 31, 219–241. doi.org/10.1016/j.jbankfin.2006.02.007
  • Nichols, D., Wahlen, J., Wieland, M. (2009). Publicly-traded versus privately-held: implications for conditional conservatism in bank accounting. Review of Accounting Studies, 14, 88–122. Retrieved from: https://link.springer.com/article/10.1007/s11142-008-9082-3
  • Pazarlıoğlu, M. V., Özlem K. G. (2007). Telekomünikasyon Yatırımları ve Ekonomik Büyüme. Finans Politik ve Ekonomik Yorumlar, 44(508), 35-43. Retrieved from: http://www.ekonomikyorumlar.com.tr/files/articles/152820004080_4.pdf Saunders, A., Strock, E., Travlos, N. (1990). Ownership structure, deregulation, and bank risk taking. Journal of Finance, 45 (2), 643–654. doi.org/10.1111/j.1540-6261.1990.tb03709.x
  • Shehzad, C. T., de Haan, J., & Scholtens, B. (2010). The impact of bank ownership concentration on impaired loans and capital adequacy. Journal of Banking & Finance, 34(2), 399–408. doi.org/10.1016/j.jbankfin.2009.08.007
  • Shirley, M., & Nellis, J. (1991). Public enterprise reform: The lessons of experience. World Bank discussion papers, No. WDP 119. Retrieved from: http://documents1.worldbank.org/curated/en/156711468779074142/pdf/multi-page.pdf
  • Shleifer, A., Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461–488. doi.org/10.1086/261385
  • Shleifer, A., Vishny, R.W. (1997). A survey of corporate governance. Journal of Finance, 52, 737–783. Retrieved from: https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1997.tb04820.x
  • Srairi,S. (2013). Ownership structure and risk-taking behaviour in conventional and islamic banks: evidence for mena countries. Borsa Istanbul Review, 13, 115-127. doi.org/10.1016/j.bir.2013.10.010
  • Swamy, P. A. V. B. and Arora, S. S. (1972). The Exact Finite Sample Properties of the Esitmator of Coefficients in the Error Components Regression Model, Econometrica, 40(2), 261- 275. doi: 10.2307/1909405
There are 39 citations in total.

Details

Primary Language English
Journal Section Articles
Authors

Mehmet Oğuz Köksal 0000-0002-0037-7671

Şenol Babuşçu 0000-0003-2870-6358

Adalet Hazar 0000-0002-1483-8360

Publication Date December 31, 2020
Published in Issue Year 2020 Volume: 13 Issue: 2

Cite

APA Köksal, M. O., Babuşçu, Ş., & Hazar, A. (2020). IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 13(2), 385-407. https://doi.org/10.17218/hititsosbil.773170
AMA Köksal MO, Babuşçu Ş, Hazar A. IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY. hititsosbil. December 2020;13(2):385-407. doi:10.17218/hititsosbil.773170
Chicago Köksal, Mehmet Oğuz, Şenol Babuşçu, and Adalet Hazar. “IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY”. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 13, no. 2 (December 2020): 385-407. https://doi.org/10.17218/hititsosbil.773170.
EndNote Köksal MO, Babuşçu Ş, Hazar A (December 1, 2020) IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 13 2 385–407.
IEEE M. O. Köksal, Ş. Babuşçu, and A. Hazar, “IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY”, hititsosbil, vol. 13, no. 2, pp. 385–407, 2020, doi: 10.17218/hititsosbil.773170.
ISNAD Köksal, Mehmet Oğuz et al. “IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY”. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 13/2 (December 2020), 385-407. https://doi.org/10.17218/hititsosbil.773170.
JAMA Köksal MO, Babuşçu Ş, Hazar A. IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY. hititsosbil. 2020;13:385–407.
MLA Köksal, Mehmet Oğuz et al. “IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY”. Hitit Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, vol. 13, no. 2, 2020, pp. 385-07, doi:10.17218/hititsosbil.773170.
Vancouver Köksal MO, Babuşçu Ş, Hazar A. IS OWNERSHIP STRUCTURE EFFECTIVE IN TAKING RISKS OF BANKS? THE CASE OF TURKEY. hititsosbil. 2020;13(2):385-407.