bluuebunny/crossref_metadata_2025 huggingface dataset:
Nuclear Weapons as an Instrument for Achieving International Dominance by the Russian Federation
Authors:   Jan Kochanowski University in Kielce, Banasik Mirosław
Published: February 2023

This article presents the results of research which set out to clarify the principles of the use of nuclear weapons and deterrence mechanisms in order to achieve dominance by the Russian Federation in the international security environment. Analysis and criticism of the literature, nonparticipatory observation and elements of case study were used to solve the research problems. The research process established that the Russian Federation will conduct campaigns to undermine the existing international security order using military means, including nuclear weapons. The nuclear component is an inherent element of the Russian Federation’s policy shaping the international security environment and at the same time is a key factor in the holistic concept of coercion. Strategic deterrence is a mechanism for achieving international dominance in peacetime, crisis situations, and war. Its purpose is to bring about concessions and coerce behavior consistent with the strategic interests of the Russian Federation. Nuclear weapons are the ultimate guarantee of the Russian Federation’s strategic dominance in the world. On the other hand, the constantly lowered threshold of its use leads to the degradation of the security environment and the violation of its stability.
La primacía poblacional urbana de escala metropolitana de Bogotá: profundización, ensanche y desborde de las relaciones de metropolización
Authors: Alfonso R. Óscar A.
Published: February 2023

Resumen Las relaciones de metropolización básicas ocurren por los cambios en el lugar de residencia habitual de las personas oriundas del núcleo y de los municipios de su área de influencia inmediata, que dan lugar a interacciones que arrojan saldos migratorios de signo positivo para los municipios circunvecinos al núcleo. Los mercados habitacionales y de trabajo transgreden los límites jurisdiccionales municipales, ocasionando las interacciones cotidianas o conmutaciones al interior de la zona metropolitana. A medida que se intensifican estas relaciones de metropolización, la primacía poblacional entendida como la participación relativa de la población del núcleo en el conjunto del sistema urbano nacional entra en declive, pero la de la zona metropolitana se robustece. Durante el período intercensal 2005-2018, los municipios involucrados en el proceso de metropolización con Bogotá aportaron el 49,4% del crecimiento poblacional de la zona, mientras que el núcleo metropolitano aportó el 50,6% restante. Las relaciones de metropolización con Bogotá que más se han profundizado son las de Mosquera y Soacha, pero el proceso se está ensanchando en otros 10 municipios y se prevé que se desborde hacia otros 19 en los años venideros. Este artículo se ocupa de identificar y caracterizar estas relaciones.
Imaginário afro-ameríndio e utopia política em Torto arado
Authors: Oliveira Rejane Pivetta de , Caimi Claudia Luiza
Published: February 2023

Resumo O romance Torto arado (2019), de Itamar Vieira Junior, organiza sua trama com base na confluência de tempos, vozes e imaginários afro-ameríndios. Sustentamos que a narrativa dá forma às violências do passado colonial brasileiro, ao passo que se constitui como ficção política e utópica, valendo-se de sistemas simbólicos e cosmologias ancestrais como elementos de resistência e força reconfiguradora da história.
Aphasia and construction of meaning: study focused on comic strips
Authors: Vieira Rúbia Keller , Della Méa Célia Helena de Pelegrini
Published: February 2023

ABSTRACT Purpose to observe , in the language of aphasic adult subjects, the constitution of meanings, considering the enunciative (re)organization in reading and writing. Methods qualitative research with applied and exploratory methods and a perspective of enunciative analysis on language, using the notions of form and meaning as analytical base. From an activity performed by three subjects with aphasia (Bir, Cr and Aul), members of the Interdisciplinary Coexistence Group (GIC), formed by participants with and without aphasia, which constituted of (re)organizing the panels (frames) of a comic strip, in order to constitute meaning - since the reading/writing of texts are skills that are commonly affected in aphasia. Results the chronic time category shows itself to be fundamental for the elaboration of the narratives of the subjects with aphasia, however they found different ways of sustaining meanings, but always linked to experiences arising from the relationship between man and world. Conclusion the narratives were organized/constructed by the participants, having the images as a base (formal base) - since the ability to read verbal texts is impaired. Bir, Cr and Aul used chronic time as an organizational axis of their narratives and their comic strips show that these subjects with aphasia promote reading and writing when considering enunciative bias of language analysis.
Sex, Politics, Religion: Teaching Challenging Medievalisms with Becket (1964) and The Lion in Winter (1968)
Authors: Barnhouse Lucy Christine
Published: February 2023

This essay explores how the films Becket (1964) and The Lion in Winter (1968), both starring Peter O’Toole as Henry II, can start conversations about medieval sexuality, politics, and religion in the undergraduate classroom. All three of these topics are frequently imagined by students as monolithic in the medieval period; sex and sexuality, for example, can be reduced to heterosexual practices joylessly regulated by church law. Insofar as students have a conception of medieval political systems, these are usually imagined as both strictly hierarchical and inescapably oppressive. Medieval religion — usually Christianity — is also often imagined as an instrument of oppression and control. All these negative assumptions can be productively interrogated using these films. This essay explores how the films — colorful, tightly scripted, and featuring arguably some of the twentieth century’s most celebrated actors — are useful teaching tools, both in an undergraduate course on the Middle Ages in cinema, and in a general medieval survey course. Becket, with its characteristically Anouilhian theme of realism vs. idealism, is a good starting point for discussing the complexities of medieval law, church politics and the church’s social functions with students. The films also help to start useful conversations on the visibility and invisibility of medieval women in film. Finally, both films depict queer sexualities in ways that are at odds with much popular medievalism. Whether in The Lion in Winter’s multiple transgressive sexual relationships, or in the visually explicit erotic tension between Burton’s portrayal of Becket and O’Toole’s Henry II, this essay examines how these films challenge students’ preconceptions and create opportunities for analyzing relevant primary sources. As such, this essay discusses both pedagogical strategies and assignment options related to the two films. I argue that both films can encourage analysis of the Angevin Empire and its afterlives in popular culture, and that this analysis is broadly relevant to popular medievalisms.Banner image: The Lion in Winter (1968), Haworth Productions. Image taken from Filmdetail (www.filmdetail.com).
Multi-integração em cadeias produtivas agroindustriais: uma estratégia possível
Authors: Begnis Heron Sergio Moreira , Rodrigues Claudimir , Dolci Pietro Cunha
Published: February 2023

A agricultura familiar tem sido largamente pesquisada pelas áreas da economia e da sociologia rural. Porém, pouco enfoque é dado aos aspectos estratégicos destes estabelecimentos considerando a oferta de insumos ou matérias primas diferenciadas para a agroindústria. Assim, neste ensaio teórico se propõe um modelo para a formação de alianças estratégicas entre agroindústrias posicionadas em cadeias produtivas integradas buscando a manutenção e o compartilhamento da agricultura familiar enquanto recurso estratégico. Com base na literatura sobre relacionamentos interorganizacionais e na teoria da dependência de recursos, foram elaboradas seis proposições teóricas. Três relacionadas à percepção das empresas integradoras sobre a propriedade integrada, o acesso às estruturas produtivas e as ações visando à manutenção deste recurso, e as demais, à possibilidade de estruturação de um modelo inovador caracterizado pela multi-integração indústria-indústria. Este modelo sustenta que a estruturação de um sistema multi-integrado de produção, firmado no estabelecimento de relações de cooperação entre agroindústrias, assume características de alianças estratégicas, com vistas a garantir o acesso aos recursos singulares originados nas pequenas propriedades agrícolas familiares. Também indica que a formação de parcerias estratégicas visando a multi-integração pode assegurar a manutenção dos sistemas integrados de produção alicerçados na agricultura familiar como fornecedora de matérias primas essenciais.
A articulação de ideias e experiências na formulação da política territorial de desenvolvimento rural brasileira
Authors: Gomes Silva Paulo Sidney , Vaz de Moura Joana Tereza
Published: February 2023

O artigo examina a ação estratégica de ativistas que conformaram a comunidade política da discussão territorial rural no Brasil, evidenciando o papel das ideias e das experiências aportadas por esses atores na gestão federal iniciada em 2003, culminando com a formulação da política de desenvolvimento dos territórios rurais. Dentre as distintas perspectivas teóricas, optamos por utilizar a interface de contribuições norte-americanas e francesas, de comunidade de políticas públicas e da abordagem cognitiva, respectivamente. O artigo reúne trajetórias, experiências e as ideias dos atores que participaram da gestão da Secretaria de Desenvolvimento Territorial (SDT) nos governos petistas, pesquisadores da temática do desenvolvimento rural e de representantes de movimentos sociais. Essas informações foram coletadas através de entrevistas em profundidade, pesquisas em sites de jornais e leitura das atas do Conselho Nacional de Desenvolvimento Rural Sustentável. As principais conclusões indicam que esses militantes, ao integrarem a comunidade de políticas públicas responsável pela adoção de um novo referencial global, influenciaram de forma decisiva os fundamentos e os contornos das políticas públicas de desenvolvimento rural no Brasil.
Mortalidade de micro e pequenas empresas industriais do polo calçadista de Jaú/SP
Authors: Costa Vera Mariza Henriques de Miranda , Lima Paulo Fernando , Piratelli Claudio Luís
Published: February 2023

O artigo tem por objetivo identificar e analisar as razões da mortalidade das MPEs industriais do polo calçadista do município de Jaú/SP e apresentar ações que possam alterar positivamente a atuação dessas empresas, contribuindo para o desenvolvimento local e regional. Trata-se de pesquisa descritiva, quanto aos objetivos, de natureza aplicada, desenvolvida com abordagem qualitativa e utilizando como estratégia de pesquisa, além da pesquisa bibliográfica, o estudo de campo. São poucos os estudos desenvolvidos sobre o setor calçadista em Jaú/SP e há carência de literatura referente às razões da mortalidade das empresas industriais desse setor. A pesquisa qualitativa, com a participação de diversos tipos de stakeholders com relacionamento com o setor, propiciou a identificação de diversos fatores responsáveis pela mortalidade: internos às empresas e externos a elas, de caráter estrutural e sistêmico. Os resultados da investigação possibilitaram: a) identificação de evidências e achados, que poderão ser utilizados, em pesquisas quantitativas, para a escolha da população, seleção da amostra e estruturação do instrumento para o levantamento de dados e informações e b) apresentação de sugestões de melhoria para a atuação das empresas do setor calçadista, com impactos positivos sobre: o desempenho e a competitividade delas e o fortalecimento do polo, em articulação com a localidade e a região.
Migrações e Desenvolvimento Regional: delineando a conexão entre os fenômenos
Authors: Hoff Débora , Peres Luise , Coradini Bruna
Published: February 2023

As migrações sempre se fizeram presente na história mundial. Os processos migratórios influenciaram a evolução de vários territórios e relacionam-se com a dinâmica de desenvolvimento destes. Hoje, com conflitos territoriais, religiosos e políticos, as migrações ganham forte dinâmica. Com isso e percebendo que as migrações podem influenciar mudanças significativas nas economias dos países, este estudo teve como objetivo reunir conceitos e criar categorias que sejam de importância para esclarecer a relação entre a migração e o desenvolvimento. O método de pesquisa caracterizou-se como um levantamento bibliográfico, no qual a coleta de dados foi do tipo secundária, nas principais plataformas de pesquisas acadêmicas. Após a análise nos documentos selecionados, foram criadas cinco categorias que dizem respeito a conexão entre as migrações e o desenvolvimento, são elas: crescimento econômico, remessas, tendências demográficas, benefícios excludentes e diversidade cultural. Pode-se concluir que as migrações possuem benefícios positivos e auxiliam no processo de desenvolvimento dos países receptores e emissores de migrantes. Sugere-se a elaboração de futuras pesquisas que abordem a questão da migração e do desenvolvimento a partir da ótica das categorias criadas, visto que há poucos estudos práticos relacionando essas duas temáticas.
Efecto de diferentes niveles de cobertura vegetal en la germinación, sobrevivencia y establecimiento de Tithonia diversifolia (Hemsl.) A. Gray. vc ICACUBA Oc-10 sembrada con semilla gámica.
Authors: Padilla César , Rodríguez Idalmis , Ruiz Tomas E. , Mesa Yolaine , Quiñones Nadia
Published: February 2023

Se estudiaron niveles de cobertura vegetal en la germinación, sobrevivencia y establecimiento por semilla gámica de tithonia. Se usó un diseño de bloques al azar con 5 réplicas. Los tratamientos consistieron en cubrir las semillas con 0, 0.250, 0.338 y 0.500 kg/m2 de cobertura vegetal. A los 12, 34, 54 y 78 días después de la siembra el porcentaje de germinación, número de hijos y hojas/planta, altura, diámetro del tallo fueron significativamente superiores cuando se aplicó cobertura vegetal con relación al control. La germinación se incrementó hasta un 29 % con el nivel de 0.500 kg/ m2 de cobertura vegetal y fue menor (p<0.05) en el control. El rendimiento 6.43–10.87 t MS/ha en el primer corte se incrementó significativamente con los niveles de cobertura vegetal. En el tercero, los mejores (p<0.05) rendimientos 5.6–6.0 t MS/ha se lograron con 0.338 y 0.500 kg/m2 de cobertura vegetal. Se concluye que es necesario cubrir la semilla con cobertura vegetal de residuos vegetales a razón de 0.338–0.500 kg/m2 para asegurar la germinación, supervivencia y desarrollo de las plantas e incrementar la producción de biomasa.
Fermentation losses and aerobic stability of elephant grass silages containing Parkia platycephala pod meal and urea
Authors: da Costa Luana Andrade , Edvan Ricardo Loiola , Bezerra Leílson Rocha , Jácome Darklé Luíza de Souza , De Carvalho Neto José Pires , De Sousa Alex Rodrigues , De Macedo Mayra Fernanda Alves , Medeiros Otávio Tavares , Dias-Silva Tairon Pannunzio , De Araújo Marcos Jácome
Published: February 2023

Fermentation losses and aerobic stability of elephant grass silages with inclusion of 4 levels of Parkia platycephala pod meal (PP) (0, 10, 20 and 30 %) and 2 levels of urea (0 and 1.5 %) on as-fed basis were evaluated. The silages were analyzed for gas and effluent losses, dry matter recovery (DMR), pH and aerobic stability (pH and temperature) to determine effects of interactions between levels of urea and PP on gas losses, dry matter recovery, temperature and pH of the silages. The combination of urea and PP increased gas losses and reduced the DMR. PP reduced effluent losses and urea increased aerobic stability of the silages. pH values decreased with inclusion of PP and increased with use of urea. Silages containing 20 and 30 % PP showed greater stability over time, especially when associated with urea. PP with urea were effective in reducing effluent losses, maintaining DMR and allowing higher aerobic stability, with stability rupture from 40 h with the inclusion of 20 % of PP in elephant grass silages.
Estimación de la oferta de forraje y la calidad nutricional del pasto Urochloa humidicola cv Llanero partir de imágenes multiespectrales.
Authors: Díaz Giraldo Raúl Alejandro , Álvarez de León Mauricio , Rincón Castillo Álvaro , Pérez López Otoniel , Cárdenas Rocha Edgar , Posada Asprilla William
Published: February 2023

El uso de imágenes multiespectrales en la evaluación de pasturas se ha convertido en una herramienta práctica para la gestión de los sistemas pastoriles a nivel predial, ya que estas permiten construir índices de vegetación (IV) los cuales se relacionan con diferentes características productivas y fisiológicas de las plantas. El objetivo de este estudio fue estimar la oferta de forraje y la calidad nutricional de una pastura de Urochloa humidicola cv Llanero a partir de IV. La oferta de forraje (OF) y la altura de planta (ALP) fueron evaluadas en campo a los 28 días de rebrote, tomando muestras para análisis espectro radiométrico y para determinar los contenidos de proteína cruda (PC), fibra detergente neutro (FDN), fibra detergente ácido (FDA) y lignina (LIG). Los vuelos se realizaron a 70 metros de altura y se evaluaron siete IV (NDVI, GCI, SRPI, SR, GNDVI, SAVI y RDVI). El análisis de los datos se realizó por medio de componentes principales (CP) y modelos aditivos generalizados (GAM). Las variables que más contribuyeron a la formación del CP1 fueron las asociadas a la calidad nutricional del pasto y para el CP2 se agruparon las variables asociadas a la disponibilidad de forraje. El índice que mejor se relacionó con la OF fue el NDVI, con un efecto significativo por parte de la ALP (p≤0.001) y para la PC con el GNDVI. Los resultados para FND, FDA y LIG, presentaron un R2 bajo.
Did walgreens and rite aid benefit from their 2017 deal
Authors: Bilbeisi Khamis M. , Narayanaswamy C.R.
Published: February 2023

Purpose- After several attempts that extended over two years, in 2017 the U.S. Federal Trade Commission approved Walgreens’ proposal to buy nearly half of Rite Aid stores. The two companies were in the same line of business making the merger fall in the category of horizontal mergers. The main benefits of horizontal mergers are cost savings from improved operational efficiency and superior bargaining power with respect to suppliers. Using annual financial statements, we examined the performance of Walgreens and Rite Aid over the four-year period since the acquisition of Rite Aid stores by Walgreens. The examination is useful because the Federal Trade Commission was not in favor of Walgreens’ earlier proposal to merge completely with Rite Aid, but later allowed it to buy almost half of Rite Aid stores. The present study examines whether the revised proposal benefitted both Walgreens and Rite Aid.
Methodology- We collected annual financial statement data of the two companies from Mergent database and analyzed the common size statements and the relevant financial ratios.
Findings- Analysis of profitability ratios indicate profit margins (gross as well as net) continued to decrease for both companies even after the acquisition. Both companies showed improved operational effeciency as reflected in Inventory Turnover and employee productivity, but Walgreens had a superior performance.
Conclusion- Only four years have passed since Walgreens acquired Rite Aid stores. Our analysis of the limited data indicates that Walgreens seems to have benefitted more from the deal. Rite Aid, by selling about 46% of its stores to Walgreens in 2017, became a much smaller company. The smaller size did not affect the cost of inventory or financing, but its profitability did not improve.

Keywords: Walgreens, Rite Aid, drugstores, pharmacies, mergers
JEL Codes: G34, M41, M10
Global peer-to-peer lending market
Authors: Turguttopbas Neslihan , Kayral Ihsan Erdem
Published: February 2023

Purpose- The purpose of this study is to elaborate the current impressive standing of the market in order to pave the way for future academic work.
Methodology- The study employs primary data analysis of the P2P lending market. Also a detailed update literature analysis is realized.
Findings- The analysis reveals that the financial conditions prevailing in global markets also contributed to the growth of P2P lending sector in the past. The low interest rate environment since the global financial crisis of 2007-2008 made P2P lending as a better alternative for small investors looking for higher yields.
Conclusion- It t may be concluded that the P2P market lending will be a fruitful area of financial research in the future especially in the fiesld of the credit assessment procedures, default tendency analysis and regulatory struturings of the regional markets.

Keywords: Fintech, crowd lending, P2P, Peer-to-peer lending, platforms
JEL Codes: G01, G15
The effect of inclusion of companies in the sustainability index on the financial performances in the Covid period: a research on the automotive industry
Authors: Dagtas Suzan , Secme Oguz
Published: February 2023

Purpose- With this research, by examining many parameters that are effective in the automotive sector, answers are sought for what the companies in the sector will face in the future and how they can manage the crises. The effects of unpredictable problems in daily life on the automotive industry with Kovid 19 are examined. The aim of the research is to determine the effects of being included in the sustainability index while investigating the financial performance of the sector in extraordinary periods such as the Kovid 19 pandemic. The research aims both to shed light on the sector and to be a guide to be followed in order to increase financial performance in possible situations that affect large masses such as pandemics. Today, the financial performance of companies is of great importance for investors and shareholders. The success of the enterprise, in other words, the level of achievement of the objectives of the enterprise and its continuity are evaluated by performance measurement. When the financial performance calculations are examined in the studies, the capital structure, liquidity status, investments in fixed assets and sales are taken into consideration. In addition to these criteria, it is predicted that whether or not to be included in the sustainability index will also affect the financial performance.
Methodology- In this study, the data of 23 companies in the Automotive Sector are taken into account. In this context, the data on the balance sheets and financial reports of these companies for the years 2018-2021 are handled in quarterly periods, for a total of 16 periods. The data is taken from the Public Disclosure Platform (KAP). Ratio calculations were made with the prepared data. The effect of the companies operating in the Automotive Sector in the sustainability index on their financial performance was analyzed using the "Independent Groups T Test" and "Mann Whitney U Test" in the SPSS program by using the Variables of Current Ratio, Financial Leverage, Return on Assets, Return on Capital, Net Profit Margin.
Findings - In the analysis made according to whether they are included in the sustainability index or not, the significance levels of the following variables were determined to be less than 0.05: Return on Assets 0.032, Net Profit Margin 0.016, Current Ratio 0.00, Financial Leverage 0.00 Equity Return 0.003. It has been found that the companies' inclusion in the sustainability index has a statistically significant and positive effect on their financial performance.
Conclusion- It has been concluded that being included in the sustainability index, which is calculated according to social, institutional and environmental factors, positively affects the financial statements of the companies. At the same time, it has been determined that the companies in this index use their assets effectively to generate profit.

Keywords: Covid-19, financial performance, automotive sector
JEL Codes: G10, G17
Theoretical approach to tax compliance
Authors: Akdogan Tulin , Akdogan Ibrahim
Published: February 2023

Purpose- The aim of this study is to emphasize the importance of efficiency in tax compliance and to reveal the factors that increase tax compliance.
Methodology- The factors that are effective in tax compliance are explained within the framework of domestic and foreign literature.
Findings- Tax compliance is high in countries characterized by high economic freedom, significant capital markets, effective competition laws and low rates of serious crime. In a secure environment that improves their quality of life, where individuals can exercise their economic rights in terms of significant capital markets and effective competition laws, they tend to view tax compliance as less of a burden and more of a civic duty. Tax compliance is high where tax morale is high. When trust in authorities is high, taxpayers will pay their taxes voluntarily. Paying taxes is a civic duty, while tax evasion is immoral. Tax awareness increases if individuals feel the tax obligation in their conscience, if they have a sense of the need to pay taxes, if the level of education and culture is high, if government services are transparent and if the government imposes sanctions on those who do not pay taxes. High tax rates and an unfair tax system are associated with low compliance.
Conclusion- The results of this study provide insights for researchers on the factors affecting tax compliance.

Keywords: Tax compliance, tax, government, taxpayer, tax authorities.
JEL Codes: H20, H21
An explanatory analysis on the investment preferences of university students with respect to financial characteristics and crypto assets
Authors: Ardogan Ahmet Rutkay , Suyadal Mehmetcan , Gul Yavuz
Published: February 2023

Purpose- Considering the diversity of investment instruments and the complexity of financial markets, making the right investment decisions is an important issue for market participants. In addition, rational and irrational factors have an impact on investment decisions. In this context, determining the effect of rational and irrational factors, which can be considered as financial characteristics for an investor, on investment preferences will be beneficial for future investments. The aim of this study is to determine how financial characteristics (financial literacy, self-confidence, risk susceptibility) shape investment preferences by using a sample selected from university students. Another aim of the study is to determine whether investment decisions for crypto assets, which can be considered relatively new compared to traditional assets, are also shaped according to these characteristics.
Methodology- The data obtained in the study were evaluated by frequency analysis and correlation analysis, respectively.
Findings- While the most preferred investment tool by female participants is gold, men are in favor of foreign currency. Cryptoassets are the second choice of male participants. Equity and deposit investment were the least preferred products for both genders. The averages of financial literacy, self-confidence and risk-proneness of male participants are higher than females. When the correlation levels between the investment preferences of the participants are examined, it is seen that the most striking correlation is between cryptoassets and stocks. On the other hand, it was seen that the participants who invested more in cryptoassets were investors with cryptoasset literacy and risk-taking profiles. Finally, it is another finding that male participants prefer to invest in crypto assets approximately three times more than female participants.
Conclusion- The results of the study revealed that the investment preferences of university students differ according to various criteria.

Keywords: Investment preferences, financial literacy, self-confidence, risk susceptibility, cryptoassets
JEL Codes: G11, G19
The nexus between venture capital investments and environmental innovation: evidence from OECD countries
Authors: Guneysu Yusuf , Ergun Tolga
Published: February 2023

Purpose- Globally, climate change and related environmental degradation can greatly prevent countries from achieving their sustainable growth and development goals. In recent years, nation states have focused on green growth by developing venture capital investment policies that will reduce carbon emissions by giving more importance to environmental technology to overcome this. It is seen that venture capital is among the financing types of investments made by countries regarding environmental technology. In addition, the use of venture capital draws attention among investors seeking opportunities in the field of environmental technology. In this context, the aim of the study is to analyze the effect of venture capital investments on environmental technology innovations.
Methodology- The panel data analysis method was used in the study, in which annual data covering the period of 2007-2019 for OECD countries were tested. In the research model, the number of patents related to environmental technology belonging to the countries was used as the dependent variable. The independent variables in the model are venture capital investment amount, foreign direct investment, gross domestic product and carbon emission representing environmental pollution. Within the scope of the analysis, first of all, normality, autocorrelation, multicollinearity and heteroscedasticity assumptions related to panel data analysis were tested. Then, Hausman test was performed and a decision was made regarding the appropriate estimation model between fixed effects and random effects models.
Findings- As a result of the econometric analysis, a statistically positive and significant relationship was found between the environmental technology indicator and the variables of venture capital investments and gross domestic product. On the other hand, a statistically negative and significant relationship was found between the environmental pollution indicator and foreign direct investment and the environmental technological innovation variable.
Conclusion- The results obtained provide evidence that venture capital investments are important on the environmental technological innovation of countries and contribute to environmental innovation. It also indicates that there will be an increase in the level of carbon emissions as the level of environmental technological innovation of countries decreases. Therefore, it can be recommended to encourage venture capital investments that support environmental technological innovation. On the other hand, an increase in foreign direct investment negatively affects the level of environmental technological innovation. As a reason for this, it can be said that foreign capital investments by countries cannot be sufficiently channeled into areas or sectors that contribute to environmental technological innovation.

Keywords: Venture capital, environmental technology, panel data analysis, OECD countries
JEL Codes: C58, G24, Q56
Determining the financial performances of BIST-100 energy companies by TOPSIS method
Authors: Sonmez Feristah , Baysal Gultekin , Baysal Ismet Anik , Bademcioglu Mehmet
Published: February 2023

Purpose - The purpose of this study, Borsa Istanbul 100 (BIST100) of the financial performance of energy companies traded multi-criteria decision making methods, TOPSIS (Technique for order preference by Similarity to ideal solution) method is measured.
Methodology - For this purpose, 5 energy companies traded in BIST in 2021 and whose data are regularly accessed have been included in the scope of the study. The annual balance sheet and income statements of the companies were used in the study. The balance sheets and income statements of the companies within the scope of the research for the year 2021 were taken from the official website of the Public Lighting Platform (KAP). During the period when the application part of this study was conducted, the data of the year 2022 could not be used due to the fact that the data of the year 2022 has not yet been published. The obtained data were measured by TOPSIS (Technique for Order Preference by Similarity to Ideal Solution) method, which is one of the multi-criteria Decisionmaking methods, and the performance of the companies were analyzed and compared among themselves.
Findings - Ipek Natural Energy Resources Research and Production A. One of the companies included in the study as a result of the analyzes performed by the TOPSIS method.Sh. ((IPEK) was found to be the company with the best data in terms of financial performance in the analyzes carried out in accordance with the criteria included in the evaluation. After this company, the second best company in terms of financial performance is Koza Anadolu Metal Madencilik Işletmeleri A.Sh. He appeared as a (COCOON).
Conclusion - In the light of the analyzes carried out in the study; IPEKE company ranked first as the best company in terms of financial performance. Ardın KOZAA of IPEKE company ranked second, ASELS company ranked third, AKSEN company ranked fourth and VESTL company ranked last in terms of financial performance among the 5 companies included in the study. Dec. Apart from these data, it can be said that changing the December period to be based on different studies, using different financial ratios, the degree of importance given to criteria, using other multi-criteria decision-making methods (MSCS) such as MOORA other than TOPSIS may give results that may change the performance ranking.

Keywords: BIST-100, TOPSIS, financial performance, energy, MCDMM
JEL Codes: C61, M41, M49
Impact of financial leverage on the performance of tourism firms in the MENA region
Authors: Demiraj Rezart , Demiraj Enida , Dsouza Suzan
Published: February 2023

Purpose – Leverage refers to the use of borrowed capital to finance investment projects. The question of how much debt is optimal for a firm has always been challenging for business managers and scholars alike. Most empirical studies have tried to achieve this, but no conclusive findings have been produced yet. The debt-equity balance changes with the industry, and what is optimal for one industry may not be so for another. Our study aims to determine the impact of leverage on the financial performance of tourism firms in the MENA region.
Methodology – To this purpose, we have collected data from a sample of 71 listed firms from the tourism sector. We have employed pooled and static panel regression, using published financial information from 2010 to 2021 in the MENA region. We obtained an unbalanced and cross-sectional panel of 768 firm-year observations from the 71 firms used in the study.
Findings – The findings reveal that leverage represented by the debt ratio and equity ratio has a significant negative impact on the financial performance of tourism firms represented by ROA and ROE.
Conclusion – The implication of the study findings is that debt levels beyond a certain level can be detrimental to firm performance. Consistent with the trade-off theory, managers must carefully balance the advantages and disadvantages of borrowings over their own capital.

Keywords: MENA, tourism industry, performance, profitability, leverage, capital structure.
JEL Codes: M41, Z33
The reserve option mechanizsm as an automatic stabilizer against capital flows: vector autoregressive (VAR) analysis
Authors: Tunali Halil , Kalkay Duygu
Published: February 2023

Purpose- a result of the quantitative easing policies implemented by the central banks of developed countries after the 2008 global financial crisis, a large amount of liquidity was poured into the financial markets. This situation has caused a rapid capital flow to the economies of developing countries. In order to prevent the risks that these short-term rapid capital flows may pose on macroeconomic and financial stability, the central banks of the developing countries and the Central Bank of the Republic of Turkey have applied to non-traditional monetary policies to combat these risks. The aim of this study is to analyze the relationship between the utilization rate of the Reserve Option Mechanism (ROM), which has been implemented by the CBRT since September 2011, and between capital movements and exchange rates.
Methodology- The relationship between the ROM utilization rate, exchange rate and capital movements was analyzed using the vector autoregressive (VAR) model. Since there is no distinction between dependent and independent variables in VAR models, all of the variables are included in the model internally and their effects on each other are tested.
Findings- are that both the exchange rate and the CDS, which is used to represent capital movements, react to a one-unit standard deviation shock in the usage rate of the ROM, which is aimed to act as a buffer against the volatility caused by capital flows.
Conclusion- The ROM acts as an auto-balancer, but this balancing mechanism does not occur in a symmetrical manner.

Keywords: Reserve option mechanism, capital mobility, VAR analysis
JEL Codes: E44, G01, G32
The impact of economic discontent on income distribution: the case of selected fragile economies
Authors: Tunali Halil , Akdag Nuran
Published: February 2023

Purpose- The redistribution of the production value is one of important macroeconomic indicators in determining the economic growth performance of a country. However, since the countries present different growth performance and have various conjunctural changes, they may present different income redistribution of production values and therefore they migh show variation in socialinjustice. Commonly countries with fragile economies face many problems incluing high inflation and unemployment rates, budget deficit and current account deficit. This study aims to examine the impact of the discontent index on the fairness of income distribution in fragile economies.
Methodology- A panel co-integration test was conducted to analyze the impact of economic discontent, total factor productivity and human capital on income distribution in four countries (Türkiye Brazil, Argentina and Indonesiaduring the the 1985-2019s.
Findings- The panel co-integration test did reveal any significant factors affecting the discontent index on the fairness of income distribution in fragile economies considered in this study.
Conclusion- According to the results of the research, inequality in income distribution should be analyzed comprehensively both at macro and micro scales so that this study is planned to be carried out bteween a large number and group of country.

Keywords: Income inequality, discontent index, total factor productivity, panel cointegration, human capital index
JEL Codes: E20, C50, D63
Value creation in fintech sector
Authors: Micheli Anna Paola , Calce Anna Maria , Nallo Loris Di
Published: February 2023

Purpose– FinTech arises from the changes that digital revolution has brought in the provision of financial services. This paper aims to investigate value in FinTech sector, considering the growth that it has experienced in recent times. The study has an innovative profile and contributes to the existing literature by analyzing the adequacy of the valuation models adopted for unicorn companies, on the one hand, and investigating the ability of FinTech companies to create value on the other.
Methodology– FinTech is a young phenomenon with high volatility. Assuming that companies of this sector generate less profitability and less value than non-FinTech ones, we conducted two levels of analysis. The first is based on the use of multiples method to determine the expected market value of FinTech unicorns, to be compared with the valuation attributed by venture capitalists. The second phase refers to the assessment of differential value of European FinTech listed companies with respect to European non FinTech listed companies over a period of three years (2018-2020). Adopting the shareholder approach, we used the measure (ROE-ke) as a proxy of value created for shareholders.
Findings– Results suggest that valuation made by venture capitalists for FinTech unicorns is higher than the expected market value. Regarding value creation, findings highlight that both FinTech and non-FinTech samples destroy value, reporting negative ROE-ke for the years investigated. Given the higher volatility of this industry, the potential benefits of FinTech operations on profitability and value creation are appreciable in the long term.
Conclusion– The study shows that the multiples method underestimates the value of unicorns because it does not consider qualitative variables typically included in valuations made by venture capitalists so, it is not capable to enhance the potential of disruptive technology. Furthermore, results obtained in terms of value destruction confirm our assumptions that FinTech companies are less profitable than traditional financial services ones and support higher cost of capital because the sector is considered riskier.

Keywords: FinTech, unicorns, value creation, disruptive technologies, stakeholders
JEL Codes: G20, G30, G32
An introductory study on market friction and price delay
Authors: Gungor Muberra , Akel Veli
Published: February 2023

Purpose- According to the theory of efficient markets, market efficiency depends on the speed and accuracy of price adjustment according to new information, and prices change in the light of this new information as new information comes to the market. The speed and full reaction of prices to the information in the market is possible in frictionless capital markets where rational investors with complete information are the market players. Due to market frictions, which are known as factors that prevent the effective and ideal functioning of markets, reduce the effectiveness of markets, interfere and hinder trading and markets, investments cannot be rationally evaluated, and there is an ineffective distribution of resources. In addition, frictional markets can potentially cause a delay in adjusting stock prices according to information due to information imperfections. Therefore, in this study, in order to reveal the causes of price delay in the context of market frictions, the concepts of market friction and price delay were discussed theoretically and conceptually, and studies conducted on the subject in the literature were examined.
Methodology- In the study, the concepts of market friction and price delay were discussed, then the literature on the subject was reviewed and examined.
Findings- When the studies were examined, it was determined that market frictions negatively affect the spread of information and the transmission of information to stock prices, and it was determined that price delay is mainly related to the factors of transaction volume, firm size, firm recognition and quality of information.
Conclusion- Since stock prices are one of the main factors affecting the investment decisions of investors, it is necessary to make the price forecasting correctly in order to make an effective investment decision. This, on the other hand, depends on the fact that the stocks reflect the information instantly and completely to the prices. Therefore, the delay in reflecting new information is a result of market frictions, and it is necessary to know the reasons for market frictions and the price delay that occurs in the context of market frictions.

Keywords: Market friction, price delay, price efficiency
JEL Codes: G12, G14
Medication-overuse Headache: Diagnostic Criteria, Epidemiology, and Treatment
Authors: Park Hong-Kyun , Cho Soo-Jin
Published: February 2023

Regular and frequent use of acute or symptomatic medications can worsen headaches and cause chronification of headache or medication-overuse headache (MOH). Although MOH is a burdensome medical condition because of disability in individual and socioeconomic aspects, difficulty in treatment, and frequent recurrence, even epidemiologic research is insufficient. Educating patients, general population, and healthcare providers about MOH is important in the first step to reducing the burden of MOH. In addition, preventing the occurrence of MOH is essential for the management of patients with a primary headache disorder. Physicians should educate and counsel the patients with MOH to stop or at least reduce the intake of acute or symptomatic medications. Withdrawal symptoms such as headache, nausea, and vomiting can be manageable with the bridging therapy using steroid or anti-emetic agents during or after the discontinuation of the overused medications. The promising efficacy of botulinum toxin A and calcitonin gene-related peptide monoclonal antibodies in the treatment of MOH have been published in the past few years. Evidencebased preventive therapies might be helpful in patients with MOH for both discontinuation of the overused medication and prevention of relapse. A comprehensive and multidisciplinary approach would improve the outcome for patients with MOH.
Neurological Manifestations of MTHFR-related Hyperhomocysteinemia
Authors: Kang Minsung , Ahn June Woo , Kim Sohyeon , Seok Hung Youl , Park Jin-Sung
Published: February 2023

Methylene-tetrahydrofolate reductase (MTHFR) is a homocysteine metabolism-related enzyme and defects of MTHFR is a risk factor for hyperhomocysteinemia and related various neurological disease. Among them, 665C>T polymorphism is the most common form. We report a 48 years old man presenting with progressive psychiatric problems along with severe demyelinating polyneuropathy due to homozygous c.665C>T homozygote polymorphism superimposed by compound heterozygous mutation (c.1417C>T, p.Arg473Trp) in the MTHFR gene, without thromboembolic changes.
A Case of Anterior Communicating Artery Aneurysm Impending Rupture Presenting with Isolated Painful Adduction Palsy Mimicking Ischemic Internuclear Ophthalmoplegia
Authors: Ko Jihee , Kim Minju , Kang Sa-Yoon , Kang Ji-Hoon , Oh Jung-Hwan , Choi Jay Chol , Lee Jung Seok , Song Sook Keun , Kang Chul-Hoo , Kim Hong Jun , Rhim Jong Kook , Kim Joong-Goo
Published: February 2023

Anterior communicating artery (ACoA) aneurysms may rarely lead to oculomotor nerve palsy. We present here interesting cases in which isolated unilateral adduction paresis mimicking internuclear ophthalmoplegia (INO) was one of the symptoms of suspicious impending ruptured aneurysm of the ACoA. Careful neurologic examination is crucial for early discrimination with INO and oculomotor palsy.
Calcified Neurocysticercosis that Invaded the Subarachnoid Space Presenting as Focal Status Epilepticus
Authors: Lee Jae Yong , Han Sun-ku , Hyung Sung Wook , Kim Dae Yoon , Seong Min Jae
Published: February 2023

Neurocysticercosis is the most common parasitic infection of the nervous system. However, the improvement in public health made the prevalence of neurocysticercosis low. Neurocysticercosis may have symptoms such as seizures, headache, and hydrocephalus, and calcified neurocysticercosis is generally known to be asymptomatic and inert. Also, status epilepticus associated with neurocysticercosis has been rarely reported. Therefore, we report a case of focal status epilepticus caused by calcified neurocysticercosis that invaded the subarachnoid space, which is uncommon pathophysiology of neurocysticercosis.