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    Economic policy uncertainty and corporate cash holdings: the moderating role of country-level of corruption and uncertainty avoidance
    (Routledge Journals, Taylor & Francis Ltd, 2024) Didin-Sonmez, Fatma; Tournus, Pinar Sener; Akben-Selcuk, Elif
    This paper investigates the relationship between economic policy uncertainty and corporate cash holdings using data from seven emerging countries for the 2010-2018 period. Empirical results show that firms tend to hold more cash when EPU is high. Moreover, this positive relationship is stronger in countries with better control of corruption and in high uncertainty avoidance cultures. Results are robust to different measures of cash holdings and EPU.
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    ESG Controversies and Firm Value: Moderating Role of Board Gender Diversity and Board Independence
    (IEEE-Inst Electrical Electronics Engineers Inc, 2024) Brinette, Souad; Sonmez, Fatma Didin; Tournus, Pinar Sener
    Despite the growing attention given to environmental, social and governance (ESG) practices, little is known about the financial implications of bad social performance. Hence, this article aims to investigate the impact of ESG controversies on firm value and the moderating effects of board gender diversity and board independence on this relationship. This article uses 1205 firm-year observations relating to 119 French companies listed on the CAC All-Tradable Index over the 2007-2021 period and employs fixed effects estimation. The results show a negative and significant relationship between ESG controversies and firm value. The findings also demonstrate that board gender diversity and board independence allow firms to mitigate the negative effects of controversies on firm value. Overall, our findings offer valuable insights to managers of firms engaged in ESG activities and emphasize the difficulty of restoring the relationships with stakeholders.
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    How does the economic policy uncertainty affect the relationship between financial slack and firm performance in emerging countries?
    (John Wiley & Sons Ltd, 2023) Tournus, Pinar Sener; Didin-Sonmez, Fatma; Akben-Selcuk, Elif
    This study investigates the moderating effect of economic policy uncertainty (EPU) on the relationship between slack resources and firm performance in emerging countries. By using 47,523 firm-year observations from seven emerging market economies through the period of 2010-2018, the results show an inverse U-shaped relationship between slack resources and firm performance. The findings also demonstrate that EPU acts as a negative moderator for the slack-performance relationship. In high EPU environments, the marginal benefit from one additional unit of slack is smaller relative to low EPU environments. This study contributes to the slack resources-firm performance literature by emphasizing the role of the broader external environment as a moderator.