Gömülü Finans Yoğunluğunun Performans Göstergeleri Üzerine Etkisi: Pazar Lideri Telekomünikasyon Şirketi Turkcell Üzerine Bir Yapısal Kırılma Analizi Uygulaması

Al-Gasaymeh, A. S., Almahadin, H. A., Shehadeh, M., Migdady, H., & Atta, A. A. B. (2023, March). Investigating the role of artificial intelligence in embedded finance on improving a nonfinancial customer experience. In 2023 International conference on business analytics for technology and security (ICBATS) (pp. 1-6). IEEE.

Arrow, K. J. (1969). The organization of economic activity: issues pertinent to the choice of market versus nonmarket allocation. The analysis and evaluation of public expenditure: the PPB system, 1, 59-73.

Bernanke, B.S., 2009. Financial Innovation and Consumer Protection. Board of Governors of The Federal Reserve System. Speech at the Federal Reserve System's Sixth Biennial Community Affairs Research Conference, Washington, D.C. 17th April 2009. Financial Innovation and Consumer Protection - Federal Reserve Board

Bugvi, J. A., & Endress, T. (2023). Making Finance Invisible: Embedded Finance Adoption and User Experience. In Proceedings of the AIT SOM Doctoral Colloquium 2023 (pp. 42-53).

Chen, D., Esperança, J. P., & Wang, S. (2022). The impact of artificial intelligence on firm performance: an application of the resource-based view to e-commerce firms. Frontiers in Psychology, 13, 884830.

Chen, D., Esperança, J. P., & Wang, S. (2022). The impact of artificial intelligence on firm performance: an application of the resource-based view to e-commerce firms. Frontiers in Psychology, 13, 884830.

Chhabra, S. (2025). Invisible Banking: How Embedded Finance will Erase Traditional Banks. Available at SSRN 5431297.

Chow, G. C. (1960). Tests of Equality Between Sets of Coefficients in Two Linear Regressions. Econometrica, 28(3), 591–605.

Coy P. 2009. Financial innovation under fire. Business Week, Sept. 16, p. 24

Çalişkan, M. M. T. (2025). The Embedded Finance Ecosystem: A Systematic Review And Bibliometric Analysis Gömülü Finans Ekosistemi: Sistematik Bir İnceleme Ve Bibliyometrik Analiz.

Dresner, A., Murati, A., Pike, B., & Zell, J. (2022). Embedded finance: Who will lead the next payments revolution. McKinsey & Company.[Online] Available from: https://www. mckinsey. com/industries/financial-services/our-insights/embedded-finance-whowill-lead-the-next-payments-revolution.

Fusion, K. (2021). Embedded finance: this decade’s largest creator of value. A Kore Fusion Report, New York, available at: https://korefusion. com/embedded-finance-this-decades-largest-creatorof-value.

Galib, M., & Rijal, S. (2025). Exploring Embedded Finance in Digital Marketing Impact on Marketing Strategy, User Experience and Customer Loyalty. Jurnal Administrasi Bisnis, 14(1), 27-38.

Global Market Insights, Inc. (2024). Embedded Finance Market Size - By Service, By Business Model, By End Use Analysis, Share, Growth Forecast, 2025 – 2034. Report ID: GMI7054

Goon, P., Laskar, Habib R., Barman, A. (2024). Embedded Finance: The Integration of Financial Services into Non-Financial Platforms. Futuristic Trends in Management, Vol. 3, Book 4, Part 2, Chapter 4. IIP Series. DOI: 10.58532/V3BHMA4P2CH4

Gujarati, D. N. (2009). Basic Econometrics (5th ed.). McGraw-Hill Education.

Haoliang, W., Yahya, M. H. D. H., Rahim, N. A., & Ashhari, Z. M. (2024). The impact of fintech on the profitability of Chinese commercial banks. International Journal of Applied Economics, Finance and Accounting, 20(2), 128-138.

Harris, M., Adams, B., Davis, A., & Tijssen, J. (2022). Embedded finance: What it takes to prosper in the new value chain. Bain & Company. bain_brief_embedded-finance.pdf

IMARC Group. (2025). Embedded Finance Market Size, Share, Growth Report, 2033. Report ID: SR112025A33222

Institute of International Finance & Deloitte Global. (2023). The ecosystem imperative: Embedded finance, customer relationships and value web dynamics. [The ecosystem imperative serisi rapor 2]. Washington, DC. https://www.researchgate.net/publication/373360969_The_ecosystem_imperative_Embedded_finance_customer_relationships_and_value_web_dynamics

Jumah, A., & Karri, R. (2020). Does the adoption of cryptocurrencies affect firm performance?

Kadam, M. A., Jangid, A., & Singh, N. (2024). EMBEDDED FINANCE: SCOPE, CHALLENGES AND OPPORTUNITIES. BVIMSR Journal of Management Research, 16(2).

Katz, M. L., & Shapiro, C. (1985). Network externalities, competition, and compatibility. The American economic review, 75(3), 424-440.

Kim, T., Park, Y., & Kim, W. (2022, August). The impact of artificial intelligence on firm performance. In 2022 Portland International Conference on Management of Engineering and Technology (PICMET) (pp. 1-10). IEEE.

Kumar, D., & Nanduri, S. (2025). The rise of embedded finance: Transforming consumer experience and business models – A conceptual framework. In V. Bharat (Ed.), E-commerce and digital transformation (ss. 448–452). Himalaya Publishing House.

Ledi, K. K., Ameza-Xemalordzo, E., Amoako, G. K., & Asamoah, B. (2023). Effect of QR code and mobile money on performance of SMEs in developing countries. The role of dynamic capabilities. Cogent Business & Management, 10(2), 2238977.

Lee, H. S., Shin, N., & Choi, J. (2022). Exploring the impact of innovation activities on financial performance in developed and emerging markets. Systems, 11(1), 16.

Lerner, J., & Tufano, P. (2011). The consequences of financial innovation: a counterfactual research agenda. Annu. Rev. Financ. Econ., 3(1), 41-85.

Mavrogiorgou, A., Kiourtis, A., Makridis, G., Kotios, D., Koukos, V., Kyriazis, D., ... & Troiano, E. (2023, July). FAME: federated decentralized trusted data marketplace for embedded finance. In 2023 International Conference on Smart Applications, Communications and Networking (SmartNets) (pp. 1-6). IEEE.

Murati, A., Skau, O., & De Geer, A. (2024). Embedded finance: How banks and customer platforms are converging. McKinsey & Company Financial Service Practice, available at https://www. mckinsey. com/industries/financial-services/our-insights/embedded-finance-how-banks-and-customer-platforms-are-converging (accessed 15th July, 2024).

Ozili, P. K. (2022). Embedded finance: assessing the benefits, use case, challenges and interest over time. Journal of Internet and Digital Economics, 2(2), 108-123.

Ozili, P. K. (2023). Assessing global interest in decentralized finance, embedded finance, open finance, ocean finance and sustainable finance. Asian Journal of Economics and Banking, 7(2), 197-216.

Pancić, M., Ćućić, D., & Serdarušić, H. (2023). Business intelligence (BI) in firm performance: role of big data analytics and blockchain technology. Economies, 11(3), 99.

Petare, P. A., Muthulakshmi, R., Bhattacharjee, I., Sharma, S., & Kumar, S. M. (2023). The impact of financial innovation on corporate financial performance. Journal of Survey in Fisheries Sciences, 10(1s), 6245-6254.

Sieber, S., & Guibaud, S. (2022). Embedded finance: When payments become an experience. John Wiley & Sons.

Song, N., & Appiah-Otoo, I. (2022). The impact of fintech on economic growth: Evidence from China. Sustainability, 14(10), 6211.

Song, X., Yu, H., & He, Z. (2023). Heterogeneous impact of fintech on the profitability of commercial banks: competition and spillover effects. Journal of Risk and Financial Management, 16(11), 471.

Tahvildari, M. (2025). A Quantitative Performance Analysis of Robo-Advisors in Germany. Global Business & Finance Review, 30(8), 1.

Turkcell İletişim Hizmetleri A.Ş. (2025). 2024 Faaliyet Raporu. Erişim adresi: https://www.turkcell.com.tr/yatirimci-iliskileri/faaliyet-raporlari

Visa Consulting & Analytics. (2023). Embedded finance: What are the emerging opportunities in this new value chain. Visa. https://corporate.visa.com/content/dam/VCOM/global/services/documents/vca-embedded-finance-emerging-trends.pdf

Williamson, O. E. (1985). The economic institutions of capitalism. Free Press.

World Bank. (2022). World Development Report 2022: Finance for an Equitable Recovery. Washington, DC: World Bank. World Development Report 2022: Finance for an Equitable Recovery

Wright, G. (2025). Embedded Finance Comes of Age. Global Finance Magazine. https://gfmag.com/transaction-banking/embedded-finance-comes-of-age/

Wu, G., Luo, J., & Tao, K. (2024). Research on the influence of FinTech development on credit supply of commercial banks: The case of China. Applied Economics, 56(6), 639-655.

Wu, Y. H., Bai, L., & Chen, X. (2023). How does the development of fintech affect financial efficiency? Evidence from China. Economic research-Ekonomska istraživanja, 36(2).