135 10 3494 https://omeka.ibu.edu.ba/files/original/81640422feed398c1c1bc7e9ca412a8c.pdf 127dc3e200c9a97e724eb43c3dc56ae7 PDF Text Text How can Agricultural Extension System in Turkey be Sustainable? Assoc. Dr. Murat Boyaci Ege University Agricultural Faculty Department of Agricultural Economics, Izmir-Turkey murat.boyaci@ege.edu.tr Abstract: In the study, extension services were examined through interpretation of data collected up to 1104 public and contracted extension workers. Turkish extension system is influenced by general and training-visit approaches which were employed in the past. The approaches employed are mainly directed to conventional production and yield increases using a top-down process and gives little place for human resources development and sustainable agriculture within Turkish extension system. Keywords: Agricultural extension; technology transfer in agriculture; sustainable extension Introduction Agricultural extension has contributed to agricultural production and development within the past century. Extension also has an important role in sustainable development and international trade competition with today’s knowledge based globe (Van der Bor, Brydan, Fuller, 1995; Csaki, 1999). Extension systems require decentralized, pluralized, client orientated and sustainable structures for adapting to today’s improvements (Wagemans, 1990; Roling, 1989). Agriculture takes a considerable part in Turkish economy with a 9% share in GNP, 29.5% share in employment, and 4.25% share in the export value (http://www.tuik.gov.tr). Public extension activities in Turkey are dominated and conducted by Ministry of Agriculture and Rural Affairs (MARA). Besides public financed, through the radical transformation on the financial support of farmers in agricultural extension was planned by “Village-Centered Agricultural Production Support Project” (KOYMER) in 2004. The first year salaries of advisors were completely paid by government but to additional government payments, farmer contributions were objected as 5% and 10% shares in following two years of the project. At the end of KOYMER project, a new project which is titled as “Development of Agricultural Extension Project (TAR-GEL)” has been implemented on 1th of January 2007. All KOYMER extension workers have been employed as contract based in public extension organizations (TEDGEM, 2009; ZMO, 2005). Present farming systems cause serious environmental problems. In many countries soil erosion and chemical pollution endanger the future of agriculture. Pollution of agricultural products limits the marketability of these products. These problems can only be tackled by collective decision making by farmers and other stakeholders (Van den Ban, 2005). The important components of sustainable development such as farmer participation, multi-actors cooperation, and the targets of extension had been examined for defining how sustainable the extension system in Turkey. For this goal, extension activities, objectives and target groups had been examined according to the regions. The other aspect in extension is financial sustainability unfortunately the farmers are mostly unwilling to pay for extension in developing countries. This reluctance causes to unsustainable activity and financial mechanism, and continue the public dominant structure in extension services. The study is focusing on extension activities directing to sustainable development. 103 �Material and Method The data have been taken from two formerly conducted researches on public extension services by Boyaci (2007) and contracted extension services by Boyaci and Arslan (2007) in Turkey. The purposive sampling for the selection of provinces according to agricultural zones for public extension services and although, all 1023 contracted advisors around the country were planned to including but, 566 of them filled the questionnaires. As the result, 538 public and 566 contracted totally 1104 extension workers participated in the study. The questionnaires were posted to the advisors addresses and/or extension organizations. Furthermore, up to 650 questionnaires were filled through mutually interviews. All field level technical staff who works to enhance the living standards of rural people was identified as extensionist/extension worker in the study. The data had been analyzed and interpreted by using statistical tests such as percentages, likert scale, Chi square, Kruskal Wallis, correspondence analysis and multidimensional scaling. Regions Marmara Ege Mediterranean Central Anatolia Black Sea Eastern Anatolia South-Eastern Anatolia Total Missing Total Frequency 146 222 83 158 236 107 150 1102 2 1104 Percent 13.2 20.1 7.5 14.3 21.4 9.7 13.6 100 --- Table 1: Sustainable extension (public and contracted advisors) Result and Discussion Extension coverage and expenditures The level of extension coverage, as measured by the ratio of extension worker to farmer, widely differs according to countries and regions of the world. The worldwide average is about one extension worker for every 2000 economically active people in agriculture (less than 400 farmers in developed countries). It is supposed that extension organizations are able to reach only 10% of their clients in the world (Feder, et al, 1999, Swanson et al, 1989). According to the findings, each extension worker serves 437 farmers and 496 hectar of land (furthermore, one veterinarian/technician serves 9730.4 cattle and sheep) in Turkey. Well-managed extension systems with adequate funding give relatively high rates of return on the financial investment. Optimally, it is suggested that at least 40% of an extension’s budget should go for programming and operational costs to give extension personnel adequate resources for traveling, teaching aids, publications, and field demonstrations (Feder, et al, 1999; Swanson et al, 1989). Extension and research expenditures in EU Countries are higher than US$150 per farmer (DPT, 2003; Boyaci, 1996). In the research, annual extension (e.g. field trials, demonstrations, visual aids, etc) expenditures per farmer were calculated as US$1.6 respectively. By taking into consideration the total budget of the public extension organizations, the figure allocated per farmer reached to US$49.2 in Turkey. Some Characteristics of extension staff Age, education level, in-service training attendance, and occupational experience affect the performance of extension workers (Boyaci, 1998; Expere, 1974). The proportion of female extension personnel is considered as inadequate (FAO, 1990). According to the findings, in Turkey, the average age of an extensionist is 34.7, 26.2% are women and 65.6% of extensionists have farming experience. About 69% of the extension staff graduated from agricultural faculties and 15.3% of them have a master’s and/or Ph degrees. English is widely spoken as foreign languages by the extensionists (Table 2). 104 �Extension workers Public Contracted in public Total Gender Male Female Total Experience with farming Yes No Total Faculty graduated Agriculture Veterinarian Others Total Master and/or Ph Degrees Yes No Total Spoken languages English German French Others Total Frequency 538 566 1104 Percent 48.7 51.3 100.0 806 296 1102 73.1 26.2 100.0 723 381 1104 65.6 34.5 100.0 758 134 212 1104 68.7 12.1 19.2 100.0 169 935 1104 15.3 84.7 100.0 858 62 53 23 996 86.1 6.2 5.3 2.3 100.0 Table 2: Some personal characteristics of extension workers Occupational satisfaction level of extension staff was found as low especially, economic reason was seen behind the result. This low motivation causes the limited farm/farmer visits during the extension activities. Unfortunately, ecology lessons attending level is low (2.6). According to the likert scale level of language proficiencies was found as 2.3. This level has negative effect on following the world agenda. The considerable numbers of extension workers face the social and political pressures during the activities (Table 3). None 1 21.4 26.6 31.9 7.7 Satisfaction level Ecology lessons Language proficiencies To be under the social, political pressure 2 19.7 23.5 28.3 14.0 3 27.6 24.9 25.4 28.4 very much 4 5 15.6 15.8 14.4 10.5 9.7 4.8 30.0 19.9 Table 3: The levels of some components of sustainable extension Time allocated in extension Extension staff should devote all their working time exclusively to agricultural extension activities. They should not be assigned regulatory or administrative duty. In this context, the number of farm visits and time spent for extension activities are important indicators for performance evaluation in extension organizations. For example, more than 100 farm visits (Expere, 1974), or 8-20 farm visits in a week (TOKB, 1987) are reported by different sources. Extension workers in European Union member states spend 75% of their 105 �working time for farmer training activities (Boyaci, 1996). According to the findings, extension workers are responsible for an average of 5.6 different crops, spend 16 days for farm visits in a month; devote up to 52% of their time for farmer training in Turkey. Targeted topics and groups Extension workers mostly focused on profits form agriculture, emphasizing the need for inputs and market, and training for farmers. Social and biological aspects of sustainability (such as soil fertility) were scarcely mentioned (Lawrence, 1997). The initial focus of extension services is to improve basic agricultural practices such as plant protection, fertilization, etc. The reason behind these technical objectives aiming at intensification is the extension approach which is based on production and yield increase in Turkey. The priorities of extension workers can be summarized as production and yield increase, quality improvement, reduction of cost and others (Table 4). Objectives Production and yield increase Quality increase Cost reduction New/alternative crops Farmers organizations Environment Marketing Total Frequency 654 115 69 66 61 36 27 1028 Percent 63.6 11.2 6.7 6.4 5.9 3.5 2.6 100.0 Table 4: The objectives in extension The findings show that human resource development or related topics have very limited share in Turkish extension system. According to the regions the objectives of extension are different (Table 5). For instance, while production and yield increases are seen important for South Eastern Anatolia, new/alternative crops for Central Anatolia, crop quality for Ege and Blacksea, finally environment for Ege are the important objectives of extension services in Turkey. Furthermore, although 80% of the farms are small (Miran, 2006), the extension activities are usually directed towards the big (32.7%) and medium (34.6%) scale farms in Turkey. Women farmers (7.6%) and the poor (3.4%) are insufficiently taken consideration in extension. Small scale farmers have advantage on sustainable agricultural techniques such as ecologic farming, and integrated pest management etc. because of intensively requires manpower applications. Regions Marmara Ege Mediterranean Central Anatolia Black Sea Eastern Anatolia South-Eastern Anatolia Total ** <0.05 number Mean rank Chi-square df Asymp sig 126 214 503.2 548.3 20.932** 6 .002 79 155 228 100 124 1026 490.5 555.7 514.6 498.7 435.8 According to the answers the share of extension activities is 49%; bureaucratic 29%; self education 13.9%; and other 8.1% in Turkey. Normally extension share must be higher for system effectiveness. As the result of multi-crop farming system in Turkish agriculture, extension workers are responsible for about 5.8 different crops and an adviser realizes 16 farm visits in a month. Education levels of farmers targeted is 5.7 106 �years. Extension workers mentioned 37% of target farmers were under 40 years old. Middle age and male farmers are explained as more frequently target groups. The 90s has already been called the environmental decade. It s important for extension to identify effective and efficient educational delivery systems of environmental issues (Radhakrishna et,al., 1991). According to the extension workers’ explanations, farmers mostly demand information on plant protection but, environmental matters have very limited share (Table 6). Topics consulted Plant protection Cultivation Economic topics Fertilizing Environmental topics Total Frequency 446 278 214 54 23 1015 Percent 43.9 27.4 21.1 5.3 2.3 100.0 Table 6: The topics consulted by farmers The topics consulted by farmers are changing according to regions. The plant protection applications are the most consulting in Marmara and Mediterranean Regions, furthermore, the farmers in Marmara Region also ask for more information about environmental topics (Table 7). Investments on extension can be financed by adoption of innovations/advices (Strauss et al., 1991). Extension for sustainable agriculture is not a matter of passing on the message. It requires a learning process and change in mentality, for farmers and extensionists (Proost, 1994). According to the extensionists, 52.7% of the farmers accept the extension suggestions in Turkey. Traditionalism, insufficient farmers’ circumstances, low education levels and limited information of farmers were mentioned by extension workers in the study as the reasons for low adoption levels. The adoption levels of extension advices are higher in Mediterranean, Marmara and Central Anatolia regions than the other regions (Table 8). Regions econom y Cultivatio n Plant protection Fertili zation envir onme nt 2 7 3 1 2 4 4 23 Chi square Df P value Marmara 26 30 65 5 128 51.764** Ege 46 53 89 8 203 Mediterranean 8 20 44 5 80 Central Anatolia 32 53 58 12 156 Black Sea 40 57 109 18 226 Eastern Anatolia 33 31 23 4 95 South-Eastern A 29 34 56 2 125 Total 214 278 444 54 1013 *** <0.05 Table 7: According to the regions the topics consulted by farmers (chi square test) 24 .001 Regions Total number Mean rank Chi-square df Asymp sig Marmara Ege 125 199 515.8 469.7 47.3876*** 6 .000 Mediterranean Central Anatolia Black Sea Eastern Anatolia South-Eastern Anatolia Total 75 153 216 92 125 985 687.1 512.9 443.1 446.1 487.3 107 �*** <0.01 Table 8: The adoption level of extension advices, Kruskal Wallis Test Program Preparation The program guides the staff and gives the indicators to the managers for monitoring and evaluating of activities. Furthermore, the program helps to sustain coordination of different actors in agriculture (Oakley and Garforth, 1992). The focus of effective environmental management is the using of a systematic approach to planning, controlling, measuring, and improving an operations environmental effort (Harrison, 2002). Program preparing tendencies were not found at the intended level in Turkey. According to the likert scale as “always to never (5 to 1)”, the average value of program preparing tendency of extension workers was calculated as 3.4. Approximately 20% of extension staff are not preparing program during their works. Today’s complicated activities and relations necessitate strong coordination among the actors. To be relevant and responsive to client concerns requires regular feedback at each level throughout the extension systems. Public dominant structure is restricted to contributions and relations with private companies and chambers of agriculture in the extension system. In the study, less than 5.0% of extension staff was declared to influence the local and farmer organizations on extension. Employed extension approaches The approaches guide the objectives, programs, clients, linkages, methods, and financing components of extension (Axinn, 1988). The Ministry and the National Research Institutes have dominantly directed the priorities and the information flows in developing countries. The new approaches in world agenda encourage farmer participation in extension programs as analyzers and problem definers and thus, help sustainable development (Rogers, 1993; Chambers, 1994). The most effective, pedagogic way to come to an understanding of complex issues is “learning by doing”, “action learning”, and “discovery learning”. All these principles stress the need to get involved in action and debate in order to build up experiences, share these with other people and learn more in an iterative process of action, reflection, self-evaluation and new action. Instead of being taught extension techniques, farmers are inspired to analyze their situation together, to put forward and try out their own ideas and known technical options. These experiences and lessons are then shared with other farmers and the larger community (Hagmann et al,1997). Extension workers intensively designate farmer problems via individual observations and/or interviews but, there is limited farmer participation in analyzing and problem solving processes in Turkey. This limited collaboration between actors is caused the low adoption rate of advices in extension system. Extension must understand the needs and problems of its clientele so it can select the appropriate information to help farmers understand their short and long term goals and provide them with tools for problem solving. The problems and the solutions are intensively decided by advisors themselves (Table 9). Human resources development approaches as the basic for sustainable development are insufficiently employed by extension services. Statements I and farmers jointly define the problems and but I find the solutions Farmers tell the problems I find the solutions I and farmers jointly define the problems and we also find the solutions jointly I define the problems and I find the solutions Total Frequency 404 248 239 percent 40.3 24.7 23.8 112 1003 11.2 100.0 Table 9: The statement identified on the problem definition process in extension The regions and sustainable extension system Turkey’s agricultural extension policy does not specifically focus on introducing sustainable agricultural production practices into the agricultural system. Existing efforts on sustainable agricultural production methods are mentioned as limited and nonsystematic (Kumuk and Akgungor, 1995). The significant 108 �variables for sustainability and performance increasing in the system were used in the multi-dimensional scaling analysis for examining the similarities of the regions. The variables can be divided in three groups such as individual characteristics of extension workers, cooperation with local actors and extension activities (Table 10). Individual characteristics Occupational experience Language proficiency attending to sociology class attending to extension class attending to ecology class Occupational satisfaction Cooperation with local actors effect of cooperatives effect of chamber of agriculture effect of local administration effect of farmers harmony with the chambers of agriculture harmony with the cooperatives problem discussion with the farmers harmony with the farmers’ priorities harmony with the farmers’ conditions individual interviews Extension activities Devoted time for extension Devoted time for bureaucratic works Devoted time for self-learning Crop numbers Numbers of farm/er visit 40 and younger farmers served 41 and elder group of farmers served Education levels of farmers advice adoption level of farmers to be under the pressure program preparing Table 10: The variables using for Multidimensional Scaling (MDS) According to these variables the regions have been grouped by multi-dimensional scaling (Stress = ,03813; RSQ = ,99725) as Marmara, Eastern, Blacksea and Central Regions (Group I); and the Southeastern, Ege, and Mediterranean Regions (Group II). The average situation of Turkey (TR) has taken place within Group I as shown in the model. During MDS an ideal region has been established for comparing the existing and objected/idealized situations. The exist situation in both region groups are quite far from the idealized situation of extension sustainability (Figure 1). Derived Stimulus Configuration Euclidean distance model ,6 southeas ,4 meditrn ege ,2 tr marmara eastern Dimension 2 -,0 ideal -,2 blacksea central -,4 -,6 -2 -1 0 1 2 3 4 Dimension 1 Figure 1: Region groups (MDS) Mounting environmental problems call for new elements in our higher education curricula. Students should not only gain awareness of the environmental aspects related to their own discipline but should also acquire the ability to apply their specialist knowledge and understanding in multidisciplinary teams (Barendse and Hoek, 1996). For reaching ideal situation, individually extension staff must be well educated on sustainable farming practices and participatory extension approaches. Local participation is seen as the main 109 �requirement for system sustainability. Farmers take place not only problem defining but also, solution finding phases. Extension is long term process and needs regular following of farmers’ applications and extension advices. As a result of these devoted times for self learning and extension activities are important components of extension performance. Conclusion In a rapidly changing world, farming is becoming increasingly knowledge intensive activity that requires transformation on concepts and approaches of rural development. In this context future extension systems are assumed to be decentralized with highly skilled facilitator at the local level, and likely to be expanded to include various actors with different interests. The improvements in agricultural development approaches and alternative systems are not just a question of technology there are important social, economic and institutional issues as well (Roling, 1993). Extensions mission is to develop an integrated and multidisciplinary education plan that focuses on helping its clientele implement sustainable agricultural systems. In addition, Extension must design a program to meet the challenges of producing an abundant, healthy food supply while maintaining the quality of life and preserving natural resources (Ball, 2007). Sustainable extension has two dimensions as system working and objectives. Fiscal sustainability has been a generic problem for large-scale agricultural extension systems in developing countries high-cost national systems have been significantly scaled down or discontinued altogether in large part because the fiscal demands they placed on public budgets were not sustainable (Quizon et al, 2001). In both, Turkish extension system is not at intended level. Neither financing nor planning phases are not included the farmers in Turkish extension system. While the activities have directed to conventional farming, the small farmers, women and disadvantage groups also have very limited priorities in the system. In briefly, low technology adoption levels, intensifying on only production increase, limited local participation have been emphasized as the common disorders. In short term, public extension has to give place for ecological farming and sustainable development and both systems have to intensify on capacity building. Basically, the actors must have metamorphosis on utilizing approaches via participatory learning and sustainable basis. Based upon the findings and recent improvements in the world agenda, some suggestions can be made for developing countries and sustainable development in agricultural extension as follows: 1. Sustainable agriculture needs extensive consultation with the local actors. 2. The local actors not only take place but, must stay on the table in all stages of extension. 3. By considering the locations more flexible and participatory approaches must be employed in extension system. 4. Fundamentally, 15-20 extension workers must be trained on sustainable farming and participatory approaches as the core team for each province. 5. Sustainable farming practices, environmental management, health and safety farming skills are addressed as top priorities during the planning phase. 6. Agricultural chemical usage is not the only solution to farming problems, and farmers need to develop better understanding of diseases and their control. This needs to employ participatory approaches for collectively analyzing and creating the problems and their solutions. 7. The planning is important element of extension works. The activities should be based on the plan. The plans should include improved farming practices covering reduced cultivation/tillage, reduced fertilization and efficient water usage besides “clean” produce (Anonymous, 2000). The plan should be prepared locally and in a holistic manner. Acknowledgment: The study have been prepared from the data of two former researches such as “A Research on Using And Improving of Information And Communication Technologies in Agricultural Extension in Turkey”, The Scientifıc and Technical Research Council of Turkey Agriculture, Forestry, and Veterinary Science Research Grant Group” (Project No: 104O130-2007) and “A Research on Workings of Agricultural Consulting Model in Turkey”, Ege University Scientific Research Project Report (Project No: 2005-ZRF-020- 2007). 110 �References Anonymous, 2000, Education and Training Plan for Sustainable Agriculture in the Sydney Region NSW Department of Agriculture, p103. Axinn, G, 1988 Guide on Alternative Extension Approaches, FAO, Rome, Italy, p148. 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Strauss, J. et al., 1991, Role of Education and Extension in The Adoption of Technology: A Study of Upland Rice and Soybean Farmers in Central-West Brazil, Yale University Economic Growth Center, Paper (456), Connecticut, USA., p20. Swanson B.E., et al, 1989, The current status of extension worldwide, Global Consultation on Agricultural Extension, Swanson B.E. (ed), FAO, Rome, Italy, pp. 43-76 TEDGEM, 2009, http://www.tedgem.gov.tr/koymer.html, 01.09.2009 TOKB, 1987, TYUAP, Yayim Klavuzu, Bolum 1, Ankara, 28s. Van den Ban, A.W., 2005, Changes in society require changes in agricultural extension: some observations, Rural Development News, Volume 2, LBL, CH, 8315 Lindau, pp.26-33 Van der Bor, Brydan M and, Fuller, M., 1995; Rethinking higher agricultural education in a time of globalization and rural restructuring, Journal of Agricultural Education and Extension, Vol. 2, Number 3, pp 29-40. Wagemans, M.C.H. 1990, Analysis the role of information in planning: the case of town and country planning, Knowledge in Society, The International Journal of Knowledge Transfer, Vol: 3 (4), pp:72-90. ZMO, 2005, Proje Kapsaminda Calisan Ziraat Muhendisleri Kaderleriyle Bas Basa Kaldi, Tarim ve Muhendislik Dergisi, Sayi:75, Sayfa:42. 112 �Determination of Stomata Densities of Some American Grape Rootstocks in Eğirdir/Isparta Seçkin GARGIN Eğirdir Horticultural Research Institute Eğirdir/Isparta Turkey secking32@hotmail.com Abstract It was aimed to determine stomata density of 10 different American grape rootstocks (5BB, 110R, 99R, SO4, 1616C, Rup. Du Lot, Harmony, Fercal, Dodridge, Ramsey) which were located in Eğirdir Horticultural Research Institute in this research. On leaves on 6th node of shoots for each rootstock were collected to determine stomata density in July. Preparations were made using nail varnish on five different parts of leaf. Stomata numbers were counted from area of 0.066 mm2 by using 10 x 40 magnification of light microscope. The results converted to number of stomata/mm2. Stomata density changed between 61 and 141 stomata/mm2. The lowest and highest stomata density was obtained from Rup Du Lot rootstock with 61 stomata/mm2 and Ramsey rootstock with 141 stomata/mm2 respectively. Introduction Stomata has an important role in epidermis tissue for plant gas taking and giving. They have already different from epidermis cells. They occur from two cells in shape of bean or kidney. These two cells convex surfaces come together and form stomata cell (Vardar, 1969). Stomatas can be found in the all parts of the plants except roots. Stomatas are small pores and generally can be found in epidermis tissue (Kaçar, 1989). Stomatas make gas diffusion by perspiration with cellular cavities and they control water and plant ratio in plants. Stomatatas in the leaves have an important role in adaptation to environmental factors (Salisbury, 1992). Stomata means “mouth“ in Greek language. Stomatas have important roles in photosynthesis and perspiration in plants. Stomatas can be found in plant tissues and especially they can be found in the bottom surface of Vitis leaves. They are in anomocytic type and surrounded by neighborhood cells (Ağaoğlu, 1999). Stomata density can vary according to plant species, varieties, ecology and cultivation practices. Stomata density can be affected by exogenous and indigenous factors (Kaiser, 2001). Leaf maturity and position of the leaves on the shoots affect stomata density (Düzenli and Ağaoğlu, 1992). 1.000 – 60.000 stomata can be found generally in 1 cm² leaf surface depending on plant species and environment. Stomata number can change for same plants which are grown greenhouse and natural conditions (Bozcuk, 1997). Stomatas take CO2 for photosynthesis and also take out water with transportation. Transpiration affects root pressure and prevents leaves from excess heating (Eriş, 1992). Breeding Vitis studies main aim is to increase resistance for drought. Drought resistance is thought to occur from using water efficiently and proportion photosynthesis to transpiration (Duering, 1999). Grapevine is a mezofit plant but like ksefofıt plants. It is resistant to drought that it can be caused by intense stomata density and resistant to drought tolerance correlation (Düzenli and Ağaoğlu, 1992; Kara and Özeker, 1999; Maraşalı and Aktekin, 2003). Also it is known that mesofit plants abscisic acid high levels are more effective for drought tolerance than kserofits. Some varieties can have different stomata number in natural conditions and green house conditions. This event strengthens the thesis about environmental factors affect the stomata number. Plants which are grown in drought conditions it is more important to evaluate their stomata densities according to the variety and ecological conditions. 113 �This study was conducted to determine stomata numbers of 10 different American Grape rootstocks (5BB, 110R, 99R, SO4, 1616C, Rup Du Lot, Harmony, Fercal, Dodridge, Ramsey) in Eğirdir ecological conditions. Material and Method This study’s main material was 10 different American grape rootstock ( 5BB, 110R, 99R, SO4, 1616C, Rup. Du Lot, Harmony, Fercal, Dodridge, Ramsey) which were cultivated in Eğirdir Horticultural Research Institute. Position of leaf on the shoot affects stomata number (Düzenli and Ağaoğlu, 1992). For this reason each rootstock’s leaves were taken from the sixth node (same for all varieties) in July. Leaves were taken from same thickness of shoots with 10 replicates. Colorless nail vanish was used in order to extract samples from the leaves. Samples were prepared from different places on the leaves. Nail vanish was dripped 1-2 drops on the bottom surface of leaf and when it was dried, it was taken off like a pattern form the leaf by the help of a gillette. After the sample was put on a lam and 1-2 water drop was dripped on lam, was covered with lamella (Mısırlı and Aksoy, 1994). Stomata count was done in a 0.066 mm² area by a light microscope with 10X40 magnificent. Stomata numbering 1 mm² was calculated from proportional calculation. Counted stomata numbers were statistically analyzed by Jump software programme. Results and Discussion Stomata density changed between 61 and 141 stomata /mm2. The lowest and highest stomata density was obtained from Rup. Du Lot rootstocks with 61 stomata /mm2 and Ramsey rootstock with 141 stomata /mm2 respectively as seen in table 1. Stomata density (number/mm2) 141 136 133 132 131 117 108 98 90 61 Rootstock name Ramsey 110 R Dodridge 99 R 5 BB Fercal 1616 C Harmony SO 4 Rup Du Lot Table 1. Rootstock stomata density in a 1 mm² area First stomata number researches in Vitis species have been started in 19th century last times. First study about stomata number of Vitis was Müller-Thurgau’s “Ampalographische Berichte” in 1882. He counted “Riesling” variety that it had 186 stomata/mm² on the bottom of the leaves (Oraman,1972). Düzenli and Ağaoğlu (1992), found that Razakı grape variety had more stomata number than the other varieties. Razakı grape variety can be grown in different ecological conditions. Razakı variety may be more resistant than other varieties for drought. Other studies showed that stomata number could vary according to ecological conditions. For example Çavuş grape variety stomatas were counted 187 stomata /mm² in Marmara and 277 stomata /mm² in Ankara ecological conditions (Eriş and Soylu 1990). Hegedüs (1974) determined that stomata numbers and volumes could vary in the different places of same plant. He determined that stomata numbers of some varieties Sultani Çekirdeksiz 216, Hafızali 194, Portugieser 206, Pinot Gris 164, Weisse Gutedel 183, Müller Thurgau 158, 5 C rootstock 209, Rup Du Lot’da 171, Portalis’de (Vitis Riparia) 194 stomata/mm². Duering (1980) counted the mature leaves of Vitis rupestris 114 �and Vitis cinerea and determined 174 stomata /mm² and 349 stomata /mm² respectively. They determined that stomata number could rarely vary in the same plant’s same leaf. Scienza and Boselli (1981), studied about stomata dimensions and they reported that stomata dimensions can be affected from the genotype and position of the leaf on the shoot. Biggest stomata numbers were 1103 P and 3309 rootstocks, 157-11C and 140 R had the lowest stomata number. They determined the stomata number differences between grape varieties and rootstocks. When stomata numbers are counted according to leaf maturity, young leaves have more stomatas than mature leaves. Also it was reported that if there wasn’t a much water stress, irrigation conditions wouldn’t have an important effect on stomata number (Marasalı and Aktekin, 2003). It is necessary to research ABA synthesis and like similar factors about stomata density for drought resistance. Yuvarlak çekirdeksiz grape variety grafted on 99 R and 110 R rootstocks had been determined 284.4 and 294.8 stomata numbers respectively. Stomata numbers were determined more than grafted on the other rootstocks. Stomata number had been evaluated statistically important in this study. Stomata number differences had been evaluated also in different studies. For example in a study Vitis species stomata densities had been determined and average stomata number had been found 198.3 stomata /mm². Stomata density of Vitis berlanderi was determined 143.6 stomata /mm² and Vitis cardifolia was determined 302 stomata/ mm². Stomata density of Muscadinia rotundifolia was determined 407.7 stomata /mm². Diploid’s average stomata density was 182.4 stomata/mm²and tetrapolid’s average stomata density was 114 stomatamm² (Shiraishi and et. all 1996). Jump software programmes analyse results are given in below. Source Model Error C. Total DF Sum of Squares 9 36116,254 39 9191,950 48 45308,204 Mean Square 4012,92 235,69 F Ratio 17,0262 Prob > F <,0001 Table 2. Analysis of Variance Level RAMSEY 110 R DODRĐDGE 99 R 5 BB FERCAL 1616 C HARMONY SO 4 RUP DU. LOT A A A A A B B B B B C C C D D Least Sq Mean 141,60000 136,20000 133,25000 132,60000 131,20000 117,20000 107,80000 98,00000 70,20000 60,80000 Table 3. Groups of LSD Test Levels not connected by same letter are significantly different. Conclusion Some grape rootstocks had been evaluated for stomata density in this study and rootstocks had been found statiscally significantly important for stomata density. Stomata density may vary according to ecological conditions and cultivation practices in Vitis. Stomata density gets higher by losing water with transpiration but it has not been proved clearly up to now. But sometimes it is seen that stomata density get high in irrigated conditions. Stomata density researches must be continued because of these reasons. Stomata numbers and densities must be evaluated and expect stomata density, stomatata pores, stomata index, transpiration ratios distances between stomatas must be evaluated. Drought resistance and stress 115 �studies are getting more important in nowadays stomata studies with plant physiology must be done continuously with the other subjects concerning stomata. References Ağaoğlu, Y.S. (1999). Scienfitc and Practical Viticulture Volume 1. Kavaklıdere Education Publishing, No 1. Ankara. Bozcuk S. (1997). Plant Physiology. 2. Edition Ankara Univ. Science Faculty Publishing 48-56 Ankara. Duering, H. (1980). Stomata frequency of leaves of Vitis Species and Cultivars. Vitis 19:91-98. Duering, H. (1999). Improvement of Drought Tolerance of Grapevines by Breeding (in German). Berichte Über Landwirtschaft Germany 77 (1) 43-48. Düzenli, S. (1983). Researchs on Stomata Features and Effect of Acetil salicilic Acid on Stomata Movements for Some Vitis Species and Grape Garieties. 2.Edition Ankara Univ. Science Faculty Publishing (Doctora thesis). Ankara. Düzenli, S. and Ağaoğlu, Y.S. (1992). Effects of Leaf Age and Position of the Leaves for Stomata Density in Some Vitis Vinifera L. Doğa-Turkish Journal of Agriculture and Forestry 16, (63-72). Eriş A., and Soylu A. (1990). Stomatatal Density in Various Turkish Grape Cultivars (Proceedings of the 5th. International Symposium on Grape Breeding, 12-16 September 1989, Germany). Vitis Special Đssue 382-389, Đzmir. Eriş, A. (1992). Special Viticulture. Uludağ University Publishing. Bursa. Kaiser, H., and L. Kappen. (2001). Stomatatal Oscillations at Small Apertures: Indications for a Fundamental Insufficiency of Stomatatal Feedbackcontrol Inherent in the Stomatatal Turgor Mechanism. J. Exp. Bot. (52):1303-1313. Kaçar, B. (1989). Plant Physiology . Ankara University Science Faculty Publishing no:1153, p:323. Kara, S. and Özeker, E. (1999). Researchs About Leaf Features and Stomata Densities of Yuvarlak çekirdeksiz Grape Variety Grafted on Different Rootstocks. (Journal of Aegean Agricultural Research Institute) Volume 9:76-85. Marasalı, B. and Aktekin, A. (2003). Comparision of Some Grape Cultivars Stomata Densities Irrigated, 9(3): 370-372. Mısırlı, A. and Aksoy, U. (1994). Researchs About Leaf Features and Stomata Densities of Some Yellow Fig Clons. Ege Univ. Agricultural Faculty, Journal Volume 31 :57-63, Đzmir. Oraman, M. N. (1972). Viticulture Technics. II, Ankara University Science Faculty Publishing No: 470, Ankara. Salisbury, F.B. and Ross, C.W. (1992). Plant Physiology. Fourth Edition. Wadsworth Publishing Company, California. Shiraishi. Et all. (1996). Preliminary Survey on Stomatatal Density and Length of Grapevine. Journal of The Faculty of Agriculture Kyushu University. Japan, 41 (1-2) 11-15. Vardar, Y. (1969). Plant Anatomy Lessons. Ege University Science Faculty Publishing. p93- 99 Đzmir. 116 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 340 Title A name given to the resource How can Agricultural Extension System in Turkey be Sustainable? Author Author Boyaci, Assoc. Dr. Murat Abstract A summary of the resource. In the study, extension services were examined through interpretation of data collected up to 1104 public and contracted extension workers. Turkish extension system is influenced by general and training-visit approaches which were employed in the past. The approaches employed are mainly directed to conventional production and yield increases using a top-down process and gives little place for human resources development and sustainable agriculture within Turkish extension system. Date A point or period of time associated with an event in the lifecycle of the resource 2010-06 Keywords Keywords. Conference or Workshop Item PeerReviewed Q Science (General) https://omeka.ibu.edu.ba/files/original/8a0480c573ef3a42f5f688ecda8dbd30.pdf bc12a9bb69f1a404c5fd30af4590ef8e PDF Text Text 2nd International Symposium on Sustainable Development, June 8-9, 2010 Sarajevo How Did British Colonial Education in Africa Becomea Reason for Decolonization? Çağrı Tuğrul Mart Ishik University tugrulbey@hotmail.com Alpaslan Toker International Burch University atoker@ibu.edu.ba Abstract: As a by-product of colonization, the colonizing nation implements its own form of schooling within their colonies. Colonizing governments realize that they gain strength not necessarily through physical control, but through mental control. This mental control is implemented through a central intellectual location, the school system. At the heart of this policy is the paternalist idea that the “backward” undeveloped inhabitants of the colonized areas need to be educated and brought up to the level of the superior culture and life-style of the colonizing power. Indigenous people were made by brainwashing to discard their own cultures and embrace Western cultures which were supposedly superior, a situation which resulted in a culture of dependency, mental enslavement and a sense of inferiority. White supremacy used education for its own sake so colonial education was a deliberate policy to continue colonial rule. In African British colonies the misusage of education became a major reason for decolonization. Key Words: Colonial Education, Superiority, Decolonization Introduction One of the areas colonialism affected in Africa was education and language. Two scholars on colonial education, Gail P. Kelly and Philip G. Altbach, help define the colonialism process as an attempt "to assist in the consolidation of foreign rule". colonialism is a process that is an attempt to strip the colonized people away from their indigenous learning structures and draw them toward the structures of the colonizers (Gail, Altbach 1984). Colonial powers imposed their own education system and language on the local population. Everybody had to learn the language of colonizers which was associated with modernity, sophistication and social status. In almost all colonies the language of the colonial power was used as the language of administration. For this reason, the education system needed to produce people who knew this language well. In many cases people received their education in the metropolitan state, which offered better educational facilities and more exposure to the language and culture of the colonial power. Colonial education was fueled by a widely held belief that the “superior” white race of Europe should bring civilization to the “less developed” people of color living on other continents. White supremacy manifests in the social, economic, political, and cultural history of European expansion and the development of the New World. White supremacy has negatively affected the lives of peoples of African descent throughout the world (Christian 2002: 188). What is worse; from a European point of view, colonial territory was singular: colonized land and people all fell in the category of “other”. Africans were split up in such a way that those within the same language groups were separated and forbidden to speak in their own languages. Africans were developing an interest in Western-style literary education, the colonial government began to realize the necessity of training Africans for service to the white man (Urch 1971: 250). Later the “superiority” and “inferiority” terms which were occurred with the imperialist project of colonizers brought about “othering” category. Because they belong to lower class the indigenous people were referred as “backward”. 362 �2nd International Symposium on Sustainable Development, June 8-9, 2010 Sarajevo Colonial Education Colonizers share the idea that education is important in facilitating the assimilation process. The ultimate goal of colonial education might be deduced from the following statement by Thomas Babington Macaulay: We must at present do our best to form a class who may be interpreters between us and the millions whom we govern; a class of persons, Indian in blood and color, but English in taste, in opinions, in morals, and in intellect. To that class we may leave it to refine the vernacular dialects of the country, to enrich those dialects with terms of science borrowed from the Western nomenclature, and to render them by degrees fit vehicles for conveying knowledge to the great mass of the population. (CPCR 1999: 268) This colonization process which started with the goal of colonizers’ providing a good education for colonized people turned into a means of service for white people. White supremacy used education for its own sake, and colonial education was a deliberate policy to continue colonial rule. African writers and abolitionists such as Olaudah Equiano, Ottobah Cugano and Phyllis Wheatley, in their very different ways, articulated in print the desire to be respected as human beings and their work served as rallying points for the antislavery movement. Ngugi Wa Thiong'o a citizen of the once colonized Kenya, in his article “Decolonizing the Mind” displays his anger toward the isolationist feelings colonial education causes. He writes: The process annihilates people’s belief in their names, in their languages, in their environment, in their heritage of struggle, in their unity, in their capacities and ultimately in themselves. It makes them see their past as one wasteland of nonachievement and it makes them want to distance themselves from that wasteland. It makes them want to identify with that which is furthest removed from themselves. (Thiong’o 1981: 28) White supremacy manifests in the social, economic, political, and cultural history of European expansion and the development of the New World. White supremacy has negatively affected the lives of peoples of African descent throughout the world. The European enslavement based on the economic plantation system led to a global affront on African humanity. Negative effects of White supremacy and racism are ubiquitous in different ways. With the birth of the New World, White supremacy was borne and where African descent reside it has left cultural, and socioeconomic scars. White supremacy and cultural expansion of Europe are inextricably interwoven from the 15th century to the present (Christian 2002: 180). African-centered psychologists, such as Bobby Wright and Frances Cress Welsing focused on the psychology of White supremacy. They attempted to more fully understand the illogical behavior and inhumanness associated with White racism. Bobby Wright was particularly sincere in his analysis of collective White European behavior in relation to peoples of color. Wright contended that White European behavior toward Black people is similar to the psychopath. Welsing writes about the idea of Black inferiority. Both Wright and Welsing approached White supremacy as a behavioral inadequacy. Europeans who favored rapid Westernization of the African argued that old African values must be replaced. The one great hope for progress in Africa, they felt, was the application of European knowledge, experience, and skill. On the opposite side were colonial officials, educators, and non-educators concerned with the maintenance of those traditions in African society. This controversy in education policy was especially evident in Kenya. George Urch states in the article that missionary activity in Kenya dates back to the middle of the nineteenth century. The forces of western civilization in the appearance of trade and Christian missions had access to the area under the protection of the British flag (Urch 1971: 253). Building and operating the railway in Kenya greatly increased the cost of administering the territory; the British government sought ways to make the railway pay so white settlement began. When the white settlers 363 �2nd International Symposium on Sustainable Development, June 8-9, 2010 Sarajevo arrived the prestige and power of the European grew. The mission’s educational objective was to expose Africans to a superior culture. While the Africans were developing an interest in Western-style literary education, the colonial government began to realize the necessity of training Africans for service to the white man. The demand for skilled native labor by the white settlers and commercial leaders caused the colonial administrators to reevaluate the educational program of the missions. The different thought over educational goals arose between the government and the various mission groups. The conflict caused colonial officials to realize the necessity of educating indigenous people and the importance of creating an over-all education forward in a desired direction because a better education by white civilization would elevate the African to a better standard of living (Urch 1971: 254). It was apparent to the government that various missionary groups were continuing to use education as a tool for expanding religious activities and enlarging their own sphere of influence (Urch 1971: 256). The early 1920s brought concern for the people of Africa from outside the world. The development of the “trustee” concept aroused a strong feeling that colonial governments had a greater responsibility toward their subjects. There was a growing recognition that the education of the indigenous population was the concern of the controlling government (Urch 1971: 258). Thus, by 1925 the fundamental problems which faced education in Kenya throughout the colonial period had been magnified to the point where concern was being shown by both African and European (Urch 1971: 258). The government continued its criticism of mission education which displayed more concern for religious training than meeting the social and economic needs of its parishioners; the missionaries were frustrated when their newly educated students left the tribal compound to seek work in the fast developing urban area. So the aim of the education by missionaries was to propagate Christianity and White supremacy tried to use the education for its own sake in Kenya. Colonial government used education to train Africans for service to the white man. The missions established schools in Africa long before the British Government took systematic interest in education. British interest in the control of education policy in Africa in the colonial empire was of short duration, which started in the early 1920s and waned by the 1950s. In 1950s various territories in Africa assumed responsibility for the conduct of their own internal affairs as a prelude to independence. But British education system received a great deal of criticism. Much of the criticism focused on the concept of adaptation and the education system kept indigenous people in their place. Other criticisms were about the slow pace and scope of educational development (Whitehead 2005: 444). Schooling extended to only a minority of children in most colonies and most of that was confined to primary stage. Colonial administration deliberately neglected education for both political and economic reasons. British Government was accused of not extending the benefits of European civilization; furthermore, the British were accused of deliberately pursuing forms of cultural and ideological domination to destroy the cultures of African people (Whitehead 2005: 447). The most scholarly critic of British colonial education policy was Trevor Coombe whose study based on colonial administration’s limiting the provision of secondary education for Africans. As a result he states, when independence was achieved the supply of educated manpower was utterly inadequate to run the country. In his doctoral study of education policy in the Gambia J.C.E. Greig claimed that there was no central policy only general guidelines were worked. Jason A. McGarvey in his article “Conquest of the Mind” writes about a Tanzanian man who had his master and Ph.D. degrees. McGarvey in the article writes during colonization process real life experiences of this Tanzanian man whose name is Semali. Semali says: Education is slavery of the mind. I was born on the slopes of Mount Kilimanjaro in a village called Chaggaland. My people, the Chagga, are an indigenous tribe of Tanzania. While I was growing up in what was then called Tanganyika, we had already been under colonization for nearly a century – first by the Germans, and then the British after the first World War. The colonial school I attended didn't teach me to be a member of Chagga society. Although I had a certain knowledge system as a member of the village, I read, wrote, and spoke things at school that didn't fit into village life. I always wore two different hats. I developed this doubleconsciousness so well that I didn't realize it. In order for the colonizers to exploit the Chagga for labor they first needed to establish themselves as the authority. Because authority traditionally rested in the hands of the Chagga elders, the 364 �2nd International Symposium on Sustainable Development, June 8-9, 2010 Sarajevo colonizers needed to begin dismantling Chagga cultural traditions. The main tool for doing this was the colonial school. The colonial school was set up to instill the values and practices of the colonizers on the indigenous people so that the indigenous people would open up their land and their minds to market economies. In order to establish control over these economies, the colonizers had to first establish control over the socialization of the people. As a result, the colonial schools began socializing the children in ways that conflicted with their traditions. The children began to lose faith and respect for the elders as authority figures, and began to see the colonizers as the authority… (McGarvey 1997: 22) Colonial Education Became a Reason for Decolonization Colonizers believed that their whole culture was more highly advanced, and they ignored or swept aside language and customs of colonized people. Colonialism changes its guise, diversity of forms and methods for the subjugation of dependent countries, especially in the era of imperialism, when colonialism in its "classic forms" of direct political rule of one country over another recedes more and more into the background, while other means for the economic subjugation of weaker countries by industrial powers come to the fore. Native people were afflicted by the impositions of colonial power and misusage of education by colonizers. Colonization and colonial education have brought about these issues “superiority”, “inferiority”, “other”, and “backward” and these terms used for native people led to decolonization. Decolonization is the act of reversing the process of colonization in other words attaining independence. Through decolonization process African colonized people granted their independence. Colonizers thought they were developed and well educated. They thought their level of education and life-style were high so they referred the colonized people as “the peoples not yet able to stand by themselves under the strenuous conditions of the modern world’ and the ‘advanced nations”. These superiority and inferiority issues received some criticism from the indigenous people. The colonial power credibility was challenged, colonized people began to lose faith and respect for colonizers because colonizers despised their culture and referred them as “inferior and backward”. Some local writers such as Chinua Achebe in “Things Fall Apart”, M.G.Vassanji “The In-Between World of Vikram Lall”, and Austin Clarke in “The Polished Hoe” started to complain or criticize about this “othering” or “superiority, inferiority” terms. Conclusion Colonization is taking control of another nation or territory and colonial education is colonizers’ implementing their own form of schooling within their colonies. Poka Laenui in his study “Indigenous Voices” defines the process of colonization and colonial education through some steps. Firstly, Denial and Withdrawal: When a colonial people first come upon an indigenous people, the colonial strangers will immediately look upon the indigenous as a people without culture, no moral values, nothing of any social value to merit kind comment. Thus, the colonial people deny the very existence of a culture of any merit among the indigenous people. Secondly, Destruction/Eradication: The colonizers physically destroy and attempt to eradicate all physical representations of the symbols of indigenous cultures. This may include the burning of their art, their tablets, their god images, the destruction of their sacred sites. Thirdly, Denigration/Belittlement/Insult: As colonization takes a stronger hold, the new systems which are created within indigenous societies, such as churches, colonial style health delivery systems, and new legal institutions, will all join to denigrate, belittle, and insult any continuing practice of the indigenous culture (Laenui 1999). 365 �2nd International Symposium on Sustainable Development, June 8-9, 2010 Sarajevo References Adhikari, Mohamed. “British Colonialism and Its Opponents” Journal of African History, 42.3 (2001): -523-25 Chris, Bunting. “A Tale of a Language Lost and Then Found” Times Higher Education, 1539 (2002): 23-26 Christian, Mark. “An African-Centered Perspective on White Supremacy” Journal of Black Studies, 33.2 (2002): -179-98 Clive, Whitehead. “The Historiography of British Imperial Education Policy” History of Education, 34.4 (2005): -441-54 Geoffrey, Wheatcroft. “The Anguish of Africa” New Republic, 190.1 (1984): 18-23 Gailey, A. Harry. “The Turning Point in Africa” American Historical Association, 88.2 (1983): -445-47 Goodman, Joyce, and Jane Martin. Gender, Colonialism and Education. London: Routledge Publishing, 2005 Hyam, Ronald. Britain's Declining Empire: The Road to Decolonization,1918-1968.NewYork: Cambridge University Press, 2007 Johnston, Harry Hamilton. A History of the Colonization of Africa by Alien Races. New York: BiblioBazaar Publishing, 2009 Kelly, Gail P. and Philip G. Altbach. "The Four Faces of Colonialism."1984 3 Jan. 2010 <http://www.englishmemory.edu/Bahri/Education.html>. Khanna, Raniana. Colonial Rescriptings Dark Continents: Psychoanalysis and Colonialism. London Duke University Press, 2003 Omolewa, Micheal. “The History of Colonialism in Africa” Journal of African American History, 94.2 (2009): 248-52 Panikkar, K.N. Colonialism, Culture, And Resistance. London: Oxford University Press, 2006 Pennycook, Alast. English and the Discourses of Colonialism. London: Routledge Publishing, 1998 Shillington, Kevin. History of Africa. New York: Palgrave Macmillan Publishing, 2005 Smith, L.Young, and Nima Poovaya. “Culture, Resistance, Freedom” Publisher Routledge, 36.1 (2007), -133-37 Southard, John. “Colonial Education.” Fall 1997 2 Jan. 2010 <http://www.englishmemory.edu/Bahri/Education.html>. Susan, Van Zyk. “The Other and Other Others: Post-colonialism, Psychoanalysis and The South African Question” American Imago, 55.1 (1998), 77-98 Urch, E. George. “Education and Colonialism in Kenya” History of Education Quarterly, 11.3 (1971), -249-64 White, Nicholas. Decolonization: The British Experience Since 1945. London: Longman Publishing, 1999 366 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 719 Title A name given to the resource How Did British Colonial Education in Africa Becomea Reason for Decolonization? Author Author MART, Çağrı Tuğrul Toker, Alpaslan Abstract A summary of the resource. As a by-product of colonization, the colonizing nation implements its own form of schooling within their colonies. Colonizing governments realize that they gain strength not necessarily through physical control, but through mental control. This mental control is implemented through a central intellectual location, the school system. At the heart of this policy is the paternalist idea that the “backward” undeveloped inhabitants of the colonized areas need to be educated and brought up to the level of the superior culture and life-style of the colonizing power. Indigenous people were made by brainwashing to discard their own cultures and embrace Western cultures which were supposedly superior, a situation which resulted in a culture of dependency, mental enslavement and a sense of inferiority. White supremacy used education for its own sake so colonial education was a deliberate policy to continue colonial rule. In African British colonies the misusage of education became a major reason for decolonization. Key Words: Colonial Education, Superiority, Decolonization Date A point or period of time associated with an event in the lifecycle of the resource 2010-06 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/eca28b004d5332134caa0e76302178fe.docx 891d8abf93ca8c05347fd5b84542ac36 https://omeka.ibu.edu.ba/files/original/b1ad69a8093fcff9c17ac2fc5458d7bf.pdf 732c467d74af89da010c62b7a10f7a4d PDF Text Text How Do Iranian Teachers Rate Efl Learners' Interlanguage Pragmatic Competence? Minoo Alemi & Zohreh Eslami Rasekh & Atefeh Rezanejad Sharif University of Technology/ Tehran, Iran Key words: Interlanguage pragmatics; Rating; Iranian EFL teachers; Compliment; Compliment response ABSTRACT Several researchers have investigated the issue of Interlanguage pragmatics (ILP) from many different perspectives. Still, an under researched area remains to be the rater’s variation in the assessment of pragmatic competence. Consequently, coming up with criteria employed by raters who are in charge to evaluate pragmatic performances of EFL learners is crucial. This study mainly aimed at investigating the patterns and variations in ratings of non-native English speaking raters in relation to the two speech acts of compliment and compliment response. Fifty four Iranian EFL MA holding teachers were asked to rate twenty eight scenarios on the whole (collected through WDCT from undergraduate EFL learners) for the two speech acts of compliment and compliment response based on a Likert scale ranging from "highly inappropriate" to "most appropriate". The result of the study showed that the main criteria for the teachers included: "politeness (52.68%)", "sociopragmatic appropriateness (35.68%)", "interlocutors' characteristics & relationship (33.47%)", "linguistic appropriacy (23.69%)","variety & range (20.07%)", "complexity (19.32%)", and "sincerity (15.34%)". As the results depict, politeness and sociopragmatic appropriateness were the two major criteria provided by the teachers. Moreover what needs to be pointed out is that in many cases the teachers rated the WDCTs only by assigning a number on the Likert scale without providing any criterion and interestingly there were times when teachers stated that they just feel the EFL learners' production is/isn't appropriate, but couldn't exactly specify why. This reinforces the need for training on pragmalinguistics and sociopragmatics issues among raters who are to evaluate pragmatic performance. � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1845 Title A name given to the resource How Do Iranian Teachers Rate Efl Learners' Interlanguage Pragmatic Competence? Author Author ALEMI, Minoo RASEKH, Zohreh Eslami REZANEJAD, Atefeh Abstract A summary of the resource. Key words: Interlanguage pragmatics; Rating; Iranian EFL teachers; Compliment; Compliment response ABSTRACT Several researchers have investigated the issue of Interlanguage pragmatics (ILP) from many different perspectives. Still, an under researched area remains to be the rater’s variation in the assessment of pragmatic competence. Consequently, coming up with criteria employed by raters who are in charge to evaluate pragmatic performances of EFL learners is crucial. This study mainly aimed at investigating the patterns and variations in ratings of non-native English speaking raters in relation to the two speech acts of compliment and compliment response. Fifty four Iranian EFL MA holding teachers were asked to rate twenty eight scenarios on the whole (collected through WDCT from undergraduate EFL learners) for the two speech acts of compliment and compliment response based on a Likert scale ranging from "highly inappropriate" to "most appropriate". The result of the study showed that the main criteria for the teachers included: "politeness (52.68%)", "sociopragmatic appropriateness (35.68%)", "interlocutors' characteristics & relationship (33.47%)", "linguistic appropriacy (23.69%)","variety & range (20.07%)", "complexity (19.32%)", and "sincerity (15.34%)". As the results depict, politeness and sociopragmatic appropriateness were the two major criteria provided by the teachers. Moreover what needs to be pointed out is that in many cases the teachers rated the WDCTs only by assigning a number on the Likert scale without providing any criterion and interestingly there were times when teachers stated that they just feel the EFL learners' production is/isn't appropriate, but couldn't exactly specify why. This reinforces the need for training on pragmalinguistics and sociopragmatics issues among raters who are to evaluate pragmatic performance. Publisher An entity responsible for making the resource available IBU Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-03 Keywords Keywords. Article PeerReviewed https://omeka.ibu.edu.ba/files/original/9479c736ca79c280407f40ac4e8a695a.pdf afdbaf6dabe9bf7cdabec1e08fd0ecbe Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 3775 Title A name given to the resource How Does Lending from Commercial Banks Impact Performance of Small Enterprises: A Case Study of District Hafizabad, Pakistan Author Author Janjua, Azhar Ali Hayat, Muhammad Azmat Aslam, Muhammad Abstract A summary of the resource. Abstract: This study examines the impact of lending from commercial banks on performance of small enterprises. Financial data of forty business entities of district Hafizabad have been collected from commercial banks, for the period of 2005 to 2013. “Net profit” in the first model and “sales” in the second model are used as dependent variables. Working capital, accumulated profit, net-worth and lending/financing amount are used as independent variables. The study suggests: Firstly, banks’ lending positively affects the performance of small enterprises. Secondly, financing amount illustrates positive effect on net profits of the firms. Thirdly, the preferred amount of lending to small enterprises is less than two million PKR. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2018 Keywords Keywords. Article PeerReviewed DOI Digital object identifier doi: "10.14706/JECOSS18811 " Identifier An unambiguous reference to the resource within a given context ISSN 1986-8499, HB Economic Theory https://omeka.ibu.edu.ba/files/original/649c5683bf6f966d716696c180211cf0.pdf a03bda6477dee4a3b9b7f01285b17cfb Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Title A name given to the resource How does the use of ICTs impact developing economies in terms of GDP? A cross country-level analysis Author Author Ezana Ćeman, Nermina Durmić Abstract A summary of the resource. The purpose of this research is to find the direct and/or indirect relationship between information and communications technologies (ICTs) and the economic development of transitioning countries. Specifically focusing on how technology can be used to advance a developing economy, this paper consists of conceptual background in terms of ICTs as well as a country-level analysis cross-referencing Albania, Armenia, Bosnia and Herzegovina (BiH), Croatia, Serbia, and Slovenia. These countries were categorized as European Union (EU) member states and non-EU countries solely to analyze the factors that can be used to advance a transitioning economy into a developed economy. Out of the selected ICT indicators in the study, it was found that fixed telephone subscriptions, fixed broadband subscriptions, research and development expenditures, and mobile cellular subscriptions all play a significant role for an increase in gross domestic product (GDP). Keywords Keywords. Economic Growth; Information and Communications Technologies; Gross Domestic Product https://omeka.ibu.edu.ba/files/original/4d3af54322f5f09ddc383ca9585d9ddd.pdf 2d59df0e01aab2c696aac364941cbc0a PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo How is Accounting Perceived in Cognitive Level? A Study Based On Metaphor Ahmet Gökgöz Yalova University, Yalova, Turkey ahmetgokgoz83@gmail.com Ahmet Selçuk Dizkirici Sakarya University, Sakarya, Turkey dizkirici@hotmail.com Metaphor is derivated from the word “metapherein” which is in Greek, besides it is occurred by the combining of the words “meta” and “pherein” meaning “to carry” and “to load” respectively (Arslan, 2008: 259). It is replacing a commonly used concept in place of an uncommonly used one to explain the second concept by means of the first one therefore metaphor is making a substitution (Uçma, 2010: 126). Metaphors include information transfer from a well-known field to a new and unknown one generally (Tsoukas, 1991). They are supposed as tools used to explain how the life, environment, events and objects are perceived by the people via different similitudes (Cerit, 2008: 694). The study is prepared to clarify the “accounting” perception of the students taken accounting courses in Community College or Business School in Yalova University by using metaphors. To this end, metaphor questionnaires including a single open-ended question are applied to 159 students. The results are subjected to content analysis and owing to the fact that 39 of the questionnaires could not create metaphors; the study evaluated on 120 questionnaires. Most common metaphors created by the students participated in the study are identified as mathematics, calculator, puzzle and jigsaw puzzle. Keywords: Metaphor, Accounting. 18 � https://omeka.ibu.edu.ba/files/original/d7ed056022e9ae6ef8e01d7449d35f51.docx b5f99b823b79ce3a864810069844050e https://omeka.ibu.edu.ba/files/original/a9945f4a5a36a28ae132cc8dacadd10a.pdf 25d54aff7ec71f5301ccbddddc1ddde8 PDF Text Text International Conference on EconomicandSocialStudies (ICESoS’13), 10-11 May, 2013, Sarajevo How is Accounting Perceived in Cognitive Level? A Study Based On Metaphor AhmetGökgöz Yalova University, Yalova, Turkey ahmetgokgoz83@gmail.com AhmetSelçukDizkirici Sakarya University, Sakarya, Turkey dizkirici@hotmail.com Abstract The study is prepared to clarify the accountingperception of the students taken basic accounting courses in Community College or Business School in Yalova University by using metaphors. To this end, metaphor questionnaires including a single openended question are applied to 195 students. The results are subjected to content analysis and owing to the fact that 75 of the questionnaires could not create metaphors; the study is evaluated on 120 questionnaires. According to the results of questionnaires 37 metaphors are constituted. The most common metaphors created by the students participated in the study are identified as mathematics, calculator, puzzle, scales and jigsaw puzzle. Reasons expressed for the metaphors reveal that accounting perception is related to 10 themes. The most comprehensive ones are the themes which meaning as “accounting is consisted of mathematical operations” and “going through the stages is essential toreach the result in accounting”. Key Words: Accounting, Metaphor, Cognitive Level. Introduction Metaphor is derivated from the word “metapherein” which is in Greek, occurred by the combining of the verbs “meta” and “pherein” meaning “to carry” and “to load” respectively (Arslan, 2008: 259).It is forming relationship with a word having another meaning by using similarities to explain a concept, word, term or event better (Aydın, 2004). Metaphor is replacing a commonly used concept in place of anuncommonly used one to explain the second concept by means of the first one therefore metaphor is making a substitution(Uçma, 2010: 126).They generally include information transfer from a wellknown field to a new and unknown one (Tsoukas, 1991).Metaphors are supposed as tools used to explain how the life, environment, events and objects are perceived by the people via different similitudes (Cerit, 2008: 694). If a concept, word, term or event is symbolized with another concept, word, term or event; that means metaphor is used. There may exist little similarity between two different objects but identifying one of them well facilitates us to understand the other better. As a sample; people saying “The heart works like a pump.”to explain the working of the heart, are using pump metaphor which is well known comparing to heart. The base of studies prepared related to metaphor in social sciences is consisted of“Contemporary Metaphor Theory” explained by Lakoff and Johnson (1980) in their publication named as “Metaphors: We with Live by”. While studies about metaphor were 13 �International Conference on EconomicandSocialStudies (ICESoS’13), 10-11 May, 2013, Sarajevo only in literature science before 80s;as a concept metaphorbegan to exist in the center of interdisciplinary applicationsin cognition and communication studiesafterLakoff and Johnson’s study (Uçma, 2010: 124-126).The studies related to metaphor in accounting field have been existed recently as in the most of the other social sciences (Amernic and Craig, 2009; McGoun and others., 2007; Meyer, 1984; Walters-York, 1996;Walters-York, 2004). Metaphors are suggested to play an active role in the creation and transmission process of the meaning in accounting texts alsothey are suggested to be discussions group that make up the mentioned texts (Walters-York, 1996: 48-49). According to Walters-York (1996); metaphors improve fluency and strengthen the accounting texts also make the statements which can not be explained in any other way easier, to express in aesthetic, cognitive, and pragmatic levels. In this regard; many accounting terms as doubtful debts, accumulated depreciations, fixed/variable costs, liquid assets, fixed assets, equity, responsibility center, profit sharing and goodwill are samples for metaphor usage (Uysal, 2001: 57). Metaphors are means of perception (Arnett, 1999) and they expressa cognitive-way understanding (Lakoffve Johnson, 1980). Therefore; metaphors are benefited for perception survey about a statement, concept, event or anything else. There exist many studies to understand the perceptions of individiuals which are intended to determine many things like events, concepts, professions such as teachers, police, cinema, administration etc.by metaphors. But there has not been any similar study about accounting perception in Yalova province of Turkey thus it is targeted to identify the accounting perceptions of individuals by metaphors in the study. The Objective of the Study The objective of the study is to reveal how accounting is perceived in cognitive level by the students taken basic accounting courses in Community College or Business School via metaphors. The Methodology of the Study The study targeting to reveal the accountingperception of the students taken basic accounting courses in Community College or Business School in Yalova University by using metaphorsis applied to 195 students. In this respect; questionnaires including open ended questions which have been used in similar studies (Cerit, 2006; Kabadayı, 2008; Ocak&Gündüz, 2006; Ünal, Yıldırım&Çelik, 2010; Sarı, 2010) are benefited to allow the source group to express their perceptions about accounting by metaphors. It is requested from the students to complete the sentence expressed as “Accounting resembles to ............... because ............” in the questionnaire. In addition to the questions related to demography such as gender, education and age;metaphors as any existence tangible or intangible, living or unliving or anything else is acquired from the source group via the sentence to complete mentioned above while obtaining data.Consequently;data necessity is gathered from the students participated in the study. Analysis of the Data The metaphors used by the participants are subjected to content analysis and because of the fact that 75 of the questionnaires could not create current ones; the rest (120 14 �International Conference on EconomicandSocialStudies (ICESoS’13), 10-11 May, 2013, Sarajevo questionnaires) are evaluated. The names of metaphors created for accounting and their reasons are computerized to obtain primary data afterwards they are read and evaluated to obtain themes to gather similar metaphors. Therefore primary data are organized and patterns of the data are tried to be defined. Findings The data about demographic characteristics of the participants are shown in Table 1. Table 1: Demographic Characteristics of the Participants Frequency Characteristics Percent (%) (f) Male 52 43,33 Gender Female 68 56,67 Undergraduate 55 45,83 Education Associate Degree Program 65 54,17 17-20 67 55,83 21-23 42 35,00 Age 24-26 7 5,83 27-29 2 1,67 30-? 2 1,67 Total 120 100,00 37 metaphors are created by 120 questionnaires evaluated. The most common ones are observed as; mathematics metaphor by 26 students, calculator (10), puzzle (9), scales (8), jigsaw puzzle (7), life (6) respectively. The acquired data about the metaphors created are shown in Table 2. Metaphor Mathematics Calculator Puzzle Scales Jigsaw Puzzle Life Computer Tree Building Order (f) 26 10 9 8 7 6 5 5 3 3 Table 2: Metaphors Created by Participants Metaphor (f) Metaphor (f) Baby 2 Art 2 Flywheel 2 Sudoku 2 Flowers 2 Research 1 Balance 2 Honey 1 Dominoes 2 Lace 1 Memory Card 2 Equation 1 Photo 2 Eyeglasses 1 Maze 2 Carpet 1 Machine 2 Light 1 Metaphor Woman Camera Fabric Season Spider Web Money Salad Chain Octopus (f) 1 1 1 1 1 1 1 1 1 37 metaphors created by participants are subjected to content analysis so theyare grouped in 10 themes due to the reasons expressed by the students. The seperation of the mentioned themes including the metaphors created by participants (n=120) is shown in Table 3. 15 �International Conference on EconomicandSocialStudies (ICESoS’13), 10-11 May, 2013, Sarajevo Table 3: Themes Including the Metaphors About Accounting Frequency Percent Themes Metaphors (f) (%) Accounting is a 7 5,8 Computer (5), Memory Card (2) recording activity. Accounting is consisted of 26 21,7 Mathematics (26) mathematical transactions. There exist balance and order in 13 10,8 Balance (2), Order (3), Scales (8) accounting. Accounting Photo (2), Eyeglasses (1), Light (1), displays the status 5 4,2 Camera (1) of the business. Accounting is Tree (5), Octopus (1), Flywheel (2), consisted of 13 10,8 Dominoes (2), Spider Web (1), complex and related Salad (1), Chain (1) transactions. Passing through the Research (1), Building (3), Puzzle stages is required to (9), Lace (1), Equation (1), Carpet 29 24,2 achieve the result in (1), Maze (2), Art (2), Sudoku (2), accounting,. Jigsaw Puzzle (7) Accounting requires Honey (1), Baby (2), Flowers (2), 8 6,7 hard working. Woman (1), Machine (2) Accounting is consisted of computation 16 13,3 Life (6), Calculator (10) transactions continuously. Accounting is the repetition of the 2 1,7 Fabric (1), Season (1) same transactions. Accounting means 1 0,8 Money (1) money. As it is seen from Table 3; the most common theme acquired from the metaphors created by the students is “passing through the stages is required to achieve the result in accounting” (f:29, % 24,2). The other themes are respectively ranked as; “accounting is consisted of mathematical transactions” (f:26, % 21,7), “accounting is consisted of computation transactions continuously” (f:16, % 13,3),“accounting is consisted of complex and related transactions” (f:13, % 10,8), “there exist balance and order in accounting” (f:13, % 10,8), “accounting requires hard working.” (f:8, % 6,7) and “accounting is a recording activity.” (f:7, % 5,8). Conclusion The study is prepared to reveal the accountingperception of the students taken basic accounting courses in Community College or Business School in Yalova University by using metaphors.Thus; metaphor questionnaires are applied to 195 students but 75 of them 16 �International Conference on EconomicandSocialStudies (ICESoS’13), 10-11 May, 2013, Sarajevo are not evaluated. The gathered data indicated that 37 metaphors are created and the most common one is “mathematics” metaphore created by 26 participants. The others are ranked as calculator (10), puzzle (9), scales (8), jigsaw puzzle (7), life (6), computer (5), tree (5) and etc. Due to the reasons expressed by participants; 37 metaphors are seperated in 10 themes for content analysis and the mentioned themes are identified respectively. The most common onesare ranked as“passing through the stages is required to achieve the result in accounting” and “accounting is consisted of mathematical transactions” by students besides the last themes are expressed as “accounting is the repetition of the same transactions” and “accounting means money”. References Amernic, J. & R. Craig (2009), “Understanding Accounting Through Conceptual Metaphor: Accounting is an instrument?”, Critical Perspectives on Accounting, Vol.20, pp. 875-883. Arnett, R. C. (1999), “Metaphorical Guidance: Administration as building and renovation”, Journal of Educational Administration, 37(1), pp. 80-89. Arslan, F. (2008), “MetaforikTercihlerBakımındanAkif’iOkuyabilmek”, 1.Uluslararası Mehmet AkifSempozyumu, Mehmet AkifErsoyÜniversitesi, Burdur, ss. 259-264. Aydın, İ. H. (2004), “BirFelsefiMetafor: YoldaOlmak”, UlusalSosyalBilimlerSempozyumu, KırıkkaleÜniversitesi, 9-10 Aralık 2004. 1. Cerit, Y. (2006), “Öğrenci, ÖğretmenveYöneticilerinOkulKavramıylaİlgiliMetaforlaraİlişkinGörüşleri”, KuramveUygulamadaEğitimBilimleriDergisi, 6(3), ss. 669-699. Cerit, Y. (2008), “ÖğretmenKavramı İle İlgiliMetaforlaraİlişkinÖğrenci, ÖğretmenveYöneticilerinGörüşleri”, TürkEğitimBilimleriDergisi, 6(4), ss. 693712. Kabadayı, A. (2008), “Analysing the metaphorical images of Turkish preschool teachers”, Teaching Education, 19(1), pp. 73-87. Lakoff, G. & M. Johnson (1980), “Metaphors We Live by”, Chicago: The University of Chicago Pres. McGoun, E.G., Mark S. Bettner& Michael P. Coyne (2007), “Pedagogic Metaphors and the Nature of Accounting Signification”, Critical Perspectives on Accounting, Vol.18. pp. 213-230. Meyer, A. D. (1984), “Mingling Decision Making Metaphors”, Academy of Management Review, Vol.9(1), pp. 6-17. Ocak, G. & M. Gündüz (2006), “EğitimFakültesiniYeniKazananÖğretmenAdaylarınınÖğretmenlikMesleğineGiriş 17 �International Conference on EconomicandSocialStudies (ICESoS’13), 10-11 May, 2013, Sarajevo DersiniAlmadanÖnceveAldıktanSonraÖğretmenlikMesleğiHakkındakiMetaforların ınKarşılaştırılması”, AfyonKocatepeÜniversitesi SBE Dergisi, VIII(2), ss. 293-309. Sarı, M. (2010), “İlköğretimÖğrencilerinde Polis KavramınınMetaforlarAracılığıylaİncelenmesi”, Polis BilimleriDergisi, Cilt 12(2), ss. 43-80. Tsoukas, H. (1991), “The missing link: Atransformational view of metaphors in organizational science”, The Academy of Management Review, 16(3), pp. 566-585. Uçma, T. (2010), “KavramsalMetaforOlarakMuhasebeyiAnlamak”, MuhasebeBilimDünyasıDergisi, 12(2) ss. 123-141. Uysal, Ö. Ö. (2001), “MuhasebeMetinlerindeMetafor”, EgeAkademikBakışDergisi, 1(2), ss. 53-60. Ünal, A., A. Yıldırım& M. Çelik (2010), “İlköğretimOkuluMüdürveÖğretmenlerininVelilereİlişkinAlgılarınınAnalizi”, SelçukÜniversitesi SBE Dergisi, Sayı 23, ss. 261-272. Walters-York, L. Melisa (1996), “Metaphor in accounting discourse”, Accounting, Auditing & Accountability Journal, Vol.9(5), pp. 45-70. Walters-York, L. Melisa (2004), “Alternative Accounting Thought and the Prison-House of Metaphor”, Accounting, Organization and Society, Vol.29 (2), pp. 157-187. 18 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1475 Title A name given to the resource How is Accounting Perceived in Cognitive Level? A Study Based On Metaphor Author Author GOKGOZ, Ahmet SELCUK DIZKIRICI, Ahmet Abstract A summary of the resource. Metaphor is derivated from the word “metapherein” which is in Greek, besides it is occurred by the combining of the words “meta” and “pherein” meaning “to carry” and “to load” respectively (Arslan, 2008: 259). It is replacing a commonly used concept in place of an uncommonly used one to explain the second concept by means of the first one therefore metaphor is making a substitution (Uçma, 2010: 126). Metaphors include information transfer from a well-known field to a new and unknown one generally (Tsoukas, 1991). They are supposed as tools used to explain how the life, environment, events and objects are perceived by the people via different similitudes (Cerit, 2008: 694). The study is prepared to clarify the “accounting” perception of the students taken accounting courses in Community College or Business School in Yalova University by using metaphors. To this end, metaphor questionnaires including a single open-ended question are applied to 159 students. The results are subjected to content analysis and owing to the fact that 39 of the questionnaires could not create metaphors; the study evaluated on 120 questionnaires. Most common metaphors created by the students participated in the study are identified as mathematics, calculator, puzzle and jigsaw puzzle. Keywords: Metaphor, Accounting. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-10 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 978-9958-834-23-3 https://omeka.ibu.edu.ba/files/original/21b01570502d6bcaa3d5fbf3aa3b2e5b.pdf 8fd14c215e3e0972fae1b8febdaebbc9 PDF Text Text 1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo How Is the Market Size Relevant as a Determinant of FDI in Developing Countries? A Research on Population and the Cohort Size Mustafa Şeref AKIN Assist.Prof.Dr., Fatih University, Đstanbul, Turkey msakin@fatih.edu.tr Abstract : The small size of the market in developing countries is associated with non-market seeking FDI activities. Even though, GDP per capita is a poor indicator for the market seeking FDI activities in developing countries, both population and GDP are crucial. The findings of the study suggest that FDI is concerned with the size of market in developing countries not in per capita basis but rather in aggregate size. More precisely, FDI will more likely focus on regional areas rather than on an expansion through the country. In terms of cohort size, the size of middle age cohort promotes FDI, and old and young age cohorts weaken FDI. Keywords: Developing Countries; FDI; domestic market size; population; cohort size. Introduction How do multinational enterprises decide on the locations of their foreign direct investment (FDI)1? Market size has been the single most widely accepted as a significant determinant of FDI flows (Chakrabarti, 2001). The larger the host area’s (country, region, and sub region) total income and its potential for development, the greater the amount of the FDI investment (Billington, 1999). A large market is necessary for efficient utilization of resources and exploitation of economies of scale (Chakrabarti, 2001). On the other hand, Asiedu (2002) argues that market size is not a determinant for a developing country due to low income. In the FDI literature, not much research on the impact of the market size has been conducted yet for developing countries. The additional originality of this paper is to approach the market size framework from the population aspect and its cohort size. In this respect, this research is intended not just to review previous models dealing with the market size, but also to examine the significance of untested market size determinants of locations. The market size itself cannot be easily ascertained (Billington, 1999). Regressions of Schimitz and Bieri (1972) are estimated for U.S.A. FDI to Canada, the EEC and EFTA. Their market size proxy is GNP and growth of GDP2. Root and Ahmed (1979) identify unattractive, moderately attractive and highly attractive countries in terms of FDI per capita for 58 countries with 38 variables. The unattractive category represents FDI per capita as less than $1, the moderately attractive as between $1 and $4.1, and the attractive as more than $4.1. They use GDP, GDP per capita and growth per capita as a proxy for market size. They argue that the absolute size of GDP is more likely to reflect population size rather than per capita income. Their conclusion is that developing countries that have attracted FDI have a relatively advanced infrastructure, comparatively high growth rates and per capita GDP, and political stability. Culem (1988) tests the impact of market size for 14 countries for the period of 1969-1982. A bigger market allows the benefits of large-scale production to be more readily captured. Moreover, investors naturally prefer faster growing markets, which offer more promising prospects. Billington3 (1999) is the first author to consider population as a variable; she uses population density as a determinant of FDI. Population density implies a more concentrated consumer and labor market as well as a more integrated infrastructure (Billington, 1999). Chakrabarti (2001) states that absolute GDP is a poor indicator since it reflects the size of the population rather than the income per capita. Broadly, this paper aims to explore the impact of market size on FDI considering population size and its characteristics in developing countries in a theoretical and empirical framework. 1 Some major benefits of FDI are that FDI is a much better way than borrowing due to risk factor of repayment, and reforms for an increase of FDI may directly also promote growth (Gastanaga et al. ,1998). 2 Lunn (1980)’s findings support Scmitz and Bieri (1972) except the first lag growth, which is negatively correlated with FDI. 3 Billington (1999) uses GDP and growth rate of GDP. 425 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo This paper is structured in the following ways: In section 2, we define methodology and all the variables of interest. Section 3 provides an analysis of results. Finally, section 5 concludes by considering the implications of these findings. 2. Methodology We use average data from 1980 to 2000, and we apply cross-sectional OLS. The standard error is White Heteroskedasticity Consistent . FDI is a dependent variable. The list of data and countries is obtained from the World Bank (2003) and is reported in the appendix. FDI= α + β (Population Variables) + ∏ (Control Variables)+ ui (11) Where α is a constant coefficient, β and ∏ are the estimated coefficients on the independent variables and ui is an error term. The impact of population variables according to the model that we presented in section 2 is measured in several ways; size of population (n), life expectation (m) and young, middle and older population-cohort size (c). Further more, population growth rate can be also considered in the same framework. Higher population growth rates will more likely attract FDI. 2.1. Dependent Variable Billington (1999) considers total FDI, Culem (1988) uses the share of FDI in GNP, Chakrabarti (2001) prefers FDI per capita, and Asiedu (2002) uses the share of FDI in GDP. In this research, we consider FDI (% GDP) as a standard in the literature (Asiedu, 2002). Plus, Chakrabarti (2001) indicates that GNP refers to citizens who do not live in the country. So, they are not the part of the domestic market. 2.2. Independent Variables 2.2.1. Infrastructure Infrastructure increases the productivity of investments. The proxy for infrastructure varies. Billinton (1999) uses government expenditure on transportation and communications, and Asiedu (2002) chooses telephone mainlines (per 1000) as a proxy for infrastructure. In this research, we will use telephone mainlines (per 1000) as in standard in the literature (Asiedu, 2002) 2.2.2. Import A high level of imports into the host area may indicate a high level of penetration by foreign companies who may begin exporting to the host countries and switch later to FDI (Culem, 1988). 2.2.3.Manufacturing Industrialization will tend to encourage capital-intensive companies, so it should also attract FDI. The share of manufacturing in GDP represents the degree of industrialization (Wheeler and Mody, 1992). 2.2.4. Human Capital Multinational are distinguished from national firms in terms of four characteristics: high level of R&D, professional and technical workers, new and complex products and advertising (Markusen, 1995). From this perspective, we believe that human capital as well as physical infrastructure in a country is relevant to draw FDI to the country. The theoretical relationship between human capital and FDI is demonstrated by Zhang and Markusen (1995). Multinational firms are able to exploit factor-price differences in the world economy, locating skilledlabor intensive phases of operation in skilled-labor abundant locations and unskilled-labor-intensive in respective locations. (Zhang and Markusen, 1995). This correlation is tested the macro level by Akin and Vlad, (2004). The authors show that FDI flows to skilled-labor abundant countries. In this research, primary education enrollment is considered as a proxy for human capital (Barro, 1991). 2.2.6. Income We include income, since concepts such as total GDP, GDP per capita and growth are considered as proxies of the abundance of the market size. We are able to compare the population argument with the standard proxies (see more discussion in the introduction and the theoretical framework). 426 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo 3. Empirical Results Table 2 reports the results of the regression of Model 1 and 2, which compare population size and GDP. The results show that the population size is more relevant than GDP to measure the effects of domestic market. A more populated nation can have a more promising future for investors. However, a similar comparison is realized in model 4 and 5. In this case, both of the variables are positive and significant. This result suggests that GDP is a good proxy to measure the market size. However, in some cases GDP is not sufficient to take into account the population size. For instance, a country, which may currently have a low GDP, may have a high GDP in the future, thanks to growth of income and population. In this context, population reflects promising prospects. Variables Constant Telephone Mainlines Import (%) GDP Per Capita (PPP) GDP Growth (%) Pop Growth (%) Pop Density Pop Total Life Expectancy GDP (PPP) 0-14 Age Pop 14-65 Age Pop 65 Over Pop Primary Education (%) Manufacturing Value Added N R-square Table 2: FDI (%) is dependent variable: average 1980-2000 Model 1 Model 2 Model 3 Model 4 -.52 -.54 -.23 -.63 (-.36) (-.37) (-.16) (-.46) -.0047 -.0047 -.005 -.000457 (-1.42) (-1.42) (-1.52) (-0.09) .05 .05 0.05 0.04 (4.9)*** (4.7)*** (4.73)*** (5.03)*** -0.00000391 -0.00000155 -0.0000009 - 8.08 (E-08) (-.03) (-.134) (0.08) (-.61) -0.052 -0.049 -.05 -.05 (-.95) (-.88) (-1.09) (-1.27) -.37 -.37 -.44 -.51 (-2.48)** (-2.43)** (-2.89)*** (2.8)*** -0.002 -0.002 -.0024 -.0027 (-2.21)** (-2.129)** (-2.29)** (-2.3)** 11(E-10) 1.52 (E-09) (1.68)* (1.72)* 0.026 0.026 0.024 0.01 (1.001) (1.001) (.92) (.6) 45 (E-14) (1.01) -2.04 (E-08) (-1.27) 3.29(E-08) (1.81)* -2.52 (E-07) (-1.88)* .023 (2.92)*** -.064 (-1.57) 110 110 110 105 .32 .32 .33 .38 White Heteroskedasticity-Consistent Standard Errors * **t is statistically significant at 1% level ** t is statistically significant at 5 level *t is statistically significant at 10 % level Model 5 -.63 (-.45) -.000253 (-0.052) 0.04 (4.96)*** -.0000971 (-.73) -.06 (-1.29) -.51 (2.8)*** -.0026 (-2.2)** 0.01 (.6) 9.52(E-13) (1.75)* .022 (2.88)*** -.064 (-1.59) 105 .38 Asiedu (2002) argues that FDI flows with non-market seeking activities in developing countries. Even though GDP per capita and GDP growth are negatively correlated (not significant) in all models, GDP or population size is positively correlated with FDI and significant. This may indicate that FDI is taken into account the size of market in developing countries not in per capita basis but rather in aggregate size. More precisely, FDI will more likely focus on regional areas with relatively higher purchasing power rather than on an expansion throughout the country. 427 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Model 3 includes the population by cohort size: young (0-14 age), middle (14-65) and old (65 and above) ages. Our regression suggests that the middle age1 cohort is positively and significantly correlated with FDI. However, the older cohort size is negatively and significantly correlated with FDI. This suggests that a society where the age demography consists heavily of old people will receive less FDI because old people have a shorter life span and are more likely to be maturated in consumption2. The coefficient of young cohort size is negative and not significant. Contrarily, a young cohort size can be very eager to purchase all goods. On the other hand, they may not earn income or receive sufficient allowances from their parents to fulfill their aspirations. Model 4 and 5 indicate that human capital acquisition is important to attract more FDI (Akin and Vlad, 2004, Walkirch 2003). However, telephone mainlines as a proxy of infrastructure and manufacturing as a proxy of industrialization are negatively correlated but insignificant. Further more, high population growth and population density are not promoting FDI. However, Billington (1999) suggests that the concentration of the human resources in one region is more attractive for FDI. This result suggests the importance of the balanced in population density. None of the regression results finds an enhancement of FDI due to life expectation. 4. Conclusion We have presented a model in which population and its characteristics have a systematic effect on FDI in developing countries. The small size of the market due to the low income argument in developing countries is associated with non-market seeking FDI activities. Even though GDP per capita is a poor indicator for the market seeking FDI activities in developing countries, both population and GDP are crucial. This result suggests that FDI is taken into account the size of market in developing countries not in per capita basis but rather in aggregate size. More precisely, FDI will more likely focus on regional areas with relatively higher purchasing power rather than an expansion through the country. We also hypothesize that higher life expectation and young cohort size will attract more FDI. The result shows that life expectation has a slight impact on FDI. An overwhelmingly young or old cohort size impedes FDI; however a moderate age composition attracts FDI. Human capital acquisition promotes FDI. The weak association between the level of manufacturing and FDI suggests that FDI in developing countries barely flows to industrial sectors. References Akin, M and V. Vlad (2004). The Relationship between Human Capital and Foreign Direct Investment Testing ZhangMarkusen Theory (ZM). Working paper. Asiedu, E. (2002). On the Determinants of Foreign Direct Investment to Developing Countries: Is Africa Different? World Development, vol. 30 (1), 107-119. Barro, R. (1991). Economic Growth in a Cross Section of Countries. The Quarterly Journal of Economics. 106 (2), 407-443. Billington, N. (1999). The Location of Foreign Direct Investment: An Empirical Analysis. Applied Economics, 31(1), 65-76. Culem, C.G. (1988). The Location Determinants of Direct Investments: Among Industrialized Countries. European Economic Review, 32 (4), 885-904. Chakrabarti, A. (2001). The Determinant of Foreign Direct Investment: Sensivity Analysses of Cross-Country Regression. Kyklos, 54 (1), 89-114. Haufler, A. and I. Wooton. (1999). Country Size and Tax Competition for Foreign Direct Investment. Journal of Public Economics, 71 (1), 121-139. Friedman, J, D. Gerlowski, and J. Jilberman (1992). What Attracts Foreign Multinational Corporations? Evidence From Branch Plant Location in the U.S.. Journal of Regional Science, 32 (4), 403-18. Gastanaga, V., J. Nugent, and B. Pashamova (1998). Host Country Reforms and FDI Inflows: How Much Difference Do They Make? World Development, 26(7), 1299-1314. Lunn, J. (1980). Determinats of U.S. Direct Investment in the EEC. Euiropean Economic Review, 13 (1), 93-101. Markusen, J. (1995). The Boundaries of Multinational Enterprises and the Theory of International Trade. Journal of Economic Perspectives, 9 (2), 169 1 Our theoretical model favors the young cohort size rather than the middle age cohort. A similar argument can be made in terms of traditional and modern consumption patterns, since relatively young people can be more eager of new items. 2 428 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Root, F and A. Ahmed (1979). Empirical Determinants of Manufacturing Direct Foreign Investment Developing Countries. Economic Development and Cultural Change, 27, 751-767. Schmitz, A and J. Bieri (1972). EEC Tariffs and U.S. Direct Investment. European Economic Review, 3 (3), 259-270. Wheeler, D. and A. Mody (1992). International Investment Location Decisions. Journal of International Economies, 33, 5776. World Bank (2003). Social Indicators. (CD-ROM). Zhang, K.H. and J.R. Markusen (1999). Vertical Multinationals and Host-Country Characteristics. Journal of Development Economics, 59 (2), 233-252. 429 � https://omeka.ibu.edu.ba/files/original/af7135c6897f6637fcf6741a26f6cc3e.doc 9002aa75ef16112b5c1884514f996c04 Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 286 Title A name given to the resource How Is the Market Size Relevant as a Determinant of FDI in Developing Countries? A Research on Population and the Cohort Size Author Author AKIN, Mustafa Seref Abstract A summary of the resource. The small size of the market in developing countries is associated with non-market seeking FDI activities. Even though, GDP per capita is a poor indicator for the market seeking FDI activities in developing countries, both population and GDP are crucial. The findings of the study suggest that FDI is concerned with the size of market in developing countries not in per capita basis but rather in aggregate size. More precisely, FDI will more likely focus on regional areas rather than on an expansion through the country. In terms of cohort size, the size of middle age cohort promotes FDI, and old and young age cohorts weaken FDI. Date A point or period of time associated with an event in the lifecycle of the resource 2009-06 Keywords Keywords. Conference or Workshop Item PeerReviewed HB Economic Theory https://omeka.ibu.edu.ba/files/original/9dfcb49251890b4b2e57b897d00a7e60.pdf a438dcfb296868fae45d1b992d86a476 PDF Text Text How Marketing Made One of the Unhealthiest Beverages a Top Demanded One the Power of Great Marketing Rea Gegaj Epoka University Tirana, Albania Sara Dedej Epoka University Tirana, Albania Speranca Reka Epoka University Tirana, Albania Abstract: Marketing has taken a leading role regarding the success of any business because nowadays with the opportunity to improve product/service quality - through technology development and information availability- any organization can achieve desired results in terms of what they have to offer. This leaves more room for functions like marketing to be fully applied in accordance to organizational goals. Therefore this paper aims to explain how powerful marketing can be through the example of the giant Coca-Cola Company, which has been producing and selling unhealthy products since 1886 and yet leads the beverage industry to this day. The paper also analyses some facts and data that help better understand how because of strong marketing strategies and worldwide brand recognition people will even buy and massively consume these kinds of harmful products. Key words: marketing, organization, Coca-Cola, unhealthy, buy, consume. Why is Coca-Cola considered an unhealthy product? In a can of cola there are 10 teaspoons of added sugar, while World Health Organization recommends using no more than 6 teaspoons of added sugar on a daily basis. This means drinking only a can per day takes you above these guidelines. This kind of amount of sugar is surely associated with other health conditions such as obesity and especially diabetes if you consume 1-2 cans per day. On 2015 Medical News Today reported that 184,000 global deaths each year are caused by large amounts of sugary drink consumption. 79 �Coca-Cola has a very high sugar content that should immediately make us vomit when it enters our body but the phosphoric acid this beverage contains dulls the sweetness, allowing us to keep the drink down. According to British pharmacist NirajNaik a 330 ml can of cola can cause these damages to our body in only one hour: -Increased blood sugar level (first 20 minutes) -Burst of insulin -The liver turns the big amount of sugar into body fat -Increased blood pressure and dilation of pupils because of the caffeine cola contains (40 minutes) -Adenosine receptors get blocked from caffeine shot, preventing fatigue -The production of dopamine ( a neurotransmitter that helps control the pleasure and reward centers of the brain) increases -The increased level of dopamine stimulates these centers making us crave for more (just like heroin does). This means it has addictive ingredients which can make the consumer addicted just like other illegal drugs and this is a very serious problem regarding this products quality. Coca cola has even been scrutinized by the environment and human rights department for inducing bad and unhealthy food products. What makes Coca-Cola a top demanded product? As mentioned in the abstract marketing plays a very big influential role regarding the customer’s positive stand towards a product or the whole company itself. Coca-Cola owners and managers seem to have understood the importance of good marketing since 3.1% of all beverages consumed around the world are their products. The company has a responsible marketing policy which is based on principles like Choice ( a large range of beverages to support consumer’s diets and lifestyles) ; Honesty ( ensure transparency in all marketing activities) and so on. Brand recognition is a powerful aspect that cola completely owns. According to Business Insider 94% of the world’s population recognizes the red and white logo. Apple and Microsoft combined spend less money on advertising than Coca-Cola. They serve on a daily average to 1.9 billion people all around the world. To achieve the results mentioned above as a company Coca-Cola has brilliantly used strong marketing strategies (some of which will be explained in the next paragraphs) through which it has become as successful as it is today. First thing that makes cola so irresistible is the unique, market-tested formula. John Pemberton the creator of Coca-Cola first wanted to develop a version of the cocoa wines but the prohibition laws that forced producers to produce non-alcoholic beverages at that time obliged him to 80 �remove the alcohol from the formula. He then sent his test sodas to a pharmacy for people to try and from the feedback he received created a recipe that was unique and tailored to customer’s tastes. There have been minor adjustments through time but the recipe has largely remained unchanged. Because of this the company didn’t spend time trying to tailor the taste to regional markets throughout the world and since its creation cola has been one of the most preferred beverages by many people. Second thing that makes coke so familiar and preferred is its logo. has used the same logo for 100 years and it has become a part of anyone’s life without doubt. Another “trick” the company used was keeping the consumer price fixed for 70 years (1886-1959). With this kind of approach cola scaled across the US and throughout the world. From 1887-1920 Cola gave away 10% of all products in order to build brand awareness. It also provided posters, calendars, decorations etc. for costumers. Coke was as much a drink as it was a consumable brand, an idea consumers could feel good about identifying with. Promotion and ways to reach the customers Still a part of marketing campaigns and brand awareness are top line promotions and below the line promotions. Top line promotions include: promotional activities intended towards mass consumers using mass media; TV ads; design of banners; sponsorship initiatives like the world cup etc. On the other hand below the line promotion include: promotion schemes and publicity materials; sales promotion etc. Other methods used: creating Santa Claus; association with McDonalds; endorsing through top celebrities; building high brand visibility; packaging in an attractive and economical way. The advertisements are national. A big success was the vending machine ‘Happiness machine around the world’. Once associated with a positive atmosphere every intended idea can easily get to people’s emotions and that’s what Coca-Cola does. New advertisements or even new marketing campaigns begin at specific periods like summer time or Christmas. These large networks of interaction with customers is very beneficial to the company because any feedback is immediately received and through all these costing marketing means cola makes sure most of the feedback remains positive. They reach the people in a unique way that even if you are not a consumer you might become one. I believe this achieved good relationship with the costumers is based on the company’s mission and vision. Mission – “Our Roadmap starts with our mission, which is enduring. It declares our purpose as a company and serves as the standard against which we weigh our actions and decisions. 81 �   To refresh the world. To inspire moments of optimism and happiness. To create value and make a difference.” Vision– “Our vision serves as the framework for our Roadmap and guides every aspect of our business by describing what we need to accomplish in order to continue achieving sustainable, quality growth. Conclusion Based on everything that has been discussed above it is apparent that marketing’s power is without doubt a key factor of success in business no matter how healthy or unhealthy what you are promoting might be. According to Peter Drucker the purpose of a business is to create a customer and the two main functions of a business are innovation and marketing. Therefore seen from a business perspective Coca-Cola is on the right track and will probably control most of the market shares of beverage industry for the upcoming years. However, we must not neglect the importance of the health issues mentioned above because at some point they might become a key factor in the bankruptcy and fall of this giant. References Contributor, &Swaim, R. W. (2016). BPM, Lean Six Sigma & continuous process improvement. Retrieved February 9, 2017, from http://www.processexcellencenetwork.com/innovation/columns/peter-drucker-on-sales-andmarketing N. (2014, February 25). Healthy drinks. Retrieved February 9, 2017, from http://www.healthydrinks.net/6-harmful-effects-of-drinking-coca-cola-coke-or-pepsi/ Company, T. C.-C. (2013, January 31). Who we are. Retrieved February 9, 2017, from http://www.coca-colacompany.com/careers/who-we-are-infographic Whiteman, H. (2015, August 15). How coca-cola affects your body when you drink it. . Retrieved from http://www.medicalnewstoday.com/articles/297600.php Bhasin, K. (2011, June 9). 15 facts about coca-cola that will blow your mind. Retrieved February 9, 2017, from Business Insider, http://www.businessinsider.com/facts-about-cocacola-2011-6#coca-cola-spends-more-money-on-advertising-than-microsoft-and-applecombined-11 Moye, J., & Staff, J. (2013, October 29). Label-less coca-cola cans tackle prejudice during Ramadan. Retrieved February 9, 2017, from https://www.cocacolacompany.com/stories/marketing-to-millennials-5-ways-coca-cola-is-embracingcreativity-and-innovation 82 �Bhasin, H., Isaac, hassan, bisma, &gendy, ibrahim. (2016, December 2). Marketing strategy of brands. Retrieved February 9, 2017, from STRATEGIC MARKETING, http://www.marketing91.com/marketing-strategy-of-coca-cola/ Staff, J. (2015, May 1). Related stories. Retrieved February 9, 2017, from http://www.cocacola.co.uk/about-us/responsible-marketing Company, T. C.-C. (2016). Coca-cola global: Soft drinks& beverage products. 83 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 3656 Title A name given to the resource How Marketing Made One of the Unhealthiest Beverages a Top Demanded One the Power of Great Marketing (doi: 10.14706/icesos1719) Author Author Gegaj, Rea Dedej, Sara Reka, Speranca Abstract A summary of the resource. Abstract: Marketing has taken a leading role regarding the success of any business because nowadays with the opportunity to improve product/service quality - through technology development and information availability- any organization can achieve desired results in terms of what they have to offer. This leaves more room for functions like marketing to be fully applied in accordance to organizational goals. Therefore this paper aims to explain how powerful marketing can be through the example of the giant Coca-Cola Company, which has been producing and selling unhealthy products since 1886 and yet leads the beverage industry to this day. The paper also analyses some facts and data that help better understand how because of strong marketing strategies and worldwide brand recognition people will even buy and massively consume these kinds of harmful products. Key words: marketing, organization, Coca-Cola, unhealthy, buy, consume. Date A point or period of time associated with an event in the lifecycle of the resource 2017 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/2eea90c36dbeda690e24a3e597f157b7.pdf 753b9568a3caec823f07e71e6b96fde8 PDF Text Text Journal of Economic and Social Studies How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina Jasmina Mangafić School of Economics and Business, University of Sarajevo Bosnia and Herzegovina jasmina.mangafic@efsa.unsa.ba Danijela Martinović School of Economics and Business, University of Sarajevo Bosnia and Herzegovina danijela.martinovic@efsa.unsa.ba Abstract: The purpose of this study is to examine two leverage ratios using a sample of non-financial companies in Bosnia and Herzegovina (BiH). It was done by taking into account the joint effect of traditional capital structure determinants and managers’ personal values and aspirations. We applied hierarchical regression analysis to determine the contribution of profitability indicators, firm size indicators, assets, growth, networking, managerial strategies, managerial psychology, managerial human capital and earnings volatility to explain the variance in capital structure. The results suggest that companies with less experienced owners/managers and higher firm growth have higher financial leverage ratios. In the analysis of the balance sheet leverage, financial proxies of capital structure seem to be significant in explaining capital structure variance. Therefore, companies with lower profitability, a lower level of fixed assets and higher growth opportunities have higher balance sheet leverage ratios. The findings provide better understanding of theoretical perspectives that can best explain how companies choose their capital structure in the transition economy context. Furthermore, empirical findings should help corporate managers to make optimal capital structure decisions. Volume 5 Number 2 Fall 2015 Key words: Capital Structure Choice, Firm Characteristics, Managerial Traits, Hierarchical Regression Analysis, Transition Economy JEL Classification: D03, G02 Article History Submitted: 10 March 2015 Resubmitted: 23 June 2015 Resubmitted: 14 September 2015 Accepted: 12 October 2015 http://dx.doi.org/10.14706/JECOSS15529 181 �Jasmina Mangafić, Danijela Martinović Introduction Although there is a universal consensus that financial theories have contributed to the understanding of capital structure decision-making, these financial theories disregard the role played by firm management in determining capital structure, especially for small and medium-sized enterprises (SMEs), where managers exert a greater influence on the financing decisions compared to larger firms (Norton, 1991; Matthews et al., 1994), as is the case in Bosnia and Herzegovina (BiH). Considering the significance of management influence in making financing decisions, management researchers have developed a variety of alternative theoretical frameworks based on diverse paradigms (as strategic management, psychology and sociology) to describe how financing decisions in SMEs are made (Barton and Matthews, 1989; Matthews et al., 1994; Romano et al., 2000; Ang et al., 2010; Hackbarth, 2008). This group of different management-based theories required an overall theoretical framework until Van Auken’s (2005) launch of a model illustrating the dynamics of SMEs capital acquisition decisions, which recognized the primary determinants influencing the decisions on capital acquisition as being built on managerial characteristics and attitudes. This model incorporates a number of managerial factors which may affect the capital structure choice such as experience, risk preference, growth intentions and networking. Using the theoretical structure of Van Auken’s (2005), we identify managers’ influences on capital structure as consisting of managerial features (managerial network ties, education and experience) and attitudes (managerial aversion to external control, risk-taking propensity and growth intentions). Within this framework, we also consider firm-level characteristics such as size, profitability, asset structure, growth opportunity and earnings volatility, proposed by the conventional capital structure theories, to determine the extent to which managerial factors in conjunction with firmlevel characteristics influence the capital structure choice of SMEs. The objective of this paper is to examine the importance of manager traits and attitudes in explaining the decisions made regarding capital structure in companies in developing economies/economies in transition, while using a sample of FBiHi enterprises.Our findings should provide deeper understanding of theoretical perspectives which best explain how companies choose their capital structure in the developing context. In particular, we contend that extending traditional capital structure theory to account for these managerial traits can decrease some important gaps between the known theoretical predictions and the unresolved empirical facts. In particular, financial executives in developing countries may hold different attitudes than their counterparts in developed countries. On the other hand, although there is some evidence (Booth et al., 2001) that developing countries have similar capital structures to those in developed countries, the firm variables have a relatively low effect on the structures. The reason for the poor cause and effect relationship may be due to institutional factors and management preferences. Therefore, this study brings together research on financial and strategic management, decision making, as well as social psychology in order to develop a conceptual model for understanding capital structure decision-making in privately held firms. 182 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina Literature Review Growth intentions and profit maximization are two managerial objectives that have gained the most attention in the literature with regards to their relationship to capital structure. Berggren et al. (2000) assert that decision-makers whose leading aim is business growth will tend to be less control averse and more active in searching for external sources of finance when internally originated funds are insufficient. Although limited empirical work has been conducted on how the manager’s intentions to maximize profit influence financing decisions, it is suspected that firms with intentions to maximize profits in the short-term will seek higher levels of short-term financing to take advantage of economic opportunities that present themselves. Such firms, however, should therefore be less reliant on long-term financing in their capital structure. Barton & Matthews (1989) and Matthews et al. (1994) were the first to emphasize that the risk propensity and control aversion of decision-makers may be significant determinants of capital structure in SMEs. The preceding empirical work performed on SMEs in Western economies validates that some managers prefer internal sources of funds, fearing that dependence on external sources of finance might lead to a loss of control over the firm and restrict the authority of owners to make decisions autonomously (Berger and Udell, 1998; Harvey & Evans, 1995; Hutchinson, 1995). In China and in many other emerging and developing economies, a weak institutional environment reinforces agency problems and leads to greater mistrust between managers and external capital providers (Young et al., 2008). Barton and Matthews (1989) and Matthews et al. (1994) suggest that the risk-taking propensity of SME manager will influence the debt level they are willing to adopt. In general, managers with risk perception bias believe their company is less risky than it actually is and therefore less likely to experience financial distress. Because of a weak institutional environment, risk-taking propensity might be expected to have an even bigger influence on the financing choices of SMEs in emerging and developing economies. Human capital may affect the capital structure of SMEs in a number of ways. The value of a manager’s human capital, defined here as the knowledge and diverse skills of the SMEs managers (Hatch and Dyer, 2004), depends on the firm’s business strategy. Some studies suggest that human capital is positively linked to the use of debt in SMEs (Bates, 1990; Zhang, 2008) while others find no or a negative relationship (Scherr et al., 1993; Romano et al., 2000; Cassar, 2004). For example, Scherr et al., (1993) observe a negative and statistically significant relationship between the age, managerial experience and education level of the manager and the use of debt in the capital structures of SMEs. However, research conducted by Zhang in 2008 on the sample of SMEs in China showed that companies whose managers are more highly educated are more likely to rely on formal debt financing. This positive relationship could be attributed to the fact that managers holding college degrees and/or graduate degrees are assumed to have the additional knowledge required for better decisionmaking and consequently may be more competent than managers without those degrees. Additionally, their educational background might be an indication to outside investors about the firm’s human capital quality and influence the creditor’s willingness Volume 5 Number 2 Fall 2015 183 �Jasmina Mangafić, Danijela Martinović to approve the loan. As far as managers’ experience is concerned, experienced managers should have the capability to better perform risk assessment (Ozgen and Baron, 2007). The owner’s/manager’s background and experience are assets that contribute to the decision-making regarding access to resources – including financial resources - and consequently signal the competitive advantage of that company (Schutjens and Wever, 2005). It is important to note that the human capital immanent in the manager’s prior experience plays a more important role in decreasing the asymmetric information between the firm and external investors in developing economies than is the case in developed economies. Generally, research studies performed in developed economies show a negative relationship or no relationship between the age of the manager and the company’s reliance on external financial sources (Scherr et al., 1994; Romano et al., 2000). Scherr et al. (1994) offer the possible reasons for such findings: the unwillingness of financiers to lend to older people because of shorter anticipated time of their ownership, the fact that older owners/managers are more risk averse in comparison to those younger, but also having in mind that older owners/managers are wealthier than the younger ones, which allows them to use more of their personal wealth to finance their business operations. Applications for bank loans are also influenced by the social capital, i.e. the actual and potential resources reachable through an actor’s network of relationships (NahapietandGhosal, 1998). Because of the lack of publicly-available data on SMEs, financiers often depend on their informal contacts with managers at other firms to assess the creditworthiness of a loan applicant and the feasibility of their business proposals (Nguyen et al., 2006). In this study, we use Wu’s and Leung’s (2005), definition of network ties. Despite a growing amount of work on the role played by network ties in the financing behavior of firms, limited work has examined how network ties might influence the capital structure of companies. Empirical Framework This study is an attempt to give a comprehensive and robust analysis of the determinants of the capital structure of FBiH firms. The conceptualization of corporate structure choice employed in this research adds firm-level characteristics proposed by traditional financing theories to the managerial factors influencing the capital structure choice, to propose and test a new theoretical model (Figure 1). Using Van Auken’s (2005) structure, we identify manager influences on capital structure as consisting of managerial characteristics (managerial network ties, education and experience) and attitudes (managerial aversion to external control, risk-taking propensity and growth intentions). We seek to determine the extent to which each of the proposed factors influences the capital structure of FBiH companies, when pooled together. The research results will provide the following information: (1) To what extent the existing capital structure theories from the finance paradigm can adequately explain the financial behavior of firms in the developing economy context? (2) To what extent the managerial strategy, psychology, human capital and network ties influence the capital structure of firms in FBiH? 184 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina Figure 1. Conceptual Framework of Capital Structure Choice Capital Manager’s Manager’s characteristics Managerial strategy structure level Managerial psychology determinants Manager’s attitudes Managerial human capital Network ties Firm’s level Firm size determinants Profitability Growth opportunity Asset tangibility Risk Source: Framework proposed by authors The main research hypothesis of the study is as follows: • Personal characteristics and attitudes (latent factors: managerial strategy, managerial psychology, managerial human capital and network ties) coupled with traditional capital structure determinants (latent factors: assets, firm’s size, asset tangibility, and growth opportunities with earnings volatility as the observed variable) are determinants of the capital structure. Based on the literature review provided above, assumptions about the influence of managerial characteristics on capital can be articulated through the following hypotheses: 1) the growth intentions of the manager are positively correlated to leverage, 2) the intention of the manager to maximize profit is positively correlated to leverage, 3) the aversion to external control of the manager is negatively correlated to leverage, 4) the manager’s risk-taking propensity is positively correlated to leverage, 5) the educational level of the manager is positively correlated to leverage, 6) the managerial experience of the manager is positively correlated to leverage, 7) the age of the manager is negatively correlated to leverage and 8) manager’s personal network ties with other companies, government officers and banks will be positively correlated to the leverage. Data Collection and Sampling The variables we use for the analysis are taken partly from financial statements and partly from a survey. While surveys have limitations (e.g., non- respondent bias), at least they give a window into executive thinking on capital structure. They try to find the hidden motivation behind the financing choice and have the advantage that they can question difficult to measure and complex factors. Volume 5 Number 2 Fall 2015 185 �Jasmina Mangafić, Danijela Martinović Due to the financial statements data availability, this study will focus on one entity, the Federation of BiH (FBiH). We used the AFIP (Agency for the Financial, IT and Intermediary Services) dataset for the 2012 that maintains a comprehensive financial database of all companies operating in the FBiH, containing 19,446 firmyear observations. The AFIP database is made available for commercial use by “Tron Systems”. This database contains the balance sheets and income statements of all companies obliged to submit their reports to the AFIP, under the law. After collecting the data, but before running the main data analyses, we performed a dataset screening process for ungrouped data (Tabachnik and Fidell, 2013). After initial screening, our dataset contained a total of 18,393 firm-year observations, where the limited liability company is the dominant legal form of organization accounting for over 97.5% of the sample analyzed in the observed year. Having in mind that fact, owners will be very often also the managers of their companies. The focus of our empirical enquiry/study is capital structure decision of joint stock (JSC) as limited liability companies (Ltd), stratified by 16 different industries. In order to better understand the characteristics of the homogenous subsets (Albright, Winston, and Zappe, 2006), we had to exclude a certain number of enterprises from the population data. In particular, we eliminated the companies legally organized as neither JSC nor Ltd. Furthermore, banks, financial companies, and insurance companies were also removed from the sample because of their specific financial structure. Investment companies were neither included, because their income mainly results from the value of their holding portfolios. This value depends on the financial structure and business conditions of the firms whose stocks are included in the portfolio rather than the financial structure of the investment companies. This restriction is necessary because banks, as well as insurance and investment companies are subject to rigorous regulations concerning their capital structure and financing decisions and are additionally severely affected by exogenous factors (Rajan and Zingales, 1995). Additionally, out of the entire sample of companies present in 2012, a random selection of 450 companies among different industries was made in order to apply an online questionnaire ensuring additional data on managerial psychology, managerial strategies, managerial, human capital and network ties. The questionnaire was distributed to the sample of enterprises from the dataset used in the first research stage, selected from the sampling frame using: (i) random number tables and (ii) random number generator, such as Research Randomizer (2008). This sampling technique was possible as the sampling frame was vast enough. We applied a questionnaire used in past research on firm financing decisions, including Van Auken (2005) and Carter and Van Auken (2005). The respondents were asked to identify characteristics of their firms, ownership structure, number of employees and the size of market served. The second section asked respondents to rank perceptions (1=strongly disagree to 5=strongly agree) of 25 issues related to network resources, business objectives and external financing. In the third section, we asked them questions about the personal characteristics of the managing director. Pretesting was conducted in order to test for clarity, after which the questionnaire was slightly revised. The main changes were made to the formulation of questions. 186 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina We received 242 questionnaires that satisfied the recommended sample size gained via sample power analysis performed using G*Power 3.1.7. of 205. But the response ratio of 53.78% cannot be ignored, and we needed to check whether there was a presence of non-response bias. We applied the Mann – Whitney U test to see whether there was a statistically significant difference between the values ​​of variables from the financial statements of companies that participated in the survey and companies that did not. Out of the 15 variables from financial statements used in further analysis only two variablesii showed a significant difference between the companies who responded and the companies that did not respond to the survey. Furthermore, we followed up by conducting another mini survey with the sample selected randomly from the nonrespondents (those who did not participate in the actual survey). However, the followup survey was done using a different method of soliciting and data collection, to ensure that differences observed were not due to the survey method’s effects. We conducted telephone interviews with 15 non-respondents asking them to complete the survey over the phone. When this was done, the researchers compared the responses between the respondents and the non-respondents on the key variables from the survey. We found no differences and therefore, we believe that the responses to our survey are non-response biased. Results and Discussion Since the main research objective in this paper is to assess contribution of underlying manager’s personal characteristics and attitudes with traditional capital structure determinants in explaining the firm’s capital structure choices, we have employed standard and hierarchical regression analysis. Leverage was measured by two variables (Welch, 2011): the financial-debt-to-capital ratio (financial leverage) that does not consider non-financial liabilities as debt [PCS1], and the total-liabilities-to assets ratio (balance sheet leverage) that treats financial and non-financial liabilities alike [PCS2]. Empirical capital structure research also faces another key question, which is whether to use book leverage or market leverage (book registered debt is divided by the sum of the registered debt plus the equity market value). We do not have that choice simply because we do not have the data on market values. The normality of distribution of almost all variables is violated before the data are transformed using natural logarithm. Only variables related to company size, balance-sheet leverage (total liabilities to assets ratio) and the age of the general manager meet the assumption of normality. Regression models are developed for each leverage dependent variable respectively. The paper proposes capital structure determinants listed in Table 1. In order to run regression analysis with determinants that are having significant correlation with capital structure indicators, correlation between capital structure and determinants are presented. Volume 5 Number 2 Fall 2015 187 �Jasmina Mangafić, Danijela Martinović Table 1. Correlation between Determinants and Capital Structure Determinant Code r Financial Leverage r Balance-Sheet Leverage Natural logarithm of total assets [FSA] .054 -.112 Natural logarithm of total revenues [FSR] .021 -.123 Natural logarithm of employees number The ratio of earnings before interest, taxes and depreciation to total assets The ratio of net income to the total assets The ratio of tangible fixed assets to the total assets The ratio of intangible assets to total assets The ratio of inventories to total assets [FSE] .069 -.122 .072 -.084 -.029 -.136* .023 -.167* .051 -.021 [PA3] .161* .144* The ratio of receivables to total assets [PA4] -.054 -.006 The ratio of difference in the book value of total asset between yeart-1 and yeart divided by the book value of the total assets in yeart-1 The ratio of difference in total revenues between yeart-1 and yeart divided by total revenues in yeart-1 Regression of book value over the total assets over ten years on a time trend ; coefficient of the trend, scaled by the book value of the total assets, as proxy for growth Growth intensions [PG1] .010 -.065 .083 .070 .164* .198** [PMS1] .094 -.004 Profit maximization intensions [PMS2] .069 .045 Control aversion [PMP1] -.071 -.067 Risk propensity [PMP2] .026 .035 188 [PP1] [PP2] [PA1] [PA2] [PG2] [PG3] Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina Age of the manager [MHC1] -.057 -.127 Experience of the manager [MHC2] -.142* -.135* Educational level of the manager [MHC3] -.070 -.141* Networking with other firms [PN1] .067 .044 Networking with Government officials [PN2] .073 .047 Networking with Banks [PN3] -.066 -.104 Earning Volatility [PE] -.072 -.076 **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-tailed). Analysis of correlations between proposed determinants and capital structure indicators shows that statistically significant correlations with financial leverage have the ratios of inventories to total assets [PA3], regression of book value [PG3] and experience of the manager [MHC2]. Companies with higher financial leverage have less experienced manager and with higher ratio of inventories to total assets and higher regression of book value as proxy of growth. Balance-sheet leverage has statistically significant correlations with the ratio of net income to the total assets [PP2], the ratio of tangible fixed assets to the total assets [PA1], the ratio of inventories to total assets [PA3], the regression of book value [PG3], the experience of the manager [MHC2] and educational level of the manager [MHC3]. Companies with higher balance-sheet leverage have less ratio of net income and fixed assets to the total assets, higher ratio of inventories to total assets, higher regression of book value, less experienced manager and lower educational level of the owner and manager. All statistically significant correlations between proposed determinants and capital structure indicators are low (below .20). Total contribution of determinants explaining capital structure will be calculated using linear regression model including only determinants with statistically significant correlations. The model for financial leverage will differ from model for balance sheet leverage considering that balance sheet leverage has more determinants with statistically significant correlations. Regression model with determinants of financial leverage Independent variables in the model are: • • • [PA3]The ratio of inventories to total assets [PG3] Regression of book value of the total assets over ten years on a time trend; coefficient of the trend, scaled by the book value of the total assets [MHC2] Experience of the manager Volume 5 Number 2 Fall 2015 189 �Jasmina Mangafić, Danijela Martinović The ratio of inventories to total assets, regression of book value and experience of the manager explains about 6% of variance of financial leverage. Explained variance is statistically significant (F=6.093; P=0.001) and differs from expected random guess. Even though the model has statistically significant prediction, predictive power is rather low. Table 2. Model Summary for Financial Leverage Model R R Square Adjusted R Square Std. Error of the Estimate 1 .274a .075 .063 .2759008 The collinearity statistics parameters indicate that there are no issues with multicollinearity among independentt variables (all VIF lower than 2). The ratio of inventories to total assets and regression book of value have significant contribution to explanation of financial leverage variance while experience of the manager does not have significant contribution (chances for random contribution are over 5% but less than 6%). Table 3. Coefficients for Financial Leverage Model 1 Unstandardized Coefficients B Std. Error (Constant) .388 .064 PA3 .174 .064 PG3 .176 MHC2 -.132 Standardized Coefficients t Sig. Beta Collinearity Statistics Tolerance VIF 6.110 .000 .175 2.716 .007 .986 1.014 .064 .176 2.736 .007 .984 1.016 .068 -.125 -1.948 .053 .995 1.005 Before concluding on significant determinants of financial leverage we run hierarchical regression analysis with first block of independent variables being set to the ratio of inventories to the total assets and regression book of values while in second block all other determinants (from Table 1). In such case (amended regression model) experience of the manager and both profitability indicators (the ratio of earnings before interest, taxes and depreciation to total assets and the ratio of net income to the total assets) have additional contribution to financial leverage variance. Hierarchical regression model is rerun with experience and profitability determinants being in the second block of independent variables. Adding second block of determinants improve predictions by 3.1% (adjusted R square) that is statistically significant. 190 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina Table 4. Amended Model Summary for Financial Leverage Model R Change Statistics R Adjusted R Std. Error of Square Square the Estimate R Square F Change df1 df2 Change Sig. F Change 1 .244a .059 .051 .2775929 .059 7.155 2 227 .001 2 .337b .113 .094 .2713040 .054 4.549 3 224 .004 The ratio of inventories to the total assets, regression book of values, experience of the manager, the ratio of earnings before interest, taxes and depreciation to total assets and the ratio of net income to the total assets are all significantly contributing to explanation of financial leverage variance. Higher financial leverage have companies with higher ratio of inventories to the total assets, higher regression book of values, higher ratio of earnings before interest, taxes and depreciation to total assets, lower experience of the manager and lower ratio of net income to the total assets. Table 5. Amended Model for Financial Leverage Coefficients Model Std. Error Beta (Constant) .315 .052 PA3 .180 .064 PG3 .184 .065 (Constant) .406 .066 PA3 .175 .063 PG3 .189 MHC2 B 1 2 Unstandardized Coefficients Standardized Coefficients t Sig. Tolerance Collinearity Statistics VIF 6.108 .000 .181 2.792 .006 .988 1.012 .184 2.841 .005 .988 1.012 6.164 .000 .176 2.785 .006 .986 1.014 .068 .189 2.783 .006 .855 1.169 -.147 .067 -.139 -2.186 .030 .985 1.015 PP1 .325 .117 .327 2.787 .006 .287 3.480 PP2 -.360 .117 -.362 -3.086 .002 .288 3.472 Third set of independent variables are entered in the regression analysis to check for possible additional contribution of remaining variables from original model, however none of them had additional statistically significant contribution to explanation of financial leverage variance. Volume 5 Number 2 Fall 2015 191 �Jasmina Mangafić, Danijela Martinović Among independent variables that are having significant contribution explaining financial leverage significant positive correlations are between profitability indicators (the ratio of earnings before interest, taxes and depreciation to total assets and the ratio of net income to the total assets), and between regression book of values and both profitability indicators. Correlation between profitability indicators is quite high (over 0.80) while correlations between regression book of values and profitability indicators are smaller (app. 0.35). Table 6. Pearson Correlation between Independet Variables with Significant Predictive Validity of Financial Leverage PA3 PG3 MHC2 PP1 PP2 PA3 1 -.109 -.040 -.045 -.039 PG3 -.109 1 -.056 .345** .349** MHC2 -.040 -.056 1 .058 .012 PP1 -.045 .345 ** .058 1 .841** PP2 -.039 .349** .012 .841** 1 **. Correlation is significant at the 0.01 level (2-tailed). Regression model with determinants of balance-sheet leverage Independent variables in the model are: • • • • [PP2]The ratio of net income to the total assets [PA1]The ratio of tangible fixed assets to the total assets [PA3] The ratio of inventories to total assets [PG3] Regression of book value of the total assets over ten years on a time trend; coefficient of the trend, scaled by the book value of the total assets [MHC2] Experience of the manager [MHC3]Educational level of the manager • • Independent variables explain about 13.5% of variance of balance-sheet leverage. Explained variance is statistically significant (F=6.970; P=0.000) and differs from expected random guess. Predictive power for balance sheet leverage is about 7.5% higher than for the finance leverage. Table 7. Model Summary for Balance-sheet Leverage Model R 1 .397 R Square a .158 Adjusted R Square Std. Error of the Estimate .135 .27656 The collinearity statistics parameters indicate that there are no issues with multicollinearity among independent variables (all VIF lower than 2). The ratio of net income to the total assets, the ratio of tangible fixed assets to the total assets, the ratio 192 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina of inventories to total assets and regression book of value have significant contribution to explanation of balance-sheetleverage variance while experience of the managerand the education level of the managerdo not have significant contribution. Table 8. Coefficients for Balance-sheet Leverage Model B 1 Unstandardized Coefficients Std. Error Beta (Constant) .673 .084 PP2 -.238 .069 PA1 -.145 PA3 Standardized Coefficients t Sig. Collinearity Statistics Tolerance VIF 7.975 .000 -.229 -3.460 .001 .860 1.163 .065 -.139 -2.214 .028 .952 1.050 .148 .065 .143 2.271 .024 .953 1.049 PG3 .282 .069 .270 4.066 .000 .855 1.169 MHC2 -.114 .068 -.103 -1.673 .096 .991 1.009 MHC3 -.113 .065 -.108 -1.746 .082 .981 1.020 Before concluding on significant determinants of balance-sheet leverage we run hierarchical regression analysis with first block of independent variables being set to the ratio of net income to the total assets, the ratio of tangible fixed assets to the total assets, the ratio of inventories to total assets and regression book of value while in second block all other determinants (from Table 1). In such case, (amended regression model) none of the independent variables have additional statistically significant contribution to explanation of balance-sheet variance. Adding second block of determinants does not improve predictions. Higher balance-sheet leverage have companies with lower ratio of net income to the total assets, and lower ratio of tangible fixed assets to the total assets while having higher ratio of inventories to total assets and higher regression book of value. Revised regression model including only these four independent variables explains about 11.9% of balance-sheet variance (adjusted R square). Among independent variables that are having significant contribution explaining balance-sheet leverage significant correlations are between profitability indicators (the ratio of net income to the total assets) and regression of book value, and between the ration of tangible fixed assets to the total assets and the ration of inventories to the total assets. While there is positive correlation between profitability indicator and growth indicators there is negative correlation between assets indicators. Volume 5 Number 2 Fall 2015 193 �Jasmina Mangafić, Danijela Martinović Table 9. Pearson Correlation between Independet Variables with Significant Predictive Validity of Balance-sheet Leverage PP2 PA1 PA3 PG3 MHC2 MHC3 PP2 1 -.111 -.039 .349** .012 .091 PA1 -.111 1 -.162* -.100 .014 .015 PA3 -.039 -.162* 1 -.109 -.040 .046 PG3 .349** -.100 -.109 1 -.056 -.039 MHC2 .012 .014 -.040 -.056 1 .056 MHC3 .091 .015 .046 -.039 .056 1 The results in FBiH show a positive relationship between the firm’s capital structure choice and the firm’ growth opportunities. That is contrary to the findings of Titman and Wessels (1988), who concluded that growth has significant negative relationship with the capital structure. Myers and Majluf (1984) argue that the assets owned do affect capital structure and the results in FBiH indicate that the ratio of tangible assets to total assets has a negative relationship with the balance-sheet leverage. Some studies suggest that earnings volatility affects the capital structure; however, their results are inconsistent (Bradley, Jarrell, and Kim, 1984). The results on the sample of FBiH companies show that the earnings volatility within the capital structure model defined in this paper does not significantly contribute to the overall prediction. Newman (2010) investigated the determinants of the capital structure of companies in China. He confirmed that the firm size and age are positively related to leverage (short term, long term and total) and that there is no relationship between the asset structure and leverage He also found that profitability is negatively related to capital structure choice. The results for FBiH show that balance-sheet leverage is negatively related to the firm’ assets and profitability but positively related to the firm’ growth. The firm size in FBiH companies was not related to leverage as in China’s companies, while assets show negative relationship with leverage, which was not proven in the China’s case. Harris and Raviv (1991) summarized the results of several studies on capital structure. They found that leverage in general increases with fixed assets, non-debt tax shields, growth opportunities and firm size and decreases with the volatility, advertising expenditures, research and development expenditures, bankruptcy probability, profitability and uniqueness. Some of their determinants are part of the capital structure model in this paper. We find that only higher growth opportunities relates to increased leverage, while the remaining relationships are not proved. Several authors tested the capital structure structural equation model with contradicting results (Titman and Wessels, 1988). Their structural models in entirety prove to be weak, but the results on the relationships between growth and assets with leverage are 194 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina in line with our findings. The results further indicated that only one factor related to managerial-level variables influenced the capital structure of sampled firms. The human capital of owners/managers measured by their experience was found to be negatively related to the leverage of sampled firms. In particular, the data analysis revealed that firms run by a manager with a longer experience tended to have a lower financial leverage than those with less experienced owners/managers. This is in line with previous studies that found a negative influence of managerial experience on the leverage of SMEs (Scherr et al., 1993; Coleman andCohn, 2000; Cassar, 2004). Furthermore, these findings suggest that financiers place greater emphasis on the experience of owners/ managers when making lending decisions than on their educational background. They might also be partly explained by the fact that more experienced owners/managers tend to be more control averse than those with less experience. Conclusions This study is an attempt to identify determinants of capital structure, and develop a plausible model that efficiently discriminates companies with a high and low leverage. The intention was to integrate classical financial theories of the capital structure and personal proxies’ theories in order to create a model that combines the companies’ characteristics with those of decision makers. Both firm and managerial level determinants can be divided into three groups: those which influence the willingness of decision makers to take on debt (risk propensity, control aversion, length of experience), those which influence the firm’s need for debt (profitability, manager’s growth/profit maximization intentions) and those which influence the ability of the firm to take on external debt (length of manager’s experience, managerial network ties, firm-level variables) (Newman, 2010). The study is based on two alternative leverage ratios, the financial leverage ratio and balance-sheet leverage ratio. The findings show that the financial leverage is significantly explained by two independent variables. One of them comes from the traditional financial proxies of capital structure and the other from new theories of personal traits. Companies with a less experienced manager and higher firm growth have a higher financial leverage ratio. Therefore, the level of financial leverage depends on the factors influencing the ability of the firm to access external debt, but also on the factors that influence the firm’s willingness to take on external debt. The collateral value of the assets, return-onassets (ROA) as a profitability indicator, and firm growth opportunities are statistically significant predictors of the balance sheet leverage. The financial proxies of capital structure seem to be significant in explaining the capital structure variance in analyzing the balance sheet leverage. Its level depends on the factors influencing the demand for external debt as well as the factors influencing the firm’s ability to access external debt. Therefore, companies with lower profitability, lower level of fixed assets and higher growth opportunities have higher balance sheet leverage ratios. The results prove that both financial proxies and personal traits are statistically significant predictors of the capital structure. Volume 5 Number 2 Fall 2015 195 �Jasmina Mangafić, Danijela Martinović In other words, this suggests that certain commonly observed micro-leveldeterminants that are relevant for explaining capital structure in the developed economies are also relevant in the FBiH. This means that some of the insights from the modern finance theory are applicable to our country despite profound institutional differences that exist between the FBiH and those developed countries. Furthermore, based on the findings we could develop path models for prediction of financial and balance sheet leverage that will probably yield covariance matrices in line with the observed covariance matrices. Such proposed models are presented below. Figure 2. Path Model for Financial and Balance-sheet Leverage In order to verify the model they should be tested in a follow up study. However, explanatory power of the proposed model is expected to be low. We have found a difference between the results achieved when the leverage is defined by total liabilities instead of only financial debt. The determinants within the model related to the balance-sheet leverage can explain a higher percentage of capital structure variance (13.5%) than the determinants explaining the financial leverage (6%). Second, the achieved low explanatory power of leverage determinants is in line with previous studies in transition economies (Joeveer, 2006; Delcoure, 2007). They identified that a number of core determinants are able to explain only about 8% of the variation in leverage if the majority of firms in the sample are unlisted. For the listed firms, about 22% of the variation in leverage is explained by traditional determinants. Of course, the variation explained by traditional determinants in transition economies is lower than in developed economies. This is not surprising because the information asymmetryis higher and observable firm-specific characteristics are not fully reliable from a financial institution’ point of view. Due to the complex number of forces that influence firm relations and managerial activity, capital structure decision is not simply a matter of deterministic, prescriptive principles, but it is, rather, an art, despite all the innovations in financial engineering and changes in the competitive context. It cannot be separated from the intellectual skill of “good” financial managers. Managerial behavioral factors therefore also provide ample opportunities for future research. 196 Journal of Economic and Social Studies �How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina References Albright, S., Winston, W. & Zappe, C. (2006). Data Analysis & Decision Making 3rd ed., Thomson South-Western: Mason, Ohio.USA. Ang, J., Cole, R. & Lawson, D. (2010). 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Bosnia and Herzegovina (BiH) consists of the two entities and one dictrict: the Federation of BiH (FBiH) and the Republika Srpska (RS), as well as of the Brčko District. ii Firmsizebytotalrevenues (ln) and Firmsizebyaveragenumberof employees (ln) i Volume 5 Number 2 Fall 2015 199 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2936 Title A name given to the resource How Micro-Level Determinants Affect the Capital Structure Choice: Evidence from Bosnia and Herzegovina Author Author MANGAFIĆ, Jasmina MARTINOVIĆ, Danijela Abstract A summary of the resource. Abstract: The purpose of this study is to examine two leverage ratios using a sample of non-financial companies in Bosnia and Herzegovina (BiH). It was done by taking into account the joint effect of traditional capital structure determinants and managers' personal values and aspirations. We applied hierarchical regression analysis to determine the contribution of profitability indicators, firm size indicators, assets, growth, networking, managerial strategies, managerial psychology, managerial human capital and earnings volatility to explain the variance in capital structure. The results suggest that companies with less experienced owners/managers and higher firm growth have higher financial leverage ratios. In the analysis of the balance sheet leverage, financial proxies of capital structure seem to be significant in explaining capital structure variance. Therefore, companies with lower profitability, a lower level of fixed assets and higher growth opportunities have higher balance sheet leverage ratios. The findings provide better understanding of theoretical perspectives that can best explain how companies choose their capital structure in the transition economy context. Furthermore, empirical findings should help corporate managers to make optimal capital structure decisions. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2015 Keywords Keywords. Article PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance https://omeka.ibu.edu.ba/files/original/8864a497ec8be95e7c59998e4e059bc2.docx 8157b48a4ec68a3e90882c3de10a40df https://omeka.ibu.edu.ba/files/original/396139ffc9c45cd8e0acead5a3afbe34.pdf 897565972e79098bd8915261494c6d06 PDF Text Text How Much Does the English Textbooks of Iran Conform to Universal Characteristics of English Textbooks? a Case Study on English Textbooks of Junior High Schools in Iran Vahid Asghari & Fatemeh Azizmohammadi Islamic Azad University /Arak, Iran Key words: CLT, evaluation, syllabus design, curriculum, universal characteristics of EFL ABSTRACT Any educational system is composed of five important components (students, a teacher, materials, teaching methods, and evaluation) which are closely interrelated. Even in the context of communicative language teaching (CLT), teachers and learners tend to rely heavily on prescribed textbooks which are still a staple in most of EFL classes. Sheldon (1988) has offered several reasons for textbook evaluation. He suggests that the selection of an ELT textbook often signals an important administrative and educational decision in which there is considerable professional, financial, or even political investment. A thorough evaluation, therefore, would enable the managerial and teaching staff of a specific institution or organization to discriminate between all of the available textbooks on the market. In this study, the English textbook of third grade of Iran's junior high schools will be evaluated based on the current research findings in syllabus design, English language teaching, and the specific language teaching situation and curriculum in Iran. Moreover, this study will be an attempt to determine the extent to which the EFL textbook (English 3) conformed to the common universal characteristics of EFL/ESL textbooks. � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 1969 Title A name given to the resource How Much Does the English Textbooks of Iran Conform to Universal Characteristics of English Textbooks? a Case Study on English Textbooks of Junior High Schools in Iran Author Author ASGHARI, Vahid AZIZMOHAMMADI, Fatemeh Abstract A summary of the resource. Key words: CLT, evaluation, syllabus design, curriculum, universal characteristics of EFL ABSTRACT Any educational system is composed of five important components (students, a teacher, materials, teaching methods, and evaluation) which are closely interrelated. Even in the context of communicative language teaching (CLT), teachers and learners tend to rely heavily on prescribed textbooks which are still a staple in most of EFL classes. Sheldon (1988) has offered several reasons for textbook evaluation. He suggests that the selection of an ELT textbook often signals an important administrative and educational decision in which there is considerable professional, financial, or even political investment. A thorough evaluation, therefore, would enable the managerial and teaching staff of a specific institution or organization to discriminate between all of the available textbooks on the market. In this study, the English textbook of third grade of Iran's junior high schools will be evaluated based on the current research findings in syllabus design, English language teaching, and the specific language teaching situation and curriculum in Iran. Moreover, this study will be an attempt to determine the extent to which the EFL textbook (English 3) conformed to the common universal characteristics of EFL/ESL textbooks. Publisher An entity responsible for making the resource available IBU Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-03 Keywords Keywords. Article PeerReviewed