147 10 3494 https://omeka.ibu.edu.ba/files/original/485c4c2ee83614b309977a2e900d4ee6.pdf ba375f78484a386116da8542c7ea7b26 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Inter-national Factors Affecting Tourism Demand among Balkan Countries and Turkey Gürel Çetin İstanbul University, İstanbul, Turkey gurelc@İstanbul.edu.tr Besides having land in Balkans geographically, Turkey has strong historic, cultural and political ties with Balkan geography. Those relations that were established during the reign of Ottoman Empire in the region have been developing during the Turkish Republic as well. Although there was a considerable amount of migration to/from Balkan countries and Turkey, there still is a large amount of Turkish origin citizens in Balkans. Besides cultural ties; international politics and economic relations are important factors affecting tourism flows between countries. In this context Turkey has been playing a pioneer role in establishing stronger relations with Balkan countries. This paper explores impact of political and economic agreements on incoming tourism in the light of Balkan countries and Turkey within the past decade. Over the last ten years both Turkey and Balkans have been undergoing a major transformation both economically and politically. Turkey and Balkan countries have also been enjoying rapid tourism growth for the past decade, despite global problems such as economic crises (e.g. mortgage funds), acts of terrorism (e.g. 9/11), wars and conflicts (e.g. Iraq), epidemics (e.g. H1N1) an extreme weather conditions (e.g. volcanic ash clouds). The current situation and reasons behind the development of bipolar tourist movements within these countries are discussed based on economic and political facts and tourism statistics. Keywords: Inter-national Factors, Tourism, Balkan Countries, Turkey. 136 � 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. 1538 Title A name given to the resource Inter-national Factors Affecting Tourism Demand among Balkan Countries and Turkey Author Author CETIN, Gurel Abstract A summary of the resource. Besides having land in Balkans geographically, Turkey has strong historic, cultural and political ties with Balkan geography. Those relations that were established during the reign of Ottoman Empire in the region have been developing during the Turkish Republic as well. Although there was a considerable amount of migration to/from Balkan countries and Turkey, there still is a large amount of Turkish origin citizens in Balkans. Besides cultural ties; international politics and economic relations are important factors affecting tourism flows between countries. In this context Turkey has been playing a pioneer role in establishing stronger relations with Balkan countries. This paper explores impact of political and economic agreements on incoming tourism in the light of Balkan countries and Turkey within the past decade. Over the last ten years both Turkey and Balkans have been undergoing a major transformation both economically and politically. Turkey and Balkan countries have also been enjoying rapid tourism growth for the past decade, despite global problems such as economic crises (e.g. mortgage funds), acts of terrorism (e.g. 9/11), wars and conflicts (e.g. Iraq), epidemics (e.g. H1N1) an extreme weather conditions (e.g. volcanic ash clouds). The current situation and reasons behind the development of bipolar tourist movements within these countries are discussed based on economic and political facts and tourism statistics. Keywords: Inter-national Factors, Tourism, Balkan Countries, Turkey. 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 2303-4564 https://omeka.ibu.edu.ba/files/original/3bd3d4ca322de6e35bd8545950ca12ba.pdf 56b21b40bffeed9d673b2d24dcc5ee69 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo A Research of Burnout Levels on Vocational School Students Hakan Çetin Akdeniz University, Antalya, Turkey hakanc@akdeniz.edu.tr Osman Nuri Demirel Akdeniz University, Antalya, Turkey onuridemirel@mynet.com Yusuf Yılmaz Akdeniz University, Antalya, Turkey yusufyilmaz@akdeniz.edu.tr Sebahattin Taş Akdeniz University, Antalya, Turkey yusufyilmaz@akdeniz.edu.tr Engin Üngüren Akdeniz University, Antalya, Turkey enginunguren@akdeniz.edu.tr In the present study, the burn-out level of the students Vocational School of Social Sciences at Akdeniz University was determined and also the relation of some demographic variables with burn-out level was investigated. 376 students participated in the study. As data collection instruments, Burnout Measure (BM) developed by Pines and Aronson (1988) and demographic information form were used. The data collected from the sample were subjected to descriptive statistics and inferential statistics. The results were firstly tabulated using frequency and percentages. Later, independent t-test was used in order to examine two group differences while analysis of variance (ANOVA) was used to compare the means scores of more than two groups. For the pair-wise comparison, Post hoc with LSD was utilized to assess the source of significance. Keywords: Pines and Aronson Burnout Measure, Burnout Level, Burnout, Vocational School Students, Management 140 � 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. 1506 Title A name given to the resource A Research of Burnout Levels on Vocational School Students Author Author CETIN, Hakan NURI DEMIREL, Osman YILMAZ, Yusuf TAS, Sebahattin Unguren, Engin Abstract A summary of the resource. In the present study, the burn-out level of the students Vocational School of Social Sciences at Akdeniz University was determined and also the relation of some demographic variables with burn-out level was investigated. 376 students participated in the study. As data collection instruments, Burnout Measure (BM) developed by Pines and Aronson (1988) and demographic information form were used. The data collected from the sample were subjected to descriptive statistics and inferential statistics. The results were firstly tabulated using frequency and percentages. Later, independent t-test was used in order to examine two group differences while analysis of variance (ANOVA) was used to compare the means scores of more than two groups. For the pair-wise comparison, Post hoc with LSD was utilized to assess the source of significance. Keywords: Pines and Aronson Burnout Measure, Burnout Level, Burnout, Vocational School Students, Management 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 2303-4564 https://omeka.ibu.edu.ba/files/original/74713e0181a688affa3fc7fb814a3726.pdf a99c86786ca618271eed308d0b1186a4 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Multi-Period Efficiency Measurement and Performance Changes of Taiwanese Commercial Banks Chiang Kao Department of Industrial and Information Management, National Cheng Kung University, Tainan, Taiwan ckao@mail.ncku.edu.tw In measuring the overall efficiency of a set of decision making units (DMUs) in a time span covering multiple periods, the conventional approach is to use the aggregate data of the multiple periods via a data envelopment analysis (DEA) technique, ignoring the specific situation of each period. This paper proposes using a relational network model to take the operations of individual periods into account in measuring efficiencies. The overall and period efficiencies of a DMU can be calculated at the same time. Notably, the overall efficiency is a weighted average of the period efficiencies, and the weights are the most favorable ones for the DMU being evaluated. This model, together with two existing ones, the aggregate and the connected network, is applied to measure the efficiency of twenty-two Taiwanese commercial banks for the period of 2009 to 2011. The three-year multi-period analysis shows that the proposed model is more discriminative than the existing ones in ranking the performance of the banks. The period efficiencies for the three years increased steadily, indicating that the performances of the Taiwanese banks examined in this work were improving over this period. Moreover, the period efficiencies calculated from the relational network model have a similar theoretical basis to those calculated from the global efficiency frontier. The ratio between two efficiencies of different periods thus is a kind of global Malmquist productivity index (MPI), which indicates the performance change of a DMU during the two periods. This paper found that East Sun Bank, the one being evaluated as the best based on the overall efficiency, has MPIs less than one in two consecutive periods. This is a warning to this bank that its performance is declining, although it is doing well compared with other banks. If this situation continues, it may encounter operation difficulties in the future. The multi-period efficiency measurement thus help decision makes detect unforeseen problems. Keywords: Data Envelopment Analysis; Efficiency; Malmquist Productivity Index; Banking; Parallel System. 80 � 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. 1544 Title A name given to the resource Multi-Period Efficiency Measurement and Performance Changes of Taiwanese Commercial Banks Author Author CHIANG, Kao Abstract A summary of the resource. In measuring the overall efficiency of a set of decision making units (DMUs) in a time span covering multiple periods, the conventional approach is to use the aggregate data of the multiple periods via a data envelopment analysis (DEA) technique, ignoring the specific situation of each period. This paper proposes using a relational network model to take the operations of individual periods into account in measuring efficiencies. The overall and period efficiencies of a DMU can be calculated at the same time. Notably, the overall efficiency is a weighted average of the period efficiencies, and the weights are the most favorable ones for the DMU being evaluated. This model, together with two existing ones, the aggregate and the connected network, is applied to measure the efficiency of twenty-two Taiwanese commercial banks for the period of 2009 to 2011. The three-year multi-period analysis shows that the proposed model is more discriminative than the existing ones in ranking the performance of the banks. The period efficiencies for the three years increased steadily, indicating that the performances of the Taiwanese banks examined in this work were improving over this period. Moreover, the period efficiencies calculated from the relational network model have a similar theoretical basis to those calculated from the global efficiency frontier. The ratio between two efficiencies of different periods thus is a kind of global Malmquist productivity index (MPI), which indicates the performance change of a DMU during the two periods. This paper found that East Sun Bank, the one being evaluated as the best based on the overall efficiency, has MPIs less than one in two consecutive periods. This is a warning to this bank that its performance is declining, although it is doing well compared with other banks. If this situation continues, it may encounter operation difficulties in the future. The multi-period efficiency measurement thus help decision makes detect unforeseen problems. Keywords: Data Envelopment Analysis; Efficiency; Malmquist Productivity Index; Banking; Parallel System. 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 2303-4564 https://omeka.ibu.edu.ba/files/original/e4fc784f4041c0bd98bd823b1a5cdec4.pdf 490b30bb4c2468996e7e8de07ec3d546 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Employment Discrimination of Romani People in Bosnia and Herzegovina Emir Čičkušid International Burch University, Sarajevo, Bosnia and Herzegovina ecickusic@hotmail.com Nataša Tandir International Burch University, Sarajevo, Bosnia and Herzegovina ntandir@ibu.edu.ba The Romani are an ethnic group living mostly in Europe originating from the northwestern Indian Subcontinent. Romani are widely known in the English-speaking world by the exonym "Gypsies". There are no certain data about total population of the Romani people all around the world but it is assumed it estimates from 2 million to more than 12 million. In Bosnia and Herzegovina approximately there are 80,000 of Romani people which were faced with much discrimination during their life mostly on field of education, employment and health care. This research should provide insight how much Romani people are discriminated when applying to a job. Research has been undertaken with the survey which was shared among the Romani people groups, relevant NGOs, and representatives of local communities who are dealing with the problems of minorities. Results can be used to show how largest minority in Bosnia and Herzegovina is facing discrimination in any aspect each day, especially in professional life. Keywords: Romani People, Employment Discrimination, Bosnia and Herzegovina. 94 � 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. 1454 Title A name given to the resource Employment Discrimination of Romani People in Bosnia and Herzegovina Author Author CICKUSIC, Emir TANDIR, Natasa Abstract A summary of the resource. The Romani are an ethnic group living mostly in Europe originating from the northwestern Indian Subcontinent. Romani are widely known in the English-speaking world by the exonym "Gypsies". There are no certain data about total population of the Romani people all around the world but it is assumed it estimates from 2 million to more than 12 million. In Bosnia and Herzegovina approximately there are 80,000 of Romani people which were faced with much discrimination during their life mostly on field of education, employment and health care. This research should provide insight how much Romani people are discriminated when applying to a job. Research has been undertaken with the survey which was shared among the Romani people groups, relevant NGOs, and representatives of local communities who are dealing with the problems of minorities. Results can be used to show how largest minority in Bosnia and Herzegovina is facing discrimination in any aspect each day, especially in professional life. Keywords: Romani People, Employment Discrimination, Bosnia and Herzegovina. 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 2303-4564 https://omeka.ibu.edu.ba/files/original/3c89d22b74538d3fee0a76be10ae12e2.pdf 5a2d7db8a4aa489038b606c736b70001 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Trends in New Drug Launches Abdulkadir Civan Gediz University, Izmir, Turkey abdulkadir.civan@gediz.edu.tr Mai Lan Thanh Nguyen Fatih University, İstanbul, Turkey kestar09@gmail.com Pharmaceutical drugs have contributed to people’s improved health and prolonged life for the last several decades. New drugs, hence, are believed to be beneficial. Standard textbook analysis suggests that new drugs to be launched in as many countries as possible. However, in our study, we find that not all new drugs are introduced to every part of the globe; although many health problems could be prevented, cured, or managed effectively through the use of those novel drugs. We have found that there are certain trends to new drug launches. With data from IMS New Product Focus, we are able to track historical pharmaceutical launches of all drugs for most countries that have major pharmaceutical markets. We also analyzed the speed of drug companies to market (launch) their new drugs in different countries. New drugs are launched sooner in the advanced countries than developing and underdeveloped countries. However the difference is getting smaller. We run basic regressions to study the influences of different factors on the launch speeds for different countries. Our analysis indicate that new drugs are launched sooner in the countries where income, population and property rights protection levels are higher, and we come across the significant role of patent laws for drugs innovation in diffusion and trends of pharmaceutical drug launches. Keywords: Health Economics, Drugs, Turkey. 4 � 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. 1465 Title A name given to the resource Trends in New Drug Launches Author Author CIVAN, Abdulkadir THANH NGUYEN, Mai Lan Abstract A summary of the resource. Pharmaceutical drugs have contributed to people’s improved health and prolonged life for the last several decades. New drugs, hence, are believed to be beneficial. Standard textbook analysis suggests that new drugs to be launched in as many countries as possible. However, in our study, we find that not all new drugs are introduced to every part of the globe; although many health problems could be prevented, cured, or managed effectively through the use of those novel drugs. We have found that there are certain trends to new drug launches. With data from IMS New Product Focus, we are able to track historical pharmaceutical launches of all drugs for most countries that have major pharmaceutical markets. We also analyzed the speed of drug companies to market (launch) their new drugs in different countries. New drugs are launched sooner in the advanced countries than developing and underdeveloped countries. However the difference is getting smaller. We run basic regressions to study the influences of different factors on the launch speeds for different countries. Our analysis indicate that new drugs are launched sooner in the countries where income, population and property rights protection levels are higher, and we come across the significant role of patent laws for drugs innovation in diffusion and trends of pharmaceutical drug launches. Keywords: Health Economics, Drugs, Turkey. 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 2303-4564 https://omeka.ibu.edu.ba/files/original/8375751987a235ef455fb81584895dfb.pdf 35329e1cff3acb544e0b45dd3dd087ac PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Relationship between Energy Consumption and Economic Growth: The Case of Turkey Ayşe Çoban Selçuk University, Konya, Turkey aysecoban2007@hotmail.com Mücahide Küçüksucu Selçuk University, Konya, Turkey akpinar.m@hotmail.com Orhan Çoban Selçuk University, Konya, Turkey ocoban@selcuk.edu.tr "Power" phenomenon has always been important throughout the history of mankind. In the past, the territory of the countries that they have the power, as measured by the colonies or the army, these parameters gave place as well as a stable economy and have owned the most effective utilization of resources. Definitely, the most recently prominent sources are energy. In this context, energy has a strategic importance for the countries, and that is used to measure the wealth and development. Turkey, has an important position as the Middle East's, Asian countries', the Mediterranean's and the Caspian region's rich oil and natural gas resources is transmitted to centers of demand in the West by "energy corridor". Due to its geopolitical position, Turkey must perform all policies including growth policies with energy policies harmonizing. The world's energy consumption is expected to increase and the majority of consumption is satisfied from in this region including Turkey. In this context, Turkey is a bridge as well as a market in order to transport Central Asia's production to the world's market due to the geographical and geopolitical position of Turkey. However, despite all these advantages, Turkish economy depends on foreign markets for energy. For this reason, the energy in the case of Turkey is becoming more and more important. Therefore, combining the issue of energy and growth, a long-term plan is needed. In the light of the foregoing, taking into consideration for the period of 1980-2011 in Turkey was aimed to analyze the relationship between energy consumption and economic growth in this study. In this analysis 45 �International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo was benefited from the unit root test, VAR analysis, as well as the causality tests. The empirical findings for this period in Turkish economy show that the relationship between energy consumption and economic growth is bidirectional in Granger causality test, mutually affect each other and feedback hypothesis is available. When the feedback hypothesis is available, policy-makers must take into consideration feedback effect of economic growth on the energy in the event of reducing energy consumption. Bidirectional causality between energy consumption and economic growth or feedback evidence represents increasing economic growth causes to raise energy consumption. According to this view, energy-saving policies aimed at the reduction in energy use must reduce the demand for energy without causing adverse effects on economic growth. It would be achieved through a suitable combination of energy taxes and energy substitution. Policy makers should encourage the industry to adopt technologies for reducing pollution. Keywords: Energy Consumption, Economic Growth, Turkish Economy, Feedback Hypothesis 46 � https://omeka.ibu.edu.ba/files/original/4b37212002927444015ab8983133d99e.docx 1f6fc4a50e363043c0fffedce05e93ab https://omeka.ibu.edu.ba/files/original/7fd497027691ce284442aa82e7fc5b1a.pdf 3f98c71471f53323f5ca98ab44078fbe PDF Text Text International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Relationship between Energy Consumption and Economic Growth: The Case of Turkey1 Ayşe Çoban Selçuk University, Konya, Turkey aysecoban2007@hotmail.com Mücahide Küçüksucu Selçuk University, Konya, Turkey akpinar.m@hotmail.com Orhan Çoban Selçuk University, Konya, Turkey ocoban@selcuk.edu.tr Abstract "Power" phenomenon has always been important throughout the history of mankind. In the past, the territory of the countries that they have the power, as measured by the colonies or the army, these parameters gave place as well as a stable economy and have owned the most effective utilization of resources. Definitely, the most recently prominent sources are energy. In this context, energy has a strategic importance for the countries, and that is used to measure the wealth and development. Turkey, has an important position as the Middle East's, Asian countries', the Mediterranean's and the Caspian region's rich oil and natural gas resources is transmitted to centers of demand in the West by "energy corridor". Due to its geopolitical position, Turkey must perform all policies including growth policies with energy policies harmonizingly. The world's energy consumption is expected to increase and the majority of consumption is satisfied from in this region including Turkey. In this context, Turkey is a bridge as well as a market in order to transport Central Asia's production to the world's market due to the geographical and geopolitical position of Turkey. However, despite all these advantages, Turkish economy depends on foreign markets for energy. For this reason, the energy in the case of Turkey is becoming more and more important. Therefore, combining the issue of energy and growth, a long-term plan is needed. In the light of the foregoing, taking into consideration for the period of 1980-2011 in Turkey was aimed to analyze the relationship between energy consumption and economic growth in this study. In this analysis was benefited from the unit root test, VAR analysis, as well as the causality tests. The empirical findings for this period in Turkish economy show that not the relationship between energy consumption and economic growth is bidirectional in Granger causality test, mutually affect each other and feedback hypothesis is not available. When the feedback hypothesis is available, policy-makers must take into consideration feedback effect of economic growth on the energy in the event of reducing energy consumption. A bidirectional causality between energy consumption and economic growth or feedback evidence represents increasing economic growth causes to raise energy consumption. According to this view, energy-saving policies aimed at the reduction in energy use must reduce the demand for energy without causing adverse effects on economic growth. It would be achieved through a suitable 1 This study was supported by Selcuk University Scientific Research Projects Unit. Project No: 13701102. 70 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo combination of energy taxes and energy substitution. Policy makers should encourage the industry to adopt technologies for reducing pollution. Keywords: Energy Consumption, Economic Growth, Turkish Economy, Granger Causality Test, Feedback Hypothesis 1. Introduction Besides having energy resources, being able to reach them easily and uninterruptedly is of the most important energy policies of countries. In this frame, it is necessary to diversify energy resources. The countries having energy resources, together with technological transformation, attempted the effort to use the energy more effectively. In this scope, providing energy saving; realizing sustainable development, and minimizing the environmental effects of energy use constitute important titles of many discussions in recent years. The discussions in parallel with this shift from planning based on energy supply and energy generation to planning approach protecting the balance of energy economy – ecology carefully. In addition, models of energy safety considering the diversity of resource and geopolitical realities are also the most highlighted issues in recent times (Pamir, 2005:2). The main problem on energy use is that the policies of energy saving to be applied will affect the economic performance of country in what direction and how. On this point, the relationship of causality gains importance. The relationship of causality expresses which of two variables will appear earlier over time. With moving from here, studying the relationship of causality between the use of energy and growth gains impotence in terms of energy policies to be applied. As a matter of fact, introducing the relationship between energy consumption and economic growth is an important indicator in orientating energy polices in the energy depended counties, including Turkey. Beside this, also depending on the direction of causality, the energy policies to be applied will be different. Attracting attention to the issue energy corresponds to post - industrial revolution period. Energy is s necessary input that is obligatory to use in the production, and necessary to be able to raise the welfare levels of societies. 1970s, due to the fact that it is so cheaply available and it abounds, it could be used in country economies in large rates. Because of energy shocks experienced, beginning from 1970s, that energy prices raise very rapidly, affected the growth rate of world economies in negative direction. This situation made obligatory the application of energy saving processes. After the pain process specified, in the developed and developing countries, the relationship energy consumption and economic growth has begun to occupy the agenda. In the passing 30 years „period, this issue was heavily considered in academic studies. Energy is one of the most important issues in the development of Turkey. In this context, the use of energy constitutes a base besides improving the quality of life and for economic and social development in Turkey. Along with the increase seen in population and industrialization rapidity in Turkey, the energy demand is increasing every passing day. Turkey continuing he process of EU membership insistently, for the sake of proving adaptation process, principally the polices of infrastructure, environment, energy, and growth, realizes important transformations in a number of areas. Also, Turkey is an indispensable energy corridor for transporting the energy such as oil and natural gas, 71 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo produced in Middle East, Asia, Mediterranean, and Caspian Sea Region, to Europe. Increase is expected in the energy consumption of world, but in near future, a large part of energy consumption will be met from this area including Turkey as well. In other words, Turkey, due to its geographical and economic position, is a both market and bridge for the transportation of the production in Central Asia to the world markets. In addition to all of these, from the view point of Turkey, completely foreign – dependent in supplying energy, the important of energy issue is increasingly much more. Hence, in Turkey, there is a need for long termed plan blending the energy and growth. In the light of those mentioned above, the main purpose of this study, in addition to introducing the relationship between energy consumption and economic growth in terms of Turkish economy, is to make offers for policy. In order to realize this aim, after the concepts of energy consumption and economic growth are considered, in the frame of literature, the relationship energy consumption – growth will be analyzed. 2. Clarification of the Concepts of Energy and Growth The word energy is a Greek originated is a word and the words of “en” (internal) and “ergon” (work) are constituted. Later, the word gained a social attribute and was begun to be used synonymously with the ability to produce work, dynamism, force, power, and activity (Demirbaş, 2002:1). Energy having an important place in terms of both supply and demand is a consumable material that a consumer decided to purchase for maximizing his/her utility. from the viewpoint of demand (Chontanawatt et al., 2008: 137) For the commonly using areas of energy as a consumable material, cleanup, travel, and listening to music can be given as an example. Energy, from the viewpoint of supply, is a basic production inlet in addition to raw material, labor, and capital (Chontanawatt, et al., 2008: 138). In this scope, energy resources have three remarkable characteristics in the way that it emerges from environmental pollution, depending on scarcity, worldwide unequal distribution, and use. As the amount of energy used in industry, when it is assumed that the amount of production, in turn, output will increase, in the frame of single sectored neoclassic production technology, capital, labor force, and energy are defined as separate inlets (Aytaç, 2010: 483) This situation neglected until oil crises experienced in 1970s, beginning from the years ıf crisis, introduced the importance of energy, as a separate production inlet form labor and capital. Now, while the output in production function is explained, beside labor and capital, energy was also begun to take place as a production input. Setting out from a neoclassic perspective, in order to introduce the factors reducing and increasing the relationship between energy consumption and economic growth, the equation of production function can be expressed as in Equation (1) (Stern, 2003: 21-22): (Q1 ,........., Qm  f ( A, X 1 ,......, X n , E1 ,......., E p ) (1) In the equation above, Q1 represents output; X1, the inputs such as labor and capital; , E1, the inputs such as coal and oil; and A, technology, defined by total factor productivity With moving from here, the relationship between energy and GDP is influenced from the substation relationship between energy and the other inputs, variation occurring in A, technological change, variation in the composition of energy input, and in the composition of GDP (Stern, 2003: 22). 72 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo With moving from energy consumption, the relationship energy consumption and economic growth is described based on Medlock and Soligo (2001). In Medlock and Soligo (2001), energy consumption (ect) is expressed as a function of income pe capita (yt), energy prices (pt), and technology (At) as in Equation (2): ect  f ( yt , pt , At ) (2) In Equation (2), technology is assumed to be a function of energy prices and income level. By moving from here, the function associated with energy consumption can be expressed as in Equation (3): ect , j  f ( yt , pt , j , A( yt , pt , j )) (3) where subscript j represents final use related to household, commercial transportation, industry, and the other sectors and is obtained from the variable income. In addition, to simplify, it is assumed that technology may be for labor- capital. 3. Literature Some of the studies that are remarkable in the literature presenting the relationship between energy consumption and economic growth are considered as follows: Akarca and Long (1980), in their studies including in the period 1950-1970, using the method of Sims Causality Test, analyzed the relationship energy consumption – growth. According to the results of analysis, they did not meet any relationship between energy consumption and economic growth. Yu and Hwang (1984),in their studies, utilizing the variables energy consumption and employment, conducted Sims Causality Test. They identified that there was no relationship between energy consumption and growth. Erol and Yu (1987), in their analyses they carried out, using the data of national income and energy, they determined that there was no relationship between energy consumption and economic growth. Hwang and Gum (1991) studied the relationship energy consumption- economic growth for Taiwan. As a result of analyzes, where Granger causality test was regarded, they determined that there was a double directional causality relationship from consumption to growth and from economic growth to energy consumption. Stern (1993), using the variables of GDP, energy consumption, labor, and capital, via the econometric methods of Granger Causality Test and VAR, considered the relationship between the variables of interest. As a result of analyzes, they determined that there was a causality relationship from energy consumption to growth. Hondroyiannis et al. (2002), using the variables of total energy consumption, hosing energy consumption, industrial energy consumption, and consumer price index via the methods Johansen and Juselius co-integration test and ECM, analyzed the relationship between energy consumption and economic growth. The results of analysis showed that 73 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo there was a double directional relationship between energy consumption and economic growth. Paul and Bhattacharya (2004), using the variables of national income, commercial energy consumption, gross fixed capital formation, and population, via Johansen co-integration test and Granger causality test, analyzed the relationship between energy consumption and economic growth. The results of analysis revealed that there was a double directional causality relationship between energy consumption and growth. Hatemi and Irandoust (2005), with the variables of real GDP, and energy consumption, consumer price index, utilizing Leveraged Bootstrap Simulation Approach, considered the relationship between energy consumption and economic growth. According to this, they identified that there was a causality relationship between the variables, and that the direction of relationship was from economic growth to energy consumption. Tehranchian (2006), for Iran, analyzed the variables of real GDP, total energy consumption, natural gas consumption, and hydraulic energy consumption via Johansen Co-integration Test and VECM analysis. As a result of analyses, a relationship was determined from economic growth to energy consumption. Mucuk and Uysal (2007), for Turkey economy, studied the relationship between energy consumption and economic growth, using co-integration and Granger causality tests. Empirical findings showed that the variables were co-integrated and that Granger causality was from energy consumption to economic growth. Jobert and Karanfil (2007), in Turkey, analyzed the relationship between energy consumption and national income in the level of both macro and industry. According to Johansen co-integration test, it was determined that there was no relationship in long period between real GDP and energy consumption, and between industrial energy consumption and industrial added value. Erdal et al. (2008), for Turkey, moving from the data of the period 1970 -2006, analyzed the relationship between energy consumption and GDP. The results of Johansen cointegration and Pair-wise Granger causality tests revealed that there was a interrelation between the variables considered. Kar and Kınık (2008) analyzed the relationship between industrial electricity consumption, household electricity consumption, and total energy consumption and economic growth .The results of Johansen co-integration test, showed, in long period, that there was a relationship between industrial, household, and total energy consumptions and economic growth; and Vector Error Correction Model (VECM) also showed that the direction of causality realized from electricity consumption to economic growth. It was only determined that there was a double directional relationship between household electricity consumption and economic growth. Bartleet and Gounder (2010) for New Zeeland, with the variables of GDP; total energy consumption, energy prices, using ARDL and Granger causality test, studied the relationship between energy consumption and economic growth. According to the results of analysis, it was determined that there was a single directional causality relationship from energy consumption to growth. 74 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Çoban and Yorgancılar (2011) analyzed the relationships between renewable energy consumption and sustainable economic growth. According to the results of analysis, it was determined that all variables associated with renewable energy consumption had a positive directional effect on the growth. 4. Methodology In this study, in Turkey, the relationship between energy consumption (Energy) and economic growth (Growth) was analyzed. In analyses, the annual data belonging to the period 1980 – 2011, obtained from TÜİK (Turkish Statistical Institute) as well as Ministry of Energy and Natural Resources, were used. Analysis,unit root test, VAR analysis andGranger causalitytest is used. The first step in constructing time series data is to determine the non-stationary property of each variable. We must test each of the series in the levels and in the first difference. All variables were tested in levels using the Augmented Dickey-Fuller (ADF) Test. If the stationary test is significant, the variable series is stationary and does not have a unit root test. Thus, the null hypothesis will be rejected, but the alternative hypothesis will be accepted. However, if the stationary test is not significant, the variable series is non-stationary and has a unit root test; thus, null hypothesis will be accepted (Shaari et al., 2013: 21). Variance decomposition decomposes the variation in one of the internal variables as separate shocks affecting all internal variables. In this sense, variance decomposition gives information about dynamic structure of the system. The aim of variance decomposition is to reveal the effect on error structure of the prediction for the next periods of each random shock While which one is the most effective variable on a macroeconomic growth is determined via variance analysis, whether or not these variables that are detected effective are usable as political instrument and cause –effect functions are identified (Sarı, 2008: 4). The relationship between two economic variables and the answer of question of whether or not these affects to each other are first studied by Granger (1981). In the causality test incorporated to literature by Granger, Notation (1) is referred (Çoban ve Yorgancılar, 2011: 9): γt = α + βxt + εt In this equation, Granger put forward that in order to be able to make a contact between the exploratory and explained variables, and both sides of equality should be consistent. For example if yt is a seasonal variable, xt must also be a seasonal variable and in such a situation, εt is in the position of white noise. In identifying the causality in the sense of Granger, while x is datum null hypothesis (H 0: α = 0) is set as “X does not Granger cause Y”. This means that both and delays in cointegration vector influence y. In causality test, null hypothesis is tested by using F test and in case that one or both of two factors expressed together influence y, hypothesis is refused (Çoban, 2002: 38; Çoban, 2004: 8; Çoban et al, 2008). 75 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo 5. Analyses and Results In this study, firstly, in order to determine whether the variables used in analyses are stable or mot, ADF unit root test developed by Dickey-Fuller was referred to (Table-1). Table- 1:ADF Test Results for Unit Roots Level Prob.* First differences (Intercept) Prob.* (Intercept) Energy 1.120296 0.9968 Growth -6.335408 0.0000 -5.424374 0.0001 *MacKinnon (1996) one-sided p-values. According to Table 1, it was determined that the variable growth becomes stable in the level of I(0), while the variable consumption becomes stable in the level I(1). The findings obtained point out that for the variables taking place in the scope of study the rank of integration is I(0,1). Before passing to Granger causality test, it is necessary to determine the lag belonging to autoregressive model. The most important method used in assigning lag value is the method of comparing the values of Akaiki information criterion in VAR analysis. According to VAR method, the best lag was calculated by Akaiki Information Criterion as 1. The primary hypothesis (H0) and alternative hypothesis (H1)) that are established according to the energy consumption, are as follows: H0:. Energy consumption is not the cause of economic growth. H1: Energy consumption is the cause of economic growth. The hypotheses established according to economic growth are: H0: Economic growth is not the cause of energy consumption. H1: Economic growth is the cause of energy consumption. With moving from these hypotheses, the results of dual Granger causality test are as in Table 2. Table- 2: Granger Causality Test Results Pairwise Granger Causality Tests Date: 01/24/13 Time: 17:04 Sample: 1980 2011 Lags: 1 Null Hypothesis: Obs F-Statistic Probability Growth does not Granger Cause 30 Energy 0.0623 0.9377 Energy does not Granger Cause Growth 0.08512 0.7727 According to Table 2, in the significance level of 10%, the probabilities belonging to Fstatistical values are not significant. Therefore, there is not any causality relationship 76 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo between energy consumption and growth. Thus, our results of Granger causality tests do not support the feedback hypothesis. 6. Discussion and Conclusion In this study, in Turkey, the relationships between energy consumption and growth were analyzed. In the analyses, annual data belonging to the period 1980-2011. In Turkey, in recent years, also depending on economic stability, an important process of growth is experienced. The resources of this process should be determined. In this context, while energy demand is rapidly increasing, energy consumption remained in the highly back of energy demand. However, the energy produced and consumed by Turkey presents a structure different from each other in terms of its subtypes. As a matter of fact, in Turkey, energy demand is met from the resources imported such as oil and natural gas and energy production is from lignite and renewable energy far away from meeting the demand of country. In such a situation, foreign dependency of Turkey increases, and in any case that there is any problem, leads economic growth to be influenced negatively. All causes expressed above emphasizes that, for Turkish economy, determining whether or not there is a causality relationship between energy consumption and economic growth is so important. However, in the study we carried out for this aim, it was determined that there was no causality relationship between energy consumption and economic growth and thus, that the feedback hypothesis was not supported. When considering from this point of view, the results of our study overlap with the results of the studies by Akarca and Long (1980), by Yu and Hwang (1984), and by Erol and Yu (1987), by Inbert and Karanfil (2007). As a conclusion, in our study, even though a causality relationship between energy consumption and economic growth revealed, the importance of energy in terms of economic development cannot be ignored. In this meaning, policymakers and decision mechanisms should pay attention the relationship between two variables. When the policies for energy saving toward reducing energy intensity, promoting the use of alternative renewable energy resources, increasing energy efficiency, the investments on technological development improving energy efficient and developing the feasibility of renewable energy resources are under consideration, it can be said that economic growth will not be negatively affected from decrease of energy consumption. 7. References Akarca, A. T.,& Long, T.V. (1980). On the relationship between energy and GNP: a reexamination. The Journal of Energy and Development, 5(2), 326-331. Bartleet, M.,& Gounder, R. (2010). Energy consumption and economic growth in New Zealand: results of trivariate and multivariate models. Energy Policy, 38(7), 35083517. Chontanawat, J., Hunt, L.C., & Pierse, R. (2008). Does energy consumption cause economic growth? evidence from systematic study of over 100 countries. Journal ofPolicy Modelling, 30, 209-220. 77 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Çoban, O. (2002). Econometric analysis of the relationship between money supply, inflation and interest rates in Turkish and German economies. Ataturk University Journal of Economics and Administrative Sciences Faculty, 16 (5–6), 32–41 (in Turkish). Çoban, O. (2004). The effects of human capital on economic growth: the case of Turkey. Journal of Istanbul University, 30, 131-142 (in Turkish). Çoban, O., Doganalp, N., & Uysal, D. (2008). The macroeconomic effects of public internal borrowing in Turkey. Journal of Selcuk University Social Sciences Institute, 20, 245-257 (in Turkish). Çoban, O.,& Yorgancılar, F. (2011). Relationship between renewable energy consumption and sustainable economic growth: the case of Turkey. 2011 Barcelona European Business&Economics Conference, Juni 6-9, Barcelona, Spain. Erdal, G., Erdal, H., & Esengün, K. (2008). The causality between energy consumption and economic growth in Turkey. Energy Policy, 36(10), 3838-3842. Erol, U.,& Yu, E.S.H. (1987). Time series analysis of the causal relationships between us energy and employment. Resources and Energy, 9(1), 75-89. Hatemi, A.,& Irandoust, M. (2005). Energy consumption and economic growth in Sweden: a leveraged bootstrap approach, 1965-2000. International Journal ofApplied Econometrics and Quantitative Studies, 2(4), 87-98. Hondroyiannis, G., Lolos, S., & Papapetrou, E. (2002). Energy consumption and economic growth: assessing the evidence from Greece. Energy Economics, 24(4), 319-336. Hwang, D.,& Gum, B. (1991). The causal relationship between energy and GNP: the case of Taiwan”, Journal of Energy and Development, 16(2), 219–226. Jobert, T.,& Karanfil, F. (2007). Sectoral energy consumption by source and economic growth: the case of Turkey. Energy Policy, 35(11), 5447-5456. Kar, M.,& Kınık, E. (2008). Türkiye‟de elektrik tüketimi çeşitleri ve ekonomik büyüme arasındaki ilişkinin ekonometrik bir analizi. Afyon Kocatepe ÜniversitesiİİBF Dergisi, 10(2), 333-353 (in Turkish). Mucuk, M.,& Uysal, D. (2007). Türkiye ekonomisinde enerji tüketimi ve ekonomik büyüme. Maliye Dergisi, 157, 105-115 (in Turkish). Pamir, N. (2005), Enerji politikaları ve küresel gelişmeler. Türkiye 5. Enerji Sempozyumu Bildiriler Kitabı, Ankara, 57-83 (in Turkish). Paul, S.,& Bhattacharya, R.N. (2004). Causality between energy consumption and economic growth in India: a note on conflict results. Energy Economics, 26, 977983. 78 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Shaari M.S., Hussain, N.E., & Ismail, M.S. (2013). Relationship between energy consumption and economic growth: empirical evidence for Malaysia. Business Systems Rewiev, 2(1), 17-28. Stern, D.I. (1993). Energy and economic growth in the USA- a multivariate approach. Energy Economics, 15(2), 137-150. Stern, D.I. (1999). Is energy cost an accurate indicator of natural resource quality?.Ecological Economics, 31, 381–394. Stern, D. I. (2000). A multivariate cointegration analysis of the role of energy in the U.S. Macroeconomy. Energy Economics, 22(2), 267-283. Stern, D.I. (2003). Energy and economic growth, Retrieved February 02, 2013, from http://www.localenergy.org/pdfs/Document%20Library/Stern%20Energy%20and% 20Economic%20Growth.pdf. Tehranchian, A.M. (2006). On the relationship between energy consumption and real GDP in Iran: an application of VEC model. Iranian Economic Review, 11(16), 141-147. Yu, E.S.H. & Hwang, B.K. (1984). The relationship between energy and GNP: further results”, Energy Economics, 6(3), 186-190. 79 � 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. 1498 Title A name given to the resource Relationship between Energy Consumption and Economic Growth: The Case of Turkey Author Author COBAN, Ayse KUCUKSUCU, Mucahide COBAN, Orhan Abstract A summary of the resource. "Power" phenomenon has always been important throughout the history of mankind. In the past, the territory of the countries that they have the power, as measured by the colonies or the army, these parameters gave place as well as a stable economy and have owned the most effective utilization of resources. Definitely, the most recently prominent sources are energy. In this context, energy has a strategic importance for the countries, and that is used to measure the wealth and development. Turkey, has an important position as the Middle East's, Asian countries', the Mediterranean's and the Caspian region's rich oil and natural gas resources is transmitted to centers of demand in the West by "energy corridor". Due to its geopolitical position, Turkey must perform all policies including growth policies with energy policies harmonizing. The world's energy consumption is expected to increase and the majority of consumption is satisfied from in this region including Turkey. In this context, Turkey is a bridge as well as a market in order to transport Central Asia's production to the world's market due to the geographical and geopolitical position of Turkey. However, despite all these advantages, Turkish economy depends on foreign markets for energy. For this reason, the energy in the case of Turkey is becoming more and more important. Therefore, combining the issue of energy and growth, a long-term plan is needed. In the light of the foregoing, taking into consideration for the period of 1980-2011 in Turkey was aimed to analyze the relationship between energy consumption and economic growth in this study. In this analysis was benefited from the unit root test, VAR analysis, as well as the causality tests. The empirical findings for this period in Turkish economy show that the relationship between energy consumption and economic growth is bidirectional in Granger causality test, mutually affect each other and feedback hypothesis is available. When the feedback hypothesis is available, policy-makers must take into consideration feedback effect of economic growth on the energy in the event of reducing energy consumption. Bidirectional causality between energy consumption and economic growth or feedback evidence represents increasing economic growth causes to raise energy consumption. According to this view, energy-saving policies aimed at the reduction in energy use must reduce the demand for energy without causing adverse effects on economic growth. It would be achieved through a suitable combination of energy taxes and energy substitution. Policy makers should encourage the industry to adopt technologies for reducing pollution. Keywords: Energy Consumption, Economic Growth, Turkish Economy, Feedback Hypothesis 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/9c6b42527dc50d998cfecd67f36cca58.pdf 228986219e9195d7376d6bd5ac4593b7 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Strategy Focused Sports Clubs: An Implementation of the Balanced Scorecard for Soccer Teams Ali Coşkun Fatih University, İstanbul, Turkey alicoskun@fatih.edu.tr Selman Tetik Fatih University, İstanbul, Turkey stetik@fatih.edu.tr The main goal of the sports clubs is to produce benefit and create the social values for the society. Furthermore, it has also commercial dimension that was transformed from the show business aspect of sports clubs. Therefore, they undertake the role in the world as economic organizations. One of the most popular sports all around the world is the soccer (football). By taking into consideration the activities of professional soccer clubs on and off the field of play, it’s getting more important to manage them as a business organization. Since the soccer clubs are business organizations they have the similar managerial functions such as organizing, marketing and financing. Professional soccer clubs also have some strategic objectives concerning with the efficiency, effectiveness, competitiveness, and improving the market share. In order to survive and have the efficient and effective clubs they should measure and manage the performance of the clubs in different perspectives both on and off the field of play. A comprehensive approach is convenient to measure the performance of the clubs. The soccer clubs are liable to fulfill the expectations of a wide variety of stakeholder groups like fans, players, employees and staff, sponsors, suppliers, shareholders, broadcasters, sport media, local environment, soccer association, government, and legal authorities. In order to satisfy the needs and expectations of the stakeholders, soccer clubs should set up a multidimensional performance management system which concerns all perspectives. By bringing a comprehensive system to performance measurement and management, the balanced scorecard provides an integrated framework that can help the clubs to evaluate the financial and non-financial activities. This study reviews the management structures, business functions and the operations of the soccer clubs and the performance measurement systems used by them. In the study we develop a Balanced Scorecard model for soccer clubs. A classical balanced scorecard has four perspectives: 31 �International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo financial, costumer, internal process and learning and growth. In the Soccer Balanced Scorecard we will use the following four perspectives: financial sustainability perspective, fans perspective, internal process perspective, and infrastructure perspective. We analyze the performance management systems of the soccer clubs by classifying them base on their strategic priorities since the strategic objectives of the giants and the middle level teams are different. In the study after developing the perspectives of the soccer balanced scorecard we defined strategic objectives, performance measures relating to these objectives, performance targets for each measure and initiatives. In the study, it is suggested that if soccer clubs use the balanced scorecard as a strategic performance management tool it may help them to be strategy focused and may better serve their missions. Keywords: Soccer Clubs, Performance Measurement and Management, Balanced Scorecard 32 � 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. 1487 Title A name given to the resource Strategy Focused Sports Clubs: An Implementation of the Balanced Scorecard for Soccer Teams Author Author COSKUN, Ali TETIK, Selman Abstract A summary of the resource. The main goal of the sports clubs is to produce benefit and create the social values for the society. Furthermore, it has also commercial dimension that was transformed from the show business aspect of sports clubs. Therefore, they undertake the role in the world as economic organizations. One of the most popular sports all around the world is the soccer (football). By taking into consideration the activities of professional soccer clubs on and off the field of play, it’s getting more important to manage them as a business organization. Since the soccer clubs are business organizations they have the similar managerial functions such as organizing, marketing and financing. Professional soccer clubs also have some strategic objectives concerning with the efficiency, effectiveness, competitiveness, and improving the market share. In order to survive and have the efficient and effective clubs they should measure and manage the performance of the clubs in different perspectives both on and off the field of play. A comprehensive approach is convenient to measure the performance of the clubs. The soccer clubs are liable to fulfill the expectations of a wide variety of stakeholder groups like fans, players, employees and staff, sponsors, suppliers, shareholders, broadcasters, sport media, local environment, soccer association, government, and legal authorities. In order to satisfy the needs and expectations of the stakeholders, soccer clubs should set up a multidimensional performance management system which concerns all perspectives. By bringing a comprehensive system to performance measurement and management, the balanced scorecard provides an integrated framework that can help the clubs to evaluate the financial and non-financial activities. This study reviews the management structures, business functions and the operations of the soccer clubs and the performance measurement systems used by them. In the study we develop a Balanced Scorecard model for soccer clubs. A classical balanced scorecard has four perspectives:financial, costumer, internal process and learning and growth. In the Soccer Balanced Scorecard we will use the following four perspectives: financial sustainability perspective, fans perspective, internal process perspective, and infrastructure perspective. We analyze the performance management systems of the soccer clubs by classifying them base on their strategic priorities since the strategic objectives of the giants and the middle level teams are different. In the study after developing the perspectives of the soccer balanced scorecard we defined strategic objectives, performance measures relating to these objectives, performance targets for each measure and initiatives. In the study, it is suggested that if soccer clubs use the balanced scorecard as a strategic performance management tool it may help them to be strategy focused and may better serve their missions. Keywords: Soccer Clubs, Performance Measurement and Management, Balanced Scorecard 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 2303-4564 https://omeka.ibu.edu.ba/files/original/842b6e195f046985870a06310b3607e5.pdf a021c19e31d56eaf47309df0d55e7751 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Assessing the companies’ process of IFRS adoption in Romania Ioana Cristina Colbu Stefan cel Mare University, Suceava, Romania ioanac@seap.usv.ro The purpose of this paper is to find and analyze the process of accounting standard adoption in Romania, regarded from companies’ point of view, as well as to discover the issues faced by economic entities. This paper focuses also on the importance of disclosure regarding the consolidated financial statements in the case of listed companies. It examines the changes that had to be made not only in the ledgers, but also in the management of the quoted Romanian companies. The International Financial Reporting Standards have been adopted in Romania starting 2007, and the companies required to present their financial consolidated statements are the ones listed, as stated in European Commission Regulation 1606/2002, without the option of opting out. In the same time, for the individual financial statements, the companies apply the national rules, complying with the European Directives. The implementation of IFRS was a complex process that brought fundamental changes to the process of accounting reporting. Although elements from the International Conceptual Framework were taken in national regulations, such as who the information users’ are, the definitions or qualitative characteristics, there are also differences that create the necessity of having two sets of financial statements for the same listed company. Transactional analysis is basically the same under IFRS and national rules, but the different standards may impact how transactions are recorded. This paper tried to highlight and analyze the differences and the similarities that characterize the international accounting system IAS/IFRS and the national Romanian accounting system. Application of IFRS in Romania is a complex process. Firstly, the process of harmonization of concepts, vocabulary and referential treatments is a necessary procedure, which offers the characterization of a universal accounting language and homogeneous preparations. 172 �International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo On the other hand, the introduction of IFRS showed rejection, caused by misinterpretation of the theoretical topics and processes, produced mainly from the circumstance that in Romania there are no real short term needed to apply the international standards. Keywords: Standard Adoption, Convergence, International Financial Standards, General Accepted Accounting Standards, Financial Statements. 173 � 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. 1586 Title A name given to the resource Assessing the companies’ process of IFRS adoption in Romania Author Author CRISTINA COLBU, Ioana Abstract A summary of the resource. The purpose of this paper is to find and analyze the process of accounting standard adoption in Romania, regarded from companies’ point of view, as well as to discover the issues faced by economic entities. This paper focuses also on the importance of disclosure regarding the consolidated financial statements in the case of listed companies. It examines the changes that had to be made not only in the ledgers, but also in the management of the quoted Romanian companies. The International Financial Reporting Standards have been adopted in Romania starting 2007, and the companies required to present their financial consolidated statements are the ones listed, as stated in European Commission Regulation 1606/2002, without the option of opting out. In the same time, for the individual financial statements, the companies apply the national rules, complying with the European Directives. The implementation of IFRS was a complex process that brought fundamental changes to the process of accounting reporting. Although elements from the International Conceptual Framework were taken in national regulations, such as who the information users’ are, the definitions or qualitative characteristics, there are also differences that create the necessity of having two sets of financial statements for the same listed company. Transactional analysis is basically the same under IFRS and national rules, but the different standards may impact how transactions are recorded. This paper tried to highlight and analyze the differences and the similarities that characterize the international accounting system IAS/IFRS and the national Romanian accounting system. Application of IFRS in Romania is a complex process. Firstly, the process of harmonization of concepts, vocabulary and referential treatments is a necessary procedure, which offers the characterization of a universal accounting language and homogeneous preparations. On the other hand, the introduction of IFRS showed rejection, caused by misinterpretation of the theoretical topics and processes, produced mainly from the circumstance that in Romania there are no real short term needed to apply the international standards. Keywords: Standard Adoption, Convergence, International Financial Standards, General Accepted Accounting Standards, Financial Statements. 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 2303-4564 https://omeka.ibu.edu.ba/files/original/6df7581a6372588bd33ad9beaef13b53.pdf 96e4c1d222c2fa2c4707ee9b4702c87c PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo The Relationship between the Content of Lifelong Education for Sustainable Development and the Needs of the Educational Environment Muharem Dautovid Elči Ibrahim Pašina Medresa, Travnik, Bosnia And Herzegovina muharemdautovic@yahoo.com The sustainable development as a fundamental is certainly one of the biggest challenges global society is facing. Parallel to this, a need for an adequate response to the challenges of sustainable development, which can be recognized only in the certain time and quality education of new generations is required. Thus, learning and teaching is an imperative together with its requirements such as the need to educate young people through the institutions of the system, organized through school systems at all levels, through non-formal and informal education. The most important are aims, objectives and content of education for sustainable development. They should be compatible with the needs of the environment, the economic, the political, educational, cultural, etc. (external aims of education), actually the demands of social reality, innovated methods in educational system and forms of work for sustainable development, as well as the relationship between a curriculum and content. Keywords: Educational Policy, Lifelong Learning, Sustainable Development. 211 � https://omeka.ibu.edu.ba/files/original/d879f83b2a94b66b031c89483a0ac986.docx 521ff8d1e8fa4b10c29de44181226e96 https://omeka.ibu.edu.ba/files/original/216a6a3491f8fc0ba84254bf1a08a274.pdf 09f935419227cf4a89cad7a86c3439ea PDF Text Text International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo The Relationship between theContent of LifelongEducation for SustainableDevelopment and Needs ofthe Educational Environment Muharem Dautović Elči Ibrahim pašina medresa, Travnik, Bosnia and Herzegovina muharemdautovic@yahoo.com Abstract Of the manychallengesfacing aglobal societythe fundamental one is related to sustainable development. Parallel with this, there is a need for an adequate response to the challenges of sustainable development that can be recognized only in the timeliness and quality of education of new generations. Thus, teaching and learning becomes an imperative and what is recognizable in these requirements is the need to educate young people through the institutions of the system, organized by the school system at all levels. Aims, objectives and content of education for sustainable development should be compatible with the environmental, economic, political, educational, cultural and other needs (external aims of education), and demands of social reality, whilst innovative methods of education should be in line with education for sustainable development, as well as with the curriculum. Key words: education policy, lifelong learning, sustainable development Introduction The concept of lifelong learning within which lies the concept of lifelong education, has emerged as a result of increasing demands for a greater amount of knowledge, because the existing knowledge became insufficient or outdated. It is based on a continuous approach to teaching and learning in terms of acquiring new knowledge which is needed in new social conditions, and new positions at work and in the society of knowledge, which implies participation in society. Considering and reviewing the given topic, along with the construct lifelong learning there is also an expression which implies permanent (continuous) education, which according to Pastuović, is not the same. Differences between lifelong learning and lifelong education is that “lifelong education refers to education throughout life (from birth to death) while continuous education (permanent) refers to education since the end of a degree of formal education (usually after compulsory education) until death, or until the end of their working life. While lifelong learning and education encompasses and coordinates the education and upbringing of children, adolescents and adults (according to the principle of vertical connectivity), the continuous education, on the other hand, adjusts only forms of formal, non-formal and informal adult learning (according to the principle of horizontal integration)”. (Pastuović, 1999:53) UN Decade of Education for Sustainable Development The period 2005-2014 the United Nations through UNESCO have declared as Decade of Education for Sustainable Development, which aims to implement educational values, which are important for sustainable development, into all educational facilities and educational curriculum that will support changes in behavior and lead to a sustainable society. The very choice of UNESCO, as the implementer of this project, represents (along 1 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo with the Program on Climate Change for Sustainable Development and Program of Education for all) the key to sustainable development. In order for Decade to achieve its goals and satisfies its creators (UN and UNESCO), as well as society and community, it is necessary to create the curriculum so that it will integrate previous experiences of social and emotional (emotional, moral) context with the addition of willing (connotative) component. For education policy-makers the most complex issue of the Decade is the question of how to design services and develop curriculum (curricula) that will be able to train young people for social development in the future, in the society of knowledge, in order to cope with many challenges, as well as problems carried by globalization processes. Only the contents of education for sustainable development in the curricula that are on the trail of the unity of science and the teaching process can meet the needs of young people through formal education to acquire the necessary competencies for sustainable development. As the curriculum must align according to the Bologna Process, which means that three year, or four-year cycle is expected to provide students with the academic skills and professions according to the standards of the Bologna Declaration. It is important to ensure the cooperation of the management of institutions providing educational services (education for sustainable development) and the educational environment as external educational objectives to the educational process and the content customized needs (development), the needs of local communities (regions) to the development needs of the community at the national level. In addition to teaching content in the curriculum, it is essential to provide high-quality services through the scientific research in institutions of higher education, including services for sustainable development to a greater number of young people qualified for sustainable development. Curriculum content for Sustainable Development Curriculum contentincludingeducationfor sustainable developmentwhich will be adopted byeducationalproductions(graduates of all educationallevels) andtransmititto end usersin theenvironment, needs toraisethe quality of lifeof future generations. Educationalproduction coming from teachers' collegeshave a special responsibilitybecause they havethe most experiencewhen it comes toactivitiesthat arein line withlifelong learningfor sustainable development. Changes are necessary. They shouldstart from thehighereducation systemforthe educationaloutputshavethe strongestinfluence on theinputs tosegments ofeducationalenvironment(economic, social, cultural, and environmental). In order for graduates, especially those from teachingfaculties, to acquiremoreskills, throughfacilities forsustainable development, it is necessary toeducate theuniversityteachersthrough workshops andprojectswhich along withthegeneralcivicawarenessandstrengthening of thenecessary knowledge, skills, and capabilities(competencies) for each individual, it can be a guaranteefor successfulpreparationof futureeducatorsto teachyoung peopleof all educationallevelsfor sustainable development.So far,thissystemhas not been solved, and the teachers 2 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo aregenerallysatisfied withtheirknowledge in the fieldof ecology anddemocracy, which is definitely notenough. Learning objectivesasinternalgoals of education representtrainingfor a specific typeof behavior.The aim is to meetuniversalhuman needswhich include, apart fromthe existential, social andself-actualization. Learning objectives, according to Gagne, serve as a selection oflearning content, provide the prerequisitesto learningandimplementthem, and conduct a review ofoutcomes. Components oflearning objectivesGagne(1988) identifiedas: 1. type of learned proficiency, 2. description ofthe situation in whicha learned behavior is performed, 3. objecton which thebehavioris applied, 4. description of the specificactivitiesthatstudentsuse in the executionof learned behavior, 5. Funds, restrictions and special conditionsgoverning thelearned behavior. (Gagne, et.al. 1988:23) Learning objectivesfor sustainable development In order forthe educationaloutputs (educational production) to acquire the necessarycompetencies(knowledge, abilities, skills, habits, values, attitudes, etc.) in formal education(institutions at all levels ofoccupation andlevel of education), and particularlyfor sustainable development, it is necessary for teachingfacilities,plans and programs(curriculum), to be adapted to the needsof the educationalenvironment(external educational objectives). Learned behaviors (competencies) acquired through internal learning objectives are divided into the areas of cognitive (strategy, intellectual skills and information), psychomotor (psychomotor skills) and affective behavior (attitudes, habits, values). Learning objectivesin taxonomyobjectives (Bloom) are composed of moregroups of goals andare divided into: 1. Cognitivegoals(goalsrelated to knowledgeandthe development ofintellectualskills necessary forthe application of knowledge), (Bloom, 1970:35): knowledge, comprehension,application, analysis, synthesis and evaluation. 2. Affectivegoals(goals related to the values, attitudesand assessment) (Krathwohl et al1964:78): receiving,responding, valuing, organization values,characterization ofpeoplewithvalue system. 3. Psychomotorobjectives (motor skills). (Bloom, 1970:35) Forourdiscussionit is importantthat wedefinesocial developmentand outof manyof itsdefinitions we optedfor the following: social development is the system of changes within theman and hisenvironmentthat leads tosatisfyinghis needs(not justexistential) whichinfluencethe qualityof his life. Thedevelopment of man isnot and should notbe limited toonlymeetits basicneeds;it includesmoreneeds,goals andothervalues such asthe need forrelationships with other people, the needfor arelationshipwith his owndevelopment(self-actualization). The higher need for achievement makes the qualityof lifeof each individualhigher.Quality of lifeof the individualas amember of societymakessocietymore developed. The meaningof social developmentisto improveall aspects ofhuman life, meaning thatman shouldsatisfy theuniversalhuman needs,includingsocial andself-actualization(to satisfy the motivesfor thegrowth and development andnotonly theexistential). 3 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo In the processof social development, education plays an important role; therefore, it contributes tothe development of society, so we can saythat the purposeof educationsupportsquality of lifeof allmembers of the community. As a result, there is theneedfor educationas generators ofqualityof life andsocial development. The question of educational needscan be analyzedat three levels: (Bahtijarević-Šiber, 1999)  individual,  work, and  institutional level. Educational needscan beviewed throughits fourlevels:  educational needsaimed at trainingemployeesfor jobsthatawait them(trainingfor the currentjob),  educational needsrelated to theexpansion ofindividualknowledge and skills(the expansion and deepening ofknowledge and skillsto adaptto changesin business andtechnology),  educationalneeds related tothe development ofindividual careerandtraininggraduate ofa certaineducational level(educational production) to performcomplex tasks(preparing for acareerprogressionandperformanceismore complex and demandingtasks),  educationalneeds related tothe future(educationand preparationfor future changesandjobsandeducationfor the future, and flexibility). (Bahtijarević-Šiber, 1999:741) Figure 1Levels ofeducational needs(Bahtijarević-Šiber, 1999:741) Lifelong Educationfor Sustainable Development: Economic Development Technological developmentis strongly influenced bythe necessity of itssequence, because scienceandscientific advancesare changingdailyand, as a result a need forlife-long education(full day) becomes a requirement. Thus, old knowledgeexpires, so there is a needfor new knowledge, whicheducational policy"forces" to create acurriculum that willinclude asystemof lifelong learningwhichwillacquirecompetencies thatwill be able tomeet the challengesof technological development. Strengtheningof human resourceswill strengtheninteractionandinclusion of educationand the economy. Economicpart of the educationalenvironment(external goals of education) is in theinterdependentrelationship witheducation and learning(internalgoals of education) andsinceeducation isstrongly influenced by theeconomy(through educationalinputs: 4 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo facilities, equipment,staffsalaries), it can be said that educationand the economyinfluence the economic development. Neglectingthe economicaldimensionof the interaction, the lack ofinvestmentin educationandthe labor market will be felt simply because theinsufficient investmentin training and developmentof employeesdirectly affects theloss ofmarket share(Bahtijarević-Šiber, 1999).1 Thisinteraction ofeducationand economicsis based onthe theory ofhuman capital(health, knowledge, motivation) which strengthens through education and directlyinfluences allpartsof itsquality(Fagerlind andSaha, 1989). Economic development, in question, is to strengthen theefficiency ofthe economy, which is again aconsequence oflinks between educationand the economy, which is treatedas the ratioof primary, secondaryandtertiary levelof formal educationandthe growth rate ofgross domestic product (Psacharopoulos, 1985 inObralić, H. 2012). Economic development, as a powerfulfactor inthe educational environment, as itsmain developmental elementsseesscience, education and upbringing becausethey define thequality of human capital(the greatest wealth andinvestment ineducationa priority), which is directly dependenton the quality ofthe use of financial(and other) resourcesof a country. Lifelong Educationfor Sustainable Development: Political Development Political developmentinour circumstancesis almost alwaysin the contextof developmentof political parties, though political developmentis based onthe process thatneeds to improvecitizens' participation(political) and political integration. Processesshould be seenas a consequence ofpoliticalsocialization, such as understanding thepolitical values, opinions, attitudes, habits, which should encourageall actorsinthepolitical community onintegrationandparticipation (Saha andFagerlind, 1994). (Meyer andRubinson, 1975)Politicalsocialization issimplyimpossible withouteducationanditis gearedtowardsthe survival ofthe currentpolitical situation. Besides havingsignificant impactonpolitical socialization, educationplays significant role in theidentity formation(especiallynational)andnational integration. This is especially trueindeveloping countries,thenthe countries in transition, andfinallyinthe newentities as isthe example ofthe former Yugoslav republicsthat formedtheir own states. Particularly important istheconstruction ofnational identity, as it isan essentialaspect ofnational identityon the one hand political, and on the other, cultural development. Political integrationcannot bewithout anational identity, and it is built byconsensusof all politicalactors inbuildingpolitical rights, a uniquepolitical systemandbasicrecognizablesymbolsof the state andstatehood, such as the constitution,national anthem,flag, and coat of arms). Relation between educationand political developmentis not unidirectional. Politics is asegmentof the educationalenvironmentandit is subject to the influence of education throughexternaleducational goals, whereas apolitical systemand importantpolitical values stronglyinfluence theeducation, which results inan interactive relationshipof these two elements of external goalsof education, whichis accomplishedin the following manner: 1. initialoperationof society(politics) has the strongest influence on education (programs, system structure, evaluation, funding, teacher education), which is 1 Bahtijarević-Šiber, 1999. Management ljudskih potencijala, Golden marketing,Zagreb 5 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo expressed in theeducationreformsundertakenafter theradicalpolitical changes, such as those in post-communist(transition) countries, 2. reformededucation and upbringingaffectthe stabilization anddevelopment of the existingsocial order(politics) 3. further social(political) development generates newneedsfor change(development) of the existingeducationalsystem(Saha andFagerlind1994,1655inObralić, H. 2012). Lifelong Educationfor Sustainable Development: CulturalDevelopment Integrativepart of the educationalenvironment(and it's an important part of) is culture. Culture,as a system ofvalues thatis manifestedin thepracticesof social behaviorin attitudes andhabitsdirectlyaffect thequality of life, human rights, and human values. Educational productionaffects theenvironment(economic, political, cultural), and thenwe talkabout the work ofeducation inparts of theenvironment, as well as the culture, thatthroughall forms of education(youth through formal -educationandadultformaland informal-learning) affects values, attitudes andhabits. Educationalproduction(graduates of variouseducational levels),with allits knowledge, skills, and habits(competencies) strongly affectsall segments ofthe educationalenvironment-outereducation goals (desirable educationaleffects)as well as the culture,whichboth directlyand indirectly affectthe development of society(the economic, socialand political development, ofwhichlargelydependsrationaluseof human resources)what is in the scientificdiscourseexplained throughthe theoryof modernization(Inkeles andSmith,1974). Modernizationis seenas atrendof strengthening theknowledge anduseofrational, in caring forthe environment so as that man cancontrol(natural, cultural, political) superviseand manage it. Here,education playsan important rolebecause itstronglyinfluences themodernityof attitudes, values, family,as well as the choiceand durationof formal education. According to Pastuović (1999), modern valuesand attitudesaffectsocial behavior, if they lead to desirable outcomesfor the person, i.e. desiredmaterial, social, and self-actualizing effects. It depends on themodernity ofthe societyorof itsaspectsin whichthe individual acts(Pastuović, 1999, 408,409). Scientificdiscourseunreservedlyrecognizes thatsocial developmenthas no groundingand sustainabilitywithoutits citizensas the creatorof universal valuesthat carry theattributeof modernity. Manyhave definedmodernitythroughpersons whoare considered to bemodern,and such descriptions of modernpeoplein works ofInkelesand Smith(1974) contain a confirmation of what was said before: a) readiness forsocial change, b) awareness of thediversityof views and opinionsof othersand the ability todesign andmaintain own opinions, c) determinationin collectingdata and factswhicharethe basis ofthe thought process, d) temporalorientation towardthe present and thefutureinstead ofthepast, e) feelingof successor beliefthat onecan influencetheir ownenvironment, f) orientation towardslong-term planningin public affairsand privatelife, g) fundamentalconfidence inthe predictability ofthe surrounding world, and confidence thattheinstitutions and individuals will meettheir obligations, h) highevaluation oftechnical skillsand their acceptance ascriteriafor the distribution ofprizes, i) highvaluationof formal educationand training, and highexpectations foreducationaland workachievements, 6 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo j) understandingof manufacturing and industry. (Inkeles andSmith,1974: 1925inObralić, H. 2012). Finally, throughcurriculathat aresupported by Bologna process, throughcourses, workshops andprojects,it is necessary toallow students todevelopsocial,economic, environmental andpolitical competencies (knowledge, abilities, skills and habits) in order to resolve the problemsof society andthe developmentofsocietyfor sustainable development, for life,for the coexistenceof nature, society and each individual. References Bahtijarević-Šiber, F. (1999), Zagreb Management ljudskih potencijala, Golden marketing, Bloom, S. B. (1970). Taksonomija ili klasifikacija obrazovnih i odgojnih ciljeva Knjiga I, Jugoslovenski zavod za proučavanje školskih i prosvetnih pitanja, Beograd Fagerling, I. and Saha, L. J. (1989). Education and National Development. Oxford: Pergamon Press Gagné, R., Briggs, L., & Wager, W. W. (1988). Principles of instructional design. New York, NY: Holt, Rinehart and Winston, Inc. Inkeles, A. & Smith, D.H. (1974). Becoming Modern – Individual Change in Six Developing Countries, Cambridge: Harvard University Press Krathwohl, David R., Benjamin S., Bloom, and Bertram B. Masia. (1964). Taxonomy of educational objectives. Book 2: Affective domain. Longman, New York Meyer, John W. and Richard Rubinson (1975). ―Education and Political Development‖. Review of Research in Education Obralić, H: (2010) Vrednovanje obrazovnih efekata kao vanjskih ciljeva obrazovanja, Univerzitet „Džemal Bijedić“, Mostar Pastuović, N. (1999), Edukologija, Znamen, Zagreb 7 � 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. 1668 Title A name given to the resource The Relationship between the Content of Lifelong Education for Sustainable Development and the Needs of the Educational Environment Author Author DAUTOVIĆ, Muharem Abstract A summary of the resource. The sustainable development as a fundamental is certainly one of the biggest challenges global society is facing. Parallel to this, a need for an adequate response to the challenges of sustainable development, which can be recognized only in the certain time and quality education of new generations is required. Thus, learning and teaching is an imperative together with its requirements such as the need to educate young people through the institutions of the system, organized through school systems at all levels, through non-formal and informal education. The most important are aims, objectives and content of education for sustainable development. They should be compatible with the needs of the environment, the economic, the political, educational, cultural, etc. (external aims of education), actually the demands of social reality, innovated methods in educational system and forms of work for sustainable development, as well as the relationship between a curriculum and content. Keywords: Educational Policy, Lifelong Learning, Sustainable Development. 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/90fb61244412052dd2bbcd1ab32d40f0.pdf 30abff2875471f4c9019109f19850de2 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Rural Entrepreneurship in Bosnia and Herzegovina, Challenges and Opportunities Selma Delalic Centre for Economic Development and Research, Sarajevo, BosniaHerzegovina delalic@cedar.ba Nermin Oruc Centre for Economic Development and Research &, International University of Sarajevo, Sarajevo, Bosnia-Herzegovina oruc@cedar.ba Rural development has been identified by many actors dealing with economic development of Bosnia-Herzegovina (B&H), both local and international, as one of the key areas of intervention. The main drivers of rural development should be small sized companies run by rural entrepreneurs. In order to design effective policies that would boost entrepreneurial activities in rural areas, the obstacles and drivers of their businesses should be understood properly. This paper presents analysis of the factors determining success of rural entrepreneurship in B&H. The paper combines results from quantitative and qualitative data, collected originally as part of the research for this paper, in order to provide evidence of the main factors affecting success of rural businesses. The data for the quantitative analysis were collected through a field survey of 300 interviewees, who are owners of micro of small sized rural business (1-49 employees). The questions from the survey covered demographic characteristics of the owners, characteristics of their business, obstacles they are facing in running a business and factors that have positive influence on their business performance. The data were analyzed by descriptive statistical analysis and regression analysis. Average annual growth in employees, as a measure of success of the business, was used as a dependent variable. Determinants of success of a business entered the regression model as five broader factors produced by factor analysis process, described as institutional factors, skills, access to market, access to finance and infrastructure. The estimated model reveals the direction and magnitude of different factors of small business success in rural areas. 251 �International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Results from the quantitative analysis were combined with the results of quantitative analysis of data collected through 30 semi-structured interviews with owners of small rural businesses. The interviews were used to gain deeper insight into the characteristics of factors affecting their success. The data collected through interviews were analyzed using contents analysis. Finding from the research, combining both results of qualitative and results of quantitative research have identified and described the key factors affecting rural business. These findings were used to develop a list of concrete policy recommendations that should aim at reducing barriers and improving factors that have positive influence on rural businesses, in order to increase entrepreneurial activities in rural areas, which should have positive influence on economic development of these areas and entire country. Keywords: Rural Entrepreneurship, Business Success, Semi-Structured Interviews, Factor Analysis, Probity Model, Bosnia-Herzegovina. 252 � 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. 1634 Title A name given to the resource Rural Entrepreneurship in Bosnia and Herzegovina, Challenges and Opportunities Author Author DELALIĆ, Selma ORUČ, Nermin Abstract A summary of the resource. Rural development has been identified by many actors dealing with economic development of Bosnia-Herzegovina (B&H), both local and international, as one of the key areas of intervention. The main drivers of rural development should be small sized companies run by rural entrepreneurs. In order to design effective policies that would boost entrepreneurial activities in rural areas, the obstacles and drivers of their businesses should be understood properly. This paper presents analysis of the factors determining success of rural entrepreneurship in B&H. The paper combines results from quantitative and qualitative data, collected originally as part of the research for this paper, in order to provide evidence of the main factors affecting success of rural businesses. The data for the quantitative analysis were collected through a field survey of 300 interviewees, who are owners of micro of small sized rural business (1-49 employees). The questions from the survey covered demographic characteristics of the owners, characteristics of their business, obstacles they are facing in running a business and factors that have positive influence on their business performance. The data were analyzed by descriptive statistical analysis and regression analysis. Average annual growth in employees, as a measure of success of the business, was used as a dependent variable. Determinants of success of a business entered the regression model as five broader factors produced by factor analysis process, described as institutional factors, skills, access to market, access to finance and infrastructure. The estimated model reveals the direction and magnitude of different factors of small business success in rural areas. Results from the quantitative analysis were combined with the results of quantitative analysis of data collected through 30 semi-structured interviews with owners of small rural businesses. The interviews were used to gain deeper insight into the characteristics of factors affecting their success. The data collected through interviews were analyzed using contents analysis. Finding from the research, combining both results of qualitative and results of quantitative research have identified and described the key factors affecting rural business. These findings were used to develop a list of concrete policy recommendations that should aim at reducing barriers and improving factors that have positive influence on rural businesses, in order to increase entrepreneurial activities in rural areas, which should have positive influence on economic development of these areas and entire country. Keywords: Rural Entrepreneurship, Business Success, Semi-Structured Interviews, Factor Analysis, Probity Model, Bosnia-Herzegovina. 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 2303-4564