154 10 3494 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. 988 Title A name given to the resource Investigating Interaction Author Author Rakovac, Selma Abstract A summary of the resource. Verbal interaction has been a research object of several approaches and theories, including discourse analysis, conversation analysis, ethnography of speaking, critical discourse analysis, functional pragmatics, interactional linguistics. Those approaches (some of them deserve to be called theories) have one and the same object of observation: talk. However, as a result of different perspectives, the name of their object varies. Both discourse linguistics and functional pragmatics are focused on the way in which languages in use function. Ethnography of speaking is concerned with cultural aspects of human production, and the language itself is observed as a part of a culture. Conversation analysis investigates regularities in social activities, whereby language is one of the products of human society. Different names, different backgrounds and traditions, different scope of interest, different categories, methods and goals, and different naming of one and the same object, are resulting in a general confusion considering study of language interaction. This paper researches both possibilities and limits of the approaches being observed, by analyzing several transcribed talks from outlined perspectives Date A point or period of time associated with an event in the lifecycle of the resource 2012 Keywords Keywords. Conference or Workshop Item PeerReviewed P Philology. Linguistics https://omeka.ibu.edu.ba/files/original/27b9335ce6e0912e2dd6e52b400df03c.docx 0021052eb7c662f3d6d45702dc015eef https://omeka.ibu.edu.ba/files/original/080dedff0422051dd9482593b5432ad5.pdf aa07d7f05815498b6a9f1dec009d80fc PDF Text Text Keynote Speaker Investigating Intersubjectivity asa Discursive Achievement in Interpreter-Mediated Encounters: Building a Conceptual Framework Rebecca Tipton University of Manchester, England ABSTRACT This paper relates to a wider research project on the ways in which intersubjective understanding is accomplished, sustained and enhanced in encounters involving interpreter-mediation. It is underpinned by an assumption that the general lack of attention to the existence of a professional interculture and its inner workings by service providers and interpreters has implications, inter alia, for the quality of service and ability of service providers to adapt to interpreter mediation in the workplace. Investigating intersubjectivity is a multilayered process that appeals to a range of research traditions in building a picture of intersubjective understanding in interpreter-mediated encounters. My wider project concerns three strands of investigation: perceptual frames of the occupational other that are ‘brought to’ the interaction; discursive accomplishment of intersubjective understanding in interaction, and the self-reflexivity of the actor in responding to his/her context both during interaction and as a post-hoc activity. This paper focuses on the second strand mentioned above, namely the discursive accomplishment of intersubjective understanding, and considers in particular the extent to which service providers and interpreters orient to each other’s ‘occupational otherness’ during interaction to form shared understandings, and the extent to which the interculture is recognised and (re-)constructed discursively during the interaction. The discussion is premised on an assumption that the lack of scope for the interpreter to ‘display’ his/her occupational otherness during interaction precludes the service provider from developing a deep understanding of the professional interculture and potentially limits the self reflexivity required to adapt to service delivery in this mode. The paper draws on research on workplace discourse practices from the conversation analytic tradition and sociocultural approaches to mind, in building a conceptual framework to analyse the discursive accomplishment of intersubjective understanding. Particular attention is given to the discussion of concepts such as the multivoicedness of meaning and the heterogeneity of voices (following Wertsch, 1991) and modes of talk in the workplace (following Roberts and Sarangi, 1999). � 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. 1713 Title A name given to the resource Investigating Intersubjectivity asa Discursive Achievement in Interpreter-Mediated Encounters: Building a Conceptual Framework Author Author TIPTON, Rebecca Abstract A summary of the resource. This paper relates to a wider research project on the ways in which intersubjective understanding is accomplished, sustained and enhanced in encounters involving interpreter-mediation. It is underpinned by an assumption that the general lack of attention to the existence of a professional interculture and its inner workings by service providers and interpreters has implications, inter alia, for the quality of service and ability of service providers to adapt to interpreter mediation in the workplace. Investigating intersubjectivity is a multilayered process that appeals to a range of research traditions in building a picture of intersubjective understanding in interpreter-mediated encounters. My wider project concerns three strands of investigation: perceptual frames of the occupational other that are ‘brought to’ the interaction; discursive accomplishment of intersubjective understanding in interaction, and the self-reflexivity of the actor in responding to his/her context both during interaction and as a post-hoc activity. This paper focuses on the second strand mentioned above, namely the discursive accomplishment of intersubjective understanding, and considers in particular the extent to which service providers and interpreters orient to each other’s ‘occupational otherness’ during interaction to form shared understandings, and the extent to which the interculture is recognised and (re-)constructed discursively during the interaction. The discussion is premised on an assumption that the lack of scope for the interpreter to ‘display’ his/her occupational otherness during interaction precludes the service provider from developing a deep understanding of the professional interculture and potentially limits the self reflexivity required to adapt to service delivery in this mode. The paper draws on research on workplace discourse practices from the conversation analytic tradition and sociocultural approaches to mind, in building a conceptual framework to analyse the discursive accomplishment of intersubjective understanding. Particular attention is given to the discussion of concepts such as the multivoicedness of meaning and the heterogeneity of voices (following Wertsch, 1991) and modes of talk in the workplace (following Roberts and Sarangi, 1999). Publisher An entity responsible for making the resource available IBU Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-03 Keywords Keywords. Article PeerReviewed 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. 3573 Title A name given to the resource Investigating Intersubjectivity asa Discursive Achievement in Interpreter-Mediated Encounters: Building a Conceptual Framework Author Author TIPTON, Rebecca Abstract A summary of the resource. This paper relates to a wider research project on the ways in which intersubjective understanding is accomplished, sustained and enhanced in encounters involving interpreter-mediation. It is underpinned by an assumption that the general lack of attention to the existence of a professional interculture and its inner workings by service providers and interpreters has implications, inter alia, for the quality of service and ability of service providers to adapt to interpreter mediation in the workplace. Investigating intersubjectivity is a multilayered process that appeals to a range of research traditions in building a picture of intersubjective understanding in interpreter-mediated encounters. My wider project concerns three strands of investigation: perceptual frames of the occupational other that are ‘brought to’ the interaction; discursive accomplishment of intersubjective understanding in interaction, and the self-reflexivity of the actor in responding to his/her context both during interaction and as a post-hoc activity. This paper focuses on the second strand mentioned above, namely the discursive accomplishment of intersubjective understanding, and considers in particular the extent to which service providers and interpreters orient to each other’s ‘occupational otherness’ during interaction to form shared understandings, and the extent to which the interculture is recognised and (re)constructed discursively during the interaction. The discussion is premised on an assumption that the lack of scope for the interpreter to ‘display’ his/her occupational otherness during interaction precludes the service provider from BOOK OF ABSTRACTS | 11 developing a deep understanding of the professional interculture and potentially limits the self reflexivity required to adapt to service delivery in this mode. The paper draws on research on workplace discourse practices from the conversation analytic tradition and sociocultural approaches to mind, in building a conceptual framework to analyse the discursive accomplishment of intersubjective understanding. Particular attention is given to the discussion of concepts such as the multivoicedness of meaning and the heterogeneity of voices (following Wertsch, 1991) and modes of talk in the workplace (following Roberts and Sarangi, 1999). Date A point or period of time associated with an event in the lifecycle of the resource 2013 Keywords Keywords. Conference or Workshop Item PeerReviewed PE English 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. 991 Title A name given to the resource Investigating Motivation in Iranian Secondary School ESL Learners Author Author Taqipour, Sepide Abstract A summary of the resource. Learning a second language is a multidimensional process in the sense that multiple factors impact upon the learning process and in various ways. In fact, there is a large body of literature investigating the effect of such factors on language acquisition. Previous research has indicated that the motivation and attitude of the learners significantly affect the success, or otherwise of, language learners in acquiring a second language. The present study was an attempt to investigate Iranian students’ motivation and attitude towards learning English. To this end, a sample of 123 students was randomly selected from two secondary schools. All the participants were in their second academic year. For the purposes of the study, a questionnaire composed of 18 items was developed. The results of an independent-samples t-test revealed that female students were more integratively motivated than their male counterparts. In addition, females had more positive attitudes toward learning English than males. Overall, the results indicated that the females had more potential to integrate into the culture of the second language, in this case English. In addition, they enjoy a higher level of positive attitude that is of utmost important in learning a second language. Date A point or period of time associated with an event in the lifecycle of the resource 2012 Keywords Keywords. Conference or Workshop Item PeerReviewed P Philology. Linguistics https://omeka.ibu.edu.ba/files/original/5414e54edfb48b9e3421bbca378286c5.pdf 797f89d3115fb36bcec959d6023e00ab PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Investigating Patient-Doctor Communication And Perceived Health Service Quality Sezgin Irmak1, Mehmet Özer Demir2 1Akdeniz University, Alanya Faculty of Business, Alanya/Antalya, Turkey 2Akdeniz University, Alanya Faculty of Engineering, Alanya/Antalya, Turkey E-mails: sezgin@akdeniz.edu.tr, mozerdemir@akdeniz.edu.tr Abstract Despite medical technologies developed for diagnosis and treatment, medical care still depends on effective communication between the patient and the doctor that the doctor and the patient exchange information amongst. Effective patient–doctor communication is recognized as essential by health care providers and the patients for high quality medical care. Patient-doctor communication has been shown to be linked to improved patient outcomes. This paper researches the differences between the perceptions of patients and doctors about their communication and health care services. The research may determine the communication needs both from patients and the doctors. Examining differences between the perceptions of patients and doctors about their communication could lead to improve quality of health care services. As the focus of today’s health system is the patient, patient-doctor communication should be researched for improved health care outcomes. Communication in the delivery of health care services occurs between health care service providers and the patients, but this study is limited to patient-doctor communication. Keywords: health care sector, communication, health service quality, patient, doctor 1.INTRODUCTION Patient-doctor communication is an important subject for researchers because it is expected that effective patient-doctor communication leads to desired patient outcomes and fewer complaints from patients (Weiner et al., 2005). It is obvious that effective communication is essential in health care services as communication provides the primary means for the diagnosis and treatment of the disease, the treatment of the illness, and the prevention of many health problems (Wasserman and Inui, 1983). The whole health care system revolves around the communication between the patient and the doctor, without it, any health system will not work. Communication is the start kick of all the health services. Moreover, patientdoctor communication ties both parties by building a relationship. Patient’s problems can be identified more easily with clear and precise interaction between the doctor and the patient. Patient-doctor communication is a two-way communication problem; doctor’s working under time pressure and insufficient communication skills on the one hand, patients with low 77 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo awareness and education levels and status gap between the doctor and the patient on the other hand may cause miscommunication practices. It may be the goal of any doctor to serve the highest number of patient, however patients may demand favorable interpersonal relationship with the doctor. That is another aspect of patient-doctor communication which makes it an important element in health care. For the doctor, effective communication is necessary for diagnoses and treatment; for the patient, effective communication provides understanding of his/her health status which may reduce uncertainty, anxiety, and resulting in improvement in health status (Weiner et al., 2005). It is a common patient complaint that they do not understand the doctors. Doctors work under time pressure meanwhile they have to meet expectations of patients such as explaining the diagnosis and educating the patient about therapeutic procedures. The importance of patientdoctor communication is recognized by the doctors themselves; as it is shown to be linked to improved patient outcomes, ranging from blood pressure control, medication adherence and patients’ mental health scores, to diabetes management and lower rates of malpractice suits (Davis, 2010). Good communication may be the best medicine, however patients still report dissatisfaction with the patient-doctor communication quality. 2.PATIENT-DOCTOR COMMUNICATION In many studies, doctors and patients are studied as if living in separate worlds (Kenny et al., 2010). Previous studies researching patient-doctor communication mostly approached the communication process from the doctors’ point of view, and have sought to discover patients’ views of doctor communication behaviors. Often, such examination has focused on four major doctor behaviors (Leckie et al., 2006). Technical behavior (for example, information giving), Affective behaviors which may be related to personal attributes of particular doctors (for example, non-verbal behavior and friendly verbal utterances), High controlling doctor behavior (for example, biomedical talk only), Low controlling doctor behavior (for example, where patients are encouraged to ask questions). Most of the studies only consider service givers’ (doctors, nurses, staff etc.) point of view (Franz, 2000). However, many patients prefer encounters that their participation is involved (Leckie et al., 2006). Researchers stated that doctor–patient relationships can be problematic, with negative consequences for patients including higher levels of anxiety, distrust of medical providers, dissatisfaction with healthcare and lower quality of life, meanwhile, effective doctor–patient interaction has been shown to be related to patient satisfaction with medical care, favorable attitudes towards doctors, recall and understanding of information, compliance with recommendations, adherence to treatment, improved emotional state, and overall health status (Allen et al. 2001). 78 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Sanchez (2001) researched communication between doctors and patients and stated that communication education should be given to the doctors to improve their communication skills. Communication skills are an essential component of medical competence. Moreover, good doctor–patient communication can lead to lower utilization of health care resources (Veldhuijzen et al., 2007). Clever et al. (2008) studied the relationship between doctors’ communication behaviors and patients’ overall satisfaction with hospital care and found a significant positive relationship between overall satisfaction and overall communication quality. Other authors studied health literacy in doctor-patient communication (Koch-Weser et al., 2010), communication processes in the primary care (Weiner et al., 2005) and culture’s role on patient-doctor communication (Kim et al., 2000). Effective doctor patient communication is shown to be highly correlated with patient satisfaction. The key elements of patient satisfaction include doctors to be friendly, concerned, and to spend time for questions and explanations. Patients tend to be more satisfied with their medical care when they communicate with doctors (Bertakis et al., 1991). 3.METHODOLOGY AND RESEARCH 3.1. Research Instrument Research data collection tool is developed using previous studies on patient-doctor communication (Leckie et al., 2006; Street et al. 2007; Campbell, 2007; Kenny et al. 2010; Davis, 2010), however because of cultural differences items are adopted. The items are asked both to the patients and to the doctors in such a way that they reflect both parties viewpoint on the same subject. The final questionnaire consists of 21 Likert Type items and 12 questions for demographics. The research took place in Antalya, in October 2011. A total of 89 questionnaires are collected; 48 doctors and 41 patients are involved in the study. Analysis and the Results This study aims to determine the differences between the perceptions of the patients and the doctors about their communication and the quality of health care services. Thus, independent samples t-test is considered to be the most appropriate statistical analysis method. Items measuring the perceptions about patient-doctor communication are taken as test variables and the doctor-patient status is taken as the grouping variable. Results of the independent samples t-test are given in Table 1. Statically significant results are marked with one or two stars according to their significance levels. Patients are found to perceive more communication problems, complaining that doctors regard patients as customers and feel need to consult another doctor. However, doctors claim on the contrary. Meanwhile, doctors claim that they spend enough time for the patients, support required health care information, and claim themselves as sensitive to patients’ culture, religious beliefs and traditional beliefs, patients viewpoint are quite the opposite. 79 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo The common points both the doctors and the patients agree are the existence of communication problem between the doctors and the patients, feeling uncomfortable using a third person in doctor-patient communication, existence/absence of informative brochures, health care systems disability to cover patients’ culture, religious beliefs and traditional beliefs, trust towards overall health care system, trust towards doctors, and doctors do not make discrimination among the patients. Table 1: Independent Samples t-test Results Questionnaire Items Mean S.d. D1. I am having communication problem with the patient 2.11 1.165 P1. I am having communication problem with the doctor 2.73 1.517 D2. It is disturbing to communicate with the patient via third person 3.13 1.196 P2. It is disturbing to communicate with the doctor via third person 3.03 1.530 D3. I allocate enough time for diagnosis even if the patient communicates via third person 3.65 1.062 P3. Doctor allocates enough time for diagnosis even if I communicate via third person 3.07 1.439 D4. I allocate enough time to explain the diagnosis and tests even if the patient has problems in understanding 3.77 .994 P4. Doctor allocates enough time to explain the diagnosis and tests even if I have problems in understanding 2.78 1.250 D5. I am having problems in explaining about the patient’s health status 2.69 1.345 P5. Doctor is having problems in explaining about my health status 2.36 1.367 D6. I allocate enough time to explain treatment, medicines, and potential risks 3.58 1.182 P6. Doctor allocates enough time to explain about my treatment, medicines, and potential risks 2.70 1.344 D7. The patient has an easy access to written and visual materials about their health in the hospital 3.40 1.245 P7. I have an easy access to written and visual materials about their health in the hospital 2.80 1.244 D8. The patient can easily understand various brochures on health 3.11 1.233 80 t P -2.183 .032* .340 .735 2.156 .034* 4.055 .000** 1.113 .269 3.280 .001** 2.256 .027* .484 .630 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo P8. I can easily understand various brochures on health 2.98 1.332 D9. Health system is designed in convenience to the patient’s beliefs, culture, religion, and traditions 2.98 1.207 P9. Health system is designed in convenience to my beliefs, culture, religion, and traditions 2.49 1.075 D10. Health system does not consider the patient’s beliefs 2.52 1.260 P10. Health system does not consider my beliefs 2.82 1.485 D11. I show respect that different patients may have different cultures when providing health care services 2.83 1.310 P11. Doctors show respect that different patients may have different cultures when providing health care services 2.54 .996 D12. I meet my patients’ expectations related to their culture and traditions 3.54 1.129 P12. Doctors meet my expectations related to my culture and traditions 2.21 .864 D13. I take my patients’ religious beliefs into consideration 3.56 1.165 P13. Doctors meet my religious beliefs into consideration 2.65 1.231 D14. I am worried that my patients may not consider the scientific diagnosis and treatment 2.79 1.148 P14. I don’t consider the doctors’ diagnosis and treatment advices at all 2.53 1.350 D15. I regard the patients as customers 2.06 1.295 P15. Doctors regard the patients as customers 3.61 1.001 D16. I don’t make any discrimination among my patients 3.45 1.501 P16. Doctors don’t make any discrimination among the patients 3.30 1.392 D17. Overall health care services in my town are satisfactory 3.35 1.101 P17. Overall health care services in my town are satisfactory 3.23 1.349 D18. In general, doctors in this town are qualified 3.21 .944 P18. In general, doctors in my town are qualified 81 3.27 1.323 2.002 .048* -1.004 .318 3.588 .001** 6.084 .000** 3.565 .001** .985 .328 -5.960 .000** .468 .641 .495 .622 -.249 .804 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo D19. There is no need for the patients who consulted a doctor in this town, to consult another doctor elsewhere 3.04 P19. There is no need for me to consult another doctor elsewhere after I consulted a doctor in my town 3.63 1.157 D20. Overall health care services in Turkey is satisfactory 3.58 1.028 P20. Overall health care services in Turkey is satisfactory 3.61 1.202 D21. Doctors in Turkey are qualified in general 3.80 1.079 P21. Doctors in Turkey are qualified in general 3.59 1.360 1.202 -2.358 .021* -.112 .911 .814 .418 * Statistically significant at P < 0.05, ** statistically significant at P < 0.01 4.CONCLUSION Communication between the doctor and the patient which they exchange information is the start of the health care services. Effective patient–doctor communication is recognized as essential by healthcare providers and patients for high quality medical care. Patient-doctor communication has been shown to be linked to improved patient outcomes (Davis, 2010). Exploratory in nature, this paper researches patient-doctor communication and aims to determine the differences between the perceptions of patients and doctors about their communication and the quality of health care services, hoping that reduced communication gap may lead to improve the overall quality of health care services. This research exhibits that there are differences between the perceptions of patients and doctors about their communication and the quality of health care services. The problematic areas are highlighted in the study. Patients perceive more communication problem, complaining that doctors regard patients as customers and feel that they need to consult another doctor. Meanwhile, doctors claim that they spend enough time for the patients, support required health care information, and claim themselves as sensitive to patients’ culture, religious beliefs and traditional beliefs. In practice, the results of this research exhibit the need for improved communication skills for doctors. Thus, communication skills should be considered as an important element in medicine education. Although communication may be the medicine itself, doctor-patient communication in education of medicine seems to be insufficient. Communication lectures should be included in health education programs in order to improve the communication skills of the health care service providers. Also, communication skills can be used as an essential component in competition when providing health care services. As the communication skills cannot be easily copied, doctors with communication skills can provide sustainable competitive advantage in health care organizations. 82 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo The study has several limitations. First, as the study took place in Antalya, the sample should be broadened in the future studies in order to support generalization. Second, patient-doctor communication requires mutual relationships between the patient and the doctor; however there are other parties involved in health care services. Third, patient-doctor communication and perceived overall health care quality may be effected by other variables not examined in this study including the patient’s psychological and health status, doctors’ specialty, and health care facility itself. REFERENCES Allen, S. M., Petrisek A. C., & Laliberte, L. L. (2001). Problems in doctor–patient communication: the case of younger women with breast cancer. Critical Public Health 11(1). Bertakis, Roter, D. L. & Putnam, S. (1991). Interview style and patient satisfaction. The Journal of Family Practice, Vol 32(2), 175-181. Campbell, C., Lockyer, J., Laidlaw, T. & MacLeod, H. (2007). Assessment of a matched-pair instrument to examine doctor)patient communication skills in practising doctors. Medical Education 41: 123–129. Clever, S.L., Jin, L., Levinson, W. & Meltzer, D.O. (2008). Does Doctor–Patient Communication Affect Patient Satisfaction with Hospital Care? Results of an Analysis with a Novel Instrumental Variable. HSR: Health Services Research 43:5. Davis, D.L. (2009). Simple but not always easy: Improving doctor–patient communication. Journal of Communication in Healthcare Vol. 3, No: 3-4, 240-245. Davis, D.L. (2010). Simple but not always easy: Improving doctor–patient communication. Journal of Communication in Healthcare, Vol. 3, No: 3-4. Franz, P., (2000). Language Barriers in Vienna Hospitals. Ethnicity & Health Vol. 5, Issue 2, 113-119. Kenny, D.A., Veldhuijzen, W., van der Weijden, T., LeBlanc, A., Lockyer, J., Le´gare´, F. & Campbell, C. (2010). Interpersonal perception in the context of doctor–patient relationships: A dyadic analysis of doctor–patient communication. Social Science & Medicine 70, 763–768. Kenny, D.A., Veldhuijzen, W., van der Weijden, T., LeBlanc, A., Lockyer J., Le´gare, F. & Campbel, C., (2010). Interpersonal perception in the context of doctor–patient relationships: A dyadic analysis of doctor–patient communication. Social Science & Medicine, 70, 763– 768. Kim, M., Klingle R.S., Sharkey W.F., Park, H.S., Smith, D.H. & Cai, D. (2000). A test of a cultural model of patients’ motivation for verbal communication in patient-doctor interactions. Communication Monographs Vol. 67, No: 3, 262-283. Koch-Weser, S,. Rima E., Rudd, R.E. & Dejong, W. (2010). Quantifying Word Use to Study Health Literacy in Doctor–Patient Communication, Journal of Health Communication, 15:590–602. 83 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Leckie , J. Bull, R. & Vrij, A. (2006). The development of a scale to discover outpatients’ perceptions of the relative desirability of different elements of doctors’communication behaviours. Patient Education and Counseling 64, 69–77. Leckie, J., Bull, R. & Vrij A., (2006). The development of a scale to discover outpatients’ perceptions of the relative desirability of different elements of doctors’ communication behaviors. Patient Education and Counseling, 64, 69–77. Sanchez, M.M. (2001). Effects of assertive communication between doctors and patients in public health outpatient surgeries in the city of Seville (Spain). Social Behavior and Personality 29 (1), 63-70. Street, R.L. Jr., Gordon, H. & Haidet, P. (2007). Physicians’ communication and perceptions of patients: Is it how they look, how they talk, or is it just the doctor? Social Science & Medicine 65, 586–598. Veldhuijzen, W., Ram, P.M., van der Weijden, T., Wassink, M.R. & Van der Vleuten, C.P.M. (2007). Much variety and little evidence: a description of guidelines for doctor-patient communication. Medical Education 41, 138–145. Weiner, S.J., Barnet, B., Cheng, T.L. & Daaleman, T.P. (2005). Processes for Effective Communication in Primary Care. Annals of Internal Medicine Vol. 142, No: 8. Within The Concept Of Sustainable Tourism, Certification And Eco-Labelling Systems In Accommodation Management: The Case Of Alanya/Manavgat Özyurt Paşa Mustafa1, Üngüren Engin1, Kalipçi Mehmet Bahadır2, Guclü, Caner1 1Faculty of Business, Alanya, Turkey 2Manavgat Vocational School Abstract Tourism sector which has started to increase in size since the second half the 19th century has become an important industry in the world due to its economic and social effects.Tourism’s economic profits have caused to not only management support but also local and national support in promoting tourism’s development and investments. However, this fast and planless growth has caused to bad results. The attention has been drawn to the fact that natural sources are being using up fast and that has brought new tourism terms and alternative tourism types which are compatible with nature. Under the roof of sustainable tourism, tourism which is sensitive to environment and local cultures has predicted that all tourism types can be sustainable if the specific rules are followed. Sustainable tourism’s essential 84 � 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. 1100 Title A name given to the resource Investigating Patient-Doctor Communication And Perceived Health Service Quality Author Author Sezgin, Irmak Abstract A summary of the resource. Despite medical technologies developed for diagnosis and treatment, medical care still depends on effective communication between the patient and the doctor that the doctor and the patient exchange information amongst. Effective patient–doctor communication is recognized as essential by health care providers and the patients for high quality medical care. Patient-doctor communication has been shown to be linked to improved patient outcomes. This paper researches the differences between the perceptions of patients and doctors about their communication and health care services. The research may determine the communication needs both from patients and the doctors. Examining differences between the perceptions of patients and doctors about their communication could lead to improve quality of health care services. As the focus of today’s health system is the patient, patient-doctor communication should be researched for improved health care outcomes. Communication in the delivery of health care services occurs between health care service providers and the patients, but this study is limited to patient-doctor communication. Keywords: health care sector, communication, health service quality, patient, doctor Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/b13e9639794ab71f1dbc18792f3bf279.pdf 5b74966d8af855e97c6c73d32512a769 PDF Text Text Journal of Economic and Social Studies Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Mesut Bozkurt Çanakkale Onsekiz Mart University Turkey mesutbozkurt59@hotmail.com Emrah Özkul Kocaeli University Turkey emrahozkul@hotmail.com Abstract: This study examines how reputation management (RM) Keywords: Tourism, reputation activities influence consumers’ choice behaviors. In order to understand the relationship between them the possible consequences of RM activities such as corporate image, consumer trust, and perceived risk were analyzed as the antecedents of consumers’ choice behavior. Specifically, a structural equation model was developed for hypothesized relations between the constructs of the study. Empirical research was conducted using data from 232 individual consumers in Albania (n=109) and Turkey (n=123) to test our conceptual model. The data were analyzed through t-test and structural equation modelling (SEM). The study shows that RM activities obviously determine the constructs of corporate image and consumer trust positively, whereas they affect perceived risk by consumers negatively. The lower level of perceived risk through RM activities was found as a significant determinant of consumers’ choice behavior. Volume 6 | Number 2 | Fall 2016 management, choice behavior, consumer trust, image JEL Classification: M1, M3 Article History Submitted: 13 April 2016 Resubmitted: 5 August 2016 Accepted: 15 September 2016 http://dx.doi.org/10.14706/JECOS S16617 103 �Mesut Bozkurt Çanakkale, Emrah Özkul Introduction In marketing science, psychological processes behind consumer behaviors and preferences are accepted as key determinants based on a vast body of research on their reactions to products, brands and the names of firms. This understanding prescribes that general beliefs about a firm can determine the way in which consumers make their decisions toward the given firm. Also, marketing research mentions that the factor of consumer trust is another important key determinant in the decision making process (Moorman et al., 1992; Chen and Tan, 2004). Both factors are leading parts of the psychological process although objective evaluations such as firm performance and quality of offerings are significant in addition to these two factors. If market players can manage the psychological processes of consumers successfully, then they are able to increase the possibility of being chosen by consumers among many other competitors. This viewpoint builds a practical question for firms: what strategies and activities positively increase consumers’ beliefs and trust toward the firm? This study examines reputation management activities from the perspective of increasing the positive image of any firm and consumer trust to create choice behavior in favor of the firm. Reputation has been defined as the intangible asset expressing the evaluation of a target market on whether the firm is substantially ‘good’ or ‘bad’ (Weiss et al. 1999), and reflects the cumulative knowledge about the past and present acts of the organization (Suh and Amine, 2007). In today’s highly competitive markets, reputation is not a result that appears by itself, and that can be gained by chance. However, it is an organizational value that could be improved by management perspective with long term strategies. In short, creating a good reputation for a firm requires the understanding of strategic marketing management to transform these activities into reputation management. Reputation gained by successful strategic marketing management can be demolished in very short order if the attention is not sustained. Although reputation is an abstract concept, it has a potential to generate concrete values if it is created successfully by any firm. Fombrun (1996) states the meaning of positive reputation perceived by consumers for an organization in terms of competitive advantages as follows: (1) delaying rival mobility in the industry, (2) charging price premium to customers, at least in highly uncertain markets, (3) attracting higher-quality and larger amounts of investments from the stock market, (4) maintaining a high spirit among employees, (5) supporting and enhancing new product introduction and 104 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management recovery strategies in the event of a crisis (Fombrun & Shanley, 1990; Fombrun, 1996). However, although there is extensive research on reputation management (Weigelt and Camerer, 1988; Fombrun, 1996; Roberts and Dowling, 2002; Cretu and Brodie, 2007), the literature still suffers from a lack of empirical studies that examine whether reputation management activities shift perceived risk by consumers through creating a positive corporate image in the minds of consumers and establishing consumer trust. Therefore, the aim of this study is to explore the relationship between reputation management activities and consumers’ choice behaviors through perceived corporate image, consumer trust, and perceived risk by consumers exposed to the reputation management activities of firms. The knowledge this study generates is expected to contribute to the competitiveness topic of marketing literature by its research model considering the consequences of reputation management activities as the antecedents of choice behavior. The rest of the paper is organized as follows: First, a literature review is presented to recognize the main variables of the study. Second, we present a research model indicating the hypothesized relationships between constructs. Finally, methodology of the research, data analysis and findings will be presented, followed by a conclusion with the limitations of this research study. Literature Review and Development of Hypotheses Reputation Management Intensive competition, the leading feature of today’s markets, forces market players to find various strategic advantages. A widely accepted theory of the resource-based view of the firm (Barney, 1991) points out that valuable, rare, inimitable, and nonsubstitutable resources of firms are essential for stronger and long-term competitiveness. It should be noted that the resources building competitiveness are not related only to production and technical processes such as R&D, efficiency, and cost, but also to managing the general psychology in the marketplace towards the firm. When consumers have negative associations for a firm then market performance of the firm will probably not be independent of them. In other words, what consumers, competitors, and related institutions in the market are saying about the firm is a direct part of market performance since the words have an obvious power to attract and discourage individuals into a given market player. Thus, the Volume 6 | Number 2 | Fall 2016 105 �Mesut Bozkurt Çanakkale, Emrah Özkul reputation of any firm can play as a rare, inimitable, and nonsubstitutable resource in a highly competitive market environment to encourage consumers toward the firm if it can be built successfully. Reputation of a firm, therefore, can be considered to be a psychological antecedent in the consumer decision-making process. It is possible to consider this dimension as a leading strategic resource for the competitive advantage of any firm (Fombrun, 1996; Capozzi, 2005). In this context, the concepts of reputation, reputation management (RM), and reputation management activities attract attention particularly from the management and marketing areas examining the question of how to be competitive (i.e., Roberts and Dowling, 1997; Hutton et al., 2001; Capozzi, 2005; Cretu and Brodie, 2007). Reputation occurs around individuality, or what a person or an organization is known for. In business literature, it is therefore defined as an overall evaluation of the extent to which a firm is substantially “good or bad”, or “positive or negative” (Deephouse, 2000; Roberts & Dowling, 2002). The reputation created for a firm in the marketplace can include real, perceived and incorrect dimensions. Even if it is sometimes incorrect or unreal, the reputation of a firm has the power to influence consumers’ reactions. There is a consensus among academicians that corporate reputation must be purposefully managed rather than driven by chance so that it can contribute to the competitiveness of the firm (Fombrun, 1996; Formbrun and van Riel, 2004; Simoes et al., 2005). Thus, designing specific activities to manage the process of building reputation comes into prominence in strategic behavior. Corporate Image Corporate image is described as the overall impression made on the minds of individuals about an organization (Finn, 1961; Kotler, 1982; Dichter, 1985; Barich and Kotler, 1991). In marketing literature, image is defined as a mental construct processed internally (Crompton, 1979), or as a mental picture of consumers (Dobni and Zinkhan, 1990) for any given offering such as business name, variety of products, package design and quality, and appearance of store. Some empirical evidence in the marketing field clearly shows that the long-term reputation of the seller has been found to be more important than short-term product quality movements (Landon & Smith, 1997). McKnight et al., (1998) report, based on empirical research, that corporate reputation provides the assurance of consumers’ integrity and goodwill. Assurance also helps to increase trust, particularly when the consumers have not had experience before and hence do not 106 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management have firsthand knowledge of the firm. A typical example provides a valuable insight into this relationship: there is a perceived notion around the world that products processed in China will not have long-life due to not meeting quality standards. Products from China may really be low-quality and it is normally expected that consumers who have experienced these products before will avoid new transactions, but it is not uncommon to observe consumers avoiding Made-in-China products who have not had experience with them before. It is possible to explain this type of consumer behavior with the poor reputation of China in the marketplace. Poor reputation results in poor image in the minds of consumers. It is expected, therefore, that the more positively consumers think about a firm, the more positive their perceptions towards the corporate image. In line with the foundation built above, the following hypothesis is proposed: H1: There is a positive relationship between RM activities and corporate image. Trust From the view of social exchange theory (Blau, 1964; Cook and Emerson, 1978) trust is a leading factor in a relationship between consumers and the firm. The theory emphasizes the importance of human psychology in forming social exchanges. Research proves that lack of trust can directly disrupt the formation of a relationship from the consumer side. Thus, trust can be described as a psychological antecedent for consumer behavior (Garbarino and Johnson, 1999; Ba and Pavlou, 2002; Pavlou and Gefen, 2004). The creation of a positive reputation for the firm through specific and pre-planned activities, and managing the corporate image, can increase the value of intangible assets such as trust (Calantone, Cavusgil & Zhao, 2002). Positive reputation of the firm and brilliant corporate image are expected to function as preceding states for trust in consumer psychology, based on the social exchange theory. Several researchers (Weigelt & Camerer, 1988; Garbarino & Johnson, 1999; Plank, Reid, & Pullins, 1999) report that corporate reputation has a vital role in reducing the uncertainty consumers encounter when they evaluate firms. Positive corporate reputation is based on superior performance over a certain period of time. In other words, positive corporate reputation can lead to creating confidence, and thus Volume 6 | Number 2 | Fall 2016 107 �Mesut Bozkurt Çanakkale, Emrah Özkul increasing the trust (Morgan & Hunt, 1994). Based on the above reasoning we propose that: H2: There is a positive relationship between RM activities and consumer trust. H3: There is a positive relationship between corporate image and consumer trust. Perceived Risk The factor of risk perceived by consumers has been a major question in the marketing discipline since it is considered to be a leading part of human psychology in the decision-making process. Risk is defined as an individual’s or a group’s perceptions of the uncertainty associated with engaging in an activity (Dowling and Staelin, 1994). Bauer (1960) stated this as “the uncertain consequences resulting from purchase”. From this perspective, risk perceptions of consumers arise from potentially negative results of any engagement. Some academicians (Engel, Blackwell, and Miniard, 1986, p. 109) consider perceived risk as “beliefs about the risks associated with product (service) purchase’’. In marketing literature there is a widely accepted classification based on the study of Jacoby and Kaplan (1972) and Kaplan et al.(1974) that includes financial, physical, psychological, performance, and social risk. Greatoresk and Mitchell (1994) identified social risk as “social loss”, and added the sixth category as time risk. Trust and perceived risk are closely interrelated (Mayer et al., 1995). In terms of managerial perspective, consumer trust and positive corporate image lead to more positive perceptions towards the quality of the products, and the firm as a whole. Marketing literature, based on a vast body of empirical evidence, suggests that the mentioned constructs encourage consumers by cutting negative associations about the firm (McKnight et al., 1998; Garbarino and Johnson, 1999; Pavlou and Gefen, 2004; Cretu & Brodie, 2007). In other words, the level of perceived risk can be decreased by increasing the positive clues. The higher the perceptions of risk, the higher the trust needed to facilitate a transaction. When risk is present, a higher level of trust is needed to make transactions possible. That is, consumer trust towards a product or an organization reduces the perceived risk for a specific offering. As a result, the firms attached to positive associations are expected to behave well and avoid negative behaviors, which 108 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management strengthen customers' perceptions towards lower level perceived risk. Based on this view we hypothesize that: H4: There is a negative relationship between corporate image and perceived risk by consumers. H5: There is a negative relationship between consumer trust and perceived risk by consumers. Choice Behavior Understanding the essential determinants in the process of the evaluation of consumer behavior has been a supreme aim in the field of marketing. It is possible to state that customers’ evaluations towards a product, a brand or the name of the organization are signals of actual choice behavior (Zeithaml, Berry and Parasuraman,1996), based on structural psychology (George and Jones, 1999, p.532) in which human behaviors are described as the activity done consciously. This description also emphasizes the important difference between “behavior” and “motion”. The underlying indication from the discipline of psychology emphasizing the connection between behavior and its antecedents explains specifically that most human behavior is under volitional control (Ryan, 1970). There are different ways of examining choice behavior of consumers in marketing literature. For example, Bloemer and Odekerken-Schröder (2007) examined price insensitivity in the context of choice behavior. Bansal, Irving, and Taylor (2004) investigated consumers’ choice behaviors in the context of switching intentions. On the other hand, Mittal, Kumar, and Tsiros (1999) measured customers' intention to recommend to other people, which can be considered to be an indicator of choice behavior if it is positive. Consumers’ choice behaviors among competing offerings emerge based on maximizing their benefits as it is implied in the explanations from psychology area (Becker, 1990; Tversky and Kahneman, 1981). Lower level of risk perceived by consumers is a direct part of higher benefits. In other words, reducing risk ensures consumers reach more satisfactory results. A rational theory of consumer behavior (Tversky and Kahneman, 1986, 1991) implies that consumers will employ the level of risk they perceive as a cue for their possible satisfaction. From this perspective, perceived risk by consumers is a main indicator in terms of whether they engage with a brand or a firm. In short, the more risk consumers perceive the less choice behavior they exhibit. More specifically, if they perceive relatively higher levels of risk towards Volume 6 | Number 2 | Fall 2016 109 �Mesut Bozkurt Çanakkale, Emrah Özkul a firm, then they are more likely to have the intention not to prefer, switching intentions, negative word-of-mouth and price sensitivity. Based on this view we hypothesize that: H6: There is a negative relationship between perceived risk and choice behavior of consumers. Building on the literature review and the hypotheses developed, the following model emerged as the research model of this study (figure 1). In the research model, five main constructs and the relations between them are examined through hypothesized paths. Figure 1. Conceptual model and hypothesized relations Corporat e – + RM + + Trust Perceive Choice Behavior – – Research Design The research in this study was conducted by employing a quantitative methodology. In this context, a structured questionnaire was developed as the data collection instrument based on a literature review and previous research (e.g., Sirdeshmukh et al., 2002; Selnes and Sallis, 2003; Dowling, 2006). The sample for this survey consisted of customers who were staying at Sheraton Hotels in Tirana, Albania and Istanbul, Turkey, in the period February – April 2009. The survey was limited only to the businessmen segment due to their constant demand for hotel services, and thus their enhanced familiarity. The design of the questionnaire was based on five different constructs examined in this research. As presented in tables 1, 2, 3, 4 and 5, 110 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management reputation management (RM) activities were measured using the scale adopted from Fombrun (1998) and Fombrun, Gardberg, and Sever (2000). Items for measuring consumer trust were adopted from Selnes and Sallis (2003). The construct of corporate image was adopted from the study of Wu and Petroshius (1987). For the variable of perceived risk, we employed the well-known definition of Engel, Blackwell, and Miniard (1986, p. 109) and the well-established classification of Jacoby and Kaplan (1972) for perceived risk by consumers. And finally, choice behavior was measured using items from Bansal et al., 2004; Mittal et al., 1999; and Zeithaml et al., 1996). All constructs were measured on five-point Likert scales ranging from Definitely agree to Definitely disagree. The overall value of the Cronbach alpha to assess the reliability of the variables was 0.83, indicating a satisfactory level. Methodology The study was conducted between April - July 2015. Albania and Turkey were selected for the realization if the study and research was made in 2 five star hotels in these countries. Albania and Turkey was selected so as to reach data easier and to compare two facilities belonging to same chain in two different countries. Moreover, the reputation of the aforementioned hotel chain is high. Based on these information, country and facility selection was made by intentional sampling among nonstochastic selection methods. However the selection of customers within these facilities was performed by simple sampling method among the probabilistic sampling methods. Data was obtained by the evaluations of 109 participants from the hotel facility in Albania and 123 participants from the hotel facility in Turkey. During the study, certain number of surveys were conducted each month so as to prevent formation of duplicate results. In the data collection stage of the study, as the universe and sample could not be determined clearly and as the obtained data was insufficient, the frame could not be determined clearly. After this study which can be assumed to be pilot, other comparisons may be supported by other studies in which the number of facilities and participants will be higher. Descriptive Statistics In total, 268 usable questionnaires were collected from participants over the course of three months (February – April 2009) in Albania and Turkey simultaneously. Of those gathered thirty-six forms were eliminated (13.4 %) due to excessive amounts of Volume 6 | Number 2 | Fall 2016 111 �Mesut Bozkurt Çanakkale, Emrah Özkul missing data. Thus, 232 forms were coded for data analysis. The distribution of questionnaires analyzed by country is as follows: Respondents from Albania were 109 (47 %) and from Turkey 123 (53 %) of the overall sample. The analysis of demographic characteristics of the sample revealed that most of them were male (169 respondents; 73 %) and in the 45 – 60 age category (171 respondents; 73.7 %). Just over half had a university degree (131 respondents; 56.4 %). Data Analysis and Results Analysis of Differences between Albanian and Turkish Consumers In the first step of the analysis, the collected data were analyzed by employing the SPSS program. A series of independent t-tests were used to determine if differences existed between Albanian and Turkish consumers across the constructs of the research model. Table 1 indicates the differences between the subgroups of the sample in the evaluation of RM activities. Table 1. Mean Differences between Albanian and Turkish Consumers for RM Activities AL TR 4.80 4.61 4.55 t– value -1.83 -1.81 -1.36 4.46 4.22 4.32 0.068 0.071 0.173 3.96 4.67 -2.61 0.015 4.43 4.38 1.81 0.071 4.51 4.77 -1.62 0.103 4.46 4.49 4.71 4.40 -2.47 0.56 0.022 0.510 4.24 4.65 -2.59 0.011 4.79 4.88 4.63 4.70 4.83 4.61 4.29 4.51 4.27 4.52 0.810 3.26 1.87 2.27 1.75 0.412 0.003 0.062 0.025 0.078 Statement’s Average Declaring to provide high quality offerings every time Declaring to provide value-for-money offerings every time Declaring to provide new and innovative offerings every time Declaring that the philosophy shared by all staff is high customer satisfaction Showing its upper-class level through comments in the media Announcing the names of famous guests staying at Sheraton Employing upper-class marketing channels Creating a feeling of a first-class company through specific advertisements Designing an extraordinary building externally Designing an exclusive atmosphere inside the hotel Providing excellent working environment to its staff Equipping its staff with superior qualifications Building high standards in human relations 112 Sig. Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Hosting and sponsoring eminent art events Hosting many popular meetings (official meetings, society weddings, cocktail parties) Supporting and announcing many societal projects Declaring its environmental responsibility and sensitivity 4.80 4.66 1.82 0.070 4.21 4.79 -2.51 0.014 3.91 4.27 4.48 4.49 -2.38 -1.77 0.017 0.075 Note: The negative t-values mean that Turkish respondents have higher mean scores than Albanian respondents for the related items. The criteria were based on a fivepoint scale, ranging from “1= Definitely agree” to “5= definitely disagree”. The findings of the comparison between Albanian and Turkish groups showed that Turkish consumers had a slightly higherscore but this finding cannot be confirmed by statistical results (p>0.05). Based on the results in table A, no significant difference was found for the evaluation of RM activities. Although Turkish consumers have higher scores, Albanian consumers also have very positive overall evaluations towards the firm’s RM activities. It should be noted that the largest difference was found in the “designing exclusive atmosphere inside the hotel” (p< 0.01), indicating one of the lowest scores from the Turkish group at 4.29 that means very positive. This means that both groups in different countries have similarly positive perceptions for RM activities of the firm. While analyzing the relationships among the constructs across the research model, the second construct is determined as corporate image. Table 2 reports the view of the corporate image from the respondents’ evaluations. Table 2. Mean Differences Between Albanian and Turkish Consumers for Corporate Image AL TR 4.41 4.48 4.77 4.33 4.44 t– value 1.74 1.80 1.66 2.21 -0.67 Average Has a pleasant atmosphere A well-known brand Has high quality goods and services Well-managed firm 4.61 4.62 4.90 4.82 4.41 0.078 0.073 0.104 0.028 0.498 Has polite staff Has consumer-oriented staff Attracts upper-class customers Means prestigious Exclusive firm 4.33 4.22 4.76 4.60 4.88 4.68 4.31 4.28 4.12 4.36 -1.72 -0.86 2.10 1.99 2.14 0.081 0.397 0.036 0.039 0.033 Statement’s Volume 6 | Number 2 | Fall 2016 Sig. 113 �Mesut Bozkurt Çanakkale, Emrah Özkul Note: The negative t-values mean that Turkish respondents have higher mean scores than Albanian respondents for the related items. The criteria were based on a fivepoint scale, ranging from “1= Definitely agree” to “5= definitely disagree”. Table 2 shows that there is no significant difference between Albanian and Turkish consumers for the evaluations towards CI of the firm. Both groups are seen to have very positive assessments. In comparison with those of Albanian consumers, Turkish consumers had slightly lower scores but this was not confirmed statistically (p > 0.05). Similarly, in both groups the most positive evaluation was reported on the item the firm is a well-known brand (mean scores: 4.90 and 4.77, respectively). For the Albanian group, clearly it is possible to see the reflections of CI since they ranked the item it is an exclusive firm as second highest (4.88). Also, in the Turkish group, it should be noted that overall scores for CI items are above 4.00. The largest difference existed between the groups on the firm has high quality goods and services, which means that the former had much more positive views than the latter (p < 0.05). However, the mean value of the Turkish group for this item can also be considered rather positive (4.33). The data obtained from the sample of this study in two different countries clearly prove a brilliant CI for the firm in the minds of respondents. Table 3. Mean Differences between Albanian and Turkish Consumers for Trust* Statement’s AL TR Average I trust that S is competent at what it is doing I feel that S is trustworthy. I feel that S is honest in fulfilling its promises I think that S is very responsive to customers. I believe that S will respond with understanding in the event of problems 4.59 4.89 4.81 4.70 4.33 4.22 4.42 4.41 4.13 4.19 4.68 4.72 tvalue 1.73 1.81 3.31 2.12 -1.77 -1.87 Sig. 0.081 0.070 0.001 0.034 0.076 0.064 Table 4: Mean Differences between Albanian and Turkish Consumers for Perceived Risk* Statement’s AL TR Average 4.40 4.65 In S, facing offerings that are not value-for-money is a serious risk. (R) 4.32 4.60 114 tvalue 1.82 1.91 Sig. 0.068 0.063 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Satisfactoriness of physical environment in S is a serious risk. (R) It is a serious risk that the goods and services offered by S can be inadequate in order to meet my needs (R) 4.45 4.62 4.12 4.71 Staying at S can create unhappiness in my inner world (R) 4.76 4.81 If I say to friends that I prefer S, they may condemn me (R) 4.38 4.53 1.94 2.31 1.35 1.79 0.062 0.024 0.177 0.071 Table 5: Mean Differences Between Albanian and Turkish Consumers for Choice Behavior * Statement’s AL TR Sig. 4.12 4.05 4.37 tvalue 1.57 1.80 1.93 Average I will prefer S in the future. I will consider S the first choice at which to stay. I don’t think that the other brands will provide clearly better offerings. It is a low possibility that I will replace S with a competitor. 4.25 4.13 4.58 4.11 4.07 1.86 0.062 4.18 3.99 1.74 0.081 0.074 0.073 0.058 * Note: The negative t-values mean that Turkish respondents have higher mean scores than Albanian respondents for the related items. The criteria were based on a five-point scale, ranging from “1= Definitely agree” to “5= definitely disagree”. R: Reverse coded. The findings of the comparison between Albanian and Turkish consumers for the dimension of trust are presented in Table 3. Based on average scores from the subgroups of the sample, a statistically significant difference was not reported by significance level (p > 0.05) for t-values computed (1.73). Respondents both in Albania and Turkey seem similar to each other in terms of trust towards Sheraton (grand mean values: 4.59 and 4.42, respectively). The largest difference between the groups was observed for the item I feel that Sheraton is trustworthy, which means Albanian respondents clearly had much more positive attitudes in favor of Sheraton than the respondents in Turkey (mean values: 4.81 and 4.13, respectively). Based on the grand mean values, it is possible to state that the sample as a whole clearly has the feeling of trust towards the firm. Table 4 provides the results of perceived risk by respondents towards the firm, Sheraton. The results reveal that there were no significant differences between the Volume 6 | Number 2 | Fall 2016 115 �Mesut Bozkurt Çanakkale, Emrah Özkul mean scores except one item on risk for inadequacy of offerings to meet individual needs (p < 0.05). It is important to note that this part of the scale measuring perceived risk towards the firm was established with five reverse coded items. The negative signs of the t-values indicate less perceived risk by Turkish respondents than Albanians. However, the mean scores of Albanians can be considered as a strong indicator that they perceive risk at minimum levels towards the firm. Likewise the grand mean scores for both groups report the similarity statistically (t-value: - 1.82 and p > 0.05). This result shows that the respondents both in Albania and Turkey are sure about the standards of the firm, and thus they do not worry about the firm and its offerings. Table 5 summarizes the data obtained from the sample on their choice behavior. According to the results shown in table 5, overall the items were assessed similarly by Albanian and Turkish respondents. These four items all have a probability value that is more than .05. Grand mean scores for both groups (4.25 and 4.12, respectively) did not produce statistically significant differences (t-value: 1.57 and p > 0.05). The mean scores ranged from 4.11 to 4.58 in the group of Albanians, and from 3.99 to 4.37 in the Turkish group, indicating a strong loyalty or very positive choice intention in the future. These findings indicate that respondents preferred the firm, Sheraton, consciously at present and clearly they have a tendency to maintain this behavior. The overall analyses of responses through five t-test operations point out the obvious resemblance between Albanian and Turkish respondents towards the given stimuli. It should be noted that those stimuli are the main constructs within the research model of this study. It is possible, therefore, to put together the subgroups of the sample while analyzing the research model rather than conducting separate analyses. Analysis of the Research Model This study was designed to understand the effects of the factor of reputation management that target markets consider when they prefer a brand or a firm rather than its competitors. In this study, a structured model related to the variables assumed to be influential on choice behavior of consumers was tested by employing Structural Equation Modeling (SEM). The structure, composed of the relationship of four assumed constructs to one main dependent variable (choice behavior) constitutes the model of the study to be tested. As mentioned before, the reliability 116 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management coefficient of the overall scale was computed as Cronbach alpha ; 0.83. Data analysis involves evaluation of the measurement model and the structural model. The Evaluation of the Overall Model For the overall model, the Chi-square value was found significant as 514.93 with 233 degrees of freedom. This value is not unusual for larger sizes of sample (Doney and Cannon, 1997). The ratio of Chi-square to degree of freedom is 2.21, which is adequate statistically for the fit of the model. Although the values of GFI (0.93) and AGFI (0.92) are lower than those of CFI (0.97), NFI (0.93) and NNFI (0.94), it is accepted that CFI values above 0.95 are suggestive of a meaningful model (Hu and Bentler, 1999). The fit indices calculated here with RMSEA (0.058) and SRMSR (0.073) can be considered as adequate. All related indices are summarized in Table 6. Table 6: Goodness-of-fit summary Fit indices Values Χ2 Ratio ( Χ2/ df ) GFI AGFI NFI NNFI CFI Standardized RMSR RMSEA 514.93 2.21 .93 .92 .93 .94 .97 .07 .06 GFI, Goodness of fit index; AGFI, Adjusted Goodness of fit index; NFI, BentlerBonett normed fit index; NNFI, Bentler-Bonett non-normed fit index; CFI, comparative fit index; RMSR, root mean squared residual, RMSEA, root mean squared error of approximation. Measurement Model The quality of the model was assessed on unidimensionality, convergent validity, reliability and discriminant validity (see Table 7). The unidimensionalityof each construct in the model was analyzed with principal component analysis that reveals the appropriate items loaded at least 0.60 on the hypothesized components. A good overall model fit has provided support for convergent validity of the scale through all Volume 6 | Number 2 | Fall 2016 117 �Mesut Bozkurt Çanakkale, Emrah Özkul loadings that were significant (p < 0.05). Many of the R2 values have exceeded 0.50 proposed by Fornell and Larcker (1981). On the other hand, reliabilityof the measurement model was analyzed based on the values of composite reliability that should be greater than the benchmark of 0.70 to be considered adequate (Fornell and Larcker, 1981). As indicated in table 7, all the reliability values are above 0.70, revealing adequate reliability. Discriminant validity was tested by confirmatory factor model in which correlations between constructs were constrained to one. Chi-square differences were significant throughout the model (p < 0.01). The model of the study, therefore, is proper to be applied for understanding the relationships between the constructs given with the support of reliability, convergent validity, discriminant validity and unidimensionality. Table 7. Measurement Model Reputation Management Activities (Fombrun, 1998; Fombrun, Gardberg, and Sever , 2000 ) 118 1. Declaring to provide high quality offerings every time 2. Declaring to provide value-for-money offerings every time 3. Declaring to provide new and innovative offerings every time 4. Declaring that the philosophy shared by all staff is high customer satisfaction 5. Showing its upper-class level through comments in the media 6. Announcing the names of famous guests staying at S 7. Employing upper-class marketing channels 8. Creating a feeling of first-class company through Composite reliability Variance Explained Loading R2 0.77 0.72 0.88 0.74 0.81 0.63 0.76 0.55 0.89 0.74 0.72 0.52 0.67 0.63 0.92 0.48 0.42 0.79 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Corporate Image (Wu and Petroshius 1987) specific advertisements 9. Designing an extraordinary building externally 10. Designing exclusive atmosphere inside the hotel 11. Providing excellent working environment to its staff 12. Equipping its staff with superior qualifications 13. Building high standards in human relations 14. Hosting and sponsoring eminent art events 15. Hosting many popular meetings (official meetings, society weddings, cocktail parties) 16. Supporting and announcing many societal projects 17. Declaring its environmental responsibility and sensitivity 1. Has a pleasant atmosphere 2. Well-known brand 3. Has high quality goods and services 4. Well-managed firm 5. Has polite staff 6. Has consumer-oriented staff 7. Attracts upper-class customers 8. Means prestigious 9. Exclusive firm 1. I trust that S is competent at what it is Volume 6 | Number 2 | Fall 2016 0.76 0.91 0.83 0.78 0.62 0.66 0.55 0.79 0.81 0.63 0.78 0.58 0.66 0.46 0.62 0.42 0.72 0.52 0.63 0.42 0.72 0.52 0.81 0.63 0.70 0.51 0.84 0.68 0.73 0.93 0.52 0.83 0.89 0.74 0.82 0.63 0.90 0.77 0.79 0.56 0.73 0.52 119 �Mesut Bozkurt Çanakkale, Emrah Özkul Trust (Selnes and Sallis, 2003) Perceived Risk (Engel, Blackwell, and Miniard,1986; Jacoby and Kaplan,1972) Choice Behavior (Bansal et al., 2004; Mittal et al., 1999; Zeithaml et al., 1996) 120 doing 2. I feel that S is trustworthy 3. I feel that S is honest in fulfilling its promises 4. I think that S is very responsive to customers 5. I believe that S will respond with understanding in the event of problems 1. In S, facing offerings that are not value-for-money is a serious risk (R) 2. Satisfactoriness of physical environment in S is a serious risk (R) 3. It is a serious risk that the goods and services offered by S can be inadequate in order to meet my needs. (R) 4. Staying at S can create unhappiness in my inner world. (R) 5. If I say to friends that I prefer S, they may condemn me (R) 1. I will prefer S in the future 2. I will consider S the first choice at which to stay 3. I don’t think that the other brands will provide clearly better offerings 4. It is a low possibility that I will replace S with a competitor 0.85 0.72 0.91 0.79 0.82 0.63 0.71 0.52 0.75 0.55 0.70 0.51 0.89 0.83 0.69 0.88 0.74 0.74 0.64 0.51 0.92 0.79 0.83 0.64 0.84 0.66 0.94 0.83 0.88 0.74 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Structural Model The estimates and hypothesis results are summarized in Table 8. Furthermore, figure 2 also provides the complete model with the path estimates. The model explained 62 – 74 % of the variance (R2 scores). Overall, the research model accounted for 74 % of the variance of choice behavior. Table 8: Structural Model of RM Activities on CI, CT, PR and CB Parameter (Paths) RM Activities Corporate Image H1 (+) RM Activities Consumer Trust H2 (+) Corporate Image Consumer Trust H3 (+) Corporate Image Perceived Risk H4 (–) Consumer Trust Perceived Risk H5 (–) Choice Behavior H6 (–) Perceived Risk Estimates Hypothesis Squared Multiple Correlations for Structural Equations Corporate Image Consumer Trust Perceived Risk Choice Behavior 0.793* 0.678* 0.423** - 0.447** - 0.763* - 0.872* Estimates 0.71 0.62 0.66 0.74 * p < 0.001 ** p < 0.01 Volume 6 | Number 2 | Fall 2016 121 �Mesut Bozkurt Çanakkale, Emrah Özkul Figure 2. SEM Analysis of the Research Model Corporate 0.79* Image - 0.44** 0.42** RM 0.68* Consumer Trust Perceived - 0.76* Choice Behavior - 0.87* R2 0 74 * p < 0.001 , ** p < 0.01 As seen in table 8, all proposed relationships between the constructs of the model were supported by the statistical results. The standardized estimates of the structural parameters (i.e., RM activities corporate image and consumer trust, and corporate image consumer trust) prove that consumers’ evaluations toward RM activities positively influence the view of corporate image in their minds (see table 8, r: .79 and p < 0.001). Similarly, RM activities to be exposed clearly determine consumer trust positively towards the firm that organized RM activities (r: .68 and p < 0.001). These outcomes confirm H1, in that positive evaluations of consumers towards RM activities of the firm lead to positive corporate image in their minds. Also, the hypothesis H2 was confirmed by the results, in that positive evaluations of consumers towards RM activities lead to higher levels of trust towards the firm in consumer psychology. It is possible, therefore, to state that RM activities organized by firms have a direct influence on both the appearance of the firm in the marketplace, and inner evaluation processes consumers activate. Thus, RM activities of firms have a power to create doubled effect on consumers’ decision making process as external and internal stimuli. Consumer trust is also positively influenced by corporate image, as hypothesized in H3 (r: .42 and p < 0.01). This confirmation for H3 shows that positive corporate image in the minds of consumers plays a supportive role to enhance the feeling of 122 Journal of Economic and Social Studies �Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management trust in consumer psychology. Therefore, RM activities have both direct influences on consumer trust, and indirect influences on it through corporate image. H4 and H5 investigate the impact of corporate image and consumer trust on the factor of perceived risk. The standardized estimates of the structural parameters reveal that corporate image has a significant effect on perceived risk, but in a negative direction (r: - .44 and p < 0.01). In other words, perceived risk by consumers for a given firm is negatively influenced by corporate image in the mind of consumers. That is, the more positive corporate image consumers assume the less perceived risk they have. Also, the results confirm H5, in that a higher consumer trust toward a firm leads to a lower perceived risk by consumers (r: - .76 and p < 0.001). Thus, perceived risk by consumers is influenced significantly by the two variables in a negative direction, as hypothesized in the research model. Comparing the values of the two coefficients, it appears that consumer trust has greater influence on perceived risk by consumers than corporate image. The analyses of the hypotheses obviously point out that perceived risk by consumers is a significant determinant on their choice behavior (r: - .87, p < 0.001), in support of H6. Perceived risk seems to have a negative impact on choice behavior of consumers, just as hypothesized at the beginning of the research. Based on this test result, one can infer that higher perceived risk will result in lower choice behavior. Thus, it is possible to say that in order to increase the positive attitude toward choice of a firm’s offerings, perceived risk should be cut off through enhancing consumer trust based on RM activities. Overall, all the parameters are significant in the research model. According to Chin (1998), in order for coefficients to be considered meaningful they should be above the value 0.2. In our research model all parameters were computed between 0.42 – 0.87, indicating considerable impact. Moreover, all the structural relationships are in the hypothesized direction (table 8). These findings strongly support the positive relationships between RM activities and corporate image created in the minds of consumers and consumer trust in the psychological structure (figure 2), negative relationships between corporate image - consumer trust and perceived risk, and then a negative relationship between perceived risk and choice behavior. These results are not only consistent with the findings of previous studies (e.g. Benjamin and Podolny, 1999; Keh and Xie, 2008) but also with our expectations of associated relationships among the constructs. Volume 6 | Number 2 | Fall 2016 123 �Mesut Bozkurt Çanakkale, Emrah Özkul Conclusion This paper aims to understand the role of RM activities on consumers’ choice behaviors. Drawing on the literature for reputation management and behavioral intentions of consumers, this research study theoretically develops and empirically measures a model analyzing the effects of RM activities toward the evaluations of consumers and then choice behavior. In conclusion, choice behavior of consumers can be predicated as a dependent variable with a rate of 74 % through antecedent constructs triggered by RM activities. Empirical results clearly reveal that perceived risk by consumers plays a determinative role in the process. Therefore, we should especially focus on how to minimize perceived risk through RM activities. It is possible to say that RM activities influence consumers’ decision making processes with indirect effects by enhancing corporate image and creating trust. The empirical results of this study show that perceived risk can be decreased by increasing consumer trust and positive corporate image based on RM activities of firms. Thus, if firms organize specific RM activities (i.e. making high-volume and continuous commitments to the market for superior customer satisfaction, announcing the famous people preferring the offerings of the firm, sponsoring important events in social life) strategically and systematically, this will function in building positive judgments resulting in lesser perceived risk and finally in more positive tendencies to prefer any given firm’s offerings. We note that the findings of this study should be assessed together with some specific limitations. First, the data required were collected from actual customers of a firm within its business atmosphere rather than in an unrelated place. However, designing a research activity in Sheraton was a result of the difficulties of reaching consumers for examining the reflections of RM activities of any firm. Second, although all hypotheses are supported, the findings of this study were generated from the customers of only one firm. 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(1991), Loss aversion in riskless choice: a reference – dependent model, The Quarterly Journal of Economics, 106 (4), 1039-1061. Weigelt, K. & Camerer, C. (1988), Reputation and corporate strategy: a review of recent theory and applications, Strategic Management Journal, 9(5), 443−454. Weiss, A. M., Anderson, E. & MacInnis, D. J. (1999), Reputation management as a motivation for sales structure decisions, Journal of Marketing, 63(4), 74−89. Zeithaml, V. A., Berry, L. L. & Parasuraman, A. (1996), The behavioral consequences of service quality, Journal of Marketing, 60 (2), 31−46. 130 Journal of Economic and Social Studies � 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. 3329 Title A name given to the resource Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Author Author BOZKURT, Mesut OZKUL, Emrah Abstract A summary of the resource. TThis study examines how reputation management (RM) activities influence consumers’ choice behaviors. In order to understand the relationship between them the possible consequences of RM activities such as corporate image, consumer trust, and perceived risk were analyzed as the antecedents of consumers’ choice behavior. Specifically, a structural equation model was developed for hypothesized relations between the constructs of the study. Empirical research was conducted using data from 232 individual consumers in Albania (n=109) and Turkey (n=123) to test our conceptual model. The data were analyzed through t-test and structural equation modelling (SEM). The study shows that RM activities obviously determine the constructs of corporate image and consumer trust positively, whereas they affect perceived risk by consumers negatively. The lower level of perceived risk through RM activities was found as a significant determinant of consumers’ choice behavior. Keywords: Tourism, reputation management, choice behavior, consumer trust, image 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 2016-11 Keywords Keywords. Article PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance https://omeka.ibu.edu.ba/files/original/9cceef2651e05259c82484c7135f81c0.docx be7c932d66d54b0ec1e281e0050db78d 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. 3302 Title A name given to the resource Investigating the Drivers of Choice Behavior in Tourism: Corporate Image, Perceived Risk and Trust Interactions through Reputation Management Author Author Bozkurt, Mesut Özkul, Emrah Abstract A summary of the resource. Abstract: This study examines how reputation management (RM) activities influence consumers’ choice behaviors. In order to understand the relationship between them the possible consequences of RM activities such as corporate image, consumer trust, and perceived risk were analyzed as the antecedents of consumers’ choice behavior. Specifically, a structural equation model was developed for hypothesized relations between the constructs of the study. Empirical research was conducted using data from 232 individual consumers in Albania (n=109) and Turkey (n=123) to test our conceptual model. The data were analyzed through t-test and structural equation modelling (SEM). The study shows that RM activities obviously determine the constructs of corporate image and consumer trust positively, whereas they affect perceived risk by consumers negatively. The lower level of perceived risk through RM activities was found as a significant determinant of consumers’ choice behavior. 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 2016 Keywords Keywords. Article PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/6a2069929ec2d1b6656fcfc68dda9445.pdf e39921cae77545203ab2b1124b622632 PDF Text Text INVESTIGATING THE INFLUENCE OF STUDENTS’ PROJECT-BASED ENGAGEMENT ON THEIR ACHIEVEMENTS AND THEIR ATTITUDES TOWARDS THE ESP COURSE Luiza Zeqiri South East European University, Macedonia Article History: Submitted: 10.06.2015 Accepted: 23.06.2015 Abstract Research has shown that learner-centered classrooms are very effective. Engaging students in various classroom activities leads towards better learning outcomes. Moreover, project-based activities can have a positive influence on the students’ engagement and dedication towards a language class. Accordingly, this study will investigate the influence of project-based language learning on students’ achievements and attitudes towards the ESP course. The participants in this study were sixty students from the Faculty of Languages Cultures and Communication at South East European University (SEEU), in Tetove, attending ESP for Communication Sciences (1) and (2) courses. Qualitative and quantitative approaches were used for the data collection. The administered instruments were: group projects, student questionnaires, unstructured interviews with the students and process observation. The results confirmed that the students showed more positive attitudes towards ESP classes, after they participated in group projects. They became more motivated and more enthusiastic during their classes. The students improved their critical and creative thinking skills; they productively participated in teamwork and they were able to give constructive criticism. It can be hypothesized that engaging the students in group projects helps in lowering the affective filter, by which the students’ input increases and they show greater academic achievements. Key words: project-based, ESP, teamwork, affective filter, input. �1. Introduction Learner-centered classes promote learner autonomy because they focus on making students independent by involving them directly in the learning process. This can be done by implementing PBL1 in the curriculum. There is a number of studies related to PBL which shows that learning through projects is really effective. If students work with their projects more seriously and if the projects are well-implemented from the teacher and the students, this can help the students practice and improve their social and workplace skills. When students are engaged in project-based tasks they have to use their critical and creative thinking skills; they need to conduct research, they have to organize ideas and elements of the projects and they have to use their problem solving skills as well. By collaborating, sharing ideas, assisting each other in order to achieve their common aim (a well-structured project) they apply and develop the above mentioned skills. 2. Literature Review There are many studies which conclude that PBL is very beneficial for the students. On the other hand, there are also studies which point out the disadvantages and difficulties of PBL. However, from the previous research it can be suggested that PBL helps students improve their social and workplace skills and prepares them for the job market. According to Ciftci (2014): Project-based learning is an implemented learning and teaching model developed in opposition to teach the curriculum as an irrelevant pile of unimportant little information in modern countries. This model focuses on one or more fields’ basic concepts and principles and if possible it covers more than one learning target in a scenario of a lesson. (pp.1019-1020) Barron & Darling- Hammond (2010) mention that teachers need to engage the students to the fullest and stimulate them to identify problems. They also state that: “students must be given opportunities to develop their skills in the context of complex, meaningful projects that require 1 Project-Based Learning �sustained engagement, collaboration, research, management of resources and development of an ambitious performance or product” (p.200). Other researchers, Musa, Mufti, Latiff & Amin (2010) conducted a study to analyze the influence of PBL on “the transference and inculcation of workplace related skills” where they share a very realistic idea that basic academic skills are not enough for the job market, but employers want to hire employees who have mastered “reasoning, creative thinking, decision making and problem solving” (p.187). Moreover, they state that through PBL students will practice language skills as well; and not only skills which are required in the workplace. In another study published in 2011 they say that the job market today is seeking for employees who posses skills which are practiced through projects. Then they say that the employees should know how to cooperate with each other and how to be constructive during conflicts, and they should also be able to come up with insightful ideas. There are other researchers who agree that PBL has an influence on helping students improve their workplace skills and create a more positive attitude towards the content of the subject. For example, Kloppenborg and Baucus (2004) as cited in Musa, Mufti, Latiff & Amin (2010) say that PBL is crucial because students practice very important skills starting from collaboration, being able to solve problems or conflicts, etc. Another researcher, Bell (2010), states that if students are involved in PBL then they can practice their social and communication skills. On the contrary, Efstratia (2014) mentions the disadvantages of PBL. She states that: “Teachers are discouraged of implementing this method, because sometimes they are not experienced, they lack motivation, or consider PBL as additional activity” (p.1259). She also concludes that PBL is problematic when it comes to respecting deadlines and that evaluation is difficult. 3. Research Methodology 3.1. Participants The participants in this study were 60 students from the Faculty of Languages Cultures and Communication at SEEU, in Tetove. They attended ESP for Communication Sciences (1) and (2). During the academic year 2013/14 a pilot project was also conducted with 30 other students. �3.2 Approach Qualitative and quantitative approaches were used for the data collection. 3.3 Instruments The administered instruments which were used for the data collection were: group projects, student questionnaires, unstructured interviews and process observation. 3.4 Setting Data collection lasted for two academic semesters, 2014/15 at the Language Center, in SEEU. 3.5 Procedure During ESP (1) and ESP (2) courses, students were engaged in different projects. Their biggest projects were planning and recording a promotional video for the university. They also had to give short presentations and fill in the questionnaire related to PBL. Finally, unstructured interviews were conducted with the students. 3.6 Research questions The following are the research questions designed to provide reliable data related to PBL approach. 1. Does PBL contribute towards greater academic achievement or performance? 2. What is the influence of PBL on students’ attitudes towards the ESP class? 3. What are the students’ attitudes towards integrating group projects in the curriculum? 4. Findings and Discussion Only some representative answers from the student questionnaires were selected in order to analyze the students’ attitudes and experiences with project-based approach �4.1 Have you enjoyed ESP (1) and (2) courses? (where PBL approach was implemented) Student 1: ESP courses have aroused my interest more than all the other courses until now. Despite the knowledge I gain, I love the space that is given to us to express our ides, opinions and experiences. Student 2: Yes of course. The courses were so good, I felt free to discuss, share ideas, learn new things and the very important thing was that our teacher made the classes more enjoyable by assigning us different task and projects. Students 3: ESP 1 and 2 courses were very interesting, I enjoyed so much and I was looking forward to attending every single class. Student 4: Yes, we have worked too much and we have learnt a lot. Very useful. Student 5: Yes, we had a lot of fun. 4.2 What did you enjoy the most during your ESP classes? What did you enjoy the most during your ESP classes? 30 27 25 18 20 15 10 10 5 3 2 Writing Reading 0 Individual work Presentations Group projects Figure 1. As shown in Figure 1. above, 27 students out of 60 enjoyed group projects the most. Eighteen students enjoyed delivering the presentations which were also part of their projects. Interestingly, only 10 students enjoyed working individually during the ESP course. 4.3 What was your favorite part from the group projects? �Student 1: Organizing the group, dividing the tasks and preparing for it were my favorite parts from which I gained the most experience on learning new things and improving communication & organization skills as well. Student 2: The part when we recorded the videos about multiculturalism in our university because we had to work with students from different cultures. Student 3: Working together and getting to know each other better. Student 4: Dividing the tasks for the video project and finding material for the posters. Student 5: Discussion about the work, the way how we would organize the work and how to assess it. Student 6: Recording the video. It was a good feeling “being an actor”. Student 7: Exchanging ideas. Student 8: Presenting the project and preparing the posters. 4.4. Did you enjoy PBL? If yes, why? If not, why? Student 1: Working in a group project is always enjoyable and easier. But it requires a lot of responsibility. Student 2: Yes I liked it. It is so important and less stressful for me because of sharing ideas. So, it’s not like individual work where you have to give only your effort to have the work done. Student 3: It’s definitely more fun working with a partner than alone. More students share their ideas and the results are better. Student 4: Yes, group projects helped me improve my multi-tasking skills, improvising and leadership skills. Student 5: I love working in a group with projects because in this way we can have more discussion and then decide on the best answer. I like the moment when each of us presents his/her part of the work. However, it’s very irritating for me if any student in the group shows no interest. Student 6: Yes, because working in groups always has something special. Student 7: Yes, because I like the fact that we all should contribute to do a good job. Student 8: No, because boys are lazy and they don’t work. �Student 9: Working in a group is not always my favorite because I can’t express myself as much as I want because I have to be coordinated with the others and I have a limited time. 4.5 How do you learn the most? Which learning methods/styles are more effective for you? Student 1: Reading at home is one of the most effective learning methods, especially when you take notes, but for me it won’t be effective if we don’t discuss it in the classroom again. Student 2: I learn the most when we read in class or do projects together. Student 3: Interacting in class was a very good method. The videos that the professor played in class were very effective and well-thought. I liked it so much because the professor was only a facilitator. Student 4: I must have someone to listen to me, to correct me and to help me. Firstly, I take notes and then I read them so I can memorize. If there is something I don’t understand, I have to do some research or discuss it with my colleagues. Student 5: I think that I learn more while working for a project because I enjoy it and I think the input is higher then. Student 6: Participating in conversations and brainstorming as a class. Student 7: Through group projects because if there is something I don’t understand I ask the other members of the group. 4.6. Are group projects stressful or difficult for you? Explain. Student 1: Group projects are not difficult at all when you know your task. For me they are stressful if not all the students in the group participate and I have to do the work for them. I love to help others, but not when they are not trying. Student 2: Not that much because we separate the work and we take just one part of the project and we work only on it. Student 3: It’s difficult if there is any student who doesn’t participate. Student 4: They can be stressful because we have a deadline. Sometimes our colleagues aren’t very responsible. Especially if we have to engage even students from other classes. Student 5: The deadline makes me nervous. Not knowing if others will be on time or having that bad feeling that you can’t be ready and you don’t have the ability to work with the others. �Also, the time when the group is separated, I really feel angry and so stressful until we have good results at the end. Student 6: Group projects for me are more stressful than difficult because I worry what if I can’t finish my part on time and the project fails. Student 7: Yes, because each student has a different personality and opinions and sometimes it’s difficult to agree on one topic. Therefore, we should have a lot of discussion. Student 8: They are difficult because we have to find and select good sources and material and to prepare a lot. Student 9: They are difficult because they require organization and a lot of effort. 4.7 What is your attitude towards the EPSP course (PBL approach)? Student 1: ESP is an essential course for improving the language in an academic level. It is a very effective course not only for improving our language but also for shaping our ideas, attitudes and personalities. Student 2: ESP courses make me more self-confident. Student 3: ESP courses are the best for me. I have gained a lot of knowledge and I wish we had more classes per week. In these classes we learnt the theory and brought it to life. Student 5: It’s one of my favorite courses and I’ve never missed a class. I learn a lot and I give my best just like my teacher does. This course has had a very big importance for my studies in general. Student 6: Very relaxing and productive classes. 4.8 Have you achieved good success at the end of the course? Student 1: In my opinion you can always feel the results of a course from the way it is taught. ESP has always been a very effective course and taking into consideration that I have worked hard, my final results were great. Student 2: Yes, and I have learnt many things about life in general. Student 3: Outstanding. And I am not happy that I got a good grade, but because I’ve learnt a lot. Student 4: With a lot of work of course there will be good results. This is my biggest success ever. �5. Conclusions st 5.1 Conclusions for the 1 research question Does PBL contribute towards greater academic achievement or learning outcomes? From the analysis of the results it was concluded that students became more autonomous learners after they were engaged on projects. They showed better leadership skills, many of the students performed better in their next group projects and were able to lead the groups effectively. Their critical and creative thinking skills were improved because they had the chance to practice and apply creative and critical thinking while working on their projects. Also, students showed improved presentation skills and better intra and interpersonal communication. Moreover, PBL helped the students with decision making process. Students were given topics or questions which required decision making or problem solving skills. Being involved in a decision making process they also practiced and improved their organizational skills. Majority of the students productively participated in a teamwork and they were able to give constructive criticism. Students showed lower affective filter, they were more relaxed, very positive, willing to come to classes and work. As a result their output was outstanding. It can be concluded that engaging the students in group projects helped in lowering the affective filter, by which the students’ input increased and they showed greater academic achievements. nd 5.2 Conclusions for the 2 research question What is the influence of PBL on students’ attitudes towards the ESP class? The results confirmed that the students showed more positive attitudes towards ESP classes after they participated in group projects. They became more motivated and more excited during their classes. The students were very enthusiastic and as a result they contributed more productively towards completion of each of their projects. They were so happy and proud to see their final products getting promoted at university level and shared online. Moreover, after being engaged in group projects the students started to attend classes more regularly and they became more responsible. To finalize, students shared their experiences with students from other courses who always wanted to come and visit ESP classes. So, PB approach fostered curiosity and interest even on students from other English classes, working with different teachers and different methodologies. �rd 5.3 Conclusions for the 3 research question What are the students’ attitudes towards integrating group projects in the curriculum? The results from the students’ questionnaires, the unstructured interviews and from the process observation showed that students enjoyed working with projects and that they benefited from PBL approach. The following are some significant conclusions related to students’ attitudes towards integrating group projects in the curriculum: 1. Majority of the students answered that they wish they had projects in their other subjects as well. 2. The students found working on projects as a very interesting and innovative method. 3. Even students from other classes were interested to come and attend ESP for Communication Sciences classes, just because they found the students’ projects as a very interesting and attractive method. 4. Majority of the students didn’t find the group projects stressful, but some of them said that projects are difficult because: a) students should divide the parts of the project. b) students are dependent on each other. c) students sometimes have difficulties arranging meetings. d) there might be students who think they know everything. e) students might disagree with each other. f) there are students who don’t participate. g) the projects are more time consuming and they worry about the deadlines. 6. Limitations and Conclusion This study has its own limitations. The limited number of participants can be considered as a limitation. However, working during two semesters with 60 students and conducting a pilot project with 30 other students contributed to receiving reliable results. Another limitation might be that the course wasn’t 100% based on projects. �References Barron, B. & Darling- Hammond, L. (2010). Prospects and challenges of inquiry-based approaches to learning. The nature of learning. Using research to inspire practice. ISBN 978-9264-08648-7. Corrigenda to OECD publications. Retrieved from https://goo.gl/pW08jR Bell, S. (2010). Project-based learning for the 21st Century: Skills for the future. The Clearing House. 83, 39 – 43. Retrieved from doi: 10.1080/00098650903505415 Ciftci, S. (2014). The Effects of Using Project-Based Learning in Social Studies Education to Students' Attitudes towards Social Studies Courses . Procedia - Social and Behavioral Sciences 186 ( 2015 ) 1019 – 1024. Published by Elsevier Ltd. Retrieved from doi: 10.1016/j.sbspro.2015.04.205 Efstratia, D. (2014). Experiential education through project based learning. Procedia - Social and Behavioral Sciences 152 ( 2014 ) 1256 – 1260. Published by Elsevier Ltd. Retrieved from doi: 10.1016/j.sbspro.2014.09.362 Musa, F., Mufti, N., Latiff, R.A. & Amin, M.M. (2011). Project-based learning (PjBL): inculcating soft skills in 21st century workplace. Procedia - Social and Behavioral Sciences 59 ( 2012 ) 565 – 573. Published by Elsevier Ltd. Retrieved from doi:10.1016/j.sbspro.2012.09.315 Musa, F., Mufti, N., Latiff, R.A. & Amin, M.M. (2010). Project-based Learning: Promoting Meaningful Language Learning for Workplace Skills. Procedia - Social and Behavioral Sciences 18 ( 2011 ) 187 – 195. Published by Elsevier Ltd. Retrieved from doi: 10.1016/j.sbspro.2011.05.027 � 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. 2894 Title A name given to the resource INVESTIGATING THE INFLUENCE OF STUDENTS’ PROJECT-BASED ENGAGEMENT ON THEIR ACHIEVEMENTS AND THEIR ATTITUDES TOWARDS THE ESP COURSE Author Author Zeqiri, Luiza Abstract A summary of the resource. Research has shown that learner-centered classrooms are very effective. Engaging students in various classroom activities leads towards better learning outcomes. Moreover, project-based activities can have a positive influence on the students’ engagement and dedication towards a language class. Accordingly, this study will investigate the influence of project-based language learning on students’ achievements and attitudes towards the ESP course. The participants in this study were sixty students from the Faculty of Languages Cultures and Communication at South East European University (SEEU), in Tetove, attending ESP for Communication Sciences (1) and (2) courses. Qualitative and quantitative approaches were used for the data collection. The administered instruments were: group projects, student questionnaires, unstructured interviews with the students and process observation. The results confirmed that the students showed more positive attitudes towards ESP classes, after they participated in group projects. They became more motivated and more enthusiastic during their classes. The students improved their critical and creative thinking skills; they productively participated in teamwork and they were able to give constructive criticism. It can be hypothesized that engaging the students in group projects helps in lowering the affective filter, by which the students’ input increases and they show greater academic achievements. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2015-07 Keywords Keywords. Article PeerReviewed P Philology. Linguistics https://omeka.ibu.edu.ba/files/original/527212c1cf261602672c6be89d312dcd.pdf a2018946cbeb00a6c9a46b8b3054587c PDF Text Text 1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Investigating the Real but the Least Talked Reasons for the Global Financial Crisis Đsmail ÖZSOY Prof. Dr., Fatih University, Department of Economics E-mail: iozsoy@fatih.edu.tr Birol GÖRMEZ Research Asst., Fatih University, Department of Economics E-mail: bgormez@fatih.edu.tr Abstract: The Global Financial Crisis of September 2008 is triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States. With its destructive consequences for financial markets and institutions around the globe, it has exposed pervasive weaknesses in the current global financial system. The US housing collapse is often cited as having caused the crisis and the loose U.S. monetary policy is criticized for making the cost of credit negligible, thus encouraging high levels of leverage and causing a hypertrophy and bubbles in the financial sector. What is clear from the crisis is that the current global financial system is vulnerable because of intricate and highly-leveraged financial contracts and operations mainly based on derivatives and interest rates. Rating the reasons for the crisis and dealing with the financialization process of the economy, this paper argues that the main reason for the crisis is interest based transactions of derivatives; mostly being a zero-sum game, thus not producing any economic value, rather than being a result of win-win action. It then suggests that financial operations be based on real assets, producing real values, not on illusory ones. Key Words: Global Financial Crisis, US Mortgage Crisis, Mortgage Backed Securities (MBS), interest rate, real assets, derivatives, financial bubble, financialization. 1. Introduction The term financial crisis broadly refers to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. Many financial crises were associated with banking panics, recessions, stock market crashes, the bursting of other financial bubbles, currency crises, and sovereign defaults. The current global financial crisis that began in July 2007 when a loss of confidence by investors in the value of securitized mortgages in the United States resulted in a liquidity crisis that prompted a substantial injection of capital into financial markets by the US Fed, Bank of England and the European Central Bank. In September 2008, the crisis deepened, as stock markets worldwide crashed and entered a period of high volatility, and a considerable number of banks, mortgage lenders and insurance companies failed in the following weeks. The crisis of real estate, banking and credit in the United States had a global reach and affected a wide range of financial and economic activities and institutions including the stock exchanges and derivative markets that experienced steep declines. Liquidity problems, harder credit facilities, devaluated assets, increased public debt due to the provision of public funds to the financial services industry and other affected industries, and the devaluated currencies have been the outstanding symptoms of the crisis.1 Almost everybody agree on that the current crisis is the biggest in scale that the world has experienced since then. Unlike at the time of the Great Depression, when governments were slow to take countermeasures, the financial authorities of Japan, the United States, and Europe have been coordinating their response to provide financial institutions with infusions of public funds. This seems to have worked for now, causing the situation to become somewhat calmer. It is generally admitted that capitalism as a whole is speculative and inherently unstable. John Maynard Keynes believed that the market economy was unstable and that it was necessary to use monetary and fiscal policy to tame its instability (Katsuhito 2008). The current financial system seems to be inherently plagued by persistent crises. According to one estimate, there have been more than 100 crises over the last four decades (Stiglitz 2003). Not a single geographical area or major country has been spared the effect of these crises. Even some of the countries that have generally followed sound fiscal and monetary policies have become engulfed in these crises (Chapra 2008). 1 Wikipedia contributors, "Financial crisis of 2007–2009," Wikipedia, The Free Encyclopedia, http://en.wikipedia.org/w/index.php?title=Financial_crisis_of_2007%E2%80%932009&oldid=289330105 (accessed May 12, 2009). 42 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Although US mortgage crisis is often cited as having caused the crisis, the financial system was vulnerable because of intricate and highly-leveraged financial contracts and operations, a U.S. monetary policy making the cost of credit negligible therefore encouraging such high levels of leverage, and generally a hypertrophy of the financial sector. This paper first deals with the most touched reasons for the current crisis, taking the financialism, a new phase of the capitalism, then discussing the role of interest rate policies in the inherently crisisful nature of capitalism. Finally, it lists some suggestions with concluding remarks. 2. The Most Talked Causes of the Current Global Financial Crisis As a matter of fact the present global financial did not take anybody by surprise. Few now doubt that the housing bubble in US was bound to burst or that a general financial crisis and a global economic slowdown were to be the unavoidable results. Warning signs were evident for years to all of those not taken in by the new financial alchemy of high-risk debt management, and not blinded, as was much of the corporate world, by huge speculative profits (Foster). Years ago, in August 2002, the analyst Dean Baker identified a housing bubble and wrote that from 1953 to 1995 house prices had simply tracked inflation, but that when house prices from 1995 onwards were adjusted for inflation they showed a marked increase over and above inflation-based increases. Baker drew the conclusion that a bubble in the US housing market existed and predicted an ensuing crisis (Baker). Baker's argument was confirmed with the construction of a data series from 1895 to 1995 by the influential the economist Robert Shiller, which showed that real house prices had been essentially unchanged over that 100 years (Shiller 2006). It later proved impossible to convince responsible parties such as the Board of Governors of the Federal Reserve of the need for action. A common claim during the first weeks of the financial crisis was that the problem was simply caused by reckless, sub-prime lending. However, the sub-prime mortgages were only part of a far more extensive problem affecting the entire $20 trillion US housing market: the sub-prime sector was simply the first place that the collapse of the bubble affecting the housing market showed up. The ultimate point of origin of the great financial crisis of 2007-2009 can be traced back to an extremely indebted US economy. The collapse of the real estate market in 2006 was the close point of origin of the crisis. The failure rates of subprime mortgages were the first symptom of a credit boom tuned to bust and of a real estate shock. But large default rates on subprime mortgages cannot account for the severity of the crisis. Rather, low-quality mortgages acted as an accelerant to the fire that spread through the entire financial system. The latter had become fragile as a result of several factors that are unique to this crisis: the transfer of assets from the balance sheets of banks to the markets, the creation of complex and opaque (unclear) assets, the failure of ratings agencies to properly assess the risk of such assets, and the application of fair value accounting. To these novel factors, one must add the now standard failure of regulators and supervisors in spotting and correcting the emerging weaknesses (Fratianni and Marchionne 2009). Subprime lending is listed among the outstanding reasons. Subprime lending refers to financial institutions lending in ways which do not meet prime standards to an extent which puts the loans into the riskiest category of consumer loans typically sold in the secondary market. Proponents of subprime lending maintain that the practice extends credit to people who would otherwise not have access to the credit market. Some, like American Enterprise Institute fellow Peter J. Wallison, believe the roots of the crisis can be traced directly to sub-prime lending by Fannie Mae and Freddie Mac, which are government sponsored entities. On 30 September 1999, The New York Times reported that the Clinton Administration expanded mortgage loans among low and moderate income people. Deregulation is cited as another reason for the crisis. In 1992, the US Congress weakened regulation of government sponsored enterprises Fannie Mae and Freddie Mac with the goal of making available more money for the issuance of home loans. More importantly, in 1999, the Congress passed the Gramm-Leach-Bliley Act, paving way to the increase in the complex and opaque financial instruments which are at the heart of the crisis. The housing bubble grew up alongside the stock bubble of the mid-1990s (Foster). People who had increased their wealth substantially with the extraordinary run-up of stock prices were spending based on this increased wealth. This led to the consumption boom of the late 1990s, with the savings rate out of disposable income falling from five percent in the mid-90s to two percent by 2000. The stock-wealth induced consumption boom led people to buy bigger and/or better homes, since they sought to spend some of their new stock wealth on housing. The next phase of the housing bubble was the supply-side effect of the dramatic increase in house prices, as housing starts rose substantially from the mid-1990s onwards. The collapse of the stock bubble helped to feed the US housing bubble. After collectively losing faith in the stock market, millions of people turned to investments in housing as a safe alternative. In addition, the 2001 recession led the Federal Reserve to continue to cut interest rates. Fixed-rate mortgages and other interest rates hit 50-year lows. To further fuel the housing market, Federal Reserve Board Chairman Alan Greenspan suggested that homebuyers were wasting money by buying fixed rate mortgages instead of adjustable rate mortgages (ARMs). This was peculiar advice at a time when fixed rate mortgages were near 50-year lows, but even at the low rates of 2003 homebuyers could still afford larger mortgages with the adjustable rates available at the time. 43 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo The bubble began to burst in 2007, as the building boom led to so much over-supply that prices could no longer be supported. Prices nationwide began to head downward, with this process accelerating through the fall of 2007 and into 2008. As prices decline, more homeowners face foreclosure. In cases where a home is valued far lower than the amount of the outstanding mortgage, homeowners may be able to simply walk away from their mortgage. Another cause of the crisis was miscalculation of the level of risk inherent in the unregulated collateralized debt obligation and Credit Default Swap markets. Under this theory, banks and investors systematized the risk by taking advantage of low interest rates to borrow tremendous sums of money that they could only pay back if the housing market continued to increase in value. The risk was further systematized by the use of false pricing model, Gaussian copula model, which will go down in history as instrumental in causing the unfathomable losses that brought the world financial system to its knees. Different from the mainstream explanation, another analysis is that the financial crisis is merely a symptom of another, deeper crisis, which is a systemic crisis of capitalism itself. According to Samir Amin, an Egyptian economist, the constant decrease in GDP growth rates in Western countries since the early 1970s created a growing surplus of capital which did not have sufficient profitable investment outlets in the real economy. The alternative was to place this surplus into the financial market, which became more profitable than productive capital investment, especially with subsequent deregulation (Samir 1996). According to Samir Amin, this phenomenon has lead to recurrent financial bubbles. 3. A Less Talked Cause: Financialization of the Economy Foster argues that this crisis is not just another massive credit crunch but signals a new phase in the development of the capitalistic system, which is labeled ‘monopoly-finance capital’. The bursting of two major financial bubbles in seven years points to a crisis of financialization, a progressive shift from production to finance that has characterized the economy over the last four decades (Foster). Paul Sweezy called it “the financialization of the capital accumulation process” just over a decade ago. It has been the main force lifting economic growth since the 1970s (Sweezy 1997). The financial system is supposed to serve a range of functions in the broader economy. Banks and other financial institutions mop up savings, and then allocate that capital, according to mainstream theory, to where it can most productively be used. For households and corporations, the credit markets facilitate greatly increased borrowing, which should foster investment in capital goods like buildings and machinery, in turn leading to expanded production. Finance, in other words, is supposed to facilitate the growth of the “real” economy—the part that produces useful goods (like bicycles) and services (like medical care). In recent decades, finance has undergone massive changes in both size and shape (Vasudevan 2008). Financialization is a process whereby financial markets, financial institutions and financial elites gain greater influence over economic policy and economic outcomes. Financialization transforms the functioning of economic system at both the macro and micro levels. Its principal impacts are to (1) elevate the significance of the financial sector relative to the real sector; (2) transfer income from the real sector to the financial sector; and (3) increase income inequality and contribute to wage stagnation. Additionally, there are reasons to believe that financialization may render the economy prone to risk of debt-deflation and prolonged recession (Palley 2007). The transformation in the system is reflected in the rapid growth since the 1970s of financial profits as a percent of total profits (see chart 1). The fact that such financialization of capital appears to be taking the form of bigger and bigger bubbles that burst more frequently and with more devastating effect, threatening each time a deepening of stagnation -i.e., the condition, endemic to mature capitalism, of slow growth, and rising excess capacity and unemployment/underemployment, is thus a development of major significance. 44 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Chart 1. Financial profits as a percent of total profits (five-year moving average) Source: Table B-91. Corporate Profits by Industry, 1959–2007, Economic Report of the President, 2008. The term financialization is sometimes used in discussions of financial capitalism1 which developed over several decades leading up to the 2007-2009 financial crisis, and in which financial leverage tended to override capital (equity) and financial markets tended to dominate over the traditional industrial economy. Greta Krippner defines financialization as a “pattern of accumulation in which profit making occurs increasingly through financial channels rather than through trade and commodity production.” Another definition by Dore is: “the increasing dominance of the finance industry in the sum total of economic activity, of financial controllers in the management of corporations, of financial assets among total assets, of marketised securities and particularly equities among financial assets, of the stock market as a market for corporate control in determining corporate strategies, and of fluctuations in the stock market as a determinant of business cycles” (Dore 2000)). The basic mechanism of financialization is the transformation of future streams of income (from profits, dividends, or interest payments) into a tradable asset like a stock or a bond. For example, the future earnings of corporations are transmuted into equity stocks that are bought and sold in the capital market. Likewise, a loan, which involves certain fixed interest payments over its duration, gets a new life when it is converted into marketable bonds. And multiple loans, bundled together then “sliced and diced” into novel kinds of bonds (“collateralized debt obligations”), take on a new existence as investment vehicles that bear an extremely complex and opaque relationship to the original loans (Vasudevan 2008). In his 2006 book, American Theocracy: The Peril and Politics of Radical Religion, Oil, and Borrowed Money in the 21st Century, An American writer Kevin Phillips presents financialization as a process whereby financial services take over the dominant economic, cultural, and political role in a national economy.” (p. 268). Philips considers that the financialization of the U.S. economy follows the same pattern that marked the beginning of the decline of the American economy as Habsburg Spain in the 16th century, the Dutch trading empire in the 18th century, and the British Empire in the 19th century. Graph 1: Share in GDP of US financial sector since 1860. Source: "Financialization." Wikipedia, The Free Encyclopedia. 2 May 2009, 00:32 UTC. 21 May 2009 <http://en.wikipedia.org/w/index.php?title=Financialization&oldid=287358015>. The roots of financialization is traced to the rise of Neoliberalism and the free-market doctrines of Milton Friedman and the Chicago School of Economics, of which the politico-economic philosophy has been summarized as one in which “markets, private property and minimal government will achieve maximum welfare.” One of the most important impetuses to the rise of financialization was the end of the post-World War Two Bretton Woods system of fixed international exchange rates and the dollar peg to gold in August 1971. The demise of fixed exchange rates initiated a rapid rise in the level of foreign exchange trading (forex), leaping in the United States from $110.8 billion in 1970, 10.7 percent of U.S. GDP, to $5.449 trillion in 1980, 195.3 percent of U.S. GDP, meaning a 5 times increase. An April 1977 study found there was $4.8 billion in daily forex trading, or around $1.2 trillion a year. However, this study did not include all the trading in futures trading for various currencies. Currency futures were first created at the Chicago Mercantile Exchange (CME) in 1972, the year after fixed exchange rates were abandoned. 1 Financial capital refers to the funds provided by lenders (and investors) to businesses to purchase real capital equipment for producing goods/services. Real capital comprises physical goods that assist in the production of other goods and services, eg. shovels for gravediggers, sewing machines for tailors, or machinery and tooling for factories. (Financial capital. (2009, May 19). In Wikipedia, The Free Encyclopedia. Retrieved 09:28, May 19, 2009, from http://en.wikipedia.org/w/index.php?title=Financial_capital&oldid=290884469) 45 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Other financial markets exhibited similarly explosive growth. While the volume of trade in US equity (stock) markets was 13.1 percent of US GDP in 1970, it rose to 28.8 percent of U.S. GDP in 1990, and 144.9 percent of GDP. Thus, derivatives trading -mostly futures contracts on interest rates, foreign currencies, Treasury bonds, etc had reached a level of $1,200 trillion, $1.2 quadrillion, a year. By comparison, U.S. GDP in 2006 was $12.456 trillion. Table 1 provides data for the annual amount of financial trading in U.S. financial markets, compared to GDP. Table 1: Dollar value of trading in U.S. financial markets compared to GDP (Annual, in billions of dollars. Italics indicate estimates) 1956 1960 1963 1966 1970 1980 1990 2000 2001 Equity Markets Trading 36 47 61 128 135 522 1,671 14,22 U.S. government securities trading 276 473 722 1,091 1,391 4,840 26,688 67,05 Futures Trading 150 165 203 250 330 5,584 152,717 343,13 Foreign Exchange Trading 41 47 55 74 111 5,449 36,000 60,960 Corporate Debt Trading 19 35 56 90 na 821 3,972 3,96 State and Municipal Bonds 12 23 37 60 112 542 2,622 2,11 Options trading, on exchange na na na na na 46 81 330 Mortgage Derivatives na na na na na na 3,697 16,68 OTC swaps, forwards, options na na na na na TOTAL FINANCIAL TURNOVER 534 795 1,134 1,692 2,749 17,804 227,448 508,45 U.S. Gross Domestic Product 425 526 603 770 1,039 2,790 5,803 9,817 Turnover divided by GDP 1.256 1.511 1.331 2.198 2.647 6.383 39.194 51.79 GDP as % of financial turnover 79.6 66.2 53.2 45.5 37.8 15.7 2.6 1.9 Source: http://en.wikipedia.org/wiki/Financialization, May 19 2009 A dramatic shift is observed in types of futures contracts traded from 1970 to 2004. For a century after organized futures exchanges were founded in the mid-1800s, all futures trading was solely based on agricultural commodities. But after the end of dollar gold-backed fixed-exchange rate system in 1971, contracts based on foreign currencies began to be traded. After the deregulation of interest rates by the Bank of England, then the U.S. Federal Reserve, in the late 1970s, futures contracts based on various bonds / interest rates began to be traded. The result was that financial futures contracts - based on such things as interest rates, currencies, or equity indices - came to dominate the futures markets. The average value for interest rate contracts is around ten times that of agricultural and other commodities, while the average value of currency contracts is twice that of agricultural and other commodities. As a result of the process of financialization, Financial services have become a key industry in developed economies in which it represents a sizeable share of the GDP and an important source of employment. Those activities also played a key facilitator role to foster economic globalization. ... “The Reagan-Thatcher model, which favored finance over domestic manufacturing, has collapsed” (Meyerson 2009). Emerging countries try also to develop their financial sector, as an engine of economic development. A typical aspect is the growth of microfinance / microcredit. Microfinance refers to the provision of financial services to lowincome clients, including consumers and the self-employed (Joanna 2000). Microcredit is a part of microfinance, which is the provision of a wider range of financial services to the very poor. Microcredit is a financial innovation that is generally considered to have originated with the Grameen Bank in Bangladesh (Cons and Paprocki 2008). In that country, it has successfully enabled extremely impoverished people to engage in self-employment projects that allow them to generate an income and, in many cases, begin to build wealth and exit poverty. Due to the success of microcredit, it is increasingly gaining credibility in the mainstream finance industry, and many traditional large finance organizations are contemplating microcredit projects as a source of future growth, even though almost everyone in larger development organizations discounted the likelihood of success of microcredit when it was begun. The United Nations declared 2005 the International Year of Microcredit.1 This recognized success brought also some negative reactions. In the Introduction to the 2006 book Financialization and the World Economy, editor Gerald A. Epstein writes: “… in the mid- to late 1970s or early 1980s, structural shifts of dramatic proportions took place in a number of countries that led to significant increases in financial transactions, real interest rates, the profitability of financial firms, and the shares of national income accruing to the holders of financial assets. This set of phenomena reflects the 1 Microcredit. (2009, May 7). In Wikipedia, The Free Encyclopedia. Retrieved 12:14, May 19, 2009, from http://en.wikipedia.org/w/index.php?title=Microcredit&oldid=288530976 46 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo processes of financialization in the world economy… Finance benefits handsomely from the same processes that create economic crises and injure so many others. Hence the costs of financial crises are paid by the bulk of the population, while large benefits accrue to finance. …Using the case of the US economy, Crotty argues that financialization has had a profound and largely negative impact on the operations of US nonfinancial corporations. This is partly reflected in the increasing incomes extracted by financial markets from these corporations; trends identified also by Duménil and Lévy and Epstein and Jayadev. For example, Crotty shows that the payments US NFCs paid out to financial markets more than doubled as a share of their cash flow between the 1960s and the 1970s, on one hand, and the 1980s and 1990s on the other... Financial markets’ demands for more income and more rapidly growing stock prices occurred at the same time as stagnant economic growth and increased product market competition made it increasingly difficult to earn profits. Crotty calls this the ‘neoliberal’ paradox. Non-financial corporations responded to this pressure in three ways, none of them healthy for the average citizen: 1) they cut wages and benefits to workers; 2) they engaged in fraud and deception to increase apparent profits and 3) they moved into financial operations to increase profits. Hence, Crotty argues that financialization in conjunction with neoliberalism and globalization has had a significantly negative impact on the prospects for economic prosperity (Epstein). One of the most notable features of financialization has been the development of over-leverage (more borrowed capital and less own capital) and, as a related tool, financial derivatives. Financial derivatives are the financial instruments, the price or value of which is derived from the price or value of another, underlying financial instrument. Those instruments, which initial purpose was hedging and risk management, have become widely traded financial assets in their own. The most common types of derivatives are futures contracts, swaps, and options. In the past few years, the number and types of financial derivatives have grown enormously.1 A major unknown regarding derivatives is the actual amount of cash behind a transaction. A derivatives contract with a notional value of millions of dollars may actually only cost a few thousand dollars. For example, an interest rate swap might be based on exchanging the interest payments on $100 million in U.S. Treasury bonds at a fixed interest of 4.5 percent, for the floating interest rate of $100 million in credit card receivables. This contract would involve at least $4.5 million in interest payments, though the notional value may be reported as $100 million. However, the actual “cost” of the swap contract would be some small fraction of the minimal $4.5 million in interest payments. The difficulty of determining exactly how much this swap contract is worth when accounted for on a financial institution’s books, is typical of the worries many experts and regulators have over the explosive growth of these types of instruments. The root causes of the US financial crisis are now well known, but excessive leverage and derivative trade featured prominently as one of the explanations. As the Figure 1 shows, global per capita derivative in 2008 outstripped global per capita GDP by a factor of 10, as opposed to a factor of less than 2 a decade ago. This trend highlights not only the rapidity with which derivative trade grew over the years but also the dangers of undertaking such colossal transactions without adequate underlying assets to back them.2 1998 2000 2001 2004 2007 2008 ■ Global Per Capita GDP ■ Global Per Capita 'Derivative' Figure 1: World Per Capita Derivative and Per Capita GDP 1000 Source: BIS, IMF, World Bank 1 In November 2007, commenting on the financial crisis sparked by the sub-prime mortgage collapse in the United States, writes that according to the Bank of International Settlements, the OTC market for Credit default swaps (CDS) jumped from $4.7 trillion (TN) at the end of 2004 to $22.6 TN to end 2006. From the International Swaps and Derivatives Association we know that the total notional volume of credit derivatives jumped about 30% during the first half to $45.5 TN. And from the Comptroller of the Currency, total U.S. commercial bank Credit derivative positions ballooned from $492bn to begin 2003 to $11.8 TN as of this past June. (Doug Noland “Credit Bubble Bulletin: Road to Ruin”, Asia Times Online, Nov. 6, 2007, available at http://www.atimes.com/atimes/Global_Economy/IK06Dj01.html) 2 Gulf One Investment Bank Research Bulletin, Vol.. 2, No.1, January 2009. 47 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo 4. The Least Talked Cause: Interest Rate Policies Economists of the Austrian School have proposed that the crisis is an excellent example of the Austrian Business Cycle Theory, in which credit created through the policies of central banking gives rise to an artificial boom, which is inevitably followed by a bust. Proponents of this theory have predicted the current financial crises, and argue that central banks should not be involved in debt markets. The history of the yield curve from 2000 through 2007 illustrates the role that credit creation through interest rate policies by the Federal Reserve may have played in the on-set of the financial crisis in 2007 and 2008. Treasury yield is one tool of monetary policy. The yield curve (also known as the term structure of interest rates) is the shape formed by a graph showing US Treasury Bill or Bond interest rates on the vertical axis and time to maturity on the horizontal axis (Figure 2). When short-term interest rates are lower than long-term interest rates the yield curve is said to be “positively sloped”. This in turn encourages an expansion in money supply and in turn favours debt induced bubbles. When long-term interest rates are lower than short-term interest rates the yield curve is said to be “inverted”. This favours a contraction in money supply. When long term and short term interest rates are equal the yield curve is said to be “flat”. The yield curve is believed by some to be a strong predictor of recession (when inverted) and inflation (when positively sloped). Figure 2: Yield Curve Source: Wikipedia contributors, "Yield curve," Wikipedia, The Free Encyclopedia, http://en.wikipedia.org/w/index.php?title=Yield_curve&oldid=289286091 (accessed May 14, 2009). A positively sloped yield curve allows primary dealers (such as large investment banks) in the Federal Reserve System to fund themselves with cheap short term money while lending out at higher long-term interest rates. This strategy is profitable so long as the yield curve remains positively sloped. However, it creates a liquidity risk if the yield curve were to become inverted and banks would have to refund themselves at expensive short term interest rates while losing money on longer term loans. Following the bursting of the Dot-com bubble in 2000 and the Stock market downturn of 2002 the US Federal Reserve reacted by sharply lowering short-term interest rates. The Fed lowered the Fed Funds target rate beginning in January 2001 at 6.5% to a nadir of 1% in June 2003. The Fed also held rates at this low level for an unusually long period of time (1yr) until June 2004. This prolonged period of stimulative Fed monetary policy created a very positively sloped yield curve. The yield on the 3-month T-bill reached its lowest point (0.88%) for the cycle in the late fall of 2003 while at the same time 30-year T-bond rates were in excess of 5%. In June 2004 the Fed began to slowly increase Fed Funds rates and the yield curve slowly narrowed. Fed Chairman Alan Greenspan notably described this narrowing of spreads between short term and long term rates as a “conundrum” during testimony in February 2005. The chairman expected long term rates to rise in line with short term rates. However, the tightening of monetary policy caused by rising short term rates was slowing the economy and reducing demand for long-term borrowing. 48 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo The Fed raised Fed Funds target rates to a peak of 5.25% in June 2006. By October 2006 the yield curve on 90-day T-bills vs 30-year T-bonds was essentially flat indicating neutral monetary policy (neither stimulative nor contractionary). While the Fed maintained Fed Funds rates at this high level, long term rates began to fall causing the yield curve to become more and more inverted. The yield curve was most strongly inverted in March 2007 when concern about current inflation was reaching its peak. The narrowing of the yield curve from 2004 and the inversion of the yield curve during 2007 indicated a bursting of the housing bubble and a wild gyration of commodities prices as moneys flowed out of assets like housing or stocks. A commodity bubble was created following the collapse in the housing bubble. The price of oil rose to over $140 dollars per barrel in 2008 before plunging as the financial crisis began to take hold in late 2008. A similar bubble in oil prices has preceded other historical economic contractions. 5. Vatican Offering Islamic Finance System to Western Banks It should not take anybody by surprise that the Vatican offered Islamic finance principles to Western banks as alternative to capitalism to solve the worldwide economic crisis, with Daily Vatican newspaper, 'L'Osservatore Romano, reporting that Islamic banking system may help to overcome global crisis. Having resisted the interest for 1500 years in its 2000 years’ history, the Vatican suggested that the banks look at the ethical rules of Islamic finance to restore confidence amongst their clients at a time of global economic crisis. The newspaper drew attention of the banks to the ethical principles on which Islamic finance is based in order to bring them closer to their clients and to the true spirit which should mark every financial service. Author Loretta Napoleoni and Abaxbank Spa fixed income strategist, Claudia Segre, said in the article that Western banks could use tools such as the Islamic bonds, known as sukuk, as collateral. To them, sukuk may be used to fund the car industry or the next Olympic Games in London. They also said that profit share, gained from sukuk, may be an alternative to the interest. They underlined that sukuk system could help automotive sector and support investments in infrastructure area. Islamic sukuk system is similar to bonds of capitalist system. But in sukuk, money is invested in concrete projects and profit share is distributed to clients instead of interest earned. Pope Benedict XVI in an Oct 7 speech reflected on crashing financial markets saying that “Money vanishes, it is nothing” and concluded that “the only solid reality is the word of God.” The Vatican has been paying attention to the global financial meltdown and ran articles in its official newspaper that criticize the free-market model for having “grown too much and badly in the past two decades.” The Osservatore's editor, Giovanni Maria Vian, said that “the great religions have always had a common attention to the human dimension of the economy,” Corriere della Sera reported today.1 Although the term ‘interest’ is the most condemned notion throughout history, it has been the factor that most affected the individual and social life of the humankind. Yet, it has been the foundation stone of capitalist liberal economy. The current financial crisis is the result of the bursting of financial bubbles that grew in the recent decades, and the most effective factor that has generated the bubbles is the interest, which is the backbone of modern finance. Interest bearing negotiable instruments and securities change hands without any limit. Trillion dollars’ bonds’ markets fluctuate upon any interest rate change and some earn billions of dollars in a few hours while others lose. One point hike in the interest rates pulls upward the debt stocks of a state, while an opposite move causes losses to the creditor. Interest has become the indispensable element of the modern economies, penetrating into their cells. Even the financial transactions seemingly irrelevant to interest are somehow hand in hand with it. For example, in futures contracts, what determines the spread, the difference, between spot and future prices is nothing other the interest. In short, interest makes the financial world for some a door to happiness and for some a door to misfortune. Why to be astonished by such a system producing crises? (Uslu 2008). 6. Conclusion Though it is inherently the primary reason for business cycles, interest rates have not been criticized by the mainstream economics since it is taken for granted in spite of the fact that it is a problematic policy tool. But the truth is clear that the global financial system is quite volatile due to its being dependent on the mostly questionable interest rates. Since it is impossible for mankind to foresee the future, any interest rate which is determined according to the current supply and demand conditions should not be expected to be valid on the coming days ahead since these days will have their own supply and demand conditions that determine another interest rate, which may be highly different than the already fixed one, thus arising a deviation between the two. This deviation is one of the reasons for financial 1 “Vatican offers Islamic finance system to Western Banks”, March 6, 2009, available at http://www.worldbulletin.net/news_detail.php?id=37814, May 20, 2009; “Vatican Paper Supports Islamic Finance. France Wants Its Share of Sharia Banking”, available at http://www.brusselsjournal.com/node/3819, May 20, 2009; “Vatican backs Islamic finance”, available at http://www.newhorizonislamicbanking.com/index.cfm?section=news&action=view&id=10751, May 20, 2009. 49 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo bubbles and imbalances. We should remember that the equivalent of the term interest in Islamic literature is ‘riba’ which means ‘growth’ and ‘bubble’. Since all the financial transactions as well as futures trading and currency futures are carried out on the basis of interest rates, all these transactions cause some deviation thus a bubble growing by the time. Giving an ear to the voice of the Vatican calling to the Islamic finance and ethics, we had better have a look at this option in order to have a solid and sound financial system. By the way, Islamic finance helps raise substantially the share of equity in businesses and of profit-and-loss sharing in projects and ventures through the mudarabah and musharakah modes of financing. Greater reliance on equity does not necessarily mean that debt financing is ruled out. Yet Islamic finance rather requires the creation of debt through the sale or lease of real assets through its sales- and lease-based modes of financing (murabahah, ijarah, salam, istisna and sukuk). The purpose is to enable an individual or firm to buy now the urgently needed real goods and services in conformity with his ability to make the payment later. Islam has, however, laid down certain conditions that would help prevent excessive expansion of debt. Some of these are: 1) The asset which is being sold or leased must be real, and not imaginary or notional; 2) The seller must own and possess the goods being sold or leased; 3) The transaction must be a genuine trade transaction with full intention of giving and taking delivery; and 4) The debt cannot be sold and thus the risk associate with it cannot be transferred to someone else. It must be borne by the creditor himself (Chapra 2008). These basic principles no doubt need detailed explanation, not possible for the time being due to lack of space, since it has already exceeded its limits. References Amin, Samir. (1996). “Economic, Social and Political http://www.ismea.org/INESDEV/AMIN.eng.html, May 20, 2009. Distortions in Baker, Dean. “The Run-up in Home Prices: Is It Real or http://www.cepr.net/documents/publications/housing_2002_08.pdf, 12 May 2009 Is the It Modern Another World”, available at Bubble?”, available at Chapra, M. Umer.(2008). The Global Financial Crisis: Can Islamic Finance Help Minimize the Severity and Frequency Of Such A Crisis in the Future? A paper prepared for presentation at the Forum on the Global Financial Crisis to be held at the Islamic Development Bank on 25 October 2008, avalable at http://www.isdbforum.org/presentationPapers/5-M_Umer_Chapra.pdf, 20 May, 2009. Cons, Jason and Paprocki, Kasia. (2008). "The Limits of Microcredit—A Bangladeshi Case", Food First Backgrounder (Institute for Food and Development Policy), Winter 2008, volume 14, number 4. Dore, R. (2000). Stock Market Capitalism: Welfare Capitalism: Japan and Germany vs. the Anglo-Saxons. Oxford: Oxford University Press. ISBN 0-19-924061-2. Epstein, Gerald A. “1. Introduction: Financialization and the World Economy”, available at http://www.peri.umass.edu/fileadmin/ pdf/programs/globalization/financialization/chapter1.pdf, May 19, 2009. Financial capital. (2009, May 19). In Wikipedia, The Free Encyclopedia. Retrieved 09:28, May 19, 2009, from http://en.wikipedia.org/w/index.php?title=Financial_capital&oldid=290884469) Foster, John Bellamy.(April 2008). “The Financialization of http://www.monthlyreview.org/080401foster.php, accessed on 16 May 2009. Capital and the Crisis”, available at Fratianni, M. and Marchionne, F. 2009. The Role of Banks in the Subprime Financial Crisis available on SSRN: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1383473 Gulf One Investment Bank Research Bulletin, Vol.2, No.1, January 2009. Iwai, Katsuhito. (December 08, 2008). “Global Financial Crisis Shows Inherent Instability of Capitalism”, available at http://www.tokyofoundation.org/en/articles/2008/global-financial-crisis-shows-inherent-instability-of-capitalism, May 20, 2009. Ledgerwood, Joanna. (2000). Microfinance Handbook: an Institutional and Financial Perspective. Washington DC: The World Bank, 2000. Meyerson,Harold. (2009). "Building a Better Capitalism", The Washington Post, March 12, 2009, available at http://www.washingtonpost.com/wp-dyn/content/article/2009/03/11/AR2009031103218.html?wpisrc=newsletter, May 19, 2009. Microcredit. (2009, May 7). In Wikipedia, The Free Encyclopedia. http://en.wikipedia.org/w/index.php?title=Microcredit&oldid=288530976 Retrieved 12:14, May 19, 2009, from Noland, Doug Noland. (2007). “Credit Bubble Bulletin: Road to Ruin”, Asia Times Online, Nov. 6, 2007, available at http://www.atimes.com/atimes/Global_Economy/IK06Dj01.html) Palley, Thomas I. (2007). “Financialization: What it is and Why it Matters”, TUAC Labour/Management Seminar on “Financialisation of the Economy: Regulating Private Equity”, OECD, 12 November 2007. Shiller, R. 2006. Irrational Exhuberance Princeton, NJ: Princeton University Press. Stiglitz, Joseph. (2003). “Dealing with Debt: How to Reform the Global Financial System”, Harvard International Review, Spring, pp. 5459. 50 �1. International Symposium on Sustainable Development, June 9-10 2009, Sarajevo Sweezy, Paul M. (1997). “More (or Less) on Globalization,” Monthly Review 49, no. 4 (September 1997): 3. Uslu, Sami. (2008). “Küresel Krizin Derin Sebepleri”, available at http://www.zaman.com.tr/haber.do?haberno=762286, May 10, 2009. Vasudevan,Ramaa. Financialization: A Primer, available at http://www.dollarsandsense.org/archives/2008/1108vasudevan.html 16 May 2009. “Vatican backs Islamic finance”, =view&id=10751, May 20, 2009. available at http://www.newhorizon-islamicbanking.com/index.cfm?section=news&action “Vatican offers Islamic finance system to Western Banks”, March 6, 2009, available at http://www.worldbulletin.net/news_detail.php ?id=37814, May 20, 2009. “Vatican Paper Supports Islamic Finance. France Wants Its Share of Sharia Banking”, available at http://www.brusselsjournal.com /node/3819, May 20, 2009. Wikipedia contributors, "Financial crisis of 2007–2009," Wikipedia, The Free Encyclopedia, http://en.wikipedia.org/w/index.php?title=Financial_crisis_of_2007%E2%80%932009&oldid=289330105 (accessed May 12, 2009). 51 � 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. 137 Title A name given to the resource Investigating the Real but the Least Talked Reasons for the Global Financial Crisis Author Author ÖZSOY, İsmail GÖRMEZ, Birol Abstract A summary of the resource. The Global Financial Crisis of September 2008 is triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States. With its destructive consequences for financial markets and institutions around the globe, it has exposed pervasive weaknesses in the current global financial system. The US housing collapse is often cited as having caused the crisis and the loose U.S. monetary policy is criticized for making the cost of credit negligible, thus encouraging high levels of leverage and causing a hypertrophy and bubbles in the financial sector. What is clear from the crisis is that the current global financial system is vulnerable because of intricate and highly-leveraged financial contracts and operations mainly based on derivatives and interest rates. Rating the reasons for the crisis and dealing with the financialization process of the economy, this paper argues that the main reason for the crisis is interest based transactions of derivatives; mostly being a zero-sum game, thus not producing any economic value, rather than being a result of win-win action. It then suggests that financial operations be based on real assets, producing real values, not on illusory ones. Date A point or period of time associated with an event in the lifecycle of the resource 2009-06 Keywords Keywords. Conference or Workshop Item PeerReviewed HB Economic Theory https://omeka.ibu.edu.ba/files/original/56e4f3a785dac3d5efb7536778e525aa.pdf 0fbc8c01c21ac1c40205b6ec54d1cc96 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Oxford Unıversıty Press, http://web.undp.org/globalpublicgoods/TheBook/globalpublicgoods.pdf (12.04.2012) 1999, KINDLEBERGER C.P., International Public Goods Without International Government, The American Economic Review, Vol:76, No:1, Page:1-13, 1986, aktaran AKYOL S., S. ULUTÜRK, Küresel Kamu Malları: Hegemonya Ve İstikrarın Küresel Ekonomi Politiği, 21. Türkiye Maliye Sempozyumu (Kamu Maliyesinde Güncel Gelişmeler), Antalya, 10–14 Mayıs 2006. OECD (1), Development: Aid to developing countries falls because of global recession, http://www.oecd.org/document/3/0,3746,en_21571361_44315115_50058883_ 1_1_1_1,00.html (24.04.2012) OECD (2), Dac Global Relations Strategy, http://www.oecd.org/officialdocuments/ displaydocumentpdf/?cote=DCD/DAC(2011)36/FINAL&doclanguage=en (24.04.2012) ÖZDEMİR Biltekin, Küresel Kirlenme Sürdürülebilir Ekonomik Büyüme Ve Çevre Vergileri, Maliye Dergisi, S:156, Ocak-Haziran 2009, http://212.174.133.188/calismalar/maliye_dergisi/yayinlar/md/156/01.Biltekin.Ozdemir.pdf (02.04.2012) SARAÇOĞLU Fatih, Özgür ŞAHAN, Tobin Vergisi Ve Türkiye’de Uygulanabilirliği S:55, Ekim-Aralık 2004, http://www.sayistay.gov.tr/yayin/dergi/icerik/der55m4.pdf (04.04.2012) SUSAM Nazan, “Kamu Maliyesinde Sınır Ötesi Bir Kavram: Küresel Kamusal Mallar”, EÜHFD, CXII,S.1-2, 2008, http://hukuk.erzincan.edu.tr/dergi/makale/2008_XII_12.pdf (04.04.2012) TEKİN Ahmet, İstiklal Y.VURAL, Global Kamusal Malların Finansman Aracı Olarak Global Vergi Önerileri, S.12, 2004, http://www.sosyalbil.selcuk.edu.tr/sos_mak/makaleler/ Ahmet%20 TEKİN%20-%20İstiklal%20Y.%20VURAL/323-337.pdf (06.04.2012) WOEHLKE James A., Trends in Taxation, LLM, CPA, is counsel and director of the technical services division for the NYSSCPA and technical editor (taxes) of The CPA Journal, http://www.nysscpa.org/cpajournal/2000/0200/f142000.html (05.04.2012) Investigating the Relationship between Corporate Culture and Job Satisfaction in Financial Sector: Case for Banks İbrahim Akın Altun, Mehmet Özer Demir Akdeniz Üniversitesi, Alanya Engineering Faculty, Kestel/Alanya. E-mails: akinaltun@akdeniz.edu.tr, mozerdemir@akdeniz.edu.tr Abstract There is a consensus that organizational culture affects outcomes both for the organization and the individual. Researchers examined the impact of organizational culture on organizational commitment, job satisfaction, turnover and retention. Although it is generally accepted that organizational culture affects job satisfaction little empirical research has been 188 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo conducted to provide evidential support, especially in financial sector. This paper examines organizational culture’s effect on job satisfaction in banking sector. We assume that organizational culture is the factor that influences job satisfaction and search the relationship between them. The research took place in Antalya with 102 respondents working in various banks located in Antalya. Keywords: Organizational Culture, Job Satisfaction, Financial Sector, Banking 1. INTRODUCTION Organizational culture is an important theme in the business and management literature as organizational culture is considered to have the potential to affect organizational and individual outcomes such as productivity, performance, commitment, self confidence, and job satisfaction, resulting organization’s financial performance. Although it is generally accepted that organizational culture affects job satisfaction little empirical research has been conducted to provide evidential support (Detert et al. 2000; Schein 1996). Researchers examined the impact of organizational culture on outcomes including organizational commitment, job satisfaction, and propensity to remain with (or leave) the organization (Shore et al. 1995; Tsui et al. 1997; Lee and Mathur, 1998; Brief, 1998; Shaw et al., 1998). The relationship between organizational culture and outcomes like commitment, job satisfaction, turnover and retention etc. is widely researched; however most of the studies have been conducted in the U.S.A, and in Anglo-American cultural context. Regarding this issue, the need to broaden the research of relationship between organizational culture and job satisfaction beyond the cultural boundaries of Anglo American countries arises (Choi et al., 2008). The study aims to research the link between organizational culture and job satisfaction in the banking sector, in Turkey. 1.1.Organizational Culture Organizational culture is defined as “a pattern of shared basic assumptions invented, discovered, or developed by a given group as it learns to cope with its problems of external adaptation and internal integration that have worked well enough to be considered valid and therefore, to be taught to new members as the correct way to perceive, think and feel in relation to those problems” (Schein, 1992, p.9). It has also been defined as "the specific collection of values and norms that are shared by people and groups in an organization and that control the way they interact with each other and with stakeholders outside the organization" (Charles and Gareth, 2001). Organizational culture is a set of shared mental assumptions that guide interpretation and action in organizations by defining appropriate behavior for various situations. The paradigm, control systems, organizational structures, power structures, symbols, rituals and routines, stories and myths can be used to describe or have influence on organizational culture (Johnson, 1988). Although some authors claim that organizational culture is markedly different from organizational climate (Thumin, 2011), this paper approaches organizational climate and organizational culture to be similar, as if they are the different names of the same concept. Effects of organizational culture on the outcomes both for the organization and the individual are widely researched, however there still remains blur because “the interrelationships among these aspects of organizational culture and employee outcomes are rather complex. For example, job stress has been identified as both directly and indirectly influencing employee 189 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo wellbeing and organizational commitment (Jamal, 1990; Mannheim & Papo, 2000; Tao et al., 1998), with well-being directly related to organizational commitment (Baba, Jamal, & Tourigny, 1998; Weaver, 2002). Whereas organizational commitment is a frequently identified predictor of job satisfaction (Freund, 2005; Yoon & Thye, 2002), there is some evidence of a reciprocal relationship between these employee outcomes (Farkas & Tetrick, 1989) with job satisfaction influencing organizational commitment as well as an interaction between job satisfaction and intent to leave, with organizational commitment (Popoola, 2005).” (Alıntı Liora Findler, Leslie H. Wind, Michálle E. Mor Barak, The Challenge of Workforce Management in a Global Society: Modeling the Relationship Between Diversity, Inclusion, Organizational Culture, and Employee Well-Being, Job Satisfaction and Organizational Commitment, Administration in Social Work, Vol. 31(3) 2007. P.69). 1.2.Job Satisfaction Job satisfaction can be defined as a pleasurable emotional state resulting from the appraisal of employee’s job, an affective reaction to employee’s job or an attitude towards employee’s job. Job satisfaction is recognized as a multifaceted construct that includes both intrinsic and extrinsic job elements, that is, employees expect their job to provide a mix of features (such as pay, promotion, or autonomy). Although, the range and importance of the preferences vary across individuals, job satisfaction is achieved when the accumulation of met expectations becomes sufficiently large (Egan et al., 2004). Leadership behaviors related to inspiring teamwork, challenging tradition, enabling others, setting examples, and rewarding high performance are found to have significant effects on job satisfaction, subjective fit with organizational culture has been established as a significant predictor of employee job-related attitudes like job satisfaction as well (Caplan et al., 1980). Egan et al. (2004, p.284) suggest that “job satisfaction, as a work-related outcome, is determined by organizational culture and structure”. The relationship between organizational culture and job satisfaction is examined by Zavyalova and Kucherov (2010) and direct correlation between organizational culture and overall job satisfaction is found. Meeusen et al. (2011), also found relationship between organizational climate (organizational culture) and job satisfaction. Relationship between organizational learning culture, job satisfaction, and organizational outcome variables is studied in IT sector in the United States and found that learning organizational culture is associated with job satisfaction and turnover intention was found to be negatively influenced by organizational learning culture and job satisfaction (Egan et al., 2004). It is also stated in the study that job satisfaction is higher when promotion opportunities are higher. One of the most current studies researching relationship between organizational culture and job satisfaction is performed by Khan et al. (2011) in the banking sector in Pakistan. Although results are found to depend on individual to individual, supervisor support and open communication are found to have effect on job satisfaction, whereas, rules and policies, rewards and benefits have no impact. Dirani (2009) studied organization culture, organizational commitment and job satisfaction in the Lebanese banking sector, however found no significant effect. Relationship between organizational culture and job satisfaction is also studied in Turkey; Yahyagil (2005) researched organizational fit and work related attitudes of the employees (job satisfaction), Kök (2006) studied job satisfaction and organizational commitment, Duygulu and Eroğlu (2006) studied effects of organizational culture on job satisfaction in automotive 190 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo sector context, Gül et al. (2008) studied relationships between job satisfaction, organizational commitment, turnover and performance in health services. 2.MATERIALS AND METHODS 2.1.Sample and Research Instrument Research data collection tool is developed using previous studies on organizational culture (20 items) and job satisfaction (23 items), all are 5 point Likert type items, and 10 demographics. Data is collected from banking sector employees, a total of 102 respondents are covered in the study. The study is limited to employees working in banks in Antalya. Organizational Culture There are two main perspectives in relation to the measurement of organizational culture, the quantitative and qualitative approaches (Su et al., 2009). The quantitative approach maintains that culture can be objectively determined and measured with numerous instruments having been developed to examine organizational culture (including the Culture Gap Survey (Kilmann and Saxton 1983), the Corporate Culture Survey (Glaser 1983), the Organizational Beliefs Questionnaire (Sashkin 1984), the Organizational Culture Inventory (Cooke and Lafferty 1989), and the Organizational Culture Profile (O’Reilly et al. 1991)). The qualitative approach assesses organizational culture through observation thereby facilitating a more detailed insight into the prevailing culture. This paper approaches organizational culture from quantitative point of view. The research instrument approaches organizational culture as a multi dimensional construct and aims to capture existence of training opportunities, relations with supervisors, colleagues etc. (Hofstede et al., 1990). Job Satisfaction Job satisfaction is also measured using the same approach used to measure organizational culture. The instrument used to measure bases on literature and assumes that the job satisfaction is a multi faceted concept, thus captures different dimensions related with job satisfaction (Gordon et al. 2010). 2.2.Validity and Reliability of the Measurement Instrument In order to test reliability of the research scale Cronbach’s alpha is calculated both for organizational culture and job satisfaction scales (Table 1 and Table 2). Cronbach’s alpha value calculated for organizational scale is 0,899. Cronbach’s alpha calculated for job satisfaction scale is 0,945. Both values calculated represent high reliability. Table 1. Cronbach’s Alpha for Organizational Culture Cronbach's Alpha N of Items ,899 18 Table 2. Cronbach’s Alpha for Job Satisfaction Scale 191 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Cronbach's Alpha N of Items ,945 19 In order to ensure validity of the scales, previously validated scale items are adopted. To test construct validity of the scales we have conducted exploratory factor analysis. Rotated component matrix with varimax rotation is given in Table 3. Exploratory factor analysis demonstrate a five-dimension structure. Five dimensions explain %69,677 of the total variance. Dimensions are named as Supervisory, Advancement, Colleagues, Socialization and Fringe benefits. Table 3. Factor Analysis for Organizational Culture Scale Dimensions Supervisory Items Supervisory1 ,855 Supervisory2 ,776 Supervisory3 ,740 Supervisory4 ,586 Supervisory5 ,582 Advancemen t Advancement1 ,830 Advancement2 ,780 Advancement3 ,644 Colleagues Colleagues1 ,821 Colleagues2 ,703 Colleagues3 ,565 Colleagues4 ,537 Socialization Fringe benefits Socialization1 ,736 Socialization2 ,715 Socialization3 ,630 Socialization4 ,622 Fringe benefits1 ,763 192 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Fringe benefits2 Variance (%) Explained 38,486 ,716 12,129 6,923 6,263 5,876 In order to ensure validity of the job satisfaction scale, previously validated scale items are adopted. To test construct validity of the scale we have conducted exploratory factor analysis. Rotated component matrix with varimax rotation is given in Table 4. Exploratory factor analysis demonstrate a three-dimension structure. Three dimensions explain %67,880 of the total variance. Dimensions are named as Overall Performance, Work security and Promotion. Table 4. Factor Analysis for Job Satisfaction Scale Dimensions Items Overall Performance Overall Performance1 ,848 Overall Performance2 ,813 Overall Performance3 ,792 Overall Performance4 ,610 Overall Performance5 ,588 Overall Performance6 ,565 Overall Performance7 ,548 Overall Performance8 ,528 Work security Work security1 ,779 Work security2 ,769 Work security3 ,719 Work security4 ,657 Work security5 ,616 Work security6 ,571 Promotion Promotion1 ,849 Promotion2 ,811 Promotion3 ,743 193 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Promotion4 ,631 Promotion5 ,565 Variance Explained (%) 52,016 10,024 5,840 In the following analysis the factor structure obtained using exploratory factor analysis are used. Arithmetic means of item scores are calculated for each dimension, and arithmetic mean values calculated are put into analysis. 2.3.Analysis In order to examine organizational culture and job satisfaction relationship, regression analysis is conducted. As both constructs are multi dimensional, three regression equations are calculated for each job satisfaction dimension accepted as the dependent variable, and organizational culture dimensions as the independent variables. Regression Analysis 1: In order to examine organizational culture dimensions’ effect on overall performance dimension regression analysis is conducted. Regression equation and regression analysis tables (Table 5 and Table 6) represent that regression equation is statistically significant at 0,001 level. R2, which is interpreted as the variation explained by the regression equation is calculated as 0,525, represents a moderate explaining power. Table 5. Determination Coefficient Calculated Model R R Square Adjusted Square 1 ,724a ,525 ,500 R Std. Error of the Estimate ,59253 Table 6: Regression Analysis Model 1 Sum Squares of df Mean Square F Sig. ,000 Regression 37,192 5 7,438 Residual 33,704 96 ,351 Total 70,896 101 194 21,187 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Table 7: Regression Equation Coefficients Model Unstandardized Coefficients Standardized t Coefficients B Std. Error Beta (Constant) ,709 ,412 Supervisory ,091 ,108 Advancement ,064 Colleagues Sig. 1,722 ,088 ,073 ,844 ,401 ,085 ,072 ,756 ,452 ,358 ,094 ,395 3,812 ,000 Socialization ,196 ,096 ,187 2,041 ,044 Fringe_benefits ,127 ,059 ,182 2,152 ,034 Regression equation 1: Organizational cultures effect on overall performance Performance= (0,091)Supervisory +(0,064)Advancement (0,196)Socialization + (0,127)Fringe_benefits + 0,709 (0,401) (0,034) (0,452) + (0,001) (0,358)Colleagues + (0,044) (0,088) Regression equation examines the relationship between overall performance as the dependent variable and organizational culture dimensions (Supervisory, Advancement, Colleagues, Socialization and Fringe Benefits) as independent variables. Although regression equation is found to be significant, not all organizational culture dimensions have significant effect on overall performance. Thus, what regression equation tells us is that Colleagues (0,358, p<0,001), Socialization (0,196; p<0,05) and Fringe benefits (0,127, p<0,05) have positive effect on overall performance. Colleagues’ effect on overall performance is found to be having the most effect where socialization and fringe benefits have lower effects. The regression analysis can be interpreted as organizational culture has an effect on overall performance, however not all organizational culture dimensions have significant effect and not all dimensions have equal effect. Colleagues dimension is found to have the most effect on overall performance. Regression Analysis 2: In order to examine organizational culture dimensions’ effect on work security dimension, regression analysis is conducted. Regression equation and regression analysis tables (Table8 and Table 9) represent that regression equation is statistically significant at 0,001 level. R2, which is interpreted as the variation explained by the regression equation is calculated as 0,531, represents a moderate explaining power. 195 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Tabl 8. Determination Coefficient Calculated Model R R Square Adjusted Square 1 ,729a ,531 R Std. Error of the Estimate ,507 ,64748 Table 9. Regression Analysis Model Sum Squares of df Mean Square F Sig. ,000b Regression 45,657 5 9,131 Residual 40,246 96 ,419 Total 85,903 101 21,781 Table 10. Regression equation coefficients Model Unstandardized Coefficients Standardized t Coefficients B Std. Error Beta (Constant) ,939 ,450 Supervisory -,085 ,118 Advancement -,046 Colleagues Sig. 2,087 ,040 -,062 -,717 ,475 ,093 -,047 -,493 ,623 ,590 ,103 ,592 5,757 ,000 Socialization ,152 ,105 ,132 1,450 ,150 Fringe_benefits ,153 ,064 ,199 2,377 ,019 Regression equation 2: Organizational cultures effect on work security Work Security= (-0,085)Supervisory +(-0,046)Advancement + (0,590)Colleagues + (0,152)Socialization + (0,153)Fringe_benefits + 0,939 (0,475) (0,019) (0,623) (0,001) (0,150) (0,040) Regression equation examines the relationship between work security as the dependent variable and organizational culture dimensions (Supervisory, Advancement, Colleagues, 196 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Socialization and Fringe Benefits) as independent variables. Although regression equation is found to be significant, not all organizational culture dimensions have significant effect on work security. Thus, what regression equation tells us is that Colleagues (0,590, p<0,001) and Fringe benefits (0,153, p<0,05) have positive effect on work security. Colleagues’ effect on work security is found to be having the most effect while fringe benefits have lower effects. The regression analysis can be interpreted as organizational culture has an effect on work security, however not all organizational culture dimensions have significant effect and not all dimensions have equal effect. Colleagues dimension is found to have the most effect on work security. Regression Analysis 3: In order to examine organizational culture dimensions’ effect on overall performance dimension regression analysis is conducted. Regression equation and regression analysis tables (TableX and Table X) represent that regression equation is statistically significant at 0,001 level. R2, which is interpreted as the variation explained by the regression equation is calculated as 0,351, represents a low explaining power. Tabl 11. Determination Coefficient Calculated Model R R Square Adjusted Square 1 ,593a ,351 ,318 R Std. Error of the Estimate ,85445 Table 12: Regression Analysis Model Sum Squares of df Mean Square F Sig. ,000b Regression 37,972 5 7,594 Residual 70,088 96 ,730 Total 108,060 101 10,402 Table 13: Regression equation coefficients Model Unstandardized Coefficients Standardized t Coefficients B Std. Error Beta (Constant) ,108 ,594 Supervisory ,151 ,156 Advancement ,007 ,123 197 Sig. ,181 ,857 ,098 ,965 ,337 ,006 ,058 ,954 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Colleagues ,252 ,135 ,225 1,860 ,066 Socialization ,079 ,139 ,061 ,567 ,572 Fringe_benefits ,315 ,085 ,366 3,713 ,000 Regression equation 3: Organizational cultures effect on promotion Promotion = (0,151)Supervisory +(0,007)Advancement (0,079)Socialization + (0,315)Fringe_benefits + 0,108 (0,337) (0,000) (0,954) + (0,066) (0,252)Colleagues + (0,572) (0,857) Regression equation examines the relationship between promotion as the dependent variable and organizational culture dimensions (Supervisory, Advancement, Colleagues, Socialization and Fringe Benefits) as independent variables. Although regression equation is found to be significant, not all organizational culture dimensions have significant effect on promotion. Thus, what regression equation tells us is that only Fringe benefits (0,315, p<0,001) have positive effect on promotion. The regression analysis can be interpreted as organizational culture has an effect on promotion, however not all organizational culture dimensions have significant effect. The only organizational culture dimension having effect on promotion is fringe benefits. 3.DISCUSSION There are two main perspectives in relation to the measurement of organizational culture and job satisfaction; the quantitative and qualitative approaches. According to the quantitative approach, organizational culture and job satisfaction can be objectively determined and measured with instruments having been developed. On the other hand, according to the qualitative approach organizational culture and job satisfaction can be observed through observation. This paper approaches organizational culture and job satisfaction from quantitative point of view. The research approaches organizational culture and job satisfaction as multi dimensional constructs and aims to capture the relationship between them. The research proposes a model that job satisfaction is a consequence of organizational culture, thereby job satisfaction is considered as dependent, and organizational culture as independent variables. In order to test the relationship, regression analysis is conducted. In order to demonstrate the relationship between organizational culture and job satisfaction, we have calculated three regression equations, one for each of job satisfaction dimensions. Analysis shows that organizational culture has statistically significant effect on job satisfaction, however, determination coefficients (R2) calculated do not refer to high explained variance. It may be possible to claim that organizational culture effects job satisfaction, but, factors other than organizational culture also effects job satisfaction. The first regression equation researches the relationship between organizational culture dimensions and overall performance. Results support evidence for relationship between organizational culture and overall performance, however not all organizational culture dimensions effect job satisfaction. Meanwhile, dimensions having statistically significant 198 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo effect on job satisfaction has different levels of effects, either. Results show that colleagues dimension has the biggest effect on job satisfaction. The second regression equation researches the relationship between organizational culture dimensions and work security. Regression equation is statistically significant, that organizational culture has effect on job satisfaction. But regression analysis results are surprising, that colleagues dimension’s effect on work security dimension is found to be having the most effect while fringe benefits have lower effects. Colleagues dimension is found to have the most effect on work security. This finding can be interpreted as congruent with Turkish culture; Turkish culture is found to be not individualistic but collectivist that relationships have the main importance in their professional lives. We claim that employees depend on their colleagues for work security, in Banking Sector in Turkey. The third regression equation researches the relationship between organizational culture dimensions and promotion dimension. Although regression equation is found to be significant, only Fringe benefits dimension have positive effect on promotion. 4.CONCLUSION Organizational culture and job satisfaction are widely researched subject areas. However, the relationship between organizational culture and job satisfaction still supports surprising findings. The paper’s findings suggest that colleagues dimension, which captures the relationships between people in the working place, has the most important effect on job satisfaction dimensions except for promotion dimension, which captures payment and promotion opportunities. Results can be interpreted as the job satisfaction of the employees working in the banking sector is effected mostly by their colleagues. Although colleagues dimension has the highest regression equation coefficients, fringe benefits dimension, which also captures payment/salary, is the only dimension having, weak but steady, effect on the entire job satisfaction dimensions. We conclude our study with the claim that although fringe benefits have an overall effect, colleagues dimension has the biggest influence on job satisfaction in the banking sector in Turkish society. 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(2005). Birey Ve Organizasyon Uyumu ve Çalışanların İş Tutumlarına Etkisi. Öneri, Cilt 6., Sayı 24, 137-149. Zavyalova, E. and Kucherov, D. (2010). Relationship between organizational culture and job satisfaction in Russian business enterprises. Human Resource Development International Vol. 13, No. 2, 225–235. 200 � 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. 1295 Title A name given to the resource Investigating the Relationship between Corporate Culture and Job Satisfaction in Financial Sector: Case for Banks Author Author İbrahim , Akın Altun Abstract A summary of the resource. There is a consensus that organizational culture affects outcomes both for the organization and the individual. Researchers examined the impact of organizational culture on organizational commitment, job satisfaction, turnover and retention. Although it is generally accepted that organizational culture affects job satisfaction little empirical research has been conducted to provide evidential support, especially in financial sector. This paper examines organizational culture’s effect on job satisfaction in banking sector. We assume that organizational culture is the factor that influences job satisfaction and search the relationship between them. The research took place in Antalya with 102 respondents working in various banks located in Antalya. Keywords: Organizational Culture, Job Satisfaction, Financial Sector, Banking Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance