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International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo
The Dynamics of Knowledge Society Transformation in
Sustainable Economic Development Process
Osman Nuri Demirel
Akdeniz University, Antalya, Turkey
onuridemirel@mynet.com
Muhammed Karataş
Akdeniz University, Antalya, Turkey
mkaratas@akdeniz.edu.tr
M.Zihni Tunca
Süleyman Demirel University, Isparta, Turkey
mustafatunca@sdu.edu.tr
Life-time welfare improvement is one of the objectives of humankind.
Therefore, primary objectives of economic development focus on solving
problems about accommodation, nutrition, education, health, clean water,
energy, working conditions, etc. to provide a better life for humans. In this
century, information and communication technologies are rapidly
developing. One of the most significant impacts of information
technologies is making countries dependent to each other. For that reason,
most of the countries are continuously interacting with all or some
countries in economic, political, social, cultural, military, etc. fields. In this
context, this paper will discuss the dynamics of knowledge society
transformation in sustainable economic development process, in details.
Keywords: Sustainable Economic Development, Knowledge Society,
Information and Communication Technologies, Economic Development,
Economy.
236
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International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
The Dynamics of Knowledge Society Transformation in Sustainable
Economic Development Process
Osman Nuri Demirel
Akdeniz University, Antalya, Turkey
onuridemirel@mynet.com
Muhammed Karataş
Akdeniz University, Antalya, Turkey
mkaratas@akdeniz.edu.tr
M.Zihni TUNCA
Süleyman Demirel University, Isparta, Turkey
mustafatunca@sdu.edu.tr
Abstract
Ensuring theenhancement ofwell-beingthroughoutthe lifeofhuman beingsisthe most
importantwithin the objectives.Therefore,the primaryobjectivesof economic
development are to overcome theproblemsthat may occur, in order to pursuea better
life forhumanity,housing,nutrition, education,health care, clean water, energy,
working conditions etc. Inthe era, technologies of information and
communicationare quite rapidly developing. One ofthemost important impacts
ofinformation technologies is to make thecountries mutuallydependent on each
other in the World in today'ssocieties. For this reason, an importantpart of
thecountryis inconstant interaction with a portion or whole of theother countries
inthe economic, political, social, cultural, military, etc.areas. In this context,
dynamics
providing
transformation
to
information
society
during
sustainableeconomic developmentwill be discussed morein detailed.
Keywords: sustainable economic development, knowledge society, information
and communication technologies, economic development, economy
Introduction
At the beginning of the primary motivations for people's is economic prosperity and to
achieve enhancement of well-being throughout his life according to changing
environmental conditions. In the historical process, the increase in income for the welfare
was thought to be sufficient, in which most economists were also agree with this concept
until the Second World War years. However, the wealth-poverty decomposition in the
aftermath of the industrial revolution caused a positive change and played a central role in
the subsequent developments. As a reality separation of developed and undeveloped
countries stands in front of us, which has been connected to the different reasons by many
scientists. Before this divergence the monotony of life was present and there were basically
sufficient revenue growth and prosperity in different regions of World geography. As a
result of a positive change in the socio-economic development, the decomposition of the
rich-poor income growth have become inevitable in the wellbeing and income began to no
longer be sufficient. Within the priority objectives of development, humanity shelter,
nutrition, education, health care, clean water, energy, and working conditions, and
eliminate problems occuring on these fields to be economic development in order to pursue
a better life in our era. The traditional areas are correcting the problems. Locomotive of
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
economic activities is trade. If there is no trade in a country, wording on the stability of
economic activity becomes difficult. An effective health care system and high-quality
educational institutions cannot be found in a country having no prompting of trade.
Therefore, strong and independent forms of government and good governance are not
present. Since it has no such a strong army, which will inevitably be dependent on foreign
powers. Due to the diversity of geography of the world with many different natural
resources, climate, culture, religion, etc... to create a uniform economic development
model means to escape reality.
To become a center of attraction depends on the specific location and conditions for local
and foreign investors beside the development of country. The total infrastructural factors
primarily constitute the dynamics of economic development of the country's. Today,
natural infrastructure consisted of underground and surface resources perhaps constitute a
starting point of development in the World. As understood from this statement the natural
infrastructure can provide a great advantage for development of country. However, the
effects of natural infrastructure might be limited on economic development. For that
reason, natural infrastructure must be completed in accordance with institutional
infrastructure, financial infrastructure, staff, infrastructure and IT infrastructure in
particular and sustainable economic development process by the co-ordination in order to
catch economic development. Population of social transformation IT infrastructure,
superstructure and substructure of equipment provide awareness of information and
interaction with the network. Moreover, it provides fitness and gives rise to the emergence
and maintenance of positive change in society.
Transforming of society layers to whole new adorned society kneading with the traditional
values of for thousands of years is very difficult in a very short period, as well as not
healthy. Positive change must be realized by ingesting in order to be the transformation of
economic development and social well-being in knowledge-based society. Otherwise, the
technical, institutional innovation and technological developments, positive change based
on the material and personnel infrastructure, large segments of society may be perceived as
interference in social life, mainly will face with withstand and interventions due to the
traditional culture. Mainly benefiting from the opportunities provided by the traditional
culture of social life, especially state power and business communities would not like to
give up their rants. Therefore, it should be noted that the best and most consistent positive
changes occur in difficulty without enforcement, which are the socio-cultural and
economic values to protect based on fundamentals. Analysis of economic development
should be based on life expectancy to humanity point of yesterday and today, but
tomorrow might be a better comparison in the process of transition to knowledge society.
Experiences on Knowledge Society Based on Economic Development in the Process of
Transformation
The desire of every human being is to maintain a comfortable lifestyle. Viability of this
demand firstly depends on the resources of the society. Moreover, there is no an isolated
human society living alone around the world and they dispersed to different parts of the
World geography. World are shared by the two hundred formal or non-countries with
different characteristics as underground and above natural resources, population, religion,
language, culture, social, political and economic structures and historical background.
Technological development and innovation mutually lead to becoming more dependent to
each other and intensifying on relationships of countries. The traditional technological
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innovation constantly, in every sector in society, including in particular the economic
activities carried out by integrating social transformation. Transformation into information
society radically becomes innovation-based economic activities by a high added value.
Trade in goods and trade in services covers knowledge-intensive goods and services with
the transfer of information. Thus, mutual trade based on socio-cultural differences through
the countries of the world primarily continues existing. In fact, the increase in international
trade becomes closer to each country, in terms of infrastructure and socio-economic
development.
The geography of World consists of less developed countries as a major part outside the
remaining regions of Western Europe, North America, Oceania, and Japan. In this country,
priority given to industrialization in their economic policies in order to recover budget gap
within developed countries has been observed. On account of emerging of internal and
external economies in the process of industrialization and technological innovations, they
can find a media to show rapidly effect of spreading. However, economic development is a
process having high back-and-forth connection, which has economic as well as social,
cultural, political and historical aspects. Trade manifesting international economic and
financial conjuncture are effective besides political and socio-cultural developments even
the country's own internal dynamics of the globalized world. For this reason, economic
growth providing only welfare on real per capita income is not enough in terms of
economic growth. Environment faced by the countries of the Arabian Peninsula constitutes
such an example. In the current era, only developing countries carrying out an integrated
economic policy with the outside world can find the opportunity to development. Because
the volume of foreign trade provides environment in these countries for expanding the
market and enabling media creation on economies of scale and division of labor,
innovation, new knowledge, dissemination of ideas, and methods, increasing competition
and eliminating monopolies, developments obtaining domestic demand in the country
(Karatas and Deviren, 2008a: 171- 204).
There could be many reasons for recession in stable economic development of developing
countries. However, many noteworthy economic, social, cultural and political-borne
factors leading, in particular, prohibiting on development take attention. In the process of
economic development, "education" and "technology" factors are of importance due to
their momentum effects. Because the engine of economic development is increasing of
productivity. The most important elements of productivity are the educational level of
community and of workforce. Another determination for developing countries was that
they missed “the effect of industrialization revolution” and a move called "big
breakthrough" realized by Far Eastern countries after the Second World War. Therefore,
"globalization dynamics," equiped with today's technological innovations and
advancements form the last segment in the process of the probability to close the gap
between these countries and developed countries (Karatas 2003:9-38).
Knowledge of social change has been realized by technological innovations and values.
However, the elements such as geographic factors, thoughts and ideologies, demographics,
charismatic leaders, armies and revolutions, wars, discoveries, diversification of mass
media, immigration, religion, and education have extremely effects on the rate and positive
direction of change. For example, economic and military constraints mostly promote social
change. These factors cause changes in the structure, social institutions and society can
contribute to quickly development of the country. The changes in the following areas occur
in the process of positive development and growth of a country (Karatas, 2003:169-186):
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Changes in economic structure,
Changes in relations of production and consumption,
Technological innovations in the area,
Changes in educational institutions,
Changes in customs and traditions,
Arts and artistic activities, changes
Changes in forms of child-rearing,
Declines in population growth rate and changes in feelings of parents to ask
children
Thus, socio-economic structure of the country changes and elevates to advanced level in
process of development. The transformation into knowledge society can be realized with
healthy transformation and prosperity growth. If a country more possess to the following
items in the process of growth and development it has more the solid foundation and longterm sustainable economic development and political stability. These factors include:
The amount of savings that of the country,
The country's capacity to development technology and provide productivity
The social capital of the country.
Change of social structure very closely affects the economic field at what happened in
other areas. Because advances often occur together in the field of economic changes in
economic and social life. The first serious and the most important problem living in
structural change in the process of socio-economic development, a sine qua non, is to jump
to perform transition to community-based structure of the country. As a result of a shift on
available resources and factors of production from one sector to various sectors changes
the contribution on GDP ratios. In the transformation into industrial society especially,
labor productivity is important. At the beginning of factors are quality education that
enables the workforce and gaining more experience and skills on high-tech knowledge
(Karatas and Bekmez, 2007: 15-18).
Transformation into Knowledge Society in the Process of Sustainable Economic
Development
Only addressing of developing countries is not sufficient to stable forecasting for the
realization of sustainable economic growth. At the same developed countries of long
period and regions in which changes with large-scale socio-economic and political issues
should be included. Powerful states played a key role in economic development and
change in the economic structure during historical process in the World. Today,
advancements continue in this direction. Structure of the state, the state-economy
connection, perform the change of industrial autonomy in developed countries, the strategy
and the capacity of the differences shaping the relations between the countries form a
media to transformation. This is why a sign of the capacity of state resources is whether
used to transformation into knowledge society for the evolution of sustainable economic
development and the constant differences between countries. Active role in providing
social welfare increases the developed and industrialized countries, the economy, politics
and relationships stranded fulfill the rights and freedoms of life (Karatas and Cevik, 2010:
24).
Non-economic, especially in the political institutions have the main determinant strength of
establishing modern market economy, organization, continuity and their change. On the
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other hand, a strong synergy between the state organs, the potential sources of state
capacity in developed and industrialized world today show to increase in well-being as it
used to in the past. Yet it is very difficult make such a resolution for developing countries.
Even today how much this real situation is the initiator dynamics of the emergence of the
developing countries, it has also been important in the past with equally grade in terms of
the developed countries peeling from the same position.
Strong economies today as in the past leads to powerful states to create a powerful army
for their own safety. "A strong economy and strong state" phenomenon possessing of
changing face in a globalized world state power gives rise to take action on markets by cocoordinating their capacity. In addition, the states that make up the powerful nature of
power in every period of human history, and that period has a strong position in the state
introduced as an element taking brings to the fore. This power emerges through, in today's
world that makes up the knowledge society innovation, technology and socio-economic
transformation. Country transformed into the knowledge society is a part of the dominant
economy in the World.
Globalization prevents producing competitive products, innovations in these countries with
high added value, and investment in technology. Since import economy is encouraged
social life and society in the political sphere are directed to one side the dominant culture
of the foreign products.
This inadequate situationcannot be obtained social capital, socio-cultural elements of
primitive-based development. Since there is no opportunity for the knowledge society to
realize positive change in a country, the society lives difficulties to create their own
dynamics. Because, the structure of the world economy, the nature of change and progress
in the developing countries' economic changes are mainly depending on the circumstances.
Transformations into knowledge society in developing countries can be started through
trade with the developed countries. Thus, the essences of identity and community values
for centuries arise multi-faceted challenges since they could not be ready for this change.
Community must be ready with elements such as cultural, political and religious, which
should be supported by high-quality education and health sectors to economically-based
response to the social transformation (Karatas and Deviren, 2005: 69-74).
Today, now largely integrated international markets consisting of national states, which are
showing continuously changes, are available. Those will become a pioneer in the
transformation of society in other countries, which have the capacity to influence industrial
change in nation-states that can have the opportunity to penetrate. In this process, at the
beginning of the elements coming firstly is to strengthen a country penetration to the
domestic market and international market. However, creating a strong property rights
within the country as well as outside the world the presence of the rule of law, social and
stable in political life is given continuity opportunity. Transformation into knowledge
society are not realized only meeting the necessary human and material resources
opportunities of the country`s community but also it needs ability to penetrate the
outsiders. Because economic activities, a continuous social activities and cultural values
are able to coordinate and control throughout human history (Gündoğdu and Karatas,
2007:3-13).
Sustainable economic growth and development should be ensured in order to achieve the
transformation into knowledge society of societies without seamlessly realization.
Knowledge society has more advanced level of civilization and modern features compared
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
to traditional society. How sustainable economic growth and development program is
regularly implemented, to the extent that; the information society is formed. A developed
country has an active community with the level of advanced civilization. Social
transformation is started directing to this goal. Then, the necessity of primarily acquisition
of social welfare development in a country can be accepted to individuals in evey layer of
community by targeting the development in every segment of society (Karatas and
Bekmez, 2005:112-114). For example, it can make the city plan and realizes infrastructure
projects. Then effective participation of citizens in the decisions of the socio-economic
development can be achieved if necessary community awareness of well-being is created.
Thus, transformation into knowledge society can be realized in the country. following
include primarily needs to healthy and stable realization of knowledge society transformation in a long-term:
Rising levels of education and social welfare of the individuals and the
improvement of health status,
to increase purchasing power of Low-income people, reducing the proportion of
the total population of this class of society,
Formation awareness of the human-environment-natural habitats, spreading to
base in community and noticing that human is no single creature there in the
World,
The observance of the needs of future generations in current use of natural
resources.
To give emphasis on investments in human capital to effective sanctioning of
labor force in all aspects of economic and social life.
To development of globally economic activities in production technologies the innovations
in transportation, communication and rising and variations on human necessities make
significant contributions. In fact, it also includes cultivable finding of new sources.
Industrialization is a measure of the transformation into knowledge society.
Industrialization leads to the emergence of strong countries since it provides largely
infrastructural competencies of states. Therefore, commercialization and industrialization
have insurance function in the transformation into knowledge society. while socio-cultural
activity is a necessary condition, the international variables are mandatory conditions in the
process of transformation into knowledge society. Country must definitely be in formations
of the institutions of international community, and of values. Because as a living being
civil or Bedouin people roughly are of same habit and feelings (Karatas, 2001: 82-89).
Conclusion
Economic development in less developed countries, which makes it impossible conditions,
eliminates opportunities to make savings of individuals. In economic development, there
are vicious cycles of dynamic poverty obstructing the development of communities of
which roots based on social and cultural backgrounds. Adverse climatic conditions of the
country's political environment fed with a vicious cycle of dynamic poverty are the biggest
obstacle to the transformation into knowledge society.
On the other hand, economic development has cultural, sociological, geographical and
climate conditions. These necessary conditions play a role in the transformation of society
to knowledge society since they are the fact of world geography for economic
development. While off-economic structure, limited communication and transportation
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facilities, poor cultural and social activities, low productivity and high rates of selfconsumption are making the transformation into knowledge society more difficult, whereas
developed trade, the market economy, high efficiency, advanced exchange, advanced
communications and transportation networks, high-level social facilitates, cultural
activities make transformation more easily (Karatas and Tunca, 2010: 1-19).
In the era communication and information technology is evolving very fast. Each of the
200 countries around the world, which declared independence in the world are constant
interaction a large majority of with other countries on economic, political, social, cultural
and military fields. The most important impact of information technology in today's
societies, is to make the countries of the world are mutually dependent on each other.
Positive change resulting in reaching of societies to higher level of welfare is realized
through information technology. Owned high rate of growth of human capital and
economic development of the countries involved provides efficient use of natural resources
by the amount of capital equipment, production equipment, technical knowledge and
technological level factors. Therefore, how much a country has human capital, to the extent
that a country may facilitate the passage of information society. There are priority activities
needed to do in order to realize stable economic growth in developing countries. Providing
that these priority actions result in true positive results, the conversion process into
knowledge society can be commenced in the country. These are summarized as follows:
Artificial sources, such as printing of new money debt-based growth and intensive
interventions should be left to perform,
Taxation and mindset on reform should be done in order to ensure a stable
source of a strong financial sector,
reforming training programs according to the development in the world to
increase the efficiency of investments,
adequate budget for public resources should be allocated to primarily
increasing the share of technological initiatives
Investments should be encouraged in the field of innovation and technology Private sector initiatives should be carefully monitored and any kind of
assistance should be supplied by the state.
A stable political environment is needed for the realization of all of them. In fact, human
beings should avoid jeopardize developments to the future of the World while realizing the
transformation of knowledge society. Because in ecosystem each species supporter of other
species. Under these circumstances, industrialization has reached a significant level of
environmental pollution in the World. Taking into no account climatic conditions in the
selection of the established industrial areas lead to significant problems in life of
surrounding human, plant and animal, waste releasing through atmosphere and water has a
negative impact on soil chemistry. Even waste spreading through air current results in
accumulation on plants in large areas found in nature, which directly affects the structure
of flora that indirectly prevents normal development of fauna structure. Industrial chimney
contaminants prevent the soil micro-organisms and their activities (Karatas and Tunca,
2010: 38-61). Developing countries are forced to make decisions under intense pressure
both within the country as well as from outside the country. Founded and operated by the
manufacturing industries in the advanced industrial countries confine to one country
against another in view of economic, political and sociological for the sake of interests.
Thus, they constitute uncontrolled and irresponsible production areas by having statutory
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
provisions disregarding eco-system. In this process, achieving technological superiority
come to the fore on the production of goods and services in a competitive environment of
inevitably forced international efforts. The intensive R & D activities to be carried out to
have High-tech. As a result, globally warming and arising of living species extinction are
being confronted. In process of transformation into information society, these negative
effects should also not be ignored.
References
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The Dynamics of Knowledge Society Transformation in Sustainable Economic Development Process
Author
Author
NURI DEMIREL, Osman
KARATAS, Muhammed
M. TUNCA, Zihni
Abstract
A summary of the resource.
Life-time welfare improvement is one of the objectives of humankind. Therefore, primary objectives of economic development focus on solving problems about accommodation, nutrition, education, health, clean water, energy, working conditions, etc. to provide a better life for humans. In this century, information and communication technologies are rapidly developing. One of the most significant impacts of information technologies is making countries dependent to each other. For that reason, most of the countries are continuously interacting with all or some countries in economic, political, social, cultural, military, etc. fields. In this context, this paper will discuss the dynamics of knowledge society transformation in sustainable economic development process, in details. Keywords: Sustainable Economic Development, Knowledge Society, Information and Communication Technologies, Economic Development, Economy.
Publisher
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International Burch University
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2013-05-10
Keywords
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ISSN 978-9958-834-23-3
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The Effect of a Rational Emotional Behavior Therapy (REBT) Group
Counseling Program on the Internet Addiction among University Students
Mehmet ÇARDAK
Social Sciences Institute, Sakarya University, Sakarya, Turkey
mehmetcardak@hotmail.com
Mustafa KOÇ
Education Faculty, Sakarya University,Turkey
mkoc@sakarya.edu.tr
Tuğba Seda ÇOLAK
Education Faculty, Sakarya University,Turkey
tseda@sakarya.edu.tr
Abstract: Internet addiction is a common problem in our universities as the number of Internet
users are increased. The Internet has positive aspects including informative, convenient, resourceful
and fun, but for the addicts, these benefits develop into severe disadvantages. We examined the
effect of a REBT group counseling program derived from choice theory and control theory of
reality therapy theory for group counseling on the Internet addiction among university students.
Participants in the treatment group attended the REBT group counseling program that was held one
session per week for 10 consecutive weeks, whereas the participants in the control group received
no treatment. The findings indicated that the treatment program effectively reduced Internet
addiction among university students. At the same time, the results revealed the significant effects of
the REBT group counseling program on the dependent variables.
1.
Introduction
Technology is changing the nature of problems. Symptoms often identified were a preoccupation with the
Internet, an inability to control use, hiding or lying about the behavior, psychological withdrawal, and continued use
despite consequences of the behavior (Young, 2007). The Internet has positive aspects including informative,
convenient, resourceful and fun, but for the excessive Internet users, these benefits turn out to be useless. Most
individuals use the Internet without negative consequences and even benefit from it, but some individuals do suffer
from negative impacts. Psychologists and educators are aware of the potential negative impact from excessive use
and related physical and psychological problems (Griffiths ,2000 & Greenfield ). Users who spend a significant
amount of time online often experience academic, relationship, financial, and occupational difficulties, as well as
physical impairments (Chou, 2001). Some researchers (Brenner, 1997, Nie & Erbring, 2000.) have even linked
Internet use with an increase in psychological difficulties such as depression and loneliness.
Excessive Internet use is a more common problem in Turkey. Internet use in Turkey has increased rapidly and
has become a major part of daily life. However, the advancement of Internet technology not only brings benefits, but
also negative results. Of these negative aspects, excessive Internet use is increasing dramatically. Internet addiction
is called addiction disorder, pathological Internet use, excessive Internet use, and compulsive Internet use. (Kim,
2008) Internet addiction is described as an impulse control disorder that does not involve the use of an intoxicating
drug and is very similar to pathological gambling (Young, 1996).
“Healthy Internet use” is the use of the Internet for an expressed purpose in a reasonable amount of time
without cognitive or behavioral discomfort. Problematic Internet use is “a psychiatric condition which involves
maladaptive thoughts and pathological behavior” (Davis, 2002). Problematic Internet use is excessive time spent on
various activities on the Internet to an extent that might have negative effects on the user’s physical and
psychological health; social, academic, professional, and marital relationships, and other areas of life (Young1997).
Morahan-Martin & Schumacher, (2000) define problematic Internet use as intensive use of the Internet, failure to
control Internet use, serious harm to the user’s life resulting from this use. Problematic Internet use has been
associated with increases in impulsivity and increases in social comfort while online (Davis, 2002). Problematic
Internet use can cause Internet addiction. Young characterized Internet addiction as staying online for pleasure
averaging 38 hours or more per week, largely in chat rooms, and concluded that Internet addiction can shatter
families, relationships, and careers (Young, 1996).
172
�Internet addiction, also described as pathological Internet use, is defined as an individual’s inability to control
his or her use of the Internet, which eventually causes psychological, social, school and/or work difficulties in a
person’s life (Young & Rogers 1998; Davis 2001). Addictive Internet use is defined as “an impulse control disorder
that does not involve an intoxicant” and is akin to pathological gambling (Young, 1998). Young further categorized
five specific types of Internet addiction: (1) cyber sexual addiction to adult chat rooms or cyber porn; (2) cyber
relationship addiction to online friendships or affairs that replace real-life situations; (3) net compulsions to online
gambling, auctions, or obsessive trading; (4) information overload to compulsive web surfing or databases searches;
and (5) computer addiction to game playing or programming (Young, 1998). Like other addictions, furthermore,
Internet addiction has been linked to a variety of problems. Besides little sleep, failure to eat for long periods and
limited physical activity, it also disrupts the studies and other aspects of the daily life of an individual ( Cao &Su;
2006).
These people demonstrated two or more Internet addiction symptoms, namely, spending more time on the
Internet than intended, feeling an urge to instantly connect to the Internet once arriving home, receiving complaints
from family members and friends about too much time on the Internet, and unsuccessful attempts to cut back on
Internet use (Chak &Leung, 2004).
Previous studies indicate that people may develop a new lifestyle through Internet activities, which may cause a
worsening in their actual social relationships (Whang, Lee & Chang, 2003). In other words, depressive feelings of
people relying on the Internet for social support might remain or even worsen toward their real-life interpersonal
relationships, increasing their risk of becoming Internet addicted (Yu-Chun, Huei-Chen , Jo Yung-Wei, M.A.,2 and
Chung-Ping, 2008).
Internet use may be beneficial when kept to 'normal' levels, however high levels of Internet use which interfere
with daily life have been linked to a range of problems, including decreased psychosocial well-being, relationship
breakdown and neglect of domestic, academic and work responsibilities (Beard 2002; Weiser 2001; Widyanto &
McMurran 2004; Yao-Guo, Lin-Yan & Feng-Lin 2006; Young 1998). Studies indicated that the potential for
negative psychological and social consequences reduced as society became more accustomed to using the Internet. (
Kraut, Kiesler, Boneva, Cummings, Helgeson & Crawford 2002).
The explosive growth of the Internet in the last decade has had a huge impact on psychological research in
understanding its role in communication and interpersonal behavior. There has been increased interest in the
addictive potential of the Internet1 and the effect this can have on psychological well being ( Niemz, Griffiths &
Banyard, 2005).
Internet use in university students is becoming a serious problem, possibly resulting in many physical and mental
health problems The advancement of Internet technology not only brings benefits, but also negative results. Of these
negative aspects, excessive Internet use is increasing dramatically. Typical The aims of this study were to determine
effect of group counseling program on Internet addiction in Turkish University Students.
2.
Research Method
2.1 Participants
The subjects for this study were 276 University students who were at Sakarya University in Sakarya
province. After the pretest, twenty-four participants were volunteers among sixty-five Internet addicts who had
shown Internet addiction disorder. Demographic information of the participants follows. The participants consisted
of twenty-eight males and thirty-seven females. They were randomly assigned into two groups, twelve for the
experimental group and twelve for the control group, respectively. In the experimental group, there were six males
and six females. Twelve were in the control group, of whom six were males and six females.
2.2 Data collection tools
Demographics
This section included questions about the participant’s sex and daily Internet use.
Addicted Internet Users
173
�With the following two cases as university students were dependent on Internet addicted in this study. In
other words, Internet use six hours a day and from five to eight questions, yes, was adopted as the Internet addicted.
1. Young characterized Internet addiction as staying online for pleasure averaging 38 hours or more per week,
largely in chat rooms, and concluded that Internet addiction can shatter families, relationships and careers (young,
1996).
2. She developed an 8-item questionnaire for diagnosing addicted Internet users, which was adopted from the criteria
for pathological gambling as referenced in the Diagnostic and Statistical Manual of Mental Disorders–IV (Young,
,1996). In her studies, respondents who answered “yes” to 5 or more criteria were classified as addicted Internet
users and those who responded “yes” to less than 5 were classified as normal Internet users. Criteria for Problematic
Internet Use Include (Young. 1999):
Preoccupation with Internet
Need for longer amounts of time online
Repeated attempts to reduce Internet use
Withdrawal when reducing Internet use
Time management issues
Environmental distress (family, school, work, friends)
Deception around time spent online
Mood modification through Internet use
2.3 Procedure
Prior to the initial commencement of the REBTgroup counseling program, all participants signed an
informed consent agreement and completed a demographic information questionnaire. Subsequent to the completion
of the pretest assessment, the treatment group participated in the REBT group counseling program that would be held
two sessions per week for five consecutive weeks. The control group received no treatment. After completion of the
program, both the treatment and the control group completed the posttest assessment. Experimental pretest-posttest
control group design as follows,
RG1
RG3
T
---
RG2
RG4
2.4 Data Analysis
The data collected were analyzed by independent samples t-test and Mann-Whitney U test. in an effort to
examine the initial differences between the treatment and control groups on the pretests. Means, standard deviations,
and estimated marginal means of the treatment group and the control group were calculated.
3.
Results
Independent samples t tests found significant differences that two groups were not statistically equivalent on two
variables including Addictive Automatic Thought and averaging use of Internet 38 hours or more per week. The
results of this study are reported in Tables 1-2 and Figures 1-2.
174
�test
Groups
pretest
yes/no
hours
Mann-Whitney U: Y/N= 67.00
Mean Rank
Sum of Ranks
treatment
N
12
12,08
145,00
control
12
12,92
155,00
Total
24
treatment
12
12,50
150,00
control
12
12,50
150,00
Total
24
Z: -.314 P, .754 / Mann-Whitney U: H= 72.00 Z: ,000 P: 1,00
Table 1. Results on Pretest for Treatment and Control Groups
8
7
6
5
no
4
yes
Daily Internet Use:hours
3
2
1
Treatment
male6
male5
male4
male3
male2
male1
female6
female5
female4
female3
female2
male6
female1
male5
male4
male3
male2
male1
female6
female5
female4
female3
female2
female1
0
Control
Figure 1.Results on daily Internet use and 8-item questionnaire for diagnosing addicted Internet users
As exhibited in Table 1, Mann-Whitney U scores, Mann-Whitney U: Y/N= 67.00
Z: -.314 P, .754 / MannWhitney U: H= 72.00 Z: ,000 P: 1,00 There is no differences between treatment and control groups about Internet
addiction and Internet use 38 hours or more per week.
Research Question
Does the REBT group counseling program for Internet addiction University students reduce significantly their
Internet addiction level?
175
�test
groups
posttest
yes
hours
Mann-Whitney U: Y/N= ,500
Mean Rank
Sum of Ranks
treatment
N
12
6,54
78,50
control
12
18,46
221,50
Total
24
treatment
12
6,50
78,00
control
12
18,50
222,00
Total
24
Z: -4,219 P, .000 / Mann-Whitney U: H= ,000 Z, -4,266 P: ,000
Table 2. Results About Posttest Of Treatment And Control Groups
8
7
6
5
no
yes
4
Daily Internet Use:hours
3
2
1
Treatment
male6
male5
male4
male3
male2
male1
female6
female5
female4
female3
female2
male6
female1
male5
male4
male3
male2
male1
female6
female5
female4
female3
female2
female1
0
Control
On each of the dimensions of the Internet Addicted Scala, after the treatment of the “Rebt Group Counseling
Program”, the treatment group demonstrated significantly even lower Internet addiction than did the control group.
Rebt Group Counseling Program reduce significantly Internet addiction university students daily Internet use level (
Mann-Whitney U: Y/N= ,500
Z: -4,219 P, .000 / Mann-Whitney U: H= ,000 Z, -4,266 P: ,000). The results
revealed the significant effects of the REBT group counseling program on Internet addiction.
4.
Discussion
Internet addiction is a common problem in Turkey as Internet users are increased. They spent at least 3-4 hours
a day online, usually playing games or chatting .Generally, many counselors who specialized in the treatment of
addiction such as drug, alcohol, gambling, sex, and even Internet take advantage of individual, group, and family
counseling with a heavy emphasis on the rational choice. Many studies on addiction recovery treatment have proved
that group counseling is the predominant modality (Kim,2008). University students, also, become to Internet
addiction because of many factors such as difficulty adapting to life away from home and underlying psychological
problems, including depression or social problems, anxiety and loneliness.
University is a training center for adulthood and an individual must be responsible for oneself. Counselors and
University administrators should treat Internet addiction University students for their recovery(Kim,2007) Does the
REBT group counseling program for Internet addiction University students reduce significantly their Internet
addiction level? The purpose of the present study was to implement this program and examine the effectiveness.
176
�The data collected immediately after the delivery of the treatment of the REBT group counseling program
showing that the participants who participated in the treatment group demonstrated significant lower Internet
addiction level than did participants in the controlled group. Disclosure the treatment group to the REBT group
counseling program significantly reduced university students Internet addiction usage. This may be linked to the fact
that exposing the experimental group to R/T group counseling program enables them to aware of their doing and
wants, and to plan and perform plan. Also, self-evaluation for the implementation and the choice of more effective
behaviors help them improve responsibility.
The treatment group experience psychological support from the counselors. The REBT group counseling
program that was used in this study techniques: observation of demonstration, reinforcement, behavioral practice,
explanation, role-play, feedback, encouragement, and assignment of behavioral tasks related to Internet excessive
usage. In the posttest Immediate after the treatment, participants who participated in the REBT group counseling
program exhibited higher self-esteem than did participants who received no treatment
177
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179
�
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385
Title
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The Effect of a Rational Emotional Behavior Therapy (REBT) Group Counseling Program on the Internet Addiction among University Students
Author
Author
ÇARDAK, Mehmet
KOÇ, Mustafa
ÇOLAK, Tuğba Seda
Abstract
A summary of the resource.
Internet addiction is a common problem in our universities as the number of Internet users are increased. The Internet has positive aspects including informative, convenient, resourceful and fun, but for the addicts, these benefits develop into severe disadvantages. We examined the effect of a REBT group counseling program derived from choice theory and control theory of reality therapy theory for group counseling on the Internet addiction among university students. Participants in the treatment group attended the REBT group counseling program that was held one session per week for 10 consecutive weeks, whereas the participants in the control group received no treatment. The findings indicated that the treatment program effectively reduced Internet addiction among university students. At the same time, the results revealed the significant effects of the REBT group counseling program on the dependent variables.
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
L Education (General)
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Text
2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
The Effect Of Capital Movements Liberalisation On Economical
Development: Boundary Test Approach
Mehmet MERCAN
ADÜ. Social Science Institute
mmercan48@hotmail.com
Osman PEKER
Dr., ADÜ. Nazilli ĠĠBF
ottopeker@Yahoo.com
Abstract: In this study, liberalization of capital movements‘ impact on economic growth in
Turkey has been investigated by the approach of the bounds testing. According to the empirical
findings of study, in both long and short-term, capital movements impact on economic growth is
statistically insignificant. This result is far from meeting our theoretical expectations.
Key Words: Turkey, Capital Movement, Libarelization, the Bound Test Approach.
1. Introduction
The view about that financial liberalisation would cause much higher economical development has been
expressed firstly by Mc Kinnon and Show. According to this view known as Mc Kinnon and Show hypothesis in
literature, the maximum rates applied to the deposit rates will cause a decrease in real interest rates in an economy
repressed as financially. Considering the possibility of a decrease in real interest rates to the minus degrees in an
inflationist atmosphere, the house hold could direct its savings to the unproductive investments like real estate, gold
and hard goods instead of financial havings. By limiting the loanable fonds of banking sector, this situation will
cause the credits pass to the preferred sectors and firms without being predicted on the objective criteria instead of
their expected returns and will prevent the use of sources effectively. If the press on the interest rates is removed, it
will be provided to be used the sources in productive areas via trending of savings to the banking sector. As the bank
deposit will expand by this, much more credit possibility for investment will occur and economical growth will
increase.(Mathieson, 1980; Melo ve Tybout, 1986; Dornbush ve Reynoso, 1989).
In international capital flows mutual profits exist for the countries. As the direction of capital flows is
generally from the country that have more capital to the country that have less capital, marginal product of the capital
is in higher rates than the country that has the capital.Thus, the capital is directed to more productive and effective
fields. In this process that means much more production will happen per capital unit, a welfare increase occurs also
in the country giving the capital.(Eichengreen vd., 1998:12; Bacchetta, 1992: 474). When evaluated on this point of
view, for the poor countries capital movements liberalisation can be seen as an economic policy that is necessary to
use for increasing the investment possibilities and decreasing the capital costs. (Fischer, 1998; Summers, 2000).
By the liberalasation of capital movements the market structure in financial sector changes in the direction
of weaking the monopoly power of institutions. As this provides the chance to act in more suitable conditions in
credit markets, it causes an increase on realizable real estates and a decrease on borrowing costs. (Kenen, 1976: 31).
In this process that means the specializing in the financial services, the increasing specialization causes a
development in international economic benefits. (Mathreson ve Suarez, 1992: 41).
However, when the recent developments considered we can see that capital movements gradually act more
independently than real ecenomy. While most of the total transations in currency markets consists of short period
profit making commercial transations, very little part of this is directed to the commercial activities. This transactions
is the main reason for the the weekness in the international currency capital markets. (Verghese, 1985). So in 1980‘s
the foreign capital lost its function in the 1950‘s and in general it tended to speculative short termed portfolio
investments.
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
In this term portfolio investments contained most parts of the transations in financial markets. Much growth
in portfolio investments caused some risks to occur in the economies of the countries firstly by decreasing the real
investment possibilities. Especially the possible great fluctuations on the currency rates and financial asset prices
resulted in crises by negatively affecting the macroeconomical balance. Since the capital flows occuring as portfolio
investments can move fast and in a short time,UNCTAD warns for the possible risks. For instance, the determining
factor in capital flows tended to Latin America wasn‘t economic and since it was shaped according the others‘
behaviors, it was speculative. In other words, investment owners behaved speculatively instead of behaving
according to the economical reasons. This increased the prices of real estates while it made the currency of the
country valuable irrationally. With this point of view the Mexican crisis was not a surprise. (Akyüz, 1995: 14).The
Ex post point has revealed that some proofs of Ortodox economy is not realist. Today the countries having much
financial crisis experience especially find it hard to pay their depts. It is anticipated to apply a program for depts in
order not to delay in the system.
In fact Bhagwhati (1998), Rodrik (1998) and Stiglitz (2002), draw attention that capital account
liberalisation doesn‘t improve the growth as it is said; even it may cause crisis. Kaminsky and Reinhart (1999),
Detragiache and Demirguc-Kunt(1998) and Glick and Hutchinson also have expressed the similar views (2001) and
added that financial liberalisation has a tendency in increasing bank and money crisis.According to UNCTAD
(1990) , in a system that has no exchange controls, credit allocation can not be directed to the fields to increase the
effectivity.Because a banking system based on liberal market is less sensible to the persuasion and sources tend to
the short term profits instead of the use for the economical development.
As it is evaluated by the different poinf of views, it is difficult to say that there is an agreement about the
effects of capital movements liberalisations on the econimical growth. Eichengreen and Leblang (2002: 1) point that
it can‘t be estimated weather capital account deficit increases or prevent the growth and in general the proofs are not
enough eventhough many researches are made on the subject.
2. Data And Methods
This survey covers 1998:01 and 2009:09 variables have been used and all variables have been calculated in
percentages. The variable vektör of the survey is: yt=[it, m2t, opent, tkt] y stands for Gross National Product (GNP), i
stands for Treasury domestic borrowing interest rates, m2, stands for Money supply, open stands for
opennes(export+import), tk stands for total capital movement liberalisation All data have been taken from the
website of the Central Bank of Republic of Turkey(electronic data delivery system)( http://evds.tcmb.gov.tr).
In this survey boundary test approach which was developed by Pesaran vd.(2001) has been used in order to
study the effect of capital movement liberalisation over economic growth. This method is considered to be more
usable when comperad to cointegration method developed by Engle-Granger. Series have to be stable in the first
differnce in the Engle-Granger and Johansen. Series can be in different stability levels in ARDL method. Another
advantage of boundary test approach is that analysis can be made with only a few data. (Narayan and narayan,
2004:25) More over as the regresive variables included in analysis. The level and regressive values of independed
veriables can be observed on depended variables. In boundary test apprach firstly whether series move together in
long-term is analysized by means of ARDL cointegration method. Ġf there is conĢntegration relationship betwen
series the coefficient and statistic of regression carried out with this serries will be meaningfull and reliable. If
relationship can be pointed out whit be serries lon an short term analysis are held by means of ARDL method.
3. Analysis And Empirical Findings
Before analysis, the certain tests and procedures relation variables used in the study are needed. tk,
open ve y series have seasonal effect. Series were purifed from seosanal effect by means of Moving
Avarage Methods. Stationary of series were tested with Augmented Dickey Fuller: ADF
3.1. ADF Unit Root Test
If time serries is not stable, medyan, variance and covariance changeble in time. Shocks take place in a term
can effect the others and it becomes permanent. The analysis carried out in this case includs fake regression and F
and t statistics loos their meaning (Gujarati, 1999:2.712).
The stability levels of serries and unitroot test have been studied with ADF test.
DF test is carried out based on three regression equation (Dickey and Fuller, 1979).
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
Simple situation:
Yt Yt 1 ut
(1)
Intercept:
Yt 0 Yt 1 u
(2)
Trend and intercept:
Yt 0 1 t Yt 1 ut
(3)
As a result of this tests the DF statistic been compared Mac Kinnon crtitical values zero hypotesis is tested
against the lternative hypotesis. Zero hypotesis showes that serries is not stable alternative hypotesis. Ġf error
correction term is autocorrelated equation (3) is regulated as:
m
Y 0 1 t Yt 1 i Yt i u t
(4)
i 1
Here m stands for regression length and stands for difference operator. Regression number depends on
obtaining model without autocorrelation. A test which is carried out this way is called ADF test in short. Tests
results obtained accordingly are shown in Table 1.
Table 1: ADF Test Results Expanded for Dickey-Fuller Variables (ADF)
Variables
ADF Test
Critical Values
Y
-1,06[11]
-3,48
Δy
-7,04[10]
-3,48
İ
-2,14[2]
-3,47
Δi
-9,86[1]
-3,47
m2
-6,02[3]
-4,02
o p en
-3,14[12]
-3,48
Δo p en
-5,69[10]
-3,48
Tk
-3,07[5]
-3,47
Δtk
-10,39[4]
-3,47
Note:The values in [ ] points out teh lag number. By taking the lag lenght which Akaike Lag is the lowest. Mac
Kinnon test values pointed out without trend and intercept test values. In this test were used trend and intercept for
m2 ve open variables, intecept other variables. For first difference of variables(Δ) were used intercept.
3.2. Co-Integration Test
The level values of many macroeconomic variables are not stable. If there is a co-integration relationship
between series in other words if series move together in the long term, a fake regretion trouble will not be faced in an
analysis to be carried out with level values(Pesaran etc, 2001:290;Gujarati 1999). However, the dynamic behaviors
of variables moving together in the long term cause some deviations in the balance equation(Enders, 1996:151).
This is one of the basic characteristic of co-integration variables and plays an important part in the short term
dynamic. The dynamic model appearing along with this process is called error correction model(Enders, 1995: 365).
An unrestricted error correction model is setup so that boundary test approach can be applied. (unrestricted error
correction model: UECM) This model can be applied to our survey as fallows:
m
m
m
i 0
i 0
yt 0 1i yt i 2i i t i 3i m2t i
i 1
m
m
i 0
i 0
4i opent i 5i tk t i 6 yt 1 7 i t 1 8 m2 t 1
9 opent 1 10tk t 1 ut (5)
Here, m; stands for optimum lag length, ∆ stands for difference operator, ut stands for error correction term,
those which are given with other letter abbreviation stands fort he meanings in variable definitions. In this survey
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
optimum lag lenght has been determined by means of Akaike Criterion. According to Kamas ve Joyce (1993) there
musn‘t be autocorelation between error terms of model‘s optimum lag length so that the test can give healthy result.
If there is autcorolation in the lag lenght which Akaike Criteria lowest. One has to next lag.
The test result of lag lenght are presented in Table 2. Maksimum lag lenght is 2 since the data in this survey is
monthly.
m
1
2*
3
4
5
6
7
8
AIC
4.86
4,71
4,77
4,80
4,86
4,86
4,91
4,96
LM Test
0,00
0,66
0,66
0,62
0,12
0,32
0,32
0.51
Table 2: The lag length is point out for boundary test
The optiumum lag length determined as a two in the Table 2. In this lag length hasn‘t autocorelation. After
lag length determined it passed testing process cointegration relationship between variables. In boundary
cointegration relationship between values is made by mines of testing ziro hypotesis. (H 0:α4=α5=α6=0) Zero
hypotesis accept or reject is determinated with F test. Calculate value contrasted Table conpered and contrast min
and max value in Pesaran etc. 2001 Table. In the fisrt case if calculated F statistic value lover than min critic value. It
is decided that there is coengration relation between series. In the second case if calculated F statistic value in
between max and min critice value no definite commend can be made. In this case must be tried alternative
coentegration methots. Finaly calculated F statistic value bigger than Table max critic it is decided that there is
cointegration relationship between series.
For testing H0 calculated F statistic value compared with critic value which taken Pesaran etc 2001 in Table
3. This critic values given fort 4 independed variable and mining full %1.
k
Calculated F
Alt Sınır
Üst Sınır
4
6,46
3,74
5,06
Note: k stands for variable number. Critical values are extracted from Table CI (iii) in Pesaran etc.
Tablo 3: Boundary Test Results
It is observed that calculated F statistics is higher than utmost critical value. In this case H0 hypothesis is
denied and it is concluded that there is a co-integration relationship between variables. Since the existence of cointegration relationship between series is remarked, ARDL models started to be estimated to search the long and
short term relationships between variables.
3.3 Long Term Analysis
ARDL model which is used in order to analyse long term relations is formulated as:
m
n
p
i 0
i 0
yt 0 1i yt i 2i i t i 3i m2t i
i 1
r
k
i 0
i 0
4i opent i 5i tk t i ut (6)
Here m, n, p, r ve k is Lag length and determined with AIC. This transaction has been carried out with the
method that Kamas and Joyce(1993) proposed in their causality analyses so as to determine Lag length. Therefore;
first of all, regression according to dependent variables‘ own regressive values is made and the lag length of without
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
otecorelation model which gives the lowest AIC value. Then, regression models were formed by keeping the
identified lag length of the dependent variable stable and all possible regressions of foreign direct investment
variable which is the first independent variable and the regressive number of independent variables was found by
taking AIC values into consideration. Optimum regression number was obtained by repeating similar transactions for
other variables. As a result of the transaction carried out, it was decided that ARDL(7.1.1.0.0) was the long term
ARDL model to be estimated and results are presented in Table 4.
AIC
m
1
2
3
4
5
6
7*
8
5,10
5,12
4,75
4,76
4,78
4,78
4,70
4,72
LM Test
0,00
0,00
0,21
0,08
0,00
0,00
0,76
0,39
n
0
1*
2
3
4
5
6
7
8
r
0*
1
2
3
4
5
6
7
8
AIC
LM Test
4,65
4,58
4,60
4,61
4,61
4,62
4,64
4,65
4,67
0,72
0,97
0,97
0,97
0,77
0,85
0,84
0,84
0,44
p
0
4,60
0,38
4,58
0,62
1*
4,59
0,47
4,59
0,61
2
4,61
0,39
4,60
0,68
3
4,62
0,38
4,61
0,70
4
4,64
0,33
4,62
0,81
5
4,64
0,37
4,63
0,83
6
4,65
0,24
4,64
0,81
7
4,65
0,97
4,66
0,71
8
4,67
0,97
4,67
0,79
k
0*
4,59
0,62
1
4,60
0,49
2
4,61
0,47
3
4,62
0,50
4
4,64
0,47
5
4,64
0,66
6
4,65
0,66
7
4,66
0,57
8
4,66
0,88
Tablo 4: Determination of Lag Length for Long Term Boundary Test
The estimate results of long term ARDL(7.1.1.0.0) and long term coefficients calculated based on the
results mentioned are available in Table 5.
In Table 5; variables of Money supply, opennes and capital movement coefficient‘s signs accord with our
teoric expects.
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
Variables
C
i
m2
open
tk
Diagnosis Tests
R2=0.45
Coefficient
0,3481
0,0259
0,2049
0,0538
0,0005
t-statistic
0,8154
3,4533
1,3995
2,0456
0,7142
2BGAB(2 )=0,51(0.60)
2WDV=0,63(0.90)
2JBN=239,78(0.00)
2RRMKH(2)=0,73(0.48)
2
R =0.39
F ist.=7,71(0,00)
DW=2,00
Note: Here, 2BGAB, 2WDV, 2JBN and 2RRMKH are respectively Breusch-Godfrey successive dependence, White
changing variance, Jarque-Bera normality test and Ramsey model establishment error statistics in regression. The
figures in parentheses reflect p-probability values
Tablo 5: The Results of Calculated Long Term Coefficient of ARDL (7.1.1.0.0) Model
Taking the results in Table 5 into consideration, capital movement and money supply can‘t be interpreted so
that Theirs coefficient is meaningless as regards statistic value. Coefficient of interest variables increased positive
unlike our teoric expectations.
3.4 Short Term Analysis
Short term relation between variables again investigated by means of ARDL Error Correction Model based
on boundary test approach. ARDL model which is used in order to analyse short term relations is formulated as:
m
n
p
i 1
i 0
i 0
yt 0 1ECt 1 2i yt i 3i i t i 4i m2t i
r
k
i 0
i 0
5i opent i 6i tkt i ut (7)
Here ECt-1 is error correction terms and it stands for one term lagged of error terms series which it is
obtained from long term relationship. Coefficient for this variable is point out duration of sort term deviation. If
this sign of coefficient is negative, deviations happen in short term between series is convergences to long term
balance value. If this sign of coefficient is positive, not convergences to long term balance value.
In this model lag length of veriables determineted just like long term. As a result of the transaction carried out, it
was decided that ARDL(5.1.0.0.0) was the short term ARDL model to be estimated and results are presented in
Table 6.
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
AIC
m
1
2
3
4
5*
6
7
8
5,29
4,71
4,71
4,72
4,69
4,70
4,70
4,68
LM Test
0,00
0,05
0,07
0,02
0,29
0,41
0,36
0,00
n
0
1*
2
3
4
5
6
7
8
r
0*
1
2
3
4
5
6
7
8
AIC
LM Test
4,68
4,64
4,65
4,66
4,67
4,69
4,70
4,71
4,73
0,25
0,46
0,43
0,35
0,36
0,30
0,35
0,39
0,42
p
0*
4,65
0,52
4,61
0,48
1
4,66
0,44
4,62
0,50
2
4,65
0,43
4,63
0,60
3
4,69
0,42
4,64
0,15
4
4,69
0,48
4,65
0,65
5
4,71
0,45
4,66
0,66
6
4,69
0,41
4,68
0,63
7
4,71
0,31
4,68
0,70
8
4,73
0,27
4,70
0,67
k
0*
4,63
0,44
1
4,64
0,44
2
4,65
0,47
3
4,66
0,40
4
4,67
0,44
5
4,68
0,43
6
4,69
0,45
7
4,68
0,53
8
4,70
0,34
Table 6: Determination of Lag Length for Short Term Boundary Test
The result of estimated ARDL (5.1.0.0.0) model given in Table 7. Coefficient of ECt-1 (error correction
terms) is -0,72 in Table 7. This coefficient is negative and meaningful like expected. If coefficient‘s signs of error
correction terms is negative, model is convergences to long term balance level.
If this sign of coefficient is negative, deviations happen in short term between series is convergences to long
term balance value. If this sign of coefficient is positive, not convergences to long term balance value (Narayan ve
Smyth 2006). Therefore error correction of model is works. Although capital movements impact on economic
growth, like long term effect, is positive and according with theoritical expectation, statistically insignificant.
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
Variables
yt-1
yt-2
yt-3
yt-4
yt-5
it
it-1
m2t
opent
tkt
ect-1
C
Diagnosis Tests
R2=0,70
R 2 =0,68
Coefficient
-0,3538
-0,3392
0,0961
-0,1636
-0,1825
-0,0319
0,0509
0,0152
0,0380
0,0002
-0,7274
-0,0587
t-statistic
-2,0340
-1,8955
0,5281
-1,4758
-2,2912
-1,9067
2,9609
0,1873
2,5170
0,4738
-3,6701
-0,2843
2BGAB(2 )=2,56(0,08)
2WDV=0,62(0,89)
2JBN=228,78(0,000)
2RRMKH(2)=0,13(0,87)
DW=1,98
F=26,80(0,00)
Note: Here, 2BGAB, 2WDV, 2JBN and 2RRMKH are respectively Breusch-Godfrey successive dependence, White
changing variance, Jarque-Bera normality test and Ramsey model establishment error statistics in regression. The
figures in parentheses reflect p-probability values
Table 7: The Results of ARDL (5.1.0.0.0) Model
Results
In this survey, capital movement impact on economic growth in Turkey has been investigated by using
monthly datum term of 1998:01-2009:09. In survey, boundary test approach which was developed by Pesaran has
been obtained cointegration findings between variables and based on this has been formed long and short term
ARDL models
According to obtained ampirical evidence, although in long and short term capital movement impact on
economic growth is positive, meaningless as regards statistic value. Therefore Coefficient of capital movement can‘t
be interpreted.
It is determined that opennes and interest variables positive effected on economic growth in the in long
term. It is observed that effect of interest one term lagged and opennes on economic growth is positive in short term.
In this study the relation between capital movement liberalisation and economic growth meaningless and
this is not according with economic literature.
This may be due to different reasons. Therefore this subject must be with other ampirical studies. So, It is
thought that be made open to the outside of the capital account‘s effect in financial crisis happen Turkey is
important.
References
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Bacchetta, P. (1992). Liberalization of Capital Movement and of the Domestic Financial Sistem, Economica, 59(11): 465-74.
Bhagwati,J.(1998). The Capital Myth: The Difference Between Trade in Widgets and Trade in Dollars, Foreign Afairs,77, 1998,
pp.7-12.
Melo, J. ve J. Tybout (1986). The Effect of Financial Liberalization on Savings and Investment in Uruguay, Economics
Development and Cultural Change, 34(3): 561-87.
514
�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
Detragiache, E. ve A. Demirgüç (1997), The Determinant of Banking Crises: Avidence from Developed and Developing
Countries, World Bank Working Papers, 1828.
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Eichengreen, B. vd. (1998). Capital Account Liberalization Theoretical and Practical Aspects, Occasioanl Papers, 172: 12-30.
Eichengreen, B. ve D. Leblang (2002). Capital Account Liberalization and Growth: Was Mr. Mahathir Right?,
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Fischer, S. (1998) Capital Account Liberalization and the Role of the IMF, Princeton
Enders, W. (1995). Applied Econometric Time Series, John Willey and Song, Inc
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Kamas, L and Joyce, J. P. (1993): ―Money, Income and Prices Under Fixed Exchange Rates: Evidence from Causality Tests and
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Emerging Markets, NewYork: Cambridge University Press.
Kaminsky, G. And Kaminsky, G.and Reinhart, C. (1999), The Twin Crises: The Causes of Banking and Balance of Payments
Problems, The American Economic Review, 89(3):473-500
Kenen, P. (1976). Capital Mobility and Financial Integration: A Survey, Princeton Studies in International Finance, No:39.
Mathieson, D. ve R. S. Liliana (1992). Liberalizing the Capital Account, Finance and Development, 11:41-43.
Pesaran, H. ve Shin, Y. (1995) ―An Autoregressive Distributed Lag Modelling Approach to Cointegration Analysis‖, S. Strom, A.
Holly ve A. Diamond (Edt.), Centennial Volume of Ranger Frisch, Cambridge University Press.
Pesaran, H., Shin, Y. ve Smith, R. J. (1996) ―Testing for Existence of A Long-Run Relationship‖, DAE Working Paper, No. 9622,
Department of Applied Economics, University of Economics.
Pesaran, M., Shin, Y. and Smith, R. J. (2001): ―Bounds Testing Approaches to the Analysis of Level Relationships‖, Journal of
Applied Econometrics, 16: 289-326.
Narayan, P. and Narayan, S. (2004): ―Estimating Income and Price Elasticities of Imports for Fiji in a Cointegration Framework‖,
Economic Modelling, 22: 423-438.
Gujarati, D, N. (1999): Basic Econometrics, Mc Graw Hill, Literatür Yayıncılık, 3 rd edition, Ġstanbul.
Dickey, D. and Fuller, W. A. (1979): ―Distribution of the Estimates for Autoregressive Time Series with a Unit Root‖, Journal of
the American Statistical Association , 74: 427-431.
Rodrik, D. (1998). Who Needs Capital Account Convertibility? Princeton Essays in
Stiglitz, E. J. (2002). Globalization and Its Discontents, W.W. Norton, New York, (2002).
Summers, L. H. (2000) . International Financial Crises: Causes, Prevention, and
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�2nd International Symposium on Sustainable Development, June 8-9 2010, Sarajevo
UNCTAD (1990). Trade and Development Report, Genova.
Verghese, S. K. (1985). Functioning of Foreign Exchange and Financial Markets: Some Key Issues, Economics and Political
Weekly, XX(18), 797-800.
516
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267
Title
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The Effect Of Capital Movements Liberalisation On Economical Development: Boundary Test Approach
Author
Author
MERCAN, Mehmet
PEKER, Osman
Abstract
A summary of the resource.
In this study, liberalization of capital movements‘ impact on economic growth in Turkey has been investigated by the approach of the bounds testing. According to the empirical findings of study, in both long and short-term, capital movements impact on economic growth is statistically insignificant. This result is far from meeting our theoretical expectations.
Date
A point or period of time associated with an event in the lifecycle of the resource
2010-06
Keywords
Keywords.
Conference or Workshop Item
PeerReviewed
HB Economic Theory
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https://omeka.ibu.edu.ba/files/original/ea24957ee4f90fee5443e0db4ee0173c.pdf
6532ad82883b4a9d0ff27acbbe3cd153
PDF Text
Text
The Effect of Current Density and pH of Cadmium Removal by
Electrochemical Processes
Serkan BAYAR
Atatürk University, Engineering Faculty
Department of Environmental Engineering
Erzurum, TURKEY
sbayar@atauni.edu.tr
Alper Erdem YILMAZ
Atatürk University, Engineering Faculty
Department of Environmental Engineering
Erzurum, TURKEY
aerdemy@atauni.edu.tr
Recep BONCUKCUOĞLU
Atatürk University, Engineering Faculty
Department of Environmental Engineering
Erzurum, TURKEY
rboncuk@atauni.edu.tr
Abstract : Removal of cadmium from synthetically prepared solution using
electrochemical processes is studied in the present study. To determine the optimum
operation conditions, the effect of several parameters such as current density and
initial solution pH have been investigated. Iron electrode was used as electrode
materials. Experiments were carried out with different current densities ranging from
0.25 to 1.25 A/m2. It was observed that the removal of cadmium increases with
increasing current densities. The distance of between electrodes was chosen as 5 mm.
Initial cadmium concentrations was kept constant at 100 mg/L while other
parameters such as current density and initial solution pH were investigated.
Cadmium concentration in the solution was determined using Atomic absorption
spectrophotometer. The experimentally obtained results were shown that
electrochemical processes were achieved to cadmium removal (e.g. 99.99%) from
synthetically prepared solution.
Key words: Cadmium, removal, electrocoagulation, electroreduction
1. Introduction
Heavy metals pose a significant hazard to environment and human health. Wastewater generated from cadmium
processing is extremely toxic to environment and to humans. Due to their high toxicity, industrial wastewaters
containing heavy metals are strictly regulated and must be treated before being discharged in the environment.
Cadmium is a toxin of environmental concern. The impact for non-cancer causes includes kidney, liver, and lung
damage [1]. It is also classified as a probable human carcinogen for lung cancer. The association of cadmium
with hormone-related cancers such as prostate and breast cancers has being actively investigated since the initial
implication [2-4]. There is no known function of cadmium in the human biological system. The presence of such
foreign metal ion in the human is likely a result of various exposures. In addition to direct exposure from air and
drinking water, another potential exposure is to result from crops grown in the contaminated water and soil
environment, which transports the metal into food chain where cadmium is accumulated in various parts of crops
[5]. Electroplating, nickel–cadmium battery production and disposal, fossil fuels, pigments, fertilizers, certain
electronic components are all potential sources of contamination to water [6]. Various methods can be applied to
remove toxic metals from industrial effluents [7,8]. These methods include precipitation, co-precipitation,
electrodeposition, electrocoagulation, cementation, membrane separation, solvent extraction, ion-exchange,
518
�adsorption and biosorption [9, 10]. Precipitation is most applicable among these techniques and considered to be
the most economical. Among these methods, electrocoagulation is particularly interesting.
The
electrocoagulation has been successfully used to treat oil wastes, with a removal efficiencies as high as 99%
[11,12]. A similar success was obtained when treating dye-containing solutions [13–14], potable water [15],
urban and restaurant wastewater [16,17] and nitrate or fluoride containing waters [18,19]. In addition, a great
deal of work performed in the last decades [20–21] has proved that electrocoagulation is an effective technology
for the treatment of heavy metal containing solutions.
This technology delivers the coagulant in situ by anodic dissolution and produces subsequently, iron (or
aluminium) hydroxides having a considerable sorption capacity, while the simultaneous cathodic reaction allows
pollutant removal either by deposition on cathode electrode or by flotation (evolution of hydrogen at the
cathode) [22]. Likewise, during electrocoagulation process, liquid is not enriched with anions and salts content
does not increase, compared to chemical metal precipitation [23]. This contributes to production of metallic
sludges which are compact using electrocoagulation compared to those generated by chemical precipitation
[24,25]. Moreover, electrocoagulation requires simple equipment, small retention time and is easy to operate
[26,27]. These characteristics contribute to reduction of operating cost for industrial applications.
In the present work, the efficiency of electrocoagulation in removing cadmium from synthetically solution was
reported. The effect of initial pH and current density on the removal efficiency is explored and discussed to
determine the optimum operational conditions. Aim of this study is to investigate the effects of initial pH and
current density on cadmium removal from wastewater by electrocoagulation method using iron electrodes.
2. Materials and methods
2.1 Materials
Wastewater sample used in the experiments were prepared synthetically using CdCl2H2O having 99.99 of purity
from Merck. The solution with cadmium concentration of 100 mg/L was prepared by dissolved 0,1796 mg in
distilled water and completed with distilled water to 1 L. The electrolyte was synthetically prepared by using
analytical reagents and distilled water. A stock solution of cadmium chlorine, 100 mg/l was prepared. The pH of
the solution was adjusted to the required value with 10−2M nitric acid and 10−2M sodium hydroxide. All
measurements were carried out at ambient temperature approximately (22 ± 1 oC)
2.2. Experimental setup and procedure
The experimental setup is schematically shown in Figure 1.The EC unit consists of six pair of electrodes made of
plate iron with total area of approximately 1000 cm2 and the gap between the electrodes is 5 mm. Electrodes
were connected to a digital DC power supply (Good Will) in monopolar mode. Two digital multimeters (Brymen
Bm 201) as ampermeter and voltmeter were used to measure the current passing through the circuit and the
applied potential, respectively. The EC unit has been stirred at 150 rpm by a magnetic stirrer. (Heidolp MR 3004
S). The thermostated electrocoagulator is made of plexiglass with the volume of 900 mL. During the
experiments, temperature, conductivity and pH of the solutions were measured by a multi-parameter (WTW
Multiline P-4 F-Set-3). Reactor was operated in batch and galvanostatic mode. Figure 1.
519
�1.Water Cırculator
4.Digital Voltmeter
2.Digital D.C Power Supply
5.Electrochemcial Reactor
3.Digital Ampermeter
6.Digital Magnetic Stirrer
Figure 1. Schematic diagram of the experimental setup.
2.3. Brief description of electrocoagulation mechanism
Electrocoagulation is based on the in situ formation of the coagulant as the sacrificial anode corrodes due to an
applied current, while the simultaneous evolution of hydrogen at the cathode allows for pollutant removal by
flotation. This technique combines three main interdependent processes, operating synergistically to remove
pollutants: electrochemistry, coagulation and hydrodynamics. An examination of the chemical reactions
occurring in the electrocoagulation process shows that the main reactions occurring at the electrodes are:
When iron is used as electrode material, the reactions are as follows.
• At the cathode:
3H2O + 3e− → 3/2 H2(g) + 3OH−
(1)
• At the anode:
(2)
4Fe(s) → 4Fe2+(aq) + 8e−
• and with dissolved oxygen in solution:
(3)
4Fe2+(aq) + 10 H2O (l) + O2(g) → 4Fe(OH)3 +8H+(aq)
• overall reaction:
(4)
4Fe(s) + 10 H2O(l) + O2(g) → 4 Fe(OH)3(s) + 4 H2(g)
2. Result and discussions
The effects of parameters: In the runs, it has been investigated the effects of parameters such as initial pH and
current density under the conditions which the reaction time, temperature of solution and stirring speed hold in
constant.
The effect of pH: It has been established that the pH has a considerable influence on the performance of
electrocoagulation and reduction process. To evaluate this effect, a series of experiments were performed, using
solution containing cadmium of 100 mg/L. The effect of pH on the cadmium removal was examined at 3.0, 4.0,
5.0 and 6.0 pH’s. Solution temperature of 293 K and stirring speed of 100 rpm were kept constant in the
experiments. The results of the experiments conducted to examine the effect of pH are shown in Figure 2.
520
�removal efficiency, %
90
70
pH 3
pH 4
50
pH 5
pH 6
30
0,0
0,2
0,4
0,6
0,8
1,0
1,2
1,4
1,6
current, A
Figure 2. The effects of solution pH on cadmium removal (100 rpm of stirring speed, 293 K of solution
temperature and 100 mg/L of initial cadmium removal)
As seen in Figure 2, while there had effects of pH variation on cadmium removal efficiency, the effects of pH
variation were not important with increasing current density. At the lower current density, solution pH had
effects on cadmium removal efficiency. When cadmium removal was investigated by electrochemical process,
energy consumption values obtained in the system. Energy consumption values in the electrochemical reactor
related to solution conductivity. The conductivity of an electrolyte solution is a key property. In an
electrochemical process, the conductivity determines the cell resistance while the properties of solvent and
electrolyte determine their interaction with the electroactive species and thereby influence the electrode
reactions. The results obtained for energy consumption were shown graphically in Figure 3.
2,00
energy consumption, kW-h/m3
pH 3
pH 4
1,50
pH 5
pH 6
1,00
0,50
0,00
0
10
20
30
40
time, min
50
60
70
Figure 3. The effects of solution pH on energy consumption(100 rpm of stirring speed, 293 K of solution
temperature, 0,5 A of current and 100 mg/L of initial cadmium removal)
521
�The effect of current density: The effect of current density on cadmium removal by electrochemical process
using iron plate electrodes was investigated using 100 mg/L Cd+2 and pH 5. Effects of current density on system
parameters have been analyzed. Variation of cadmium removal efficiency versus time and variation of energy
consumption versus time in various current densities with iron plate electrodes is shown in Figures 4-5.
100
removal efficiency, %
80
60
0,25 A
40
0,50 A
1,00 A
20
1,50 A
0
0
10
20
30
40
50
60
70
time, min
Figure 4. The effects of current on removal efficiency (100 rpm of stirring speed, 293 K of solution temperature,
pH 5 of solution and 100 mg/L of initial cadmium removal)
As seen in Figure 4, efficiencies of cadmium removal and removal rate have increased by increasing current
density. The removal efficiency depends on the quantity of iron generated, which is related to the time and the
current density. It is seen that system energy consumption has mainly increased over a specific current density,
respectively.
energy consumption, kW-h/m3
3,00
0,25 A
2,50
0. 50 A
1,00 A
2,00
1,50 A
1,50
1,00
0,50
0,00
0
10
20
30
40
time, min
50
60
70
Figure 5. The effects of current on energy consumption (100 rpm of stirring speed, 293 K of solution
temperature, pH 5 of solution and 100 mg/L of initial cadmium removal)
522
�Since applied potential have increased by increasing current density, system energy consumption has increased.
Although potential and current have linearly increased, energy consumption has exponentially increased. Thus,
when it has been studied in high current, this state might be taken into consideration. Besides, when it is studied
on high potential and current, electrode reactions have taken one's way to secondary reactions from major
reactions. Thus, when optimal current density and potential are selected, either high removal rate or low energy
consumption might be taken into account.
4. Conclusions
In this study, effects of solution pH and current density on cadmium removal by electrochemical process using
iron plate electrodes were investigated and effects of these parameters on system parameters were analyzed.
When lower current density was applied to electrochemical process, solution pH must taken into consideration.
In the experiments, effects of current density on cadmium removal by electrochemical process were investigated.
According to results obtained from the experiments, removal rates and removal efficiencies have increased by
increasing current density using iron plate electrodes. But system energy consumptions have increased by
increasing current density.
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des métaux des effluents industriels, Rev. Sci. Eau 12 687–711 (in French).
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electrocoagulation, J. Hazard. Mater. B89 83–94.
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wastewaters, Chem. Eng. Sci. 58 987–993.
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electrocoagulation, Chemosphere 55 (9) 1245–1252
[22] T. Picard, G. Cathalifaud-Feuillade, M. Mazet, C. Vandensteendam, (2000) Cathodic dissolution in the
electrocoagulation process using aluminium electrodes, J. Environ. Monit. 2 77–80.
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45–56 (in French).
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in French).
524
�
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The Effect of Current Density and pH of Cadmium Removal by Electrochemical Processes
Author
Author
BAYAR, Serkan
YILMAZ, Alper Erdem
BONCUKCUOĞLU, Recep
Abstract
A summary of the resource.
Removal of cadmium from synthetically prepared solution using electrochemical processes is studied in the present study. To determine the optimum operation conditions, the effect of several parameters such as current density and initial solution pH have been investigated. Iron electrode was used as electrode materials. Experiments were carried out with different current densities ranging from 0.25 to 1.25 A/m2. It was observed that the removal of cadmium increases with increasing current densities. The distance of between electrodes was chosen as 5 mm. Initial cadmium concentrations was kept constant at 100 mg/L while other parameters such as current density and initial solution pH were investigated. Cadmium concentration in the solution was determined using Atomic absorption spectrophotometer. The experimentally obtained results were shown that electrochemical processes were achieved to cadmium removal (e.g. 99.99%) from synthetically prepared solution.
Date
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2010-06
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PeerReviewed
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The Effect of Daynamic Assessment on Iranian Efl Learner's Use of Discourse Markers in
Their Writing
Nader Asadi Aydinlu & Haniye Davatgar Asl
Ahar Azad University/Iran
ABSTRACT
This study investigates the impact of Daynamic Assessment on Iranian EFL Learner’s use of discourse markers in
their writing. The participants of the study were 60 undergraduate students , who were learning English at the
Zabansara institute of Marand. For eliciting the necessary data, participants were given a pretest of writing ability to
check their initial knowledge about using of discourse markers in their writing. We divided participants to two
groups, control and experimental . The experimental group were then exposed to explicit instruction of discourse
markers by Daynamic Assessment approach , for six successive sessions. The control group received no
instruction. Finally, a post test was administered to them for measuring their writing ability with discourse markers
in focus. The findings indicated generally that explicit instruction of discourse markers by Daynamic Assessment
approach significantly improves EFL Learner’s use of discourse markers in their writing. These findings call
practitioners to pay more attention to discourse markers in their writing , which their using of discourse markers and
their writing ability developed by explicit instruction of discourse markers through DA approach.
�
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1930
Title
A name given to the resource
The Effect of Daynamic Assessment on Iranian Efl Learner's Use of Discourse Markers in Their Writing
Author
Author
AYDINLU, Nader Asadi Aydinlu
ASL, Haniye Davatgar
Abstract
A summary of the resource.
This study investigates the impact of Daynamic Assessment on Iranian EFL Learner’s use of discourse markers in their writing. The participants of the study were 60 undergraduate students , who were learning English at the Zabansara institute of Marand. For eliciting the necessary data, participants were given a pretest of writing ability to check their initial knowledge about using of discourse markers in their writing. We divided participants to two groups, control and experimental . The experimental group were then exposed to explicit instruction of discourse markers by Daynamic Assessment approach , for six successive sessions. The control group received no instruction. Finally, a post test was administered to them for measuring their writing ability with discourse markers in focus. The findings indicated generally that explicit instruction of discourse markers by Daynamic Assessment approach significantly improves EFL Learner’s use of discourse markers in their writing. These findings call practitioners to pay more attention to discourse markers in their writing , which their using of discourse markers and their writing ability developed by explicit instruction of discourse markers through DA approach.
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IBU Publishing
Date
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2013-05-03
Keywords
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Article
PeerReviewed
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International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo
The Effect of Degree of CEO Turnover on Firm
Performance in High-tech vs. Low-tech Firms: Evidence
from Turkey
Mesut Doğan
Afyon Kocatepe University, Afyon, Turkey
mesutdogan@aku.edu.tr
Veysel Ağca
Afyon Kocatepe University, Afyon, Turkey
agca@aku.edu.tr
The main responsibility of Chief Executive Officer (CEO) is to form and
implement strategic goals, policies and plans of the firms. Researchers
showed that the change of CEO who is on the top position of the
organization has positive or negative impacts on firm performance. The
decision of CEO’s change and who will be the new CEO is an extremely
important issue especially for the firms. The change of CEO in the firms is
carried out in two ways. The first is an external mandatory change
occurred as a result of deterioration of their financial performance due to
economic crisis, intense competition and other compelling reasons. In this
case, there are performance improvements expectations by changing the
CEO with identified a new and better strategies. The second is an internal
voluntary change that occurs when the CEO resigns because of better
career expectations and opportunities. In this case, board of directors
often selects a new CEO from among the members of the board of the
directors who knows well firm’s current valid long-term strategies goals,
policies and strategies. As result of this change, the new CEO does not
major changes in the firm. Thus, firms generally do not face a bad
performance.
In the literature, It is not yet seen any study which measures the impact of
the degree of CEO turnover on the firm performance in Turkey. In the
international literature, factors that determine the rate of CEO turnover
have not been examined by differentiating the high-tech and low-tech
firms yet. In this study, it is primarily aimed to determine the effect of the
CEO turnover rate on the firm financial performance in the 175 firms
registered and traded in the İstanbul Stock Exchange (ISE) between the
years 2005-2011. It is secondly aimed to find out if there are differences in
terms of the affects of CEO turnover rate on financial performance in the
203
�International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo
high-tech and low-tech firms. The degree of CEO turnover is used as the
dependent variable in this study. On the other hand, Return on Assets
(ROA) Return on Equity (ROE) and Tobin’s q(Q) are used as performance
indicators or measures. Other independent variables are firms’ sales, total
assets, leverage ratio and liquidity level. Hypotheses developed will be
tested by analysis examining the interactions between the degree of CEO
turnover and financial performance indicators, leverage and liquidity
ratios. In addition, factors that effect CEO turnover rate will be determined
in the high-tech and low-tech firms and then similarities and differences
among these firms will be exposed.
Keywords: Firm Performance, Ceo Turnover, Turkey, ROA, ROE.
204
�
https://omeka.ibu.edu.ba/files/original/b0228ef0ec1e53070ef3f6c5165f0092.docx
181994979cbc6e582161fb60fe12288f
https://omeka.ibu.edu.ba/files/original/5a0147bcdc31bea3cf72733478030fef.pdf
eb6c1ced978b9a6d13616bf8da671fda
PDF Text
Text
International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
The Effects of CEO Turnover on Firm Performance in High-Tech vs. LowTech Firms: Evidence from Turkey
Mesut Doğan
Afyon Kocatepe Üniversitesi, Afyonkarahisar, Turkey
mesutdogan@aku.edu.tr
Veysel Ağca
Afyon Kocatepe Üniversitesi, Afyonkarahisar, Turkey
agca@aku.edu.tr
Abstract
The main responsibility of Chief Executive Officer (CEO) is to form and implement
strategic goals, policies and plans of the firms. Researchers showed that the change
of CEO who is on the top position of the organization has positive or negative
impacts on firm performance.In the literature, It is not yet seen any study which
measures the impact of the of CEO turnover on the firm performance in Turkey. In
the international literature, factors that determine CEO turnover have not been
examined by differentiating the high-tech and low-tech firms yet. The present
research aims at determining factors that play a role turnover of CEO in 173 firms
that are traded in Istanbul Stock Exchange (ISE) in the period of 2005-2011. In
addition, firms in the research have been divided in two groups and these two
groups have been analyzed in terms of the difference of the effect of CEO change
rate on firm performance. The results of the analysis showed that decrease in the
performance indicators of firms causes CEO turnover. Accordingly, the effects of
CEO turnover on firm performance have been found to be higher in high-tech firms
than low-tech firms.
Key words: Key Words: Firm Performance, Financial Indicators, CEO Turnover,
High and Low Technology Firms
Introduction
Main responsibility of CEO is to form and implement effective strategies in order to
achieve goals and objectives determined in the direction of the firm’s vision and mission.
Researchers showed that the change of CEO who is on the top position of the organization
has positive or negative impacts on firm performance. The decision of CEO’s change and
who will be the new CEO is an extremely important issue especially for the firms. The
change of CEO in the firms is carried out in two ways. The first is an external mandatory
change occurred as a result of deterioration of their financial performance due to economic
crisis, intense competition and other compelling reasons. In this case, there are
performance improvements expectations by changing the CEO with identified a new and
better strategies. The second is an internal voluntary change that occurs when the CEO
resigns because of better career expectations and opportunities. In this case, board of
directors often selects a new CEO from among the members of the board of the directors
who knows well firm’s current valid long-term strategies goals, policies and strategies. As
result of this change, the new CEO does not major changes in the firm. Thus, firms
generally do not face a bad performance (Lindrianasari and Hartono, 2012: 207).
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
High tech means the most advanced and developed technology and expresses the change
happening in time. High tech is used to define current technologies rather than the past or
future technologies. Therefore, the products considered to be high tech in 1960s, are
considered to be standard or even low tech products today. Today, there are more high tech
sector’s depending on the intensity of technology used when compared with 20-30 years
before (Akgün and Polat, 2011). Sectors using high technologies are sectors such as
Energy, Telecommunication, Chemicals, Medical and Computers. On the other hand, low
technology doesn’t require an intense technology to be used in the production process or
production of service and its investment costs are lower compared to high technology
sectors. Sectors such as Textile, Food Production or Concrete Production are considered to
be low technology sectors. Majority of the firms being traded in ISE belongs to low
technology group.
No study measuring the influence of CEO turnover on firm performance in Turkish Capital
Market has been encountered during the literature review. In international literature, on
the other hand, no study analyzed the effect of CEO turnover on firms separately
depending on their being in high and low tech sectors. The present study is expected to
contribute both national and international literatures. Therefore this study is taken to be
quite important.
The present research aims at determining factors that play a role in the change of CEO in
173 firms that are traded in Istanbul Stock Exchange (ISE) in the period of 2005-2011. In
addition, firms in the research have been divided in two groups and these two groups have
been analyzed in terms of the difference of the effect of CEO change rate on firm
performance. The degree of CEO turnover is used as the dependent variable in this study.
On the other hand, Return on Assets (ROA), Return on Equity (ROE) and Tobin’s q(Q) are
used as performance indicators or measures. Other independent variables are firms’ sales,
total assets, leverage ratio and liquidity level
This study consists of five sections. Second section found right after introduction
summarizes academic studies measuring the relation between CEO change rate and firm
performance.
Third section consists of introduction of dependent and independent
variables and explanation of methodology and sampling of the study. In addition,
regression model has been explained and hypotheses have been developed in this section.
Forth section contains the empirical results of analysis. And a general assessment of the
study has been put forth in the last section.
Literature Review
There are two ways for a firm to change CEO. First one consists of the obligatory change
of CEO depending on external influences due to worsening of firm’s performance. Second
one consists of the resignation of CEO due to better career opportunities and this is a
voluntary change. Majority of the studies found in literature review show that CEO
decisions and the change of CEO are influential factors on firm’s financial performance.
Writers such as Helmich (1974), Davidson et al. (1993) have argued that CEO change is
effecting firms' performance positively while Grusky (1964), Allen et al. (1979), Carroll
(1984), Beatty and Zajac (1987), Haveman (1993) have argued that CEO change is
effecting firms’ performance in a negative way. On the other hand, Boeker (1992) have
argued that CEO change is not effective at all on firm’s performance (Lindrianasari and
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
Hartono, 2012, p. 212). Other than these studies, Kesner and Sebora (1994) have used
CEO turnover as a dependent variable. The results of their study showed that the higher
turnover CEO results in lower firm performance. Similarly Virany et al. (1992), Shen
(2000) have put forth a negative relation between ROA and CEO change rate. Deond and
Park (1999), Engel et al. (2003) and Defond and Hung (2004) have determined a negative
relation between profits before interests and taxes and CEO turnover. In contrast, writers
such as Cannella and Lubatkin (1993), Zazac and Westphal (1996) have found weak
relations between CEO turnover and firm performance.
Other than the studies summarized above, Smith et al. (2008) who have analyzed the
relation between control variables and CEO change rate have found that the increase in
total assets causes CEO turnover to slow down, while the increase in capital adequacy ratio
(equities/total assets) causes an increase in the probability of CEO change. Conyon and He
(2008) have analyzed the relation between CEO turnover and firm performance in firms
operating in China. 1200 Chinese firms operating in the period of 1999-2006 have been
included to their research. According to the findings of the study, a very strong and
negative relation has been found between CEO turnover and firm performance. Similarly
Lindrianasari and Hartono (2012) have studied the relation between CEO turnover and
firm performance for the firms operating in Indonesia. Logistic regression analysis has
been used in the study in which data belonging to the period of 1998-2006 has been
included. According to the results of the study, negative relations between CEO turnover
and Interest and Profit Before, ROA, ROE, total assets, sales and debt-equity ratio while
there was a positive relation between current ratio and CEO turnover. Similarly Rachpradit
et al. (2012) have studied the effect of CEO turnover and the structure of board of directors
and partnership on firm performance in the firms operating in Thailand outside of the
financial sector. According to the results of the analysis, probability of CEO change is
much lower in cases in which firms are run by families, CEO being a member of the family
or increase in the member number of board of directors. In addition, the sensitivity of
CEO turnover on firm performance is proven to be much higher in cases in which CEO
duality and decrease in the member number of independent board of directors.
Additionally, CEO turnover has proven not to be influential on firm performance in cases
in which CEO has reached the age of retirement.
Methodology
The present research aims at determining factors that play a role turnover of CEO in 173
firms that are traded in Istanbul Stock Exchange (ISE) in the period of 2005-2011. In
addition, firms in the research have been divided in two groups and these two groups have
been analyzed in terms of the difference of the effect of CEO change rate on firm
performance. Logistic regression and t test methods have been used in empirical analysis.
In the present study, firms which have changed CEOs in the period of 2008-2011 have
been determined and factors to cause these changes have been determined. The dependent
variable in the present study is CEO turnover. The cases in which a CEO change happens
are considered as 1, others are taken as 0. Sectors such as Energy, Telecommunication,
Chemicals and Computer are considered as high tech and others belong to low tech. Table
1 shows dependent and independent variables used in the present study.
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
Table 1: Descriptions of Variables Used in Analysis
Variables
Description
Dependent Variables ( 0, 1)
Ceo Turnover (TURNOVER)
Independent Variables
1= turnover , 0= otherwise
Return on Assets (ROA)
The ratio of net profit after tax to total assets
Return on Equity (ROE)
Tobin’s q (Q)
The ratio of net profit after tax to total equity
capital
Market value to the book value of total assets.
Size of firm 2 (SALES)
Natural logarithm of total sales
Size of firm 1 (ASSETS)
Natural logarithm of total assets
Leverage (DEPT)
The ratio of total liabilities to total assets
Liquidity (LIQ)
The ratio of current assets to current liabilities
Below regression model has been developed using the dependent and independent
variables introduced in Table 1 and based on the studies of Defond and Hung (2004);
Conyon and He (2008); Smith et al. (2008); Rachpradit et al. (2012); Lindrianasari and
Hartono (2012).
TURNOVER (1,0)= βit+ β2 ROAit + β3 ROEit + β4 Qit+ β5 LIQit + β6 ASSETSit+ β7
SALESit+ β8 DEBTit+ eit
The effect of CEO turnover on firm performance is thought to be higher in high technology
firms. Since core competitiveness of these firms for the market and their customers are
based on radical innovations. As long as this firms gains sustainable competitive
advantage with these innovations, there will not experience an obligatory CEO change.
The expectation from an obligatory CEO change in these firms is making innovations
based on high technology that provides gains over sector average. These innovations
which have a high added value for customers are reflected as high performance. This is
provided faster compared to low tech firms. Therefore, the expectation of high
performance in the change of CEO is considered to be higher in high technology firms. So
main hypothesis of this study is:
H1: The effects of CEO turnover on firm performance will be higher for high technology
firms than low technology firms.
Other hypotheses on performance indicators which have a determining effect on CEO
turnover are shown below.
H2: ROA has a negative relation with CEO turnover.
H3: ROE has a negative relation with CEO turnover.
H4: Tobin’s q (Q) has a negative relation with CEO turnover.
H5: Liquidity ratio has a negative relation with CEO turnover.
H6: Total Assets have a negative relation with CEO turnover.
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
H7: Sales have a negative relation with CEO turnover.
H8: Debt ratio has a positive relation with CEO turnover.
Findings
Table 2 shows the results of logistic regression analysis related to the model developed
above. Factors causing CEO change have been determined using financial data of 20082011.
Table 2: Results of Logistic Regression Analysis
Variables
B
Wald
Sig.
Exp(B)
Constant
-1,863
20,352
0,000
0,080
ROA
-1,945
13,250
0,008
1,234
ROE
-,600
13,652
0,009
0,945
Tobin’s (Q)
-1,122
15,005
0,005
1,052
LIQ
0,072
10,287
0,085
1,072
ASSETS
-0,092
11,350
0,042
1,096
SALES
-0,078
12,665
0,023
1,081
DEPT
-1,309
14,354
0,080
3,703
Observation
692
N. R Square
,262
When results from Table 2 are evaluated, the independent variables of ROA, ROE, Q, LIQ,
ASSETS, SALES and DEPT are observed to be influencing CEO turnover which is the
dependent variable. CEO turnover of firms increases with the decrease of asset
profitability, equity profitability, Tobin’s Q rate, total assets, sales and liabilities. In other
words, the decrease in accounting and market based performance indicators of firms,
results with CEO change. In addition, there is a positive relation between liquidity rate and
CEO turnover. In other words, higher ability to pay (solvency) results with higher CEO
turnover. As a result hypotheses H2, H3, H4, H6 and H7 are accepted and H5 and H8
hypotheses are rejected.
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
Table 3: T-Test
Table 3 shows the results of t test concerning dependent and independent variables used in
analysis. In Table 3, firms are grouped as the ones which have not changed CEOs and the
ones which have changed CEOs, so the two groups have been analyzed to determine
whether they have a difference in performance or not.
102 firms have changed CEOs and 71 firms haven’t changed CEOs of the firms which
were included in the analysis. Between the years 2008-2011, mean ROA, ROE and
Tobin’s Q rates of the firms whose CEO’s didn’t change are calculated respectively 3.2%;
4.8% and 2.87, firms whose CEO’s did change calculated 2.8%; -227% and 2.16. The
firms which have not changed CEOs during the mentioned years have higher performance
indicators both in terms of accounting and market. In addition, total assets and total sales
of the firms which have not changed CEOs are higher compared to the firms which have
changed CEOs and their short term solvencies and capital adequacy ratio are lower.
Table 4: T-Test High and Low Tech Firms
Table 4 shows the results of t test concerning dependent and independent variables of the
firms which have changed CEOs. Firms are divided in two in Table 4 as high and low
technologies and these two groups have been analyzed in terms of their difference in CEO
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�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
turnover. 122 firms are considered to be low technology and 51 are considered to be high
technology from 173 firms being traded in ISE. 74 firms from low tech group have
changed their CEOs, 28 firms from high tech group have changed their CEOs. Between
2008 and 2011, mean ROA, ROE and Tobin’s Q rates of high tech firms were 3.8%; 0.1% and 2.38 respectively, the mentioned rates for low tech firms were calculated as
2.4%; -4.7% and 1.56. Even though CEOs of the high and low tech firms have been
changed in those years, high technology firms still have higher performance indicators
both in terms of accounting and market. In other words, high technology firms have a
higher CEO turnover in the cases of decreasing of accounting and market based
performance indicators by low-tech firms. In addition to this, total assets and sales of high
tech firms are higher than low tech firms. In other words, a faster reaction is observed
when high tech firms’ sales and assets decrease. However, low tech firms have higher
liquidity rate (LIQ) and capital adequacy (DEPT) compared to high tech firms. Since the
effect of CEO turnover on the firm’s performance is higher in high tech firms, H1
hypothesis is accepted.
General Assessment
The present research aims at determining factors that play a role in turnover of CEO in 173
firms that are traded in Istanbul Stock Exchange (ISE) in the period of 2005-2011. In
addition, firms in the research have been divided in two groups and these two groups have
been analyzed in terms of the difference of the effect of CEO change rate on firm
performance. The present study analyzes the interactions between liquidity level, capital
adequacy, total assets, sales, accounting and market based performance indicators and
CEO turnover.
There are two ways for a firm to change CEO. First one consists of the obligatory change
of CEO depending on external influences due to worsening of firm’s performance. Second
one consists of the resignation of CEO due to better career opportunities and this is a
voluntary change. The results of analysis show that CEO turnover increases when asset
profitability, equity profitability, Tobin’s Q rate, total assets, sales and liabilities decrease.
In other words, the decrease in accounting and market based performance indicators of
firms, results with CEO change. There is a positive relation between liquidity rate which is
another control variable and CEO turnover. In other words, higher solvency results with
higher CEO turnover. So, CEO change seen in firms traded in ISE happened as a result of
worsening of financial performance.
102 firms have changed CEOs and 71 firms haven’t changed CEOs of the firms which
were included in the analysis. Between the years 2008-2011, mean ROA, ROE and
Tobin’s Q rates of the firms whose CEO’s didn’t change are calculated respectively 3.2%;
4.8% and 2.87, firms whose CEO’s did change calculated 2.8%; -227% and 2.16. The
firms which have not changed CEOs during the mentioned years have higher performance
indicators both in terms of accounting and market.
122 firms are considered to be low tech and 51 are considered to be high tech from 173
firms being traded in ISE. 74 firms from low tech group have changed their CEOs, 28
firms from high tech group have changed their CEOs. Between 2008 and 2011, mean
ROA, ROE and Tobin’s Q rates of high tech firms were 3.8%; -0,1% and 2.38
respectively, the mentioned rates for low tech firms were calculated as 2.4%; -4.7% and
7
�International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo
1.56. Even though CEOs of the high and low tech firms have been changed in those years,
they still have higher performance indicators both in terms of accounting and market. In
other words, high tech firms have a higher CEO turnover in cases in which accounting and
market based performance indicators decrease. In addition to this, total assets and sales of
high tech firms are higher than low tech firms. In other words, a faster reaction is observed
when high tech firms’ sales and assets decrease. However, low tech firms have higher
liquidity rate (LIQ) and capital adequacy (DEPT) compared to high tech firms.
Additionally, high liquidity level in a firm doesn’t necessarily show its efficiency and
effectiveness. For firms, it is important to keep liquidity level at minimum and to have
profitability at maximum. Moreover, it is important for firms to establish a balance
between costs and risks, decrease capital costs and raising their market value by doing so.
So, the effect of CEO turnover on firm performance is higher in high tech firms. Since
intense competition in the high tech sector drives them to be more creative and innovative
in terms of their products in order to meet rapidly changing and developing demands,
expectations and preferences of the customers. These products and services, which cannot
be reproduced and replaced, and which are based on core capabilities with a high added
value, take effect faster on performance. With CEO turnover, the success of providing
creative and innovative, high quality products are reflected more and quickly in high tech
firms compared to low tech firms.
References
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Dalgalanma Ekseninde Yüksek Teknoloji Pazarlaması: Kavramsal Bir Çalışma.
KMÜ Sosyal ve Ekonomi̇ k Araştırmalar Dergi̇ si 13 (21), 29-36.
Allen, M.P., Panian, S.K., & Lotz, R.E. (1979). Managerial Succession And
Organizational
Performance: A Recalcitrant Problem Revisited. Administrative Science Quarterly,
Vol. 24, 167-180.
Beatty, R.P., & Zajac, E.J. (1987). CEO Change And Firm Performance In Large
Corporations: Succession Effects And Manager Effects. Strategic Management
Journal, 8(4), 305-317.
Boeker, W. (1992). Power And Managerial Dismissal: Scapegoating At The Top.
Administrative Science Quarterly, Vol. 37, 400-421.
Cannella, A. J., & Lubatkin, M. (1993). Succession As a Sociopolitical Process: Internal
Impediments To Outsider Selection. Academy of Management Journal, 36(4), 763793.
Carroll, G.R. (1984). Organizational Ecology. Annual Review of Sociology, Vol. 10, 71-93.
Conyon, M., & He, L. (2008). CEO Turnover and Firm Performance in China’s Listed
Firms. http://digitalcommons.ilr.cornell.edu/cri,28.03.2013.
Davidson, W.N., Worrell, D., & Dutia, D. (1993). The Stock Market Effects of CEO
Succession in Bankrupt?. Journal of Management, 19(3), 517-533.
8
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Defond, M.L., & Hung, M. (2004). Investor Protection And Corporate Governance:
Evidence From Worldwide CEO Turnover. Journal of Accounting Research, 42(2),
269-312.
Deond, M.L., & Park, C.W. (1999). The effect of Competition on CEO Turnover. Journal
of
Accounting and Economics, Vol. 27, 35-56.
Engel, E., Hayes, R.M., & Wang, X. (2003). CEO Turnover And Properties Of Accounting
Information. Journal of Accounting and Economics, Vol. 36, 197-226.
Gamson, W., & Scotch, N. (1964). Scapegoating in Baseball. American Journal of
Sociology, Vol. 70, 69-76.
Grusky, O. (1964). Reply to Scapegoating in Baseball”, American Journal of Sociology,
Vol. 70, pp. 72-76.
Haveman, H. (1993). Organizational Size and Change. Administrative Science Quarterly,
Vol. 38, 20-50.
Helmich, D.L. (1974), “Organizational Growth and Succession Patterns. Academy of
Management Journal, Vol. 17, 771-775.
Kesner, I. F., & Sebora, T. C. (1994). Executive Succession: Past, Present and Future”,
Journal of Management, Vol. 20, 327-372.
Lindrianasari, J. H. (2012). Antecedent and consequence factors of CEO turnover in
Indonesia. Management Research Review, 35(3), 206 – 224.
Rachpradit, P., John C.S. T., & Do B. K. (2012). CEO Turnover and Firm Performance,
Evidence from Thailand. Corporate Governance, 12(2), 164 – 178.
Shen, W. (2000). Political Dynamics Within Corporate Upper Echelons and Their İmpacts
on Contender and Outsider CEO Succession. Academy of Management
Proceedings BPS: H1.
Smith, F., Wright, A., & Huo, Y.P. (2008). Scapegoating Only Works If The Herd is Big:
Downsizing, Management Turnover, and Company Turnaround, International
Journal of Business Strategy, 8(3), 72-83.
Virany, B., Tushman, M.L., & Romanelli, E. (1992). Executive Succession and
Organization
Outcomes in Turbulent Environments: An Organization Learning Approach.
Organization Science, Vol. 3, 72-91.
Zajac, E.J., & Westphal, J.D. (1996). Who Shall Succeed? How CEO/Board Preferences
andPower Affect the Choice of New CEOs”, Academy of Management Journal,
Vol. 39, 64- 90.
9
�
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1646
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The Effect of Degree of CEO Turnover on Firm Performance in High-tech vs. Low-tech Firms: Evidence from Turkey
Author
Author
DOGAN, Mesut
AGCA, Veysel
Abstract
A summary of the resource.
The main responsibility of Chief Executive Officer (CEO) is to form and implement strategic goals, policies and plans of the firms. Researchers showed that the change of CEO who is on the top position of the organization has positive or negative impacts on firm performance. The decision of CEO’s change and who will be the new CEO is an extremely important issue especially for the firms. The change of CEO in the firms is carried out in two ways. The first is an external mandatory change occurred as a result of deterioration of their financial performance due to economic crisis, intense competition and other compelling reasons. In this case, there are performance improvements expectations by changing the CEO with identified a new and better strategies. The second is an internal voluntary change that occurs when the CEO resigns because of better career expectations and opportunities. In this case, board of directors often selects a new CEO from among the members of the board of the directors who knows well firm’s current valid long-term strategies goals, policies and strategies. As result of this change, the new CEO does not major changes in the firm. Thus, firms generally do not face a bad performance. In the literature, It is not yet seen any study which measures the impact of the degree of CEO turnover on the firm performance in Turkey. In the international literature, factors that determine the rate of CEO turnover have not been examined by differentiating the high-tech and low-tech firms yet. In this study, it is primarily aimed to determine the effect of the CEO turnover rate on the firm financial performance in the 175 firms registered and traded in the İstanbul Stock Exchange (ISE) between the years 2005-2011. It is secondly aimed to find out if there are differences in terms of the affects of CEO turnover rate on financial performance in the high-tech and low-tech firms. The degree of CEO turnover is used as the dependent variable in this study. On the other hand, Return on Assets (ROA) Return on Equity (ROE) and Tobin’s q(Q) are used as performance indicators or measures. Other independent variables are firms’ sales, total assets, leverage ratio and liquidity level. Hypotheses developed will be tested by analysis examining the interactions between the degree of CEO turnover and financial performance indicators, leverage and liquidity ratios. In addition, factors that effect CEO turnover rate will be determined in the high-tech and low-tech firms and then similarities and differences among these firms will be exposed. Keywords: Firm Performance, Ceo Turnover, Turkey, ROA, ROE.
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International Burch University
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2013-05-10
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ISSN 978-9958-834-23-3
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https://omeka.ibu.edu.ba/files/original/d09c8f9c877e89cabe1219366bde08bc.pdf
7b8527bd0ea3d520975139fab8f5fe65
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Text
The Effect of Different Soil Regulators on Quality Tomatoes
Rudil BAYYURT
Akdeniz University, Faculty Of Agriculture Department Of Horticulture, 07049 Antalya-Turkey
rudilbayyurt@gmail.com
Funda AYAR ŞENSOY
Akdeniz University, Faculty Of Agriculture Department Of Horticulture, 07049 Antalya-Turkey
ayar@akdeniz.edu.tr
Burçin ÇAKALOZ KOÇ
Akdeniz University, Faculty Of Agriculture Department Of Horticulture, 07049 Antalya-Turkey
burcinkc@hotmail.com
Nurgül ERCAN
Akdeniz University, Faculty Of Agriculture Department Of Horticulture, 07049 Antalya-Turkey
nercan@akdeniz.edu.tr
Abstract: Soil structure are very important factor at plant growing. Plants take water
and plant nutrients via their roots. If the factors such as water holding capacity and
porosity of soil is good enough, yield and quality of plant will be increased. Tomato is
valuable plant both for the fresh fruit market and the processed food industries. It is
grown in a wide range of climates in the field and under protection.The aim of this
research is to determine the effect of different soil regulators (zeolite, peat, Terra
Cottem, organik fertilizer) on tomato quality. They were mixed into the soil before
planting. At the end of the research, while organic fertilizer has the highest value in
terms of fruit weight and fruit diameter, control treatment has the highest value at fruit
lenght. According to the results, organic fertilizer is able to be mixed into soil for much
better fruit quality.
Introduction
After the importance of vegetables on human nutrition is understood, both the number of works on
vegetable growing, its rehabilitation and vegetable production-consumption increase quickly. Tomato is the
one of these vegetables which is mostly produced and consumed and it is the one of them which is mostly
worked on its quality and efficiency. In the world, tomato has 129.649.883 ton production on 5.227.883ha
field. (Anonymous, 2010a) On the other hand in our country, we have 10.985.400 ton tomato production on
300.000ha field. Therefore, following China, UK and America, we are on the fourth rank on tomato
production. (Anonymous, 2010b) Also, in spite of 247.996 hg/ha tomato profit in the world, in Turkey it is
366.180 hg/ha. Our efficiency is high because one part of the Works on tomato embraced by soil regulators
used in growing.
In terms of soil wish, tomato is not a kind of selective plant. It is grown in each rich soil that is full of
nutrition ingredients. There is an earlier crop development on the light origin soil, but the plant’s life is
short. According to this, the efficiency automatically fallen. On the other hand, although on heavy clay soil,
plant development is rather slowly at the beginning, the plant always develops and grows new
shoots,flowers and fruit. Thus, the efficiency is higher on these soils. The plant is stronger against to illness
and pests. Tomate fruit produced on these cray soils becomes nicer on colour and more enduring. The
highness water holding capacity of the soil also substantially affects the plant development and efficiency.
Tomato needs 5.5-7 soil ph. Sometimes the soil conditions that the plant need can not be supplied or the
plant can not get nutrition ingredients from the soil. This causes problems with the efficiency and quality.
23
�The aim of using organic and inorganic soil regulators is to make simpler to get plant nutrition ingredients
by doing soil’s physical and chemical origin better.
Besides, the cure of soil’s physical features is considerably important in terms of plant growing and soil
protection. With the solution of negative effects of acid in soil and the saving the endurance of aggregation
and aggragates, a plant can adequately grows. (Ozdemir et al, 2005) Generally our country’s organic
nutrient ingredients are not enough. By adding different organic materials, especially such as stable
fertilizer , it is tried to make soil features (especially physical ones) better and to heighten the organic
nutrient and the efficiency of the soil. Inadequacy of farm fertilizer and its expensiveness cause searches on
using of other materials as organic nutrient source and soil regulator. ( Kütük et al, 1995; Okur and
Delibacak, 2006)
In this study, in order to protect the origin of soil; get maximum profit from water in soil; simplify plant’s
getting nutrient elements from the soil; provide product rise, zeolite, terra cottem, peat and organic
fertilizers are used. The effects on tomato quality of these different soil regulators are searched.
Tomatoes Used in The Media
1.1.1.Zeolite
Chemical composition of zeolite is a hydrated silicic mineral of aluminium. Main characteristics of zeolite
are high cation exchange capacity, in balance water retention/release, nutrient available via ion exchange,
arrange of acidity and air porosity. In addition, zeolite like a slow release fertilizer(Ayan, 2001).
Trade
Name
Zeta
NATM 900
NMF 9000
Filter Clino
Application
Animal Coaster
Contribution feed
Contribution of
fertilizer
Filtration, waste water
Size
(microns)
2,5-3,5
0-0,7
1,5-7,0
Price ($ /
ton)
70
85
80
2,5-3,5
5,0-7,0
15,0-16,0
75
75
75
Table 1: Commercial Natural Zeolites Produced in Turkey (Anonymous, 2010d)
Chemical Structure
SiO 2
Al 2 O 3
Fe 2 O 3
K2O
H2O
CaO MgO
Na 2 O
Ti
%
71.29
13.55
1.15
3.50
5.90
1.96
0.60
0.02 0.04 No 30
0.70
Ag
N
B (ppm)
Table 2: Chemical Composition of Zeolites (Altan et al, 1998)
1.1.2.Peat
Peat is composed of water level decrease in lake’s beds and then plant’activities come to the fore, in winter
plant death by water level increasing. The natural phenomenon reproduce constantly. Peat is the type of
organic soil and is used for vegetables, seedlings, cultivated mushroom and potted ornamental crops. Đts ph
is range from 5.5 to 6.5. it is a poor organic soil except for nitrogen and semi- steril. In Turkey peat
deposites which are approximately 40- 50 thousand hectares, were found 15 units (Ulukan and Ece, 2006) .
Peat is very popular and commanly used for growing vegetables and seedlings in Turkey.
1.1.3.Organic Fertilizer
Nowadays a huge range of products can be obtained, which have been produced intensively using chemical
fertilizers; however, the extreme and careless usage of chemical fertilizers leads to structural damages and
deterioration of physical, chemical and biological properties of the soil, like salinization, withering,
24
�extreme pH-levels and the destruction of organic material which acts as nutrients for microorganisms,
which can only be recognized at long-terms. For reestablishing the physical, chemical and biological
balance of our farming grounds, organic fertilizing is essential. The organic substances which the soil gets
enriched with by organic fertilizing reestablish the air/water balance in the soil and thus maintain a healthy
soil structure. Due to increased activity of microorganisms in the soil as a result if adding organic
substances, the biological activity also increases and nutrients will be released, what either leads to a better
chemical structure of the soil. This way the physical, chemical and biological balance of the soil is being
reestablished. In order not to devastate this balance, we urgently have to stop the intensive usage of
chemical fertilizers and we need change to organic fertilizing (Anonymous, 2010c)
1.1.4. Terra Cottem
The terra cottem soıl conditıoner is a proprietary mixture of more than twenty components from six
different groups all assisting the plant growth processes in a synergetic way:The Growth Stimulators play a
very important role in the initial growth phase of the plant. They activate rootcell elongation and
differentiation, and biomass production. In addition, roots are encouraged to grow more rapidly to depths
where more water is present.
Terra cottem’s crosslinked hydroabsorbent copolymers of acrylamide and acrylic acid partially neutralized
by potassium and ammonia salts absorb and store water that is normally lost to evaporation and leaching,
reducing the volume and frequency of necessary irrigation up to 50%. This water is then kept at the
disposal of the plant that accesses the stored water on demand through its root hairs, keeping the water in
the root zone for a longer period of time. In dry form, polymers are white, crystalline granules swell
quickly, absorbing water and expanding into a gel- like substance. Each polymer is capable ofstoring many
times its own weight in water. The terra cottem polymers have a low sensitivity to electrolytes, yielding
numerous wet/dry cycles. The soluable mineral fertilizers absorbed by the hydrogels, feature a classic NPK
mixture used as a starter component for the first growth phase of plants. They contain a high amount of
trace elements. The slow release fertizlizers offer a constant flow of nutrients and play an important role in
soil fertilization for many months. The release of nutrients starts approximately 2- 3 weeks after application
and is temperature activated.
The organic fertilizers stimulate microbiological activity in the soil and contribute to overall soil
conditioning by releasing nitrogen and other growth stimulating elements. Terra cottem’s carrier material
consists of a particular kind of volcanic pyroclastic rock (lava). The material acts as a component binder, a
vehicle for the growth stimulators and allows homogeneous distribution of all components. Lava also
improves the soil’s aeration (Anonymous, 2010e).
Benefits
•
•
•
•
•
•
•
•
•
Stronger and deeper root development
Healthier plants and increased yields
Higher resistance to diseases
Increased survival rate
Soil conditioning
Water savings
Better use of fertilizers
Good for the environment
Enable plant growth in degraded, saline or otherwise marginal soils
The Study
This study was conducted in Akdeniz Unıversity Faculty of Agrıculture’s research and application field’s
greenhouses. Each application were prepared separately. Soil regulators mixed in the soil for growing.
controls were composed of non-regulators soil. The usage area and the amonuts are the same with the line
lenght 12. 3 cm and the soil regulator weight of 623 kg/da was used. Tomato cv M19 was choosen as
25
�plantal material. Organic 1application was composed of %65 Clinoptilolite and %20 total organic materail.
Organic 2 application was composed of %45 Clinoptilolite,%20 total organic materail, %8 total nitrogen
and %1 organic nitrogen. Clinoptilolite is one of 40 different minerals of the group of zeolites and also the
most important one among them. Because of its superior physiochemical characteristics and its versatile
usability in a number of different industries it is used in geological, physical, chemical and agricultural,
animal breeding and medical processes. Due to its huge anion and cation exchange capacity and its
essential characteristics, like a balanced water management and its ability to bind and to release nutrients,
Clinoptilolite is used as soil regulator and re-activator.
Study was carried out as Randomized block design with 3 replications for each application. 15 fruits
observation was donefor each replications. Examined parameters are fruit width, length and weight. Fruit
width and length were measured by electronic calipers. Statistical analyses were performed by using SASsoftware package (SAS Institute, 1988), treatments means were separeted by Duncan’s test.
Findings
The highest value was supplied with organic 1- 2 and these applications weren’t significantly different
from each other but they were significantly different from others; zeolite application showed the lowest
value in terms of fruit width parameter. On fruit size parameter, the highest value was supplied with
organic 1 and this application had statistically differences from the others; zeolite application gave the
lowest value.when the total fruit weight parameter was taken into consideration, the highest value was
supplied with organic nutrient 1-2 and these applications weren’t significantly different from eac other but
they were significantly different from other applications; zeolite application showed the lowest value
[Table 3].
Applications (I.harvest)
Width
Size
Peat
71.6924b*
58.8913bc
Soil
70.9832b
59.9996ab
Zeolite
67.3582c
56.0720d
Organic 1
74.4369a
60.4882a
Organic 2
74.5020a
60.1896ab
Terra cottem
69.0800c
58.4371c
*Means with the same letter are not significantly different. There were significant
differences between applications(P<0.01).
Table 3: Fruit width, size and weigth results of I. harvest.
Weight
184.952b
185.981b
153.885d
202.085a
204.602a
168.517c
statistically
It was seen that the highest value was supplied with organic 1and this application was significantly different
from others; zeolite application showed the lowest value in terms the fruit width parameter. On fruit size
parameter, the highest value was supplied with organic 1 and soil. Those applications had statistically
differences from the others but these applications weren’t significantly different from eac other; zeolite
application gave the lowest value. When the total fruit weight parameter, the highest value was supplied with
organic 1 and this application is significantly different from other applications; zeolite application showed
the lowest value [Table 4].
Applications (II. harvest)
Width
Size
Weight
Peat
68 341 b *
57.1107 b
162.206b
Soil
69 712 ab
59.2798 a
173.842ab
Zeolite
67 453 b
56.6422 b
157.328b
Organic 1
71 890 a
59.7404 a
188.623a
Organic 2
68 078 b
56.6800 b
161.122b
Terra cottem
67 792 b
57.2582 b
160.508b
*Means with the same letter are not significantly different. There were significant statistically
differences between applications(P<0.01).
Table 4: Fruit width, size and weigth results of II. harvest.
26
�On fruit width parameter, the highest value was supplied with organic 2, zeolite and soil. These
applications weren’t significantly different from each other but they were significantly different from
others; the other applications showed the lowest value. When the fruit size parameter was the case, the
highest value was supplied by soil and this application had statistically differences from the others; peat and
organic 1 gave the lowest value. The highest value was supplied with zeolite, soil and these applications
aren’t significantly different from eac other but they are significantly different from other applications;
organic 1,Terra cottem and peat applications showed the lowest value in terms of the total fruit weight
parameter [Table 5].
Applications (III. harvest )
Width
Size
Weight
Peat
49 208 b *
43 827 c
72 874 c
Soil
54 166 a
48 610 a
91 720 a
Zeolite
53 379 a
47 292 ab
89 648 a
Organic 1
48 266 b
43 500 c
68 730 c
Organic 2
53 246 a
47 697 ab
88.321ab
Terra cottem
49 604 b
45 824 abc
71 854 c
*Means with the same letter are not significantly different. There were significant statistically
differences between applications(P<0.01).
Table 5: Fruit width, size and weigth results of III. harvest.
Conclusions
If soil doesn’t have enough nutrients for farming and has low water holding capacity, soil regulators can be
used for avoding these problem. Soil regulators provide; water savings, stronger and deeper root
development, better use of fertilizers and fruit quality. In this study, the soil of greenhouse is Terra rossa
soil which has rich in nutrient materails, enough holding water capacity. Therefore; difference among the
applications were not put the case clearly. The impacts of applications come into being clearly in the bad
soil condition. According to results of the study; on fruit quality, the highest value was supplied with
organic 1 - 2 in first two harvest; in latter harvest zeolit supplied the highest value on the fruit quality
because of initating heat stres, fruits didn’t reach peculiar to fruit cultivar size.
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28
�
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325
Title
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The Effect of Different Soil Regulators on Quality Tomatoes
Author
Author
BAYYURT, Rudil
AYAR SENSOY, Funda
ÇAKALOZ KOÇ, Burçin
ERCAN, Nurgül
Abstract
A summary of the resource.
Soil structure are very important factor at plant growing. Plants take water and plant nutrients via their roots. If the factors such as water holding capacity and porosity of soil is good enough, yield and quality of plant will be increased. Tomato is valuable plant both for the fresh fruit market and the processed food industries. It is grown in a wide range of climates in the field and under protection.The aim of this research is to determine the effect of different soil regulators (zeolite, peat, Terra Cottem, organik fertilizer) on tomato quality. They were mixed into the soil before planting. At the end of the research, while organic fertilizer has the highest value in terms of fruit weight and fruit diameter, control treatment has the highest value at fruit lenght. According to the results, organic fertilizer is able to be mixed into soil for much better fruit quality.
Date
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2010-06
Keywords
Keywords.
Conference or Workshop Item
PeerReviewed
Q Science (General)
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https://omeka.ibu.edu.ba/files/original/5efbe9269094dc33c37094851c965805.docx
cca996b1f13116c15308452b0294ce5b
https://omeka.ibu.edu.ba/files/original/58445aabc17206417d392c6910cbb5c9.pdf
bacc1901f108882ba72fb9177ac41ad7
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The Effect of Directors’ Index on Firm Performance: Evidence from BIST100
Firms
Nida Abdioglu
Balikesir University
Turkey
nidaabdioglu@balikesir.edu.tr
Recep Kilic
Balikesir University
Turkey
krecep@balikesir.edu.tr
Abstract: Following corporate scandals including those effecting Enron, Tyco, and WorldCom,
the implications of corporate governance principles have played a critical role in determining
the success of the companies around the world. Turkish Capital Market Board also issued
corporate governance principles with the aim of enhancing the corporate governance
regulations in July 2003. This study shed lights on the relation between corporate governance
quality and firm performance of firms listed in Borsa İstanbul 100 indexes (BIST100). With
accepting corporate governance as a mechanism to reduce the agency conflicts between
managers and shareholders, we assume that this reduction results with increased firm
performance. We differentiate this study from the existing literature by accepting directors’
index (DINDEX) as a proxy for corporate governance quality for the companies existed in
Bist100. We follow Bushee et al. (2010) to create DINDEX. This index examines the strength of
board characteristics for a particular firm and includes five different dimensions: CEOchairman duality, the presence of board interlocks, attendance of board meetings, board size and
the percentage of independent directors.
We examine the relation between corporate governance quality and firm performance for the
firms listed in BIST100 1999-2013. We have 328 observations of firms per year in our Paneldata set. ‘Return on Assets’ is our proxy for firm performance. We use following specific
characteristics of firms: total firm assets, operating expenses, liquidity, leverage, firm age and
research and development expenditures. We use ‘Fixed Effect Panel Regressions’ in our analysis
so that we account for time-invariant firm-level omitted variables that could bias our results.
Our findings indicate that DINDEX does not have any effect on corporate performance of
BIST100 firms. As a second step, we examine the relation between firm performance and
DINDEX for each industry in our dataset. We find that among the firms in electricity industry,
those that have high level of corporate governance quality also have high level of firm
performance. We explain this result with the quick adjustments of these firms to the changes in
corporate governance.
Keywords: Firm Performance, DINDEX, Corporate Governance Quality, BIST100, Panel Data.
119
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2579
Title
A name given to the resource
The Effect of Directors’ Index on Firm Performance: Evidence from BIST100 Firms
Author
Author
ABDIOGLU, Nida
KILIC, Recep
Abstract
A summary of the resource.
Following corporate scandals including those effecting Enron, Tyco, and WorldCom, the implications of corporate governance principles have played a critical role in determining the success of the companies around the world. Turkish Capital Market Board also issued corporate governance principles with the aim of enhancing the corporate governance regulations in July 2003. This study shed lights on the relation between corporate governance quality and firm performance of firms listed in Borsa İstanbul 100 indexes (BIST100). With accepting corporate governance as a mechanism to reduce the agency conflicts between managers and shareholders, we assume that this reduction results with increased firm performance. We differentiate this study from the existing literature by accepting directors’ index (DINDEX) as a proxy for corporate governance quality for the companies existed in Bist100. We follow Bushee et al. (2010) to create DINDEX. This index examines the strength of board characteristics for a particular firm and includes five different dimensions: CEO-chairman duality, the presence of board interlocks, attendance of board meetings, board size and the percentage of independent directors. We examine the relation between corporate governance quality and firm performance for the firms listed in BIST100 1999-2013. We have 328 observations of firms per year in our Panel-data set. ‘Return on Assets’ is our proxy for firm performance. We use following specific characteristics of firms: total firm assets, operating expenses, liquidity, leverage, firm age and research and development expenditures. We use ‘Fixed Effect Panel Regressions’ in our analysis so that we account for time-invariant firm-level omitted variables that could bias our results. Our findings indicate that DINDEX does not have any effect on corporate performance of BIST100 firms. As a second step, we examine the relation between firm performance and DINDEX for each industry in our dataset. We find that among the firms in electricity industry, those that have high level of corporate governance quality also have high level of firm performance. We explain this result with the quick adjustments of these firms to the changes in corporate governance. Keywords: Firm Performance, DINDEX, Corporate Governance Quality, BIST100, Panel Data.
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
2014-04
Keywords
Keywords.
Article
PeerReviewed
Identifier
An unambiguous reference to the resource within a given context
ISSN 2303-4564
H Social Sciences (General)
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https://omeka.ibu.edu.ba/files/original/4d98977c96d16b84571697682d327d4c.docx
a9fe5e31bebea9ee26740911442e41ec
https://omeka.ibu.edu.ba/files/original/21684c9dac84459c72aaf6ee2c6a0e29.pdf
dd01eaf36834abd3e1849020fc3ea078
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Text
The Effect of Emotional Intelligence on Self Efficacy and Entrepreneurial
Intentions: An Application of Business Students
Ülke Hilal Ağırman
Erzurum Atatürk University
Turkey
ulkecelik@hotmail.com
Seda Tüysüz
Erzurum Atatürk University
Turkey
sedatuysuz@hotmail.com
Atılhan Naktiyok
Erzurum Atatürk University
Turkey
anakti@atauni.edu.tr
Abstract: Entrepreneurship is linked with value creation and, as such, is thought to have a
significant impact on economic growth, continuous business renewal, and employment (Tang
and Koveos, 2004). Therefore, entrepreneurship has a great importance in today's economic
system and is considered as the main driving force of economic development. It is essential for
individuals to have entrepreneurial self efficacy and intentions of entrepreneurship to identify the
opportunities in their environment and create value from these opportunities. Self-efficacy is an
individual’s cognitive estimate of his or her ‘‘capabilities to mobilize the motivation, cognitive
resources, and courses of action needed to exercise control over events in their lives’’ (Wood
and Bandura, 1989). Entrepreneurial self efficacy reflects an individual's capability to
successfully fulfill his/her tasks of entrepreneurship (Chan et al., 1998:301). An entrepreneurial
intention is defined as the conscious state of mind that directs personal attention, experience,
and behavior toward planned entrepreneurial behavior (Bird, 1988). This study focuses on the
emotional intelligence factor which is thought to affect individuals' entrepreneurial self efficacy
and intention of entrepreneurship. Emotional intelligence which is the ability of people in coping
and adapting with life events depends on cooperation of intellectual and emotional capacities
(Salovey and Mayer, 1993) so it is an important construct of entrepreneurship’s development. To
test research hypotheses, data will be gathered from students at the Business Program of Faculty
of Economics and Administrative Sciences in a university in Turkey. The data obtained will be
analyzed using appropriate statistical methods and in accordance with this analysis it will be
determined whether level of individuals' emotional intelligence affects self efficacy and
entrepreneurial intentions.
Keywords: Entrepreneurship, entrepreneurial self efficacy, intention of entrepreneurship,
emotional intelligence.
156
�156
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2617
Title
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The Effect of Emotional Intelligence on Self Efficacy and Entrepreneurial Intentions: An Application of Business Students
Author
Author
AGIRMAN, Ulke Hilal
NAKTIYOK, Atilhan
TUYSUZ, Seda
Abstract
A summary of the resource.
Entrepreneurship is linked with value creation and, as such, is thought to have a significant impact on economic growth, continuous business renewal, and employment (Tang and Koveos, 2004). Therefore, entrepreneurship has a great importance in today's economic system and is considered as the main driving force of economic development. It is essential for individuals to have entrepreneurial self efficacy and intentions of entrepreneurship to identify the opportunities in their environment and create value from these opportunities. Self-efficacy is an individual’s cognitive estimate of his or her ‘‘capabilities to mobilize the motivation, cognitive resources, and courses of action needed to exercise control over events in their lives’’ (Wood and Bandura, 1989). Entrepreneurial self efficacy reflects an individual's capability to successfully fulfill his/her tasks of entrepreneurship (Chan et al., 1998:301). An entrepreneurial intention is defined as the conscious state of mind that directs personal attention, experience, and behavior toward planned entrepreneurial behavior (Bird, 1988). This study focuses on the emotional intelligence factor which is thought to affect individuals' entrepreneurial self efficacy and intention of entrepreneurship. Emotional intelligence which is the ability of people in coping and adapting with life events depends on cooperation of intellectual and emotional capacities (Salovey and Mayer, 1993) so it is an important construct of entrepreneurship’s development. To test research hypotheses, data will be gathered from students at the Business Program of Faculty of Economics and Administrative Sciences in a university in Turkey. The data obtained will be analyzed using appropriate statistical methods and in accordance with this analysis it will be determined whether level of individuals' emotional intelligence affects self efficacy and entrepreneurial intentions. Keywords: Entrepreneurship, entrepreneurial self efficacy, intention of entrepreneurship, emotional intelligence.
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
2014-04
Keywords
Keywords.
Article
PeerReviewed
Identifier
An unambiguous reference to the resource within a given context
ISSN 2303-4564
H Social Sciences (General)
-
https://omeka.ibu.edu.ba/files/original/fbd7b239d55ee3e4a7cb4e1f2b356d1c.pdf
f0f4d8ffef45663c1b04aaa614f86aaf
PDF Text
Text
3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
Durkaya, M., S., Ceylan, “Tax Revenues and Economic Growth”, Maliye Dergisi, N.150,
p.79-89.
Ekici, M.Sena (2009), “The Determinants of Tax Revenue & Its Economical-Social Side”,
Electronic Journal of Social Sciences, V.8, ISSN : 1304-0278, p.200-223
Göçer, İ., M., Mercan, et all (2010), “Ekonomik Büyüme İle Vergi Gelirleri Arasındaki İlişki:
Sınır Testi Yaklaşımı”, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi.
Güriş, S, E.Çağlayan and B.Güriş (2011), Eviews İle Temel Ekonometri, Der Yayınları,
İstanbul, ISBN: 9789753533706
Lee, Y., R.Gordon (2005), “Tax Structure and Economic Growth”, Journal of Public
Economics, 89, p.1027-1043.
Mucuk, M. and V., Alptekin (2008), “The Relationship Tax and Economic Growth in Turkey:
VAR Analysis (1975-2006)”, Maliye Dergisi, N.155, p.159-174
Paksoy, S. and S, Bakan (2010), “Tax Policies Which are Applied in Turkey & Effects of
Them on Economic Growth: (After 1980)”, Journal of Social Sciences, V.9, ISSN : 13040278, p.150-170
Pehlivan, O.(2012), Vergi Hukuku, Genel İlkeler ve Türk Vergi Sistemi, Murathan Yayınevi,
Trabzon, ISBN: 9786055451219
Temiz, D.(2008), “The Relationship Between Tax Revenues and Economic Growth in Turkey
: The Period of 1960-2006”, 2.National Economy Congress, İzmir,
Özsoy C.(2009), "Türkiye'de Eğitim ve İktisadi Büyüme Arasındaki İlişkinin VAR Modeli İle
Analizi", The Journal of Knowledge Economy & Knowledge Management, Vol:IV, , 71-83.
Turan, T.(2008), “Maliye Politikası Araçlarının Ekonomik Büyüme Üzerindeki Etkileri: Bir
Literatür İncelemesi”, Sayıştay Dergisi, S.69, p. 17-36
Yanpar, Atila (2007),
Master Degree Thesis,
Gelişmekte Olan Ülkelerde Büyüme Yönelimli Vergi Politikası,
Yılmaz, Ö., V.Kaya(2007), “İhracat, İthalat ve Reel Döviz Kuru İlişkisi: Türkiye İçin Bir
VAR Modeli”, İktisat İşletme ve Finans Dergisi, p.250, 69-84.
The Effect of Exchange Rate Volatility on Import Demand: Evidence from Turkey
Demirgil Hakan1, Keskin Hidayet1, Karaöz Murat2,Şentürk, Canan1
1Süleyman Demirel University, Isparta, Turkey
2Akdeniz University, Antalya, Turkey,
Abstract
Since 2001 financial crisis, Turkey has adopted fluctuating exchange rate regime in order to
make the economy stronger against external shocks. This has lead to a high volatility of
Turkish lira against to foreign currencies. Therefore, it became essential for policy makers to
evaluate the potential effects of exchange rate volatility on international trade. The purpose of
this study is to provide new evidence on the effects of exchange rate volatility on the import
40
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
demand of Turkey along with income and price elasticities. Our data cover the period 2010:01
to 2010:05. We, initially, employed a GARCH model to evaluate exchange rate volatility one
of the independent variables that estimate real import. The study also includes conventional
determinants such as relative price level of imports and real GDP. Afterwards, our paper
investigates long-run and short-run relationship between real imports and its determinants by
using ARDL error correction model. The empirical results indicate that real exchange rate
volatility of local currency has significant and reverse effect on import demand.
Keywords: Exchange rate volatility, Import demand, GARCH model, ARDL error correction
model, Turkey.
1. INTRODUCTION
The high degree of volatility and uncertainty of exchange rate movements since the beginning
of the generalized floating in 1973 have led policy makers and researchers to investigate the
nature and extent of the impact of such movements on the volume of trade. Most studies
investigate empirically the effects of exchange rate volatility on the export flow. However,
there are only a few studies which investigate the impact of exchange rate volatility on import
demand.
Gotur (1985) found mixed evidence regarding the effect of exchange rate volatility on import
demand using aggregate data for the US, Germany, France, Japan and UK. The main
conclusion of this analyze is that the Akhtar-Hilton methodology fails "to establish a
systematically significant link between measured exchange rate variability and the volume of
international trade". Anderton and Skudelny (2001) estimated euro area import demand
function for the period 1989:01 to 1999:02. They found a significant negative effect of extraeuro area bilateral exchange rate volatility on euro area imports. Aydın et al. (2004) examines
the export supply and import demand for the Turkish economy using both single equation and
vector auto regression frameworks. The analysis shows the real exchange rate as a significant
determinant of imports and the trade deficit, but not of exports. Baum et al. (2004) estimates
the impact of exchange rate volatility on real international trade flows utilizing a 13 country
dataset of monthly bilateral real exports for 1980-1998. They find that the effect of exchange
rate volatility on trade flows is nonlinear, depending on its interaction with the importing
country’s volatility of economic activity, and that it varies considerably over the set of
country pairs considered.
Arize (1998) tried to apply the co-integration technique to the import demand model using
quarterly data over 1973:02 through 1993:04 and estimated the short- and long-run influence
of exchange-rate volatility on the import flows of the United States. The major finding is that
there is a significant long- as well as short-run negative effect of exchange-rate volatility on
the volume of imports. Arize and Shwiff (1998) provided new evidence on the long-run
relationship between import flows and exchange-rate volatility in G-7 countries, during the
quarterly period 1973:02 to 1995:01. They found that exchange rate volatility has a significant
negative effect on the volume of imports of G-7, countries whereas for Canada, it is positive
and significant.
Hwang and Lee (2005) examine the impact of exchange rate volatility on trade flows in the
UK, over the period 1990-2000. Volatility is modelled by GARCH-M method. This study
identifies the existence of a positive relationship between exchange rate volatility and imports
in the U.K. in the 1998. Gül and Ekinci (2006) investigate the interactions between the real
exchange rates and export and import applying bivariate Granger causality test in Turkey. The
41
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
results indicate that there is a cointegrating relationship between the real exchange rates and
export and import. Erden and Sağlam (2009) investigate the impact of exchange rate volatility
on import demand in Turkey. The results indicate that while volatility and import demand on
investment goods are co-integrated and are negatively related, there is no co-integrating
relationship between exchange rate volatility and import demand on consumptions goods. Sarı
(2010) provides the exchange rate volatility by using MSARCH which is a new econometric
method; the results indicate that the import and exchange rate volatility are inversely related.
Alam and Ahmed (2010) estimated the import demand function for Pakistan covering
quarterly period 1982:01 to 2008:02 by employing ARDL approach. The result from ARDL
analysis, support the hypothesis that in Pakistan there exist a long run relationship among,
import demand, real economic growth, relative price of imports, real effective exchange rate
and volatility of real effective exchange rate.
2. Data and Methodology
For the following analysis, we gathered data on real import demand (RIMP) which is
constructed as nominal import level deflated by the unit value index of import level, relative
price (RELPR) which is the ratio of import price index of Turkey to consumer price index for
Turkey (CPI), real GDP (GDP) seasonally adjusted using by CENSUS X12 method and
exchange rate volatility (VOL). A continuous monthly sample from 2000:01 to 2010:05 is
used in this study. RIMP, RELPR, GDP and CPI variables collect from Turkish Statistical
Institute. Exchange rate volatility means that risk level faced by importers due to
unpredictable fluctuations and thus it is an unobservable variable. We, therefore, used the
conditional variance measure derived from GARCH model by Bollerslev (1986):
where c is constant term,
are the coefficients and
is the error term normally distributed
with mean zero and variance . ARCH model developed by Engle (1982) presume that the
variance can be obtained from the following AR process:
where
is the conditional variance of exchange rate,
are the coefficients and
indicates the squared residuals from the mean equation. However, the GARCH (p,q) process
is a widening version of ARCH in which
is a function of the lagged values of itself as well
as of
. The conditional variance of exchange rate is estimated by:
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
The most familiar drawback of testing for nonstationary in the process of time series is the
very low power of unit root tests. Thus, a method which has received considerable attention
over the past years is the autoregressive distributed lag (ARDL) bounds testing approach to
cointegration developed by Pesaran and Shin (1999) and Pesaran et al. (2001) is usually used.
The advantages of this method are to compare with other cointegration procedure. Firstly, a
major advantage of this approach is that order of integration for each variable is not required
for testing on the existence of a long-run relationship between them. More precisely, it is not
relevant whether the variables are I(0) or I(1). Moreover, the long and short run coefficients
can be estimated simultaneously and a dynamic error correction model (ECM) can be derived
from ARDL through simple linear transformation.
Applying the method, the error correction version of the ARDL model is given by:
where the c is the constant tem, are the long run multipliers, are the short run coefficients
and is the white noise error term. To test the long run relationship, an F-test on the null
hypothesis of no cointegration in the long run relationship is defined by
,
against
the
alternative
hypothesis
of
is conducted. The calculated F statistic is compared with the
critical values provided by Pesaran et.al (1999). If the calculated F statistic lies above the
upper bound, the null hypothesis of no cointegration is rejected. In other case, the null
hypothesis can be accepted if F statistic below the lower bound. If the existence of a
cointegration relationship is identified, then following cointegration model is projected:
The selection of the orders of lags in ARDL model is very important which is guided by
Akaike Information Criterion (AIC). Furthermore, the properties of the residuals are checked
to ensure the absence of serial correlation. Finally, the dynamic short-run coefficients for the
error correction representation are estimated according to;
43
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
where ECMt-1 is the error correction term resulting from estimated long run equilibrium
relationship;
and
is the coefficient represent the speed of adjustment to long run equilibrium i.e. the
percental monthly correction of a deviation from the long run equilibrium the month before.
3. Empirical Results
The Augmented Dickey Fuller (ADF) and Philips-Perron (PP) tests results are shown in Table
1. This tests shows that RIMP, RELPR, GDP are to be integrated of order one, I(1), except for
measures exchange rate volatility (VOL). VOL is to be integrated of order zero, I(0).
Evidently, composition of I(0) and I(1) variables provides a good reason for using the bounds
test approach (ARDL model).
Table 1. ADF and PP tests of the series
Variable
ADF test with intercept
Philips-Perron test with intercept
Level
First Difference
Level
First Difference
RIMP
-0.861
-2.906**
-1.912
-18.695*
RELPR
-1.665
-5.889*
-1.383
-9.185*
GDP
-1.366
-8.245*
-1.462
-7.136*
VOL
-7.441*
-15.659*
-7.484*
-67.973*
Critical values are: -3.483 (for 1% level), -2.887 (for 5% level), -2.581 (for 10% level). *,**
and *** indicates significant at 1%, 5% and %10 level respectively.
In the first stage of the ARDL procedure, the order of lags on the first differenced variables
for eq. (4) is usually obtained by means of Akaike Information Criterion (AIC). Given that we
are using monthly observations, we experimented up to 8 lags on the first-difference of each
variable and decided to choose 2 lags length.
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
Table 2. Lag Lengths for Bounds Test
Lag Length
AIC
Breusch-Godfrey
(Prob.)
8
6,9658
0.142
7
6,9673
0.571
6
6,9036
0.734
5
6,9024
0.108
4
6.8588
0.104
3
6.7958
0.413
2
6.7951
0.507
1
6.7976
0.401
LM
Test
In Table 3, the results of the bounds co-integration test demonstrate that the null hypothesis of
against its alternative is easily rejected at the 5% significance level. The computed F-statistic
of 4.738 is greater than the lower critical bound value of 3.49; thus indicating the existence of
a steady-state long-run relationship among RIMP, RELPR, GDP and VOL.
Table 3. Bounds Test for Cointegration Analysis
K
3
Bounds F test
Critical Values
Lower Bound
Upper Bound
%90 level
2.97
4.00
%95 level
3.49
4.58
%99 level
4.56
5.83
4.738
Diagnostics
R2=0.440
F-Statistics=5.398 (0.000)
Breush-Godfrey
(0.451)
Ramsey
(0.577)
LM=1.59 Jarque-Bera=10.307 (0.005)
D-W Stat=1.938
White Test=
(0.928)
7.872
RESET=0.312
Given the existence of a long-run relationship, in the next step we used the ARDL
cointegration method to estimate the parameters of ARDL (1,0,1,1) model. GDP and VOL
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
variables display the expected signs for the regressors and they are highly statistically
significant. The results of long run test suggest that the demand for imports in Turkey has not
been affected by an increase in the relative price level of import. Because, Turkey mostly
imports goods that are essential for continuing economic activity like petroleum products and
raw materials.
Table 4. ARDL (1,0,1,1) Model and Long Run Coefficients
Variable
Coefficient
t-stat
Constant
-33.426
-3.758*
RIMPt-1
0.331
3.763*
RELPR
0.139
0.825
GDP
2.48E-06
0.507
GDPt-1
8.73E-06
1.843*
VOL
-0.069
-1.996**
VOLt-1
0.034
1.002
Constant
-50.002
-3.815*
RELPR
0.208
-0.989
GDP
1.676E-05
3.763*
VOL
-0.051
-3.994*
F-Statistics=157.948 (0.000)
D-W Stat=2.043
Coefficients for Long Run
Diagnostics
R2=0.892
Breush-Godfrey
(0.636)
Ramsey
(0.278)
LM=0.97 Jarque-Bera=13.375 (0.001)
White Test=3.279 (0.785)
RESET=1.184
*, **and *** denote significance at the1%, 5% and 10% level, respectively.
Error Correction Model (ECM) is employed to check the short run relationship among RIMP,
RELPR, GDP and VOL. The t-statistics of ECM is statistically significant which shows that
there is short run relationship among variables and results are incorporated in Table 5. The
coefficients of error correction term represent the speed of adjustment of this variable back to
its long- run value following a shock. 81% of any deviation from the long-run equilibrium is
corrected every month.
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
Table 5. Error Correction Representation of ARDL Model
Variable
Coefficient
t-stat
Constant
-0.171
-0.254
ECMt-1
-0.816
-5.039*
RIMPt-1
0.119
0.913
RELPR
0.321
0.688
RELPRt-1
0.376
0.806
GDP
3.73E-06
0.775
GDPt-1
3.61E-06
0.769
GDPt-2
8.93E-06
1.918***
VOL
-0.077
-2.687*
F-Statistics=7.984 (0.000)
D-W Stat=2.061
Diagnostics
R2=0.365
Breush-Godfrey
(0.182)
Ramsey
(0.190)
LM=1.79 Jarque-Bera=7.388 (0.024)
White Test=1.182 (0.316)
RESET=1.168
*, **and *** denote significance at the1%, 5% and 10% level, respectively.
In order to check for parameter constancy, we employ the CUSUM stability test to the
estimated ARDL model.
Graph 1. Stability tests for Short Run ARDL (ECM) Model
30
40
2
3
1
2
20
0
30
10
1
-1
0
-2
-1
-3
-2
0
20
-10
-4
01
02
03
04
05
06
07
08
09
10
-3
01
02
03
Recursive C(1) Estimates
± 2 S.E.
10
50
0
04
05
06
07
08
09
10
01
02
03
Recursive C(2) Estimates
± 2 S.E.
0
04
05
06
07
08
09
10
08
09
10
08
09
10
Recursive C(3) Estimates
± 2 S.E.
200
.00006
100
.00004
0
.00002
-50
-100
-10
-100
.00000
-200
-.00002
-300
-.00004
-150
-200
-20
-250
01
02
03
04
05
06
07
08
09
10
01
02
03
Recursive C(4) Estimates
± 2 S.E.
-30
.00004
.00002
-40
04
05
06
07
08
09
10
01
02
03
Recursive C(5) Estimates
± 2 S.E.
04
05
06
07
Recursive C(6) Estimates
± 2 S.E.
.00004
.6
.00002
.4
.00000
.2
.00000
2001
2002
2003
2004
2005
2006
2007
2008
2009 2010
-.00002
-.00002
-.00004
CUSUM
5% Significance
-.00006
02
03
04
05
06
07
Recursive C(7) Estimates
± 2 S.E.
(a) CUSUM Plot for the estimated ARDL
Model
.0
-.00004
01
08
09
10
-.2
01
02
03
04
05
06
07
Recursive C(8) Estimates
± 2 S.E.
08
09
10
01
02
03
04
05
06
07
Recursive C(9) Estimates
± 2 S.E.
(b) Recursive Coefficient Test for stability of ECM
47
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
The CUSUM plot for the model is shown in Graph 1 (a). As can be seen, the plot is within the
5% critical bounds. Furthermore, we conduct the Recursive Coefficient Test to confirm the
stability of parameters see Graph 1 (b). As the coefficients do not display significant
variation as more data is added to the estimating equation, it is a strong indication of stability.
For the model, the stability tests show an overall constancy of the cointegration space.
4. CONCLUSION
In this paper, we have analyzed real import demand for Turkey using available monthly time
series data from 2000:01 to 2010:05. It could be concluded from this study that there is a long
run relation among import demand, relative prices, real GDP and real exchange rate volatility.
CUSUM and Recursive Coefficient Tests also indicate that there exists a stable import
demand function. By employing an error correction framework, we also obtain estimates for
the speeds of adjustment to long run equilibrium and short run elasticities for the import
demand of Turkey. Therefore, it found that import demand of Turkey is positively affected by
real GDP indicating that it is growth driven. Further, the results show that relative price level
has no significant effect on import demand, which is quite obvious for growth driven
economy.
Results of the study also disclose that real exchange rate volatility of local currency has
significant and reverse effect on import demand. The import demand of Turkey is sensitive
and elastic (long run elasticity is -0.051 meanwhile short run elasticity is -0.077) to real
depreciation and its volatility. The short-run dynamics assessed by estimation of the error
correction models indicate an average adjustment coefficient of -0.82. For sustainable foreign
trade policy (mediately sustainable economic growth), Central Bank of the Republic of
Turkey should conduct more stable exchange rate policy.
REFERENCES
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Arize, A.C. and Shwiff, S.S. (1998) Does Exchange-Rate Volatility Affect Import Flows In
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Aydın, M.F., Çıplak, U. and Yücel, E.M. (2004) Export Supply and Import Demand Models
for the Turkish Economy, Research Development Working Paper No: 04/09, The Central
Bank of the Republic of Turkey.
Baum C.F., Caglayan M. and Ozkan N. (2004), Nonlinear Effects of Exchange Rate Volatility
on the Volume of Bilateral Exports, Journal of Applied Econometrics, 19, 1-23.
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Econometrics, 31, 307-27.
48
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
Engle, R.F. (1982) Autoregressive Conditional Heteroscedasticity with Estimates of the
Cariance of UK Inflation, Econometrica, 50, 987-1008.
Erden, L. and Sağlam, G. (2009) Türkiye’de Döviz Kuru Oynakliğinin Sektörel Ithalata
Etkileri: Bir Ardl Ithalat Modeli Analizi, H.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi,
27(2), 19-44.
Gül E. and Ekinci A. (2006) Türkiye’de Reel Döviz Kuru İle İhracat ve İthalat Arasındaki
Nedensellik İlişkisi: 1990 – 2006, Dumlupınar Üniversitesi Sosyal Bilimler Dergisi, 16, 165190.
Hwang H. and Lee, J. (2005) Exchange Rate Volatility and Trade Flows of the U.K. in 1990s,
International Area Review, 8(1), 173-182.
Pesaran, M.H. and Shin Y. (1999) An Autoregressive Distributed-Lag Modelling Approach to
Cointegration Analysis, in: Strom, S.(Ed.), Econometrics and Economic Theory in the 20th
Century, Camridge University Press, Cambridge.
Pesaran, M.H., Shin, Y. and Smith, R.J. (2001) Bounds Testing Approaches to the Analysis of
Level Relationships, Journal of Applied Econometrics, 16(3), 289-326.
Sarı A. (2010) Döviz Kuru Oynakliğinin Ithalata Etkileri: Türkiye Örneği, İstanbul
Üniversitesi Iktisat Fakültesi Ekonometri ve İstatistik Dergisi, 11, 31–44.
Cox Regression Models with Time-Varying Covariates Applied to Survival Success of
Young Firms (*)
Aygül Anavatan, Murat Karaöz
Akdeniz University, İİBF, Department of Econometrics
07058, Kampus, Antalya, Turkey
E-mails: aygulanavatan@akdeniz.edu.tr, mkaraoz@akdeniz.edu.tr
Abstract
Cox proportional hazards model assumes that independent variables remain constant
throughout the observation period. Model can give biased results in cases which this
assumption is violated. One of the methods used modelling the hazard ratio in the cases that
the proportional hazard assumption is not met is to add a time-dependent variable showing the
interaction between the predictor variable as parametric function of time. In this study, we
investigate the factors that affect the survival time of the firms and the time dependence of
these factors using Cox regression considering time depedent independent variables.
(*) This paper is an extension to the findings of the scientific research project “The Factors Affecting
Survival and Growth Performance of Newly Established Enterprises in Business Incubators: A Survey
on the KOSGEB Business Development Centers (İŞGEM)”, 109K139, which has been funded with
grant from TÜBİTAK. We also acknowledge the administrative support to the project from KOSGEB.
49
�
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1312
Title
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The Effect of Exchange Rate Volatility on Import Demand: Evidence from Turkey
Author
Author
Demirgil , Hakan
Abstract
A summary of the resource.
Since 2001 financial crisis, Turkey has adopted fluctuating exchange rate regime in order to make the economy stronger against external shocks. This has lead to a high volatility of Turkish lira against to foreign currencies. Therefore, it became essential for policy makers to evaluate the potential effects of exchange rate volatility on international trade. The purpose of this study is to provide new evidence on the effects of exchange rate volatility on the import demand of Turkey along with income and price elasticities. Our data cover the period 2010:01 to 2010:05. We, initially, employed a GARCH model to evaluate exchange rate volatility one of the independent variables that estimate real import. The study also includes conventional determinants such as relative price level of imports and real GDP. Afterwards, our paper investigates long-run and short-run relationship between real imports and its determinants by using ARDL error correction model. The empirical results indicate that real exchange rate volatility of local currency has significant and reverse effect on import demand. Keywords: Exchange rate volatility, Import demand, GARCH model, ARDL error correction model, Turkey.
Date
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2012-05-31
Keywords
Keywords.
Conference or Workshop Item
PeerReviewed
H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance