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ÇAĞDAŞ TÜRK TİYATROSUNDA SAMUEL BECKETT ETKİSİ: GÜLE GÜLE
GODOT VE GODOT’YU BEKLEMEZKEN
Nurtaç ERGÜN
Hacettepe Üniversitesi, Türk Dili ve Edebiyatı Bölümü, Ankara / Türkiye
Anahtar Kelimeler: Metinlerarasılık, Absürd Tiyatro, Samuel Beckett, Ferhan Şensoy, Cahit
Atay.
ÖZET
Samuel Beckett, II. Dünya Savaşı’nın beraberinde getirdiği yıkımın insanlık üzerindeki
olumsuz etkisinin dışa vurumu olarak kabul edilen absürd tiyatronun önemli temsilcilerinden
biridir. Beckett’in Güle Güle Godot oyunu ise tiyatro tarihinde absürd tiyatronun önemli
örneklerinden biri olarak kabul görmüştür. Bu oyun yazıldığı tarihten itibaren dünya genelinde
çok fazla ilgi çekmiş ve tesirlerinin günümüzde de devam ettiği görülmüştür. Samuel Beckett’in
Godot’yu Beklerken isimli oyunun Türk tiyatrosuna da etkisi söz konudur. Metinlerarası ilişkiler
kuramının uygulanacağı bu çalışmanın temelinde ise Samuel Beckett’in ve Godot’yu Beklerken
isimli oyununun Türk tiyatrosuna olan etkisini gösteren iki ayrı eser yer almaktadır. Ferhan
Şensoy’un 1993 yılında yayımlanan Güle Güle Godot ve Cahit Atay’ın 1994 yılında yayımlanan
Godot’yu Beklemezken isimli oyunları ile Samuel Beckett’in Godot’yu Beklerken isimli oyunu
arasındaki bağın kuram ışığında açığa çıkarılması çalışmanın temel amaçlarındandır. Bu
bağlamda metinlerarası ilişkiler kuramı doğrultusunda okunacak eserlerin kaynak metin ile
ilişkisi ve yazarların kaynak metni nasıl algıladığı/yorumladığı tespit edilmeye çalışılmıştır.
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ÇAĞDAŞ TÜRK TİYATROSUNDA SAMUEL BECKETT ETKİSİ: GÜLE GÜLE GODOT VE GODOT’YU BEKLEMEZKEN
Author
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ERGÜN, Nurtaç
Abstract
A summary of the resource.
Anahtar Kelimeler: Metinlerarasılık, Absürd Tiyatro, Samuel Beckett, Ferhan Şensoy, Cahit Atay. ÖZET Samuel Beckett, II. Dünya Savaşı’nın beraberinde getirdiği yıkımın insanlık üzerindeki olumsuz etkisinin dışa vurumu olarak kabul edilen absürd tiyatronun önemli temsilcilerinden biridir. Beckett’in Güle Güle Godot oyunu ise tiyatro tarihinde absürd tiyatronun önemli örneklerinden biri olarak kabul görmüştür. Bu oyun yazıldığı tarihten itibaren dünya genelinde çok fazla ilgi çekmiş ve tesirlerinin günümüzde de devam ettiği görülmüştür. Samuel Beckett’in Godot’yu Beklerken isimli oyunun Türk tiyatrosuna da etkisi söz konudur. Metinlerarası ilişkiler kuramının uygulanacağı bu çalışmanın temelinde ise Samuel Beckett’in ve Godot’yu Beklerken isimli oyununun Türk tiyatrosuna olan etkisini gösteren iki ayrı eser yer almaktadır. Ferhan Şensoy’un 1993 yılında yayımlanan Güle Güle Godot ve Cahit Atay’ın 1994 yılında yayımlanan Godot’yu Beklemezken isimli oyunları ile Samuel Beckett’in Godot’yu Beklerken isimli oyunu arasındaki bağın kuram ışığında açığa çıkarılması çalışmanın temel amaçlarındandır. Bu bağlamda metinlerarası ilişkiler kuramı doğrultusunda okunacak eserlerin kaynak metin ile ilişkisi ve yazarların kaynak metni nasıl algıladığı/yorumladığı tespit edilmeye çalışılmıştır
Publisher
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International Burch University
Date
A point or period of time associated with an event in the lifecycle of the resource
2013-05-17
Keywords
Keywords.
Article
PeerReviewed
Identifier
An unambiguous reference to the resource within a given context
ISSN 2203-4548
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CAN CONCRETE BE GREEN IN BOSNIA AND HERZEGOVINA?
Sanin Džidić
International BURCH University Sarajevo
Faculty of Engineering and Information Technologies
Department of Architecture
Francuske revolucije bb, 71210 Ilidža, Sarajevo
e-mail: sanin.dzidic@ibu.edu.ba
SUMMARY
Bosnia and Herzegovina ratified the United Nations Framework Convention on Climate
Change (UNFCCC) on May 17, 2000. The Kyoto Protocol was signed and ratified by the
governments of 192 states and territories in the world. The Kyoto Protocol was ratified by
Bosnia and Herzegovina on April 22, 2007, after completion of ratification procedures of all
government levels. The First National Report of Bosnia and Herzegovina in accordance to the
UNFCCC was issued in 2009 and the Second National Report of Bosnia and Herzegovina in
accordance to the UNFCCC was adopted by B&H Council of Ministers in July 2013. The
main goal of the Kyoto Protocol is to reduce greenhouse gas emissions to environment what
caused many to focus on CO2 emissions as the most critical environment impact indicator.
Concrete is by far the most widely used construction material worldwide. One of its major
components is Portland cement as a binder. Total production of cement in Bosnia and
Herzegovina is about 850,000 tons in 2012, while fresh concrete production and concrete
products amount approximately to 1,300,000 tons in 2012. Taking in consideration that
production of every ton of cement yields to approximately 0.9 tons of CO2 and every cubic
meter of concrete contains about ten percent by weight of cement, significant quantity of CO2
is produced by cement industry in Bosnia and Herzegovina. It is estimation in 2001, that
cement industry emissions of CO2 represented around 4 percent of total CO2 emissions by
energy and industry in Bosnia and Herzegovina. However, substituting significant amounts of
cement in concrete mixture with industrial by-products such as silica fume, fly ash and blast
furnace slag also leads to minimization of cement consumption, even producing more durable
concrete. This paper discuss possibilities in decreasing CO2 emissions in cement and concrete
industry, as well as necessity of following directions of green and sustainable building in
Bosnia and Herzegovina.
Key Words: CO2 emission, cement, concrete, green buildings
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Introduction
The essence of the Kyoto Protocol invites nations to commit themselves in reducing
greenhouse gas (GHG) emissions. The Kyoto Protocol was adopted in Kyoto, Japan,
December 11, 1997, but enacted or enforced on February 16, 2005. The goal of this protocol
is to cope with the adverse effects of climate change, or global warming. The UNFCCC
(United Nations Framework Convention on Climate Change), states the goal of the Kyoto
Protocol is "stabilization of greenhouse gas concentrations in the atmosphere at a level that
would prevent dangerous anthropogenic interference with the climate system."
Many countries have agreed to legally bind limitations/reductions in their emissions of
greenhouse gases, as part of the Kyoto Protocol. These binding limitations/reductions are tight
in two commitments periods. The first commitment period is related to emissions between
2008-2012, and the second commitment period for emissions between 2013-2020.
The Kyoto Protocol considers emissions of six greenhouse gases:
carbon dioxide (CO2);
methane (CH4);
nitrous oxide (N2O);
hydrofluorocarbons (HFCs);
perfluorocarbons (PFCs);
sulphur hexafluoride (SF6).
There are 192 parties committed to the Kyoto Protocol. This includes 191 states (all the UN
members except Andorra, Canada, South Sudan and the United States) and the European
Union. The United States signed but did not ratify the Protocol. Canada withdrew from
Protocol in 2011.
Figure 1 – Kyoto Protocol Participation
The Kyoto Protocol was ratified by Bosnia and Herzegovina on April 22, 2007, after
completion of ratification procedures of all government levels. The First National Report of
Bosnia and Herzegovina in accordance to the UNFCCC was issued in 2009 and the Second
National Report of Bosnia and Herzegovina in accordance to the UNFCCC was adopted by
B&H Council of Ministers in July 2013.
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New Construction Paradigm
Construction industry is important part of the economy of each country. The old paradigm of
construction took in consideration costs, schedule and quality. This paradigm was often
presented as a triangle or a pyramid with cost supported by schedule and quality in each angle.
This was very well known to each construction or project manager. There was attention in
achieving the desired quality in a scheduled period of time for a minimal particular cost. New
principles of green and sustainable approach to all aspects of human life introduced
modifications of this paradigm in construction sector too. The Paradigm has changed and
become much more comprehensive.
Figure 2 – New Construction Paradigm
The new paradigm involves additional factors beyond above mentioned. The decision making
model in designing a project in order to achieve sustainability requires the balance of the old
factors, plus human health, safety and comfort as it relates to the environment. Instead of a
triangle or pyramid shape, depicting the decision model, the shape of the decision making
model for sustainability construction looks like much more comprehensive.
The new EU Construction Products Regulation (CPR 305/2011/EU), published by the
European Parliament on March 9, 2011, completely replaced the Construction Products
Directive (CPD 89/106/EEC) officially on July 1, 2013 and took in consideration this new
approach. In its definitions, CPR 305/2011/EU defines construction product as any product or
kit which is produced and placed on the market for incorporation in a permanent manner in
construction works or parts thereof and the performance of which has an effect on the
performance of the construction works with respect to the basic requirements for construction
works. “Kit” means a construction product placed on the market by a single manufacturer as
a set of at least two separate components that need to be put together to be incorporated in the
construction works. CPR 305/2011/EU defines term “construction works” buildings and civil
engineering works.
According to the CPR 305/2011/EU ANNEX I - Basic Requirements for Construction Works,
Construction works as a whole and in their separate parts must be fit for their intended use,
taking into account in particular the health and safety of persons involved throughout the life
cycle of the works. Subject to normal maintenance, construction works must satisfy these
basic requirements for construction works for an economically reasonable working life as
follows:
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1. Mechanical resistance and stability
The construction works must be designed and built in such a way that the loadings that are
liable to act on them during their constructions and use will not lead to any of the following:
collapse of the whole or part of the work;
major deformations to an inadmissible degree;
damage to other parts of the construction works or to fittings or installed equipment as
a result of major deformation of the load-bearing construction;
damage by an event to an extent disproportionate to the original cause.
2. Safety in case of fire
The construction works must be designed and built in such a way that in the event of an
outbreak of fire:
the load-bearing capacity of the construction can be assumed for a specific period of
time;
the generation and spread of fire and smoke within the construction works are limited;
the spread of fire to neighboring construction works is limited;
occupants can leave the construction works or be rescued by other means;
the safety of rescue teams is taken into consideration.
3. Hygiene, health and the environment
The construction works must be designed and built in such a way that they will, throughout
their life cycle, not be a threat to the hygiene or health and safety of workers, occupants or
neighbors, nor have an exceedingly high impact, over their entire life cycle, on the
environmental quality or on the climate during their construction, use and demolition, in
particular as a result of any of the following:
the giving-off of toxic gas;
the emissions of dangerous substances, volatile organic compounds (VOC),
greenhouse gases or dangerous particles into indoor or outdoor air;
the emission of dangerous radiation;
the release of dangerous substances into ground water, marine waters, surface waters
or soil;
the release of dangerous substances into drinking water or substances which have an
otherwise negative impact on drinking water;
faulty discharge of waste water, emission of flue gases or faulty disposal of solid or
liquid waste;
dampness in parts of the construction works or on surfaces within the construction
works.
4. Safety and accessibility in use
The construction works must be designed and built in such a way that they do not present
unacceptable risks of accidents or damage in service or in operation such as slipping, falling,
collision, burns, electrocution, injury from explosion and burglaries. In particular,
construction works must be designed and built taking into consideration accessibility and use
for disabled persons.
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5. Protection against noise
The construction works must be designed and built in such a way that noise perceived by the
occupants or people nearby is kept to a level that will not threaten their health and will allow
them to sleep, rest and work in satisfactory conditions.
6. Energy economy and heat retention
The construction works and their heating, cooling, lighting and ventilation installations must
be designed and built in such a way that the amount of energy they require in use shall be low,
when account is taken of the occupants and of the climatic conditions of the location.
Construction works must also be energy-efficient, using as little energy as possible during
their construction and dismantling.
7. Sustainable use of natural resources
The construction works must be designed, built and demolished in such a way that the use of
natural resources is sustainable and in particular ensure the following:
reuse or recyclability of the construction works, their materials and parts after
demolition;
durability of the construction works;
use of environmentally compatible raw and secondary materials in the construction
works.
While the parties will ultimately always consider the cost of the design in construction, they
now have to take into account the human factors as well as the environment and how the
ecology of the design relates to the overall environment.
Engineers and architects have choices of the material and products they use to design projects.
Considering structure, the typical choice is among concrete, steel and wood. For roads and
highways, the choice is generally between concrete and asphalt. Choice of the material
depends on many factors including cost, characteristics, maintenance and performance for
specific application. Today, engineers and architects are motivated more than ever before to
select materials that are more sustainable due to increased interest in sustainable development.
Discussing the term green building technology, it considers structures that are environmental
friendly and resource-efficient throughout a building service life, from design to construction.
Green approach to design of buildings assumes reducing overall impact on the natural
environment by efficient use of energy, water and other resources as well as reducing waste,
pollution and environmental degradation.
Right now it is assumed that about thirty percent of total CO2 emissions in the world belong
to the human activities related to the construction sector. The Tables 1 and 2 show total CO2
emissions per sectors in twenty-seven EU countries in period 1990-2007.
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Table 1 - CO2 emissions by sector in EU 27 in millions of tones
3.
Concrete and Cement
Concrete is by far the most widely used construction material worldwide. In this regard,
sustainable development of concrete and concrete design needs to be foundation of all
construction activity in this millennium. For concrete production, the billions of tons of
natural materials have been mined and processed worldwide and leave substantial mark on the
environment. However, the most damaging aspect to the environment is huge quantity of
energy used for production of Portland cement. In this process, large quantities of CO2 are
also released into atmosphere. So, cement and concrete may have an important role to play in
enabling reducing the total CO2 emissions from cement and concrete production.
Table 2 - CO2 emissions by sector in EU 27 in shares (%)
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Though “cement” and “concrete” are often used interchangeably, concrete is actually the final
product made from cement. The primary component of cement is limestone. To produce
cement, limestone and other clay-like materials are heated in a kiln at 1400°C and then
ground to form a lumpy, solid substance called clinker; clinker is then combined with gypsum
to form cement.
Cement manufacturing is highly energy and emissions intensive because of the extreme heat
required to produce it. Producing a ton of cement requires 4.7 million BTU of energy,
equivalent to about 200 kilo of coal, and generates nearly a ton of CO2. Given its high
emissions and critical importance to society, cement is an obvious place to look to reduce
greenhouse gas emissions.
A single industry of cement accounts for around five percent of global carbon dioxide (CO2)
emissions. It produces a material so ubiquitous it is nearly invisible: cement. Cement is the
primary ingredient in concrete, which in turn forms the foundations and structures of the
buildings we live and work in, and the roads and bridges we drive on. Concrete is the second
most consumed substance on Earth after water. On average, each year, three tons of concrete
are consumed by every person on the planet.
Concrete is used globally to build buildings, bridges, roads, runways, sidewalks, and dams.
Cement is indispensable for construction activity, so it is tightly linked to the global economy.
Cement production is growing by percent annually, and is expected to rise from 2.55 billion
tons in 2006 to 3.7 - 4.4 billion tons by 2050.
The production of cement releases greenhouse gas emissions both directly and indirectly: the
heating of limestone releases CO2 directly, while the burning of fossil fuels to heat the kiln
indirectly results in CO2 emissions.
The direct emissions of cement occur through a chemical process called calcination.
Calcination occurs when limestone, which is made of calcium carbonate, is heated, breaking
down into calcium oxide and CO2. This process accounts for approximately fifty percent of all
emissions from cement production.
Indirect emissions are produced by burning fossil fuels to heat the kiln. Kilns are usually
heated by coal, natural gas, or oil, and the combustion of these fuels produces additional CO2
emissions, just as they would in producing electricity. This represents around forty percent of
cement emissions. Finally, the electricity used to power additional plant machinery, and the
final transportation of cement, represents another source of indirect emissions and account for
five to ten percent of the industry’s emissions.
According to the First and Second BIH National Reports according to the UNFCCC, cement
production industry in BiH produces the biggest amount of CO2 in industrial sector after the
industry of steel and iron. It represents three percent of total CO2 emission in BiH.
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Figure 3 – CO2 Emission in BiH in 2001
The following table shows the quantity of cement produced in BiH made according to the data
by Thematic Reports on Industrial Production in BiH in years 2009-2012 by Agency for
Statistics BiH.
2009
1,073,762
Cement Production in BiH in Tonnes
2010
2011
948,513
893,017
2012
845,657
Table 3 - Cement Production in BiH 2009-2012
Table 4 is made based upon data from the same source as previous table and represents
production of concrete in BiH in period 2009-2012.
Concrete Products
Fresh Concrete Mix
TOTAL
2009
282,496
807,675
1,090,171
Concrete Production in BiH in Tonnes
2010
2011
330,194
408,732
1,019,618
1,175,035
1,349,812
1,583,767
2012
328,788
1,270,725
1,599,513
Table 4 - Concrete Production in BiH 2009-2012
Analyzing these two last tables, it is obvious that cement production in BiH is reduced in
period 2009-2012 by twenty-one percent, while concrete and concrete products production
increased by almost forty-seven percent, which is very interesting comparison. Most possibly,
it is a result of cement import in BiH from neighboring countries, while increase in concrete
production is result of intensified efforts in construction on Highway-Corridor Vc, in period
of time considered. However, as much as such trends are favorable to emissions of CO2,
economical effects for economy of BiH are questionable. We will be happy to conclude that
such trends are result of introducing green technologies in cement production, but
unfortunately this was probably not a case.
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Opportunities for Reducing CO2 Emissions in Concrete Production in BiH
A primary goal is a reduction in use of Portland cement, which is possible to archive by
partially replacing it with various cementitious materials. Most preferably are byproducts of
different industrial processes in which way double goal is scored. One of such materials is fly
ash, actually a residue of coal combustion which can be excellent substitution. The use of fly
ash has a number of advantages but some disadvantages as well. Fly ash can improve specific
properties of concrete, such as durability. The fly ash is less expensive than Portland cement
and since it is a waste product, it should be disposed at great cost. However, there is a
relatively slow rate of concrete strength development, but it is irrelevant in applications where
high early strength is not required.
Another excellent cementitious material is ground granulated blast furnace slag. It is
byproduct by steel industry. As fly ash, the ground granulated blast furnace slug can improve
some mechanical and durability properties of concrete, while the cost of slag is comparable to
Portland cement.
Replacing cement with silica fume which is a byproduct of semiconductor industry is
additional option, although there is no such industry in Bosnia and Herzegovina. This
siliceous material improves both strength and durability of concrete and it is already part of
concrete mix for high strength concretes. The silica fume is difficult to handle due to its
extreme fineness and is much more expensive than cement. It also reduces the concrete fire
resistance.
The other aspect to make green concrete is substitution of virgin aggregate material with
concrete debris, especially taking in consideration that vast amounts of material are needed
for aggregate in concrete. Using such debris to produce new concrete conserves natural
resources and reduces valuable landfill capacity at the same time.
Additional possibility is material excavated from the construction of tunnels such as current
construction of the tunnels at the Highway Corridor Vc, which may very well be suitable as
aggregate to produce concrete for tunnel lining. In absolute terms, it may render unnecessary
mining of hundreds of thousand tons of virgin materials for concrete aggregate. According to
findings of the author of this paper, it is currently done exactly on the construction of the
Highway Corridor Vc.
Except the possibility discussed in last paragraph, Bosnia and Herzegovina did not do much
about production of green concrete. However, further research developments abroad and in
Bosnia and Herzegovina and different analysis should highlight the direction in reducing
GHGs emissions in concrete and cement production, as well as other environmental aspects of
the concrete production. So, the answer to the question from the title of this paper is not
simple, but definite conclusion is – “concrete can be greener, than it is now”. This paper just
highlights some possibilities and directions, but future research and analysis will provide the
answer.
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Conclusion
In general, the construction industry consumes forty percent of the total energy and about one
half of the world’s major resources. It is estimation that production of concrete produces
seven percent of total CO2 emissions in the world. Every one ton of cement produced, leads to
about 0.9 tons of CO2 emissions and typical cubic meter of concrete contains about ten
percent of cement. In the other hand, available sources of suitable virgin aggregates are
depleted and opening new sources of virgin materials is getting increasingly difficult, because
of environmental concerns. The water requirements for concrete production in the world are
almost four trillion liters of water each year worldwide, and this does not include wash water
and curing water. So, the possibilities for production of green concrete in Bosnia and
Herzegovina are more or less the same as in the other countries and lead in two major
directions:
Increased use of supplementary cementitious material, especially those that are
byproducts of industrial processes; and
Increased reliance on recycled materials. Since aggregate constitutes the bulk of
concrete, en effective recycling strategy will lesson the demand for virgin materials
and diminish landfill areas capacities.
6.
References
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3. L.S. da Silva, “A Course on Design of Steel Structures”; ECCS, CECM, EKS, Stockholm; April
2013;
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konvencijom Ujedinjenih nacija o klimatskim promjenama”, Banja Luka, BiH, 2009;
5. Svjetlana Radusin i dr, “Drugi nacionalni izvještaj Bosne i Hercegovine u skladu sa okvirnom
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12.L. Yang, “Sustainability and Innovative Construction: Green Building with Concrete”, Civil and
Enviromental Engineering 2012, Volume 2, Issue 5, ISSN 2165-784X JCEE;
13. M Glavind, C. Munch-Petersen; “Green Concrete in Denmark”, Structural Concrete, 2000, 1, No.
1M
14. K. Edvardsen, K. Tollose, “Envoromentally Green Concrete Structures”, featured at the proceedings
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17. http://en.wikipedia.org/wiki/Kyoto_Protocol
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Title
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CAN CONCRETE BE GREEN IN BOSNIA AND HERZEGOVINA?
Author
Author
DŽIDIĆ, Sanin
Abstract
A summary of the resource.
Bosnia and Herzegovina ratified the United Nations Framework Convention on Climate Change (UNFCCC) on May 17, 2000. The Kyoto Protocol was signed and ratified by the governments of 192 states and territories in the world. The Kyoto Protocol was ratified by Bosnia and Herzegovina on April 22, 2007, after completion of ratification procedures of all government levels. The First National Report of Bosnia and Herzegovina in accordance to the UNFCCC was issued in 2009 and the Second National Report of Bosnia and Herzegovina in accordance to the UNFCCC was adopted by B&H Council of Ministers in July 2013. The main goal of the Kyoto Protocol is to reduce greenhouse gas emissions to environment what caused many to focus on CO2 emissions as the most critical environment impact indicator. Concrete is by far the most widely used construction material worldwide. One of its major components is Portland cement as a binder. Total production of cement in Bosnia and Herzegovina is about 850,000 tons in 2012, while fresh concrete production and concrete products amount approximately to 1,300,000 tons in 2012. Taking in consideration that production of every ton of cement yields to approximately 0.9 tons of CO2 and every cubic meter of concrete contains about ten percent by weight of cement, significant quantity of CO2 is produced by cement industry in Bosnia and Herzegovina. It is estimation in 2001, that cement industry emissions of CO2 represented around 4 percent of total CO2 emissions by energy and industry in Bosnia and Herzegovina. However, substituting significant amounts of cement in concrete mixture with industrial by-products such as silica fume, fly ash and blast furnace slag also leads to minimization of cement consumption, even producing more durable concrete. This paper discuss possibilities in decreasing CO2 emissions in cement and concrete industry, as well as necessity of following directions of green and sustainable building in Bosnia and Herzegovina. Key Words: CO2 emission, cement, concrete, green buildings
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International Burch University
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2014-05-15
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ISSN 978-9958-834-36-3
Q Science (General),QH301 Biology,QH426 Genetics
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https://omeka.ibu.edu.ba/files/original/216264cd581d275582a04cd40c938aa5.pdf
d4710d198e222477129ca716d769ba7f
PDF Text
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3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
http://fuarlar.tobb.org.tr/ihtisasfuari-new.pdf (01.02.2012)
Koldaş, A. N. (2004) Ticari Fuarların Satış Geliştirmeye Etkisi ve Bir Uygulama, T.C. Gazi
Üniversitesi Sosyal Bilimler Enstitüsütüsü İşletme Anabilim Dalı Yayınlanmamış Yükseklisans
Tezi, Ankara.
Okay A. (2000) Kurum Kimliği, Mediacat, İstanbul.
Philip K. (1994) Marketing Management, Analysis, Planning, Implementation and Control,
Prentice Hall Int. Ed., New Jersey.
Sülün U. (2004) İhracatta Yeni Pazarlama Stratejisi Olarak Fuarlar ve İzmir Uygulamaları, İzmir
Ticaret Odası, Yayın No: 38, İzmir.
Can Product Placement be Used for Advertising Purposes in Turkish Series: Case of “Aşk-I
Memnu” Necklace (Testing a Measurement Instrument)
Mehmet Özer Demir, Zuhal Gök Demir
Akdeniz University, Alanya Engineering Faculty, Alanya/Antalya
Akdeniz University, Communication Faculty, Antalya,
Emails: mozerdemir@akdeniz.edu.tr, zuhalgok@akdeniz.edu.tr
Abstract
Product placement has become an important promotional mix element in recent years in Turkey.
Since audiences are skeptical towards commercials, advertisers have begun to turn to a variety of
alternative advertising channels in order to reach customers. One of the channels they have begun
to use more frequently in recent years is product placement, the placing of branded products in
movies and television programs alike. The aim of the study is testing a research instrument
appropriate for measuring product placement formation. The study proposes existence of
relationship between connectedness to the series and attitude towards product placements in the
series, and researches connectedness dimensions having effect on product placement. Research is
carried out in Antalya in 2011 with convenience sampling of 300 respondents. The questionnaire
form is an adopted version of connectedness scale developed by Russell et al. (2004).
Keywords: Product Placement, Brand Placement, Advertising, Promotion Mix, Soap Operas, TV
Series.
1.INTRODUCTION
Product placement has become an important promotion mix element in recent years. Since
audiences are skeptical towards commercials, marketers have begun to turn to a variety of
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
alternative advertising channels in order to reach customers. One of the channels used in the last
two decades is product placement, the placing/usage of branded products in movies and
television programs alike.
The strategy of placing branded products in entertainment media is not a new concept as product
placement can be dated to 1890s, where Lever Brothers secured the placement of their branded
soaps in some of the earliest films made (Hudson and Hudson, 2006). Historically, starting in the
1930s, consumer product manufacturers invested in the production of radio programs to reach
their target audiences. This phenomenon was particularly visible in the "soap opera" genre. When
soaps moved to television in the 1950s, product placements became part of TV shows and series.
Product placement is an estimated $3.4 billion dollar industry and constitutes a part of the
marketing mix of over 1,000 brands in the United States (Russell and Belch, 2005).
Product placement strategies have evolved from the just showing the can approach to become
increasingly sophisticated formats, and are generally classified into three main types;
1. Implicit product placement; Implicit product placement refers to the placement of a
branded product within a television programme without being formally expressed. The
placement of a product can be as simple as a product being used in one scene. It plays a
passive and contextual role.
2. Integrated explicit product placement; A branded product that is formally expressed
within a television programme is defined as an integrated explicit product placement, it
plays an active role. In this type of product placement the benefits and attributes of the
product are clearly demonstrated. A brand being mentioned by a character in the story, or
a logo visible in the background of a frame.
3. Non-integrated explicit product placement; at the other extreme, a product placement can
be a critical and integral part of the movie (McCarty, 2004, p.47). In this type of
placement, a brand or product becomes a part of the plot or takes a major place in the
storyline. The subtlety of the connection between brand reference and plot is important.
Current wisdom when handling brand placement in movies is that the portrayal of the
brand must ‘tell a story’ because simply ‘showing the can’ does not offer a sufficiently
powerful narrative context to enhance the brand identity (Hackley, 2003).
There has been an increasing interest towards product placement in the last two decades. Previous
studies in the area of product placement have generally related to three topic areas: its’ effects on
audiences’ brand recall (Ong and Meri, 1994), recognition (Babin and Carder, 1996) and attitudes
(Vollmers and Mizerski, 1994), and the level of acceptance of product placement in general
(Gupta and Gould, 1997; d’Astous and Seguin, 1999; Russell, 2002). Although the effectiveness
of product placements in terms of how well they are remembered is measured by most of the
empirical studies, a limited number of research on understanding the psychological processes that
relate to product placement in relation to variables that will help researchers understand how
product placements works remains insufficient (McCary, 2004, p.57).
Researches show that brand placement was not related to behavior or brand evaluations. This
means that, although viewers do not remember that they saw a brand in a program or movie, they
do show more positive brand evaluations and more preference for the placed brand than viewers
who did not see the brand placement. This implies that explicit measures, such as recall, can
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
show low scores, but at the same time, implicit effect measures can show high scores (van
Reijmersdal et al, 2009).
Russell (2002) states that memory is influenced by depth of processing such that more elaborate
processing facilitates the subsequent recall of information, that is, memory is greater when the
stimulus is spoken than when it is only visually presented. In addition the relationship between
memory and attitude is not straightforward: merely because a person remembers seeing or
hearing a brand in a show does not mean that his or her attitude toward that brand will change.
The congruency/incongruency literature provides insights into this nonlinear attitude-memory
relationship: when a brand's modality of presentation is not congruent with its level of plot
connection, viewers tend to think about the reason for the brand's presence in the show and raise
their cognitive defenses (Friestad and Wright 1995). When the modality and plot connection
match, the placement seems more natural and less effort is spent on analyzing why it is there,
thereby making access to persuasion knowledge less likely (Campbell and Kirmani, 2000). Also
the effects of involvement levels with the medium vehicle in which brands are placed are mainly
positive (Reijmersdal et al, 2009).
There are three theories that explain effects of brand placement.
1. Intentional exposure theory predicts the effects of commerciality of the placement on
attention and memory. This theory states that audiences primarily expose themselves to
media for the editorial content rather than for the advertising (Gupta and Lord, 1998; Van
Reijmersdal et al., 2005). When brands are integrated into editorial content, they profit
from the attention that is paid to the editorial content. As a consequence, brand
placements in editorial formats, as opposed to more commercial formats, gain more
attention and are better remembered (Cameron and Curtin, 1995; Lord and Putrevu, 1998;
Van Reijmersdal et al., 2005).
2. Source-credibility theory proposes that placements that are more editorial than
commercial are perceived as more credible. On the one hand, commercial content is not
perceived as credible because audiences know that advertisers have the aim to persuade
and to increase sales. This perception makes audiences more skeptical about commercials
than about editorial content, resulting in more negative attitudes to placements that are
commercial, and to less positive brand-related behavioral intentions (Becker-Olsen, 2003;
Lord and Putrevu, 1998).
3. Persuasion knowledge theory explains effects of brand placement prominence.
Prominence has positive effects on some outcomes but negative effects on others. On the
one hand, prominent placements lead to better memory than subtle placements (e.g.,
Babin and Carder, 1996; I. Brennan et al., 1999; Schneider and Corn-well, 2005).
Furthermore, the audience starts thinking about the reasons for the brand's presence when
brands are prominently placed (Matthes et al., 2007; Russell, 2002), which can activate
the audience's knowledge about persuasion techniques and influence attempts. People's
persuasion knowledge can make them realize that the brand is placed for commercial
reasons. This might lead to counter-arguing and skeptical attitudes toward the placement
(Balasubramanian et al., 2006; Matthes et al., 2007). Similarly, the effect of placement
length is predicted to be negative; when placements are too long, they are perceived as
intrusive and distracting from the media experience (Herandez et al., 2004).”
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
2.Research Method
2.1.Research Model
The study researches a branded product (a necklace) placed in a popular TV series (Aşk-ı
Memnu). The necklace is placed as an integrated explicit product placement strategy. The study
proposes existence of relationship between connectedness (Russell et al, 2004) to the series and
attitude towards product placements in the series, and researches connectedness dimensions
having effect on product placement.
Russell et al. (2004, p.152) define connectedness “as the level of intensity of the relationship(s)
that a viewer develops with the characters and contextual settings of a program in the parasocial
television environment”. The original connectedness scale captures 6 dimensions; Escape,
Fashion, Imitation, Modelling, Aspiration and Paraphernalia. Connectedness is assumed to have
effect on product placement, and higher the connectedness level the higher the positive attitude
towards product placement is expected (Russell et al., 2004). However, in this study, we
hypothesize that not all connectedness dimension have equal effect on attitudes towards product
placement, and research the relationships between connectedness dimensions and product
placement. We conduct correlation analysis and linear regression equation in order to
demonstrate the relationships. Thus, we hypothesize;
H1: Audiences connected to the TV series are more moderate to product placement.
H2: Connectedness dimension have different levels of effect on product placement.
2.2.Research Method
The research is carried out in Antalya in 2011 with convenience sampling of 328 respondents.
The questionnaire form is an adopted version of connectedness scale developed by Russell et al.
(2004). Attitudes towards product placement are measured with four items (Garza 2003). The
questionnaire form also contains items regarding demographics. Original connectedness scale and
attitude towards product placement scale are given in Table 1.
Table 1: The Data Collection Tool
Escape:
Watching ___ is an escape for me
___ helps me forget about the day’s problems.
If I am in a bad mood, watching ___ puts me in a better mood.
Fashion:
I like the clothes they wear on ___.
I like the hairstyles on ___.
I often buy clothing styles that I’ve seen in ___.
Imitation:
I imitate the gestures and facial expressions from the characters in ___.
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
I find myself saying phrases from ___ when I interact with other people.
I try to speak like the characters in ___.
Modeling:
I learn how to handle real life situations by watching ___.
I get ideas from ___ about how to interact in my own life.
I relate what happens in ___ to my own life.
Aspiration:
I would love to be an actor in ___.
I would love to meet the characters of ___.
Paraphernalia:
I have objects that relate to ___ (badge, book, picture, etc.).
I read books if they are related to ___.
Attitudes Towards Product Placement
I mind if brand-name products appear in movies?
I mind if movie producers receive money or other compensation from
advertisers for placing their brands in movies?
I think it is unethical for movie producers to attempt to influence the audience by
including brand-name products in their movies?
I think that seeing the brand-name product in a movie makes the experience more
realistic?
3.ANALYSIS
3.1.Validity and Reliability of the Research Scale
In order to test reliability of the research scale Cronbach’s alpha is calculated both for
connectedness scale and attitudes towards product placement scale (Table 2). Cronbach’s alpha
value calculated for connectedness scale is 0,857, representing high reliability (the Cronbahc’a
alpha value calculated for the original connectedness scale is 0.84 (Russell et al. 2004, p.152)).
Cronbach’s alpha value calculated for connectedness scale is 0,527. However it represents low
level of reliability, it is still acceptable.
Table 2. Cronbach’s alpha values for Connectedness and Attitudes Towards Product Placement
Scales.
44
Cronbach's Alpha for Connectedness
N of Items
,857
16
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
Cronbach's Alpha for Att. Prod. Plc.
N of Items
,527
4
In order to ensure validity of the scale, previously validated scales are used (Russell et al. 2004;
Garza, 203). To test construct validity of the connectedness scale we have conducted exploratory
factor analysis. Rotated component matrix with varimax rotation is given in Table 3.
Connectedness scale items are collected under 5 factors/dimensions. Five dimensions explain
%69,8 of the total variance.
Results of factor analysis are as expected; all the items are collected under expected dimensions
except aspiration and paraphemalla. Items of aspiration and paraphemalla are collected under one
unique dimension. Instead of separating these two dimensions, analysis are continued with this
factor structure.
Table 3. Rotated Factor Loadings Matrix with Varimax Rotation for Connectedness Scale
Factors
IMITATION
I try to speak like the characters in ___.
I find myself saying phrases from ___ when I
interact with other people.
I imitate the gestures and facial expressions
from the characters in ___.
I would love to meet the characters of ___.
I would love to be an actor in ___.
I read books if they are related to ___.
I have objects that relate to ___ (badge, book,
picture, etc.).
I like the hairstyles on ___.
I like the clothes they wear on ___.
I often buy clothing styles that I’ve seen in
___.
Watching ___ is an escape for me.
If I am in a bad mood, watching ___ puts me
in a better mood.
___ helps me forget about the day’s problems.
I relate what happens in ___ to my own life.
I get ideas from ___ about how to interact in
my own life.
I learn how to handle real life situations by
watching ___.
Variance explained by each dimension (%)
Total variance explained (%)
ASPIRATION/
PARAPHEMALLA
FASHION
ESCAPE
MODELLING
,832
,811
,757
,834
,805
,695
,540
,833
,789
,694
,835
,826
,797
,824
,765
,739
32,577
13,309
9,822
7,473
6,624
69,804
3.2.Analysis and Results
Using the exploratory factor analysis results, 16 items are collected under 5 dimensions;
Imitation, Aspiration/Paraphemalla, Fashion, Escape and Modelling. Arithmetic mean for each
dimension is calculated to be the representatives for the dimensions. Correlation and regression
analysis depend on these arithmetic means.
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�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
In order to test H1, we have conducted correlation analysis (Table 4). Results of correlation
analysis show that all the dimensions (Fashion (0,227, p<0,001), Imitation (0,136, p<0,05),
Modelling (0,175, p<0,01), Escape (0,118, p<0,05) and Aspiration/Paraphemalla (0,286,
p<0,001)) are correlated with attitude towards product placement. However correlations are
found to be very weak. Thus H1 is accepted, which means, there is a correlation between
connectedness dimensions and attitude towards product placement, however the relationships are
weak.
Table 4: Correlations between Attitude Towards Product Placement and Connectedness Scale
Dimensions
PLACEMENT
Pearson
Correlation
Sig. (2tailed)
FASHION
IMITATION
MODELLING
ESCAPE
,227
,136
,175
,118
ASPIRATION/
PARAPHEMALLA
,286
,000
,019
,002
,039
,000
In order to test H2, we have conducted linear regression with enter method. Results of regression
analysis show that R2, which represents the explained variation, is calculated as 0,097. Thus,
9,7% of the variation in attitudes toward product placement can be explained by connectedness
dimensions. This is very low level of variation explained.
Although R2 value is very low, regression equation is found to be statistically significant
(p<0,001), which means that our model is statistically significant. Upon inspection of regression
equation, it is understood that the only statistically significant relationship found is between
aspiration/paraphemalla dimension and product placement. Although statistically not significant,
imitation and escape dimension have negative effects on attitudes towards product placement,
and fashion and modelling dimension have positive effects. Aspiration/Paraphemalla dimension
is found to positively affect attitudes towards product placement; however it is weak (0,172).
Results of regression analysis results support H2, that is, connectedness dimensions have
different levels of effect on attitudes towards product placement. However, connectedness scale
cannot be used to explain product placement as the variation explained (R2) is very low.
Product Placement= 2,146 + (,056) Fashion +( -,007) Imitation + (,086) Modelling +( -,003)
Escape + (,172) Aspiration/Parahemalla
(,000)
(,321)
(,900)
(,120)
(,002)
Table 5. Determination Coefficient
46
Model
R
1
,312
R
Square
Adjusted R
Square
,097
,080
Std. Error
of the
Estimate
,79429
(,949)
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
Table 6. Regression Analysis
Model
Sum of
Squares
df
Mean
Square
F
Regressi
on
17,928
5
3,586
Residual
166,557
264
,631
Total
184,485
269
Sig.
,000b
5,683
Table 7. Regression Coefficients
Model
Unstandardized
Coefficients
B
1
Std. Error
(Constant)
2,146
,198
FASHION
,056
,056
-,007
IMITATION
MODELLING
ESCAPE
ASPIRATION/PA
RAPHEMALLA
Standardiz
ed
Coefficient
s
t
Sig.
Beta
10,858
,000
,075
,995
,321
,057
-,009
-,126
,900
,086
,055
,107
1,558
,120
-,003
,046
-,004
-,064
,949
,172
,055
,219
3,117
,002
4.CONCLUSION
Product placement offers alternative promotion mix tools for the advertisers. Although it is not a
new concept, it is new to Turkish producers and advertisers. Product placement is an estimated
$3.4 billion dollar industry in the United States (Russell and Belch, 2005). It is expected that
product placement practices in Turkey may increase in the near future.
The aim of the study is to test a research tool that can increase our knowledge about formation of
attitudes towards product placement. It is assumed that connectedness level to the series is related
to attitudes towards product placement. We have tested our hypothesis using correlation
coefficient and regression analysis. Although analysis are significant, correlation levels and
variance explained are found to be very low. Thus, we suggest that connectedness level has a
weak but statistically significant effect on attitudes toward product placement. Relationship level
47
�3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo
is so low that, it may be inappropriate to use connectedness scale researching attitudes towards
product placement.
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Can Product Placement be Used for Advertising Purposes in Turkish Series: Case of “Aşk-I Memnu” Necklace (Testing a Measurement Instrument)
Author
Author
Mehmet, Özer Demir
Abstract
A summary of the resource.
Product placement has become an important promotional mix element in recent years in Turkey. Since audiences are skeptical towards commercials, advertisers have begun to turn to a variety of alternative advertising channels in order to reach customers. One of the channels they have begun to use more frequently in recent years is product placement, the placing of branded products in movies and television programs alike. The aim of the study is testing a research instrument appropriate for measuring product placement formation. The study proposes existence of relationship between connectedness to the series and attitude towards product placements in the series, and researches connectedness dimensions having effect on product placement. Research is carried out in Antalya in 2011 with convenience sampling of 300 respondents. The questionnaire form is an adopted version of connectedness scale developed by Russell et al. (2004). Keywords: Product Placement, Brand Placement, Advertising, Promotion Mix, Soap Operas, TV Series.
Date
A point or period of time associated with an event in the lifecycle of the resource
2012-05-31
Keywords
Keywords.
Conference or Workshop Item
PeerReviewed
H Social Sciences (General)
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Can there be an Islamic Democracy? Democratization in Turkey
AnjezaBojaxhiu
Epoka University
Albania
anjeza27@yahoo.com
Abstract: Concern over the issue of compatibility between democracy and Islam has been the
focus of worldwide debate. After the fall of communist regimes worldwide, both democracy
and Islam began a revival and expansion period. Can these two modes of governance be
reconciled at all, or is it highly unlikely for them to reach a synthesis and instead clash as
Huntington and others have claimed?
This paper argues that Islam and democracy can be reconciled, since both are what Feldman
(2003) notably called mobile ideas in nature, ideas that spread across the world, appealing to
many people living in strikingly different countries and societies. Given that mobile ideas
claim to work always and everywhere, there can be a potential clash. Nevertheless, they also
incline towards flexibility in that they function in different ways all over the world and
therefore are capable of coming together in fascinating ways to produce unimagined, new
configurations. In order to encourage the spread of democratic values of liberty and equality
requires arguing that, to the contrary, certain readings of Islam not only accommodate but
actually mandate freedom and self-government. It won’t be a surprise if in a decade or two,
the argument made by some that the Muslim World cannot accommodate democracy, will
come to seem just as outdated as the now-defunct, once-popular arguments that Catholicism
and Confucianism, each in turn were incompatible with democracy. This will be illustrated by
an analysis of the process of democracy consolidation in the Republic of Turkey.
Keywords: Democracy, flexibility, Islam, mobility, Turkey
32
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Can there be an Islamic Democracy? Democratization in Turkey
Author
Author
BOJAXHIU, Anjeza
Abstract
A summary of the resource.
Concern over the issue of compatibility between democracy and Islam has been the focus of worldwide debate. After the fall of communist regimes worldwide, both democracy and Islam began a revival and expansion period. Can these two modes of governance be reconciled at all, or is it highly unlikely for them to reach a synthesis and instead clash as Huntington and others have claimed? This paper argues that Islam and democracy can be reconciled, since both are what Feldman (2003) notably called mobile ideas in nature, ideas that spread across the world, appealing to many people living in strikingly different countries and societies. Given that mobile ideas claim to work always and everywhere, there can be a potential clash. Nevertheless, they also incline towards flexibility in that they function in different ways all over the world and therefore are capable of coming together in fascinating ways to produce unimagined, new configurations. In order to encourage the spread of democratic values of liberty and equality requires arguing that, to the contrary, certain readings of Islam not only accommodate but actually mandate freedom and self-government. It won’t be a surprise if in a decade or two, the argument made by some that the Muslim World cannot accommodate democracy, will come to seem just as outdated as the now-defunct, once-popular arguments that Catholicism and Confucianism, each in turn were incompatible with democracy. This will be illustrated by an analysis of the process of democracy consolidation in the Republic of Turkey. Keywords: Democracy, flexibility, Islam, mobility, Turkey
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International Burch University
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2014-04-24
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PeerReviewed
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ISSN 2303-4564
H Social Sciences (General)
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a85fe68e363e21c47c6b6a88e44bc90b
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818e536035b8d512f606a4cc9f16a862
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IT Master's Theses
Description
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IT Master's Thesis collection features master's theses authored by graduate students in the Department of Information Technology. Each thesis reflects a significant research effort, combining theoretical knowledge with practical application to address complex challenges in the IT domain. These works demonstrate students’ advanced understanding of information systems, software engineering, data science, cybersecurity, and emerging technologies. The theses serve as a testament to the students' capability to conduct independent research, propose innovative solutions, and contribute to the advancement of the IT field.
Subject
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IT Master's Thesis
Language
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English Language
Author
Author
IT Department Master’s Students
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Cancer Cells Detection Using Supervised Machine Learning
Author
Author
Ajla Džaferbegović
Abstract
A summary of the resource.
Cancerous cells invade and destroy the healthy tissue of the body, including organs. It often begins in one part of the body before spreading uncontrollably to other areas of the organism. According to the World Health Organization (WHO), cancer is the cause of death worldwide - taking around 10 million lives yearly. The predominant cancers are colon, breast, lung, rectum, and prostate. Early detection is crucial to increase survival chances tremendously. Machine Learning (ML) tools have the potential to recognize key features in complex datasets enabling the classification of low and high risk patients. This research focuses on the use of supervised machine learning algorithms, such as Artificial Neural Networks (ANNs), Bayesian Networks (BNs), Support Vector Machines (SVMs), and Decision Trees (DTs) for the development of predictive models, expected to result in effective and accurate decision-making based on available scientific experiments. The results of the study have showcased high accuracy rates (above 90 percent) on all applied models, with the highest accuracy scores using Feed Forward Neural Networks (approx. 97 percent). The use of machine learning methods can enhance the overall understanding of cancer progression, early detection, and treatment; however, thorough medical validation from professionals is essential for these methods to be adopted into routine clinical practice. The idea of adopting machine learning in the medical field is not to substitute human intelligence but to aid patients in receiving faster healthcare.
Keywords
Keywords.
Cancer Cells, Machine Learning, Predictive Models
cancer
data science
machine learning
master's thesis
prediction
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Text
BİLDİRİ ÖZETLERİ - UTEK 2014
ABSTRACT
Despite the history dating back the old times, teaching Turkish to foreigners or
teaching Turkish as a foreign language has been a field of interest for 25 years,
particularly for 10 years. Initially, classical methods which were used in other
languages teaching, especially Grammar-translation method was used; then
search for new methods came to the agenda. As the first languages are
European languages when it comes to language teaching, the methods,
techniques and programmes are fixed for European language teaching to a
European, it is not possible to teach Turkish using the same methods. Within
this frame, it is seen that applying one or two methods is preferred while
eclected methods are also used. There occurs many problem of method, beside
other problems in the area of teaching Turkish stemming from sticking to
theorical limitations of researchs. One of the most important factors that
makes method second problem is caused by Common European Language
Framework of Reference’s approach toward adopting what to teach, rather
than how to teach. Second important factor is that a teaching method based on
book and material is taking shape. Third important factor is that individual
methods are highly preferred because there is no really valid method.
CANDAN ERÇETİN'İN MİLYONLARCA KUŞTUK ŞİİRİNİN
MUHTEVASI VE KAYNAKLARI
Gencay ZAVOTÇU
Univerzitet U Tuzla /Bosna Hersek
Anahtar Kelimeler: Kuşlar, uçmak, yolculuk, yedi vâdi, Kâf Dağı.
ÖZET
Sanatçı,söz yazarı ve eğitimci Candan Erçetin tarafından yazılıp seslendirilen
Milyonlarca Kuştuk şiiri edebî, tasavvufî, ahlâkî, felsefî, hikemî v.d. alanlarda
geniş yelpazeli kültürel birikim yansıtan bir şiirdir. Bu şiir, zengin ve çok
yönlü bir kültürel birikimden beslenmenin yanında geçmiş ile bugün arasında
kültür aktarıcısı bir metin işlevine de sahiptir. Şiirin, görsel ve işitsel iletişim
54
�BİLDİRİ ÖZETLERİ - UTEK 2014
araçlarında musîkî eşliğindeki görsel sunumu ise toplum üzerinde yapacağı
etkiyi artıran sebepler olarak nitelenebilir.
Milyonlarca Kuştuk şiirinin sözlerinin ilk mısraları yargı içerikli hikemî sözler
içerir. Bu sözlerde kişilik yapısı ve karakter tahlili ile ilgili bildirimlere de yer
verilir. Yargı içerikli mısra ve dörtlüklerin arkasından şair bu kez kuşların
ağzından konuşur,
Biz milyonlarca kuştuk kaf dağına kanat açtık
Acı çektik yaralandık bilmiyorduk aldandık
Kimimiz yollarda kaldık dünya malına kandık
Kimimiz sebat ettik yedi vadiyi aştık
diyerek Ferîdüddîn Attâr'ın Mantıku't-tayr'da anlattığı kuşların yolculuğuna
atıfta bulunur. Vahdet yolculuğuna çıkan kuşların bir kısmının başlangıçta, bir
kısmının ise ilerleyen safhalarda dünya sevdâsı, mâl mülk edinme telâşı,
yılgınlık, yorgunluk ve farklı sebeplerle vaz geçmesi sebebiyle istek, aşk,
ma'rifet, istignâ, tevhîd, hayret ve fakr u fenâ adlı Yedi Vâdi'yi ancak 30 kuş
aşar, Kâf Dağı'na ve Sî-murg'a ulaşır. Attâr'dan sonra Gülşehrî'nin Mantıku'ttayr ve Alî Şîr Nevâî'nin Lisânü't-tâyr adlı eserlerinde de konu işlenmiş, gül ve
bülbül konulu eserlerde ise kısmî olarak ele alınmıştır. Şiirdeki hikemî söz ve
mısralar ise nasîhat-nâme ya da pend-nâme içerikli metinlerle
ilişkilendirilebilir.
Her kim ki ayrılık vadisinde duru
Bilsin ki ne ararsa kendinde bulur
gibi ve benzeri mısralar ise "Ne ekersen onu biçersin, eden bulur, İyilik yapan
iyilik, kötülük yapan kötülük bulur" benzeri atasözü ve özlü sözlerden
esinlenmiş izlenimi verirler. Hakikat ormanı, inkar limanı, ayrılık vâdisi gibi
ifadeler ise edebiyattaki, özellikle de divan şiirindeki teşbîhleri hatırlatırlar.
55
�
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2718
Title
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CANDAN ERÇETİN'İN MİLYONLARCA KUŞTUK ŞİİRİNİN MUHTEVASI VE KAYNAKLARI
Author
Author
ZAVOTÇU, Gencay
Abstract
A summary of the resource.
Sanatçı,söz yazarı ve eğitimci Candan Erçetin tarafından yazılıp seslendirilen Milyonlarca Kuştuk şiiri edebî, tasavvufî, ahlâkî, felsefî, hikemî v.d. alanlarda geniş yelpazeli kültürel birikim yansıtan bir şiirdir. Bu şiir, zengin ve çok yönlü bir kültürel birikimden beslenmenin yanında geçmiş ile bugün arasında kültür aktarıcısı bir metin işlevine de sahiptir. Şiirin, görsel ve işitsel iletişim araçlarında musîkî eşliğindeki görsel sunumu ise toplum üzerinde yapacağı etkiyi artıran sebepler olarak nitelenebilir. Milyonlarca Kuştuk şiirinin sözlerinin ilk mısraları yargı içerikli hikemî sözler içerir. Bu sözlerde kişilik yapısı ve karakter tahlili ile ilgili bildirimlere de yer verilir. Yargı içerikli mısra ve dörtlüklerin arkasından şair bu kez kuşların ağzından konuşur, Biz milyonlarca kuştuk kaf dağına kanat açtık Acı çektik yaralandık bilmiyorduk aldandık Kimimiz yollarda kaldık dünya malına kandık Kimimiz sebat ettik yedi vadiyi aştık diyerek Ferîdüddîn Attâr'ın Mantıku't-tayr'da anlattığı kuşların yolculuğuna atıfta bulunur. Vahdet yolculuğuna çıkan kuşların bir kısmının başlangıçta, bir kısmının ise ilerleyen safhalarda dünya sevdâsı, mâl mülk edinme telâşı, yılgınlık, yorgunluk ve farklı sebeplerle vaz geçmesi sebebiyle istek, aşk, ma'rifet, istignâ, tevhîd, hayret ve fakr u fenâ adlı Yedi Vâdi'yi ancak 30 kuş aşar, Kâf Dağı'na ve Sî-murg'a ulaşır. Attâr'dan sonra Gülşehrî'nin Mantıku'ttayr ve Alî Şîr Nevâî'nin Lisânü't-tâyr adlı eserlerinde de konu işlenmiş, gül ve bülbül konulu eserlerde ise kısmî olarak ele alınmıştır. Şiirdeki hikemî söz ve mısralar ise nasîhat-nâme ya da pend-nâme içerikli metinlerle ilişkilendirilebilir. Her kim ki ayrılık vadisinde duru Bilsin ki ne ararsa kendinde bulur gibi ve benzeri mısralar ise "Ne ekersen onu biçersin, eden bulur, İyilik yapan iyilik, kötülük yapan kötülük bulur" benzeri atasözü ve özlü sözlerden esinlenmiş izlenimi verirler. Hakikat ormanı, inkar limanı, ayrılık vâdisi gibi ifadeler ise edebiyattaki, özellikle de divan şiirindeki teşbîhleri hatırlatırlar.
Publisher
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International Burch University
Date
A point or period of time associated with an event in the lifecycle of the resource
2014-05-23
Keywords
Keywords.
Article
PeerReviewed
Identifier
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ISSN 2303-582X
P Philology. Linguistics,PA Classical philology,PI Oriental languages and literatures,PN Literature (General)
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1st International Syposium on Sustainable Development, June 9-10 2009, Sarajevo
Caper (Capparis spp.) Growing Techniques and Economical Importance
M uharrem Güleryüz
Ataturk University Agricultural Faculty
Department of Horticulture
25240 Erzurum-Turkey
Gürsel Özkan
Ataturk University Agricultural Faculty
Department of Horticulture
25240 Erzurum-Turkey
Sezai Ercişli
Ataturk University Agricultural Faculty
Department of Horticulture
25240 Erzurum-Turkey
Abstract: Caper has been using as a medicinal and aromatic plant for a long time in
particular Mediterranean basin. More recently there have been obvious increased
interest to this plant because of a wide culinary and medicinal use areas of this plant.
Anatolia is one of the natural growing areas of this plant and local people use it in
several ways. The plant has an important commercial value. Particularly in dry areas,
the plant naturally found and preventing erosion. In this review we gave information
about caper production possibilities, growing techniques, history etc.
Introduction
Capers has been known for a long time as a aromatic and medicinal plant and itis naturally grown in
mostly in Mediterranean countries (Toncer and Tansi, 2000; Kan et al., 2006). The seeds has been reported in
Yanghai cemetery in China (Jiang et al., 2007). In old Egypt civilation the seeds was also found together with
Pharaoh tombs. Capers were mentioned by Dioscorides as being a marketable product ofthe ancient Greeks. In
Aristo and Hipokrattime, the plant particularly its buds was known as a secret plant (Bilgin, 2004). Capers are
also mentioned by the Roman scholar, Pliny the Elder. The plant had been a part of the Mediterranean diet for
over 5,000 years and several archaeologists has unearthed caper seeds, along with grape, pistachio, almond and
olive seedsin Mediterranean basin, which belonged tothe middle Bronze age. Capers widely distributed in some
areas in Italy and it has been extensively reviewed in Ronesans time (Barbera and Lorenzo, 1984). The peoples
consumed caper flower buds and fruits (caperberry) for a long time. The famous traveller, Evliya Celebi
mentioned caper plants 400 years ago in Osmancik town of Corum city in Anatolia region.
There is a strong association between the caper plant and seas. The important caper specie, Capparis
spinosa is said to be native to the Mediterranean basin, but its range stretches from the Atlantic coasts of the
Canary Islands and Morocco to the Black Sea to the Crimea and Armenia, and eastward to the Caspian Sea and
into Iran. Therefore itis believed that capers originated from dry regions in Mediterranean and Near Asia.
Currently, capers naturally grown in Spain, France, Morocco, Monaco,Italy, Malta,former Yugoslavia,
Greece, Tunisia, Algeria, Africa, Southeast Asia, Himalayas, Pacificislands and some parts of Australia(Bilgin,
2004).In these countries,locally capers are collected from wild plants withintheir naturalrange. European main
sources are Spain, France and Italy (especially Sicily and the Aeolian island of Salina and the Mediterranean
island of Pantelleria). Capers are also cultivated in Dalmatia as well. In Turkey, it is widely distributed in
Western cities, middle Anatolia, East Black Sea and Sothern cities(Davis, 1965; Olmez etal.,2004).Itislocally
known as ‘Kebere’,‘Gebre otu’,‘Gebere’ or ‘Yılan kabağı’in different part of Turkey (Ozcan et al., 2004).
Systematic, Morphology and Anatomy
Capers belongs to Capparidaceae family and the family include around 46 genus. Caper is belong to
Capparis genus and Capparis spinosa L. and Capparis ovata Desf. are the main cultivated species (Kan and
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�1st International Syposium on Sustainable Development, June 9-10 2009, Sarajevo
Arslan, 2004). C. spinosa has three sub species; C. spinosa var.inermis Turra, C. spinosa var.spinosa Zoh. and
C. spinosa var. aegytia Lam. On the other hand, C.ovata Desf.is alsoincluded three sub species such as C. ovata
var. palestina Zoh., C. ovata var.canescens (Coss.) Heywood and C. ovata var. herbacea Willd.In general caper
plantis a shrub with 30-50 cm height. However, C. spinosa can be reach up to 2.5 m and can be found between
200-300 a.s.l(Kan and Arslan, 2004). C. ovata is generally has horizontal growth habit with 20-30 cm height.
This specie can be seen atthe altitude of between 300-1500 a.s.l(Davis, 1965). The aerialparts of capers can be
cover approximately 15 m2 soilarea. The plant has very strong perranialroot system. It can be reach up to 40 m
underthe soil(Olmez et al.,2004). Forthisreason,the plantare used in erosion controlstudies. The plantis also
suitable for dry areas. Leaf stipules may be formed into spines. Flowers are born on first-year branches (Rivera
et al., 2002; Yilmaz et al., 2002). Capers flowers has mild aroma and itinclude 4 sepal and 4 petals which has
white to pink color and numerous anthers and only one stamen. The anthers are in violet color. The flowers has
nectarium. It can be pollinated by bees or vasps (Sozzi, 2001; Rivera et al., 2002). The caper fruits named as
caperberry and itis elipsoid or ovate shape. The maturated fruits suddenly opened and seeds go outside (Sozzi,
2001).
Climate
Capers can be grown on semi-arid conditions. Dry heat and intense sunlight make the preferred
environment for caper plants.Plants are productive in zones having 200-600 mm annual precipitation and easily
survive summer time temperatures higher than 35-40°C. However, caper is a cold tender plant and has a
temperature hardiness range similar to the some kind of subtropical fruits for example pomegranate, fig and
particularly olive trees (-9 °C) (Kan and Arslan, 2004). However in Northeast Anatolia, caper plants can bee
seen in colder areas where olive trees can not be found
Soil
Plants grow wellin nutrient poor sharply-drained gravelly soils. Mature plants develop large extensive
root systems that penetrate deeply into the soil. Therefore itcan be grown in very poor soils as well. Capers are
salt-tolerant and flourish along shores within sea-spray zones. The caper's vegetative canopy covers soilsurfaces
which helps to conserve soilwater reserves (Olmez et al., 2004).
Propagation
Capers can be propagated either from seed or cuttings. For seed propagation, caper seeds are miniscule
and are slow to nurture into transplantable seedlings. Fresh caper seeds germinate readily-but only in low
percentages. To obtain high germination percentage, stratification should be apply on caper seeds. In this way,
seeds placed moist medium and waited 2-3 months in cold storage near O o C (Tansu and Kocabaa, 1997; Sozzi,
2001; Yilmaz et al., 2002). The seed coats of capers very resistto obtain water inside (Cesari, 2003). The seed
coats are also include lignins. The use of plant growth regulators, particularly gibberellins has been reported
increased seed germination ratio in caper seeds from 22% to 64% (Macchia and Casano, 1993; Soyler and
Khawar, 2007; Suleiman et al., 2009). The seeds can be dispersed by some animals (Tansu and Kocabaa, 1997;
Sozzi, 2001). Caper cuttings are hard-to-rooting (Soyler and Arslan, 2000; Kan et al.,2002). The best cutting
collection time are February, March or April in Mediterranean areas. The stem cuttings can be prepared from
basal portions, greaterthan 1 cm diameter and 8 cm in length with 6-10 buds. The rooting media must be well
drained with bottom heat. The use IBA can be helpfultoincrease rooting.
Planting, Irrigation, Pruning and Fertilization
For commercial production, the planting can be start in January, February or March. The planting
distances can be applied 2x2 or 3x3 in dry areas and 4x4 or 5x5 in irrigated areas. Depending on the roughness
of the topography; about 2,000 plants per hectare can be planted. The first year plants do not prefer excess
irrigation.If possible, dripirrigation is better. A full yieldisexpected after 3to 4 years. Plants are pruned back in
winter to remove dead wood and watersprouts. Pruning is crucialto high production. Heavy branch pruning is
necessary, as flower buds arise on one year old branches. Three year old plants will yield 1 to 3 kilograms of
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�1st International Syposium on Sustainable Development, June 9-10 2009, Sarajevo
caper flower buds per plant. Caper plantations can be lasted 20 to 30 years. Fertilization is a not big issue in
caper production.
Harvest and Processing
As well known caper is produced mainly for unopened flower buds. These unopened flowers are
exported after harvest (Soyler and Aslan, 1999). For harvest,itis very crucisalthat only unopened flower buds
should be picked on a dry days. Harvesting is carried out regularly throughout the growing season. In Turkey
and the other producer countries, caper flower buds are collected mainly by hand. The unopened flowers can be
picked up 5-6 time per season.
After harvest, unopened flowers are preserved either in vinegar or under layers of salt at the
concentration of 20% in a jar.In Turkey,the export companies mostly located in Izmir,Istanbul, Bursa etc. The
collected caper buds classified according to diameter of buds. In Italy, capers are graded on a scale from '7'to
'16', which indicates their size in millimeters. The diameter lower than 7 mm is accepted the best one. This
classification is not applied in Turkey. Among two main species, C. ovata is better physical and chemical
properties for processing (Ozcan and Akgul, 1999; Giuffrida et al., 2002).
Culinary Uses
As mentioned before, unopened flower buds of capers have an important commercial value in capers
producer countries. These flower buds either pickled in vinegar or preserved in granular salt. Moreover, semimature fruits (caperberries) and young shoots may also be pickled for use as a condiment. Capers have a sharp
piquant flavor and add pungency, a peculiar aroma and saltinessto comestibles such as pasta sauces, pizza,fish,
meats and salads. It was interesting that the flavor of caper similar to that of mustard and black pepper which
comes from mustard oil: methyl isothiocyanate (released from glucocapparin molecules) arising from crushed
plant tissues. Capers make an important contribution to the pantheon of classic Mediterranean flavors that
include: olives, rucola (argula, or garden rocket), anchovies and artichokes. In most parts of the world, tender
young shoots of caper plants can be eaten as a vegetable, or pickled. More rarely, mature and semi-mature fruits
are eaten as a cooked vegetable.
Medicinal Uses
There is very old belief that capers reduce flatulence and to be anti-rheumatic in effect.In ayurvedeic
medicine capers are recorded as hepatic protectors, improving liver function. Capers have reported uses for
arteriosclerosis, as diuretics, kidney disinfectants, vermifuges and tonics. Infusions and decoctions from caper
root bark have been traditionally used for dropsy, anemia, arthritis and gout. Capers contain considerable
amounts of the anti-oxidant bioflavinoid rutin. Caper extracts and pulps have been used in cosmetics, but there
has been reported contact dermatitis and sensitivity from their use.
Economic Importance
The European Union countries are the biggest markets for capers. They need high quality caper flower
buds. As far as we know, the EU rejected imports from some North African countries recently because of the
toxic residue found in the products. However, for the caper products that are appropriately certified, the world
market is wide open. Further, organic production of capers will open an additional market niche. A good
marketing concept will bring thislocal plantto an export success because the growing conditions for capers are
outstanding in Turkey. On the other hand the plant needs to be advertisement on it. Therefore an effective
advertisement can also increase its consumption in Turkey as well.
References
Barbera,G.,&Lorenzo, R.I. (1984). The caperculture in Italy. Acta Horticulturae, 144, 167-171.
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�1st International Syposium on Sustainable Development, June 9-10 2009, Sarajevo
Bilgin, M. (2004). Kapari yurt içi piyasa ve ürün araştırması. Đstanbul Ticaret Odası Dış Ticaret Şubesi Araştırma Servisi (in
Turkish).
Davis, P.H. (1965) Flora of Turkey and the East Aegean Islands, Edinburgh, Edinburgh University Press.
Giuffrida, D., Salvo, F., Ziino, M., Toscano, G., & Dugo, G., (2002). Initial investigation on some chemical constituents of
capers (Capparis spinosa L.) from the island of Salina. Italian Journal of Food Science, 1(14),.25-33.
Jiang, H.E., Li, X., Ferguson, D.K., Wang, Y.F., Liu, C.J., & Li, C.S. (2007). The discovery of Capparis spinosa L.
(Capparidaceae) in the Yanghai tombs (2800 years B.P.), NW China, and its medicinal implications. Journal of
Ethnopharmacology 113,409-420.
Kan , Y., & Arslan, N. (2002). Konya’da doğal plarak yetişen kapari (Capparis ovata Desf. var.canescens (coss.)
Heywood)’de bazı fenolojik ve morfolojik özellikler üzerine bir araştırma. Bitkisel ilaç maddeleri toplantısı, Bildiriler, 29-31
Mayıs. Eskişehir,.144-148 (In Turkish).
Kan, Y., Akay, A., Kan, M., & Kan, A. (2006). Kebere (Capparis ovata Desf. var canescens (coss.) Heywood)’nin doğal
olarak yetiştiği lokasyonların toprak özellikleri ve bunların tomurcuk verimi üzerine etkileri. Selçuk Üniversitesi Ziraat
Fakültesi Dergisi 20(40), 90-93.
Macchia, M., &. Casano, S. (1993). Propagation of caper (Capparis spinosa). Sementi Elette, 39, 37-42.
Ozcan, M., & Akgul, A. (1999). Influence of species, harvest date and size on composition of capers (Capparis spp.) flower
buds. Molcular Nutrition & Food Research, 42 (2),102-105.
Ozcan, M., Hacıseferogulları, H., &Demir, F., (2004). Some physico-mechanic and chemical properties of capers (Capparis
ovata Desf.var. canescens(coss) Heywood) flower buds. Journal of Food Engineering, 65, 151-155.
Olmez, Z., Yahyaoglu, Z., &Ucler, A.O. (2004). Effects of H2SO4, KNO3 and GA3 treatments on germination of caper
(Capparis ovata Desf.) seeds. Pakistan Journal of Biological Sciences 7(6), 879-882.
Rivera, D., Inocencio, C., Carreno, E., Reales, A., & Alcaraz,F. (2002). Archaeobotany of capers (Capparis) (Capparaceae).
Veget Hist Archaeobot, 11, 295-313.
Soyler, D., & Khawar, K.M. (2007). Seed germination of caper (Capparis ovata var. Herbacea) using α naphthalene acetic
acid and gibberellic acid. International Journal of Agriculture & Biology, 9(1),.35-37.
Sozzi, G.O., (2001). Caper bush: Botany and Horticulture, Horticultural Reviews, 27, 125-128.
Söyler, D., & Arslan, N. (1999). Kebere (Capparis spinosa L.) tohumlarının çimlenmesine farklı sıcaklık ve ışıklandırmanın
etkisi. Ege Tarımsal Araştırma Dergisi, 9(1), 63-75.
Söyler, D., & Arslan, N. (2000). Kebere (Capparis spinosa L.) çeliklerinin köklenmesi üzerine bazı büyümeyi düzenleyici
maddelerin etkileri. Turkish Journal Agricultural Forestry, 24, 595-600.
Suleiman, M.K., Bhat, N.R., Abdal, M.S., Jacob, S., Thomas, R.R., Al-Dossery, S., V Bellen, R. 2009. Germination studies
of Capparis spinosa L., Propagation of Ornamental Plants, 9(1), 35-38.
Tansu, S., & Kocabaa, F. (1997). Importance of caper (Capparis spinosa L.) under forest ecosystem and its cultivation. In:
Mukerji A.K. (Ed). XI World Forestry Congress, Antalya, Turkey, Vol 3, Topic 15: 259 (Abstract).
Tonçer, Ö., & Tansı, S. (2000). The caper (Capparis ovata Desf.var.palaestina Zoh.) culture in Turkey. Pakistan Journal of
Biological Sciences, 3(4),568-570.
Yılmaz, H., Karahan, F., Bulut, Z., Demircan N., & Alper H. (2002). Kurak bölgelerde havza planlamasında bazı sekonder
bitkilerin biyolojik onarım yönünden değerlendirilmesi. Su havzalarında toprak ve su kaynaklarının korunması, geliştirilmesi
ve yönetimi sempozyumu,Hatay, Turkey, (pp.77-84).
97
�
Dublin Core
The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/.
Extent
The size or duration of the resource.
484
Title
A name given to the resource
Caper (Capparis spp.) Growing Techniques and Economical Importance
Author
Author
Güleryüz, Muharrem
Özkan, Gürsel
Ercisli, Sezai
Abstract
A summary of the resource.
Caper has been using as a medicinal and aromatic plant for a long time in particular Mediterranean basin. More recently there have been obvious increased interest to this plant because of a wide culinary and medicinal use areas of this plant. Anatolia is one of the natural growing areas of this plant and local people use it in several ways. The plant has an important commercial value. Particularly in dry areas, the plant naturally found and preventing erosion. In this review we gave information about caper production possibilities, growing techniques, history etc.
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
Q Science (General)
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https://omeka.ibu.edu.ba/files/original/c9b5a91f319eab679e10d6bfbaa5a402.pdf
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PDF Text
Text
Journal of Economic and Social Studies
Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
Tarik Kurbegović
Sarajevo Stock Exchange
Sarajevo, Bosnia-Herzegovina
tarik.kurbegovic@sase.ba
Abstract: One of the most important factors of conducting
business successfully and also in achieving the interests of the
owner of entity is adequate structuring of source of financing
of company or institution. Debt as a source of financing has
its advantages in terms of potential of increasing of wealth
for the owner of capital. On the other side, debt alone as
source of finance can be realized on a several ways, where
plenty of factors influence that choice. In the past few years
in Bosnia and Herzegovina (BiH), the possibility of finance
big infrastructural projects through emission of debt
securities has been often mentioned. Until now neither of
these projects has been financed in this way. About this
problematic can be spoken from many aspects such as:
strategic decisions, limits concerning budget deficit, technical
conductions, efficient managing of public debt and so
further. These are the facts that we want to consider when
we speak about capital market as alternative source of
financing trying to reach the advantages and disadvantages
of emission of debt securities including the possibilities,
techniques and benefits of financing of infrastructural
projects through bonds.
Keywords: Capital market,
Debt securities, Bond,
Alternative financing,
Municipal bonds
JEL Classification: O16
Article History
Submitted: 06 Jun 2013
Resubmitted: 02 October 2013
Accepted: 10 January 2014
http://dx.doi.org/
10.14706/JECOSS11423
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�Tarik Kurbegović
Introduction
The foundations of the capital market in the Federation of Bosnia and Herzegovina
were laid down with the adoption of the Law on Securities in 1998, the Law on
Business Companies from 1999 and the laws establishing the fundamental capital
market institutions – The Securities Commission of the Federation of Bosnia and
Herzegovina and the Registry of Securities of the Federation of Bosnia and
Herzegovina. The launch of the Sarajevo Stock Exchange in 2002 marked a
milestone in the development of the capital market. On September 13, the Sarajevo
Stock Exchange (SASE) was founded in accordance with the Law on Securities as a
joint stock company by eight brokerage houses with the share capital of 300,000
KM. Following the adoption of the SASE Statute and the Rules, meeting of all the
technical and personnel preconditions and completing extensive preparations, the
first trading of shares was held on April 14, 2002 at the Sarajevo Stock Exchange.
The capital market development in the Federation of Bosnia and Herzegovina was
linked closely with the process of (mass) privatization. The privatization receivables
(“the certificates”) which were issued to all adults in the Federation of B&H were
mostly invested into the Privatization Investment Funds (PIF) and companies
offering state capital. Poor awareness of the certificate owners and later share owners
on the rights and obligations regarding their ownership in the funds and privatized
companies lead to the fact that initial trading by these issuers on the Sarajevo Stock
Exchange was mostly conducted by discount rates.
The total turnover in SASE’s first year equalled to 41.6 million KM which was the
lowest annual turnover in the Company’s 10-year history. The market values of the
listed joint stock companies at the end of 2002 (market capitalization) amounted to
321 million KM.
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�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
Table 1. Overview of turnover and the market capitalization in the last ten years
Year
Turnover (KM)
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
41.678.465,00
118.888.794,00
201.137.333,00
555.353.931,00
654.717.252,00
1.274.340.113,98
477.076.375,47
219.048.701,00
108.554.379,41
244.787.112,11
373.577.487,70
Market capitalization on
December 31 (in KM)
321.253.156,34
780.246.167,55
3.751.568.969,67
6.694.365.072,29
11.404.786.537,71
15.518.257.216,11
7.808.681.905,37
7.158.678.913,80
7.210.603.026,80
4.371.013.728,43
4.504.560.828,97
Source: www.sase.ba
The initial trading on the Stock Exchange was in the auction trading format with
one auction per day. The number of auctions later increased which lead to the
introduction of the Multi-Fixing Trading Schedule (MFTS) in 2004 intended for
stocks with higher solvency.
The SASE turnover and market capitalization were constantly increasing until 2007
when the annual turnover for the year amounted to 1.274 billion KM and the total
company market value equalling to 15.5 billion KM.
As a consequence of the global financial and economic crisis and its notable effect on
the biggest investors (Slovenia and Croatia) on the FB&H capital market, the
turnover in 2008 experienced a sudden plunge. The trend of turnover and market
capitalization pull-down continued until 2010 which was followed by two years of
turnover surge.
In the first six years of SASE, the primary market material was shares of issuers from
the privatization process. After most of the companies of interest experienced
ownership consolidation and considering the fact that there was a standstill in the
privatization process the share of equities in the total turnover was reduced.
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�Tarik Kurbegović
Despite the fact that in August 2007, a very successful sale of state-owned capital in
“Interšped plc Sarajevo” was held, the political turmoil did not allow for the process
to continue. Instead of equity instruments, the attention of the market from 2009
was drawn by the debt securities. This related to the bonds of the Federation of
Bosnia and Herzegovina issued on the basis of internal debt (old foreign currency
savings and war receivables). However, poor awareness of the bond owners on the
possibility of their sale on the secondary market and a relatively long maturity period
did not lead to the use of the securities’ full potential on the market.
A big change on the local capital market occurred in 2011 when the Sarajevo Stock
Exchange organized for the first time the primary market auction of treasury bills in
FB&H. Perceiving the advantages of borrowing from the local market through the
Sarajevo Stock Exchange, the FB&H Government had multiple entries on the local
market and thus fulfilled all its requirements for short-term and long-term financing.
Figure 1. Comparison of trading volume on BH stock exchanges
Source: www.sase.ba
The development of the capital market in the other BiH entity followed the trends
in the Federation of BiH. Although the Banja Luka Stock Exchange was establhed
somewhat earlier than SASE, until 2010 the turnover ratio of the two BiH Stock
Exchanges was 2/3 to 1/3 in favour of the Sarajevo Stock Exchange. However, in
2010 and 2011 due to a higher demand of the RS to finance its budget deficit and
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Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
the large number of municipal bond issuing, the ratio was turned in favour of the
Banja Luka Stock Exchange.
Ways of Financing Growth and Development
One of the most important factors of conducting business successfully and also in
achieving the interests of the owner of entity is adequate structuring of source of
financing of company or institution. Debt as a source of financing has its advantages
in terms of potential of increasing of wealth for the owner of capital. The thing that
we are speaking about is optimizing relationships of debt to ownership capital.
On the other side, debt alone as source of finance can be realized on a several ways,
where plenty of factors influence that choice. We mean here on financing through
bank credits versus financing by emission of debt securities. The sizes of a company
or an institution together with the financial system are most important factors that
determine not only the way of financing through emission of debt securities but also
considering it as an option or a possibility.
In the past few years in BiH the possibility of financing big infrastructural projects
through emission of debt securities has been often mentioned. Until now neither of
these projects has been financed this way.
About this problem can be spoken from many aspects such as: strategic decisions,
limits concerning budget deficit, technical conductions, efficient managing of public
debt and so further.
If it is about finance of corridor 5C or about financing infrastructural projects on the
local level, bank loans determine the way of financing in Bosnia. In most case these
loans are offered by international finance institutions or some countries. On the
other side by emission of bonds issued either by state/entity or more concrete public
company „Autoceste FBH“, the state itself would become investor. Thus the state,
entity, municipality and citizens instead of trading with bonds that are used with aim
to cover budget deficits can be used for infrastructural projects and development.
These are the facts that we want to consider when we speak about capital market as
alternative source of financing trying to reach what are the advantages and
disadvantages of emission of debt securities, what are the possibilities, techniques and
benefits of financing of infrastructural projects through bonds.
57
�Tarik Kurbegović
Debt as an Alternative Source of Financing
When we talk about debt or financing through debt and its reflection on the
economy, there is no single stance on the type of debt although there are the
Maastricht Criteria which state that it should not exceed 60% of the GDP and that
the deficit should not exceed 3% of the GDP.
The experts believe that the best way of debt management is to compare it with the
conditions in the countries in the region or beyond. If we take a look at the world
map and the state of public debt in each individual country, we will perceive that the
most developed countries are the ones most indebted. Doesn’t that lead us to a
conclusion that it is justified to go into a debt? On the other hand, countries which
are also considered as developed but are not indebted are either countries rich with
natural resources such oil or gas or the ones whose hyper-production and export
orientation generates a surplus which does not require them to borrow such as China
for example. Nevertheless, if we look at the situation in certain European countries
whose debt exceeds 100% of their GDP we will see that they are facing bankruptcy
while countries such as Belgium whose debt amounts to 97% of their GDP has no
problems with solvency and development (Denk, 2013).
What is important with debt? Firstly, the rate of growth of GDP must always be
higher than the rate of growth of public debt preventing the country to reach
insolvency and thus fail to fulfil its obligations. Secondly, to establish the reasons for
borrowing bas that will determine whether the current or the future generations are
to repay the debt: if the reason is to fill budget holes, then the burden should be
borne by the current generation (taxes) but if the borrowing is intended for
infrastructural investments for the benefit of the future generations then there are
grounds of transferring the debt onto the future generations (borrowings). The third
issue is whether to borrow from the local or foreign market as the effects on the local
economy are significantly different. The main arguments for local borrowing:
development of the local financial market and transparent trading and less exposure
to external risks (changes in interest and exchange rates). All this leads to the fact
that the most important issues regarding debt are not just parameters but proper
debt management - minimizing the negative and maximizing the positive effects.
The expected changes in interest rates are forecasted for the issuing of securities. If
the interest rates are expected to rise, long-term bonds will be issued but if they are
expected to drop the short-term bonds are to be issued. In the borrowing or in the
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Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
process of creating debt, it is important to evaluate whether the local economy can
bear the burden of debt repayment in the long-term. In order for the debt to have
minimum negative and maximum positive effects it is important to harmonize the
fiscal policy with the monetary policy. Moreover, the funds generated through
borrowing should be invested into developmental projects otherwise the public debt
policy is a risk factor which can endanger the future economic growth.
The alternative sources of financing may be viewed as a competition to the banking
sector. Namely, on the developed markets the banking sector is just one of the
players in the overall financial system struggling to earn its place in the system
whereas in our context the banking sector almost holds a monopoly. It goes without
saying that the competition gives rise to better services provided by the players in the
system and the capital market is the alternative source of financing for all target
groups of citizens, municipalities, cantons, entities, states and companies. How?
For example, the citizens can direct their savings in the bank, held at an interest rate
of 2% to 3%, towards buying of bonds which will bring them a return of 12% to
13% on an annual level through an interest rate incurred on the bond plus the
discount as they are buying before the maturity. That means that someone is selling
something for 92% 10 months before the maturity when he would get 100%.
The municipalities, cantons and entities may issue bonds and thus incur funds from
the investors (citizens, banks, companies) to finance their projects and obtain access
to financing for a much cheaper price than borrowing from banks. This means that
the characteristics of bonds as the capital market instrument cannot be disputed, it is
only the means of investing such funds which may be disputed for example if the
state is using the bonds to cover for the budget losses in order to pay off salaries to
the state administration instead of investing them into financing of projects which
would generate return of investment. The fact that the banks are investing the
citizens’ savings into the buying of bonds goes to prove the fact that the bonds are a
safe investment. The poor awareness of citizens and the absence of capital market
culture just add to the case.
Should we consider safety of bonds compare with banks, claiming that bank are
more sure – then it is more than questionable because if the banks run into trouble
their mother banks will not be liable for the sisters on our market as the principle of
solidarity is not valid in this case. Some banks are basic companies with limited
liability carrying the name of their mother company while the state can always
59
�Tarik Kurbegović
undertake fiscal measures such as taxes and make up for the money needed to settle
the debt.
Furthermore, in addition to bonds the companies also have the possibility of “going
public” i.e. the IPO which means that if they need new capital to expand their
prospective business they can transform themselves into a joint stock company and
list their shares on the primary market and thus obtain the funds instead of
borrowing from credit funds. Many people in BiH see this as a loss in the ownership
structure which is a completely wrong approach.
Not going beyond the borders of the former Yugoslavia, Stock Exchanges in the
region have developed as a consequence of the economic transition i.e. the
transformation of state capital into both state and private capital. As a result, the
offers of our Stock Exchanges usually included equity securities or simply shares and
stocks which were later followed by the debt securities notably bonds and treasury
bills.
Equity versus Debt
To explain briefly, shares are equity securities which give the shareholder the right to
make decisions at an assembly and to participate in the distribution of dividends
while the bonds and treasury bills are debt securities which oblige the buyer to pay
the bidder the annual interest in addition to the principal upon maturity during the
validity of the bond. The difference between the bonds and the treasury bills is that
bonds are long-term debt securities while T-bills are short-term securities with a
maturity of one year.
In principle, the bonds incur a regular income, less return with a low level of risk and
volatility (although there are exceptions). Everyone can achieve financial profit if
bonds are part of their financial portfolio. Bonds are debt securities issued by the
state (state bonds), local authorities (for example: municipal bonds) and companies
(corporate bonds) in order to finance different investments at a lower cost in
comparison to a classic credit. As opposed to shares, the bonds do not give the owner
the right to participate in decision-making and profit but they do entitle him to
return of the invested principal increased by the contracted interest rate for the
contracted period of time. The nominal value of the bond indicates the amount of
money the bond owner will get at the time of its maturity. The nominal (coupon)
interest rate on bonds is the rate used for calculating and paying interest in line with
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Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
the schedule stated in the bond. The maturity date is the date when the bond issuer
must pay the principal to the bond owners. In view of the fact that the bonds are a
long-term financing instrument, the maturity period is usually between 2 to 30 years
after the bond issuing. Most often the short-term bonds have a maturity period less
than a year, mid-term bonds have maturity period between two to ten years while
long-term bonds usually last for more than 10 years. As for the bond issuers, the
most common ones are state bonds, municipal bonds issued by the local authority or
corporate bonds issued by large companies and corporations.
Bonds are usually considered to be a less risky investment than stocks. When you
buy a bond at the time of their issue and you hold on to it until its maturity you will
incur regular income (interest, return) and the whole investment amount upon
maturity. The risk that you undertake (together with the inflation risk) might be in
the fact that the issuer will not be able to settle all its obligations, pay the interest and
pay your invested principal. This is known as the credit risk. In addition there is also
the market risk i.e. the risk of the bond price change. There is a constant fluctuation
in the value of bonds and if you wish to sell your bond before its maturity you might
get less than what you have paid for. In any case, bonds are a good option for
investment diversification (Orsag, 2011).
Bonds are a good form of investment for investors with low risk preferences and for
reducing the overall risk of portfolio diversification. Namely, in contrast to the
stocks, the bonds incur fixed return to their owners - the interest. Moreover, in the
business result distribution hierarchy and its salvage value bonds hold a superior
position over the share holders meaning that the companies are legally bound to pay
off the outstanding debts stemming from bonds prior to any pay off to the owners of
the company that has issued them. The state bonds are highly secure since the pay
off of their receivables is warranted by the state.
In making their decisions on using the capital market as the source of financing for
the development and/or expansion of their business activities, the legal entities have
to decide on the type of security which they wish to issue - the equity or the debt
securities. In the case of public sector- the state, cantons, city and municipality – this
dilemma does not exist as they can issue only debt securities. With companies, the
issue is whether they wish to enter into contractual relations (with the issuing of
bonds) or they wish to expand their ownership structure (with the issuing of shares).
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�Tarik Kurbegović
The issuing of shares changes more or less significantly the ownership structure of
the company depending on the number of issued securities. That leads to changes in
company management and profit distribution. The most notable transition is from
the closed (equity) joint stock company into a (public) open joint stock company as
this is usually the first time the ownership is separated from the management
functions. This is the reason why the companies in BiH rarely opt for this move. On
the other hand, this move enables the company to ensure long-term capital for their
development as the issued shares do not have dates of maturity. Moreover, the
dividend as one of the integral parts of the overall return to investor is not
mandatory and is conditioned by the positive financial results and adequate assembly
decision (Stanley, 1989).
With the issuing of bonds, the company borrows from the investor. They are
entitled to period interest payoff (quarterly, semi-annually or annually) but do not
have the right to manage the company nor participate in profit distribution. One
advantage for the company is that there is no change in the ownership structure and
it creates a possibility for a later buy off of the bonds from the investor provided that
it stands in accordance with the decision on bond issuing.
From the investor’s point of view, the bonds as debt securities are ranked into a
category of safe securities in comparison to the stocks. The primary reason for this is
that the bond owners have priority in payoff in case of company’s bankruptcy while
the shareholders are the last in line for the pay.
Financing the Development of Local Municipalities
The municipal bonds i.e. the bonds issued by the local authority are a globally
popular means of financing the development of municipalities and other local selfauthority units. The reason for the instrument’s popularity lies in the advantages that
it offers to both the municipality and the investors. The following sector will present
according to the author's long year dealing with these issues the advantages for the
municipality:
Lower financing costs
In addition to the presence of the so-called “humanitarian loans”, the loans from
commercial banks are one of the most frequently used mechanisms of financing
municipal development. One of the reasons for this is primarily due to easy
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Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
accessibility of such loans (if we are talking about a financially sound municipality)
but also due to poor awareness of the municipal administration regarding alternative
sources of financing notably through the capital market. In order to understand the
advantage of lower financing bonds with the issuing of municipal bonds, it is
important to draw your attention to the difference between the active and passive
interest rates in the banking system. The passive interest rates are those incurred by
the citizens or companies when they deposit or term deposit their assets in the bank
while the passive interest rates are paid when the citizen or the company takes out a
loan to settle its necessities. If we analyse the situation in Bosnia and Herzegovina in
2012, the difference between the active and the passive interest rates or the so-called
interest spread was not less than 4%. Why is this important in our elaboration of
municipal bonds? It is because this is the so-called “interest area” from where the
municipalities (or other legal entities) may opt to borrow achieving significant
savings on one side and motivating the population enough to buy the municipal
bonds on the other.
More flexible borrowing terms
Looking from the aspect of flexibility and adaptability to the needs of the
municipalities for the financing of infrastructural projects, the bank loans are very
limited. The banks are not very willing to give long-term loans and their loans are
very often placed under a floating interest rate. In bond issuing, the municipality has
much more flexibility in terms of maturity which enables much longer maturity
dates but also enables more precise definition of modalities and loan repayment
schedule. If we add a standard fixed interest rate to this there are enough reasons to
seriously start thinking about bond issuing instead of taking up loans. Of course, in
setting out the terms and conditions, the municipality needs to take into account
that the issuing terms are attractive enough for the investors to buy these securities.
Fostering the municipal administration
With bond issuing, the municipality needs to be more transparent and open in terms
of their financial operations. The investors are unwilling to invest into a “black box”
and the municipal administration must define clearly the channels and the action
plan for their incurred investments. The more detailed and credible the action plan,
the less possibility for undedicated asset spending and the bond issuing will be more
successful.
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�Tarik Kurbegović
Investing into municipal bonds also has advantages for the investors. To name the
few:
Higher return than with fixed-deposits
The municipal bonds often incur higher interest than fixed deposits and much
higher return than in case of a vista deposits. Moreover, investing into municipal
(and other public sector bonds) has a very positive tax treatment. For example, very
often the amount of money invested into such financial instruments is deduced from
the investor’s tax basis which, together with the higher interest rates in general makes
the municipal bonds instruments with a relatively high rate of return in comparison
with other (debt) instruments.
Safety
As with other public sector securities, the municipal bonds are also considered to be
safe securities. The logic behind this claim is that if there is a problem in the
repayment of the borrowed amount, the municipality may always introduce the final
measure of local tax increase or introduce para-fiscal levies although such behaviour
surely would not have a positive effect on the investors.
Participation of local population in municipal development
A fact which we cannot forget is the effect the municipal bonds have on “local
patriotism.” in view of the fact that the municipalities are places where people live it
is in everyone’s interest for the municipality to prosper and develop. This can be an
additional motivational factor for the local businessmen or wealthier citizens in the
municipality to buy this type of financial instrument. However, we must be aware
that today’s sole reliance on patriotism will not ensure bond issuing success.
The first municipal bonds were issued in 2008 in Bosnia and Herzegovina,
accidentally or not in Municipality of Laktaši. The issued bonds valued at 10 million
KM issued at a period of 6 years and at an interest rate of 5.75% were issued to build
a sports centre. In Republika Srpska, several dozen municipalities have issued bonds
and thus generated significant funds. The fact that the Investment-Development
Bank of Republika Srpska ensured the success of most of the issuing and that this
served as a political instrument of awarding credits to politically eligible
municipalities does not diminish the importance of the mere issuing for the
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�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
development of their capital market. In the Federation of BiH, two municipalities
have issued their bonds. The pioneer step was taken by Municipality Tešanj with the
issuing of bonds valued at 500.000 KM for a period of 3 years and at an interest rate
of 6%. Tešanj was soon followed by Cazin which issued bonds valued at 1 million
KM, at an interest rate of 6% for a period of 5 years.
Financing of Infrastructural Projects
The infrastructural projects are among other things a driver of development of the
local community and the state/entity in general. In addition to being an incentive for
economic growth, such (successful) projects raise the living standard of the whole
population, provide support to business activities and finally increase the level of
competition of the local community/region/state where the project is being
implemented.
In addition to all the other factors in involved in the implementation of
infrastructural projects, a very important segment is the model and means of project
financing. In view of that there is a whole range of modalities and approaches to
financing. In the previous section we saw some basic characteristics and advantages
of project financing by means of bond issuing (in public and private sectors) and in
the following section we will give a brief overview of the alternative models for
financing infrastructural projects and a longer review of debt financing via bonds and
financing through a mixed partnership of the public and private sector.
Financing of infrastructural projects can be categorized in several ways depending on
the criteria of categorization. These are (Aralica et al., 2007):
• local and foreign financing depending on the asset source of origin, then
• public, private, mixed types of models/categories depending on the investor’s
sector of origin (public/private);, and
• personal or external financing (from the current budget revenues) depending
on the techniques and instruments of financing.
65
�Tarik Kurbegović
Within the scope of the third category, the external financing may come from
different sources and be implemented with different techniques and instruments.
Thus we can differentiate the following types of financings:
• donation that include for example EU funds, local funds and local
development banks and agencies (state, entity…), foreign development banks
and other institutions, foreign development agencies and similar
institutions…,
• DEBT FINANSING where we usually have the commercial bank loans from
local development banks and agencies, foreign development banks (EBRD,
WB, EIB...), borrowing through BOND issuing
• financing by means of “own capital” (financing which includes private equity,
the so-called public-private-partnership) where we can talk about concessions,
joint ventures and the so-called project financing.
In this paper we will not be able to give a more detailed overview of the
aforementioned aspects, models and categories of financing but we will rather focus
on the debt financing through bond issuing and financing which involves the
profit/private sector or the public-private partnership. Recently, the public sector has
been turning to the private sector more often than ever to support it in their
development and provision of infrastructural services. The public administration
which is faced with the ever growing service demand, significant institutional and
operational deficiencies and limited financial assets, has recognized the private sector
as the valuable source of new technologies, management expertise and source of
investment capital. The global experiences have shown that if they are designed
properly, the system of the public-private partnership can largely influence boost in
quality, availability and cost efficiency of local infrastructural services.
Financing through bond issuing as a realistic alternative to investment loans and the
whole spectrum of possible financing sources, certainly has its advantages for both
the lender and the borrower (which we mentioned in the previous sections of this
paper) and leaves a positive effect on the financial market as a whole. However, the
reality has shown that this system of financing was chosen by a relatively small
number of municipalities and other levels of authority in the recent period. We can
look for the reasons to this in the low level of awareness on the advantages of such
forms of financing as it is (nevertheless) easier and (faster) to get access to the bank
loan. Moreover we can add the insufficient engagement of the local and other levels
of authority in choosing projects and seeking (combining) different sources of
66
Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
financing. Perhaps this situation is favourable at the moment as it leaves the local
authorities (and other levels) with a lot of space to borrow, however such borrowing
needs to be accompanies with a strategic approach, coordination, a clear plan and
aims, good budget planning and discipline.
In analysing the characteristics of bonds for financing infrastructural projects we can
make a clear distinction between the state- financed infrastructural projects or
projects financed on the local level (Orsag, 2012).
In the first case, the state can be easily indebted by using various instruments and
arrangements with a standard coupon bonds (bonds with one-off depreciation) being
the principal option. In this case, such bonds have significant advantages since the
only thing financed until their date of maturity is the interest - this is a very
important characteristic at the moment. Moreover, we need to take into
consideration that it is important to plan and manage the public debt carefully. We
can say that it is realistic to expect that due to an upward economic cycle, at the time
of maturity the budget flow will be sufficient to settle the principal without
additional borrowing which leads us to conclude that the public debt in this context
may significantly be decreased in the upcoming period with the issuing of bonds at
the moment. This gives us the right to claim that the current economic situation in
BiH is favourable for borrowings for the financing of infrastructural projects namely the most advantageous being the bond issuing (Šimović, 2005).
We will mention here that (apart from all the other classifications and
characteristics) the bonds issued by the public authorities may be general obligation
bonds and revenue bonds (bonds of special purpose). The general obligation bonds
are characterised by the general obligation of the issuer to repay the debt and the
principal and interest may be settled from any authority source of revenue.
The revenue bonds are issued with the purpose in generating revenue from specific
projects. The principal and the interest are paid from the revenue generated by the
facility built from the previous borrowing. For example, pay toll collection may pay
for the obligations incurred with the issued bonds.
In principal, the state does not issue revenue bonds unless it represents a guarantor of
the issuing for the local community or a state-owned company and different state
agencies.
67
�Tarik Kurbegović
The direct financing of state infrastructural projects should primarily take place with
the issuing of general obligation bonds. This is also possible in case the state is using
state-owned companies or legal entities established specifically for these purposes as
project holders intended for infrastructural project implementation and
management. These companies are engaged in one phase or throughout the project,
either independently or in partnership with the private sector (Special Purpose
Vehicle). here we can talk additionally about the public-private partnership where we
can involve the private sector in the ownership structure of such companies and the
combinations in that context (the contractual relations, the modalities of financing)
are vast and require special attention as the adequate model may generate significant
positive results both in the financial terms and other aspects of the infrastructural
project (Kačer et al., 2008).
We have to understand that the possible combinations of the private and public
sector partnership are vast in terms of financing, implementation, ownership,
management, level of risk and its distribution. In the following section we will give a
brief overview of these models. All models of the PPP may be grouped into several
basic forms of implementing the public-private partnership:
• Management contracts and service contracts by which the private sector
undertakes to provide services on behalf of the public sector.
• Lease agreements by which the public sector offers the private sector the use of
its property. The private partner leases/rents the property and often develops
it in both technological and functional context.
• Joint venture agreements by which the public and the private sector establish a
joint business entity in order to implement a project where the amount and
means of investing and sharing risk is defined by contract.
• Build-Operate-Transfer – concession agreements by which the public sector
transfer part of its rights and tasks for conducting the relevant business activity
onto the private sector partner for a specific period of time.
• Private finance initiative PFI– a form of PPP belonging to the Design-BuildFinance-Operate contract type. The other forms of partnership include
BOOT (Build-Own-Operate-Transfer), DBFOOT (Design-Build-FinanceOwn-Operate-Transfer) and other. As part of the PFI, the public sector leases
or buys a specific type of public assets or public services rendered by the
private sector partner.
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Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
• BOO (Build-Own-Operate) and BBO (Buy-Build-Operate) contracts- by
which the private partner is buying, building, maintaining and operating the
property in its sole ownership and by managing it, the private sector partner
bears all the risks but also enjoys all the benefits of providing the contracted
public service (Guidelines for Successful Public-Private Partnership, 2003).
In the following section we will present the different forms which appeared as
models of PPP in practice (especially after the 1980’s):
• FO - Finance Only: The private sector, notably banks and funds directly
finance the building of public infrastructure.
• DBB: Design-Bid-Build: The public sector partner sets out project terms of
reference, ensures financing and project design while the private bidder is
responsible for the building. The public sector partner provides the service,
maintains the facility and owns the constructed building.
• DBM: Design-Build-Maintain: The private sector designs, builds and
maintains the infrastructure, undertakes cost, quality and maintenance risks of
the building.
• OM: Operate-Maintain: By means of contract, the private sector partner
provides the service using public assets or public property but the ownership is
still in the hands of the public sector.
• DBO: Design-Build-Operate: The private sector designs and builds the public
asset while the financing costs are borne by the public sector. Upon the
building completion, the private partner take up a long-term lease over the
facilities and uses them for service provision.
• BOT: Build-Operate-Transfer: The private sector builds the public asset and
uses it for service provision. The public partner as the service provider
(controlled by the public sector) collects the fees for the provided services
from the public sector and/or the end users. After the expiry of the long-term
lease, the public asset is returned to the public sector partner.
• DBFO: Design-Build-Finance-Operate: The private sector designs, builds and
finances the implementation of the public asset and takes up a long-term
lease. It manages the service provision and uses the public asset for a
contracted number of years.
• (BOOT: Build-Own-Operate-Transfer): The private sector builds the public
asset upon the design of the public sector, owns it for a contracted period of
time and uses it for service provision. The public partner as the service
69
�Tarik Kurbegović
•
•
•
•
•
•
provider (controlled by the public sector) collects the fees for the provided
services from the public sector and/or the end users. After the expiry of the
long-term lease, the public asset is returned to the public sector partner
without a fee.
LDO: Lease-Develop-Operate: The private partner takes the public asset up
for a lease, develops it in technical and functional terms and manages its use.
BLOT: Build-Lease-Operate-Transfer: The private partner builds the public
asset and takes it up for a lease. The ownership over the asset remains with the
public sector while the private sector provides services using the leased public
asset. With the expiry of the contracted period, the ownership over the public
asset is returned to the public partner.
BUYOOT: Buy-Own-Operate-Transfer): The private sector buys the public
asset, uses it for a contracted number of years and provides services. With the
expiry of the contracted period, the ownership over the public asset is
returned to the public partner without a fee.
DBFOOT: Design Build-Finance-Own-Operate-Transfer): The private sector
designs, builds and finances the public project, manages the service provision
and operates the public asset which is in his ownership for a contracted
number of years. With the expiry of the contracted period, the ownership over
the public asset is returned to the public partner without a fee.
BOO: Build-Own-Operate: The private sector builds and manages the public
asset in its ownership without the obligation of transferring the property to
the public sector. The monitoring over the private sector service provision is
most often performed and regulated by the public authorities.
BBO: Buy-Build-Operate: The private sector buys the public asset, develops
and manages it, provides services to the public sector or the end users. With
the expiry of the contracted period, the private sector retains the ownership
rights over the public asset (Robert, 2001).
Conclusion
The debt as the source of financing has potentially significant benefits (if adequately
managed and implemented) both in the private and the public sector. If analysed in
the wider context, the capital market should provide its participants multiple means
and instruments for debt collection and implementation namely the long-term debt
which is to be used for investment projects (both public and private). In the current
practice, the most common debt was the banking debt from traditional credit
agreements implemented without incurring securities. Such an arrangement has its
70
Journal of Economic and Social Studies
�Capital Market in Bosnia and Herzegovina:
Unused Potential as Alternative Source of Financing
advantages but also disadvantages as it does not have the option of debt
implementation through the issuing of debt securities. The presence of a number of
institutions representing the infrastructure of the modern capital market creates a
basic precondition for the future segmentation of the capital market regarding the
offer/generation of different forms of securities holding different characteristics
(risks, maturity...etc) and it seems that at the moment there are realistic conditions
for a more significant bond issuing on the local and other higher levels of authority
in BiH.
The bonds take up their place both with private and public issuers although in the
case of the private sector, this instrument is primarily reserved for the big joint stock
companies. On the other hand, bond issuing as the means of financing development
and infrastructural projects in municipalities, regions, entities and states represents a
potentially very important segment of functioning and purpose of the capital market.
A very popular phrase in the last several decades has been the public-private
partnership. There are reasons why there has been an “explosion” of this joint
approach in the provision of public services/products. It is necessary to know the
different models that have appeared in the current practice all with the aim of
drawing on the positive experience and applying the suitable model responding to
the specific project or need.
References
Aralica, Z., Račić, D. & Šišinački, Jelena (2007) Project financing of infrastructure,
Privredna kretanja i ekonomska politika, 17/112, 52-87
Denk, O. (2013), “Italy and the Euro Area Crisis: Securing Fiscal Sustainability and
Financial Stability”, OECD Economics Department Working Papers, No. 1065,
OECD
European Commission, Directorate-General, Regional Policy (2003) Guidelines for
Successful Public-Private Partnership. Brussels
Kačer, H., Kružić, D., & Perković, A. (2008) Javno - privatno partnerstvo –
Atraktivnost DBFOOT Modela, Zbornik radova Pravnog fakulteta u Splitu,
45,3/2008, 603-640
71
�Tarik Kurbegović
Orsag, S. (2011) Vrijednosni papiri: investicije i instrumenti financiranja, Revicon,
Sarajevo
Orsag, S., (2012) Emisija dužničkih vrijednosnih papira vs kreditna zaduženja i
financiranje infrastrukturnih projekata emisijom, Zbornik radova , Revicon, Sarajevo
Publishing
Robert J., (2001) Models for the financing of regional infrastructure and
development projects, with a particular attention to the countries of Central and
Eastern Europe. Public – private partnerships in spatial development policy,
European regional planning (CEMAT), No. 63, Council of Europe Publishing
Stanley B. Block and Geoffrey A. Hirt, (1989) Foundation of Financial Management,
fifth edition, Richard D. Irwin, Inc., Homewood, Illinois
Šimović, H. (2005) Municipal bonds in Croatia, (Municipalne obveznice i njihova
primjena u Hrvatskoj), Financije i porezi, 12(3), 8-13
www.oecd.org/belgium
Sarajevo Stock Exchange. Retrieved from www.sase.ba.
72
Journal of Economic and Social Studies
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Capital Market in Bosnia and Herzegovina: Unused Potential as Alternative Source of Financing
Author
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KURBEGOVIC, Tarik
Abstract
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One of the most important factors of conducting business successfully and also in achieving the interests of the owner of entity is adequate structuring of source of financing of company or institution. Debt as a source of financing has its advantages in terms of potential of increasing of wealth for the owner of capital. On the other side, debt alone as source of finance can be realized on a several ways, where plenty of factors influence that choice. In the past few years in Bosnia and Herzegovina (BiH), the possibility of finance big infrastructural projects through emission of debt securities has been often mentioned. Until now neither of these projects has been financed in this way. About this problematic can be spoken from many aspects such as: strategic decisions, limits concerning budget deficit, technical conductions, efficient managing of public debt and so further. These are the facts that we want to consider when we speak about capital market as alternative source of financing trying to reach the advantages and disadvantages of emission of debt securities including the possibilities, techniques and benefits of financing of infrastructural projects through bonds.
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International Burch University
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2014-07-15
Keywords
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Article
PeerReviewed
HG Finance
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https://omeka.ibu.edu.ba/files/original/2675fb8e55e2e10ea9995e47ecfe7c75.pdf
1ecb97d803c0d10a5a35460518cb71bb
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International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo
Capital Market in Bosnia and Herzegovina: Unused
Potential as Alternative Source of Financing
Tarik Kurbegovic
Sarajevo Stock Exchange, Sarajevo, Bosnia and Herzegovina
tarik.kurbegovic@sase.ba
One of the most important factors of conducting business successfully and also
in achieving the interests of the owner of entity is adequate structuring of
source of financing of company or institution. Debt as a source of financing has
its advantages in terms of potential of increasing of wealth for the owner of
capital. The thing that we are speaking about is optimizing relationships of
debt to ownership capital.
On the other side, debt alone as source of finance can be realized on a several
ways, where plenty of factors influence that choice. We mean here on
financing through bank credits versus financing by emission of debt securities.
The size of company or institution together with the financial system is most
important factors that determine not only the way of financing through
emission of debt securities but also considering it as a option or a possibility.
In the past few years in B&H the possibility of finance big infrastructural
projects through emission of debt securities has been often mentioned. Until
now neither one of these projects has been financed in this way.
About this problematic can be spoken from many aspects such as: strategic
decisions, limits concerning budget deficit, technical conductions, efficient
managing of public debt and so further.
If it is about financing of corridor 5C or about financing infrastructural projects
on the local level, bank loans determine the way of financing in Bosnia. In most
case these loans are offered by international finance institutions or some
countries. On the other side by emission of bonds issued either by state/entity
or more concrete public company „Autoceste FBiH“, the state itself would
become investor. Thus the state, entity, municipality and citizens instead of
trading with bonds that are used with aim to cover budget deficits can be used
for infrastructural projects and development.
These are the facts that we want to consider when we speak about capital
market as alternative source of financing trying to reach what are the
advantages and disadvantages of emission of debt securities, what are the
possibilities, techniques and benefits of financing of infrastructural projects
through bonds.
Keywords: Capital Market, Debt Securities, Bonds, Alternative Financing.
265
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1590
Title
A name given to the resource
Capital Market in Bosnia and Herzegovina: Unused Potential as Alternative Source of Financing
Author
Author
KURBEGOVIC, Tarik
Abstract
A summary of the resource.
One of the most important factors of conducting business successfully and also in achieving the interests of the owner of entity is adequate structuring of source of financing of company or institution. Debt as a source of financing has its advantages in terms of potential of increasing of wealth for the owner of capital. The thing that we are speaking about is optimizing relationships of debt to ownership capital. On the other side, debt alone as source of finance can be realized on a several ways, where plenty of factors influence that choice. We mean here on financing through bank credits versus financing by emission of debt securities. The size of company or institution together with the financial system is most important factors that determine not only the way of financing through emission of debt securities but also considering it as a option or a possibility. In the past few years in B&H the possibility of finance big infrastructural projects through emission of debt securities has been often mentioned. Until now neither one of these projects has been financed in this way. About this problematic can be spoken from many aspects such as: strategic decisions, limits concerning budget deficit, technical conductions, efficient managing of public debt and so further. If it is about financing of corridor 5C or about financing infrastructural projects on the local level, bank loans determine the way of financing in Bosnia. In most case these loans are offered by international finance institutions or some countries. On the other side by emission of bonds issued either by state/entity or more concrete public company „Autoceste FBiH“, the state itself would become investor. Thus the state, entity, municipality and citizens instead of trading with bonds that are used with aim to cover budget deficits can be used for infrastructural projects and development. These are the facts that we want to consider when we speak about capital market as alternative source of financing trying to reach what are the advantages and disadvantages of emission of debt securities, what are the possibilities, techniques and benefits of financing of infrastructural projects through bonds. Keywords: Capital Market, Debt Securities, Bonds, Alternative Financing.
Publisher
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International Burch University
Date
A point or period of time associated with an event in the lifecycle of the resource
2013-05-10
Keywords
Keywords.
Article
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Identifier
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ISSN 2303-4564
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https://omeka.ibu.edu.ba/files/original/a571b539826332e9d70d7e638a31000f.docx
d198445ce3249ced6f3ab381a656aa9e
https://omeka.ibu.edu.ba/files/original/58d56d03fe1ce4bdc0bb982d05171205.pdf
6d3de641e84211e50506fe11a63c9862
PDF Text
Text
Capitalism system, actuality and problematic
EjonaDuçi
Albanian University
Albania
jonaduci@yahoo.com
Abstract: Since 1989, the year of the fall of the Berlin wall, ended the division of the world
into two camps and at the same time marked the end of the communist system and the onset of
capitalism. The word “capitalism” is often heard in modern time and serves to describe the
current system in which we live .The aim of this paper is to examine the Capitalism System, its
actuality and problematic. Secondary data were used from different sources and the data
were analyzed to get conclusions and recommendations related to the topic.
The study found out that in this system there are three main elements; profit, competition and
rationality. The most important quality of capitalism is the idea of a free profit, snotty and
without conditions. But on the other hand, this paper argued that: We cannot have capitalism
without capitalists". This system therefore, has the idea of living in permanent benefit and
provides over profit by a moving mechanism from new material production, new ways of
transportation and new types of industrial organization, all of these are created by capitalist
enterprises.
Also it was discovered that there are four types of capitalism system for different countries in
the world and after all there is a new economic model to improve Albanian economy, because
the basis of this system is not man, but economic and political development and such material
things that these provide. Orientation is toward mass production and the focus is to increase
productivity.
The study concluded that the present form of capitalism system in Albania had a lot of
advantages but also many disadvantages and problematic that is of interest to be resolved.
Some useful recommendations were made on how to improve this system in Albania.
Keywords: capitalism, advantages, disadvantages, profit, competition and market.
89
�
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2525
Title
A name given to the resource
Capitalism system, actuality and problematic
Author
Author
DUÇI, Ejona
Abstract
A summary of the resource.
Since 1989, the year of the fall of the Berlin wall, ended the division of the world into two camps and at the same time marked the end of the communist system and the onset of capitalism. The word “capitalism” is often heard in modern time and serves to describe the current system in which we live .The aim of this paper is to examine the Capitalism System, its actuality and problematic. Secondary data were used from different sources and the data were analyzed to get conclusions and recommendations related to the topic. The study found out that in this system there are three main elements; profit, competition and rationality. The most important quality of capitalism is the idea of a free profit, snotty and without conditions. But on the other hand, this paper argued that: We cannot have capitalism without capitalists". This system therefore, has the idea of living in permanent benefit and provides over profit by a moving mechanism from new material production, new ways of transportation and new types of industrial organization, all of these are created by capitalist enterprises. Also it was discovered that there are four types of capitalism system for different countries in the world and after all there is a new economic model to improve Albanian economy, because the basis of this system is not man, but economic and political development and such material things that these provide. Orientation is toward mass production and the focus is to increase productivity. The study concluded that the present form of capitalism system in Albania had a lot of advantages but also many disadvantages and problematic that is of interest to be resolved. Some useful recommendations were made on how to improve this system in Albania. Keywords: capitalism, advantages, disadvantages, profit, competition and market.
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
2014-04-24
Keywords
Keywords.
Article
PeerReviewed
Identifier
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ISSN 2303-4564
H Social Sciences (General)