83 10 3494 https://omeka.ibu.edu.ba/files/original/eddf68a2cee1c87f0aed094acc80b45c.pdf 266cb4db129f26ab5ace1c2b42d791b0 PDF Text Text 3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Cotter, J., Najah, M. and Wang, S. S. (2011) Standardized reporting of climate change information in Australia, 2(2), 294-321. Epstein, M. J. and Yuthas, K. (2011) Protecting and regaining clarity of mission in the microfinance industry, 2 (2), 322 – 330. Distrubution Of Human Capital: A Study On Turkish Regions Zekeriya Mizirak, Deniz Göktaş Department of Economics, Konya University, Konya, Turkey E-mails: zmizirak@hotmail.com, d.goktas@gmail.com Abstract Firms’ location choice causes regional economic differences. The conventional view of firms’ location relies on cost-related factors such as tax breaks and subsidies. Human capital theory of regional development asserts that people are the motor force behind the regional growth. According to proponents of the human capital theory, regional growth is driven by endowments of highly educated and productive people instead of reducing costs of business or low costs of resources. In a world in which people are highly mobile, human capital is not a given endowment. Under the new regime of geography in which jobs follow labor instead of labor force follows jobs, wherever intelligence clusters evolve, so too will wealth accumulate. Firstly, Jacobs attracted attention to the ability of cities to attract creative people and thus spur economic growth. To sustain innovation attracting and retaining human capital is believed a crucial role. Firms want to reap the benefits from skilled labor pool.Places with greater number of highly educated people grow faster and better able to attract more talent. There are three linkages between human capital and regional growth. Firstly, concentration of creative and highly educated people through accumulation of knowledge and productivity in existing firms. Human capital enables both product and process innovations. Second explanation is related to inter firm dynamics. Highly human capital endowed people rapidly adapt new ideas and technologies; therefore industrial shift in these human capital endowed regions is rather easier. Not only they succeed in existing mature firms, but also they start new enterprises, thus contribute into economic activity. This linkage is called reinvention view of human capital. Third explanation is about consumption patterns of educated people. Human capital causes growth by spending effect. Since they have higher incomes, they spend much on leisure activities like bars, restaurants and theatres. Their spending habits create employment for the unskilled. In this paper we will test the relationship between the human capital endowment of the regions and determinants of its regional distribution. Job opportunities, regional amenities and diversity can affect the distribution of human capital. Keywords: Regional development, human capital, location choice 154 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo 1. INTRODUCTION Economists have been trying to exploring the sources of the “wealth of the nations”. When the economic structure shifts, the patterns of development also changes. In the last fifty years factor accumulation models shifted to factor efficiency and factor specialization models. One of the changing patterns is replacement of labor accumulation to human capital based explanations. Another shift is from nationwide policies to regional policies. Therefore human capital and regional development attracts attention in recent years. Regional growth contributes into nation’s development by causing externalities and spreads to neighbor regions. The conventional view of regional growth asserts that places develop because they are located on transportation routes or because they have endowments of natural resources that firms benefit. This cost based advantages attract investment and regional growth occurs. Public policy makers decide tax breaks and infrastructure investments considering this approach. However cost based factors no longer key to development. (Florida, 2004) Proponents of human capital theory states that key source of the regional growth is talented people who brings productivity and externalities. Where talented people concentrate, human capital accumulates. If talented people cluster in a region, then firms follow talent and invest in that region. These places with higher human capital grow faster than those have lower human capital endowment. If the human capital is determinant of growth, then distribution of human capital affects the regional differences. Then the question is “what factors affect the location decisions of the talent?” There are different answers. One explanation is that presence of educational institutions in a region increases the region’s human capital accumulation. Another explanation emphasizes the role of amenities. Third explanation is that talented people appreciate diversity and tolerance, so the most diverse cities or regions attract talented workforce. In this paper we test effect of amenities, universities and diversity on the uneven distribution of human capital with using Turkish regional data. 2. THEORETICAL FRAMEWORK 2.1. Human Capital and Regional Development In the economic growth literature many scholars arrive at the conclusion that talented people are motor of the economic growth at national level. (Romer, 1986; Lucas, 1988; Barro, 1991; Simon and Nardinelli, 1996) Intuitively there must be a relationship between existence of talented people and regional growth. Many studies confirms that endowment of talent positively affect regional growth. (Ullman, 1958; Jacobs, 1961; Andersson, 1985; Glaeser, 2000; Florida,2004) Human capital is defined by the as the knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic wellbeing. (OECD,2007) Skills and competences can be acquired by education, experience and learning by doing. The most frequent used proxy for the human capital is educational level. People who has bachelor’s degree and above areusually accepted as measure of human capital. Traditional regional growth and location choice theories are based on material conditions like availability of inputs, low cost of inputs, tax advantages and low wages of labor. Firms choose their locations by examining these cost related factors. When firms invest in a region, then 155 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo production and income of that region increase. This process results in employment growth and economic development. Thus traditional approaches implicitly assume that people follow jobs while deciding where to live. However proponents of human capital theory state that jobs follow people. Regional growth lies not in reducing the cost of doing business, but it endowments of highly educated and productive people. Clustering people is more important for economic success than the clustering of companies. Florida (2004) summarizes several explanations for regional growth. The conventional enterprise driven view is that regional growth comes from attracting companies or building clusters of industries. Social capital theory which is coined by Putnam (2000) states that economic growth is an outcome of social cohesion, trust and community relations. The human capital theory advanced by economists Robert Lucas and Edward Glaeser says that concentrations of educated people drive regional growth. Florida(2002, 2004) proposes creative class that is refined theory of human capital, is the determinant of regional growth. Creative class is occupational definition of talent which describes the labor force creating new forms. Scientists, engineers, university professors, poets, artists and professionals working in knowledge based industries. Florida articulates that talent, tolerance and technology are necessarily components of regional growth. Presence of one component is necessary but not sufficient. Marshall and Porter(1990, 2000) are proponents of firm driven regional growth view. Marshall argued that firms cluster in agglomerations to benefit from productive efficiencies. Porter (2000) sees firm clusters are drivers of regional competitiveness via increasing productivity and innovation. According to Florida (2004) the main driver of clustering is people. Companies cluster in specific regions because they want to employ talented people who bring innovation and economic growth. Florida (2004) advanced the view of competitive advantage by reinventing its pattern. In the creative economy, source of competitive advantage is “rapidly mobilize talent”. Thus Florida(2004) attributes the idea that talent is not a fixed stock, it easily flows from place to place. An alternative view is social capital theory which is put forward by Robert Putnam. Putnam and others explain the success of clusters like Silicon Valley due to the networks among people and firms constitute a form of social capital. Florida refutes this view, because of the loose ties between people and social diversity. His qualitative research reveal that people do not desire the strong ties and long term commitments. Mercan and Halici (2005) argue that social capital is an attraction factor for location planning of companies. A firm can choose to locate a plant in new geographic region not only due to reduce distribution costs, but also to create cultural ties between the firm and local community. Mercan and Halici(2005) propose the idea that people do not follow jobs; jobs follow people and communities. Human capital theory of regional development attributes talented people is key to regional development. According to proponents of theory clustering of human capital is more important than clustering of companies. Jacobs proposes that economic growth of cities depend on their success to attract creative people. Lucas emphasizes productivity effects that come from the clustering of human capital as the critical factor in regional economic growth, referring to this as a “Jane Jacobs” externality. Florida (2004) mentions the empirical contributions of Glaeser and Beeson. Glaeser and his collaborators empirically proved that human capital is center for economic growth. They found that clustering of human capital is ultimate cause of regional agglomeration of firms. Beeson found that investments in higher education are outperformed investment in physical infrastructure like canals, railroads and highways. 156 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo There are three linkages between human capital and regional growth. Firstly, concentration of creative and highly educated people through accumulation of knowledge and productivity in existing firms. Human capital enables both product and process innovations. Second explanation is related to inter firm dynamics. Highly human capital endowed people rapidly adapt new ideas and technologies; therefore industrial shift in these human capital endowed regions is rather easier. Not only they succeed in existing mature firms, but also they start new enterprises, thus contribute into economic activity. This linkage is called reinvention view of human capital. Third explanation is about consumption patterns of educated people. Human capital causes growth by spending effect. Since they have higher incomes, they spend much on leisure activities like bars, restaurants and theatres. Their spending habits create employment for the unskilled. (Marlet, Woerkens, 2007) Marlet and Woerkens (2004) showed that human capital measure and creative class measure significantly contribute into employment growth in Dutch cities. 2.2. Regional Distributionof Human Capital Human capital is distributed unevenly among regions. There are three main explanations of this uneven distribution. Florida et al (2008) explains three approaches. The first approach offered by Glaeser and his collaborators (2001) is that human capital builds off itself. Presence of major universities cause high human capital endowment.(Florida, Mellander, & Stolarick, 2008: 619) Florida et al (2008) refutes the idea that the distribution of education and skill are coincident with the distribution ofuniversities. While some regions with great universities have large concentrations oftalent, others operate mainly in the production of human capital, serving as exportersof highly educated people to other regions. This is a result of the increased mobility ofhighly skilled and educated people within countries and even across borders. However,even if region has good educational institutions, it is no guarantee it can hold on to itseducated and skilled people. The second approach is emphasizes the role of amenities in attracting human capital. Natural amenities, night life, entertainment are the factors that attract educated people. Glaeser et al (2001) and Florida (2004) sees amenities as an important determinant. Florida (2004:225) articulates that: “People today expect more from the places they live. In the past, many were content to work in one place and vacation somewhere else, while frequently getting away for weekends to ski, enjoy a day in the country or sample nightlife and culture in another city. The idea seemed to be that some places are for making money and others are for fun. This is no longer sufficient. The sociologists Richard Lloyd and Terry Nichols Clark of the University of Chicago note that “workers in the elite sectors of the postindustrial city make ‘quality of life’ demands, and…increasingly act like tourists in their own city.” Besides hard factors such as wages, employment opportunities; regional amenities gain increasing importance, at least in developed countries. Cultural amenities such as entertainment life and quality of regional consumer’s services can make the region preferable. Florida et al (2008) tested the role of amenities in attracting human capital, creative class and generating regional growth for Sweden. Diversity of consumer services is taken as proxy for amenities. The amenities are found significant for creative class, but not significant for human capital. 157 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Marlet and Woerkens (2005) study the attraction factors of Dutch cities. They try to find the relationship between jobs, tolerance, amenities, aesthetics and creative class in line with Florida’s theory. Aesthetics, measured by the environmental beauty and historic buildings, play an important role. Cultures amenities are another factor of attraction. Cultural amenities are live performances per thousand population and number of pubs per thousand population are positively significant.As a hard factor job opportunity play an important role. Third approach tolerance and openness to diversity are critical determinants of talented people’s place choice. Tolerance provides a free atmosphere for an individual, either freedom of express or freedom of living lifestyle. Diversity is a signal of low barriers to enter into labor force, for instance less affirmative action. Jacobs (1961) emphasized the diversity of people contributes economic growth of cities, with the diversity of industries. Immigrants transfer different skills and knowledge to the city or region. Florida further explains the importance of diversity for creative people: Like the diverse workplace, a diverse community is a sign of a place open to outsiders. And just as domestic partner benefits convey that a potential employer is open and tolerant, places with a visible gay presence convey the same kind of signal. Some said they oriented their location search to such places, even though they are not gay themselves. Others actively sought out gay neighborhoods for their amenities, energy, safety and sense of community. Younger women in particular said they liked to live in gay neighborhoods because they are “safe.” As with employers, visible diversity serves as a signal that a community embraces the open meritocratic values of the Creative Age.(Florida, 2004:227) The explanation above stresses superiority of meritocratic values to identities. When meritocratic principles come first, various talents benefit from this values and labor allocation becomes more efficient. Diversity also means “excitement” and “energy.” Creative-minded people enjoy a mix of influences. They want to hear different kinds of music and try different kinds of food. They want to meet and socialize with people unlike themselves, to trade views and spar over issues. A person’s circle of closest friends may not resemble the Rainbow Coalition—in fact it usually does not—but he or she wants the rainbow to be available. (Florida, 2004:227) Florida(2004) emphasizes the social aspect of diversity. Creative and educated people have less prejudices and social exclusion affect decreases. Florida et al (2008) finds that tolerance, measured by gay and bohemian index, plays an important role in regional development in Sweden. Correlation between tolerance and human capital is found high. Marlet and Woerkens(2005) found that tolerance and openness have not effect on distribution of Dutch creative class. In another study, Marlet and Woerkens (2007) , the tolerance creative class nexus is failed for the Netherlands. 3. DATA AND METHODOLOGY 3.1. Data and Variables Regional distribution of human capital is uneven among Turkish regions. We search on 81 Turkish regions which are called provinces. Provinces are public administrative units; each has one core city and its periphery (towns, and rural areas). The data are extracted from TURKSTAT Regional Statistics Database. 158 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Table.1. Variables and their definitions Variables Definition TALENT Share of adult population with a BA degree and above ALUMNI Share of newly graduated student in adult population MOVIES Number of movie performances per thousand adult population COMPANY Number of newly established companies per thousand population HOUSES Number of newly built houses per thousand population DIVERSITY Sum of incoming immigrant and university students per thousand population The dependent variable TALENTis the conventional measure of human capital. It is the share of people who has tertiary degree in adult population, older than age of 20. It is because the university graduates are mostly older than 20. We observed talent variable for three years period, from 2009 to 2011. Figure.1.Most talent intensive provinces Figure.1. illustrates the ten most talent intensive provinces. The capital of the Turkey, not surprisingly, ranks first. Ankara. % 16 of Ankara’s over 20 age population has a tertiary degree. Ankara provides range of public job opportunities for the talented people. Izmir comes second. Izmir is known as free lifestyle city in Turkey. It has a warm climate and sound industry. Eskisehir is famous as a student city. It has diversity and open city. Eskisehir shares some cultural similarities with Izmir. The largest metropolis of the country, Istanbul 159 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo comes forth. Provinces Antalya and Mugla are well-known with their tourism industry. They have natural amenities. Figure.2. Change in Talent (2008-2011) Figure.2. presents change in talent stock of the provinces. In three years, from 2008 to 2011 Eskisehir has added 2.55 percentage points on its talent pool. Figure.2. shows a different picture, because some provinces improve their talent pool faster than major cities. Dependent variable talent distributes uneven among provinces. Independent variables are potential explanatories of distribution of talent. In line with Glaeser et al (2001) argument, we consider the presence of universities and number of graduated students in a specific period. The variableALUMNI isa proxyof university effect on human capital. When students stay in that region after graduation, we expect a strong correlation between ALUMNI and TALENT.Intuitively the newly graduates will have positive effect on human capital. We allow one year decision lag, so the period observed for the alumni is 2008-2010. Second independent variable MOVIES is a proxy for cultural amenities. Marlet and Woerkens (2007) used live theatre performances per thousand people as a cultural amenity. However live theatre performances data do not exist or are unavailable for Turkish regions. We take annual movies performances in the movies theatres. The movies data is also taken for the period 2008-2010, considering information and decision lag. The variable COMPANY is selected to explore the role of job opportunities. COMPANY shows the number of newly established companies per thousand adult populations. Considering Turkey is a developing country, employment opportunities for the talented people matter as well. We expect a positive and strong relationship between COMPANY and TALENT variables. The observed period is between 2008 and 2010. Following Marlet and Woerkens (2004) we take the variable HOUSES as an life quality variable. More newly built houses means a deep housing market and more quality and rent choices. Number of newly built houses can affect the distribution of human capital. The period for the houses is from 2008 to 2010. Fifth independent variable is a measure of diversity and openness. Florida (2004, 2008) put a special emphasis on role of diversity. A diversity measure can be racial, ethnical, religious, 160 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo gender tendency (being gay). Because the data on ethnical diversity or religious diversity are unavailable, we take the number of immigrants as proxy of diversity. If a place attracts more people, it can be inferred that the place is open and it has low barriers to labor entrance. In order to develop a diversity measure, we add number of immigrants to number current university students. Many students move to other cities for university education for four years. They enjoy an independent life in the university city. This free life brings lifestyle diversity. Students can change the atmosphere of city, because they lead an open atmosphere. 3.2. Method and Results We run pooled OLS regressions on Turkey’s 81 provinces with taking 2008-2010 periods. Thus we have 81 cross sections for the 3 years period. When we look at the correlations between variables, HOUSES, MOVIES and COMPANY have relatively high correlation with TALENT variable. Correlation between HOUSES and TALENT is 52 %, between MOVIES and TALENT is 51 %, between COMPANY and TALENT is 53 %. TALENT and ALUMNI are weakly correlated, and there is a negative 5 % correlation between DIVERSITY and TALENT. Table.2. summarizes the correlations among the variables. Table.2. Correlation Matrix TALENT 1.0000 TALENT 0.2772 ALUMNI 0.5140 MOVIES 0.5329 COMPANY 0.5212 HOUSES -0.0527 DİVERSITY ALUMNI MOVIES 1.0000 0.2445 0.0161 0.6095 0.0076 1.0000 0.4000 0.3427 -0.1925 COMPANY HOUSES 1.0000 0.2405 -0.0705 1.0000 0.0177 DİVERSITY 1.0000 Pooled OLS regression results exhibit that the independent variables are statistically significant except the diversity measure. The estimation and estimated parameters are robust and the R2 is 57 %. The estimation results are presented in table.3. All of the explanatory variables have expected signs and MOVIES, ALUMNI, HOUSES, COMPANY are significant at 1 % level. Thus null hypothesis is rejected for these four variables. Job opportunities have significantly positive effect on spatial distribution of talent. Each newly opened company cause an average 2.26 (per thousand) point increase in TALENT. Presence of universities, ALUMNI has a positive effect on formation of talent. MOVIES variable and HOUSES variables also contribute into the attraction of educated people. We cannot reject the hypothesis that DIVERSITY has no effect on spatial distribution of talent. DIVERSITY has right expected positive sign but it is insignificant. Table.3. Estimation Results Dependent Variable: TALENT Expected Sign Coefficient p Value CONSTANT + 28.5913*** 0.0000 ALUMNI + 1.3146*** 0.0000 161 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo MOVIES + 1.4060*** 0.0000 COMPANY + 2.62258*** 0.0000 HOUSES + 0.8257*** 0.0000 DIVERSITY + 0.0403 0.4705 R2 = 0.5709 *** The coefficients are significant at 1 % level. 4. CONCLUSION Our findings are consistent with the universities hypothesis and amenities approach, but observations do not support diversity hypothesis of Richard Florida. Distribution of talent among Turkish provinces is affected by job opportunities, presence of university in that province, cultural amenities and housing. Diversity measure is not a factor for educated people’s location choice in Turkey. Here there can be two explanations. First our diversity measure is inadequate for uncovering talent’s tendency for tolerance. Diversity measure is composed of number of students in that province and incoming migration rate. Migration may not cause diversity, because it can have tendency to cluster of similarities. Second, because Turkey is not an advanced country like Sweden and Netherlands, priorities of the talented can be different. Job opportunities and living conditions may dominate the soft factors. REFERENCES Andersson, A . E. (1985a) Creativity and regional development. Papers of the Regional Science Association, 56: 5–20. Barro, R. J. (1991) Economic growth in a cross section of countries. Quarterly Journal of Economics, 106(2): 407–443. Florida, R. (2002)The Rise of the Creative Class. New York: Basic Books Florida, R., Mellander, C., & Stolarick, K. (2008). Inside the black box of regional development—human capital, the creative class and tolerance. Journal of Economic Geography, 8(5), 615–649. Glaeser, E. L. (2000) The new economics of urban and regional growth. In C. Gordon,G. Meric, M. Feldman (eds)The Oxford Handbook of Economic Geography. Oxford: OxfordUniversity Press, 83–98. Glaeser, E. L., Kolko, J., Saiz, A. (2001) Consumer city. Journal of Economic Geography, 1:27–50. Jacobs, J. (1961) The Death and Life of Great American Cities. New York: Random House Lucas, R. (1988) On the mechanics of economic development. Journal of Monetary Economics, 22: 3–42. Marlet, G. and van Woerkens, C. (2004). Skills and Creativity in a Cross-section of Dutch Cities, Utrecht School of Economics Tjalling C. Koopmans Research Institute, Research papers, nr: 04-29 162 �3rd International Symposium on Sustainable Development, May 31 - June 01 2012, Sarajevo Marlet, G. and van Woerkens, C. (2005). Tolerance, aesthetics, amenities or jobs? Tolerance, aesthetics, amenities or jobs? Dutch city attraction to the creative class. Utrecht School of Economics Tjalling C. Koopmans Research Institute Discussion Paper Series 05-33 Marlet, G. and van Woerkens, C. (2007). The Dutch creative class and how it fosters urban employment growth. Urban Studies, 44: 2605-2626 Mercan, B. and Halici N.S. (2005). Social capital as a soft factor in facility location planning. Journal of Global Strategic Management, 2007; 1(1):36-43 OECD, 2007, OECD Insights, Human Capital, Last Accessed on April 11, 2012 from www.oecd.org/insights/humancapital. Porter, M. E. (1990), The Competitive Advantages of Nations, Harvard Business Review, March-April, No:2 Porter, M. (2000). Location, Competition and Economic Development: Local Clusters in a Global Economy, Economic Development Quarterly, 14 (1), 15-34 Romer, P. M. (1986).Increasing returns and long-run growth. Journal of Political Economy, 90:1002–1037. Simon, C. and Nardinelli, C. (1996) The talk of the town: human capital, informationand the growth of English cities, 1861–1961. Explorations in Economic History, 33(3):384–413. Ullman, E. L. (1958) Regional development and the geography of concentration.Papers andproceedings of the Regional Science Association, 4: 179–198. Last Accessed on April 18, 2012 from http://onlinelibrary.wiley.com/doi/10.1111/j.1435-5597.1958.tb01629.x/abstract Practice Of Insurance In Turkey Süleyman Uyar1,Hilal Ilgin Uyar2 1 Akdeniz University, Alanya Faculty of Business, 2Akdeniz University, ALTSO Vocational Scholl E-mails: suyar@akdeniz.edu.tr, hilaluyar@akdeniz.edu.tr Abstract The main purpose of this study is explaining the development of insurance sector in Turkey. There is no question of insurance before second period of nineteenth century in Turkey. In Ottoman period, some trade unions were founded with the aim of providing assistance and making restitution to people in various Anatolian villages. These trade unions helped members in case of death and illness. Nevertheless, social characteristics, religious environments and financial system of ottoman society prevented developments of insurance. Resultant fire and it’s great damage in second period of nineteenth century reduced negative judgment concerning insurance. First insurance firms were opened by English insurance companies in 1872. Afterwards, corporations from France, Germany, Italy and Swiss 163 � 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. 1292 Title A name given to the resource Distrubution Of Human Capital: A Study On Turkish Regions Author Author Zekeriya , Mizirak Abstract A summary of the resource. Firms’ location choice causes regional economic differences. The conventional view of firms’ location relies on cost-related factors such as tax breaks and subsidies. Human capital theory of regional development asserts that people are the motor force behind the regional growth. According to proponents of the human capital theory, regional growth is driven by endowments of highly educated and productive people instead of reducing costs of business or low costs of resources. In a world in which people are highly mobile, human capital is not a given endowment. Under the new regime of geography in which jobs follow labor instead of labor force follows jobs, wherever intelligence clusters evolve, so too will wealth accumulate. Firstly, Jacobs attracted attention to the ability of cities to attract creative people and thus spur economic growth. To sustain innovation attracting and retaining human capital is believed a crucial role. Firms want to reap the benefits from skilled labor pool.Places with greater number of highly educated people grow faster and better able to attract more talent. There are three linkages between human capital and regional growth. Firstly, concentration of creative and highly educated people through accumulation of knowledge and productivity in existing firms. Human capital enables both product and process innovations. Second explanation is related to inter firm dynamics. Highly human capital endowed people rapidly adapt new ideas and technologies; therefore industrial shift in these human capital endowed regions is rather easier. Not only they succeed in existing mature firms, but also they start new enterprises, thus contribute into economic activity. This linkage is called reinvention view of human capital. Third explanation is about consumption patterns of educated people. Human capital causes growth by spending effect. Since they have higher incomes, they spend much on leisure activities like bars, restaurants and theatres. Their spending habits create employment for the unskilled. In this paper we will test the relationship between the human capital endowment of the regions and determinants of its regional distribution. Job opportunities, regional amenities and diversity can affect the distribution of human capital. Keywords: Regional development, human capital, location choice Date A point or period of time associated with an event in the lifecycle of the resource 2012-05-31 Keywords Keywords. Conference or Workshop Item PeerReviewed H Social Sciences (General),HB Economic Theory,HG Finance,HJ Public Finance 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. 3420 Title A name given to the resource DİVAN EDEBİYATINA MENSUP BAZI ŞAİRLERİN BİLİNMEYEN GAZELLERİ: TESPİT VE TENKİT Author Author İlhan, Enes Abstract A summary of the resource. Klasik Türk edebiyatı oluşmaya başladığı 13. yüzyıldan son ürünlerini verdiği 19. yüzyıla kadar köklü ve sistemli bir disiplin olarak varlığını sürdürmüştür. Kendisinden sonra oluşmaya başlayan modern edebiyatta da izlerini görebileceğimiz klasik Türk edebiyatında kullanılan en yaygın nazım şekli gazeldir. Şairlerin duygu ve düşüncelerini en rahat bir biçimde aktarabilmesine uygun yapısı ile gazeller, divan tertibinde haklı bir ayrıcalığa sahiptirler. Şairlerin, divanlarını tertip ederken gözden kaçırdıkları veya divanlarına almak istemedikleri gazelleri olabilir. Bu gazeller sonraları tertip edilen şiir mecmualarına alınabilir. Son yıllarda divanların tenkitli metin çalışmalarında, mecmualara da başvurulduğu görülmektedir. Bu çaılışma, Ankara Milli Kütüphane'de, A 6188 nolu kayıtta bulunan Dukâgin-zâde Taşlıcalı Yahyâ Bey Divânı ile aynı cilt içinde yer alan bir şiir mecmuasında rastladığım, ait olduğu şairlerin basılı divanlarında yer almayan bazı gazeller ile ilgili olacaktır. Üç bölümden oluşan makalenin ilk bölümü mecmuanın tanıtımına, ikinci bölümü gazellerin transkripsiyon alfabesi ile aktarımına ve üçüncü bölümü gazeller ile şairlerin divanları arasında önceden belirlenen ölçütler ışığında yapılacak karşılaştırmaya ayrılmıştır. Anahtar Kelimeler: Şiir Mecmuaları, Behiştî, Nev’î, Ziyâ’î, Hisâlî Date A point or period of time associated with an event in the lifecycle of the resource 2014 Keywords Keywords. Conference or Workshop Item PeerReviewed PE English https://omeka.ibu.edu.ba/files/original/1e21a55188ca9640d8d7bdf306898fbd.pdf 879dca4ad2a84d2e51065ed8f3b81150 PDF Text Text BİLDİRİ ÖZETLERİ - UTEK 2014 şekilleri diğer ağız bölgeleriyle karşılaştırmalı olarak ortaya konulmaya çalışılacaktır. DİVAN ŞAİRİ KAZAK-ZÂDE İBRAHİM TÂ'IB'IN KOŞMALARI EROL GÜNDÜZ Inönü Üniversitesi, Malatya / Türkiye Anahtar Kelimeler: Kazak-zâde İbrahim Tâ’ib, divan şiiri, halk şiiri, hece ölçüsü, koşma ÖZET Kazak-zâde İbrahim Tâ’ib, 1794’te Malatya’da doğmuş, iki Türkçe divanı olan Klasik Türk Edebiyatının son şairlerinden biridir. İbrahim Tâ’ib, divan şiiri geleneğini benimsemiş, her iki divanında da ağırlıklı olarak bu tarzda eserler vermiş; aynı zamanda halk şiirine de ilgi duymuş bir şairdir. Divanlarında heceyle gazel örnekleri vermiş, ayrıca bilinen tek nüshası Almanya-Berlin Millî Kütüphane Ms.or.oct.2171 numarada kayıtlı birinci divanında sekiz tane koşma yazmıştır.Bu sempozyumda, halk şiiri-divan şiiri etkileşiminin güzel örneklerinden olan ve henüz üzerinde çalışma yapılmamış bu divanda geçen koşmaları tanıtacağız. BORROWING AS A LINGUISTIC OUTCOME OF LANGUAGE CONTACT ETYMOLOGY OF COLOUR TERMS IN TURKISH Lola TÜRKER International Burch University / Bosna Hersek Anahtar Kelimeler: Borrowing, Language Contact, Colour Terms in Turkish. ABSTRACT There are universals in semantics of color in (probably) all languages (Berlin and Kay 1969). However, semantics of color may show varieties from one 160 � 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. 2682 Title A name given to the resource DİVAN ŞAİRİ KAZAK-ZÂDE İBRAHİM TÂ'IB'IN KOŞMALARI Author Author GÜNDÜZ, Erol Abstract A summary of the resource. Kazak-zâde İbrahim Tâ’ib, 1794’te Malatya’da doğmuş, iki Türkçe divanı olan Klasik Türk Edebiyatının son şairlerinden biridir. İbrahim Tâ’ib, divan şiiri geleneğini benimsemiş, her iki divanında da ağırlıklı olarak bu tarzda eserler vermiş; aynı zamanda halk şiirine de ilgi duymuş bir şairdir. Divanlarında heceyle gazel örnekleri vermiş, ayrıca bilinen tek nüshası Almanya-Berlin Millî Kütüphane Ms.or.oct.2171 numarada kayıtlı birinci divanında sekiz tane koşma yazmıştır.Bu sempozyumda, halk şiiri-divan şiiri etkileşiminin güzel örneklerinden olan ve henüz üzerinde çalışma yapılmamış bu divanda geçen koşmaları tanıtacağız. 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 2014-05-23 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-582X P Philology. Linguistics,PA Classical philology,PI Oriental languages and literatures,PN Literature (General) https://omeka.ibu.edu.ba/files/original/aedc091d51f7e4bf37e7661731ed0e63.docx 2e093a0e3ebdce80ce5bafc8ee00080d https://omeka.ibu.edu.ba/files/original/dc185c23110a52ea0420225e9e482a10.pdf 15541dcc86b1c8b21ff52b7af1ba2be9 PDF Text Text DİVAN ŞİİRİNDE SEVGİLİNİN BAKIŞINA DAİR Esma ELDEM Gediz Üniversitesi, Fen Edebiyat Fakültesi, Türk Dili ve Edebiyatı Bölümü, İzmir / Türkiye Anahtar Kelimeler: aşk, sevgili, göz, bakış. ÖZET Sevgili divan şiirinin kendine özel aşk kurgusu içinde şekillenen en önemli tiptir. Sevgilinin tasviri yapılırken her ne kadar ağzı, dişi, burnu, boynu, gerdanı, boyu, endamı, yürüyüşü çeşitli mazmunlarla ele alınmış olsa da en dikkat çeken uzvu yüzü, yüzünde de gözleridir. Bu açıdan sevgilinin gözleri ve bakışları hemen her şair tarafından en güzel sıfat ve mazmunlarla değerlendirilmiştir. Bu bildiride divan şiirinde âşık-sevgili bağlamında sevgilinin bakışları ele alınmıştır. � 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. 2207 Title A name given to the resource DİVAN ŞİİRİNDE SEVGİLİNİN BAKIŞINA DAİR Author Author ELDEM, Esma Abstract A summary of the resource. Anahtar Kelimeler: aşk, sevgili, göz, bakış. ÖZET Sevgili divan şiirinin kendine özel aşk kurgusu içinde şekillenen en önemli tiptir. Sevgilinin tasviri yapılırken her ne kadar ağzı, dişi, burnu, boynu, gerdanı, boyu, endamı, yürüyüşü çeşitli mazmunlarla ele alınmış olsa da en dikkat çeken uzvu yüzü, yüzünde de gözleridir. Bu açıdan sevgilinin gözleri ve bakışları hemen her şair tarafından en güzel sıfat ve mazmunlarla değerlendirilmiştir. Bu bildiride divan şiirinde âşık-sevgili bağlamında sevgilinin bakışları ele alınmıştır. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-17 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2203-4548 https://omeka.ibu.edu.ba/files/original/a1d9d35d6caf6fed284e83328710f6fa.pdf 745562656081c65f9786db4c2b8c8f41 PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Diversification Strategies of Business Groups in Bosnia and Herzegovina Muhammet Sait Dinç International Burch University, Sarajevo, Bosnia and Herzegovina sdinc@ibu.edu.ba Mustafa Kurt Yalova University, Yalova, Turkey mustafakurt90@hotmail.com A Business group has become one of the most important phenomenon in especially developing countries in the last fifty years. Diversification strategies have been crucial for these groups. Bosnia and Herzegovina is a country which became one part of the former Socialist Federal Republic of Yugoslavia and encountered brutal ethnic conflict. It has been in the restructuring process after Dayton Agreement which ended the conflict. In this period, the role of business groups with diversification strategies is indisputable. The purpose of this study is to focus on diversification strategies of business groups in B&H after ethnic crisis. According to this purpose, business groups in BIH were investigated in terms of diversification levels and ways, new entered sectors and internationalization levels. Keywords: Business Groups, Diversification Strategies, Bosnia And Herzegovina. 192 � https://omeka.ibu.edu.ba/files/original/eff682895c8b9d21d3bff9cbd71fdca1.docx 52bb764eda577063cefea096fbaf2b4b https://omeka.ibu.edu.ba/files/original/a1a12743d80ecd0aaba4cd6fb4315cd9.pdf d64e16a381d0f41767e852d12da0eb26 PDF Text Text International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Diversification Strategies of Business Groups in Bosnia and Herzegovina Muhammet Sait Dinc International Burch University, Sarajevo, Bosnia and Herzegovina sdinc@ibu.edu.ba Mustafa Kurt Yalova University, Yalova, Turkey mustafakurt90@hotmail.com Abstract A business group has recently become one of the popular topics in the literature. Although some countries such as South Korea, India, China and Turkey have widely focused, still many countries along the world has been neglected in the English literature. Bosnia and Herzegovina is a country which became one part of the former Socialist Federal Republic of Yugoslavia and encountered brutal ethnic conflict. It has been in the restructuring process after Dayton Agreement which ended the conflict. In this period, the role of business groups with diversification strategies is indisputable. The purpose of this study is to focus on diversification strategies of business groups in B&H. According to this purpose, business groups in BIH were investigated in terms of diversification levels and ways, new entered sectors and internationalization levels. Key words: Business groups, Diversification strategies, Bosnia and Herzegovina Introduction In simplest terms, a business group is defined as “a collection of firms bound together in some formal and/or informal ways (Granovetter, 1994)”. It is a rather stable organizational structure, common to many countries that underwent industrial development relatively late (Kock and Guillén, 2001). There are many well-known examples of business groups throughout the world. Keiretsu in Japan, qiye jituan in China, business houses in India, grupos economicos in Latin American countries, grupos in Spain, chaebol in South Korea, guanxi qiye in Taiwan, and family holdings in Turkey (Granovetter, 1994).Their exact features differ from country to country because of distinct economic, social, and cultural environments (Chang, 2006). Due to these differences, there is no ‘clear framework for business groups’ according to Yiu and others (2007). They also have important similarities. Most notably, business groups pursue unrelated product diversification under centralized control(Chang, 2006). Business groups have tended to grow very quickly through diversification (Kock and Guillén, 2001). ‘Diversification’ is entrance of an organization to different sectors like new product and services by developing business or buying other organizations (Ramanujam and Varadarajan, 1989). If new sectors have direct relationship with current business activities of organization in terms of basic capabilities and resources, it is called ‘related diversification’, if they do not have direct relationship, it is known as ‘unrelated diversification’ (Rumelt, 1982). Business groups emerged in former socialist countries during the privatization process. During the rapid privatization in Czechoslovakia, various forms of cross ownership among banks and investment trust funds were formed, and many of those investment trust companies turned themselves into holding companies (Coffee, 1999). Similarly, Stark 1 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo (1996) showed how previously state-owned firms in Hungary purchased small firms and formed groups. Like Czechoslovakia and Hungary which were the former socialist countries in Eastern Europe, Bosnia and Herzegovina was one of the six constituent republics of the former Socialist Federal Republic of Yugoslavia. Though transition started with significant delays compared to other countries in southeast Europe, privatization has been an important part of this process.The institutional and legislative framework for privatization was completed in 1998 and a voucher privatization has also finished. According to an EU feasibility study, 70 percent of companies in FBiH and 47 percent in RS had been sold by 2002 (European Commission, 2004). By this way, the number of business groups in BiH has increased. Strategies, structures and different characteristics of these business groups have awakened curiosity in this post conflict country. The purpose of this study is to reveal business groups in BiH and to focus on diversification strategies of business groups in BiH after war. Literature Review Cuervo-Cazurra (2006) combining sociology and economics-based definitions of business groups defined business groups as a set of legally-separate firms operating in multiple strategically-unrelated activities that are under common ownership and control and argued that there are different types of business groups based on their ownership: family-owned, widely-held, and state-owned. Each type has different actors who own, control, and manage it. According to Cuervo-Cazurra (2006), while in a widely-held business group, the ultimate ownership of the business group is widely dispersed among multiple shareholders and managers are the ones in control, politicians and civil servants are the ones who exercise control and they manage the firm either directly or indirectly, through the control of appointed managers in state-owned business groups. On the other hand, in a family-owned business group, an individual or family are involved in the ownership, control, and management of the business group. Different theoretical frameworks have been beneficial to explain formation of business groups (Chung, 2001). One of these approaches is thesis of late industrialization (Ozkara, Kurt and Karayormuk, 2008). Literature that belongs to late developing countries put the state in the centre of economic activities (Buğra, 1994). According to this approach, the state which provides supports to accelerate economic improvement because of late development affects the birth and growth of a certain organizational form by regulations in money and capital market at the same time (Chung, 2001). At this point, local institutions and institutional systems create their own organizational forms. Foreign trade and investment policies of governments and their encouragements to invest different sectors or export played role in transformation of firms which want to take advantage of opportunities into a diversified business group (Chang ve Choi, 1988; Guillén, 2000). It is able to claim that the changes of government policies in economic development process and the change in socio-economic structure affect business groups (Ozkara, Kurt and Karayormuk, 2008). For example, through Kock and Guillén (2001)’ s evolutionary view, the selection environment in the late-developing countries changes systematically as (i) firms within the country gain more experience and (ii) the country’s infrastructure (education, labor and financial financial markets, etc.) develops at a slower speed than the demand for such services from the business community. According to Kock and Guillén (2001), at the first stage, some locals create firms based on contact capabilities. At the second stage, entrepreneual survival and growth in the country shift to effectiveness and 2 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo efficiency at executing projects and running plants as well as to finding ways to cope with inefficient local factor markets. A third stage may start if local firms develop organizational and technological capabilities that allow them to engage in advanced product and process innovation on their own. In addition, there have been some arguments that economic crises have also evolutionary effect on business groups. (Ozkara, Kurt and Karayormuk, 2008). For example, Chang (2006)pointed out that East Asian business groups face an uncertain future. Since the 1980s, foreign creditors and investors have become more important to East Asian economies. The sudden outflow of foreign capital out of the region in 1997, known as the Asian Crisis, significantly affected business groups in this region. According to Chang (2006), prior to the crisis, there were many structural weaknesses in the financial sector. Ineffective bank regulation and supervision and poor accounting and disclosure diminished transparency.For example, many family-controlled business groups in Indonesia and Malaysia owned banks. They used the banks’ reserves as if these funds belonged to them and extended credit to their own affiliates. Non-bank financial institutions, especially in Korea and Thailand, often lacked adequate discipline. Right after the crisis, many financial institutions in Indonesia, Korea, Malaysia, and Thailand were severely distressed or insolvent. Many banks were closed and others were placed under government supervision.In another example,Choe ve Pattnaik (2007) who examined the evolution of Korean business groups after the Asian economic crisis claimed that in the wake of Korean economic crisis in 1997, the efficacy of these business groups was called into question. To facilitate the transformation, the Korean government implemented a series of corporate reform programs. Korean business groupshave undergone significant change since the crisis. Unlike other examples above, Bosnia and Herzegovina represent very small business environment. BiH was a part of the former Socialist Federal Republic of Yugoslavia. Yugoslavia’s post-World War 2 planned economy took shape in the 1970s with the introduction of autonomous workers’ councils, although they were effectively controlled by the political elite. State control reduced production and competition while workers’ councils directed most of their subsidies to payroll, neglecting investment in research and development. Economic breakdown was inevitable and the disintegration that arguably led to the war began with Yugoslavia’s debt crisis in 1979 and the subsequent stagnation in GDP growth, which converged with the rise of nationalism in the 1990s (Divjak, 2006). After Yugoslavia’s disintegration, BiH declared its independency like other five republics. This declaration caused the Serb-controlled Yugoslav People’s Army surround hills of Sarajevo and invade Bosnian cities in 1992. This ethnic conflict ‘between the three constituent nations of BiH was Europe’s bloodiest since World War 2 (Divjak, 2006)’ lasted until the Dayton Peace Agreement was signed on 21 November 1995. During the ethnic conflict, transportation, power and communications infrastructure were almost completely obliterated. Various estimates put the cost of direct and indirect damage at over $50 billion. By 1995, GDP had shrunk to $2.1 billion, less than a third of its pre-war level, and per capita GDP to $500. Industrial production fell by more than 90 percent (World Bank, 1997). Table 1 illustrates the state of the economy at the beginning and immediately after the conflict. 3 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo BiH’s main post-war achievements are a stable currency, functioning central bank, sound private banking sector and on-going reforms to the tax system, although critics claim that these reforms have not yielded satisfactory results (Divjak, 2006). BiH received one of the largest per-capita assistance packages in recent history, with over $5 billion, mostly in grants, committed in the first five years after the war (OECD Development Assistance Committee and Creditor Reporting System ‘Database on Aid Activities’ 1. Ten years of reform has however failed to create a favorable investment climate for private sector growth, and BiH has fallen behind most transition countries. A rough estimate of the private sector’s portion in the country’s GDP is around 40-44 percent (EBRD, 2003). In this post-conflict, transition and slowly developing country, diversification strategies of business groups has awakened curiosity. Our purpose in this study is to concentrate on diversification strategies of business groups in BiH after ethnic crisis. One of defining properties of business groups is to form strategies. It can be argued that four different dimensions of strategies can show differences among business groups. These are (1) diversification level, (2) diversification ways, (3) new entered sectors and (4) internationalization degrees. Diversification level is related to what degree diversification of business groups is unrelated. It is important to reveal in which level business groups have diversification. Diversification ways is related to how they are entering new sectors. Founding new firms and purchasing them are the options from this point of view. Another important dimension of business groups strategies is possibility to enter new sectors. The last strategic dimension is internationalization. Here, it is possible to say about two different internationalization (inward – outward) according to Guillén’s (2000) classification. Inward internationalization is that density of firms in BiH which were founded by business groups along with a foreign partner. Outward internationalization is density of activities of business groups in outside of BiH among their all business activities (Ozkara, Kurt and Karayormuk, 2008). Methodology By taking purpose and framework of this study into consideration, a methodology with three criteria was followed. First of all, through internet and business associations, a list of business groups in BiH which have at least two companies were found. From this list, it has been confirmed by business associations that nine of business groups were active. Thus, the first list of business groups was formed. The second criterion which was used to determine new business groups for the last list was the number of sectors. According to that, being active in three or more sectors for business groups was the main condition. In order to provide this criteria, official web sides and business reports of all firms which are in the structure of business groups were investigated in the first stage. Lack of information 1 www.oecd.org 4 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo about these firms was completed through calling and sending electronic mail. By this way, an information file was formed. In this file, (1) number of firms that belong to business group and their names, (2) date for foundation and purchase for each firm, (3) information about firm’s sector were included. These files were sent to relevant part of all business groups and asked for confirmation or correction of information table from an official. In the second stage, the sectors of the firms which are determined to belong to business groups in the list were coded. In coding system, ‘International Standard Industry Classification of All Economic Activities – ISIC Rev 3.1’ of United Nations was used2 to classify sectors of firms. After this process, some of the business groups were removed. Diversification level which is from strategy dimensions was calculated by counting the number of sectors in which the firms of business groups are working. In determining diversification ways of business groups, it was found that how many firms did business groups found and purchase in the last 10 years and purchasing rate for each group was calculated. To determine new entered sectors, the number of new sectors which are entered by business groups was looked at. Internationalization dimension was calculated in terms of inward and outward sides. While the number of firms in BiH which are founded by business groups along with any foreign partner became indicator for inward internationalization, determination of whether business group has any business part in abroad or not was outward side of internationalization. Results and Discussion Results relevant to research question are shown on Table 1. There are values with different variables about nine business groups on the Table. The results are explained in following sections in detail. Table1: Statistics about variables. Variables Mean Standart Deviation Number of Sectors 4,44 7,071 Number of Purchase 1,11 1,41 Number of Firms in Foreign Countries 0,77 0 Diversification Levels and Ways According to results in this study, diversification levels of the business groups were taken into consideration. Before the ethnical crises, the former Socialist Federal Republic of Yugoslavia owned and controlled the business groups. So, diversification level in these state-owned groups was very low. Most of the business groups in BIH were founded after Dayton Agreement in 1995. But, due to some reasons like the devastating effect of ethnical crisis and post-crisis insecure economic environment, diversification level in business groups became low. So, as it is shown in Table 1, the average number of sectors in the business groups is very low in the study. 2 This classification is found from webside of http://unstats.un.org/unsd/cr/registry/regcst.asp?Cl=17 5 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo The study showed that business groups in Bosnia and Herzegovina have generally preferred the diversification way of founding the firms. Founding and purchasing ways of business groups in the last decade was investigated in the study. The number of firms which were purchased by business groups are very weak (Table 1). These firms were purchased in privatization process of state-owned companies after collapse of the former Socialist Federal Republic of Yugoslavia. The study also showed that most of the firms of the business groups in BIH were founded after the ethnical crisis. New Entered Sectors Another strategically dimension on which was focused in the study is new entered sectors. New sectors which business groups entered in the last 20 years were coded (Table 2). When new sectors which were entered by business groups in that period are taken into account, it is clear to say that some sectors have become prominent. Two sectors have been especially remarkable in this period. While 6 business groups entered "Manufacturing" sector, 4 of them started to work in "Financial Intermediation". Table 2 Sectors in which business groups started to work in last decade* Sector Manufacturing Business Groups 6 Financial Intermediation 4 Wholesale 1 Media 1 Construction 1 * In coding system, ‘ International Standard Industry Classification of All Economic Activities – ISIC Rev 3.1’ of United Nations was used (This classification is found from webside of http://unstats.un.org/unsd/cr/registry/regcst.asp?Cl=17) to classify sectors of firms. In Table 2 relevant to "Manufacturing", the influence of restructuring of BIH post-conflict period is very important. After devastated crisis, the companies were founded in order to provide the basic needs of people. Manufacturing of food and textile products can be examples of sectors which were given importance to after conflict. Many banks and leasing companies have been founded so as to support them economically in BIH's post-conflict period. So, according to the study, "Financial Intermediation" became the second sector which business groups in BIH intensified. Internationalization Levels As it was explained in the literature part of the study, there are two different internationalization (inward – outward) according to Guillén’s (2000) classification. While inward internationalization is density of firms in BiH which were founded by business groups along with a foreign partner, outward internationalization is an amount of activities of these groups in outside of BiH among their all business activities. The study showed that inward internationalization is more effective in BIH than outward one. Some foreign 6 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo groups have made investment in BIH with Bosnian business groups. Bosnian business groups rarely have made business activities in foreign countries. Conclusion Business groups have emerged in a variety of forms depending on different politiceconomic environmental situations. Wars and economic crisis are some of the important factors which affect and shape strategies of business groups. According to Ozkara at al. (2008), especially economic crises have evolutionary effect on business groups. For example, How business groups in the East Asian countries which encountered crisis developed some strategies to overcome this situation was pointed out by Chang (2006). In this study, business groups in BIH which was devastated in ethnical conflict and their strategies were concentrated on. Four different dimensions of strategies among business groups in BIH have been investigated. These are diversification levels, diversification ways, new entered sectors and internationalization levels. According to study results, diversification levels of business groups in BIH became low. One of the most important factors for this result is economic instability in this post-conflict country. As a result of uncertainties in economic policies of the state, very powerful business groups have not emerged and current business groups have not preferred to diversify in many sectors. In another dimension of the strategies, business groups in BIH have founded the firms instead of purchasing. Although some state-owned firms were privatized after collapse of the former Socialist Federal Republic of Yugoslavia, business groups have preferred to found different companies in especially post-conflict period. However, when new entered sectors of business groups were taken into consideration, study showed that two sectors have been remarkable in the last 20 years period: "Manufacturing" and "Financial Intermediation". In developing and transition process of post-conflict BIH, business groups' focus on the production of basic necessities of people seems normal. In internationalization level as a final dimension, when some of foreign groups have made investment in BIH, Bosnian business groups rarely have made business activities in foreign countries. Findings and discussions in this study which focused on strategies of business groups in BIH point out that business groups in this developing country should be investigated in terms of different aspects. Differences in diversifications strategies between privatized business groups after the collapse of the former Socialist Federal Republic of Yugoslavia and business groups which were founded can be investigated. Although this study which was concluded by depending on secondary sources tried to analyze limited number of business groups in BIH, it aimed to contribute to restricted literature about the emergence of business groups and their diversification strategies. Another study with a large number of business groups and their sectors and with recent data will be very important to support this kind of studies. References Bray, J (2004) ‘MIGA’s Experience in Conflict-affected Countries’ Multilateral Investment Guarantee Agenc Paper No. 13 (Washington DC, US: World Bank). 7 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Buğra, A. 1994. Political and institutional context of business activity in Turkey. A.Öncü, S.E. Ibrahim ve Ç. Keyder (Der.), Developmentalism and beyond: society and politics in Egypt and Turkey: 233-255. The American U Chang, S., and Choi, U. 1988. Strategy, structure and performance of Korean business groups: A transactions cost approach. The Journal of Industrial Economics, 37 (2): 141-158. niversity in Cairo Press. Chang, S. 2006. Business groups in East Asia: Post-crisis restructuring and new growth. Asia Pacific Journal of Management, 23: 407-417. 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Handbook of economic sociology. Princeton University Press. Guillén, M. F. 2000. Business groups in emerging economies: A resource-based view. Academy of Management Journal, 43 (3): 362-380. Kock, C. J., and Guillén, M. F. 2001. Strategy and structure in developing countries: Business groups as an evolutionary response to opportunities for unrelated diversification. Industrial and Corporate Change, 10 (1) : 77-113. Ozkara, B., Kurt, M., and Karayormuk, K. 2008. Türkiye’de İşletme Grupları: Eskiler ve Yeniler. Yönetim Araştırmaları Dergisi, 8(1-2): 59-83 Ramanujam, V. ve Varadarajan, P. 1989. Research on corporate diversification: a synthesis. Strategic Management Journal, 10: 523-551. 8 �International Conference on Economic and Social Studies (ICESoS’13), 10-11 May, 2013, Sarajevo Rumelt, R. P. 1982. Diversification strategy and profitability. Strategic Management Journal, 3: 359-369. Stark, D. 1996. Recombinant property in Eastern Europe capitalism. American Journal of Sociology, 101(4): 993–1027. Yiu, D. W., Lu, Y., Bruton, G. D., and Hoskisson, R. E. 2007. Business groups: An integrated model to focus future research. Journal of Management Studies, 44 (8) : 1551-1579. Appendix A. Business Groups Which Were Investigated in the Research 1 ASA GROUP 2 HIFA GROUP 3 PINK MEDIA GROUP 4 AKOVA GROUP 5 OPTIMA GROUP 6 RAIFFEISEN GROUP 7 VELBOS D.O.O. ŽEPCE 8 MIMS GROUP 9 NLB GROUP 9 � 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. 1598 Title A name given to the resource Diversification Strategies of Business Groups in Bosnia and Herzegovina Author Author MUHAMMET DINC, Sait KURT, Mustafa Abstract A summary of the resource. A Business group has become one of the most important phenomenon in especially developing countries in the last fifty years. Diversification strategies have been crucial for these groups. Bosnia and Herzegovina is a country which became one part of the former Socialist Federal Republic of Yugoslavia and encountered brutal ethnic conflict. It has been in the restructuring process after Dayton Agreement which ended the conflict. In this period, the role of business groups with diversification strategies is indisputable. The purpose of this study is to focus on diversification strategies of business groups in B&H after ethnic crisis. According to this purpose, business groups in BIH were investigated in terms of diversification levels and ways, new entered sectors and internationalization levels. Keywords: Business Groups, Diversification Strategies, Bosnia And Herzegovina. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-10 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 978-9958-834-23-3 https://omeka.ibu.edu.ba/files/original/79b9c609cf06c8485cb4d57396ad90d0.docx e3afc9d6d9c2782e89e058cb5ed0d8ed https://omeka.ibu.edu.ba/files/original/c305338531e59815fa861dc1db7da144.pdf c6ab82da25a814d6df61a243e0575980 PDF Text Text Diversification Strategies of Business Groups in Bosnia and Herzegovina Authors Muhammet Sait Dinc, Mustafa Kurt Publication date 20135 Journal International Conference on Economic and Social Studies (ICESoS’13) Volume 10 Pages 11 Abstract A business group has recently become one of the popular topics in the literature. Although some countries such as South Korea, India, China and Turkey have widely focused, still many countries along the world has been neglected in the English literature. Bosnia and Herzegovina is a country which became one part of the former Socialist Federal Republic of Yugoslavia and encountered brutal ethnic conflict. It has been in the restructuring process after Dayton Agreement which ended the conflict. In this period, the role of business groups with diversification strategies is indisputable. The purpose of this study is to focus on diversification strategies of business groups in B&H. According to this purpose, business groups in BIH were investigated in terms of diversification levels and ways, new entered sectors and internationalization levels. � 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. 3229 Title A name given to the resource Diversification Strategies of Business Groups in Bosnia and Herzegovina Author Author DINÇ, Muhammet Sait KURT, Mustafa Abstract A summary of the resource. A business group has recently become one of the popular topics in the literature. Although some countries such as South Korea, India, China and Turkey have widely focused, still many countries along the world has been neglected in the English literature. Bosnia and Herzegovina is a country which became one part of the former Socialist Federal Republic of Yugoslavia and encountered brutal ethnic conflict. It has been in the restructuring process after Dayton Agreement which ended the conflict. In this period, the role of business groups with diversification strategies is indisputable. The purpose of this study is to focus on diversification strategies of business groups in B&H. According to this purpose, business groups in BIH were investigated in terms of diversification levels and ways, new entered sectors and internationalization levels. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013 Keywords Keywords. Article PeerReviewed H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/ee301d8c2c6796926e1afc0aaf94f361.pdf 29eeee4b59d7c15aadb8a7e2735d2b9b PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Do e-metrics really matter? Aida Habul University of Sarajevo, Sarajevo, Bosnia and Herzegovina aida.habul@efsa.unsa.ba Merdzana Obralic International Burch University, Sarajevo, Bosnia and Herzegovina mobralic@ibu.edu.ba Amila Pilav-Velid University of Sarajevo, Sarajevo, Bosnia and Herzegovina amila.pilav-velic@efsa.unas.ba Nermin Kuldija University of Sarajevo, Sarajevo, Bosnia and Herzegovina nermin.kuldija@bhtelecom.ba In contrast to other the most significant advantage of web site as communication channel in terms of customer relationships is possibility to count and track visitors’ path and thus provides valuable information regarding their profiling. This possibility is indicated as e-Metrics. Hence, the Web site is a great tool for a quick and inexpensive obtaining data about users-visitors. In the process of measuring visits of Web sites there are two approaches: the server-based measurement and user-based measurement. In this paper, we explain the use of both approaches, server-based measurement in the case of Google Analytics and gemiusAudience, and Alexa tool in the context of userbased measurement. This research is focused on the user-based measurement, which is observed through the website of the company that operates in the ICT sector on the domestic-Bosnian market. We studied some of the key parameters such as "reach", "page views". Furthermore, the identification of „visitor profile" was made using demographic and other data collected by the Alexa tool. In line with this, research is extended to a web page in the form of online questionnaire aimed to define user groups. Therefore, the survey results are presented and discussed, and then compared with the data collected by Alexa tools, which is used as a corrective tool for the results obtained through the survey. This study highlighted possible weaknesses in user-based measurements of the website audience. More specifically, the user-based measurement approach could not give a real picture of the actual website visitors. At the end, recommendations and guidelines for the future researches are given. Keywords: E-Metrics, Web Site, Bosnian Market. 27 � 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. 1471 Title A name given to the resource Do e-metrics really matter? Author Author HABUL, Aida OBRALIĆ, Merdžana PILAV-VELIC, Amila KULDIJA, Nermin Abstract A summary of the resource. In contrast to other the most significant advantage of web site as communication channel in terms of customer relationships is possibility to count and track visitors’ path and thus provides valuable information regarding their profiling. This possibility is indicated as e-Metrics. Hence, the Web site is a great tool for a quick and inexpensive obtaining data about users-visitors. In the process of measuring visits of Web sites there are two approaches: the server-based measurement and user-based measurement. In this paper, we explain the use of both approaches, server-based measurement in the case of Google Analytics and gemiusAudience, and Alexa tool in the context of userbased measurement. This research is focused on the user-based measurement, which is observed through the website of the company that operates in the ICT sector on the domestic-Bosnian market. We studied some of the key parameters such as "reach", "page views". Furthermore, the identification of „visitor profile" was made using demographic and other data collected by the Alexa tool. In line with this, research is extended to a web page in the form of online questionnaire aimed to define user groups. Therefore, the survey results are presented and discussed, and then compared with the data collected by Alexa tools, which is used as a corrective tool for the results obtained through the survey. This study highlighted possible weaknesses in user-based measurements of the website audience. More specifically, the user-based measurement approach could not give a real picture of the actual website visitors. At the end, recommendations and guidelines for the future researches are given. Keywords: E-Metrics, Web Site, Bosnian 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 2013-05-10 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 https://omeka.ibu.edu.ba/files/original/72a9559dd2fd9ab76c83c5391480b852.docx 1d4f9c67a2aec0dd6286a91e9b283825 https://omeka.ibu.edu.ba/files/original/f3df13abca8c2790b9576f0d7a251eb9.pdf da788ca90625620a0304515bcab32c61 PDF Text Text Do Language-Tasks Contribute to the Learning of Beginning-Level Chinese? A Case-Study from a Children’s after-school CFL Class in Denmark Rui Bao Aalborg University/ Aalborg, Denmark Key words: language tasks, participation, negotiation, after-school beginning Chinese class ABSTRACT Language-tasks, as part of a Communicative Teaching Approach to foreign language teaching, have been frequently promoted in current second or foreign language teaching classrooms. Although language-tasks were introduced many years ago, language researchers still do not agree on the definitions and possible effects of language-tasks on foreign language acquisition. This has not, however, prevented foreign language teachers, syllabus designer and researcher from exploring the use and effects of language-tasks. On the contrary, it seems to have inspired them. Some language researchers argued that language-tasks provide students with better opportunities for foreign language acquisition than other approaches. In recent years, a wide range of research has shown strong evidence of the benefits of tasks on foreign language acquisition (Long, 1989, 1996; Duff, 1986; Pica & Doughty, 1985) and it may be one of the most important explanations of its popularity. However, it is worth mentioning that a majority of these positive findings are derived from adult learners, at an intermediate proficiency level (Bygate et al., 2001) and in laboratory or controlled ESL contexts (e.g., Skehan & Foster, 2005). Because of the good results with adult learners, some teachers have, unreflecting, taken the benefits of tasks for granted and adopted them as a panacea in foreign language classrooms. One needs to, however, ask oneself whether these findings have value for all kinds of learners and situations. A few studies have been conducted in other contexts than the above mentioned, and these studies have indeed made a number of challenges in relation to the use of tasks in foreign language teaching and learning visible. Swan (2005), for instance, mentions that the use of tasks is considerably less effective for the systematic teaching of new language; Bruton (2005) indicates that the effects of tasks in secondary school foreign language classrooms are relatively limited. Carless (2007) argues that the use of tasks has to be adapted to local school contexts in order to be effective. These studies indicate a need to rethink the use of tasks and their suitability in different contexts, and this seems not least to be true for beginning-level child learners of non-European languages. To this end, this paper aims to explore the feasibility and suitability of the use of tasks in two Danish children’s after-school beginning-level Chinese classes. Qualitative data, including interviews with students and transcriptions of audio- and video-recordings on completing assigned tasks among students, are used in this study in order to get an in-depth understanding of the extent of effects of tasks on Chinese classroom. This study confirms previous findings that the use of tasks is positive in terms of increasing student’s participation, peer interaction and their assistance. It also shows how the interplay of various factors has an impact on the effects of tasks in beginninglevel Chinese classroom. Finally, a number of tentative suggestions for the use of tasks with young beginning learners in Denmark are proposed. This paper seeks to explore the following questions: RQ 1 What effects does the use of tasks have on after-school beginning level Chinese classroom? RQ 2 What factors impact on the use of tasks in after-school beginning level Chinese classroom? RQ 3 What adaptions might make it more suitable to the use of tasks in after-school beginning level Chinese classroom? � 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. 1916 Title A name given to the resource Do Language-Tasks Contribute to the Learning of Beginning-Level Chinese? A Case-Study from a Children’s after-school CFL Class in Denmark Author Author BAO, Rui Abstract A summary of the resource. Key words: language tasks, participation, negotiation, after-school beginning Chinese class ABSTRACT Language-tasks, as part of a Communicative Teaching Approach to foreign language teaching, have been frequently promoted in current second or foreign language teaching classrooms. Although language-tasks were introduced many years ago, language researchers still do not agree on the definitions and possible effects of language-tasks on foreign language acquisition. This has not, however, prevented foreign language teachers, syllabus designer and researcher from exploring the use and effects of language-tasks. On the contrary, it seems to have inspired them. Some language researchers argued that language-tasks provide students with better opportunities for foreign language acquisition than other approaches. In recent years, a wide range of research has shown strong evidence of the benefits of tasks on foreign language acquisition (Long, 1989, 1996; Duff, 1986; Pica & Doughty, 1985) and it may be one of the most important explanations of its popularity. However, it is worth mentioning that a majority of these positive findings are derived from adult learners, at an intermediate proficiency level (Bygate et al., 2001) and in laboratory or controlled ESL contexts (e.g., Skehan & Foster, 2005). Because of the good results with adult learners, some teachers have, unreflecting, taken the benefits of tasks for granted and adopted them as a panacea in foreign language classrooms. One needs to, however, ask oneself whether these findings have value for all kinds of learners and situations. A few studies have been conducted in other contexts than the above mentioned, and these studies have indeed made a number of challenges in relation to the use of tasks in foreign language teaching and learning visible. Swan (2005), for instance, mentions that the use of tasks is considerably less effective for the systematic teaching of new language; Bruton (2005) indicates that the effects of tasks in secondary school foreign language classrooms are relatively limited. Carless (2007) argues that the use of tasks has to be adapted to local school contexts in order to be effective. These studies indicate a need to rethink the use of tasks and their suitability in different contexts, and this seems not least to be true for beginning-level child learners of non-European languages. To this end, this paper aims to explore the feasibility and suitability of the use of tasks in two Danish children’s after-school beginning-level Chinese classes. Qualitative data, including interviews with students and transcriptions of audio- and video-recordings on completing assigned tasks among students, are used in this study in order to get an in-depth understanding of the extent of effects of tasks on Chinese classroom. This study confirms previous findings that the use of tasks is positive in terms of increasing student’s participation, peer interaction and their assistance. It also shows how the interplay of various factors has an impact on the effects of tasks in beginning-level Chinese classroom. Finally, a number of tentative suggestions for the use of tasks with young beginning learners in Denmark are proposed. This paper seeks to explore the following questions: RQ 1 What effects does the use of tasks have on after-school beginning level Chinese classroom? RQ 2 What factors impact on the use of tasks in after-school beginning level Chinese classroom? RQ 3 What adaptions might make it more suitable to the use of tasks in after-school beginning level Chinese classroom? Publisher An entity responsible for making the resource available IBU Publishing Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-03 Keywords Keywords. Article PeerReviewed https://omeka.ibu.edu.ba/files/original/7021bf78a36c6a65dffc56962daee74a.pdf bca2949eca1a4cf12602335ba6cc22bb PDF Text Text International Conference on Economic and Social Studies, 10-11 May, 2013, Sarajevo Do Migrant Transfers cause Dutch Disease in Albania? Cakrani Edmira University of Vlora “Ismail Qemali”, Vlora, Albania edmira.cakrani@gmail.com Resulaj Pranvera University of Vlora “Ismail Qemali”, Vlora, Albania pranveraresulaj@yahoo.com Koprencka Luciana University of Vlora “Ismail Qemali”, Vlora, Albania lucianakoprencka@yahoo.it Dutch Disease is the model, which tries to explain the contradictory relationship between the greater exploitation of natural resources and a decline in the sector of natural resources. Theory suggests that an increase in foreign inflows currency from export of natural resources is associated with overvaluation of the real exchange rate, which makes tradable sector less competitive, resulting in less competitive country and even reduced exports in natural resources sector. The purpose of this article is to study the possibility of occurrence of Dutch Disease phenomenon in Albania, as a result of increased foreign currency inflows, not from increased resource exports, but from migrant transfers. Almost 30% of Albanian population is living and working abroad, most of them in Europe. Due to high trade balance deficit, migrant transfers in Albania are important source of ease pressures on the domestic currency lek. Recently, migrant transfers from abroad accounted for 10% to 20% of GDP and constitute the largest influx of foreign finance, even more than foreign direct investment and official development assistance. In the empirical model, real exchange rate is the dependent variable and migrant transfers, real GDP per capita, government consumption and trade openness are explanatory variables. All the variables are tested for stationary through Augmented Dickey-Fuller test. The results of test showed that are not stationary in the level, but become stationary in First Difference I(I), so they are included in model in First Difference. Johansen Cointegration test results showed that there is a long-run relationship between real exchange rate and the variables included in the model. Results suggest that migrant transfers have a significant impact on the real exchange rate in Albania and an increase in their flows lead to the overvaluation of the real exchange rate in the country, causing the Dutch Disease phenomenon to occur. Keywords: Dutch Disease, Real Exchange Overvaluation, Unit Root, Cointegration. 73 Rate, Migrant Transfers, � https://omeka.ibu.edu.ba/files/original/052f54494e9f34a93ed119e5d297ab29.docx c34e6a1e30fdc5e31e2e7a5f0208fc3a https://omeka.ibu.edu.ba/files/original/187cf4f023645beb906ae367a8d6b0f5.pdf 654ff26458db7c8d2b85490b9c632b6e https://omeka.ibu.edu.ba/files/original/6ea3a08f099e1f6d3c20031e1a7cdad5.pdf 74a6ed3db667fc8ccf43d9d6fffab5b7 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. 1516 Title A name given to the resource Do Migrant Transfers cause Dutch Disease in Albania? Author Author CAKRANI, Edmira PRANVERA, Resulaj LUCIANA, Koprencka Abstract A summary of the resource. Dutch Disease is the model, which tries to explain the contradictory relationship between the greater exploitation of natural resources and a decline in the sector of natural resources. Theory suggests that an increase in foreign inflows currency from export of natural resources is associated with overvaluation of the real exchange rate, which makes tradable sector less competitive, resulting in less competitive country and even reduced exports in natural resources sector. The purpose of this article is to study the possibility of occurrence of Dutch Disease phenomenon in Albania, as a result of increased foreign currency inflows, not from increased resource exports, but from migrant transfers. Almost 30% of Albanian population is living and working abroad, most of them in Europe. Due to high trade balance deficit, migrant transfers in Albania are important source of ease pressures on the domestic currency lek. Recently, migrant transfers from abroad accounted for 10% to 20% of GDP and constitute the largest influx of foreign finance, even more than foreign direct investment and official development assistance. In the empirical model, real exchange rate is the dependent variable and migrant transfers, real GDP per capita, government consumption and trade openness are explanatory variables. All the variables are tested for stationary through Augmented Dickey-Fuller test. The results of test showed that are not stationary in the level, but become stationary in First Difference I(I), so they are included in model in First Difference. Johansen Cointegration test results showed that there is a long-run relationship between real exchange rate and the variables included in the model. Results suggest that migrant transfers have a significant impact on the real exchange rate in Albania and an increase in their flows lead to the overvaluation of the real exchange rate in the country, causing the Dutch Disease phenomenon to occur. Keywords: Dutch Disease, Real Exchange Rate, Migrant Transfers, Overvaluation, Unit Root, Cointegration. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-05-10 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 978-9958-834-23-3 https://omeka.ibu.edu.ba/files/original/0d0ce3f2e719f3f27ee1960d62fd438c.pdf 08acb57a1597013fa324f6fefcc484f4 PDF Text Text Journal of Economic and Social Studies co Journal of Economic and Social Studies Volume 3 Number 2 Do Private Savings Offset Public Savings in Turkey? Fall 2013 Hasan GÖCEN Department of Economics, Faculty of Economics and Administrative Sciences Meliksah University, 38280 Kayseri, Turkey hgocen@meliksah.edu.tr CONTENTS Refereed Articles 5 Do Private Savings Offset Public Savings in Turkey? Hasan Göcen, Hüseyin Kalyoncu And Muhittin Kaplan, 15 Store Personality: Perceptions Towards Consumer Electronics Chain Stores in Turkey:A Case of University Students Keti Ventur , Ipek K z nco lu, lif stund l and ezan tl d l 39 The Role of Twin Deficit Problem in Sustainable Growth: An Econometric Analysis for Turkey Halil A and Mehmet B KBA 53 Cox Regression Models with Time-Varying Covariates Applied to Survival Success of Young Firms Aygül An t n and Murat K r öz 69 Unit Root Properties of Energy Consumption and Production in Turkey zgür Pol t, nes . slu, Hüseyin K lyoncu, 87 Measuring and Reporting Cost of Quality in a Turkish Manufacturing Company: A Case Study in Electric Industry Hilmi K rl o lu and ülküf Çe , 101 Social Anxiety and Usage of Online Technological Communication Tools among Adolescents Bilal s n, inan oru and Ali leren 115 State as the Source of Wealth: In Ottoman Economic Thought: A different approach to reflections in the aftermath of the global crisis Birol Çet n 131 Impact of Military Expenditure and Economic Growth on External Debt: New Evidence from a Panel of SAARC Countries Khalid n, Iqtidar Ali , Muhammad Mushtaq K n and Mehboob A d, 149 Government Expenditure on Nomadic Education in Nigeria: Implications for Achieving the Millennium Development Goals Akighir avid erf , kpe. I 166 List of Reviewers for This Issue Hüseyin KALYONCU Department of International Trade and Business, Faculty of Economics and Administrative Sciences Meliksah University, 38280 Kayseri, Turkey hkalyoncu@meliksah.edu.tr Muhittin KAPLAN Department of Economics, Faculty of Economics and Administrative Sciences Meliksah University, 38280 Kayseri, Turkey mkaplan@meliksah.edu.tr Abstr ct The issue of whether public savings offset private savings, and visa vice, KEYWO D has important implications for the effectiveness of fiscal policy. This study avings, ffset oefficient, icardian examines long-run relationship between public and private savings rates using , annual urkish data for the period 1975-2005. The result of ngle-Granger quivalence, . cointegration test has shown that there is no long-run relationship between M private and public savings ratios. However, once endogenously determined A I LE HI O Y structural break is allowed, the test results confirm the existence of the ubmitted: 29 Jun 2012 cointegration relationship between private and public savings. conometric esubmitted: 13 estimation of the offset coefficients using both M and yields values ecember 2012 of between -0.11 and -0.82. The results also indicate that the potency of fiscal Accepted: 25 policy significantly reduced with the liberalization of financial markets. ecember2012 JEL odes: 6, H6, 21. Volume 3 Number 2 Fall 2013 5 �Hasan GÖCEN / Hüseyin KALYONCU / Muhittin KAPLAN Do Private Savings Offset Public Savings in Turkey? Introduction Methodology and Data The relationship between private and public savings has been central issue in both the theoretical and the empirical literature. The importance of the subject stems from the fact that the effectiveness of fiscal policy is closely related to the responsiveness of private saving to changes in fiscal stance. The relationship between lower public deficits and national savings, however, remains controversial both theoretically and empirically. Theoretically, while Keynes (1936) assumes no relationship between private and public savings, Friedman (1957) and Modigliani (1946) develop models showing full substitution between private and public savings. Barro (1974) also introduced the notion of perfect substitutability between private and public savings, which is called Ricardian Equivalence Proposition (REP). Empirical studies on testing the REP estimate the following model: Although there area number of opposing views in the theoretical literature, ultimately, it is an empirical issue to determine the extent to which private savings offset public savings. In the empirical literature, the relationship between private and public savings is investigated for different countries using different econometric methodologies. However, there is no consensus over the size offset coefficient (for a survey see Seater, 1993, Holmes 2006 and Ricciuti 2007). Studies on advanced economies have shown that about half of the change in public savings is offset by an opposite change in private saving (Masson et. al. (1998); Hemming et. al. (2002); Holmes (2006); Mandal and Payne (2007); Seater and Mariano (1985); Leiderman and Razin (1988); Makin and Narayan (2009); De Castro andFernandez (2009)). Although empirical studies are limited in number, offset coefficients were found to be higher for developing countries than for developed countries (Loayza et. al. (2000); Lopez et. al. (2000); De Mello et. al.(2004); Edwards (1996); Masson et. al. 1998; Bulir and Swiston (2009)). This study provides evidence on the validity of the REP by applying powerful econometric techniques of DOLS and FMOLS to time series data of a developing country, Turkey. This paper is organized as follows. Following section sets out the econometric methodology and the data employed in this study. Then, we presented the findings of the study in the empirical section. Last section concludes. (1) where refers to private sector savings as a proportion of GDP, is public sector savings as a ratio to GDP; is the long-run public-private offset (substitution) coefficient is the intercept term and represents usual error term. takes value between 0 (no offset) and -1 (full offset). If , then a decrease in public sector savings is fully offset by an increase in private sector savings. The data employed in our empirical analysis is an annual private and public sector as a percentage of GDP obtained from State Planning Organization (SPO) publications for the years 1975 and 2005. Before estimating the long-run offset function given in equation (1), we first need to investigate the time series properties of the private and public sector saving ratios. Results obtained from unit root tests which are performed to determine whether savings variables have a unit root are presented in Table 1a and Table 1b. While Table 1a presents the results obtained from the ADF, DF-GSL, PP, KPSS and ERS unit root tests, Table 1b shows the Ng-Perron unit root test results. Examination of the Tables show that the null hypothesis of unit root could not be rejected for both private and public sector savings ratios. Table 1.a. Unit Root Test Results Constant -1.432876 -1.367547 -1.454917 0.538798 8.002194 ADF DF-GLS PP KPSS ERS PSR Constant and Trend -1.133958 -1.595668 -1.253357 0.110454 13.83224 Constant -1.473065 -1.384922 -1.479741 9.029962 8.084297 GSR Constant and Trend -2.322051 -1.798766 -1.480789 0.380299 12.96383 Note: ADF, DF-GSL, PP, KPSS and ERS stand for Augmented Dickey-Fuller (1979), Phillips Perron (1988), Elliot, Rothenberg, and Stock (1996), Kwiatkowski, Phillips, Schmidt and Shin (1992), Elliot, Rothenberg, and Stock point optimal (ERS, 1996) unit root tests. 6 Journal of Economic and Social Studies Volume 3 Number 2 Fall 2013 7 �Hasan GÖCEN / Hüseyin KALYONCU / Muhittin KAPLAN Do Private Savings Offset Public Savings in Turkey? Table 1.b. Ng-Perron Unit Root test Results PSR GSR Asymptotic critical values*: 1% 5% 10% MZa -3.24375 -3.23349 MZt -1.25975 -1.27022 MSB 0.38836 0.39283 MPT 7.53622 7.57531 -13.8000 -8.10000 -5.70000 -2.58000 -1.98000 -1.62000 0.17400 0.23300 0.27500 1.78000 3.17000 4.45000 Note:The number of lags used in Ng-Perron (2001) unit root test is determined by Schwarz Information Criteria(SIC) and turned out to be zero for all specifications. Having established that private and public savings ratios are I(1) variables, we need to test for cointegration between private and public savings to avoid spurious regression. To determine whether there is long-run relationship among these variables, the Engle-Granger (1987) methodology is employed. Testing for cointegration within this methodology involves extracting the residuals from equation (1) and testing for unit root in residuals. The Engle-Granger bivariate cointegration equation and the ADF tests applied to residuals are reported in Table 2. The optimal lag determined by using Schwarz and Akaike information criteria turned out to be zero. The cointegration test statistic is -2.086 with a probability value of 0.251 implying non-rejection of the null of unit root in residuals. Hence, there appears to there is no long-run relationship between private and public sectors savings ratios. Table2. Engle- Granger Cointegration Test Dependent Variable PSR Constant 20.157 (0.531)* ADF test statistics (probability): -2.086 (0.251) Test Critical values: 1% level 5% level 10% level GSR -1.009 (0.101)* The cointegration test results obtained from the Johansen and Juselius (1990) method for the model (1) is presented in Table 3. The examination of the table indicates that the null hypothesis of no cointegration cannot be rejected by both the maximum eigenvalue and the trace statistic for the model implying that there is no long-run relationship between private and public savings. Table 3. Johansen-Juselius Maximum Likelihood Co integration Tests Trace Test Alternative Null r=0 r≥1 r≤1 r≥2 Statistic 11.946 1.881 Critical Values 15.494 3.841 -3.671 -2.964 -2.621 Furthermore, we employed Johansen multivariate cointegration tests to explore if there is a long run relationship between private and public savings. The number of Journal of Economic and Social Studies Maximum Eigenvalue Test Null Alternative Statistic r=0 r=1 10.065 r≤1 r=2 1.8810 Critical Values 14.264 3.8415 Notes: Asterisks (*) denotes statistical significance at 5%. R stands for the number of cointegrating vectors. However, the cointegration tests have a low power in the presence of a structural break (Gregory and Hansen, 1996). For this reason, we applied Gregory-Hansen cointegration procedure to test whether there is long-run relationship among private and public savings. Specifically, Gregory and Hansen (1996) provide the following three structural break alternatives given by equations (2a-2c): (2a) Note: The values in parenthesis are standard errors. * indicate significant at 1% level. 8 lags used in the underlying the vector auto regression (VAR) model were determined as one for the model according to both the Schwarz Bayesian Criterion (SBC) and Akaike’s Information Criterion (AIC). The corresponding values of SBC and AIC criterion are 9.160 and 8.867 respectively. (2b) (2c) where D represents a dummy variable equal to 0 if is less than or equal to unknown timing of change , otherwise it is equal to one; is time trend; other variables are defined as before. The first co integration regression (2a) is allowed to have a level break, the second model includes level shift and time trend and third model includes regime shift variable. Volume 3 Number 2 Fall 2013 9 �Hasan GÖCEN / Hüseyin KALYONCU / Muhittin KAPLAN Do Private Savings Offset Public Savings in Turkey? Given that the structural break point is unknown, Gregory-Hansen procedure involves computing the cointegration test statistics for each possible break and taking the minimum test statistics (ADF test) across all possible break points. That is, the break point is unknown and determined by finding the minimum value for the ADF statistic. The Akaike Information criterion (AIC) is used to determine the number of lags of the change in the residual used in computing the ADF statistic and turned out to be zero for all three models. The results of the GregoryHansen Cointegration procedure for all specifications indicate that the null of no cointegration is rejected with an endogenous break year of 1989. The ADF statistics for equations (2a-2c) are -5.082, -5.34836 and -5.15361 respectively and they are statistically significant at 5 percent level. Table 4.a. FMOLS and DOLS Estimates for Level Shift Model, 1975-2005 Constant GSR D FMOLS 16.129 (1.002)* -0.709 (0.129)* 5.112 DOLS 15.734 (0.682)* -0.741 (0.0967)* 5.377 (1.268)* (0.891)* Note: *, **, *** indicate significance at 1%, 5% and 10% level of significance respectively. The values in parenthesis are standard errors. Table 4.b. FMOLS and DOLS Estimates for Level Shift with trend Model, 1975-2005 Empirical Results Constant Having found evidence of co integration and having established that private and public saving are I(1), the equations (2a-2c) are estimated using the Dynamic OLS (DOLS) proposed by Stock and Watson (1993) and the FMOLS proposed by Phillips and Hansen (1990).In the estimation of equations (2a-2c) with the Dynamic OLS (DOLS), we used two lead and lag terms. The number of lead and lag-terms are determined by using AIC and SBC criterion. The results obtained from FMOLS and DOLS estimators are presented in Tables 4a-4c. Examination of the Tables indicates that while the FMOLS coefficients of offset (betas) ranges between -0.82 and -0.46, the DOLS coefficients of betas ranges from -0.74 to -0.11 yielding a partial offset. For models (2a) and (2b), coefficient on government savings is statistically significant at 1% level. However, the offset coefficient is insignificant in the model (2c). The long-run offset coefficient estimated by FMOLS (DOLS) is -0.458 (-0.11) but they are both statistically insignificant. However, there was statistically significant (at 5% level) change in the slope coefficient, , after 1989 for DOLS estimates. Thus allowing for the slope change in the regime shift specification in the DOLS case, the long-run coefficient is -0.72 (. The structural break dummy, D, is significant across alternative estimates implying the presence of structural break in the data. Taken together, the results show that a structural break did occur in the long-run relationship between private and public saving in 1989. 10 FMOLS 18.263 (1.310)* -0.819 (0.124)* 7.320 (1.503)* -0.193 (0.084)** Journal of Economic and Social Studies GSR D TREND DOLS 13.892 (1.393)* -0.577 (0.148)* 4.693 (1.049)* 0.137 (0.088) Note:Seethenote in Table3.a. Table 4.c. FMOLS and DOLS Estimated for Regime Shift Model, 1975-2005 FMOLS 14.571 (2.977)* -0.458 (0.462) 6.627 (3.032)** -0.268 (0.483) Constant GSR D DGSR DOLS 11.685 (2.263)* -0.109 (0.349) 9.355 (2.318)* -0.613 (0.322)** Note:Seethenote in Table3a. Volume 3 Number 2 Fall 2013 11 �Hasan GÖCEN / Hüseyin KALYONCU / Muhittin KAPLAN Do Private Savings Offset Public Savings in Turkey? Concluding Comments Engle, R. F. & Granger,C. W. J. (1987), Co-integration and error correction: representation, estimating and testing, Econometrica, 55, 251-276. This study examines the long-run relationship between private and public sector saving ratios using FMOLS and DOLS methodologies. Empirical findings of this study can be summarized as follows: First, there is no long-run relationship between private and public savings unless endogenous structural break in the cointegration relationship is allowed in Turkish case. Secondly, the extent of offset coefficients ranges from -0.82 to -0.11 supporting weak form of Ricardian equivalence. Statistically significant change in the slope coefficient in DOLS case also shows that the substitution (offset) between private and public savings are stronger after 1989. This point is particularly worth mentioning because financial repression in Turkish economy was fully removed at this date. Thirdly, the results of the paper suggest that the effectiveness of fiscal policy implementations by the government has decreased significantly after achieving financial liberalization in 1989.The statistically significant and relatively large coefficient () on regime shift variable can be taken as an evidence for this argument. Friedman, M. (1957), A Theory of the consumption function, Princeton University Press, New Jersey. Gregory, A. W. & Hansen,B. E. (1996), Residual based tests of cointegration in models with regime shifts, Journal of Econometrics, 70, 99-126. Hemming, R., Kell,M. & Mahfouz,S. (2002),The effectiveness of fiscal policy in stimulating economic activity, IMF Working Paper, WP/02/208, IMF. Holmes, M. J. (2006), To what extent are public savings offset by private savings in the OECD, Journal of Economics and Finance, 30, 285-296. Johensen, S. &Juselius, K.(1990), Maximum likelihood estimation and inference on cointegration with applications to the demand for money, Oxford Bulletin of Economics and Statistics, 52, 169210. Keynes, J. M. (1936),The general theory of employment, interest and money, Macmillan, Houndsmills, UK. Kwiatkowski, D. P. C. B. Phillips, Schmidt,P. &Shin,Y. (1992), Testingthenullhypothesis of stationaryagainstthealternative of a unitroot, Journal of Econometrics, 54, 159-178. Leiderman, L.,&Razin,A. (1988), TestingRicardianneutralitywith an intertemporalstochastic model, Journal of Money, CreditandBanking, 20, 1-21. References Loayza, N., Schmidt-Hebbel,K., &Serven,L. (2000), What drives private saving across the World?,Review of Economics and Statistics, 82, 165-181. Makin, A. J. &Narayan,P. K. (2011), How potent is fiscalpolicy inAustralia?, EconomicPapers, 30, 377-385. Lopez, J. H., Schmidt-Hebbel, K. &Serven,L. (2000), How effective is fiscal policy in raising national saving?,Review of Economics and Statistics, 82, 226-238. Barro, R. (1974), Are government bonds net wealth?,Journal of Political Economy, 81, 1095-1117. Mandal, A. & Payne,J. E. (2007), The long-run relationship between private and public savings: an empirical note, Journal of Economics and Finance, 31, 99-103. Bulir, A. &Swiston,A. (2009),Emergingmarket countriesdon’tbelieve in fiscalstimuli: should web blameRicardo?,CzechJournal of Economicsand Finance, 59, 153-164. De Castro, F. &Fernandez,J. L. (2009), Therelationshipbetweenpublicandprivatesaving in Spain: DoesRicardianEquivalenceHold, Banco De EspanaWorkingPaperSeriesno: 0923. De Mello, L.,KongsrudP. M.,&Price,R. (2004), Savingbehaviourandtheeffectiveness of fiscalpolicy, EconomicsDepartmentWorkingPaper, no. 397. Dickey, D. A. &Fuller,W. A. (1979), Distribution of theestimatorsforautoregressive time serieswith a unitroot, Journal of theAmerican Statistical Association, 74, 427-431. Edwards, S. (1996),Why are Latin American’s savings so low? An international comparative analysis, Journal of Development Economics, 51, 5-44. Masson, P.,Bayoumi,T. &Samici,H. (1998), International evidence on the determinants of private saving, World Bank Economic Review, 12, 483-501. Modigliani, F. (1946),Life cycle, individual thrift and the wealth of nations, American Economic Review, 76, 297-313. Ng, S. &Perron,P. (2001), Lag length selection and the construction of unit root tests with good size and power, Econometrica, 69(9), 1519-1554. Phillips, P. C. B. & Hansen,E. E. (1990), Statistical inference in instrumental variable regression with I(1) processes, Review of Economic Studies, 57, 99-125. Phillips P. C. B. &Perron,P. (1988), Testing for a unit root in time series regression, Biometrica, 75, 335-346. Elliot, G., Rothenberg,T. J. & Stock,J. H. (1996), Efficient tests for an autoregressive unit root, Econometrica, 64, 813-836. Ricciutti, R. (2003), Assessing Ricardian Equivalence, Journal of Economic Surveys, 17, 55-78. 12 Volume 3 Journal of Economic and Social Studies Number 2 Fall 2013 13 �Journal of Economic and Social Studies Hasan GÖCEN / Hüseyin KALYONCU / Muhittin KAPLAN Seater, J. (1993), Ricardian Equivalence, Journal of conomic iterature, 31, 142-90. Seater, J.&Mariano,R. S. (1985), New tests of the life cycleandtaxdiscountinghypotheses, Journal of Monetary conomics, 15, 195-215. Stock, J. H. & Watson,M. W. (1993),A simple estimator of cointegrating vectors in higher order integrated systems, conometrica, 6, 783-820. Store Personality: Perceptions Towards Consumer Electronics Chain Stores in Turkey A Case of University Students Keti VENTURA Ege University, Faculty of Economics and Administrative Sciences, Business Administration keti.ventura@ege.edu.tr Ipek KAZANCOGLU Ege University, Faculty of Economics and Administrative Sciences, Business Administration ipek.kazanoglu@ege.edu.tr Elif USTUNDAGLI Ege University, Faculty of Economics and Administrative Sciences, Business Administration elif.ustundagli@ege.edu.tr Rezan TATLIDIL Ege University, Faculty of Economics and Administrative Sciences, Business Administration rezan.tatlidil@ege.edu.tr Abstr ct The purpose of this study is to identify, develop and compare the deter- KEYWO D minants of store personality of the most preferred consumer electronics tore personality, onsumer chain stores, as perceived by young consumers in urkey. A question- lectronic hain tores, onfirmatory actor Analysis, naire survey including a 22-item store personality scale was conducted urkey among 855 students using a convenience sampling method. xploratory factor analysis ( A) and confirmatory factor analysis ( A) A I LE HI O Y was performed. indings suggest that greater accuracy of information is ubmitted: 31 July 2012 needed in the purchasing decision related to high involvement products esubmitted: 05 ovember 2012 such as consumer electronics. Also it was found that younger consumers esubmitted: 18 ecember 2012 prefer reliable stores that give accurate information, value for money, Accepted: 21 ecember 2012 and provides price-quality fit. This study addresses the neglected area of store personality development and validation for consumer electronics relates through an understanding of young consumers perceptions towards store personality determinants. JEL odes: M31, M39 14 Journal of Economic and Social Studies Volume 3 Number 2 Fall 2013 15 � 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. 2383 Title A name given to the resource Do Private Savings Offset Public Savings in Turkey? Author Author GÖCEN, Hasan KALYONCU, Hüseyin KAPLAN, Muhittin Abstract A summary of the resource. The issue of whether public savings offset private savings, and visa vice, has important implications for the effectiveness of fiscal policy. This study examines long-run relationship between public and private savings rates using annual urkish data for the period 1975-2005. The result of ngle-Granger cointegration test has shown that there is no long-run relationship between private and public savings ratios. However, once endogenously determined structural break is allowed, the test results confirm the existence of the cointegration relationship between private and public savings. conometric estimation of the offset coefficients using both M and yields values of between -0.11 and -0.82. The results also indicate that the potency of fiscal policy significantly reduced with the liberalization of financial markets. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2013-12-19 Keywords Keywords. Article PeerReviewed HB Economic Theory