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2022 | Book

Eurasian Business and Economics Perspectives

Proceedings of the 35th Eurasia Business and Economics Society Conference

Editors: Prof. Dr. Mehmet Huseyin Bilgin, Hakan Danis, Ender Demir, Ghulam Mustafa

Publisher: Springer International Publishing

Book Series : Eurasian Studies in Business and Economics


About this book

EBES conferences have been intellectual hub for academic discussion in economics, finance, and business fields and provide network opportunities for participants to make long lasting academic cooperation. This is the 22nd volume of the Eurasian Studies in Business and Economics (EBES’s official proceeding series) which includes selected papers from the 35th EBES Conference – Rome 2021. Due to the COVID-19, the conference presentation mode has been switched to "online/virtual presentation only”. In the conference, 142 papers by 302 colleagues from 48 countries were presented. Both theoretical and empirical papers in this volume cover diverse areas of business, economics, and finance from many different regions. Therefore, it provides a great opportunity to colleagues, professionals, and students to catch up with the most recent studies in different fields and empirical findings on many countries and regions.

Table of Contents


Eurasian Business Perspectives: Entrepreneurship

Why Immigrant Entrepreneurs are More Prone to Exit than Non-immigrant Entrepreneurs?
Due to various cultural and social barriers, immigrant entrepreneurs are considered more vulnerable to external shocks than their non-immigrant counterparts. The COVID-19 pandemic has exacerbated the plight and pushed immigrant entrepreneurs into a more precarious situation. This study focuses on immigrant entrepreneurs as a unit of analysis and seeks to explain why and how immigrant entrepreneurs exit their businesses, how they perform differently from non-immigrant entrepreneurs, and what role culture might play in the entrepreneurial exit process. Drawing on a social psychology perspective, the Theory of Planned Behaviour, the concepts of self-construals and extant research, the study develops a research framework to facilitate the understanding of immigrant entrepreneurial exit. The study argues that immigrant entrepreneurs’ exit intention and behaviour are primarily determined by their exit attitude, subjective norms, and perceived behavioural control, whereas independent and interdependent self-construals that reflect one’s cultural orientations play an important moderation role between the three hypothetical determinants and exit intention. COVID-19 impact also plays an important role in influencing exit intentions. The study advances research on this largely underexplored area of immigrant entrepreneurial exit through mapping a research agenda for future research. The study also holds broader implications for public policy development, as discussed in the paper.
Fang Zhao, Tenghao Zhang, Marie-France Waxin
Hawkers’ Attitude on Environmentally Friendly Food Packaging Practices in Night Market
The issue of food packaging waste has become an environmental concern in the society, particularly among food hawkers. Since food packaging waste ranks the highest contributor to waste; thus, environmentally friendly food packaging (EFFP) has been introduced in the market to ensure good management practices among food hawkers and subsequently reduce environmental pollution. This study aimed to examine the effect of attitude (perceived benefits confidence, perceived risks, and environmental knowledge) on the intention to use environmental-friendly food packaging among food hawkers in Malaysia. This study adopted cross-sectional studies and collected quantitative data from 320 food hawkers. The Structural Equation Modeling was further applied to test the related hypotheses using IBM-AMOS (Analysis of a Moment Structure). The findings reveal that attitude (perceived benefits confidence, perceived risks, and environmental knowledge) had significant effect on the intention to use environmentally friendly food packaging. The policymakers such as the government or non-government organizations should focus on the promotions and campaigns to raise the awareness of environmentally friendly food packaging among food hawkers in Malaysia.
Nur Dalila Binti Mat Yusoff, Hamrila Binti Abdul Latip, Norizan Binti Jaafar, Noor Raihani Binti Zainol, Nurul Izyan Mat Daud

Eurasian Business Perspectives: Human Resources Management and Education

Innovation and Creativity Among Individuals in Work Environments: The Effect of Personality, Motivation, Psychological, and Task-Oriented Factors
Innovation in an organization is the outcome of creative ideas, as accomplishment of new products and services development, implementation of new programs that are highly dependent on new ideas generated by its organizational members. Organizational members show their creativity by not only proposing new ideas on products and services, but also with some manufacturing methods and administrative practices. Stimulation of employee creativity leads to the growing competitiveness of firms in the market. Psychological studies identified various types of personality traits that drive employee creativity in working environment. However, personality-employee creativity relationship must be enriched with an inclusion of other factors. The link between these two is worthy to be studied in working environments, where firm performance is highly determined by employee creativity. This research includes not only openness to experience and extraversion separately, but also the other personality traits. It provides a comprehensive insight into innovation and creativity of its organizational members. Moreover, both extrinsic and intrinsic motivation are included in investigation, in the context of High-performing organizations in the Middle East. The results show that among the Big Five Traits, openness, conscientiousness, and extraversion are positively related to organizational Innovation and creativity, whereas neuroticism is negatively related to organizational Innovation and creativity.
Basil John Thomas, Tarek Khalil
Skills Shortages in Post-transition Economies
While post-transition societies have significantly changed their educational systems since the early phases of transition to accommodate labour market demand changes, the adaptation of human capital to labour market needs is seldom linear. Increased labour mobility associated with liberalization and EU accession, accompanied by globalization and the technological shift, have put the issue of skills shortages into the public spotlight. The present analysis sheds light on the perceived skills shortages by the firms in post-transition countries of Central and Eastern Europe. We propose a new indicator of perceived skills shortages, allowing us to capture more dimensions of the phenomenon and to assess the degree of the problem. We investigate the differences between the CEE countries in the most recent period. We also analyze factors affecting a firm’s perception of skills shortages. Our results suggest that innovators and large firms are significantly more likely to express skills shortages. Furthermore, we investigate the effect of perceived skilled shortages on firm productivity and find a negative correlation between the two variables.
Valerija Botrić, Ljiljana Božić, Iva Tomić
How Hybrid Learning Can Enhance the Student Experience and Teaching Outcomes in the Wake of COVID-19: A Case Study of a Business School in the United Kingdom
COVID-19 is reshaping the delivery of higher education on a global scale. With universities closing their campuses, online and remote learning has become a necessity. This article reports on the research findings on various initiatives taken by a business school in the United Kingdom to support hybrid learning. The initiatives were underpinned largely by a Community of Inquiry (CoI) framework to enhance student learning experiences and outcomes. Using a case study design, data was gathered from a variety of sources, including a university-wide survey, accounts of lecturers’ experiences, and the case school’s social media and other online sources. The significance of this study is that it explores specifically how to create a collaborative community of inquiry in a hybrid learning environment and articulates the major challenges of using the CoI framework to achieve positive learning experiences and outcomes in these challenging times. The findings suggest that communication, empowerment, and technology are the key enablers that drive and support the implementation of CoI’s three core elements: cognitive, social, and teaching presence. The findings also demonstrate that engagement, well-being, and technology issues are the biggest challenges for hybrid learning and CoI in the wake of COVID-19. These challenges go far beyond academic and pedagogical boundaries, and thus, warrant future investigation.
Fang Zhao, Olushola Fashola, Tolulope Olarewaju, Fatimah Moran, Paul Dobson, Marzena Reszka, Kathryn Mitchell

Eurasian Business Perspectives: Management

Knowledge Management in a Political Context: A Case Study About the Members of the German Bundestag
This paper investigates how Members of the German Bundestag manage their individual knowledge relevant for policy making, using original data collected in a standardized quantitative online survey in early 2021. About five percent of the 709 Members of Parliament from all seven parties currently represented responded, granting a first insight into a western parliament. The main points of the survey dealt with the prior knowledge of the MPs, their familiarization phase, the support from the parties and the parliamentary administration and the organization of the MPs’ offices. The results support earlier research which stated that knowledge in parliaments tends to be tacit, informal, and not recorded. Only 37 percent of the MPs felt well prepared for their future tasks when they took office. Only 25 percent received an orderly handover by their predecessor. Accordingly, 97 percent of those questioned agreed with the thesis that loss of knowledge within parliament is a major problem. I conclude that knowledge is not systematically archived and evaluated in current politics. This is a disadvantage, especially for inexperienced MPs. Building on this, I discuss a first proposal for a political knowledge management model.
René M. Mittelstädt
The Principlism Method Applied Utilitarianist in Mathematical Calculations for an Ethical Decision
Part of the extremely studied concept of ethical management is the ethical decision-making process within an organization designed to determine how the members of the organization should proceed in order not to violate already established ethical codes or generally accepted moral principles. In order to be able to count the morality of an action by evaluating its effects on the beneficiaries, they usually resorted to primary arithmetic calculations in which the consequences on the beneficiaries receive positive or negative values of 1, 2, 3 by reference to few moral principles or institutional rules. The model proposed by us will no longer have to choose the priority of one principle over another based on unclear criteria. We propose a model of calculations that is made by reference to moral values that are supposed to be respected in an organization and, correlatively, the impact evaluated in figures of compliance or non-compliance with these moral values. The proposed mathematical formula is complex and allows quick calculation regardless of how many variables are involved. Also, the impact is then calculated separately from a financial, intellectual, moral, educational, and psychological point of view.
Liviu-Adrian Stoica, Alina-Elena Turcescu

Eurasian Business Perspectives: Marketing

Neuromarketing: A Review Regarding Marketing Field
Neuromarketing is a growing topic in marketing literature. Furthermore, businesses also started to use neuromarketing-related results in their marketing decisions. Accordingly, it is crucial and relevant to make a research regarding neuromarketing topic in the marketing area. The main objective of this study is to provide an evaluation of neuromarketing topic regarding its relations with marketing field that will generate key insights. A literature review was conducted for this study and articles containing “neuromarketing” topic were included in the review. The articles were chosen from top-rated marketing journals according to Google Scholar’s ratings. The criterion to be included in the review is explained in the paper accordingly. The results showed important insights such as neuromarketing topic has begun to rise after 2010; neuroscience methods such as electroencephalography (EEG), functional near-infrared spectroscopy (fNIRS), functional magnetic resonance imaging (fMRI), and other important methods have been used in marketing field; neuromarketing-related methods are applied in the context of different industries such as food, cleaning, personal care products and so on. In conclusion, neuromarketing can be classified as a trending topic in marketing field which is evolving and providing unique results. Both academicians and marketing practitioners are interested in neuromarketing which makes the topic important for marketing literature and businesses.
Cem Karayalçın
Innovative Financial Indicators: Marketing ROI
Since return on investment (ROI) is an accounting ratio, there are innumerable variants both in the theoretical literature and in practice. In the ever-changing competitive environment of business, typical of our times, the cost of doing business has increased. In times of economic constraints, the cost of marketing activities is usually reduced. The lack of accountability has undermined the credibility of marketers. As a result, there has been a significant increase in the demand in the marketing field for concrete numerical data demonstrating the efficiency and effectiveness of marketing activities. We will use ROI as an example to show how a financial indicator with a history of more than one hundred years has evolved and been renewed. For this purpose, we have prepared an overview of the economic history and the history of management. Although it is a relatively simple indicator, its definition is subject to considerable uncertainty in some cases. One problem in marketing is that sometimes the return on marketing efforts cannot be clearly quantified, we can only estimate the ROI. If the determination of ROI is subject to uncertainties, it is worthwhile to perform parallel calculations.
Katalin Lipták, Noémi Hajdú, Klára Szűcsné Markovics, Zoltán Musinszki

Eurasian Business Perspectives: Small- and Medium-Sized Enterprises (SMEs)

Analysis of the Relationship Between Strategic Networking and Performance Among Croatian Service Sector SMEs
The aim of this study is to analyze the impact of strategic networking on SMEs’ performance in the Croatian service sector. Data were collected from 136 SMEs using an e-mail questionnaire. Multiple linear regression was used as an analytical method to test the proposed hypothesis and sub-hypothesis. The results indicated that strategic networking has a significantly positive effect on financial and non-financial business performance. The external environment has a positive impact on service SMEs’ strategic networking. Moreover, the results revealed that the interaction with the external environment positively affects strategic networking—performance relationship. It is recommended that SMEs operating in the service sector need to strive to embrace strategic networking because it provides them with higher performance results and a more competitive position in the external environment. Finally, the study contributes to the existing knowledge and theory on the impact of strategic networking on business performance of SMEs, primarily by focusing on the service sector context in a small and open economy such as Croatia.
Bojan Morić Milovanović, Zorica Krželj-Čolović, Zoran Bubaš
Assessing the Effects and Policy Interventions Amidst COVID-19 Crisis: Focus on Georgian SMES
This article explores the manner in which the COVID-19 crisis has affected SMEs in Georgia. We posit that SMEs are highly susceptible to such economic shock and the major victims of the COVID-19 outbreak are SMEs. The article explores this conjecture by scrutinizing real-time data and reviewing the available literature, official reports and policies. Throughout the research, an exploratory methodology was adopted and empirical evidence was derived from collecting the information from Georgian SMEs via a focus group and online survey. The data reported here appear to support the assumption that SMEs are most acutely affected, and revenues have dropped drastically since the outbreak of the COVID-19 pandemic. The evidence from this study suggests that industries that rely highly on external trade were the most affected by the COVID-19 crisis. These enterprises are facing the greatest obstacles obtaining finance, logistical challenges, demand disruptions, reduction in sales and profit. In the article, we argue that SMEs will face various hindrances in the long run, and policy interventions should be sensitive to the different types of SMEs. Policymakers can apply these real-time data to their strategic policy interventions to support the organizations that are most affected by the crisis.
Ketevan Rizhamadze, Anna Ābeltina

Eurasian Economic Perspectives: Finance

The Technological Impact in Finance: A Bibliometric Study of Fintech Research
This paper is a review of research work done in FinTech that included technological innovation in finance in area such as the credit market (including Peer-2-Peer lending), insurance with a blockchain-assisted smart contract and payment systems (including cryptocurrencies). The paper provides a bibliometric review of FinTech in finance based on the published articles and journals in the Scopus database relating to 1,717 publications available between 1960 and 2021 onward. Furthermore, various software such as Biblioshiny for graphs and tables, Microsoft Excel to carry out frequency analysis, and VOSviewer for data visualization design illustrate technological impact in finance. This paper details the results utilizing standard bibliometric measures such as authorship, active institutions, citation analysis, document type, geographical distribution, keywords analysis, publication year, source type, source title and subject area. The findings proved that publications in this field are on constant augmentation in the last decades, especially in the previous six years from 2015, since the number of publications skyrocketing, leading by the USA and China, the FinTech study pioneers. The rising research in this area points out the technological impact on financial products and services, which ultimately affects human’s lifestyle in the new worldwide digital economy.
Mamadou Dosso, Ahmet Faruk Aysan
The Factors Determining the Specific Nature of Formation of the Capital Structure: Evidence from Maritime Sector
Under the conditions of global market economy one of the most important management tasks of business companies is to take economically grounded decisions concerning the structure of financing sources. It has been established that differences of formation of capital structure which are namely determined by the specific nature of activity of business companies exist as well. Maritime sector is an important component of the country economy and firm-level factors, and macro factors determine the formation of capital structure of the business companies of this sector to a different significance. The aim of this article has been to present the systematized theoretic conceptions of formation of capital structure by singling out and grouping the factors determining the formation and to establish the impact of the factors in the business companies of maritime sector revealing their relation with the formed capital structure. For the empirical research, the data collected from Bloomberg databases for the year 2010—2019 have been employed in 180 European companies of maritime sector. In this study, a panel data approach as fixed and random effects have been used. The obtained results show that the formation of the capital structure of European maritime companies is positively influenced by the company’s factors such as profitability, company size, tangibility and company growth. Among the macro factors, the formation of the capital structure is negatively influenced by the ratio of foreign direct investments.
Kristina Puleikiene, Dalia Rudyte
Measuring Corporate Social Responsibility by Constructing an Index: An Empirical Evidence from Oman
Corporate Social Responsibility (CSR) is identified as the main business tool toward the sustainability path. However, the measurement of corporate social responsibility (CSR) is always a source of contention. Researchers use different approaches to measure corporate social responsibility (CSR). The main objective of this study is to measure corporate social responsibility (CSR) by constructing an index, which is one of the common methods used by many researchers to understand the performance of firms toward CSR. The data used in this study is based on the non-financial listed companies at Muscat Securities Market Oman, for the period 2016. Thus, 71 non-financial listed companies are used in this study to construct and measure a CSR disclosure index. This study used a content analysis approach to construct an index for CSR disclosure which covers 40 consisting of five sub-themes to measure CSR disclosure. The significant sections to measure corporate social responsibility are community and its welfare, education and health, environment and energy resources, product-customer area, and finally workers. The result indicates that the CSR disclosure of listed companies at MSM is acceptable because 2016 is the first year in which CSR activities are mandatory for all listed companies. However, some companies are very strong in CSR disclosure, while few companies are still weak and need to focus on developing their CSR charter and disclosing CSR activities.
Afshan Younas, Aza Azlina Md Kassim
On the Relationship Between Macroeconomic Factors and S&P BSE Auto Index: An ARDL Approach
This study aims to explore the relationship between selected macroeconomic variables and the S&P BSE Auto index between January 2017 and August 2019, when the automotive industry in India recorded its biggest slump in sales. Using monthly time-series data, the present study employs an autoregressive distributed lag (ARDL) approach to co-integration. The results show that there is evidence of a long-run co-integrating and negative relationship between the exchange rate and the S&P BSE Auto index. However, in the short run, lagged values of the auto index and crude oil price are found to have significant influences on the S&P BSE Auto index. Moreover, the error correction term (ECT) which indicates the short-run adjustment process is found to be negative and statistically significant. The study concludes that the S&P BSE Auto index can be predicted by the exchange rate (USD/INR) in the long run. However, in the short run, it can be predicted by the lagged values of crude oil price. Inconsistent with the existing literature, the association between lagged values of crude oil price and the S&P BSE Auto index is found to be positive. Results from this study have important implications for researchers, corporations, investors, portfolio managers, and governments alike.
Rhoda Alexander, Husam-Aldin N. Al-Malkawi

Eurasian Economic Perspectives: Growth and Development

Economic Policies and Their Impacts on Growth
Macroprudential policies have been used by many countries to ensure the stability of their financial systems and, in return, the stability of their economic conditions. Because the major aim of macroprudential policies is to stabilize financial markets and prevent possible serious financial problems in the future, the literature has mostly focused on the link between macroprudential and monetary policies, ignoring the importance of fiscal policies in this process. However, fiscal policies can also help financial stabilization but indirectly. Therefore, the interaction among these groups of economic policies is expected to be crucial to achieve smooth economic development. This paper empirically investigates the relationship between the direction of economic policies and their impacts on growth. The dataset covers the years between 1990 and 2018 and includes 135 advanced and developing countries. The findings show that macroprudential policies are more effective in terms of improving economic performance of countries when supported with other economic policies. The results imply that macroprudential policies can be sometimes more beneficial when they are introduced in a way to counterbalance the possible negative effects of monetary and fiscal policies.
Nihal Bayraktar
Three Decades on Renewable Climate Policy: A Bibliometric Analysis
Global climate change is having observable effects on the environment and for this reason is driving the promotion of renewable climate policies (RCPs). But no doubt this is a problem that will not be solved easily. For this reason, this paper aims to contribute an overview of RCPs through a bibliometric approach. In this analysis, Web of Science database is used interrogating specific keywords on a period of thirty years. Through the study of the literature, three main topic areas have been identified and, for each of them, a research question has been defined respectively. The direction of the research is to answer these three research questions so as to have an assessment concerning bibliographic expertise on the theme of RCPs. The study shows that the interest in RCPs has grown strongly over the years and that the leading countries in the field have been the USA and the People’s Republic of China, followed by Europe. This review can help the researchers and practitioners to understand the current state of development and also where research is missing. It can also support the identification of new lines of application and the development of better policy instruments towards climate goals.
Valeria Annibaldi, Federica Cucchiella, Marianna Rotilio
The Potential Use of Blockchain Technology for Data Collection and Measurement of Trade in Services
The unchangeable, decentralized structure of blockchain makes it a good candidate for potential use in international trade. Services sectors have become a crucial part of the world economy and international trade. Data collection methods used for trade in services may lead to various outcomes such as trade data not being able to be collected accurately and reported timely. If services statistics are not achieved correctly and timely, there is a risk that governments do not have the sufficient data to make correct policy decisions. This paper identifies the reasons that favor the potential application of blockchain technology for services trade data collection and measurement. It is proposed that a database powered by private blockchain acting as a single source of truth implemented for service provider companies to use while completing a transaction or issuing an invoice might be a practical solution for this problem. Arguably, use of blockchain in this field can lead to an instant access to the transactions made in the services sectors. It can also be suggested that, with the help of such a system, the services transactions can be tracked in categories which is difficult to achieve with current data collection methods and not possible in many cases.
Selahattin Armagan Vurdu

Eurasian Economic Perspectives: Regional Studies

The Design of Fiscal Rules in the European Monetary Union
In recent years, the financial crises of 2007–2008 and the pandemic crises brought forth the issue of government debt, which again has drawn the attention of economists. The issue of debt becomes more complicated when the analysis concerns member states of a monetary union. In the case of EMU, though the need for fiscal cooperation is essential for the stability of the union, it is quite complex. Recently, fiscal rules have been criticized for been too strict and quite recessionary. This paper aims to shed light on these issues by analyzing fiscal design in monetary unions and assessing the framework of fiscal cooperation in the European Monetary Union. The first contribution of the paper is the comparative analysis of the alternative ways of fiscal cooperation in a monetary union (we discuss especially the case of the European Monetary Union). Accordingly, the second contribution of the paper is to critically examine the viability of the new (i.e., after financial crisis) fiscal framework. This analysis will reveal that the revised fiscal rules attempted to strengthen the pre-existing fiscal framework instead of, fundamentally, changing it. Thus, we conclude that procyclicality, high bureaucracy, and rigidities remained as the basic characteristics of the fiscal cooperation of EMU.
Theodore Chatziapostolou, Nikolina Kosteletou
The Perspectives on Non-state Social Protection
COVID-19 has deepened the vulnerability of millions of people. This has reinforced the need for stronger social protection systems globally. Literature on social protection have emphasized the role of government even though it is not the main provider of social protection in many parts of Africa. The aim of this research is to explore non-state social protection from different perspectives identified in literature. A critical literature review was conducted on literature selected from the Scopus database limited to the period 2010–2021, and the main non-state social protection providers are limited to Africa. The paper finds that private corporate entities are among the key non-state actors providing social protection in some low- and medium-income countries. Based on five perspectives identified in literature, this research explains the forms and characteristics of non-state social protection, with emphasis on Africa. The paper concludes that contrary to the realities of the western world, populations in Africa generally survive by some form of non-state social protection services. These are services provided by non-state actors such as private corporate entities as a part of creating shared value for the society.
Richmond Baah, Tatjana Volkova
Eurasian Business and Economics Perspectives
Prof. Dr. Mehmet Huseyin Bilgin
Hakan Danis
Ender Demir
Ghulam Mustafa
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