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Über dieses Buch

This volume presents selected papers from the 19th Eurasia Business and Economics Society (EBES) Conference held in Istanbul. Its primary emphasis is on showcasing the latest empirical research on social change, sustainable development and the management of public and private organizations in emerging economies. The respective articles also address more specialized and related topics such as financial risk tolerance, international strategic partnerships, female labor force participation, human capital dynamics, and economic integration, among others.

Inhaltsverzeichnis

Frontmatter

Accounting and Finance

Frontmatter

The Effects of Operating Leases Capitalization on Financial Statements and Accounting Ratios: A Literature Survey

Abstract
The purpose of this paper is to survey empirical papers about the effects of operating leases capitalization on accounting ratios and financial statements. In this paper, we focus on the new requirements and changes related to financial statements and we try to discover particularly the lessee accounting requirements. The paper analyses published research papers for the period between 2000 and 2015 which demonstrate the impact of the lease capitalization on accounting ratios and financial statements and these papers are mainly empirical studies. We extract the sample, ratios examined, findings and conclusions of these empirical studies. The results of these academic researches show that there is no common agreement. However the changes of lease accounting and the constructive capitalization of operating leases will mostly influence the financial statements and the key accounting ratios. In this paper, we focus deliberately the papers that assess the changes to lessee accounting because the new lease standard IFRS 16 Leases, which was published in 13 January 2016, substantially changed the lessees’ requirements. The paper lays out a current situation survey and gives brief information about the new lessee accounting and their impacts which are prospective to be worthwhile for users and preparers of financial reports, academics and researchers.
Destan Halit Akbulut

Social Change and Business Development Through Transnational Companies in Turkey

Abstract
Turkey is an exciting hub between Europe and Asia. How do transnational companies influence social change in Turkey, and how does social change in Turkey affect business organizations? After some general considerations about theories of social change, the shifting weight and role of transnational business in Turkey is sketched out. Based on this, the example of Corporate Social Responsibility is taken in order to analyze the strategies and structure of its diffusion in transnational companies in Turkey. Based on secondary analysis of existing studies, it is shown that general CRS recipes are adapted to and mixed with native culture and traditions in a way that there is an impact of CSR on social change in Turkey and, at the same time, CSR concepts and practices change while being introduced into the Turkish context.
Ludger Pries, Serife Erol

Sustainability Reporting Assurance: A Literature Survey

Abstract
Recent years have witnessed a growing demand for corporate sustainability disclosures as a result of an increase in accountability pressures on businesses. According to professional literature, obtaining assurance is a costly decision, but at the same time, it is a valuable tool for companies and leads to increased stakeholder confidence. The growing market for assurance provision has been divided between certification bodies, specialist consultancies and accounting firms. Additionally, there is an increasing prominence within the capital markets of indices such as the Dow Jones Sustainability Index. The existence of the different standards providing guidance for Sustainability Reporting Assurance is another characteristic that deserves attention. In parallel with these developments, the assurance of sustainability reports is a fast growing area of interest in the academic research. Studies on this area provide evidence on a number of factors that may affect the general development of the profession in terms of the services it attempts to offer and the methodologies used to provide these services. The purpose of the present paper is to highlight the focus of the empirical studies and identify the broad problem areas on sustainability assurance practice. It critically assess how researchers study sustainability reporting assurance in fact, considering both experimental and archival methods and it provides a survey of the recent progress in the literature. This survey consists of a high-level review academic journal articles published in the years between 2005 and 2015.
Idil Kaya

Gamma-Hedging of Warrants: Evidence from Frankfurt Stock Exchange

Abstract
Gamma-hedging is a useful strategy to reduce risk of a portfolio consisting of financial derivatives and shares. This paper investigates portfolios consisting of European type warrants and shares of world-known companies. Currently traded assets on the Frankfurt Stock Exchange are used to compose portfolios. In theory, gamma-neutral portfolios should be immune even to significant changes of underlying assets’ price but real markets may not support this fact. We find trading strategy similar to protective collar. Since our strategy is intended for decreasing price of an underlying asset, we test the hypothesis that alternative collar strategy is profitable for decreasing shares and losing for increasing shares. We test it on three kinds of shares—decreasing BMW, increasing Adidas and stagnating Telekom. Our results are that gamma-hedging in our scenario has positive impact on decreasing portfolio’s risk, our trading strategy brings profit and it is verified on real financial markets.
Hana Florianova

Financial Risk Tolerance as a Predictor for Malaysian Employees’ Gold Investment Behavior

Abstract
Economic uncertainty has led to the decision of investing in a much safer investment such as gold investment. Gold in the investment portfolio is perceived to safeguard individual investors against market risk. The Malaysian government has launched unit trust schemes under the Amanah Saham group which is a government-backed fail-safe investment. Gold investment, however, is a new phenomenon with very little promotion. The central bank has introduced the gold coin series while the private banking sector released few gold-related products. This study is performed to identify the purpose of investing, barriers to invest in gold and to ascertain financial risk tolerance as one of the predictor affecting gold investment behavior among Malaysian employees. Respondents in Peninsular Malaysia were sampled via a multistage random among urban public sector employees. Data from self-administered questionnaires revealed the main purpose to invest on gold was to have savings in the form of physical product. More than one-third of the 403 respondents reasoned out inavailability of funds for gold investment followed by the complication of gold investment procedures which they are not very familiar as the main barriers to gold investing. The significant predictors for gold investment behavior revealed were financial risk tolerance, gold investment attitude, subjective norms and perceived behavioral control with an explained variance of 30.4%. As gold investment is perceived as a safe investment, the result of financial risk tolerance as a positive significant predictor is not as expected. In addition, gold investment subjective norms surpassed the others in predicting gold investment behavior however gold investment knowledge is not significant in predicting investment on gold. It can be concluded that peer group is very important in determining a person’s intention to invest in gold. The results from this study may be utilised in marketing practices and business decisions.
A. W. Ahmad Fauzi, A. R. Husniyah, S. Mohamad Fazli, O. Mohamad Amim

Empirical Studies on Emerging Economies

Frontmatter

Policy of Inflation Targeting in the Presence of Budget Deficits and Hyperinflation: Difference-in-Differences Estimation

Abstract
The majority of macroeconomic theories assume that budget deficits are the causes of macroeconomic instability and inflation. With the implementation of the inflation targeting strategy, this relationship was limited and sometimes it has not been empirically justified in emerging countries. In this paper, our aim is to show the effect of the inflation targeting policy on inflation or hyperinflation, economic growth and budget deficits. In empirical work, we use a sample of 50 emerging economies, which 30 countries are not yet adopted inflation targeting and 20 countries that adopt this strategy for the period 1980–2014. The findings show that inflation targeting contributes to the reduction of hyperinflation and budget deficits in emerging countries.
Olfa Manai Daboussi, Amel Hedhli

Assessing Predictors for Health Insurance Purchase Among Malaysian Public Sector Employees

Abstract
Challenges are faced by individuals in making financial decisions throughout their life to be financially well. Managing risk such as health risks may incur high cost to remain healthy. Individuals make decisions on having protection against health risks in the long run which depends on several factors. This study focused on the behavioral aspects of finance which attempts to assess factors predicting health insurance purchase among Malaysian public sector employees. The likelihood of personality and health risks factors in predicting health insurance purchase were determined. Multistage random sampling based on four zones in Peninsular Malaysia was utilized to sample 500 respondents from four states. Selected departments in the states were contacted prior to the data collection for their consent. Respondents identified by liaison officers in each department were given self-administered questionnaires resulting in 356 usable questionnaires. Apart from socioeconomic characteristics and health insurance purchase, data on investment, personality and health status were collected. Personalities measured were self-esteem, risk-averse and future-orientation, while health risks were measured through health status using SF-36. The primarily measures and the aggregate measures of health were analyzed in two separate binomial logistic regressions where both analyses revealed that income was the strongest predictor as compared to investment activity or self-esteem. None of the indicators for health risks was found to be significant in predicting health insurance purchase. Both models were justified as fit by being moderately correctly classified and were more than 25% improvement over the chance accuracy rate. It is concluded that the decision on protection against health risks using health insurance is not based on their health risks instead the decision depends more on their income. As these are employees in the public sector, it may reflect high reliance on the government health service. Nevertheless, the public sector is considered as a potential market for health insurance industry.
A. R. Husniyah, S. Norhasmah, O. Mohamad Amim

Aeronautical Excellence Through European Strategic Partnerships

Abstract
Research, Innovation and Technological Development (RI&TD) are essential elements in functioning and developing of industrialized countries, such as the EU Member States and the New Member States, paving the way for companies and their employment potential to push competitiveness to new levels. The Treaty of Lisbon serves as a guideline for implementing European policies and programs in all research fields, involving all member states. Aeronautical research in Romania started as part of the Applied Mechanics Institute of the Romanian Academy, founded in 1950 as the country’s first research institution, having a department of aeronautical research. Since then, Romanian aeronautical research and industry grew constantly becoming one of Europe’s most prestigious and cutting-edge provider of aeronautical services and products. In the recent years, ever since Romania was allowed to participate in the European research programs, Romanian aeronautical research and industry was always present having important contributions to European policies, strategies and visions. This paper follows the Romanian aeronautical research since its beginnings, making a parallel between Romanian and European research strategies and programs in the field of aeronautics. It describes the evolution of Romanian aeronautical companies in the European context and the participation in the development of major programmatic documents.
Claudia Dobre

Why Can’t We Make It? The Cardinal Business Sins of Domestic Companies in a Transitional Economy

Abstract
This analysis is focused on the business practices of companies in a transitional economy (Republic of Macedonia) including different ways of financing in early stage of development, alternative ways of financing, start-up investments, working capital financing, market research; market orientation; implementation of elements of marketing strategy. The paper is developed on two general hypotheses: a proactive market approach is significantly beneficial for the financial performance of the companies and, appropriate ways of financing are crucial for survival and growth. The analysis was performed with IBM SPSS19. The results show that these companies have many limitations in the analyzed activities: lack of usage of different ways of financing; inappropriate use of working capital financing; illiteracy concerning financial and investment management; occasional implementation of market research; medium level of market orientation; flaws in several elements of the marketing strategy. The analysis reveals a connection of consumer research, higher level of market orientation and implementation of certain elements of marketing strategy with profitability. This paper offers functional and social implications: elimination of the perceived weaknesses, thus creating the possibility for further growth and development. The results can also provide base and support for research in other transitional economies.
Ljupco Davcev, Tamara Jovanov Marjanova, Elenica Sofijanova

Analysis of Female Labor Force Participation: Evidence from Turkey

Abstract
In this study, we have estimated the determinants of female labor force participation in Turkey. For this purpose, we have used Household Labor Force Survey for 2000–2014. The determinants of female labor force participation have been studied extensively by previous studies but this paper differs in some ways. First and foremost, previous studies have used traditional estimation techniques such as simple logit or probit estimators. Here, we have used a newly developed estimator called special regression, and we have included the random individual effect in the model by using recursive mixed-process estimator. Second, we have taken into account endogeneity problem of education which is mostly ignored by researchers. Finally, previous studies, generally, have used 1 year data. This paper has used 14 years data so we might see whether there is a change in the effect of explanatory variable. Generally speaking, estimation results have demonstrated that education, not surprisingly, has positive and significant effect. Marital status, having children and region are other important variables. Estimation results support previous studies.
Omer Limanli

Growth and Development

Frontmatter

The Effect of Human Capital on Economic Growth: A Time Series Analysis for Turkey

Abstract
In a globalizing world economy, human capital is the main factor of intensive development for countries which carry out anticipatory investment in human capital. This organizes its advantages for these countries, by creating the best conditions for work and life. An important advantage in creating a stable environment for growth is that the country has the accumulated high-quality human capital, such as education, health, science, management and other fields. The core of human capital, of course, is human beings, but now, the main component is an educated, creative and enterprising individual, with a high level of professionalism. The human capital in the economy determines the main share of the national wealth of country. Therefore, most of all researchers believe human capital is the most valuable resource of the post-industrial society, and it is much more important than natural or accumulated wealth. In all countries, human capital defines the rate of economic development, scientific and technological progress. Accordingly, the public interest in the education and health systems increases. This paper tries to estimate the effect of human capital through education and health on economic growth. The estimation is conducted by a Cobb-Douglas production function, in which labor, human capital, and physical capital are shown as factors of production. The Cobb-Douglas production function is preferred by time series data on education, health, physical capital, labor and economic growth for the period of 1960–2011 of Turkey. The period is divided into five sub-divisions, series 1: 1960–1980, series 2: 1981–2001, series 3: 1981–2011, series 4: 2002–2011, and series 5: 1960–2011.The findings indicate a positive impact of human capital on economic growth for both health and education. In addition, health policies were much more effective in the period of 2002–2011. The policies should be continued in the health sector for a sustainable development. But in order to attain a higher level of benefits from human capital, it is necessary to implement effective economic policies related to the education expenditures.
Zeki Kartal, Aida Zhumasheva, Hakan Acaroglu

Sustainable Development in the European Union in the Years 2004–2013

Abstract
Implementation of sustainable development strategies is a policy prerequisite for all the European Union countries, which is a result of agreement to realization of such documents as Europe 2020 plan and other more specific international obligations such as agreements on reduction of greenhouse gas emissions. As a result, the progress in creating the conditions for sustainable development achieved by all of the European Union member states should be constantly monitored. The international comparisons in the field should be made with the use of quantitative methods. Thus, the purpose of the research is to examine the progress achieved by European countries in implementing the concept of sustainable development. Special attention was given to the new member states that joined the EU after the year 2004. The research is conducted with the application of the Eurostat data at a macroeconomic level. It is assumed that sustainable development should be treated as a multivariate latent variable. Thus, it can be measured with the application of the Structural Equation Modeling (SEM) methodology that includes confirmatory factor analysis and path analysis used in econometrics. In the article, a hypothetical SEM model for the years 2004–2013 was proposed. The model was based on nine observable variables suggested by the Eurostat for measuring sustainable development phenomena at a national level. The application of the SEM model enabled us to identify the usefulness of the observable variables proposed by the Eurostat. The conducted research showed that the new European Union member states have made significant progress in the field of building conditions for sustainable development.
Adam P. Balcerzak, Michal Bernard Pietrzak

Long-Run Causal Effect of Greek Public Investments

Abstract
Linear and Non-Linear Granger causality tests are used in order to examine the dynamic relationship between public investments in education and economic growth, namely Greece 1960–2015, before, during and after the financial crisis of 2008. The interest of this paper lies upon the way investments in public schooling affect the available income in terms of GDP per capita. The results indicate little or no causal effect between income and schooling for the Greek case during the whole period of study.
Sophia Kassapi

Farmer’s Social Responsibility in Post-industrial Rural Development: A Challenge for the Twenty-First Century?

Abstract
Post-industrial rural development as one of the major fields of public policy remains challenging in the twenty-first century. The bottom-up activity of society, that actively entered the process of rural policy in the past decade, accelerated several new discourses in field. By questioning the underlying support principles and justification of the public value, created by farmers that are subject to the support, the general public elucidated the existing gap between multifunctionality and sustainability in agriculture. Some insights had been proposed to close the gap with the help of corporate social responsibility (CSR). This entails to perform a study concerning farmer’s social responsibility from a broader rural development perspective. The aim of this study is to explain farmer’s social responsibility as a challenge for the twenty-first century, as well as possible conceptual framework for meeting transformations of post-industrial rural development. Research results show that using the systemic approach towards on-going transformations in post-industrial rural development, farmer’s social responsibility originates alongside multifunctionality, endogenous development, place-based approach and network conceptions in relationships and interactions among agricultural stakeholders throughout the local and global value chains, and thus make an impact on social welfare and inclusive economic development issues next to the broadly discussed environmental concerns.
Rita Vilkė, Lina Pareigienė, Aldona Stalgienė

Economic Growth and Energy Consumption for OECD Countries

Abstract
Following the nineteenth century, energy became an important and indispensable input to production and consumption activities in all over the world. In the meantime, energy has become a very determinant factor for growth for national economies. In this study, we aim to examine the relationship between energy consumption and economic growth for OECD countries. Panel data method and co-integration tests will be employed to analyze OECD member countries over the period 1960–2014. GDP per capita will be the proxy for the energy consumption and economic growth capita will be taken for energy consumption on an annual basis.
Hasan Huseyin Yildirim

A Regional Scale Analysis of Economic Convergence in Poland in the Years 2004–2012

Abstract
The article concentrates on the problem of economic convergence in Poland in the years 2004–2012 at the regional level. In the year 2004 Poland accessed the European Union, which was a significant development impulse for the economy. The year 2012 is the last year where the data was available. The major objective of the article is to analyse the convergence process at the regional level in Poland with the application of two spatial regimes that allowed grouping the regions to two homogenous groups: the western area, consisting of the regions with high levels of socio-economic development, and a much weaker economically eastern area. In connection with the proposed objective, club convergence was analysed, where additionally a spatial autoregression of independent process was assumed. For both spatial regimes, the conditional β-convergence was analysed, where the average investment level for regions was taken as an independent variable determining the steady state. Estimation of the parameters of a spatial switching regression model allowed the identification of spatial interrelations of the GDP per capita and its growth rate for the sub-regions in Poland. The study also allowed the identification of differences in the convergence process for the two assumed spatial regimes. In the case of the western sub-region, the convergence process was confirmed, whereas in the case of the eastern one, a lack of convergence process was noted. This means that in Poland there is a phenomenon of economic polarization in the case of the two assumed spatial regimes. Poland’s accession to the EU gave an impulse for a stronger development of western regions with a good socio-economic situation. On the other hand, a much slower development of the eastern area in the years 2004–2012 was observed, which in the long term may contribute to the preservation of low level of economic development of the eastern area. Additionally, there is a tendency to drain the most valuable resources from the eastern to the western area. It means that in the case of lack of more effective regional policy than the one implemented in the analysed period, the eastern sub-region can suffer further economic deterioration, which will contribute to the problem of unsustainable growth in the country.
Michal Bernard Pietrzak, Adam P. Balcerzak

Shadow Economy and Economic Growth in Turkey

Abstract
As a developing country Turkey faces a shadow economy problem. After providing short literature review in our research, we will explain causes and consequences of shadow economic activities in Turkey. The main dynamics of economic development is depending upon economic growth. Thus, the paper will summarize recent paths of GDP growth and the volume of shadow economy.
Ahmet Salih Ikiz

International Trade and Reginal Studies

Frontmatter

Investigation of Economic Integration of Central and Eastern European Countries

Abstract
The paper examines trade integration indicators, which could be used not only in assessing country’s economic integration but may also be useful in evaluating the possible response of an economy to shocks. In the paper, trade integration of Central and Eastern European countries (CEECs) is assessed using the set of selected indicators. The following research methods are used: the systemic, logical and comparative analysis of literature, the analysis of statistical data. The study covers 1990–2014. The results of this study show that economic integration of CEECs increased during the research period. However, such economies as Croatia, Poland and Romania remain relatively close and more dependent on domestic demand than the other CEECs. This means that these countries may be less vulnerable to external shocks but more sensitive to internal policy shocks. The CIS countries are still important trade partners of CEECs. High export and import share of CEECs to (from) the EU shows high regional but low global economic integration of CEECs. The research results show that the major trade partners of most CEECs are Germany and Russia. Therefore, changes in the economic environment of these countries should be observed very carefully in order to mitigate the effect of external shocks that could spread to the CEECs through the real channel.
Lina Sineviciene

Trade Between the European Union and African-Caribbean-Pacific Countries

Abstract
The paper discusses trade relations between the European Union and African, Caribbean, and Pacific (ACP) countries over the period from 2000 to 2014. The analysis is based on the data retrieved from the UN Comtrade Database. The EU-ACP trade is analyzed in seven regional groups (Central Africa, Eastern and Southern Africa, East African Community, Southern African Development Community, West Africa, Caribbean, and Pacific) separately. The EU has been negotiating Economic Partnership Agreements (EPAs) with those groups of countries since 2008. The European Union is a major trading partner for ACP countries. However, it has been gradually losing its role as their most important trading partner for Asian giants. The EU dominates in trade with West Africa and the Caribbean countries. China and India have been more important trading partners for Eastern and Southern Africa since 2007, Pacific (2009), East African Community and Southern African Development Community (2010), and Central Africa (2014). Moreover, the Asian giants’ trade with 80 ACP countries has been surpassing the EU-ACP trade since 2012. It seems that South-South cooperation which has been intensively developed by China and India with ACP countries wins with the EU-led trade liberalization and its EPAs.
Wioletta Nowak

The Evaluation of EU Countries Population At-Risk-of-Poverty: The Aspect of Income Inequality Changes

Abstract
To begin with, comparability and change are important for the poverty assessment, so, over 10 years, chosen poverty risk relative ratios and their trends in the EU countries have allowed to look at population’s economic situation in the individual countries, at the extent of their groups and community. In those countries, substantial differences are related to changes in income inequality, which determine different poverty risk. The study allows denying assumption that poverty risk always moves in the same direction as the income inequality. Such synchronicity was established only in the case of income inequality growth. In countries, where income inequality has been relatively stable, the risk of poverty was increasing—population with the lowest income went up. In the group with declining income inequality, the risk of poverty has also decreased, but at a significantly slower pace and the largest effect was not in the poorest, but in slightly higher income strata.
Rasa Balvociute

How do Housıng Market and Mortgage Solve. The Housıng Problem in the Regıons of Russıa?

Abstract
Today in Russia solving of the housing problem is one the focuses of social and economic development. The country has large territory and characteristics of its regions are different, so the regional specifics should be taken into account in the housing problem solving. The objective of current research is to identify the specifics in the development of regional housing markets and mortgage lending in the regions of Russia and to assess their impact on the status of the housing problem. The research was implemented by the use of qualitative and quantitative methods including structural and dynamic analysis, typologization and elements of correlation analysis based on the data of state statistics. In the paper, the regional aspect of the housing problem was studied, the results of mortgage crediting development were examined, the situation in the housing market was described. The principal conclusion is that in spite of significant difference in their quantitative characteristics, neither housing market nor mortgage became the key tools for solving the housing problem in regions and should be considered as such tools in future.
Liudmila Guzikova

The Changing Nature of Countryside and Farming: Towards a Socially Responsible Provision of Public Goods in Transition Economies

Abstract
Needs and ways of managing natural resources in a sustainable and responsible way are under the scientific discussions for nearly three decades, since the environment was perceived as a public good. Major areas of concern range from environmental to social and ethical issues, which are close to corporate social responsibility (CSR) paradigm. This study examines the changing nature of countryside and farming from the Soviet period till nowadays, aiming to find out the main factors, which shape the trends of rural development in transition economies and compose the demand for socially responsible provision of public goods. Main objectives of the study are: to analyze common rural development features of Soviet period since 1990s; to define the key features of rural development in Lithuania as a country of transition just after the regained independence and in recent years, which affected the general provision of public goods and to project the main factors for its demand. Statistical data analysis, generalization, systematization and projection methods were applied. Research results show that the demographic and environmental issues are the top concerns, and these will probably form major groups of factors for the demand of socially responsible provision of public goods in the nearest future.
Lina Pareigienė, Aldona Stalgienė, Rita Vilkė

Management and Marketing

Frontmatter

Mobbing: A Qualitative Analysis of Cases from Turkish White-Collar Employees

Abstract
The impacts of workplace bullying on employees can be psychological as well as physical, and in turn affect organizations. Mobbing is a relatively new research area in Turkey, where there is need for more academic studies. In order to better understand the reasons lying behind workplace bullying and to generate effective policy recommendations, we aim to go beyond general conceptions towards a more detailed analysis of organizational as well as personal contexts in this paper. Using a convenience sampling method, we made 17 interviews with full-time white-collar workers in different sectors. We adopted an inductive approach, in which we aim to reach some general conclusions about mobbing experiences of white-collar employees. There are many possible and usually multiple causes of workplace bullying; causes within the organization, the perpetrator, the victim or the social environment, which are often interconnected. Our findings indicated that workers, who are relationally less powerful, are more likely to be victimized. This group includes those with little professional experience, lower positions, and those of minority status.
Sefa Zeynep Siretioglu Girgin, Cigdem Asarkaya

Entrepreneurial Intentions and Cultural Orientations. An Exploratory Analysis in Italian and Turkish Universities

Abstract
The entrepreneurial intention (EI) framework is nowadays considered as a consolidated area of inquiry where different models can be used to understand what is behind an individual willingness to start a new venture in the future. Exploring entrepreneurial intentions of individuals represents a challenge not only for scholars but also for university education and policy-making aiming to monitor, contribute, and support entrepreneurial behaviours. We decided to join the EI scientific conversation through a two-country analysis. Our theoretical choices draw upon the Theory of Planned Behaviour applied to entrepreneurship emergence, which assumes that personal attitude, perceived behavioural control, and social norm influence the way an entrepreneurial career is perceived to be a possible choice. In our model, we originally decided to test for the effects of scenario-based cultural orientations. We administrate a cross-national questionnaire to two samples of students of belonging respectively to an Italian and a Turkish university. Data are finally analysed through PLS-SEM techniques. Our results suggest that variations in EI may be attributed to uncertainty avoidance and power distance. As well, an important role is played by entrepreneurship education.
Francesco Scafarto, Corrado Cerruti, Daniele Binci, Emir Ozeren, Ethem Duygulu

Drivers of Consumer Decision Making- Comparative Analysis of Behavioral and Neuroeconomics Models

Abstract
When making choices, more precisely purchase decision making, the consumers are everything but rational. Behavioral economics is the whole science dedicated to examining this phenomenon. Freud has constructed the model that reveals the inner motivators for decisions, including the purchasing one as well. However, behavioral models are not solely enough as the practice has proved that consumers’ brains are much more complex than it has been thought. There is always a good chance that habits will fail. Inconsistencies in the way consumer process information will be undone due to the presence of emotions. That is highly consistent with the fact that humans are not rational creatures meaning they are not governed solely by reason in any decision making process. This gives the ground for more enhanced research on decision making and introduction of the neurological aspects. Skeptical or not, currently there are inventions of the neural- economics combination that tend to be widely spread. Another suggestion in favor of neuroeconomics is that when used in different direction, it can lead to the search and choice of an appropriate empirical model.
Anida Krajina, Vildana Karalić

Expatriates’ Nostalgic Brand Relationships. Case Fazer Blue Chocolate

Abstract
The purpose of this study is to describe and analyze Finnish expatriates’ nostalgic brand relationships with the Karl Fazer milk chocolate. The theoretical framework is built around brand relationships with a particular focus on evolvement of brand relationships. This case study is conducted as a multi-method qualitative research, where seven in-depth interviews are combined with 167 units of netnographic data. These two methods enable triangulation of data, clarify the interpretation process and provide a multidimensional understanding of the topic. The data analysis follows a narrative interpretation framework. The brand of interest is the Karl Fazer milk chocolate called as Fazer Blue, the renowned Finnish milk chocolate brand. The empirical data uncovers story-like narratives of consumption and brand experiences. Brand relationships are found to play a prominent part in identity transition. In the case of Fazer Blue, the long-term brand relationship is protected by love felt toward the brand. Fazer Blue evokes strong meanings and memories. Clear evidence of the evolving nature of brand relationships emerges from the empirical data. Due to the distance, the importance of the brand increases. In light of empirical findings, it is suggested that in practice, expatriates and their insight should be better heard, understood and utilized in terms of brand development.
Hanna Lemmetti, Pekka Tuominen

European Integration, Industrial Growth and Structural Change

Abstract
Between 2000 and 2014, the EU experienced significant structural changes driven by events such as: the introduction of the euro, several waves of enlargement, increased globalization, major technology changes driven by automation and digitalization, and the economic crisis. The impacts of these events varied considerably across Member States and sectors. Considering the fact that industry is one of the driving forces of economic growth and development, the impact of EU integration upon the industrial sector of the member and partner countries is determined by major structural changes in the EU’s productive structure. Productivity gains or losses explain much of the development of productive structures. Decomposition analysis at the level of the Member States help to identify those countries that, in the past 15 years, saw gains in labor productivity and what countries managed to shift resources towards sectors with high productivity growth. Preliminary research results show that structural change seems to take place within the EU countries and even within the regions rather than between them, and between the large sectors rather than within them. Therefore, the main objective of the present article is to identify and highlight the structural changes registered by the European Union’s new member states.
Rodica Crudu

Vertical and Shared Leadership in Large Safety-Oriented Organizations. An Empirical Analysis

Abstract
This article explores the relationship between leadership and safety-oriented culture, by analyzing the predictive role of vertical and shared leadership styles (and behaviors). Drawing on a sample of 68 managers from a safety-oriented organization, we develop a set of hypothesis in order to understand the different relationships between leadership styles (and behaviors) under prevention context as well as crisis situation. To test hypothesis we ran separate hierarchical regression analysis. Results highlight that vertical leadership variables account for a significant amount of variance in prevention context beyond the shared leadership variables, as well as the shared leadership variables account for a significant amount of variance over the vertical leadership styles under emergencies context. With respect to the existing literature, the paper contributes to the leadership literature and safety-oriented culture by showing how vertical and shared leadership (transformational and transactional) are related to prevention and containment processes and should be both considered in order to manage different contingencies that happen as ordinary and extraordinary events in the organization.
Daniele Binci, Francesco Scafarto, Corrado Cerruti, Andrea Appolloni, Emir Ozeren
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