Eurasian Business and Economics Perspectives: Proceedings of the 36th Eurasia Business and Economics Society Conference PDF
Preview Eurasian Business and Economics Perspectives: Proceedings of the 36th Eurasia Business and Economics Society Conference
Eurasian Studies in Business and Economics Volume 23 SeriesEditors MehmetHuseyinBilgin,FacultyofPolitical Sciences,IstanbulMedeniyetUniver- sity,Istanbul,Turkey HakanDanis,MUFGUnionBank,SanFrancisco,CA,USA EurasianStudiesinBusinessandEconomicsistheofficialbookseriesoftheEurasia Business and Economics Society (www.ebesweb.org). Each issue of the series includes selected papers from the EBES conferences. The EBES conferences, which are being held three times a year, have been intellectual hub for academic discussionineconomics,finance,andbusinessfieldsandprovidenetworkopportu- nities for participants to make long lasting academic cooperation. Each conference features around 250 research articles presented and attended by almost 500 researchers from more than 60 countries around the World. Theoretical and empiricalpapersintheseriescoverdiverseareasofbusiness,economics,andfinance from many different countries, providing a valuable opportunity to researchers, professionals,andstudentstocatchupwiththemostrecentstudiesinadiverseset offieldsacrossmanycountriesandregions. (cid:129) (cid:129) Mehmet Huseyin Bilgin Hakan Danis (cid:129) Ender Demir Virginia Bodolica Editors Eurasian Business and Economics Perspectives Proceedings of the 36th Eurasia Business and Economics Society Conference Editors MehmetHuseyinBilgin HakanDanis IstanbulMedeniyetUniversity MUFGUnionBank Fatih,Istanbul,Turkey SanFrancisco,CA,USA EnderDemir VirginiaBodolica ReykjavikUniversity SchoolofBusinessAdministration Reykjavík,Iceland AmericanUniversityofSharjah Sharjah,UnitedArabEmirates ISSN2364-5067 ISSN2364-5075 (electronic) EurasianStudiesinBusinessandEconomics ISBN978-3-031-14394-6 ISBN978-3-031-14395-3 (eBook) https://doi.org/10.1007/978-3-031-14395-3 Theauthorsofindividualpapersareresponsiblefortechnical,content,andlinguisticcorrectness. ©TheEditor(s)(ifapplicable)andTheAuthor(s),underexclusivelicensetoSpringerNatureSwitzerland AG2022 Thisworkissubjecttocopyright.AllrightsaresolelyandexclusivelylicensedbythePublisher,whether thewholeorpartofthematerialisconcerned,specificallytherightsoftranslation,reprinting,reuseof illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similarordissimilarmethodologynowknownorhereafterdeveloped. Theuseofgeneraldescriptivenames,registerednames,trademarks,servicemarks,etc.inthispublication doesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexemptfromtherelevant protectivelawsandregulationsandthereforefreeforgeneraluse. The publisher, the authors, and the editorsare safeto assume that the adviceand informationin this bookarebelievedtobetrueandaccurateatthedateofpublication.Neitherthepublishernortheauthorsor theeditorsgiveawarranty,expressedorimplied,withrespecttothematerialcontainedhereinorforany errorsoromissionsthatmayhavebeenmade.Thepublisherremainsneutralwithregardtojurisdictional claimsinpublishedmapsandinstitutionalaffiliations. ThisSpringerimprintispublishedbytheregisteredcompanySpringerNatureSwitzerlandAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland Preface This is the 23rd issue of the Springer’s series Eurasian Studies in Business and Economics,whichistheofficialbookseriesoftheEurasiaBusinessandEconomics Society(EBES,www.ebesweb.org).Thisissueincludesselectedpaperspresentedat the36thEBESConference—IstanbulthatwasheldonJuly1,2,and3,2021,with thesupportoftheIstanbulEconomicResearchAssociation.DuetotheCOVID- 19 virus, we organized a “hybrid” conference which convened in a physical locationandalsoallowedforvirtualparticipation. Wearehonoredtohavereceivedtop-tierpapersfromdistinguishedscholarsfrom all over the world. We regret that we were unable to accept more papers. In the conference,141paperswillbepresentedand311colleaguesfrom49countrieswill attend the conference. We are pleased to announce that distinguished colleagues Barry Eichengreen from the University of California, Berkeley (USA), Narjess BoubakrifromAmericanUniversityofSharjah(UAE),KlausZimmermannfrom GLO(Germany)andEBES,andJonathanBattenfromRMITUniversity(Australia) willjointheconferenceasinvitededitorsand/orkeynotespeakers. In addition to publication opportunities in EBES journals (Eurasian Business Review and Eurasian Economic Review, which are also published by Springer), conferenceparticipantsweregiventheopportunitytosubmittheirfullpapersforthis issue.Theoreticalandempiricalpapersintheseriescoverdiverseareasofbusiness, economics,andfinancefrommanydifferentcountries,providingavaluableoppor- tunity to researchers, professionals, and students to catch up with the most recent studiesinadiversesetoffieldsacrossmanycountriesandregions. The aim of the EBES conferences is to bring together scientists from business, finance, and economics fields, attract original research papers, and provide them with publicationopportunities. Each issue ofthe Eurasian StudiesinBusiness and Economics covers a wide variety of topics from business and economics and pro- vides empirical results from many different countries and regions that are less investigatedintheexistingliterature.Allacceptedpapersfortheissuewentthrough apeer-reviewprocessandbenefitedfromthecommentsmadeduringtheconference as well. The current issue is entitled as Eurasian Business and Economics v vi Preface Perspectivesandcoversfieldssuchaseducation,management,finance,growthand development,andregionalstudies. Although the papers in this issue may provide empirical results for a specific countyorregions,webelievethatthereaderswouldhaveanopportunitytocatchup with the most recent studies in a diverse set of fields across many countries and regions and empirical support for the existing literature. In addition, the findings fromthesepaperscouldbevalidforsimilareconomiesorregions. Onbehalfoftheserieseditors,volumeeditors,andEBESofficers,Iwouldliketo thankallthepresenters,participants,boardmembers,andkeynotespeakers,andwe arelookingforwardtoseeingyouattheupcomingEBESconferences. Bestregards Istanbul,Turkey EnderDemir Eurasia Business and Economics Society (EBES) EBES is a scholarly association for scholars involved in the practice and study of economics, finance, and business worldwide. EBES was founded in 2008 with the purpose of not only promoting academic research in the field of business and economics, but also encouraging the intellectual development of scholars. In spite oftheterm“Eurasia,”thescopeshouldbeunderstoodinitsbroadesttermsashaving aglobalemphasis. EBES aims to bring worldwide researchers and professionals together through organizing conferences and publishing academic journals and increase economics, finance, and business knowledge through academic discussions. Any scholar or professional interested in economics, finance, and business is welcome to attend EBES conferences. Since our first conference in 2009, around 13,749 colleagues from99countrieshavejoinedourconferencesand7729academicpapershavebeen presented.EBEShasreached2541membersfrom87countries. Since 2011, EBES has been publishing two journals. One of those journals, Eurasian Business Review—EABR, is in the fields of industrial organization, innovation, and management science, and the other one, Eurasian Economic Review—EAER, is in the fields of applied macroeconomics and finance. Both journals are published quarterly by Springer and indexed in Scopus. In addition, EAER is indexed in the Emerging Sources Citation Index (Clarivate Analytics), and EABR is indexed in the Social Science Citation Index (SSCI). EABR has an impactfactorof3.5(2020JCRImpactFactor). Furthermore, since 2014 Springer has started to publish a new conference pro- ceedings series (Eurasian Studies in Business and Economics) which includes selectedpapersfromtheEBESconferences.Theserieshasbeenrecentlyindexedby SCOPUS.Inaddition,the10th,11th,12th,13th,14th,15th,16th,17th,18th,19th, 20th (Vol.2), 21st, and 24th EBES Conference Proceedings have already been accepted for inclusion in the Conference Proceedings Citation Index—Social Science&Humanities(CPCI-SSH).Otherconferenceproceedingsareinprogress. vii viii EurasiaBusinessandEconomicsSociety(EBES) We look forward to seeing you at our forthcoming conferences. We very much welcomeyourcommentsandsuggestionsinordertoimproveourfutureevents.Our successisonlypossiblewithyourvaluablefeedbackandsupport! Withmyverybestwishes, KlausF.Zimmermann President EBESExecutiveBoard Klaus F. Zimmermann, UNU-MERIT, Maastricht, and Free University Berlin, Germany JonathanBatten,RMITUniversity,Australia IftekharHasan,FordhamUniversity,USA EustonQuah,NanyangTechnologicalUniversity,Singapore JohnRust,GeorgetownUniversity,USA DorotheaSchafer,GermanInstituteforEconomicResearchDIWBerlin,Germany MarcoVivarelli,UniversitàCattolicadelSacroCuore,Italy EBESAdvisoryBoard AhmetFarukAysan,HamadBinKhalifaUniversity,Qatar MichaelR.Baye,KelleySchoolofBusiness,IndianaUniversity,USA MohamedHegazy,TheAmericanUniversityinCairo,Egypt ChengHsiao,DepartmentofEconomics,UniversityofSouthernCalifornia,USA NoorAzinaIsmail,UniversityofMalaya,Malaysia IrinaIvashkovskaya,StateUniversity—HigherSchoolofEconomics,Russia ChristosKollias,UniversityofThessaly,Greece WolfgangKürsten,FriedrichSchillerUniversityJena,Germany WilliamD.Lastrapes,TerryCollegeofBusiness,UniversityofGeorgia,USA SunghoLee,UniversityofSeoul,SouthKorea JustinY.Lin,PekingUniversity,China BrianLucey,TheUniversityofDublin,Ireland Rita Martenson, School of Business, Economics and Law, Goteborg University, Sweden StevenOngena,UniversityofZurich,Switzerland PeterRangazas,IndianaUniversity-PurdueUniversityIndianapolis,USA PeterSzilagyi,CentralEuropeanUniversity,Hungary AmineTarazi,UniversityofLimoges,France RussVince,UniversityofBath,UK AdrianWilkinson,GriffithUniversity,Australia NaoyukiYoshino,KeioUniversity,Japan EurasiaBusinessandEconomicsSociety(EBES) ix OrganizingCommittee Klaus F. Zimmermann, PhD, UNU-MERIT, Maastricht, and Free University Berlin,Germany MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey HakanDanis,PhD,UnionBank,USA AlinaKlonowska,PhD,CracowUniversityofEconomics,Poland OrhunGuldiken,PhD,UniversityofArkansas,USA EnderDemir,PhD,ReykjavikUniversity,Iceland SofiaVale,PhD,ISCTEBusinessSchool,Portugal JonathanTan,PhD,NanyangTechnologicalUniversity,Singapore UgurCan,EBES,Turkey TolgaEr,EBES,Turkey Reviewers SagiAkron,PhD,UniversityofHaifa,Israel AhmetFarukAysan,PhD,HamadBinKhalifaUniversity,Qatar MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey AndrzejCieślik,PhD,UniversityofWarsaw,Poland HakanDanis,PhD,UnionBank,USA EnderDemir,PhD,ReykjavikUniversity,Iceland OguzErsan,PhD,KadirHasUniversity,Turkey ConradoDiegoGarcía-Gómez,PhD,UniversidaddeValladolid,Spain OrhunGuldiken,PhD,UniversityofArkansas,USA PeterHarris,PhD,NewYorkInstituteofTechnology,USA MohamedHegazy,TheAmericanUniversityinCairo,Egypt GokhanKarabulut,PhD,IstanbulUniversity,Turkey AlexanderM.Karminsky,PhD,NationalResearchUniversity,Russia ChristosKollias,PhD,UniversityofThessaly,Greece DavorLabaš,PhD,UniversityofZagreb,Croatia ChiKeungMarcoLau,PhD,TeessideUniversity,UK VeljkoM.Mijušković,PhD,UniversityofBelgrade,Serbia GhulamMustafa,PhD,NorwegianUniversityofScienceandTechnology,Norway GregoryLee,PhD,UniversityoftheWitwatersrand,SouthAfrica NidžaraOsmanagić-Bedenik,PhD,UniversityofZagreb,Croatia EustonQuah,PhD,NanyangTechnologicalUniversity,Singapore PeterRangazas,PhD,IndianaUniversity-PurdueUniversityIndianapolis,USA DoojinRyu,PhD,Chung-AngUniversity,SouthKorea Dorothea Schafer, PhD, German Institute for Economic Research DIW Berlin, Germany UchennaTony-Okeke,PhD,CoventryUniversity,UK SofiaVale,PhD,ISCTEBusinessSchool,Portugal MarcoVivarelli,PhD,UniversitàCattolicadelSacroCuore,Italy
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