Eurasian Economic Perspectives: Proceedings of the 20th Eurasia Business and Economics Society Conference - Vol. 2 PDF
Preview Eurasian Economic Perspectives: Proceedings of the 20th Eurasia Business and Economics Society Conference - Vol. 2
Eurasian Studies in Business and Economics 8/2 Series Editors: Mehmet Huseyin Bilgin · Hakan Danis Mehmet Huseyin Bilgin Hakan Danis Ender Demir Ugur Can Editors Eurasian Economic Perspectives Proceedings of the 20th Eurasia Business and Economics Society Conference - Vol. 2 Eurasian Studies in Business and Economics 8/2 Serieseditors MehmetHuseyinBilgin,Istanbul,Turkey HakanDanis,SanFrancisco,CA,USA Representing EurasiaBusinessandEconomicsSociety Moreinformationaboutthisseriesathttp://www.springer.com/series/13544 Mehmet Huseyin Bilgin (cid:129) Hakan Danis (cid:129) Ender Demir (cid:129) Ugur Can Editors Eurasian Economic Perspectives Proceedings of the 20th Eurasia Business and Economics Society Conference - Vol. 2 Editors MehmetHuseyinBilgin HakanDanis FacultyofPoliticalSciences MUFGUnionBank IstanbulMedeniyetUniversity SanFrancisco,California,USA Istanbul,Turkey EnderDemir UgurCan FacultyofTourism EurasiaBusiness&EconomicSociety IstanbulMedeniyetUniversity Fatih,Istanbul,Turkey Istanbul,Turkey The authors of individual papers are responsible for technical, content, and linguistic correctness. ISSN2364-5067 ISSN2364-5075 (electronic) EurasianStudiesinBusinessandEconomics ISBN978-3-319-67915-0 ISBN978-3-319-67916-7 (eBook) https://doi.org/10.1007/978-3-319-67916-7 LibraryofCongressControlNumber:2017956268 ©SpringerInternationalPublishingAG2018 Thisworkissubjecttocopyright.AllrightsarereservedbythePublisher,whetherthewholeorpartof the material is concerned, specifically the rights of translation, reprinting, reuse of 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 similar or dissimilarmethodologynowknownorhereafterdeveloped. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publicationdoesnotimply,evenintheabsenceofaspecificstatement,thatsuchnamesareexempt fromtherelevantprotectivelawsandregulationsandthereforefreeforgeneraluse. Thepublisher,theauthorsandtheeditorsaresafetoassumethattheadviceandinformationinthis book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained hereinor for anyerrors oromissionsthat may havebeenmade. Thepublisher remainsneutralwith regardtojurisdictionalclaimsinpublishedmapsandinstitutionalaffiliations. Printedonacid-freepaper ThisSpringerimprintispublishedbySpringerNature TheregisteredcompanyisSpringerInternationalPublishingAG Theregisteredcompanyaddressis:Gewerbestrasse11,6330Cham,Switzerland Preface This is the eighth issue of the Springer’s series Eurasian Studies in Business and Economics, which is the official book series of the Eurasia Business and Economics Society (EBES, http://www.ebesweb.org). The issue is divided into two volumes, and this volume includes selected papers in the field of business that were presented at the 20th EBES Conference. The conference was held on September 28–30, 2016, at the IFM—Real Estate and Facility Management at TU Wien in Vienna, Austria, with the support of Istanbul Economic Research Association. Prof. John Rust from Georgetown University, USA, and Prof. Alexander Redlein from Vienna University of Technology, Austria, joined the conference as keynote speakers. All accepted papers for this volume went through a peer-review process and benefited from the comments made during the conference as well. During the conference, participants had many productive discussions and exchanges that contributed to the success of the conference where 261 papers by 420colleaguesfrom60countrieswerepresented.Inadditiontopublicationoppor- tunities in EBES journals (Eurasian Business Review and Eurasian Economic Review, which are also published by Springer), conference participants were givenopportunitytosubmittheirfullpapersforthisvolume. Theoretical and empirical papers in the series cover diverse areas of business, economics, and finance from many different countries, providing a valuable opportunity to researchers, professionals, and students to catch up with the most recent studies in a diverse set of fields across many countries and regions. Theaimofthe EBES conferencesistobringtogetherscientists frombusiness, finance, and economics fields, attract original research papers, and provide them publicationopportunities.Thisvolumecoversawidevarietyoftopicsinthefieldof businessandprovidesempiricalresultsfrommanydifferentcountriesandregions v vi Preface that are less investigated in the existing literature. The main business fields representedinthisvolumeare: (i) PUBLICECONOMICS (ii) REGIONALSTUDIES (iii) GROWTHANDDEVELOPMENT (iv) INEQUALITY Although the papers in this issue may provide empirical results for a specific countryorregions,webelievethatthereaderswouldhaveanopportunitytocatch upwiththemostrecentstudiesinadiversesetoffieldsacrossmanycountriesand regions and empirical support for the existing literature. In addition, the findings fromthesepaperscouldbevalidforsimilareconomiesorregions. OnbehalfoftheSeriesEditors,VolumeEditors,andEBESofficers,Iwouldlike tothankallpresenters,participants,boardmembers,andthekeynotespeaker,and wearelookingforwardtoseeingyouattheupcomingEBESconferences. 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,andbusinessworldwide.EBESwasfoundedin2008withthe purpose of not only promoting academic research in the field of business and economics but also encouraging the intellectual development of scholars. In spite of the term “Eurasia,” the scope should be understood in its broadest terms as havingaglobalemphasis. EBES aims to bring worldwide researchers and professionals together through organizingconferencesandpublishingacademicjournalsandincreaseeconomics, finance,andbusinessknowledgethroughacademicdiscussions.Toreachitsgoal, EBESbenefitsfromitsexecutiveandadvisoryboardswhichconsistofwell-known academicians from all around the world. Every year, with the inclusion of new members,ourexecutiveandadvisoryboardsbecamemorediverseandinfluential.I wouldliketothankthemfortheirsupport. EBESconferencesandjournalsareopentoalleconomics,finance,andbusiness scholarsandprofessionalsaroundtheworld.Anyscholarorprofessionalinterested ineconomics,finance,andbusinessiswelcometoattendEBESconferences.Since 2012, EBES has been organizing three conferences every year. Since our first conference, around 9132 colleagues from 92 different countries have joined our conferences and5240academicpapers have beenpresented. Also, inavery short periodoftime,EBEShasreached1713membersfrom84countries. Since 2011, EBES has been publishing two academic journals. One of those journals, Eurasian Business Review—EABR, is in the fields of industry and busi- ness, and the other one, Eurasian Economic Review—EAER, is in the fields of economics and finance. Both journals are published thrice a year, and we are committed to having both journals included in SSCI as soon as possible. Both journalshavebeenpublishedbySpringersince2014andarecurrentlyindexedin Scopus,theEmergingSourcesCitationIndex(ThomsonReuters),EconLit,Google Scholar, EBSCO, ProQuest, ABI/INFORM, Business Source, International Bibli- ography of the Social Sciences (IBSS), OCLC, Research Papers in Economics (RePEc),SummonbyProQuest,andTOCPremier. vii viii EurasiaBusinessandEconomicsSociety(EBES) Furthermore, since 2014 Springer has started to publish a new conference pro- ceedings series (Eurasian Studies in Business and Economics) which includes selected papers from the EBES conferences. Also, the 10th, 11th, 12th, 13th, 14th, 15th, and 17th EBES Conference Proceedings have already been accepted forinclusionintheThomsonReuters’ConferenceProceedingsCitationIndex.The 16th,18th,andsubsequentconferenceproceedingsareinprogress. OnbehalfoftheEBESofficers,Isincerelythankyouforyourparticipationand lookforwardtoseeingyouatourfutureconferences.Inordertoimproveourfuture conferences, we welcome your comments and suggestions. Our success is only possiblewithyourvaluablefeedbackandsupport. Withmyverybestwishes, JonathanBatten,PhD President EBESExecutiveBoard JonathanBatten,MonashUniversity,Australia IftekharHasan,FordhamUniversity,U.S.A. EustonQuah,NanyangTechnologicalUniversity,Singapore PeterRangazas,IndianaUniversity-PurdueUniversityIndianapolis,U.S.A. JohnRust,GeorgetownUniversity,U.S.A. MarcoVivarelli,Universita(cid:1)CattolicadelSacroCuore,Italy KlausF.Zimmermann,UNU-MERIT,MaastrichtUniversity,TheNetherlands EBESAdvisoryBoard HassanAly,DepartmentofEconomics,OhioStateUniversity,U.S.A. AhmetFarukAysan,IstanbulSehirUniversity,Turkey MichaelR.Baye,KelleySchoolofBusiness,IndianaUniversity,U.S.A. WolfgangDick,ESSECBusinessSchool,France MohamedHegazy,SchoolofManagement,EconomicsandCommunication,The AmericanUniversityinCairo,Egypt ChengHsiao,DepartmentofEconomics,UniversityofSouthernCalifornia,U.S.A. PhilipY.Huang,ChinaEuropeInternationalBusinessSchool,China NoorAzinaIsmail,UniversityofMalaya,Malaysia IrinaIvashkovskaya,StateUniversity—HigherSchoolofEconomics,Russia HieyeonKeum,UniversityofSeoul,SouthKorea ChristosKollias,DepartmentofEconomics,UniversityofThessaly,Greece WilliamD.Lastrapes,TerryCollegeofBusiness,UniversityofGeorgia,U.S.A. Rita Martenson, School of Business, Economics and Law, Goteborg University, Sweden StevenOngena,UniversityofZurich,Switzerland EurasiaBusinessandEconomicsSociety(EBES) ix PanuPoutvaara,FacultyofEconomics,UniversityofMunich,Germany PeterSzilagyi,CentralEuropeanUniversity,Hungary M.IbrahimTurhan,TheGrandNationalAssembly,Turkey RussVince,UniversityofBath,UnitedKingdom Wing-KeungWong,DepartmentofFinance,AsiaUniversity,Taiwan NaoyukiYoshino,FacultyofEconomics,KeioUniversity,Japan OrganizingCommittee JonathanBatten,PhD,MonashUniversity,Australia MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey HakanDanis,PhD,UnionBank,U.S.A. PascalGantenbein,PhD,UniversityofBasel,Switzerland EnderDemir,PhD,IstanbulMedeniyetUniversity,Turkey OrhunGuldiken,UniversityofArkansas,U.S.A. UgurCan,EBES,Turkey Reviewers SagiAkron,PhD,UniversityofHaifa,Israel AhmetFarukAysan,PhD,IstanbulSehirUniversity,Turkey MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey HakanDanis,PhD,UnionBank,U.S.A. EnderDemir,PhD,IstanbulMedeniyetUniversity,Turkey PascalGantenbein,PhD,UniversityofBasel,Switzerland OrhunGuldiken,UniversityofArkansas,U.S.A. PeterHarris,PhD,NewYorkInstituteofTechnology,U.S.A. MohamedHegazy,TheAmericanUniversityinCairo,Egypt GokhanKarabulut,PhD,IstanbulUniversity,Turkey ChristosKollias,UniversityofThessaly,Greece DavorLabasˇ,PhD,UniversityofZagreb,Croatia ChiKeungMarcoLau,PhD,UniversityofNorthumbria,UnitedKingdom GregoryLee,PhD,UniversityoftheWitwatersrand,SouthAfrica NidžaraOsmanagić-Bedenik,PhD,UniversityofZagreb,Croatia EustonQuah,PhD,NanyangTechnologicalUniversity,Singapore PeterRangazas,PhD,IndianaUniversity-PurdueUniversityIndianapolis,U.S.A. DoojinRyu,PhD,Chung-AngUniversity,SouthKorea Manuela Tvaronavicˇiene˙, PhD, Vilnius Gediminas Technical University, Lithuania
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