Eurasian Economic Perspectives: Proceedings of the 24th Eurasia Business and Economics Society Conference

145 Pages·2019·2.616 MB·English

by  Mehmet Huseyin Bilgin, Hakan Danis, Ender Demir, Ugur Can

Eurasian Studies in Business and Economics 11/1
Series Editors: Mehmet Huseyin Bilgin · Hakan Danis
Mehmet Huseyin Bilgin
Hakan Danis
Ender Demir
Ugur Can Editors
Eurasian
Economic
Perspectives
Proceedings of the 24th Eurasia
Business and Economics Society
Conference
Eurasian Studies in Business and Economics 11/1
Serieseditors
MehmetHuseyinBilgin,Istanbul,Turkey
HakanDanis,SanFrancisco,CA,USA
Representing
Eurasia Business and Economics Society
Moreinformationaboutthisseriesathttp://www.springer.com/series/13544
(cid:129) (cid:129)
Mehmet Huseyin Bilgin Hakan Danis
(cid:129)
Ender Demir Ugur Can
Editors
Eurasian Economic
Perspectives
Proceedings of the 24th Eurasia Business
and Economics Society Conference
Editors
MehmetHuseyinBilgin HakanDanis
FacultyofPoliticalSciences MUFGUnionBank
IstanbulMedeniyetUniversity SanFrancisco,CA,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
ISBN978-3-030-18564-0 ISBN978-3-030-18565-7 (eBook)
https://doi.org/10.1007/978-3-030-18565-7
©SpringerNatureSwitzerlandAG2019
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Preface
This is Volume 1—Eurasian Economic Perspectives of the 11th 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, www.
ebesweb.org). This issue includes selected papers presented at the 24th EBES
Conference—Bangkok, which was held on January 10–12, 2018, in Bangkok,
Thailand, jointly organized by the Faculty of Business Administration Kasetsart
UniversitywiththesupportoftheIstanbulEconomicResearchAssociation.
Distinguished colleagues Jonathan Batten from University Utara Malaysia,
Malaysia; Euston Quah from the Nanyang Technological University, Singapore;
NaoyukiYoshino from theAsian DevelopmentBankInstitute,Japan;andPartha
Sen from Delhi School of Economics, India, joined the conference as keynote
speakers.
During the conference, participants had many productive discussions and
exchanges that contributed to the success of the conference where 178 papers by
334colleaguesfrom47countrieswerepresented.Inadditiontopublicationoppor-
tunities in EBES journals (Eurasian Business Review and Eurasian Economic
Review,whichare also published bySpringer), conference participants were given
theopportunitytosubmittheirfullpapersforthisissue.
Theoretical and empirical papers in the series cover diverse areas of business,
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
publication opportunities. Each issue of the Eurasian Studies in Business and
Economics covers a wide variety of topics from business and economics and
provides empirical results from many different countries and regions that are less
investigatedintheexistingliterature.Allacceptedpapersfortheissuewentthrough
peer-review processand benefited from the comments made during theconference
v
vi Preface
as well. The current issue covers fields such as economic development, finance,
tourism,publiceconomic,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
thankallpresenters,participants,boardmembers,andthekeynotespeakers,andwe
arelookingforwardtoseeingyouattheupcomingEBESconferences.
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,”thescopeshouldbeunderstoodinitsbroadesttermashavinga
globalemphasis.
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 11,157 colleagues
from98countrieshavejoinedourconferencesand6379academicpapershavebeen
presented.Also,inashortperiodoftime,EBEShasreached2050membersfrom
84countries.
Since 2011, EBES has been publishing two academic journals: Eurasian Busi-
nessReview(EABR)andEurasianEconomicReview(EAER).Whilebothjournals
are indexed in Scopus, EABR and EAER are indexed in Social Science Citation
IndexandEmergingSourcesCitationIndex,respectively.Furthermore,EABRisin
thefieldsofindustrialorganization,innovation,andmanagementscience,andEAER
isinthefieldsofappliedmacroeconomicsandfinance.Bothjournalsarepublished
quarterly,andtheyhavebeenpublishedbySpringersince2014.
Moreover, since 2014 Springer has started to publish a new conference pro-
ceedings series (Eurasian Studies in Business and Economics) which includes
selectedpapersfromtheEBESconferences.The10th,11th,12th,13th,14th,15th,
16th,17th,19th,and20th(Vol.2)EBESConferenceProceedingshavealreadybeen
accepted for inclusion in the Thomson Reuters’ Conference Proceedings Citation
Index.The18thandsubsequentconferenceproceedingsareinprogress.
vii
viii EurasiaBusinessandEconomicsSociety(EBES)
OnbehalfoftheEBESofficers,Isincerelythankyouforyourparticipationand
lookforwardtoseeingyouatourfutureconferences.Inordertoimproveourfuture
conferences, we welcome your comments and suggestions. Our success is only
possiblewithyourvaluablefeedbackandsupport.
IhopeyouenjoytheconferenceandBangkok.
Withmyverybestwishes,
KlausF.Zimmermann,PhD
President
EBESExecutiveBoard
KlausF.Zimmermann,UNU-MERIT,MaastrichtUniversity,TheNetherlands
JonathanBatten,UniversityUtaraMalaysia,Malaysia
IftekharHasan,FordhamUniversity,U.S.A.
EustonQuah,NanyangTechnologicalUniversity,Singapore
PeterRangazas,IndianaUniversity-PurdueUniversityIndianapolis,U.S.A.
JohnRust,GeorgetownUniversity,U.S.A.
MarcoVivarelli,UniversitàCattolicadelSacroCuore,Italy
EBESAdvisoryBoard
HassanAly,DepartmentofEconomics,OhioStateUniversity,U.S.A.
AhmetFarukAysan,IstanbulSehirUniversity,Turkey
MichaelR.Baye,KelleySchoolofBusiness,IndianaUniversity,U.S.A.
Mohamed Hegazy, School of Management, Economics and Communication, 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.
BrianLucey,TheUniversityofDublin,Ireland
Rita Martenson, School of Business, Economics and Law, Goteborg University,
Sweden
StevenOngena,UniversityofZurich,Switzerland
PanuPoutvaara,FacultyofEconomics,UniversityofMunich,Germany
PeterSzilagyi,CentralEuropeanUniversity,Hungary
AmineTarazi,UniversityofLimoges,France
RussVince,UniversityofBath,UnitedKingdom
Wing-KeungWong,DepartmentofFinance,AsiaUniversity,Taiwan
NaoyukiYoshino,FacultyofEconomics,KeioUniversity,Japan
EurasiaBusinessandEconomicsSociety(EBES) ix
OrganizingCommittee
KlausF.Zimmermann,PhD,MaastrichtUniversity,TheNetherlands
MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey
HakanDanis,PhD,UnionBank,U.S.A.
AlinaKlonowska,PhD,CracowUniversityofEconomics,Poland
JonathanTan,PhD,NanyangTechnologicalUniversity,Singapore
SofiaVale,PhD,ISCTEBusinessSchool,Portugal
EnderDemir,PhD,IstanbulMedeniyetUniversity,Turkey
OrhunGuldiken,PhD,UniversityofArkansas,U.S.A.
UgurCan,EBES,Turkey
Reviewers
SagiAkron,PhD,UniversityofHaifa,Israel
AhmetFarukAysan,PhD,CentralBankoftheRepublicofTurkey,Turkey
MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey
HakanDanis,PhD,UnionBank,U.S.A.
EnderDemir,PhD,IstanbulMedeniyetUniversity,Turkey
GirayGozgor,PhD,IstanbulMedeniyetUniversity,Turkey
OrhunGuldiken,UniversityofArkansas,U.S.A.
PeterHarris,PhD,NewYorkInstituteofTechnology,U.S.A.
MohamedHegazy,TheAmericanUniversityinCairo,Egypt
GokhanKarabulut,PhD,IstanbulUniversity,Turkey
ChristosKollias,UniversityofThessaly,Greece
DavorLabaš,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
SofiaVale,PhD,ISCTEBusinessSchool,Portugal
ManuelaTvaronavičienė,PhD,VilniusGediminasTechnicalUniversity,Lithuania