Eurasian Journal of Business and Economics

23-35

Authors: M. Sait DINC, Semira BUDIC

In the last decade, female entrepreneurship has been identified as one of the most important unutilised sources of economic growth. Entrepreneurial intention of women has become a key element in establishing a new business. The factors influencing entrepreneurial intention of women, particularly in developing countries, have attracted curiosity lot of attention. The purpose of the study is to examine the relationship between demographic variables, personal attitude, subjective norm, perceived behavioural control, and entrepreneurial intentions of women in Federation of Bosnia and Herzegovina. A total of 216 questionnaires were collected from women in two big cities in Bosnia: Tuzla and Sarajevo. Relationships between the variables were evaluated using factor analysis, reliability, correlations, descriptive statistics, and regression. The findings show a positive and significant influence of personal attitude and perceived behavioural control on entrepreneurial intention.

51-65

Authors: Sumninder Kaur BAWA, Samiya CHATTHA

The present study aims to canvass the performance of intermediary channels in Indian Life Insurance Industry viz. individual agents, corporate agents, bancassurance, brokers and direct selling. The conduct of performance has been deliberated in context of business premium collected and number of policies issued by various channels through Two-Way ANOVA. The data has been figured out over the period of seven years, i.e. from 2006- 07 to 2012-13. The findings demonstrate that in the context of premium as well as policy, there is difference in mean scores for various categories of channels, but no difference has been found with respect to time period. Besides the study also measures the augmentation in their performance, through compound annual growth rate (CAGR) by using the log linear regression model which reveals that individual agent is the foremost performing channel in terms of generating business. But sustaining efficacy of every channel has become one of the confronting issues for insurance domain.

87-108

Authors: Fakhri HASANOV , Ceyhun MIKAYILOV, Sebuhi YUSIFOV , Khatai ALIYEV

The paper investigates effects of fiscal decentralization on non-oil sector development in case of Azerbaijan for the quarterly period of 2002 through 2013. Results obtained from Autoregressive Distributed Lag Bounds Testing approach show that share of local expenditures and revenues in total, measures of fiscal decentralization, have negative impact on non-oil GDP. This finding is consistent with other studies outcomes and can be considered adequate for the Azerbaijani economy due to the number of institutional constraints. The results of the research would provide a good insight for policy makers in implementing economic reforms to develop institutional aspects of decentralization and thus make it supportive for non-oil economic growth

125-151

Authors: Olalekan Usiobaifo ASIKHIA

This article synthesizes the evidence on SMEs’ wealth creation in an emerging economy, paying particular attention to human resource/expertise, technology adoption, innovation and creativity, unit economies, organizational infrastructure and strategy as determinants of SMEs’ wealth creation. A survey of 581 Nigerian SMEs was conducted and the data was analysed and tested using multiple regression and structural equation modelling. The findings revealed Human resource/CEOs expertise as the highest contributory factor to wealth creation within the firm in the industrial and the commercial sectors. The relevant domains were modelled and relevant policy adjustments were suggested.

19-34

Authors: Duy Tung BUI

The aim of this paper is to identify and evaluate the underlying factors affecting consumer acceptance of functional foods. The contribution of this study is to better understand customer willingness to buy such products in Ho Chi Minh City by shedding light on how socio-demographic, cognitive and attitudinal determinants affect consumer's choices of foods. We conducted a survey using 217 respondents from Ho Chi Minh City. Next, we develop a binary-probit model to quantify the impact of each factor on consumer acceptance. The results show that having a sick relative, beliefs in health benefits positively affect acceptance level. Other than that, old people in Ho Chi Minh City tend to reject the use of functional foods. However, when they are provided with enough knowledge, they are the most intensive buyers of these products. Implications and further researches are also discussed.

59-71

Authors: Doriana CUCINELLI

The aim of this study is to understand the bank lending behavior during financial crisis, in particular whether an increase of credit risk during this period can lead banks to reduce their lending activity. A second object is to investigate whether cooperative and commercial banks show different behaviors. The analysis is based on a sample of Italian banks (listed and no listed), an example of a country undergoing a credit crunch. The sample consists of 488 listed and unlisted Italian banks observed 2007-2013. Unlisted banks are included because they are the most numerous in the Italian banking system. Findings show a negative impact of credit risk on bank lending behavior, with regard to both credit risk measures: the nonperforming loans and the loan loss provision ratio.

101-120

Authors: Mukhriz Izraf Azman AZIZ , Jauhari DAHALAN

The paper investigates the asymmetric effects of oil price shocks on real economic activities in ASEAN-5 from 1991 to 2014 using an unrestricted panel Vector Auto Regressive (VAR) method. Results from the impulse response function (IRFs) show evidence of an asymmetric relationship between oil prices and economic activities. Specifically, positive oil price shock measures negatively affect output growth both in the short term and in the long term. For oil price decrease specifications, real output responds negatively in the short term before recovering to its pre-shock level in the long term. The variance decomposition analysis (VDCs) also exhibit differences between the effects of positive and negative oil price shocks on economic activities, supporting the evidence of asymmetric relationship obtain in the IRFs simulations.

139-150

Authors: Abdurrahman ISIK , Mehmet Fatih YASAR

Using a measurement model of brand name and consumer preferences, this study aims to investigate the effects of brand name on consumer preferences in Turkmenistan. This study sought to investigate specifically, the influence of brand name on consumer’s preferences by utilizing structural equation modeling (SEM) technique. Moreover, all possible correlations between these dimensions or domains of brand name and consumer preferences are also empirically tested. In the context of the study, the introduced model was tested by a questionnaire instrument with 10 items excluding the demographic variables. A total of 422 completed copies of questionnaires were evaluated for analysis. The results suggest that, brand name variable have statistically significant relationships with consumer preferences variable. The findings of the study indicated positive correlations among the two variables with high factor loadings. Brand name of a product has significant impact on the overall preferences of the consumers.

21-37

Authors: Huseyin ALTAY , Fatih CELEBIOGLU

The aim of this paper is to investigate impact of political terrorism on GDP for Eurasia region countries by using spatial statistics in the period of 1996-2013. For this purpose, quantile maps, Moran’s Scotterplots, LISA (Local Indicators of Spatial Association) statistics are performed. We firstly found that there are the negative impacts of political terrorism on GDP. Secondly, countries as Iceland, Ireland, UK, Portugal, Spain, Norway, Sweden, Italy, Austria, Czech Rep., Denmark, Slovenia, Belgium, France, Germany, Luxemburg, Switzerland, Finland, and Netherland are determined as the strongest positive attraction centers in all Europe countries. Thirdly, Asian countries as India, Uzbekistan, Afghanistan, Kyrgyzstan, Nepal, Tajikistan, Bangladesh and Myanmar are obtained as the strongest negative attraction centers for Asia. The rest of countries in Asia have been negatively affected by these negative attraction centers. Finally, for the big part of Asia (exclude countries as Japan, South Korea) regions, political terrorism is one of the biggest factors of poorness and weakness of per capita GDP.

61-93

Authors: Manoj KUMAR , Jyoti RAMAN, Priya RAMAN

In this paper we test for the presence of sunk costs in suppliers’ R&D activities by analyzing the persistence of these activities using supplier level panel data. We develop and estimate a dynamic discrete choice model where each supplier’s current R&D expenditure is a function, among other factors, of its previous experience in performing R&D activities. The data used is a panel data of Indian suppliers, for the period 2003 - 2013. We find that prior R&D experience significantly affects the current decision to invest in R&D, and that, although important, the effect of prior R&D experience depreciates fairly quickly over time.

115-140

Authors: Aparna BHATIA , Megha MAHENDRU

The main aim of the paper is to analyze technical efficiency of Public Sector Banks (PSBs) in India during the period 1990-91 to 2011-12. The paper also examines whether there is statistically significant difference in efficiency of PSBs in the reformatory era (1990-91 to 2000-01) as compared to the post reformatory era (2001-02 to 2011-12). Using CAMEL framework, the paper also investigates the determinants of efficiency of PSBs. The results show that PSBs exhibit higher mean of the efficiency parameters in post reformatory era (2001-02 to 2011-12) than in the reformatory era (1990-91 to 2000-01). PSBs inefficiency is attributed to Pure Technical Inefficiency in reformatory era whereas the same is accredited to scale inefficiency in the post reformatory era. Paired t test shows that there is significant difference in performance of Public Sector Banks in reformatory era and post reformatory in all the Efficiency parameters. The results of Panel Data TOBIT regression suggest that various CAMEL parameters have significant impact on the technical efficiency of PSBs.

167-184

Authors: M. Burak ONEMLI , Adil KORKMAZ

This study investigates whether there is a political business cycle (PBC) on the agricultural supports in the Turkish economy. In this respect, we investigate the policies of different Turkish governments for the agricultural supports measured by the producer support estimates for the period 1986-2011. To this end, first the series for the producer support estimates are filtered by the Hodrick-Prescott filter, and then an econometric model is employed to estimate the effects of a set of explanatory variables including the economic crisis, the opportunistic and the partisan characteristics of the incumbent parties. Our results provide limited support for the opportunistic type PBC. Moreover, it seems that some Turkish governments have created the partisanship type PBCs.

199-218

Authors: Ufuk BASAR\ , Berrin FILIZOZ

Leaders form the character and the nature of the organizations. In this respect ethical leaders may be the solution for organizations in corruption and employees in trouble. For this reason we treated ethical leadership as a healer, and analyzed its effects on intention to quit along with moderation effect of perceptions of organizational politics and mediation effect of organizational identification on this interaction. To that end, data were collected from 103 sales persons, who work at an international white good producing firm, in Ankara, Turkey through questionnaire. The data were analyzed with multifarious statistical techniques. The findings affirm healing effect of ethical leadership on intention to quit. In addition, as a new discovery, moderation effect of perceptions of organizational politics on healing effect of ethical leadership was found. Finally it was discovered that organizational identification and ethical leadership predict intention to quit separately.

29-50

Authors: Varun MAHAJAN , D.K. NAURIYAL, S.P. SINGH

This paper measures the technical efficiency, super-efficiency, slacks, and input/output targets for large Indian pharmaceutical firms according to ownership by applying Data Envelopment Analysis (DEA) approach. The paper uses raw material, salaries & wages, advertisement & marketing and capital usage cost as input variables and net sales revenue as output variable. The super-efficiency model is applied to rank firms on the basis of efficiency scores. The paper finds that mean overall technical efficiency scores of Private Indian and Private Foreign are higher than Group-owned firms, suggesting that type of ownership affects the performance of a given firm. Further, foreign firms were found to have minimum slacks in inputs, evidently owing to their superior technology, better engineering skills and managerial practices. The study suggests that the inputs, such as, advertisement & marketing expenditure, and also the usage of labour and capital are required to be utilized far more productively in order to improve efficiency.

61-70

Authors: Nurlan ATABAEV , Gulnaz ATABAEVA, Damira BAIGONUSHOVA

This article examines the effects of remittances inflow on economic growth in Kyrgyz Republic. We analyzed relationships between the remittances inflow, real GDP, CPI, exchange rate, import and international reserves by using the vector autoregression approach (VAR) and monthly data for 2005-2012. As a result it has been found that remittances inflow positively effects on output and import which lasts only for two months and negatively on exchange rate of foreign currency (dollar).

91-107

Authors: Aziz BAKAY

Finance-growth nexus has been a prolific research subject whereas research exploring whether there is an interrelationship between financial system and economic growth is somewhat inconclusive (Levine, 2003). Remarkable studiesn noted that financial system and its level of development are argued to stimulate economic growth whilst some other important figures in academia investigated the opposite link or simply ignored such association. Current research aims to explore aforementioned association with respect to regional financial deepening in Turkey through developing a panel model and exploring causality. The level of total credits and deposits recorded in each province of Turkey in all banks -regardless of state, private or foreign owned- are utilized as measures of local financial deepening. Foreign trade of each province -both imports and exports- is hypothesized to be determined by financial deepening variables as well as a number of control variables. Results using panel data from 2007-2010 (81 province, N: 324) suggest that credits alone do significantly explain the amount of export and import of that particular province. Interestingly, amount of deposits is negatively associated with the level of imports. Combined measure for provision of financial services (sum of loans and deposits) statistically explains foreign trade (sum of exports and imports). Granger causality analysis revealed that there is bi-directional causal relationship between financial deepening and international trade.

137-154

Authors: Yusuf Ekrem AKBAŞ , Fuat LEBE , Fatma ZEREN

In this study, the validity was analyzed of the triple deficit hypothesis in Turkey between the years 1960 and 2012. First, the stationarity of positive and negative shocks related to the current account deficit, budget deficit, and savings gap was tested. As a result of unit root tests, it was concluded that all the positive and negative shocks were I(1). Then, the causal relationship was analyzed with regard to the aforesaid shocks of variables by means of an asymmetric causality test. As a result of the asymmetric causality test, bi-directional causality was found between the current account deficit and the budget deficit and between the current account deficit and savings gap. Therefore, it can be concluded that the triple deficit hypothesis is valid in Turkey.

183-208

Authors: Raushan ATANIYAZOVA , Jahongir NEGMATOV , Ziyodullo PARPIEV

This paper applies cost-benefit analysis (CBA) technique to estimate the effectiveness of hand hygiene and oral health interventions in Uzbekistan for children of kindergarten age (3-6 years old). Our primary objective in this study is to apply CBA framework to investigate economic viability of hand hygiene and oral health interventions on respiratory diseases (influenza, bronchitis, pneumonia),intestinal diseases (diarrhea, hepatitis A, and helminthiasis), and dental caries and stomatitis. Though it is often difficult to attribute a specific hygiene intervention to a reduction in specific illness, our study shows that prevention of disease through hygiene promotion is cost-effective. To be the most effective, however, hygiene interventions should be accompanied by education and awareness-raising of teachers, parents and children.

11-27

Authors: Osman SAHIN, Nurettin CAN & Erkan DEMIRBAS

The infrastructure investments are analyzed by taking the EU 12 and EU 15 division into account as a contribution to previous studies. The study comprised the period between 1980-2010 for EU 15, EU 12 and EU 27 and used generalized momentum method (GMM). Results of the study show that telecommunications investments have positive effects on growth in all groups, energy investments have positive effects in EU 15-EU 27 groups and investments on railway and road have positive effects only in EU 27 group.

29-49

Authors: Shaik Abdul Majeeb PASHA & Tolosa NEGESE

Micro finance involves the provision of micro-credit, savings, and other services to the poor that are excluded by the commercial banks for collateral and other reasons. Microfinance is relatively new to Ethiopia and came to existence during 1994-95. Out of which Sidama Micro Finance Institution (SMFI) is one among 31Micro Finance Institutions (MFIs) to serve needy people in Ethiopia. Based on this researchers’ intended to study major socio- economic factors and loan related factors that determines loan repayment performance of borrowers in SMFI. In fact, the identifying and analyzing such determining factors of loan repayment rate is vital in the achievement of profitability and sustainability of MFIs. In this connection, researchers’ collected data from primary and secondary resources and analyzed by using Binary logistic model is used. Through the study 14 determinants’ are selected for evaluation, out of which 9 variables are significant and remaining insignificant are found. Based on the analysis, researchers are recommended that proper training should be provided, reasonable amount of loan which should be useful to their business. Further, more age people and well business experience people can able to repay their loan amount` timely to micro finance institution.

69-90

Authors: Jianzhong DAI

This paper estimates productivity changes in Japanese shinkin banks during the fiscal years 2001 to 2008 using the Malmquist index as the measure of productivity change. Data envelopment analysis (DEA) is used to estimate the index. We also apply a smoothed bootstrapping approach to set up confidence intervals for estimates and study their statistical characteristics. By analyzing estimated scores, we identify trends in productivity changes in Japanese shinkin banks during the study period and investigate the sources of these trends. We find that in the latter half of the study period, productivity has significantly declined, primarily because of deterioration in technical efficiency, but scale efficiency has been significantly improved. Grouping the total sample according to the levels of competition reveals more details of productivity changes in shinkin banks.

105-118

Authors: Cem Harun MEYDAN, H. Nejat BASIM & Ufuk BASAR

This research discovers predictive effect of employees’ organizational citizenship behaviors on impression management strategies as well as moderation effect of power distance on this interaction. To that end data was collected from 178 schoolteachers, who work at three different public elementary schools in Turkey, through questionnaire and analyzed with multifarious statistical methods. The results from hierarchical multiple regression analysis indicated that individuals engaged in organizational citizenship behaviors in order to form expected impressions of themselves in others’ minds and perception of power distance has moderating effect on this process.

133-144

Authors: Kursad OZLEN , Meliha HANDZIC &Nermina DURMIC

This empirical study was carried out to investigate the impact of ICT-based knowledge management systems (KMS) of varying sophistication on decision support in varying decision contexts. The results indicate that the positive impact of KMS sophistication was limited to simple decision contexts only. In simple contexts, the availability of more sophisticated KMS led to more intensive balanced use of the available functions and features which resulted in improved decision quality, confidence and satisfaction. In contrast, greater KMS sophistication made no difference to system usage behaviour and decision performance in complex contexts. Such findings provide much needed empirical support for the proper fit between technology-orientated decision aids and simple decision contexts. Future research is needed to determine suitable solutions for complex contexts.

157-172

Authors: Kursat OZDASLI & Oguzhan AYTAR

Guidelines and principles feeding the system of belief have the power of diverting behaviors of an individual included in that system as well as being able to affect the management style of managers. Therefore, use of the term of management by basic sources of Islamic belief and which other sources it refers to along with the term of management will be helpful in understanding the holistic message given in terms of management in Islamic style, and approaching from a different aspect to the management literature. This study aims to reveal characteristics of management and related terms in basic Islamic sources, and with which words and in what aspects they are associated and used, and to see the perception of the religion of Islam on management. The content analysis conducted in this context included examination of the verses containing the terms of management, administration, leader, directing and steering.