The purpose of this study is to investigate the relationship between work values and attitudes towards work ethics for public and private sector employees. The results of the study reveal a significant relationship between work values and attitudes towards work ethics. A further examination pointed out a positive relationship between attitudes towards work ethics and dimensions of work values, namely management, achievement, security, associates, aesthetic, prestige, independence, variety, economic return and intellectual stimulation. Furthermore, work values of employees are found to vary depending on gender variable whereas management and aesthetic dimensions of work values are found to vary depending on the sector of the employee. Attitudes towards ethics and work values do not show difference according to demographic variables such as education level, age and marital status.

Keywords:Work ethics, work values, public and private sector employees

JEL Classification:M10, M14, A13

In this paper we aim to specify the long term tendency of working capital in Turkey. Previous studies proved that working capital differentiated as per sectors and fluctuated over time.  As found appropriate for analyzing the cross-section dependency and multiple structural breaks, we perform Panel KPSS test to analyze the cash conversion cycles of seven manufacturing firms in Istanbul Stock Exchange (ISE) between the years of 1990 and 2009. In this study we find that cash conversion cycles to be stationary for all the sub-sectors regarding with constant and trend model as well as for the whole of the sample. Regarding the constant model we find the same inclination for the whole of the sample and all the sub-sectors except for main metal sector. In sum, it is arguable that fluctuating originates from the sector’s itself while macroeconomic structure is temporal. Besides, working capital level is reverting at a specific mean, implying that there exist working capital policies as well as optimal working capital levels.    

Keywords:Working Capital, Cash Conversion Cycle, Mean Reverting, Panel Unit Root Tests, Panel KPSS Test

JEL Classification:G31, G32

The goal of this study is to test the cost stickiness for some firms in Istanbul Stock Exchange (ISE) by panel data analysis. The study is based on 2023 observations of 119 firms whose stocks were in process uninterruptedly in the period of 1995-2011 in ISE. As a result of the study, it is proven that proportional increase in sales resulted in proportional increase in costs to some extent, but proportional decrease in sales resulted in less proportional decrease in costs when compared to the case hereinabove. Thus, it is argued that the relationship between sales and costs is not linear for the firms analyzed. To put another way, cost stickiness is valid for the whole costs modeled in current term but it is valid for the costs of the sales in consecutive periods.

Keywords:Managerial accounting, cost behavior, cost asymmetry, cost stickiness

JEL Classification:M41, M49

The aim of this study is to estimate the extent of exchange rate exposure of textile and leather firms listed in Borsa Istanbul (BIST), and determine why some firms are exposed highly and the others are not.  GARCH analysis was used to find the total exposure of these firms between 2005-2011. All the firms in the sample were exposed to foreign exchange exposure at least twice in the analysis period. Approximately 40% of firms in the sample were affected by the fluctuations in values of both US Dollar and Euro in each year between 2005-2011. For Dollar exposure, we found that there were no statistically significant differences between exposed and unexposed firms in terms of the share of foreign sales and foreign assets, currency position and firm size. However in terms of Euro exposure, the results of t-tests showed that firms that were exposed significantly to Euro have higher percentages of foreign sales over total sales, higher foreign assets over foreign liabilities and also higher foreign assets over foreign liabilities ratio.

Keywords:Exchange rate exposure, currency risk, textile and leather industry, GARCH analysis

JEL Classification:F31, G00

The improvement of budget deficits and current account deficits has renewed the debate over the twin deficits hypothesis. This paper examines the validity of the twin deficits hypothesis in nine members of the Organizations for Economic Co-operation and Development (OECD) over the period 1990-2007. We use recently developed panel cointegration tests with structural breaks to assess the relationship between budget deficits and current account deficits. The empirical findings in this paper are as follows: (1) There is a long-run relationship between budget deficits and current account deficits for these countries; (2) The empirical result is consistent with the Keynesian proposition.

Keywords:Twin deficits, panel unit root, structural breaks, panel cointegration

JEL Classification:C23, E6, F4

The main purpose of this study is to evaluate education supported corporate social responsibility campaigns from customers’ point of view. Within this scope, corporate social responsibility notion has been explained and especially education based social responsibility campaigns have been evaluated. The population of the study was constituted from the undergraduate students which study in Afyon Kocatepe University. The survey implementation was conducted through 451 participants, which is above the threshold (limit) value of the sample determined in the research, which was n=384. Data obtained in the research were analyzed by using frequency-percentage distribution, arithmetical average and standard deviation values. By using varimax rotation and principal components method, confirming factor analysis was applied in order to determine the representation level of expressions about considerations aimed at social responsibility campaigns supporting education. For statistical comparison of participants’ opinions and their demographic characteristics, independent measurements “t-test” and “Analysis of Variance (ANOVA)” were used. According to the results, customers thought that socially responsible firms’ basic aims are to gain new customers and to enhance their image. However, consumers tend to support these attempts anyhow.

Keywords: Social Marketing, Corporate Social Responsibility, Corporate Social Performance, Consumer Behavior.

The aim of this research is to investigate possible relationships between religiosity levels, personal moral philosophies, ethical perceptions and intentions of associate’s and bachelor’s degree students. Therefore, a survey was conducted on 189 business administration students chosen through convenience sampling at Balıkesir University. In order to measure the respondents’ levels of religiosity and personal moral philosophies, some scales with established validity and reliability in literature were used. Religiosity variable was analyzed both uni- and multi-dimensionally to make a deeper analysis with multidimensional scales. To assess perceived ethical problem and ethical intentions variable, one question for each was developed with scenario method. Structural Equation Model was used in data analysis. The proposed model was composed of seven hypotheses. Religiosity level was independent variable in four of them. In the structure where religiosity variable was used uni-dimensionally, three of the hypotheses were accepted while one of them was rejected. On the other hand, in multidimensional construct three of the hypotheses were partly accepted whereas one of them was rejected. Regarding the three hypotheses without religiosity variable, perceived ethical problem was detected to have a relationship with ethical intentions; nevertheless, no relationship was found between personal moral philosophies (idealism and relativism) and perceived ethical problem.

Keywords: Marketing ethics, religiosity, personal moral philosophies, perceived ethical problem, and ethical intentions.

Intern worker is a personal who receives education in an educational institution and maintains his/her development under an enterprice to improve his/her professional ability and experience. For these workers, whose professional developments proceed, organizational climate is a guiding factor for the development of professional commitment. The purpose of this study is exhibition of that what the effects of organizational climate on the development of intern workers’ professional commitment is. Depending on this purpose, a study was performed about on 317 workers. In the study, seven hypotheses, one main and six subtype hypotheses, was created by identifying professional commitment with the five factor under the organizational climate. As a result of correlational and regressional analyses about the hypotheses, a significant relationship was obtained between the development of intern workers’ professional commitment and each one of all the dimensions of organizational climate’s trust-respect, the manner of leader, satisfaction, communication and the perspective of support. As a result of Mann-Whitney U Test, it was obtained that there is no relationship between the development of intern workers’ professional commitment and their graduated high schools. According to findings, the development of intern workers’ professional commitment is mostly affected by property of “Satisfaction”.

Keywords: Intern Worker, Professional Commitment, Organizational Climate, Dimensions of Climate, Organizational Structure.

Positioning school approach that gives prominence to the effect of positioning and environmental powers in industry and resource-based approach that emphasize the importance of firm’s resource, capabilities and competences are two basic approaches that express firms’ performance differences in strategic management field. Which one of these basic approaches will be chosen occupies an important place in strategic management subjects. Purpose of this study is to reveal preferences of managers and accordingly firms about strategic management approaches in branch of Turkish industry and to determine whether positioning school approach or resource-based approach is efficient and predominant in success of firms from the viewpoints of managers. The research was carried out upon the first 500 big industrial enterprises and second 500 big industrial enterprises carrying on their business in industrial sector in Turkey as published by Istanbul Chamber of Industry (ISO). As a result of the analysis of the acquired data, it has been precipitated that in Turkey, managers of the biggest 1000 industrial enterprises, accordingly firms, adopt positioning school approach.

Keywords: Strategic Management, Strategic Management Approaches, Positioning School Approach, Resource-Based Approach

According to efficient market hypothesis, investors perceive all available information in the same manner and it is not possible that any investor obtain more profit than others. Various anomalies in stock markets cause the failure of the efficient market hypothesis. Anomalies mean that the returns of the stock market are different on each the time period. The existence of anomalies in stock markets is important for investors. In this study, it is examined to whether there are seasonal anomalies in Istanbul Stock Exchange. For this purpose, it is tested intra-day effect, day of the week effect, the January effect, intra-month effect, turn of the month effect, turn of the year effect and the holiday effect for the period of 2003-2012, using least squares method. According to results, there is an evidence for intra-day effect and day of the week effect in Istanbul Stock Exchange for this period.

Keywords: Seasonal anomalies, Stock market, Market efficiency hypothesis, Least squares, Dummy variable regression.