Article Information

Journal: Business and Economics Research Journal

Title of Article: Finansal Gelişme ve Ekonomik Büyüme Arasındaki İlişkinin Ampirik Bir Analizi: Türkiye Örneği
[An Empirical Analysis of Relationship between Financial Development and Economic Growth: The Turkish Case]

Author(s): Burcu Ozcan, Ayse Ari

Volume: 2

Number: 1

Year: 2011

Page: 121 – 142

ISSN: 1309-2448

Abstract

Financial development, financial liberalization and financial deepness have been important research topics in recent years. Especially, the relationship between financial development and economic growth has been analyzed by many researchers. Different results have been obtained since the country sample and econometric methods used in the analysis are different. Thus, there isn’t any consensus about the presence and direction of this relationship. Some writers call this state “egg-chicken problem”. There are four situations about the direction of this relationship: from economic growth to financial development, from financial development to economic growth, bidirectional relationship or there may be no relationship between these variables. In this study the relationship between financial development and economic growth has been analyzed for Turkey by estimating a VAR Model over the 1998-2009 periods. According to Granger causality test, there is a uni-directional relationship between financial development and economic growth in Turkey. The direction of this relationship is from economic growth to financial development. Consequently, Robinson’s “demand-following hypothesis” is corroborated.

Keywords: Financial development, Financial liberalization, Financial deepness, Economic growth, VAR Model

JEL Classification: E02, E44, O16

Article Information

Journal: Business and Economics Research Journal

Title of Article: Audit and Oversight of Audit in terms of Commerce Law of Turkey
[Türkiye’de Ticaret Hukuku Çerçevesinde Denetim ve Denetimin Gözetimi]

Author(s): Umit Gucenme Gencoglu, Gulsun Isseveroglu, Yasemin Ertan

Volume: 2

Number: 1

Year: 2011

Page: 109 – 120

ISSN: 1309-2448

Abstract

While the rapid change brought by globalization of the economic life are enhancing world-wide the need for reliable and transparence information, the preparation of financial statement according to these two factors depends on establishing a unity between reporting standards and auditing applied around the world. Since 2005, stock market companies have started mandatory application of Turkish Accounting Standards (TASs), which is published in accordance with the International Financial Reporting Standards (IFRSs). Banking Regulation and Supervision Agency (BRSA) and Capital Markets Board (CMB) have taken very significant steps towards implementation of independent audit. A new Draft Turkish Commerce Law (TCL), as a replacement of the current TCL, has been prepared and it is now underway of becoming law. Moreover, according to draft TCL, Turkish Audit and Assurance Standards Board should be established. All of these developments perform with the object of secure transition from a tax oriented auditing view point to economic auditing point. The current study aims to reveal the development and current condition of auditing in Turkey and what have done in terms of keep up with international development.

Keywords: Audit, Oversight of audit, Draft Turkish Commerce Law, International Audit Standards, Turkish Accounting Standards, Corporate governance

JEL Classification: M42, M48

Article Information

Journal: Business and Economics Research Journal

Title of Article: An Empirical Study of the Relationship between Transformational Leadership, Empowerment and Organizational Commitment

Author(s): Azman Ismail, Hasan Al-Banna Mohamed, Ahmad Zaidi Sulaiman, Mohd Hamran Mohamad, Munirah Hanim Yusuf

Volume: 2

Number: 1

Year: 2011

Page: 89 – 107

ISSN: 1309-2448

Abstract

Organizational leadership literature highlights that transformational leadership has four salient features: intellectual stimulation, individualized consideration, individualized influenced attributed, and individualized influence behavior. The ability of leaders to properly implement this leadership style may have a significant impact on organizational commitment. More importantly, recent studies in this area reveal that effect of transformational leadership style on organizational commitment is indirectly affected by empowerment. The nature of this relationship is interesting, but little is known about the mediating effect of empowerment in organizational leadership literature. Therefore, this study was conducted to examine the influence of empowerment in the relationship between transformational leadership and organizational commitment using a sample of 118 usable questionnaires gathered from employees who have worked in one US subsidiary firm in East Malaysia, Malaysia. The results of exploratory factor analysis confirmed that the measurement scales used in this study satisfactorily met the standards of validity and reliability analyses. Further, the outcomes of Stepwise Regression analysis showed that the relationship between empowerment and transformational leadership positively and significantly correlated with the organizational commitment. Statistically, this result confirms that empowerment acts as a mediating variable in the relationship between transformational leadership and organizational commitment in the organizational sample. In addition, discussion, implications and conclusion are elaborated.

Keywords: Transformational leadership, Empowerment, Organizational commitment

JEL Classification: L20, M12, M19

Article Information

Journal: Business and Economics Research Journal

Title of Article: Bir Yönetim Modeli Önerisi: Toplam Entropi Yönetimi
[Suggestion of a Management Model: Total Entropy Management]

Author(s): Goksel Alpan, Ismail Efil

Volume: 2

Number: 1

Year: 2011

Page: 53 – 87

ISSN: 1309-2448

Abstract

“Entropy” can be defined as the measure of disorder, uncertainty and consumed energy in a system or in the Universe. In the study, entropy concept is used as metaphor and it is aimed to construct the conceptual basis of a new management model which can be utilized to manage all entropy sources effectively. The study is conveyed with a multidisciplinary and holistic approach and by the use of qualitative research techniques. In the study, it is examined the relations of the entropy concept with different disciplines like civilization history, sociology, economy, political sciences, ecology, environmental ethics, classical physics, quantum physics, nanotechnology, genetic science, information theory, network science, system theory, business management etc. and after the evaluation of the findings, it is constructed the conceptual basis of a new management model. At the beginning of the study, entropy concept is defined in detail and related concepts like social entropy, information entropy, negative entropy, heat death, matter chaos, entropic efficiency etc. are explained. Afterwards, important global entropy sources are examined and relations of the concept with actual political, economical, ecological, social and managerial problems and concepts are explained. The main aim of the study is to construct the conceptual basis of a new management model called “Total Entropy Management” which can be applied to governmental organizations, non profit organizations and business enterprises to be able to manage all entropy sources effectively.

Keywords: Entropy, Entropy management, Organizational management, Energy, Ecology

JEL Classification: M10, M14, Q01

Article Information

Journal: Business and Economics Research Journal

Title of Article: Dünya Tarım Ticareti Serbestleşme Sürecinde Neo-Merkantilist Politikalar

[Neo-Mercantilist Policies During the Process of World Agricultural Trade Liberalization]

Author(s): Ahmet Emre Biber

Volume: 2

Number: 1

Year: 2011

Page: 31 – 52

ISSN: 1309-2448

Abstract

The main argument of the article; protection policies were applied in foreign trade during the various period of 17th century to 20th century such as high customs tariffs, export restrictions and non-tariff barriers, that still defended and widely applied in agricultural trade by developed countries. In this context, the study will be put forward in terms of causes and consequences, known as the neo-mercantilist policies in the process of liberalization of world trade after the second world war. Another argument discussed in this study, policies that implemented in terms of world agricultural trade causes of unequal trade relations between developed and underdeveloped countries. The reason is that, these policies generally constitute for the interests of developed countries. Therefore, gradually increasing hegemonic power of the developed countries in the world agricultural markets, affect negatively commercial interests of underdeveloped countries.

Keywords: Agricultural policies, Agricultural foreign trade, Liberalization process, Protectionism, GATT negotiations

JEL Classification: Q17, Q18

Article Information

Journal: Business and Economics Research Journal

Title of Article: Role of the State in Developing Countries: Public Choice versus Schumpeterian Approach

Author(s): Dilek Demirbas, Safa Demirbas

Volume: 2

Number: 1

Year: 2011

Page: 15-30

ISSN: 1309-2448

Abstract

It is obvious that even though modern public choice theories, which were first developed for Western pluralistic societies (society-centred), might have highlighted many hidden subjects in developing countries such as rent-seeking, corruption, strong state tradition, undemocratic decision mechanisms, etc, however, they still cannot hold and explain all the dynamics of these countries since they need to adopt a state-centre approach. In that sense, we propose that the Schumpeterian approach can help us in understanding the dynamics of developing countries even better. Therefore, our main objective in this paper is to provide a synthesis of public choice approach and the Schumpeterian approach to understand the role of the state in developing countries. We know the fact that this study still remains incomplete and not enough to cover all the needs of the subject, but at least it highlights some hidden issues for developing countries and starts a new discussion on this path.

Keywords: Public Choice, Schumpeterin approach, Developing countries, The role of the state

JEL Classification: NO1, O5, P0

Article Information

Journal: Business and Economics Research Journal

Title of Article: Risks, Returns, and Portfolio Diversification Benefits of Country Index Funds in Bear and Bull Markets

Author(s): Ilhan Meric, Herbert E. Gishlick, Leonore S. Taga, Gulser Meric

Volume: 2

Number: 1

Year: 2011

Page: 1-14

ISSN: 1309-2448

Abstract

In this paper, we study the risk-return performance of 23 Ishares country index funds in the U.S. during the May 19, 2008-March 9, 2009 bear market and the March 9, 2009-January 19, 2010 bull market. Our findings with the Sharpe and Treynor portfolio performance measures indicate that the Malaysia, Japan, U.S., and Switzerland country index funds had the best performance in both markets. The statistics indicate that, in terms of loss recovery from the bear market to the bull market, the Malaysia, Singapore, South Africa, and Australia funds had the best performance and the Belgium, Austria, Italy, and Germany funds had the worst performance. Exchange-traded country index funds make it easy for investors to achieve global diversification. Our findings with the PCA (Principal Components Analysis) methodology indicate that investors had more global diversification opportunities in the March 9, 2009-January 19, 2010 bull market than in the May 19, 2008-March 9, 2009 bear market.

Keywords: Risk and return, Portfolio diversification, Country index funds, Bear and bull markets

JEL Classification: G11, G12, G15

Article Information

Journal: Business and Economics Research Journal

Title of Article: Gelir İdareleri ve Yolsuzluk: Motivasyonlar, Fırsatlar ve Mücadele Yolları
[Revenue Administrations and Corruption: Motivations, Opportunities and Fighting Methods]

Author(s): Serkan Benk, Birol Karakurt

Volume: 1

Number: 4

Year: 1

Page: 133 – 148

ISSN: 1309-2448

Abstract

Revenue administration is very important for a state’s economic development as it significantly affects its public expenditures capacity. But corruption in revenue administration can have a serious impact on fiscal sustainability by reducing the tax revenue of a government. Corruption in revenue administration also discourages honest taxpayers by making the black-market a more attractive alternative. Revenue administration is an attractive sector for corruption to take place as the opportunities and motivations to engage in illicit activity are numerous. The complexity of tax systems, the high discretionary powers of tax officials, the low cost of punishment, the pressure from tax evaders are only some factors creating environment for corruption in revenue administration. The aim of this study is to examine opportunities, motivations and fighting methods of corruption in revenue administrations.

Keywords: Revenue administration, Corruption, Taxation, Public financial management

JEL Classification: H83, D73

Article Information

Journal: Business and Economics Research Journal

Title of Article: Tatil Satınalma Sürecinde İtici Faktörler, Bilgi Arama ve Memnuniyet İlişkisi: Yerli Turistler Üzerine Bir Araştırma
[The Relationship among Push Factors, Information Search and Satisfaction in Holiday Purchasing Process: A Survey on Domestic Tourists]

Author(s): Sirvan Sen Demir

Volume: 1

Number: 4

Year: 1

Page: 119 – 132

ISSN: 1309-2448

Abstract

The purpose of this study is to investigate the relationship among push factors, information search and holiday satisfaction in the purchasing process of domestic tourists. At first, a literature review was conducted with regards to the research. Then a questionnaire was developed from the studies reviewed in the literature. Data were collected by researchers in face-to-face interviews with 375 tourists in Mu?la region and then these were analyzed through SPSS and LISREL statistical programs. Structural and convergent validity of the data were presented for consideration via the explanatory factor analysis. Afterwards, a confirmatory factor analysis was conducted in structural equation modelling to test the hypotheses leading to determination of the relationship among push factors, information search and holiday satisfaction. A positive relationship was found between push factors and information search. Similarly, a positive and meaningful relationship was found between push factors and holiday satisfaction, and between information search and holiday satisfaction, as well. Consequently, all hypotheses were accepted.

Keywords: Mugla, Domestic tourists, Push factors, Information search, Holiday satisfaction

JEL Classification: M30, M31

Article Information

Journal: Business and Economics Research Journal

Title of Article: Yönetim Kontrolünün Çalışanların Davranış Performansına Etkisi: İlaç Şirketlerinde Bir Uygulama
[The Effects of Management Control on Employees’ Behavior Performance: A Case in Pharmaceutical Companies]

Author(s): Rahmi Yucel, Selim Sait Eren

Volume: 1

Number: 4

Year: 1

Page: 97 – 118

ISSN: 1309-2448

Abstract

This survey study aims to explore the relations among the formal and informal control, employees’ orientations, and behavior performance. For this purpose, the research uses structured equation modeling to investigate the relationships of the variables. The research was carried out within 121 pharmaceutical companies operating in Marmara Region, and used a questionnaire to determine 560 medical sales representatives’ perceptions. According to the research findings; process control has direct and indirect positive effects on informal controls, control-related orientation of representatives, and their behavior performance. However, output control doesn’t affect directly any research variables except social control. In addition, informal controls are correlated to control-related orientations and behavior performance as formal controls. Particularly, self control has significant direct and indirect effect on behavior performance through control-related orientations. In this respect, the study provides contribution to understand the interaction between formal and informal controls and their effects on behavior performance.

Keywords: Management control, Formal and informal control, Learning orientation, Performance orientation, Behavior performance, Structured equation modeling

JEL Classification: M39, M49, M10