22nd EBES CONFERENCE - ROME

MAY 24-26, 2017 ROME, ITALY

JOINTLY ORGANIZED WITH

The Faculty of Economics

Sapienza University of Rome

SPONSORED BY

[email protected] www.ebesweb.org

22nd EBES Conference - Rome May 24-26, 2017

LIST OF COUNTRIES REPRESENTED

Number of Country % authors 1 Algeria 2 0.46% 2 Australia 4 0.92% 3 Austria 6 1.38% 4 Belgium 1 0.23% 5 Bosnia and Herzegovina 4 0.92% 6 Canada 6 1.38% 7 China 8 1.84% 8 Colombia 1 0.23% 9 Croatia 9 2.07% 10 Cyrpus 6 1.38% 11 Czech Republic 1 0.23% 12 Denmark 1 0.23% 13 Egypt 3 0.69% 14 Estonia 3 0.69% 15 Finland 9 2.07% 16 France 3 0.69% 17 Georgia 1 0.23% 18 Germany 17 3.91% 19 Greece 12 2.76% 20 Hungary 9 2.07% 21 India 6 1.38% 22 Indonesia 1 0.23% 23 Iran 8 1.84% 24 Ireland 1 0.23% 25 Israel 5 1.15% 26 Italy 8 1.84% 27 Japan 10 2.30% 28 Kazakhstan 2 0.46% 29 Kosovo 3 0.69% 30 Laos 1 0.23% 31 Latvia 15 3.45% 32 Lebanon 1 0.23% 33 Lithuania 9 2.07% 34 Mexico 3 0.69% 35 Netherlands 1 0.23% 36 Norway 2 0.46%

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22nd EBES Conference - Rome May 24-26, 2017

LIST OF COUNTRIES REPRESENTED (Continued)

37 Philippines 2 0.46% 38 Poland 39 8.97% 39 Portugal 10 2.30% 40 Puerto Rico 1 0.23% 41 Republic of Macedonia 9 2.07% 42 Romania 16 3.68% 43 Russia 21 4.83% 44 Scotland 1 0.23% 45 Serbia 12 2.76% 46 Singapore 1 0.23% 47 Slovenia 1 0.23% 48 South Africa 2 0.46% 49 South Korea 2 0.46% 50 Spain 12 2.76% 51 Sweden 2 0.46% 52 Switzerland 2 0.46% 53 Taiwan 3 0.69% 54 Thailand 1 0.23% 55 Tunisia 3 0.69% 56 Turkey 60 13.79% 57 U.A.E. 14 3.22% 58 U.S.A. 23 5.29% 59 United Kingdom 16 3.68% TOTAL 435 100%

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22nd EBES Conference - Rome May 24-26, 2017

LIST OF INSTITUTIONS REPRESENTED

Number Institution Country of authors 1 "Gheorghe Asachi" Technical University of Iasi Romania 3 2 Agder University Norway 1 3 Akdeniz University Turkey 3 4 American University of Sharjah U.A.E. 8 5 Anadolu University Turkey 2 6 Anglia Ruskin University - IIMP United Kingdom 1 7 Ankara University Turkey 2 8 Ankara Yildirim Beyazit University Turkey 1 9 Aoyama Gakuin University Japan 1 10 Artvin Coruh University Turkey 1 11 Avrasya University Turkey 1 12 BA School of Business and Finance Latvia 3 13 Banco de Mexico Mexico 1 14 Bank of Finland Finland 1 15 Bar-Ilan University Israel 3 16 Bartin University Turkey 3 17 Bialystok University of Technology Poland 5 18 Bingol University Turkey 1 19 Bitlis Eren University Turkey 1 20 Bogazici University Turkey 2 21 Brock University Canada 1 22 Bucharest Academy of Economic Studies Romania 5 23 Business School of Tunis, Compus La Manouba Tunisia 1 24 Cairo University Egypt 2 25 California State Polytechnic University U.S.A. 1 26 California State University, Long Beach U.S.A. 1 27 Canadian University in Dubai U.A.E. 2 28 Carthage University Tunisia 1 29 Central University of Himachal Pradesh India 2 30 Centre for Planning and Economic Research Greece 2 31 Chelyabinsk State University Russia 7 32 Chinese Culture University Taiwan 1 33 Chulalongkorn University Thailand 1 34 City University of London United Kingdom 1 Consulta Independent Audit and Sworn in Certified Public 35 Turkey 1 Accountancy 36 Copenhagen Business School Denmark 1 37 Corvinus University of Budapest Hungary 3 38 Cracow University of Economics Poland 1 39 Cukurova University Turkey 3 40 De La Salle University-Dasmarinas Philippines 2

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22nd EBES Conference - Rome May 24-26, 2017

41 De Montfort University United Kingdom 1 42 Deka Investment GmbH Germany 1 43 Dogus University Turkey 1 44 Dokuz Eylul University Turkey 3 DREAMS - Universidade Lusofona de Humanidades e 45 Portugal 2 Tecnologias 46 Eastern Mediterranean University Cyprus 5 Bosnia and 47 Elektroprivreda BH 1 Herzegovina 48 ENSSEA-LASAP Algeria 2 49 Eroglu Isı A.S Turkey 1 50 FEFA Serbia 3 51 FEP Portugal 1 52 Florida International University U.S.A. 1 53 Franklin University Switzerland Switzerland 1 54 Gaziantep University Turkey 1 55 Georgian Institute of Public Affairs Georgia 1 56 German University in Cairo Egypt 1 57 German University of Administrative Sciences Speyer Germany 2 58 Ghent University Belgium 1 59 Graz University of Technology Austria 3 60 GRIPS - National Graduate Institute for Policy Studies Japan 1 61 HEC Montreal Canada 2 62 Hitotsubashi University Japan 1 63 Ifo Institute for Economic Research Germany 1 64 Imperial College London United Kingdom 1 65 Industrial and Commercial Bank of China China 1 66 Institute for Employment Research Germany 2 67 Institute for Fiscal Studies Spain 4 68 Institute of Social Sciences Ivo Pilar Croatia 1 69 International Monetary Fund U.S.A. 2 70 ISCTE-Instituto Universitario de Lisboa Portugal 1 71 Isik University Turkey 1 72 Islamic Azad University, Saveh Branch Iran 3 73 Istanbul Aydin University Turkey 1 74 Istanbul Bilgi University Turkey 1 75 Istanbul Gelisim University Turkey 2 76 Istanbul Maltepe University Turkey 1 77 Istanbul Medeniyet University Turkey 1 78 Istanbul Medipol University Turkey 1 79 Istanbul University Turkey 1 80 Izmir University of Economics Turkey 2 81 Jagiellonian University Poland 2 82 Jyvaskyla University Finland 5 83 Kaunas University of Technology Lithuania 9 84 Keele University United Kingdom 1

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22nd EBES Conference - Rome May 24-26, 2017

85 Keio University Japan 1 86 KIMEP University Kazakhstan 2 87 Kirikkale University Turkey 1 88 Kutztown University U.S.A. 1 89 Latvia University of Agriculture Latvia 1 90 Latvijas Mobilais Telefons SIA Latvia 1 91 Leader Association of Living Balaton Upland Hungary 1 92 Leeds University United Kingdom 1 93 Lehigh University U.S.A. 3 94 Lisbon School of Economics & Management Portugal 1 95 Lomonosov Moscow State University Russia 2 96 LTD “ARDENIS” Latvia 2 97 Lucian Blaga University of Sibiu Romania 1 98 Lund University Sweden 2 99 Macquarie University Australia 1 100 Magyar Nemzetli Bank Hungary 1 101 Management Development Institute India 1 102 Marmara University Turkey 7 103 Meiji University Japan 1 104 Meisei University Japan 1 105 MGIMO University Russia 2 106 Middle East Technical University Turkey 1 107 Mie University Japan 1 108 Minatech Administrator SRL Romania 1 109 Montpellier Business School France 2 110 MUFG Union Bank U.S.A. 1 111 Nanjing University of Finance and Economics China 1 112 National Bank of Poland Poland 1 113 National Research University Higher School of Economics Russia 3 114 National University of Laos Laos 1 115 National University of Singapore Singapore 1 116 Near East University Cyprus 1 117 New York University U.S.A. 1 118 Nisantasi University Turkey 1 119 NTNU Aalesund Norway 1 120 Osmaniye Korkut Ata University Turkey 2 121 Penn State University U.S.A. 1 122 Perm National Research Polytechnic University Russia 2 123 Pittsburg State University U.S.A. 1 124 Poznan University of Economics Poland 6 125 Rafik Hariri University Lebanon 1 126 Recep Tayyip Erdogan University Turkey 2 127 Riga Stradins University Latvia 2 128 Riga Technical University Latvia 3 129 Ritsumeikan University Japan 1

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22nd EBES Conference - Rome May 24-26, 2017

130 RMIT Australia 1 131 Roma Tre University Italy 3 132 Ruhr-University in Bochum Germany 3 133 Rzeszow University of Technology Poland 1 134 Sapienza University of Rome Italy 1 135 Scuola Superiore Sant’Anna in Pisa Italy 1 136 Shandong University China 1 137 Sheffield Hallam University United Kingdom 1 138 Shih Chien University Taiwan 2 139 Silesian University in Opava Czech Republic 1 140 Skyline University College U.A.E. 1 141 South African Reserve Bank South Africa 1 142 Southwestern University of Finance and Economics China 2 143 St. Petersburg State University Russia 1 144 St. Petersburg University Russia 3 145 Suleyman Demirel University Turkey 1 146 Szent Istvan University Hungary 1 147 Tallinn University of Technology Estonia 3 148 Tel Aviv University Israel 1 149 The Australian National University Australia 1 150 The Bucharest University of Economic Studies Romania 1 151 The John Paul II Catholic University of Lublin Poland 2 The National Institute of Population and Social Security 152 Japan 1 Research 153 The University of Nottingham United Kingdom 1 154 Tohoku University Japan 1 155 Trisakti University Indonesia 1 156 TU Wien Austria 2 157 Tunis El-Manar University, FSEGT Tunisia 1 158 Turkish German University Turkey 1 159 Uludag University Turkey 1 160 United Arab Emirates University U.A.E. 3 161 Universidad Complutense de Madrid Spain 2 162 Universidad de la Sabana Colombia 1 163 Universidad Politecnica de Cartagena Spain 2 164 Universita Cattolica del Sacro Cuore in Milano Italy 1 Republic of 165 University "Goce Delcev" - Shtip 5 Macedonia 166 University “Hasan Prishtina” Prishtina Kosovo 1 167 University College Dublin Ireland 1 168 University Giessen Germany 1 169 University in Gdansk Poland 1 170 University of Applied Sciences Munich Germany 1 171 University of Barcelona Spain 1 172 University of Belgrade Serbia 8 173 University of Bucharest Romania 4

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22nd EBES Conference - Rome May 24-26, 2017

174 University of Cantabria Spain 3 175 University of Crete Greece 6 176 University of Edinburgh Scotland 1 177 University of Florida U.S.A. 1 178 University of Genoa Italy 1 179 University of Georgia U.S.A. 2 180 University of Gottingen Germany 2 181 University of Greifswald Germany 1 182 University of Guanajuato Mexico 2 183 University of Guelph Canada 1 184 University of Haifa Israel 1 185 University of Innsbruck Austria 1 186 University of International Business and Economics China 1 187 University of Kassel Germany 1 188 University of Kent United Kingdom 3 189 University of Latvia Latvia 2 190 University of Lausanne Switzerland 1 191 University of Ljubljana Slovenia 1 192 University of Macedonia Greece 2 193 University of Marburg Germany 2 194 University of Massachusetts Lowell U.S.A. 2 195 University of Minho Portugal 2 Bosnia and 196 University of Mostar 1 Herzegovina 197 University of New South Wales Australia 1 198 University of Nottingham United Kingdom 1 199 University of Pannonia Hungary 2 200 University of Pecs Hungary 2 201 University of Petroleum and Energy Studies India 1 202 University of Picardy Jules Verne France 1 203 University of Piraeus Greece 2 204 University of Prishtina Kosovo 2 205 University of Puerto Rico Puerto Rico 1 206 University of Quebec at Montreal Canada 1 207 University of Rijeka Croatia 1 208 University of San Francisco U.S.A. 1 Bosnia and 209 University of Sarajevo 1 Herzegovina 210 University of Scranton U.S.A. 1 211 University of Seoul South Korea 1 212 University of Siena Italy 1 213 University of St Andrews United Kingdom 1 214 University of Szczecin Poland 2 215 University of Tampere Finland 3 216 University of Tehran Iran 4 217 University of Tehran Iran 1

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22nd EBES Conference - Rome May 24-26, 2017

218 University of Tras-os-Montes and Alto Douro Portugal 3 219 University of Victoria Canada 1 220 University of Warmia and Mazury Poland 1 221 University of Warwick United Kingdom 2 222 University of Westminster United Kingdom 1 223 University of Wroclaw Poland 4 224 University of Zagreb Croatia 7 Bosnia and 225 University of Zenica 1 Herzegovina Republic of 226 University Ss Cyril and Methodius 4 Macedonia 227 University Union Belgrade Serbia 1 228 UNU-MERIT Netherlands 1 229 UPES India 2 230 Ural Federal University Russia 1 231 Ventspils University College Latvia 1 232 Warsaw School of Economics Poland 5 233 West University of Timisoara Romania 1 234 Wits Business School South Africa 1 235 World Bank U.S.A. 3 236 Wroclaw University of Economics Poland 2 237 WSB University in Gdansk Poland 4 238 Wyzsza Szkola Bankowa we Wroclawiu Poland 1 239 Xiamen University China 2 240 Yasar University Turkey 1 241 Yeditepe University Turkey 2 242 Yeungnam University South Korea 1 243 Yildiz Technical University Turkey 2

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22nd EBES Conference - Rome May 24-26, 2017

LIST OF CONFERENCE PARTICIPANTS

Author Institution Country Abalfaz Abdullayev Szent Istvan University Hungary Abhijit Roy University of Scranton U.S.A. Aggeliki Lorents University of Crete Greece Agnes Gyori Corvinus University of Budapest Hungary Agnieska Piechocka Kaluzna Poznan University of Economics Poland Agnieszka Konopelko Bialystok University of Technology Poland Ahmed Badreldin University of Marburg Germany Ajith Kumar Vadakki Veetil Skyline University College U.A.E. Akvile Cibinskiene Kaunas University of Technology Lithuania Alain Kabundi South African Reserve Bank South Africa Aleksandra Prascevic University of Belgrade Serbia Alev Atak City University of London United Kingdom Alex Nikolsko-Rzhevskyy Lehigh University U.S.A. Alexander Larin Higher School of Economics Russia Alexander Passer Graz University of Technology Austria Alexander Redlein TU Wien Austria Alexandros Proedrou University of Piraeus Greece Ali Akay Recep Tayyip Erdogan University Turkey Ali Dolatshahi Islamic Azad University, Saveh Branch Iran Ali Eroglu Eroglu Isı A.S Turkey Alice Tibayan Valerio De La Salle University-Dasmarinas Philippines Alimshan Faizulayev Eastern Mediterranean University Cyprus Alvaro Pedraza World Bank U.S.A. Amir Armanious Macquarie University Australia Ana Aleksic University of Zagreb Croatia Ana Maria Sandica Bucharest Academy of Economic Studies Romania Ana Maria Soares University of Minho Portugal Anca Iuliana Nicolae Bucharest Academy of Economic Studies Romania Andrey Zinchenko St. Petersburg University Russia Andris Sarnovics BA School of Business and Finance Latvia Andrzej Daniluk Bialystok University of Technology Poland Anil Kumar Lal Pittsburg State University U.S.A. Anis Samet American University of Sharjah U.A.E. Anna Loukianova St. Petersburg University Russia Anna Tomaszuk Bialystok University of Technology Poland Anna Wasiluk Bialystok University of Technology Poland Annabelle Jaouen Montpellier Business School France Annamaria Harta Leader Association of Living Balaton Upland Hungary Annie Chen Sheffield Hallam University United Kingdom An-Sofie Cottyn Ghent University Belgium Antonio Campa Chelyabinsk State University Russia

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22nd EBES Conference - Rome May 24-26, 2017

Arkadiusz Tomasz Borowiec Poznan University of Technology Poland Armand Krasniqi University “Hasan Prishtina” Prishtina Kosovo Ashraf Khallaf American University of Sharjah U.A.E. Asli Aybars Marmara University Turkey Asta Saboniene Kaunas University of Technology Lithuania Republic of Atanasko Atanasovski University Ss Cyril and Methodius Macedonia Ayhan Karakas Bartin University Turkey Ayodeji Samson Fatigun Eastern Mediterranean University Cyprus Azadeh Shafaei Rad University of Tehran Iran Bosnia and Azra Hadziahmetovic University of Sarajevo Herzegovina Bartosz Jozwik The John Paul II Catholic University of Lublin Poland Beatrice Leustean University of Bucharest Romania Begona Garcia Greciano Universidad Complutense de Madrid Spain Ben-Zion Zilberfarb Netanya Academic College and Bar-Ilan University Israel Bernd Markus Zunk Graz University of Technology Austria Bernhard Nietert University of Marburg Germany Bilal Bagis Bingol University Turkey Biruta Sloka University of Latvia Latvia Bogdan Mariusz Wlodarczyk University of Warmia and Mazury Poland Bongju Kim Meiji University Japan Bouchafaa Bahia E.N.S.A - L.A.S.A.P Algeria Brigita Janiunaite Kaunas University of Technology Lithuania Burak Herguner Avrasya University Turkey Burak Nakiboglu Cukurova University Turkey Camelia Dumitriu University of Quebec at Montreal Canada Carla Susana Marques University of Tras-os-Montes and Alto Douro Portugal Carlos Peixeira Marques University of Tras-os-Montes and Alto Douro Portugal Carlos Rivero Rodriguez Universidad Complutense de Madrid Spain Carmem Teresa Leal University of Tras-os-Montes and Alto Douro Portugal Carmen Paunescu Bucharest University of Economic Studies Romania Cem Payaslioglu Eastern Mediterranean University Cyprus Cesar Escalante University of Georgia U.S.A. Cesar Perez Lopez Institute for Fiscal Studies Spain Chen Ling Southwestern University of Finance and Economics China Cher Li Imperial College London United Kingdom Chiraz Labidi United Arab Emirates University U.A.E. Cigdem Vural Yavas Bogazici University Turkey Ciydem Catak Turkish German University Turkey Claas Bruns Ruhr-University in Bochum Germany Claudia Hipp German University of Administrative Sciences Speyer Germany Claudio Antonio Piga Keele University United Kingdom Colin R. McKenzie Keio University Japan Corina - Ionela Dumitrescu University of Bucharest Romania Dainn Wie GRIPS - National Graduate Institute for Policy Studies Japan

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22nd EBES Conference - Rome May 24-26, 2017

Dan Popescu Lucian Blaga University of Sibiu Romania Devrim Gun Istanbul Bilgi University Turkey Dimitrios Bakogiannis University of Crete Greece Dina Jaccob Cairo University Egypt Dipinder S Randhawa National University of Singapore Singapore Dizem Ertac-Varoglu Near East University Cyprus Dmitri Pletnev Chelyabinsk State University Russia Dmitrijs Skoruks Riga Technical University Latvia Dmitry Sorokin Chelyabinsk State University Russia Dominik Wolff Deka Investment GmbH Germany Dorota Podedworna-Tarnowska Warsaw School of Economics Poland Dorra Laribi University of Picardy Jules Verne France Dragan Durici University of Belgrade Serbia Eda Balikcioglu Kirikkale University Turkey Egor Nikulin St. Petersburg University Russia Eimutis Valakevicius Kaunas University of Technology Lithuania Ekaterina Krekhovets National Research University Higher School of Economics Russia Ekaterina Nikolaeva Chelyabinsk State University Russia El Mehdi Ali Griguiche IHEC - Carthage / Carthage University Tunisia Elena Bermejo Rubio Instituto de Estudios Fiscales Spain Elena Paglialunga Roma Tre University Italy Elena Panteleeva NTNU Aalesund Norway Elena Victorovna Kozonogova Perm National Research Polytechnic University Russia Eleni Kopidaki University of Crete Greece Republic of Elenica Sofijanova University “Goce Delcev” - Shtip Macedonia Elif Ozkaya Florida International University U.S.A. Elimdar Bayramov Corvinus University of Budapest Hungary Elina Konstantinova Ventspils University College Latvia Elisa Baraibar-Diez University of Cantabria Spain Elisavet Nitsi Centre of Planning and Economic Research Greece Ema Marinkovic FEFA Serbia Emanuele Giovannetti Anglia Ruskin University - IIMP United Kingdom Emel Karayel Bilbil Marmara University Turkey Emilie J. Rutledge United Arab Emirates University U.A.E. Emir Ozeren Dokuz Eylul University Turkey Engin Kucukkaya Middle East Technical University Turkey Eralp Bektas Eastern Mediterranean University Cyprus Erdem Kurklu Osmaniye Korkut Ata University Turkey Eric Schaling Wits Business School South Africa Erkan Sezgin Anadolu University Turkey Erkut Akkartal Yeditepe University Turkey Ethem Duygulu Dokuz Eylul University Turkey Eva Stopajnik TU Wien Austria Evgenija Ries Ruhr-University in Bochum Germany

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22nd EBES Conference - Rome May 24-26, 2017

Ewa Magier-Lakomy WSB University in Gdansk Poland Fang Liu University of Lausanne Switzerland Farah Wulandari Pangestuty University of Gottingen Germany Ferah Turkoglu Utku Marmara University Turkey Ferry Prasetyia University of Kassel Germany Fikret Sozbilir Artvin Coruh University Turkey Florentina Xhelili Krasniqi University of Prishtina Kosovo Francesco Crespi Roma Tre University Italy Franci Porenta University of Ljubljana Slovenia Fredy Pulga Universidad de la Sabana Colombia Gabriele D'Alauro University of Genoa Italy Gatis Kristaps LTD “ARDENIS” Latvia Ge Liu University of Edinburgh Scotland Giang Nguyen The Australian National University Australia Giorgos Neroutsos University of Crete Greece Giovanni Dosi Scuola Superiore Sant’Anna in Pisa Italy Giuseppe Ciccarone Sapienza University of Rome Italy Republic of Goran Mitev University "Goce Delcev" - Shtip Macedonia Goran Pitic FEFA Serbia Grzegorz Zimon Rzeszow University of Technology Poland Gul Nur Demiral Anadolu University Turkey Gulcay Tuna Payaslioglu Eastern Mediterranean University Cyprus Gulmus Boruhan Yasar University Turkey Gulsun Nakiboglu Cukurova University Turkey H. Erkan Ozkaya California State Polytechnic University U.S.A. Hadar Binsky Tel Aviv University Israel Hakan Danis MUFG Union Bank U.S.A. Hakan J. Holm Lund University Sweden Hakki Hakan Yilmaz Ankara University Turkey Hanene Belhaj Canadian University in Dubai U.A.E. Hanna Brenzel Institute for Employment Research in Nuremberg Germany Consulta Independent Audit and Sworn in Certified Public Hasan Emre Burckin Turkey Accountancy Hasan Engin Sener Ankara Yildirim Beyazit University Turkey Hatice Karahan Istanbul Medipol University Turkey Haydar Karadag Recep Tayyip Erdogan University Turkey Helmuth Kreiner Graz University of Technology Austria Hideaki Uchida Mie University Japan Hieyeon Keum University of Seoul South Korea Hilal Akinci Yeditepe University Turkey Hilla Karamaki University of Tampere Finland Huseyin Tastan Yildiz Technical University Turkey Ignas Valodka Kaunas University of Technology Lithuania Igor Perechuda Jagiellonian University Poland Ilge Kurt Nisantasi University Turkey

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22nd EBES Conference - Rome May 24-26, 2017

Ilze Buligina University of Latvia Latvia Imad Moosa RMIT Australia In Jun Yeungnam University South Korea Inna Dovladbekova Riga Stradins University Latvia Insaf Mamoghli Canadian University in Dubai U.A.E. Ioana-Ruxandra Lie The Bucharest University of Economic Studies Romania Ioanna Konstantakopoulou Centre for Planning and Economic Research Greece Irena Pekarskiene Kaunas University of Technology Lithuania Irene Fafaliou University of Piraeus Greece Ireneusz Maciej Miciula University of Szczecin Poland Irfan Civcir Ankara University Turkey Irina Arhipova Latvia University of Agriculture Latvia Irina Belova Chelyabinsk State University Russia Isik Ozge Yumurtaci Huseyinoglu Izmir University of Economics Turkey Iuner Kapkaev Chelyabinsk State University Russia Iva Vuksanovic University of Belgrade Serbia Ivana Bozic Miljkovic University Union Belgrade Serbia Republic of Ivana Jancevska University Ss Cyril and Methodius Macedonia Jacek Jaworski WSB University in Gdansk Poland Jagdish Raj Saini Central University of Himachal Pradesh India Jakub Drzewiecki Wroclaw University of Economics Poland Jan Gola University of Wroclaw Poland Jan Kreft Jagiellonian University Poland Jaroslaw Odachowski Wyzsza Szkola Bankowa we Wroclawiu Poland Bosnia and Jasmin Halebic University of Zenica Herzegovina Jekaterina Nazarova Riga Technical University Latvia Joanna Brzezinska University of Wroclaw Poland Jochen A. Jungeilges Agder University Norway John Thanassoulis University of Warwick United Kingdom Johnny Shaw Chinese Culture University Taiwan Jonathan B. Martinez De La Salle University-Dasmarinas Philippines Jorg Bley American University of Sharjah U.A.E. Jose Luis Fernandez Sanchez University of Cantabria Spain University of Evora; DREAMS - Universidade Lusofona de Jose Manuel Vicente Portugal Humanidades e Tecnologias Jose Vasquez World Bank U.S.A. Judith Anne Clarke University of Victoria Canada Julia Dubrovskaya Perm National Research Polytechnic University Russia Justyna Wroblewska Cracow University of Economics Poland Kadri Mannasoo Tallinn University of Technology Estonia Kaido Kepp Tallinn University of Technology Estonia Kassa Woldesenbet Beta De Montfort University United Kingdom Katarzyna Sokolowska WSB University in Gdansk Poland Kazuhiro Kumo Hitotsubashi University Japan Kei Sakata Ritsumeikan University Japan

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22nd EBES Conference - Rome May 24-26, 2017

Kenji Klein California State University, Long Beach U.S.A. Khaled Alkaabi United Arab Emirates University U.A.E. Kherchi Medjden Hanya ENSSEA-LASAP Algeria Klaus F. Zimmermann UNU-MERIT Netherlands Koray Tuan Cukurova University Turkey Kristian Estevez University of Barcelona Spain Krzysztof Kubiak Poznan University of Technology Poland Krzysztof Borowski Warsaw School of Economics Poland Kubra Tekbiyik Marmara University Turkey Laura Kersule Latvijas Mobilais Telefons SIA Latvia Laura Martinez Caro Universidad Politecnica de Cartagena Spain Leszek Czerwonka University in Gdansk Poland Levent Ataunal Istanbul Aydin University Turkey Lia Khatiashvili German University of Administrative Sciences Speyer Germany Lidia Alexa "Gheorghe Asachi" Technical University of Iasi Romania Liga Peiseniece BA School of Business and Finance Latvia Liudmila Leonova National Research University Higher School of Economics Russia Republic of Ljupco Davcev University “Goce Delcev” - Shtip Macedonia Loubna Khalifi Chairi Institute for Fiscal Studies Spain Lovorka Galetic University of Zagreb Croatia Luis Cisneros HEC Montreal Canada Lukasz Matuszak Poznan University of Economics Poland M. Halim Dalgin Kutztown University U.S.A. M. S. Avila-Garcia University of Guanajuato Mexico Magdalena Mikolajek-Gocejna Warsaw School of Economics Poland Maher Georges Elmashhara University of Minho Portugal Mahmoud Motavaseli University of Tehran Iran Mahmoud Zouaoui Business School of Tunis, Compus La Manouba Tunisia Mahmut Sami Ozturk Suleyman Demirel University Turkey Mahnaz Saeedikiya University of Tehran Iran Maija Senfelde Riga Technical University Latvia Maja Klindzic University of Zagreb Croatia Maja Tadic Vujcic Institute of Social Sciences Ivo Pilar Croatia Mantas Landauskas Kaunas University of Technology Lithuania Marat Smirnov St. Petersburg State University Russia Marco Aurelio Hernandez Vega Banco de Mexico Mexico Marco Tavanti University of San Francisco U.S.A. Marco Vivarelli Universita Cattolica del Sacro Cuore in Milano Italy Marek A. Dabrowski Cracow University of Economics Poland Marek Szczepanski Poznan University of Technology Poland Maria del Camino Gonzalez Vasco Institute for Fiscal Studies Spain Maria do Carmo Botelho ISCTE-Instituto Universitario de Lisboa Portugal Maria Dolores Odriozola University of Cantabria Spain Maria Rosario Correia German University in Cairo Egypt

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22nd EBES Conference - Rome May 24-26, 2017

Maria Vlachadi University of Crete Greece Marie Christine Tavouktsi University of Macedonia Greece Marie-Christine Laible Institute for Employment Research Germany Marina Sheresheva Lomonosov Moscow State University Russia Republic of Marina Trpeska University Ss Cyril and Methodius Macedonia Marion Steven Ruhr-University in Bochum Germany Maritta Paloviita Bank of Finland Finland Marius Pislaru "Gheorghe Asachi" Technical University of Iasi Romania Marko Jarvenpaa Jyvaskyla University Finland Marta Abula Riga Stradins University Latvia Martin Heinberg Leeds University United Kingdom Martin Kloyer University of Greifswald Germany Martina Nakic University of Zagreb Croatia Marton Nagy Magyar Nemzetli Bank Hungary Masoud Ghorbanhosseini Islamic Azad University, Saveh Branch Iran Massimo A. De Francesco University of Siena Italy Matthias Dunnweber Bucharest University of Economic Studies Romania Maya Katenova KIMEP University Kazakhstan Mehmet Akif Destek Gaziantep University Turkey Mehmet Huseyin Bilgin Istanbul Medeniyet University Turkey Mehrzad Saeedikiya University of Tehran Iran Menachem Abudy Bar-Ilan University Israel Metehan Feridun Sorkun Izmir University of Economics Turkey Midori Wakabayashi Tohoku University Japan Mihai Ibanescu HEC Montreal Canada Min Zhao Nanjing University of Finance and Economics China Minjia Chen University of Nottingham United Kingdom Mira Nurmakhanova KIMEP University Kazakhstan Modeste Some World Bank U.S.A. Mohsen Saad American University of Sharjah U.A.E. Mona Farid Badran Cairo University Egypt Monica Roman Bucharest University of Economic Studies Romania Monika Boguszewicz-Kreft WSB University in Gdansk Poland Monika Przybylska University of Wroclaw Poland Muhammed Rasit Yildiz Bartin University Turkey Murat Erdogan Akdeniz University Turkey Mustafa Akan Dogus University Turkey Mustafa Salim Erek Bitlis Eren University Turkey Nahum Biger University of Haifa Israel Najib A. Mozahem Rafik Hariri University Lebanon Nameda Belmane LTD “ARDENIS” Latvia Narjess Boubakri American University of Sharjah U.A.E. Natan Goldstein Bar-Ilan University Israel Nathan Keim Lehigh University U.S.A.

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22nd EBES Conference - Rome May 24-26, 2017

Nayha Mansoor University of St Andrews United Kingdom Nebojsa Savic FEFA Serbia Nela Vlahinic Lenz University of Rijeka Croatia Bosnia and Nerma Colakovic-Prguda University of Mostar Herzegovina Nevber Zeynep Eroglu Marmara University Turkey Nexhmie Berisha Vokshi University of Prishtina Kosovo Nicki-Maria Destouni University of Crete Greece Nihal Bayraktar Penn State University U.S.A. Nikolay Hristov Ifo Institute for Economic Research Germany Nikoloz Abuashvili Georgian Institute of Public Affairs Georgia Nis Hoyrup Christensen Copenhagen Business School Denmark Norbert Sipos University of Pecs Hungary Norman Peng University of Westminster United Kingdom Nurcan Hakan Ciraklar Dokuz Eylul University Turkey Nurhastuty Kesumo Wardhani Trisakti University Indonesia Olena Nikolsko-Rzhevska Lehigh University U.S.A. Oliver Hulsewig University of Applied Sciences Munich Germany Onur Tosun University of Warwick United Kingdom Osmis Areda Habte Lund University Sweden Ozlem Inanc Tuncer Isik University Turkey Ozlen Hic Istanbul University Turkey Pasi Sajasalo Jyvaskyla University Finland Paul Windrum The University of Nottingham United Kingdom Pawel Stepien University of Szczecin Poland Pedro Miguel Amakasu Raposo de Lisbon School of Economics & Management Portugal Medeiros Carvalho Peeter Maripuu Tallinn University of Technology Estonia Pekka Tuominen University of Tampere Finland Peter Michael Sheldon University of New South Wales Australia Phouphet Kyophilavong National University of Laos Laos Pinar Ozbilen Bogazici University Turkey Radmila Jablan Stefanovic University of Belgrade Serbia Radoslow Kaluzny Poznan University of Economics Poland Radovan Kovacevic University of Belgrade Serbia Rajeev Sharma University of Petroleum and Energy Studies India Raquel Ch Meneses FEP Portugal Razvan Mihai Dobrescu University of Bucharest Romania Refika Funda Akin Marmara University Turkey Republic of Riste Temjanovski University “Goce Delcev” - Shtip Macedonia Rozita Susniene Kaunas University of Technology Lithuania Ruchi Tyagi UPES India DREAMS - Universidade Lusofona de Humanidades e Rui Jorge Cavaco Portugal Tecnologias Safak Aksoy Akdeniz University Turkey Saina Kohli UPES India Samah Horchani Chemli Tunis El-Manar University, FSEGT Tunisia

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22nd EBES Conference - Rome May 24-26, 2017

Samuel L. Tibbs American University of Sharjah U.A.E. Sandeep Goel Management Development Institute India Sanja Slobodan Dudukovic Franklin University Switzerland Switzerland Sanjeev Gupta Central University of Himachal Pradesh India Sarka Zapletalova Silesian University in Opava Czech Republic Sashana Teria Whyte University of Kent United Kingdom Sebastian Bobowski Wroclaw University of Economics Poland Seden Durustkan Istanbul Maltepe University Turkey Selin Erdogan Yildiz Technical University Turkey Selina Lingna Sun University of Massachusetts Lowell U.S.A. Severin Hornung University of Innsbruck Austria Sevgi Coskun University of Kent United Kingdom Seyda Sanli Yalin Istanbul Gelisim University Turkey Shakil Quayes University of Massachusetts Lowell U.S.A. Shao-Chieh Hsueh Xiamen University China Shinya Kajitani Meisei University Japan Southwestern University of Finance and Economics Shu Xu China (SWUFE) Shuoxun Zhang Xiamen University China Sibel Aybar Istanbul Gelisim University Turkey Silvia Avasilcai "Gheorghe Asachi" Technical University of Iasi Romania Slobodan Acimovic University of Belgrade Serbia Soledad Zapata Aguera Universidad Politecnica de Cartagena Spain Sonja Lahtinen University of Tampere Finland Sorin Mircea Axinte Minatech Administrator SRL Romania Steven R. McNamara University of Florida U.S.A. Supriya Kapoor University College Dublin Ireland Svetlana Berezka Lomonosov Moscow State University Russia Republic of Tamara Jovanov Marjanova University “Goce Delcev” - Shtip Macedonia Tamara Sliskovic University of Zagreb Croatia Tansu Barker Brock University Canada Tatjana Volkova BA School of Business and Finance Latvia Tatyana Ryazanova Ural Federal University Russia Tatyana Sergeevna Novashina MGIMO University Russia Teppo Sintonen Jyvaskyla University Finland Tetyana Kholod Shih Chien University Taiwan Theany Calderon University of Puerto Rico Puerto Rico Thida Weangsamoot Chulalongkorn University Thailand Thomas Chatzigagios University of Macedonia Greece Thorsten Riedle University of Kent United Kingdom Tomasz Lyziak National Bank of Poland Poland Tomasz Stepniewski The John Paul II Catholic University of Lublin Poland Tomislav Hernaus University of Zagreb Croatia Tomislav Sekur University of Zagreb Croatia Tommi P. Auvinen Jyvaskyla University Finland

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22nd EBES Conference - Rome May 24-26, 2017

Tony Kuo Shih Chien University Taiwan Toshitaka Fukiharu Aoyama Gakuin University Japan Tugba Gurcaylilar Yenidogan Akdeniz University Turkey Tuomo Takala Jyvaskyla University Finland Urszula Kobylinska Bialystok University of Technology Poland Valeria Costantini Roma Tre University Italy Vasile Dogaru West University of Timisoara Romania Bosnia and Vedran Prsa Elektroprivreda BH Herzegovina Veljko Mijuskovic University of Belgrade Serbia Viktor Barhatov Chelyabinsk State University Russia Viktoria Csizmadiane Czuppon University of Pannonia Hungary Viorel Vulturescu University of Bucharest Romania Volkan Gursel Uludag University Turkey Vukasin Kuc University of Belgrade Serbia Vyacheslav Ivanovich Karpunin MGIMO University Russia Vytautas Snieska Kaunas University of Technology Lithuania Walid A. Nakara Montpellier Business School France Wanda Dugiel Warsaw School of Economics Poland The National Institute of Population and Social Security Wataru Kureishi Japan Research Wiktor Bolkunow Warsaw School of Economics Poland William Patrick Blagrave International Monetary Fund U.S.A. Wojciech Szydlo University of Wroclaw Poland Wolfgang Bessler University Giessen Germany Xiaofei Li University of Georgia U.S.A. Xiaohua Yu University of Gottingen Germany Xiaoyong Cao University of International Business and Economics China Yan Zhao Industrial and Commercial Bank of China China Yanqiang Ding Shandong University China Yashiro Danahi Cisneros Reyes University of Guanajuato Mexico Yass Alkafaji American University of Sharjah U.A.E. Yiguo Sun University of Guelph Canada Yuliana Sameroynina New York University U.S.A. Yusuf Bilgin Bartin University Turkey Zaher Zantout American University of Sharjah U.A.E. Zeinolabedin Amini Sabegh Islamic Azad University, Saveh Branch Iran Zeynab Aeeni University of Tehran Iran Zeynep Irem Eren Erdogmus Marmara University Turkey Zeynep Turk Osmaniye Korkut Ata University Turkey Zhongxia (Sam) Zhang GWU and IMF U.S.A. Zoltan Andras Daniel University of Pannonia Hungary Republic of Zorica Bozhinovska Lazarevska University Ss Cyril and Methodius Macedonia Zsuzsa Karoliny University of Pecs Hungary

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