32Nd EBES CONFERENCE PROGRAM and ABSTRACT BOOK

32nd EBES CONFERENCE PROGRAM AND ABSTRACT BOOK

ISTANBUL, TURKEY

AUGUST 5-7, 2020 (Online/Virtual Presentation Only)

32nd EBES Conference - Program and Abstract Book (ISBN: 978-605-80042-2-1) EBES Publications / EBES Yayınları Mailing Address / Yönetim Yeri Adresi: Akşemsettin Mah. Kocasinan Cad. Erenoğlu İş Merkezi No:8/4 34080 Fatih - İstanbul, Türkiye Publisher / Baskı: EBES Akşemsettin Mah. Kocasinan Cad. Erenoğlu İş Merkezi No:8/4 34080 Fatih - İstanbul, Türkiye Tel: 0212 2205451 Fax: 0212 2205452 Publication Type / Yayın Türü: Conference Book / Konferans Kitabı Types of Material / Materyal Türü: Electronic Book / Elektronik Kitap Istanbul - Turkey / İstanbul - Türkiye Agustos 2020 / August 2020 Contents

Contents ………………………………………………………………………………i

About EBES ………………………………………………………………………….ii

Executive Board & Officers ………………………………………………………iii

Advisory Board ……………………………………………………………………..iv

Welcome - from the Conference Coordinator …………………………………v

Scientific Committee ………………………………………………………………vi

Keynote Speakers …………………………………………………………………vii

Publication Opportunities …………………………………………………………x

Conference Program - Day 1 …………………………………………………...1-4

Conference Program - Day 2 ………………………………………………….5-10

Conference Program - Day 3 ………………………………………………...11-17

Abstract Book - Day 1 ………………………………………………………...18-38 Abstract Book - Day 2 ………………………………………………………...39-77

Abstract Book - Day 3 ……………………………………………………….78-119 List of Countries Represented ………………………………………………...120 List of Institutions Represented …………………………………………121-124 List of Conference Participants ………………………………………….125-132

i EBES - Eurasia Business and Economics Society

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 of the term “Eurasia”, the scope should be understood in its broadest term as having a global emphasis.

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 12,549 colleagues from 99 countries have joined our conferences and 7,091 academic papers have been presented. EBES has reached 2,311 members from 87 countries.

Since 2011, EBES has been publishing two journals. One of those journals, Eurasian Business Review - EABR, is in the fields of industrial organization, innovation and management science, and the other one, Eurasian Economic Review - EAER, is in the fields of applied macroeconomics and finance. Both journals are published quarterly by Springer and indexed in Scopus. In addition, EAER is indexed in the Emerging Sources Citation Index (Clarivate Analytics) and EABR is indexed in the Social Science Citation Index (SSCI). EABR has an Impact Factor of 2.222 (2019 JCR Impact Factor).

Furthermore, since 2014 Springer has started to publish a new conference proceedings series (Eurasian Studies in Business and Economics) which includes selected papers from the EBES conferences. The 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th (Vol.2), 21st and 24th EBES Conference Proceedings have already been accepted for inclusion in the Conference Proceedings Citation Index - Social Science & Humanities (CPCI-SSH). Other conference proceedings are in progress.

On behalf of all EBES officers, I sincerely thank you for all your support in the past. We look forward to seeing you at our forthcoming conferences. We very much welcome your comments and suggestions in order to improve our future events. Our success is only possible with your valuable feedback and support!

I hope you enjoy the conference!

With my very best wishes,

Klaus F. ZIMMERMANN President

ii EXECUTIVE BOARD

• Klaus F. Zimmermann, UNU-MERIT & Maastricht University, The Netherlands • Jonathan Batten, RMIT University, Australia • Iftekhar Hasan, Fordham University, U.S.A. • Euston Quah, Nanyang Technological University, Singapore • John Rust, Georgetown University, U.S.A. • Dorothea Schafer, German Institute for Economic Research DIW Berlin, Germany • Marco Vivarelli, Università Cattolica del Sacro Cuore, Italy

OFFICERS

Klaus F. Zimmermann, PhD Mehmet Huseyin Bilgin, PhD (President) (Vice President) UNU-MERIT & Maastricht University, The Netherlands Istanbul Medeniyet University, Turkey E-mail: [email protected] E-mail: [email protected]

Hakan Danis, PhD Alina Klonowska, PhD (Vice President) (Executive Secretary) MUFG Union Bank, U.S.A. Cracow University of Economics, Poland E-mail: [email protected] E-mail: [email protected]

Orhun Guldiken, PhD Ender Demir, PhD (Treasurer) (Conference Coordinator) Manhattan College, U.S.A. Istanbul Medeniyet University, Turkey E-mail: [email protected] E-mail: [email protected]

Sofia Vale, PhD Jonathan Tan, PhD (Conference Coordinator in Europe) (Conference Coordinator in Asia) ISCTE - IUL, Portugal Nanyang Technological University, Singapore E-mail: [email protected] E-mail: [email protected]

Ugur Can Aylin Akin (Administrative Director of the EBES Office) (Assistant Editor of the EBES Publications) E-mail: [email protected] E-mail: [email protected]

Merve Erdemir (Assistant of the Director) E-mail: [email protected]

iii ADVISORY BOARD

• Ahmet Faruk Aysan, Istanbul Sehir University, Turkey • Michael R. Baye, Kelley School of Business, Indiana University, U.S.A. • Mohamed Hegazy, School of Management, Economics and Communication, The American University in Cairo, Egypt • Cheng Hsiao, Department of Economics, University of Southern California, U.S.A. • Noor Azina Ismail, University of Malaya, Malaysia • Irina Ivashkovskaya, State University - Higher School of Economics, Russia • Christos Kollias, Department of Economics, University of Thessaly, Greece • Wolfgang Kürsten, Friedrich Schiller University Jena, Germany • William D. Lastrapes, Terry College of Business, University of Georgia, U.S.A. • Sungho Lee, University of Seoul, South Korea • Justin Y. Lin, Peking University, China • Brian Lucey, The University of Dublin, Ireland • Rita Martenson, School of Business, Economics and Law, Goteborg University, Sweden • Steven Ongena, University of Zurich, Switzerland • Peter Rangazas, Indiana University - Purdue University Indianapolis, U.S.A. • Peter Szilagyi, Central European University, Hungary • Amine Tarazi, University of Limoges, France • Russ Vince, University of Bath, United Kingdom • Adrian Wilkinson, Griffith University, Australia • Naoyuki Yoshino, Faculty of Economics, Keio University, Japan

iv Welcome to the 32nd EBES Conference

We are excited to organize our 32nd conference, which will take place on August 5th, 6th, and 7th, 2020. Due to the Covid-19 virus, the conference presentation mode has been switched to "online/virtual presentation only”. Participants will have two options for presentation: PowerPoint Virtual Presentation and Online (Live) Presentation via Zoom. Keep in mind that online conference is not intended to perfectly replicate the in-person conference experience. However, this is the only option to continue our research at this juncture. We will return to our regular conference as soon as the world is safe to travel again.

We are honored to have received top-tier papers from distinguished scholars from all over the world. We regret that we were unable to accept more papers. In the conference, 185 papers will be presented and 355 colleagues from 49 countries will attend the conference. We are pleased to announce that distinguished colleagues Asli Demirguc-Kunt (the Chief Economist of Europe and Central Asia Region of the World Bank), Klaus F. Zimmermann (President of the Global Labor Organization (GLO), EBES, UNU-MERIT & Maastricht University, the Netherlands), Marco Vivarelli (Professor at the Catholic University of Milano), Dorothea Schäfer (Research Director of Financial Markets at the German Institute for Economic Research (DIW Berlin)), and Jonathan Batten (Professor at RMIT University, Australia) will join the conference as keynote speakers.

Throughout the years, EBES conferences have been an intellectual hub for academic discussion. Participants have found an excellent opportunity for presenting new research, exchanging information and discussing current issues. We believe that our future conferences will improve further the development of knowledge in our fields. In addition, based on the contribution of the paper to the field, the EBES Award Committee has selected one of the papers for the Best Paper Award. The Best Paper Award winner will be announced during the conference.

On behalf of EBES, I would like to thank to all presenters, participants, board members, and keynote speakers.

I am looking forward to meeting you in the conference and seeing you all again at the upcoming EBES conferences. We hope that everything would be improved in a short period of time and I could meet you in person in our conferences. We appreciate your patience, partnership, support and understanding during this extraordinary times.

Stay safe and healthy!

Best regards,

Ender Demir, PhD Conference Coordinator

v SCIENTIFIC COMMITTEE

• Sagi Akron, University of Haifa, Israel • Hasan Fehmi Baklaci, Izmir University of Economics, Turkey • Adam P. Balcerzak, Nicolaus Copernicus University, Poland • Marco Bisogno, University of Salerno, Italy • Gabor Bota, Budapest University of Technology and Economics, Hungary • Laura Brancu, West University of Timisoara, Romania • Taufiq Choudhry, University of Southampton, UK • Andrzej Cieslik, University of Warsaw, Poland • Joel I. Deichmann, Bentley University, USA • Irene Fafaliou, University of Piraeus, Greece • Clara García, Universidad Complutense de Madrid, Spain • Tamara Jovanov, University Goce Delcev - Shtip, Macedonia • Alexander M. Karminsky, National Research University, Russia • Ashraf A. Khallaf, American University of Sharjah, UAE • Tipparat Laohavichien, Kasetsart University, Thailand • Gregory Lee, University of the Witwatersrand, South Africa • Ivana Dražić Lutilsky, University of Zagreb, Croatia • Roman Mentlik, University of Finance and Administration, Czech Republic • Jan Jakub Michałek, University of Warsaw, Poland • Veljko M. Mijušković, University of Belgrade, Serbia • Alexander Redlein, Vienna University of Technology, Austria • Nives Botica Redmayne, Massey University, New Zealand • Liza Rybina, KIMEP University, Kazakhstan • Hunik Sri Runing Sawitri, Universitas Sebelas Maret, Indonesia • Irina Sennikova, RISEBA University, Latvia • Pekka Tuominen, University of Tampere, Finland • Manuela Tvaronavičienė, Vilnius Gediminas Technical University, Lithuania • Meltem Ucal, Kadir Has University, Turkey • Sofia de Sousa Vale, ISCTE Business School, Portugal • Leszek Wincenciak, University of Warsaw, Poland

vi KEYNOTE SPEAKERS

Dr. Asli Demirguc-Kunt is the Chief Economist of Europe and Central Asia Region of the World Bank. Over her 30-year career in the World Bank, she has also served as the Director of Research, Director of Development Policy, and the Chief Economist of the Finance and Private Sector Development Network, conducting research and advising on financial and private sector development issues. She has published articles in many of the leading economics and finance

journals such as Journal of Finance, Journal of Financial Economics, Journal of Financial and Quantitative Analysis, The Review of Financial Studies, Journal of Banking and Finance, Journal of Monetary Economics, Journal of Money, Credit and Banking, Journal of Economic Perspectives etc. and is among the most-cited researchers in the world (Google Scholar = 76K). Her research has focused on the links between financial development, firm performance, and economic development. Banking and financial crises, financial regulation, access to financial services and inclusion, as well as SME finance and entrepreneurship are among her areas of research. She has also created the Global Financial Development Report series and the Global Findex financial inclusion database. She was the President of the International Atlantic Economic Society (2013-14) and Director of the Western Economic Association (2015-18) and serves on the editorial boards of professional journals. Prior to her position in the World Bank, she was an Economist at the Federal Reserve Bank of Cleveland. She holds a Ph.D. and M.A. in economics from Ohio State University.

Jonathan Batten is professor of finance at the School of Economics, Finance and Marketing at RMIT University, Australia. He is also an “Honorary Professor” in discipline of finance at the Business School, University of Sydney, Australia and a chair professor at Department of Finance, School of Business, East China University of Science and Technology, China. Prior to this position, he worked at the Monash University (Australia), Hong Kong University of Science and Technology (Hong Kong), and Seoul National University (Korea). He is a well-known

academician who has published articles in many of the leading economics and finance journals and currently serves as the Editor of Emerging Markets Review (SSCI), Journal of International Financial Markets, Institutions & Money (SSCI), and Finance Research Letters (SSCI). He was also the President of EBES from July 2014 till December 2018. His current research interests include: financial market development and risk management; spread modelling arbitrage and market integration; and the investigation of the non-linear dynamics of financial prices.

vii

Klaus F. Zimmermann is the President of the Global Labor Organization (GLO); Co-Director of POP at UNU-MERIT; Full Professor of Economics at Bonn University (em.); Honorary Professor, Maastricht University, Free University of Berlin and Renmin University of China; Member, German Academy of Sciences Leopoldina, Regional Science Academy, and Academia Europaea (Chair of Economics, Business and Management Sciences section). Among others, he has worked at Macquarie University, the Universities of Melbourne, Princeton,

Harvard, Munich, Kyoto, Mannheim, Dartmouth College and the University of Pennsylvania. He was Research Fellow of the Centre for Economic Policy Research (CEPR) and Fellow of the European Economic Association (EEA), Editor-in-Chief of the Journal of Population Economics, in the Editorial Board of International Journal of Manpower, Founding Director at Institute for the Study of Labor (IZA), and Past- President of German Institute for Economic Research (DIW). He won the Distinguished John G. Diefenbaker Award (the Canada Council for the Arts), Outstanding Contribution Award (the European Investment Bank), Rockefeller Foundation Policy Fellow, Eminent Research Scholar Award (Australia), and EBES Fellow Award. He has published in many top journals including Journal of Economic Perspectives, American Economic Review, Econometrica, Journal of the European Economic Association, Journal of Human Resources, Journal of Applied Econometrics, Public Choice, Review of Economics and Statistics, and Journal of Population Economics. His research fields are population, labor, development, and migration.

Dorothea Schäfer is the Research Director of Financial Markets at the German Institute for Economic Research (DIW Berlin) and Adjunct Professor of Jönköping International Business School, Jönköping University. She has also worked as an evaluator for the European Commission, the Federal Ministry of Education and Research and Chairwoman of Evaluation Committee for LOEWE (Landes-Offensive zur Entwicklung Wissenschaftlich-ökonomischer Exzellenz des Bundeslandes Hessen). She managed various research projects supported by the Deutsche Forschungsgemeinschaft (DFG), the EU Commission, the Fritz Thyssen Foundation and the Stiftung Geld und Währung. Her researches were published in various journals such as Journal of Financial Stability; German Economic Review; International Journal of Money and Finance; and Small Business Economics. She is regularly invited as an expert in parliamentary committees, including the Finance Committee of the Bundestag and gives lectures on financial market issues in Germany and abroad. She is also a member of the Editorial Board and Editor-in-Chief of the policy-oriented journal "Vierteljahrshefte zur Wirtschaftsforschung” and Editor-in-Chief of Eurasian Economic Review. Her research topics include financial crisis, financial market regulation, financing constraints, gender, and financial markets, financial transaction tax.

viii

Marco Vivarelli is a full professor at the Catholic University of Milano, where he is also Director of the Institute of Economic Policy. He is Professorial Fellow at UNU-MERIT, Maastricht; Research Fellow at IZA; Fellow of the Global Labor Organization (GLO). He is member of the Scientific Executive Board of the Eurasia Business and Economics Society (EBES); member of the Scientific Advisory Board of the Austrian Institute of Economic Research (WIFO, Vienna) and has been scientific consultant for the International Labour Office (ILO), World

Bank (WB), the Inter-American Development Bank (IDB), the United Nations Industrial Development Organization (UNIDO) and the European Commission. He is Editor-in-Chief of the Eurasian Business Review, Editor of Small Business Economics, Associate Editor of Industrial and Corporate Change, Associate Editor of Economics E- Journal, member of the Editorial Board of Sustainability and he has served as a referee for more than 70 international journals. He is author/editor of various books and his papers have been published in journals such as Cambridge Journal of Economics, Canadian Journal of Economics, Economics Letters, Industrial and Corporate Change, International Journal of Industrial Organization, Journal of Economics, Journal of Evolutionary Economics, Journal of Productivity Analysis, Labour Economics, Oxford Bulletin of Economics and Statistics, Regional Studies, Research Policy, Small Business Economics, Southern Economic Journal, World Bank Research Observer, and World Development. His current research interests include the relationship between innovation, employment, and skills; the labor market and income distribution impacts of globalization; the entry and post-entry performance of newborn firms.

ix PUBLICATION OPPORTUNITIES

After the conference, participants can submit their papers to:

 The EBES journals (Eurasian Business Review - EABR and Eurasian Economic Review - EAER). Qualified papers from the 32nd EBES Conference will be published in the special issues of EABR and EAER. However, if there are not enough qualified papers submitted for the special issues, there will be no special issues and qualified papers will be published in the regular issues of the journals. EBES journals (EABR and EAER) are published by Springer and both are indexed in the SCOPUS, EBSCO EconLit with Full Text, Google Scholar, ABS Academic Journal Quality Guide, CNKI, EBSCO Business Source, EBSCO Discovery Service, EBSCO TOC Premier, International Bibliography of the Social Sciences (IBSS), OCLC WorldCat Discovery Service, ProQuest ABI/INFORM, ProQuest Business Premium Collection, ProQuest Central, ProQuest Turkey Database, ProQuest-ExLibris Primo, ProQuest-ExLibris Summon, Research Papers in Economics (RePEc), Cabell's Directory, and Ulrich's Periodicals Directory. In addition, while EAER is indexed in the Emerging Sources Citation Index (Clarivate Analytics), EABR is indexed in the Social Science Citation Index (SSCI) and Current Contents / Social & Behavioral Sciences. EABR was

recently assigned an Impact Factor of 2.222 (2019 JCR Impact Factor).  The Springer’s series Eurasian Studies in Business and Economics. This will also be sent to Clarivate Analytics in order to be reviewed for coverage in its Conference Proceedings Citation Index - Social Science & Humanities (CPCI-SSH). Please note that the 10th, 11th, 12th, 13th, 14th, 15th, 16th, 17th, 18th, 19th, 20th (Vol.2), 21st and 24th EBES Conference Proceedings are accepted for inclusion in the Conference Proceedings Citation Index - Social Science & Humanities (CPCI- SSH). The subsequent conference proceedings are in progress. There is no submission or publication fee for Eurasian Studies in Business and Economics.

x CONFERENCE PROGRAM

WEDNESDAY, AUGUST 5 (DAY 1)

OPENING SPEECH: 10:00-10:10 Room: Z-Room 1

Mehmet Huseyin Bilgin, Vice President, EBES & Istanbul Medeniyet University, Turkey

Klaus F. Zimmermann, EBES, GLO, UNU-MERIT & Maastricht University, The Netherlands

KEYNOTE SESSION: 10:10-11:30 How COVID-19 can help us build a better society

Room: Z-Room 1 Moderator: Jonathan Batten, RMIT University, Australia

Klaus F. Zimmermann, EBES, GLO, UNU-MERIT & Maastricht University, The Netherlands

Marco Vivarelli, Universita Cattolica del Sacro Cuore in Milano, Italy

Dorothea Schäfer, DIW Berlin, GLO, & Jönköping University, Sweden

BEST PAPER AWARD CEREMONY: 11:30-11:40

Room: Z-Room 1 Presented by: Ender Demir, EBES & Istanbul Medeniyet University, Turkey

BREAK: 11:40-12:00

DAY 1 - SESSION I: 12:00-14:00

BEHAVIORAL FINANCE & INVESTMENT Chair: Jonathan Batten Room: Z-Room 1

Price Discovery in Emerging Market ETFs Yigit Atilgan, Sabanci University, Turkey; K. Ozgur Demirtas, Sabanci University, Turkey; Doruk Gunaydin, Sabanci University, Turkey; and Mustafa Oztekin, Sabanci University, Turkey

Summer Vacation and Cross-Sectional Stock Returns F.Y. Eric C. Lam, Hong Kong Monetary Authority, Hong Kong; Ya Li, The Open University of Hong Kong, Hong Kong; Ryan Wai Cheong Shum, The Open University of Hong Kong, Hong Kong; and Gordon Y.N. Tang, Hong Kong Baptist University, Hong Kong

The Effect of Personality Traits on Credit Score using BMTI Personality Types Adnan Veysel Ertemel, Istanbul Commerce University, Turkey and Gokhan Çaylak, Bahcesehir University, Turkey

Insider Trading and Stock Market Behavior Ruxandra Trifan, The Bucharest University of Economic Studies, Romania

Testing the Price Efficiency of Leading Cryptocurrencies Flavia Barna, West University of Timisoara, Romania; Raluca Popa, West University of Timisoara, Romania; Laura Milos, West University of Timisoara, Romania; Claudiu Botoc, West University of Timisoara, Romania; and Marius Milos, West University of Timisoara, Romania

Is Bitcoin a Hedge or Safe Haven in times of Economic Policy Uncertainty? A Country Level Study Teo Geldner, University of Greifswald, Germany and Jan Wuestenfeld, Ruhr University of Bochum, Germany

1 HUMAN RESOURCES Chair: Ender Demir Room: Z-Room 2

Can High Performance Work Practices Serve As a Buffer of Negative Outcomes of Employee Over- Qualification: A Cross-Country Study Aleksandar Nikolovski, Faculty of Economics of Ljubljana, Slovenia and Robert Kaše, Faculty of Economics of Ljubljana, Slovenia

Enhancing Employee Loyalty in the Context of Organizational Culture of Lithuanian Companies Sonata Staniulienė, Vytautas Magnus University, Lithuania and Evelina Gavėnaitė, Lithuania

Towards A Theoretical Model to Explore the Moderating Role of Occupational Socialization in the Relationship between Psychological Capital and Intention to Quit Work among the Occupational Health/Safety Workers in Istanbul during the COVID19 Pandemic Period Zeynep Hale Oner, Gedik University, Turkey and Senay Kececi, Gedik University, Turkey

The Mediating Role of Emotional Stability Between Emotional Intelligence and Overwork Behavior Ajtene Avdullahi, University of Mitrovica, Kosovo and Osman Yildirim, Istanbul Arel University, Turkey

The Human Side of Employee Work Performance: Examining the Effects of Perceived Support and Psychological Safety Safak Oz Aktepe, Bahcesehir University, Turkey

Ethical Leadership, Job Satisfaction, Organizational Identification and Work Engagement Tomasz Gigol, SGH Warsaw School of Economics, Poland

ENTREPRENEURSHIP & ECONOMICS OF INNOVATION Chair: Marco Vivarelli Room: Z-Room 3

Banking Ecosystems and its Modeling: Russian Evidence Alexander M. Karminsky, Higher School of Economics, Russia and Nikolay Voytov, MGIMO/HSE, Russia

Consequences of Technological Development on the Manifestation of the Rebound Effect Phenomenon Giani Ionel Gradinaru, The Bucharest University of Economic Studies, Institute of National Economy, Romania

The Potential Use of Cryptocurrencies in Finance and Investment Sector Krzysztof Marecki, Warsaw School of Economics, Poland and Agnieszka Wójcik-Czerniawska, Warsaw School of Economics, Poland

The Effect of Place-Specific Features to the Relationship between Regional Entrepreneurship and Economic Performance Xiaoyan Huang, City University of Macau, Macau

Predevelopment Activities of the Innovation Process: Key Factors Alexander Vélez, University of the Basque Country, Spain; Jose M. Barrutia, University of the Basque Country, Spain; and Carmen Echebarria, University of the Basque Country, Spain

Model for Development of Innovative ICT Products at High-growth Potential Start-ups Didzis Rutitis, BA School of Business and Finance, Latvia and Tatjana Volkova, BA School of Business and Finance, Latvia

BREAK: 14:00-14:10

2 DAY 1 - SESSION II: 14:10-16:10

CORPORATE FINANCE Chair: Dorothea Schäfer Room: Z-Room 1

Revisiting Dividend Policy Theories for EU-28 Countries Marilen Gabriel Pirtea, West University of Timisoara, Romania; Eugen Axel Mihancea, West University of Timisoara, Romania; and Claudiu Botoc, West University of Timisoara, Romania

The Impact of Economic Policy Uncertainty on Corporate Investment Decisions: Evidence from Turkey Gunes Topcu, Canakkale On Sekiz Mart University, Turkey and Jale Sozer Oran, Marmara University, Turkey

Equity Issuance of Distressed Firms: Debt Overhang or Agency Problems? James Park, Korea University, South Korea

Optimization of Shareholder and Corporate Wealth Analysis: Effectiveness Comparative Evaluation of SVA, EVA and MVA Lukman Ayinde Olorogun, Istanbul Gelisim University, Turkey and Monsurat Ayojimi Salami, International Islamic University Malaysia, Malaysia

The Black-Scholes Model vs. predictive Genetic Algorithms - NASDAQ options case study Jorge Eduardo Vila Biglieri, The Vigo University, Spain and Joanna Małecka, The Poznań University of Technology, Poland

Consequences of Exits from Political Unions on Leverage: The Case of Sudan Split Mohamad Youness, The Bucharest University of Economic Studies, Romania

TOURISM Chair: Ender Demir Room: Z-Room 2

ICT and Social Media Influence on the MICE Market and the Event Management Igor Kovacevic, Faculty of Economics University of Belgrade, Serbia; Bojan Zečević, Faculty of Economics University of Belgrade, Serbia; and Branislava Hristov Stancic, Faculty of Economics University of Belgrade, Serbia

Authenticity through the Eyes of the Host: The Complication of Presenting Culture as Commodity Yodmanee Tepanon, Kasetsart University, Thailand; Thanwa Benjawan, Payap University, Thailand; and Chawan Maleehom, Payap University, Thailand

The Role of State Policy in Crisis Management of Destinations (the Case of Georgia) Nana Katsitadze, Ivane Javakhishvili Tbilisi State University, Georgia; Tamar Atanelishvili, Ivane Javakhishvili Tbilisi State University, Georgia; Mariam Kutateladze, Ivane Javakhishvili Tbilisi State University, Georgia; and Aleksandre Tushishvili, Georgian Technical University, Georgia

Sustainable Tourism: Practices in Izmir and Kusadasi Shenaj Hadzimustafa, SouthEast European University, Macedonia; Raifcan Simsir, SouthEast European University, Macedonia; Shpresa Syla, SouthEast European University, Macedonia; and Teuta Veseli-Kurtishi, SouthEast European University, Macedonia

Timeshare Business: A Success or a Failure? Daniela Penela, ISCTE-IUL, Portugal

The Role of Federal Reserve’s Monetary Policy on International Tourist Flows: Evidence from Continental Panels Ayhan Tecel, Eastern Mediterranean University, North Cyprus; Salih Turan Katircioglu, Eastern Mediterranean University, North Cyprus; and Turgay Avci, Eastern Mediterranean University, North Cyprus

3 MARKETING & MANAGEMENT Chair: Gokhan Karabulut Room: Z-Room 3

Top Management Team’s Heterogeneity as An Antecedence of Organizational Sustainability Doane Shichen Ye, Newcastle University, United Kingdom

How Vulnerable vs. Non-vulnerable Consumers May Self-regulate Their Post-Covid Consumptions? Elif Karaosmanoglu, Istanbul Technical University, Turkey; Mehmet Okan, Artvin Coruh University, Turkey; Nesenur Altinigne, Istanbul Bilgi University, Turkey; Didem Gamze Isiksal, Istanbul Technical University, Turkey; Ozge Demir, Istanbul Technical University, Turkey; and Elif İdemen Okan, Istanbul Technical University, Turkey

The Market and Customer Orientation - Performance Relationship Maria Gracner, University of Ljubljana, Slovenia

“Hey Google, text Mum I’ll be there in 10 minutes”: Measuring the Drivers behind Usage Habits for Voice Assistants Fulya Acikgoz, Bahcesehir University, Turkey and Rodrigo Perez-Vega, University of Reading, United Kingdom

Systems for Analyzing the Performance of Political Party Activity Management - Balance Scorecard for Political Organizations Ecaterina Cornelia Ungureanu, Dunarea de Jos University of Galati, Romania; Liliana Mihaela Moga, Dunarea de Jos University of Galati, Romania; and Andi Mihalache, Dunarea de Jos University of Galati, Romania

The Role of Perceived Risk in the Relationship between Consumer Trust and Mobile Banking Usage Intention Halil Erdogan, Eskisehir Osmangazi University, Turkey and Halil Semih Kimzan, Eskisehir Osmangazi University, Turkey

EBES FELLOW: 16:10-17:10

Room: Z-Room 1 Presented by: Dorothea Schäfer, DIW Berlin, GLO, & Jönköping University, Sweden

The Sooner, the Better: The Early Economic Impact of Non-Pharmaceutical Interventions during the COVID-19 Pandemic Dr. Asli Demirguc-Kunt, Chief Economist, Europe and Central Asia Region, The World Bank, U.S.A.

4 THURSDAY, AUGUST 6 (DAY 2)

DAY 2 - SESSION I: 08:30-10:30

LABOR ECONOMICS Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

Beauty Premium through Cosmetic Surgery for Prisoners: Choice Experiment with Asymmetric Information Taksaorn Phuchongpravech, Chulalongkorn University, Thailand and Thanee Chaiwat, Chulalongkorn University, Thailand

The Impact of Immigration on Workers Protection Adam Levai, Université catholique de Louvain, Belgium and Riccardo Turati, Université Catholique de Louvain, Belgium

The Determinants of Unemployment: A Case of South Africa Priyanka Patel, North West University, South Africa and Ireen Choga, North West University, South Africa

The Impact of Weakening Civil Liberties on Outflows of International Students Murat Demirci, Koc University, Turkey

Covid-19 Crises and Segmented Labor Markets: The Case of Southern Italy Gustavo Di Santo, University of Calabria, Italy and Salvatore Perri, University of Magna Graecia, Italy

MARKETING I Chair: Ender Demir Room: Z-Room 2

Online Shopping Drivers and Barriers in the time of COVID-19 for Turkish Young and Older Adults Muge Akkor Koktekin, Yeditepe University, Turkey

Impact of Perceived Uncertainty towards Personal Values: Moderating Roles of Frugality and Conspicuous Consumption Motive Evi Rinawati Simanjuntak, Bina Nusantara University, Indonesia and Ifa Riefanti Nabila, Bina Nusantara University, Indonesia

The Impact of Sense of Belonging and Hospitality Culture on the Intention to Participate in Ridesharing: A Comparison of Turkey and USA Hasan Teyfik Senli, Ufuk University, Turkey and Niray Tuncel, Hacettepe University, Turkey

Luxury Goods and the Country-of-origin-effect: A Literature Review and Co-citation Analysis Katharina Stolz, University of Stuttgart, Germany

Exploring the Dimensions forming the HEIs Image for the Current International Students: Context of Malaysia Shamima Raihan Manzoor, Multimedia University, Malaysia; Chinnasamy Malarvizhi, Multimedia University, Malaysia; and Junainah Binti Mohd Mahdee, Multimedia University, Malaysia

Consumer Sentiments about Robot Servers in Tourism and Hospitality Industry Ady Milman, University of Central Florida, U.S.A.; Ttcucf Zhang, University of Central Florida, U.S.A.; Asli Tasci, University of Central Florida, U.S.A.; and Fulya Acikgoz, Bahcesehir University, Turkey

5 MANAGEMENT I Chair: Virginia Bodolica Room: Z-Room 3

Innovation Capability and Logistics Service Quality in Improving the Performance of Malaysian 3pl Service Providers Siti Nur 'Atikah Zulkiffli, Universiti Malaysia Terengganu, Malaysia; Maisarah Sebadak, Universiti Malaysia Terengganu, Malaysia; Siti Falindah Padlee, Universiti Malaysia Terengganu, Malaysia; and Juhaizi Mohd Yusof, Universiti Malaysia Terengganu, Malaysia

The E-Commerce in Republic of North Macedonia before and During Covid-19 Shpresa Syla, SouthEast European University, Macedonia; Shenaj Hadzimustafa, SouthEast European University, Macedonia; Marijana Tusheva, Statte Statistical Office of RNM, Macedonia; and Selami Sula, UBT Prishtina, Macedonia

Identifying Barriers to Digital Transformation for Digital Native Companies in Turkey - A Research Approach Using Propositions Mehmet Fatih Ustdag, Bahcesehir University, Turkey and Sven Packmohr, Malmö University, Sweden

“I agree to being socially quantified”: A Socio-Technical Perspective on Digitally-Provided Consent David Jamieson, Northumbria University, United Kingdom; Rob Wilson, Northumbria University, United Kingdom; and Mike Martin, Northumbria University, United Kingdom

The Importance of Internationalization Strategy for Innovation in Portuguese Firms Mónica Isabel Lopes Azevedo, Universidade Portucalense Infante D. Henrique, Portugal; Carla Azevedo Lobo, Universidade Portucalense, Portugal; Carla Santos, Universidade Portucalense Infante D. Henrique, Portugal; Natércia Durão, Universidade Portucalense Infante D. Henrique, Portugal; and Isabel Maldonado, Universidade Portucalense, Portugal

Firm Growth and ICT Adoption in Greek SMEs: A Quantile Approach Ioannis Giotopoulos, University of Peloponnese, Greece; Alexandra Kontolaimou, KEPE (Centre for Planning and Economic Research), Greece; Konstantinos Marinopoulos, University of Peloponnese, Greece; and Aggelos Tsakanikas, National Technical University of Athens, Greece

BREAK: 10:30-10:40

DAY 2 - SESSION II: 10:40-12:40

BANKING I Chair: Irwan Trinugroho Room: Z-Room 1

Rethinking the Role of Credit Unions in the European Social Economy Ana Ivanisevic Hernaus, University of Zagreb, Croatia and Ivana Biondic, The Institute for Development and International Relations, Croatia

Does Efficiency Affect Business Model Evolution in the Banking Industry: Empirical Evidence from the ASEAN Banking Sector Oktofa Yudha Sudrajad, Institut Teknologi Bandung (ITB), Indonesia and Georges Hübner, University of Liège, Belgium

Credit Lending and Housing Prices from the Eurozone and the GIIPS Perspective Sariye Belgin Akcay, Ankara University, Turkey

Empirical Modeling of International Banks’ Credit Risk: Assessment and Comparison of Credit Ratings Alexander M. Karminsky, National Research University Higher School of Economics, MGIMO- University, Russia; Ella Khromova, National Research University Higher School of Economics, Russia; and Roman Kudrov, National Research University Higher School of Economics, Russia

Bank Lending Under Interest-On-Excess-Reserves (IOER) Irem Erten, Warwick Business School, United Kingdom

6 Inter-Firm Relationships and the Special Role of Common Banks Emanuela Giacomini, University of Macerata, Italy; Nitish Kumar, University of Florida, U.S.A.; and Andy Naranjo, University of Florida, U.S.A.

MARKETING II Chair: Ender Demir Room: Z-Room 2

Social Media Influence on Saudi Women Offline Visible Identities Aous Osamah Balelah, University of East Anglia, United Kingdom; Nick K. T. Yip, University of East Anglia, United Kingdom; and Usha Sundaram, University of East Anglia, United Kingdom

Exploring Mediating Effects of Perceived Authenticity and Brand Attitude in the Social Media Influencer Marketing Sabina Levitan, University of Westminster London, United Kingdom

Level up, Love and Loyalty: Empirical research in Gamification Marketing in E-marketplace App Evi Rinawati Simanjuntak, Bina Nusantara University, Indonesia and Kathleen Renatha Wiryaatmaja, Bina Nusantara University, Indonesia

Customer Experience Quality (CXQ) Scale - Item Development and Scale Purification Elif Karaosmanoglu, Istanbul Technical University, Turkey and Ozge Demir, Istanbul Technical University, Turkey

Sharing Economy in Practice: Intrinsic Motivation towards the Intention to Participate with Empirical Evidence from Vietnam Hang Thu Hoang, University of Economics Ho Chi Minh City, Vietnam; Tran Quy Bao Bui, University of Economics Ho Chi Minh City, Vietnam; Mai Thi Thanh Doan, University of Economics Ho Chi Minh City, Vietnam; Thy Phuong Le, University of Economics Ho Chi Minh City, Vietnam; Nhi Le Thao Phan, University of Economics Ho Chi Minh City, Vietnam; and Quynh Nhu Vo, University of Economics Ho Chi Minh City, Vietnam

Towards a Business Model for University Spin-offs Michael Hernando Sarmiento Munoz, Universidad Nacional de Colombia, Colombia; Oscar Mauricio Cruz, Universidad Central de Colombia, Colombia; and Diana Jimenez, Fundación Universitaria Los Libertadores, Colombia

MANAGEMENT & EDUCATION Chair: Virginia Bodolica Room: Z-Room 3

Possibilities of Virtual Job Design in Lithuanian Companies Sonata Staniulienė, Vytautas Magnus University, Lithuania and Justinė Jurova, Lithuania

Work from Home during Covid-19: Understanding the Gender Role Norm in Hong Kong Mei Ling Wong, Lingnan University, Hong Kong

The State and Problems of Talent Management in Business Entities of the Slovak Republic Daniela Bertová, Faculty of Management, Slovakia and Ladislav Sojka, Faculty of Management, Slovakia

Validity and Reliability of the Flipped Learning Scale Osman Yildirim, Istanbul Arel University, Turkey; Olha Ilyash, National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine; Liubov Smoliar, National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine; and Dariia Doroshkevych, National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine

Financial Efficiency Index for Higher Education Institutions Jekaterina Kuzmina, BA School of Business and Finance, Latvia; Andris Sarnovics, BA School of Business and Finance, Latvia; Andris Natrins, BA School of Business and Finance, Latvia; Anda Ziemele, BA School of Business and Finance, Latvia; and Ennata Kivrina, BA School of Business and Finance, Latvia

7 Triple Helix as a Tool for Knowledge Management, Transfer and Entrepreneurial Outcomes on a European Scale: A Case Study of the Rage Project Paul Cowley, University of Bolton, United Kingdom; Denis Hyam-Ssekasi, University of Bolton, United Kingdom; and Paul Hollins, University of Bolton, United Kingdom

BREAK: 12:40-13:00

DAY 2 - SESSION III: 13:00-15:00

CORPORATE GOVERNANCE Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

Investors’ Reaction to the Single Supervisory Mechanism in Europe: An Agency Focus Myriam García-Olalla, University of Cantabria, Spain and Manuel Luna, University of Cantabria, Spain

The Moderating Role of Corporate Governance on the Effect of Covid-19 Pandemic on the Saudi Corporate Profitability Raed Reda Obaid, King Abdulaziz University, Saudi Arabia and Rawia Reda Obaid, King Abdulaziz University, Saudi Arabia

Are the CEOs Rewarded or Punished for Luck on the Interaction of Corporate Governance Factors? Mehtap Aldogan Eklund, University of Wisconsin la Crosse, U.S.A.

Corporate Ownership Structure and Stakeholder Relationship: Evidence from BIST 100 Companies Fetullah Evliyaoglu, Ankara University, Turkey and M. Arcan Tuzcu, Ankara University, Turkey

IFRS Adoption, Board Structure and Stock Price Informativeness: Evidence from an Emerging Market Yilmaz Yildiz, University of Huddersfield, United Kingdom

MARKETING III Chair: Ender Demir Room: Z-Room 2

Growing Couch Potatoes? The Impact of COVID-19 on Food Consumption and Training Habits. A Hungarian Case Study Zsófia Benedek, Institute of Economics, Centre for Economic and Regional Studies, Hungary; Imre Ferto, Agricultural Economics and Rural Development, Hungary; and Viktória Szente, Kaposvár University, Hungary

The Moderating Role of Crisis Perception in the Impact of Overall Brand Equity, Brand Trust and Price Consciousness on Purchase Intent: A Comparative Study of Purchase Intent of Turkish and Greek Consumers in Shampoo and Furniture Sectors Deniz Muezzinoglu, Bahcesehir University, Turkey

Aggregated Customer Experience Scale Development and Validation Elif Karaosmanoglu, Istanbul Technical University, Turkey and Ozge Demir, Istanbul Technical University, Turkey

Using Marketing Automation Platforms to Enhance Customer Experience during his Buying Journey Diana Mariana Dinu, The Bucharest University of Economic Studies, Romania; Anamaria-Cătălina Radu, Romanian Academy, Institute of National Economy, Bucharest, Romania; Loredana Văduva (ENE), Romanian Academy, Institute of National Economy, Bucharest, Romania

The Role of Customer Trust in the Relationship between Commercial Friendship and Customer Satisfaction Mirwais Follad, Eskisehir Osmangazi University, Turkey and Halil Semih Kimzan, Eskisehir Osmangazi University, Turkey

Humor in Advertising: Selling the Emotion or Logic? Farkhod Pulatovich Karimov, Westminster International University in Tashkent, Uzbekistan

8 BANKING & FINANCIAL CRISIS Chair: Gokhan Karabulut Room: Z-Room 3

The Impact of Market Structure on Performance of Islamic and Conventional Banks in Qatar, Saudi Arabia and UAE Henda El-Amri, University of Sousse, Tunisia and Taher Hamza, University of Carthage, Tunisia & VALLOREM Laboratory, University of ’Orléans, France

Survival Analysis in Assessment of Influence of the SARS-CoV-2 Pandemic on Probability and Intensity of Decline in the Value of Stock Indices Beata Bieszk-Stolorz, University of Szczecin, Poland and Krzysztof Dmytrów, University of Szczecin, Poland

Nowcasting US GDP Using Gated Recurrent Units Baris Soybilgen, Istanbul Bilgi University, Turkey

A Prudential Paradox: The Signal in (not) Restricting Bank Dividends Levent Guntay, Ozyegin University, Turkey; Stefan Jacewitz, Federal Deposit Insurance Corporation, U.S.A.; and Jonathan Pogach, Federal Deposit Insurance Corporation, U.S.A.

Distribution of Credit Risk Concentration in Particular Economy Sectors and Economic Capital Natalia Nehrebecka, Warsaw University, Poland

Bank Lending and Small and Medium Sized Enterprises’ Access to Finance - Effects of Macroprudential Policies Aida Cehajic, University of Sarajevo and University of Ljubljana, Slovenia and Marko Košak, University of Ljubljana, Slovenia

BREAK: 15:00-15:10

DAY 2 - SESSION IV: 15:10-17:10

INTERNATIONAL TRADE & FDI Chair: Irwan Trinugroho Room: Z-Room 1

Econometric Modeling of Determinants of High Value Added Services Sector Export of Republic of Croatia on to the European Union Market Zrinka Lacković Vincek, University of Zagreb, Croatia; Vlatka Bilas, University of Zagreb, Croatia; and Mile Bošnjak, University of Zagreb, Croatia

Investment Home Bias in the European Union Antonio Cardoso Martins, ISEG, Portugal

Trade Credit, Trade Income Elasticity and the International Transmission of Shocks Anna Maria Watson, University of Cambridge, United Kingdom

Investigation of the Effects of Non-Macroeconomic Indicators on the Exports of Goods and Services in the OECD Member Countries Sevgi Sezer, University of Balikesir, Turkey Turkey Direct Investments in Latvian Business: Agenda for Research Andrejs Limanskis, RISEBA University, Latvia

Institutional Determinants of Emerging Market Returns, Flows, and Risk Premiums Ralph Sonenshine, American University, U.S.A. and Bradley Erickson, American University, U.S.A.

The Role of Government in the Emergence of the Chinese Automobile Industry since 1949 Zhaotao Tan, University of Central Lancashire, United Kingdom

9 MARKETING IV Chair: Ender Demir Room: Z-Room 2

Marketing Plans in an Introductory Marketing Course at a Norwegian University: Success or Failure Jokull Johannesson, University of Agder, Norway

A Mixed Study of the Impact of Digital Brand Strategy on Customer Brand Loyalty Rui Liu, Newcastle University, United Kingdom

Maximizing Customer Experience Using Display Retargeting Denis Hyams Ssekasi, University of Bolton, United Kingdom; David Bamber, University of Bolton, United Kingdom; and Roshan Panditharathna, OLC-Europe LTD, United Kingdom

Dynamic and Co-creation Capabilities as Coping Mechanisms for Service SMEs during Post-Pandemic Era Mehmet Okan, Artvin Coruh University, Turkey; Ozge Demir, Istanbul Technical University, Turkey; Elif Karaosmanoglu, Istanbul Technical University, Turkey; Nesenur Altinigne, Istanbul Bilgi University, Turkey; Didem Gamze Isiksal, Istanbul Technical University, Turkey; and Elif Idemen Okan, Istanbul Technical University, Turkey

Social Media Usage of NGOs for Cause Marketing: A Charity Run Analysis Muhsin Fuat Bayik, Istanbul Medipol University, Turkey and Sultan Begum Ata, Beykent University, Turkey

Management Model and Dynamic Capabilities: Approaches to Knowledge Intensive Business Services in Emerging Economies Diana Jimenez, Fundación Universitaria Los Libertadores, Colombia; Oscar Mauricio Cruz, Universidad Central de Colombia, Colombia; and Oscar Fernando Castellanos, Universidad Nacional, Colombia

GROWTH AND DEVELOPMENT Chair: Gokhan Karabulut Room: Z-Room 3

Gender Biases in Businesses and Financial Markets: An Empirical Study Nihal Bayraktar, Penn State University, U.S.A.

Economic Growth and Female Labor Market Participation in European Countries Paula Gomes dos Santos, ISCAL/IPL, Portugal; Carla Martinho, ISCAL/IPL, Portugal; and Ana Rita Martins, Brunel University, United Kingdom

Examining the Interactive Growth Effect of Development Aid and Institutional Quality in Sub-Saharan Africa Berkan Tokar, Eastern Mediterranean University, North Cyprus

The Estimation of Substitution Possibilities between Human and Physical Capital in Turkey using Penalized Estimators Huseyin Guler, Cukurova University, Turkey and Ebru Ozgur Guler, Cukurova University, Turkey

Economic Development and Nationalism: In the Cases of Scotland and Catalonia Yusuf Omur Yilmaz, Mardin Artuklu Univeristy, Turkey

The Determinant Factors of Foreign Direct Investment in Qatar Ozcan Ozturk, Hamad bin Khalifa University, Qatar and Reem AlHababi, Hamad bin Khalifa University, Qatar

Financial Inclusion and Welfare: New Evidence from the Role of Government Talnan Aboulaye Toure, Kobe University, Japan and Nakamura Tamotsu, Kobe University, Japan

10 FRIDAY, AUGUST 7 (DAY 3)

DAY 3 - SESSION I: 08:30-10:30

ACCOUNTING/AUDIT I Chair: Irwan Trinugroho Room: Z-Room 1

Antecedents and Consequences of Ethical Climate Perceptions among Independent Auditors in China William E. Shafer, Lingnan University, Hong Kong and Dean Tjosvold, Lingnan University, Hong Kong

The Effect of Country-By-Country Reporting on Tax Aggressiveness in the Banking Sector Svetlana Sabljic, University of Banja Luka, Bosnia and Herzegovina

Government Grants and Government Assistance: The European Regulations and the Philosophy of the International Financial Reporting Standards Hristina Oreshkova, University of National and World Economy, Bulgaria

The Evolution of Tax Burden and Tax Effort in the OECD between 2000 and 2015 Paulo Dias, ISCTE-IUL, Portugal and Maria Cavadas, ISCTE-IUL, Portugal

The Effects of the Internal Control System on Crisis Management Skills in Case of Disasters in Organizations with Corporate Governance: Example of IBB Fire Department Murat Saglam, Ibn Haldun University, Turkey and Tamer Aksoy, Ibn Haldun University, Turkey

Big Data Analytics in Business: Evolving Knowledge, Skills and Roles of Accounting and Finance Professionals Eley Suzana Kasim, Universiti Teknologi Mara, Malaysia; Noryati Md Noor, Universiti Teknologi MARA, Malaysia; Norlaila Md Zin, Universiti Teknologi MARA, Malaysia; and Noor Sufiawati Khairani, Universiti Teknologi MARA, Malaysia

ENTREPRENEURSHIP & SMEs Chair: Ender Demir Room: Z-Room 2

Fostering Open Innovation by linking Entrepreneurial Leadership and Knowledge Management: An Empirical Study in the Tunisian Context Samah Chemli Horchani, Tunis El-Manar University, FSEGT, Tunisia and Mahmoud Zouaoui, Business School of Tunis, Compus La Manouba, Tunisia

The Impact of Entrepreneurial Leadership on Supply Chain Innovation and Adaptability: Evidence from Japan, Sudan and China Sara Siddig Ali Abdalla, Osaka University, Japan and Koichi Nakagawa, Osaka University, Japan

The Effect of Entrepreneurship Education, Entrepreneurial Environment, Subjective Norm and Entrepreneurial Attitude on Entrepreneurial Intentions Budi Eko Soetjipto, Universitas Negeri Malang, Indonesia; Dwi Hasmidyani, Sriwijaya University, Indonesia; Wahjoedi, Universitas Negeri Malang, Indonesia; and Hari Wahyono, Universitas Negeri Malang, Indonesia

Banyan Roots and Garden Ivy: A Systematic Literature Review of Embeddedness in Immigrant Entrepreneurship Ugur Yetkin, Istanbul Technical University, Turkey and Deniz Tuncalp, Istanbul Technical University, Turkey

The Impact of the Different Actions Included in the Entrepreneurship Support Programs in Women’s Empowerment Cristina Mora Rodriguez, Miguel Hernandez University, Spain; José María Gómez Gras, Miguel Hernandez University, Spain; Antonio J. Verdu, Miguel Hernández University, Spain; and Mª Jose Alarcon, Miguel Hernández University, Spain

11 Entrepreneurship for Economic Diversification of Qatar Evren Tok, Qatar Faculty of Islamic Studies, Qatar and Ozcan Ozturk, Hamad bin Khalifa University, Qatar

MANAGEMENT II Chair: Veljko Mijušković Room: Z-Room 3

Application of the Multiple-Criteria Decision Making Methods in Order-Picking in the High Storage Warehouse Krzysztof Dmytrów, University of Szczecin, Poland

Offshore Outsourcing in Fast Fashion Companies: a Dual Strategy of Global and Local Sourcing? Elisa Arrigo, University of Milan-Bicocca, Italy

Efficiency and Effectiveness Attribute Valuation of Cultural Goods: Focusing on Performance Evaluation Index for Performing Art Centers Eunyoung Yang, POSTECH, South Korea and Dohyeon Lee, POSTECH, South Korea

Which Kind of Value Orientation Results Supervisor Support? The Role of Influence Tactics of Subordinates Aygul Donmez Turan, Yildiz Technical University, Turkey

Essential Leadership Qualities for High Performing Virtual Teams Huseyin Cirpan, Istanbul Medipol University, Turkey and Dilek Yomralioglu, Istanbul Medipol University, Turkey

Adoption of IoT technology among Aged NCD Patients in Malaysia: A Conceptual Study based on the Theory of Planned behavior Chinnasamy Agamudai Nambhi Malarvizhi, Multimedia University, Malaysia; Srinivasan Jayashree, Multimedia University, Malaysia; and Shamima Raihan Manzoor, Multimedia University, Malaysia

BREAK: 10:30-10:40

DAY 3 - SESSION II: 10:40-12:40

ACCOUNTING/AUDIT II Chair: Irwan Trinugroho Room: Z-Room 1

The Impact of Sars-Cov-2 on Accounting Students, a Test for Social Responsibility Mihaela Luminita Dumitrascu, Bucharest University of Economic Studies, Romania and Liliana Feleagă, Bucharest University of Economic Studies, Romania

Reporting Expenses from the Standpoint of Accounting and Taxation Requirements Nexhmie Berisha Vokshi, University of Prishtina, Kosovo and Florentina Xhelili Krasniqi, University of Prishtina, Kosovo

Measuring the Effectiveness of Internal Control Systems of Ghanaian Listed Banks Considering Control Environment, Risk Assessment and Monitoring Activities Components of COSO’s Framework Abdullai Mohammed, Ibn Haldun University, Turkey and Tamer Aksoy, Ibn Haldun University, Turkey

All We Need Are Taxes: A Systematic Review on Tax Avoidance Andreia Magalhães, ISCTE-IUL, Portugal; Rogério Serrasqueiro, ISCTE-IUL, Portugal; and Paulo Dias, ISCTE-IUL, Portugal

Empirical Research on Book-Tax Differences Paulo Dias, ISCTE-IUL, Portugal and Britânico Pires, ISCTE-IUL, Portugal

The Analysis of the Relationship between Key Audit Matters (KAM) and Firm Characteristics: The Case of Turkey Basak Erdem, Istanbul Commerce University, Turkey

12 MANAGEMENT III Chair: Ender Demir Room: Z-Room 2

Chinese Hospital Executive Professional Management Competency, Role Pressures, Personal and Organizational Performance: A Qualitative Study Xia Yang, Shenkang Hospital Management Group, China; Ana Margarida Simaens, Instituto Universitário de Lisboa (ISCTE-IUL), Portugal; Weidong Xia, Florida International University, U.S.A.; and Ge Shi, Xinhua hospital affiliated to Shanghai Jiaotong University Medical School, China

A Conceptual Framework for Leadership Research Derived from Texts of Philosophy, Religion and Psychology Huseyin Cirpan, Istanbul Medipol University, Turkey

Leadership and Gender Kezban Talak, Yeditepe University, Turkey

The Concepts of Logistics 4.0 within International Logistics Management Slobodan Acimovic, University of Belgrade, Serbia; Veljko Mijušković, University of Belgrade, Serbia; and Dušan Marković, University of Belgrade, Serbia

Defining a Storage Policy when There Are Handling Constraints: A Case Study Analysis Maria Alice Trindade, Católica Porto Business School, Universidade Católica Portuguesa, Portugal; Paulo S. A. Sousa, Universidade do Porto, Portugal; and Maria do Rosário Alves Moreira, Universidade do Porto, Portugal

Analysis of Personality Traits in Purchasing and Supply Management with a Focus on Innovation Volker Koch, Graz University of Technology, Austria and Bernd Markus Zunk, Graz University of Technology, Austria

CENTRAL BANKING & EXCHANGE RATES Chair: Gokhan Karabulut Room: Z-Room 3

Uncertainty and Exchange Rates: Global Dynamics (Well, I Don't Quite Know Anymore) Jing Lian Suah, Central Bank of Malaysia, Malaysia

A Threshold Autoregression Model of Exchange Rate pass-through in Turkey Mehmet Fatih Ekinci, Atilim University, Turkey

Effective Exchange Rates and Trade Balance Dynamics: A Quantile Regression Analysis Teo Geldner, University of Greifswald, Germany

Determinants of External Debt in Indonesia: Evidence from ARDL approach Basyah Said Nazamuddin, Universitas Syiah Kuala, Indonesia and Sri Sukma Wahyuni, Universitas Syiah Kuala, Indonesia

The Effectiveness of the Taylor Rule for Optimal Policy: Empirical Evidence from Turkey Lamiha Ozturk, Hasan Kalyoncu University, Turkey and Dilek Tokel, Marmara University, Turkey

Perspective of Monetary Integration from the Fiscal and Monetary View Branka Topic Pavkovic, Faculty of Economics, University of Banja Luka, Bosnia and Herzegovina

BREAK: 12:40-13:00

13 DAY 3 - SESSION III: 13:00-15:00

RISK MANAGEMENT Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

Credit Driven Household Demand Channel and Real Economic Activity with Macroprudential Policy Talnan Aboulaye Toure, Kobe University, Japan and Nakamura Tamotsu, Kobe University, Japan

Value at Risk Estimation of Sector Index Futures: Evidence from Thailand Futures Exchange Woradee Jongadsayakul, Kasetsart University, Thailand

Risk Analysis and How to Select the Options for Adapting and Mitigating Changes Climate: An Instrument for Planning Climate Change Measures Candoi Savu Robert Adrian, Bucharest University of Economic Studies, Romania and Stoica Liviu Adrian, Bucharest University of Economic Studies, Romania

Risks and Exploits Exposed by GDPR Stoica Liviu Adrian, Bucharest University of Economic Studies, Romania and Candoi Savu Robert Adrian, Bucharest University of Economic Studies, Romania

Volatility Smile in Currency Options: Comparative Evidence from Developed and Emerging Markets Emrah Ahi, Ozyegin University, Turkey; Muzaffer Akat, Ozyegin University, Turkey; and Levent Guntay, Ozyegin University, Turkey

Risk of the Christmas Tree Options Strategy Ewa Dziawgo, Kazimierz Wielki University, Poland

The Effect of Gender in the Diasporic Phenomenon in Greek Minorities Reality Maria Vlachadi, University of Nicosia-Cyprus, Greece; Georgia Koufioti, University of Western Attica, Greece; and Athanasios Kounios, University of Western Attica, Greece

ACCOUNTING/AUDIT III Chair: Ender Demir Room: Z-Room 2

How and Why Does the Disclosure of EDGAR Filings Differ among U.S. - Listed Firms? An Empirical Investigation Michael Thomas Dimmer, Friedrich-Alexander University Erlangen-Nuremberg, Germany

Experiences of Auditors and Tax Advisors with Accounting Errors: Empirical Evidence from the Czech Republic Marie Paseková, Tomas Bata University in Zlín, Czech Republic; Miroslava Dolejšová, Tomas Bata University in Zlín, Czech Republic; Jana Helová, Tomas Bata University in Zlín, Czech Republic; and Michal Šindelář, Tomas Bata University in Zlín, Czech Republic

Quality of Goodwill Impairment Test with the Evidence from Borsa Istanbul Cemal Ibis, Isik University, Turkey and Caner Akbaba, Mugla Sitki Kocman University, Turkey

Accounting Ethics and Organizational Culture: A Study of the Points of Contention and Similarities Nida Turegun, Ozyegin University, Turkey

The Degree of Franchising Effect on Earnings Management Paulo Dias, ISCTE-IUL, Portugal and Daniela Penela, ISCTE-IUL, Portugal

115/5000 The Influence of Taxation on Accounting from the Judgment of Portuguese Chartered Accountants Sofia Pereira, Instituto Politécnico de Lisboa, Portugal and Fábio Albuquerque, Instituto Politécnico de Lisboa, Portugal

14 Special Session Sustainable and Innovative Finance: Fintech, Insurtech, Regtech and Technology-driven Innovations Organized by: Laura Grassi, Politecnico di Milano, Italy

Chair: Laura Grassi Room: Z-Room 3

The Role of Innovation in Insurance and its Response to Covid-19 Pandemic Emergency Davide Lanfranchi, Politecnico di Milano, Italy; Marco Giorgino, Politecnico di Milano, Italy; and Laura Grassi, Politecnico di Milano, Italy

RegTech: Case Studies in Switzerland Luca Federico Battanta, Politecnico di Milano, Italy; Laura Grassi, Politecnico di Milano, Italy; and Marco Giorgino, Politecnico di Milano, Italy

Stochastic Frontier Analysis of Efficiency of U.S. Public P&L Insurance companies Davide Lanfranchi, Politecnico di Milano, Italy; Laura Grassi, Politecnico di Milano, Italy; and Marco Giorgino, Politecnico di Milano, Italy

Insurtech and New Technologies Effect on the Relationship between Insurance and Prevention: A Systematic Literature Review Davide Lanfranchi, Politecnico di Milano, Italy; Marco Giorgino, Politecnico di Milano, Italy; and Laura Grassi, Politecnico di Milano, Italy

Open Finance: A Framework for Analysis and Implementation Alessandro Faes, Politecnico di Milano, Italy; Laura Grassi, Politecnico di Milano, Italy; Davide Lanfranchi, Politecnico di Milano, Italy; and Filippo Renga, Politecnico di Milano, Italy

RegTech: a Comprehensive View from Academics, Authorities and Practitioners Alessandro Faes, Politecnico di Milano, Italy; Laura Grassi, Politecnico di Milano, Italy; and Davide Lanfranchi, Politecnico di Milano, Italy

BREAK: 15:00-15:10

DAY 3 - SESSION IV: 15:10-17:10

EMPIRICAL STUDIES ON EMERGING ECONOMIES & ENERGY STUDIES Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

The Spillover Effects of FED’s Policies on Fragile Five Countries: Modeling with Panel VAR Approach Saltuk Agiralioglu, Hasan Kalyoncu University, Turkey and Server Demirci, Marmara University, Turkey

Income Distribution, Unemployment and Crime Relationship: Turkey Case Haluk Yergin, Van Yuzuncu Yil University, Turkey and Mustafa Torusdag, Van Yuzuncu Yil University, Turkey

Impact of the COVID-19 Virus on Stock Market Returns; Do Market Overreact? Wiku Suryomurti, University of Glasgow, United Kingdom

Renewable Energy Use and Sustainable Competitiveness: A Panel Data Analysis Gonca Yilmaz, Istanbul Gelisim University, Turkey and Esat Dasdemir, Istanbul Gelisim University, Turkey

Do Environmental Commitment and Climate-Risk Disclosure Determine Firms' Performance? Evidence from Sectorial Micro-Data Gianni Guastella, Università Cattolica, Italy; Matteo Mazzarano, Universit`a Cattolica del Sacro Cuore, Italy; Stefano Pareglio, Catholic University of the Sacred Hearth, Italy; and Riccardo Christopher Spani, Fondazione Eni Enrico Mattei, Italy

The Electricity Market during the 2020 crisis Joao Estevao, ISEG, Portugal and Daniela Penela, ISCTE-IUL, Portugal

Analysis of Cointegration and Causality Relationship between Gold Prices and Selected Financial Indicators: Empirical Evidence from Turkey Zehra Vildan Serin, Hasan Kalyoncu University, Turkey and Enez Kan, Hasan Kalyoncu University, Turkey

REGIONAL STUDIES Chair: Ender Demir Room: Z-Room 2

Selected Aspects of Nature Conservation Management at Local Level on the Example of Communes in Poland Jacek Witkowski, Lublin University of Technology, Poland

Covid-19 Pandemic and Practices of Support in Turkish Film Industry: A Case Study of Cinema & Broadcasting Union, Netflix and IKSV Hakan Erkilic, Mersin University, Turkey; Senem Duruel Erkilic, Mersin University, Turkey; and Suleyman Degirmen, Konya Food and Agriculture University, Turkey

The Influence of the European H2020 Program on the Development of Regions: The Multiplier Impact of EU Funding in the Regions under Horizon 2020 in NUT III - Algarve - Portugal Natacha Silva, Universidade Portucalense Infante D. Henrique, Portugal; Ribeiro Diamantino, Universidade Portucalense Infante D. Henrique, Portugal; and Ribeiro João, Universidade Portucalense Infante D. Henrique, Portugal

Regional Convergence and Functional Incomes in Turkey Raziye Selim, Istanbul Technical University, Turkey; Suat Kucukcifci, Istanbul Technical University, Turkey; and Gizem Kaya, Istanbul Technical University, Turkey

Major Influence Factors for Portuguese Municipal Transparency Index (2013 to 2017) Paula Gomes dos Santos, ISCAL/IPL, Portugal and Carla Martinho, ISCAL/IPL, Portugal

May Hot Spots Shape Ghettos and Gated Communities: Management and Administration in Migration Crisis Maria Vlachadi, University of Nicosia-Cyprus, Greece; Georgia Koufioti, University of Western Attica, Greece; and Athanasios Kounios, University of Western Attica, Greece

The Analysis of the Pension System in Slovakia in Correlation with Population Curve Daniela Majercakova, Comenius University in Bratislava, Slovakia

PUBLIC ECONOMICS & HEALTH ECONOMICS Chair: Gokhan Karabulut Room: Z-Room 3

Crowd-powered Medical Diagnosis: The Potential of Crowdsourcing for Patients with Rare Diseases Stefan Arnold, Friedrich-Alexander-University Erlangen-Nuremberg, Germany; Josephine Fischer, Friedrich-Alexander-University Erlangen-Nuremberg, Germany; and Dilara Yesilbas, Friedrich- Alexander-University Erlangen-Nuremberg, Germany

The Governments' Responses to COVID-19 Outbreak around the World and the Flattening of the Curve Damiano Bruno Silipo, University of Calabria, Italy and Sinem Sonmez, Fordham University, U.S.A

Conceptual Framework for Attracting Foreign Patients to Health Care Services Daiga Behmane, Riga Stradins University, Latvia; Didzis Rutitis, BA School of Business and Finance, Latvia; and Anda Batraga, University of Latvia, Latvia

Health Risk Management: Risk Management and Insurance Coverage in Italian Welfare Ubaldo Comite, University of Calabria, Italy

A Valuation of Lobbying: Enhancing Democratic Governance via Private Merit Service Samuel Louis Oswald, Georgetown University, U.S.A

16 Price Elasticity of Fertilizer Demand and Farmers Reaction to Fertilizer Tax Addressing Nitrogen Pollution Ausra Nausediene, Vytautas Magnus University Agriculture Academy, Lithuania and Astrida Miceikiene, Vytautas Magnus University Agriculture Academy, Lithuania

New Policies of Migration Crisis Management and Leadership in Greece Maria Vlachadi, University of Nicosia-Cyprus, Greece; Georgia Koufioti, University of Western Attica, Greece; and Athanasios Kounios, University of Western Attica, Greece

17 ABSTRACT BOOK

WEDNESDAY, AUGUST 5 (DAY 1)

OPENING SPEECH: 10:00-10:10 Room: Z-Room 1

Mehmet Huseyin Bilgin, Vice President, EBES & Istanbul Medeniyet University, Turkey

Klaus F. Zimmermann, EBES, GLO, UNU-MERIT & Maastricht University, The Netherlands

KEYNOTE SESSION: 10:10-11:30 How COVID-19 can help us build a better society

Room: Z-Room 1 Moderator: Jonathan Batten, RMIT University, Australia

Klaus F. Zimmermann, EBES, GLO, UNU-MERIT & Maastricht University, The Netherlands

Marco Vivarelli, Universita Cattolica del Sacro Cuore in Milano, Italy

Dorothea Schäfer, DIW Berlin, GLO, & Jönköping University, Sweden

BEST PAPER AWARD CEREMONY: 11:30-11:40

Room: Z-Room 1 Presented by: Ender Demir, EBES & Istanbul Medeniyet University, Turkey

BREAK: 11:40-12:00

DAY 1 - SESSION I: 12:00-14:00

BEHAVIORAL FINANCE & INVESTMENT Chair: Jonathan Batten Room: Z-Room 1

Price Discovery in Emerging Market ETFs

Yigit Atilgan Sabanci University, Turkey

K. Ozgur Demirtas Sabanci University, Turkey

Doruk Gunaydin Sabanci University, Turkey

Mustafa Oztekin Sabanci University, Turkey

Abstract

Exchange traded funds (ETFs) have experienced a remarkable rise in the recent past and currently have close to $4 trillion in assets in U.S. markets. ETFs have become a preferred investment vehicle since these instruments have low costs, high liquidity and can be short sold. Moreover, they differ from other index-based products such as index futures and mutual funds in that they employ authorized participants who are dedicated arbitrageurs which profit from the price differences between ETFs and their underlying indices. Thus, it has been suggested that ETFs may play a price discovery role in that systematic information is first reflected in the ETFs and then transmitted to the underlying securities via

18 arbitrage. We test this hypothesis by investigating the predictive relation between the returns of U.S.- based emerging market ETFs and the returns to the underlying emerging market indices. In a sample that covers 14 emerging countries, we find that ETF returns can predict one-day-ahead returns of their underlying indices. This relation is robust after controlling for the non-synchronicity between markets, short-term reversal in index returns, small-sample bias and various index return determinants such as the aggregate dividend yield and market volatility. We also investigate the nature of this predictive relation in subsamples formed based on market liquidity and uncertainty.

Keywords: Exchange Traded Funds, Equity Markets, Price Discovery, Information Efficiency, International Finance

Summer Vacation and Cross-Sectional Stock Returns

F.Y. Eric C. Lam Hong Kong Monetary Authority, Hong Kong

Ya Li The Open University of Hong Kong, Hong Kong

Ryan Wai Cheong Shum The Open University of Hong Kong, Hong Kong

Gordon Y.N. Tang Hong Kong Baptist University, Hong Kong

Abstract

The risk premium based on the cross sectional stock returns measured by a composite expected return signal displays closely similar winter vs. summer seasonal pattern as the market return does. We observe similar seasonal pattern for the signal component market value of equity, the book-to-market equity ratio, and total asset growth while less so for gross profitability. Our results are mostly consistent with the summer vacation argument of Bouman and Jacobsen (2002) and Jacobsen and Marquering (2008, 2009), which suggests that market wide risk aversion rises in summer and drops in winter due to seasonal variation in market participation. From the seasonality perspective, our findings support recent empirical asset pricing model of Fama and French (2014, 2015) that makes use of multiple factors based on the above signal components together with the market return simultaneously. We also provide further empirical seasonal regularity that an underlying pricing story to be developed would consider reconciling.

Keywords: Book-to-Market Equity Ratio, Cross Sectional Stock Returns, Gross Profitability, Halloween Effect, Market Value of Equity, Sell in May and Go Away, Summer Vacation, Total Asset Growth

19 The Effect of Personality Traits on Credit Score using BMTI Personality Types

Adnan Veysel Ertemel Istanbul Commerce University, Turkey

Gokhan Çaylak Bahcesehir University, Turkey

Abstract

Technology advancements brings about the opportunity for individuals to have access to financial services all around the world. Credit scoring plays a key role in assessing the eligibility of individuals to use those financial services. Credit scoring is also increasingly important in non-financial contexts including marketing and human resources. From personality traits perspective, an individual’s credit score can be said to be theoretically affected from their choices and preferences. Therefore, we hypothesize that human personality define their actions ultimately affecting their credit score. Specifically, this study investigates the relationship of credit score and personality traits. Although there are some studies on this topic using Big Five personality traits, there isn’t any work done using another widely used instrument, Myers Briggs Type Indicator (MBTI) which is a shorter and more practical for commercial uses as opposed to Big Five model. Through a survey administered to 181 participants, MBTI personality types, namely; extraversion-introversion, thinking-feeling, judging-perceiving, sensing- intuitive dimensions are measured. Credit score of participants was received from Kredi Kayıt Burosu (KKB) Turkey with their explicit consent. Correlation analysis was carried out to test the hypothesis. Analysis results reveal that sensing and judging dimensions positively correlate with credit score. The results partly conform to those of previous studies that use Big Five model. That is, as Big Five conscientiousness dimension was found in previous studies to correlate with credit score and conscientiousness overlaps with BMTI sensing and judging dimensions correlation between dimension, a correlation between credit score and sensing and judging dimensions makes sense.

Keywords: Personality Traits, Credit Score, BMTI, Financial Inclusion

Insider Trading and Stock Market Behavior

Ruxandra Trifan The Bucharest University of Economic Studies, Romania

Abstract

The aim of this study is to determine the market reaction to insider trades on the Romanian stock market, with data for a 3 years’ time horizon. Little attention has been paid to Central and Eastern European countries, especially Romania, when referring to insider trades and the information that can be extracted from the behavior of these insiders. We construct our data sample with information on all insiders related with listed companies on the local stock market, from January 2017 until December 2019. The focus is on individual insider trades, especially on management trades. The reason behind is that directors have access to private, as well as price-sensitive information, therefore having an advantage over the other investors when they trade their company’s shares. Using an event study approach, abnormal returns are determined on a 41 days’ window. We check for any evidence on inside information known prior to the disclosure of insider trades and analyze how the market responds to the information quality of the event, respectively the stock price behavior around the event. Empirical results suggest that these insiders reveal some significant pieces of information to the market through both their acquisitions and sales of shares. Abnormal returns are registered prior to the event date, especially in the case of CEOs, supporting our belief that this category of insiders possesses superior information in comparison with the other investors. Moreover, significant abnormal returns are also obtained in the 20 days’ window following the event date. Results are significant from a statistical point of view and in line with correspondent work of other researchers on different stock markets.

Keywords: Insider Trading, Disclosure, Abnormal Returns

20 Testing the Price Efficiency of Leading Cryptocurrencies

Flavia Barna West University of Timisoara, Romania

Raluca Popa West University of Timisoara, Romania

Laura Milos West University of Timisoara, Romania

Claudiu Botoc West University of Timisoara, Romania

Marius Milos West University of Timisoara, Romania

Abstract

The aim of the paper is to assess the efficiency in the context of EMH and AMH hypotheses for the main cryptocurrencies that lead digital market (Bitcoin and Ethereum). The time series data consists of daily closing price of main cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) , as well as two representative indexes: Cryptocurrency Index (CCI30) and Morgan Stanley Capital International (MSCI) World Index. In terms of methdology, it have been considered both absolute efficiency approach (normality, unit root, runs test, Johansen cointegration test) and relative efficiency approach (Multifractal Detrended Fluctuation Analysis - MF-DFA). Using an updated timespan (up till end of 2019) we find that cryptocurrencies price efficiency evolves with time and do not reject the AMH behavior. Furthermore, by applying a MF-DFA approach, the results suggest evidence for multifractality in all-time series, with the Bitcoin experiencing higher multifractality than Ethereum. While cryptocurrencies are developing both as products and traded-markets, it is important to have in mind not only the potential profits that they can bring, but also be wary of the potential negative consequences, risks and instability associated with these markets.

Keywords: Bitcoin, Ethereum, Adaptive Market Hypothesis, Efficient Market Hypothesis

Is Bitcoin a Hedge or Safe Haven in times of Economic Policy Uncertainty? A Country Level Study

Teo Geldner University of Greifswald, Germany

Jan Wuestenfeld Ruhr University of Bochum, Germany

Abstract

Bitcoin has gained more and more attention in recent years in the academic literature. Because of the properties of bitcoin, it is often referred to as digital gold in the sense that it acts as a hedge or safe haven asset. The question whether bitcoin inhibits safe haven or hedging properties has attracted considerable interest among researchers. However, research in this area has mainly been conducted on a global scale without accounting for country specific characteristics. Another shortcoming of existing studies is that they mostly rely on price data without considering the size of bitcoin markets. Against this background, we contribute to the literature by analyzing the effects of uncertainty on bitcoin trading. We consider economic surprises, economic policy uncertainty (EPU), and the VIX index with daily bitcoin data at a country level from 2015:07 to 2019:10 for nine countries (USA, Canada, Great Britain, Europe, Japan, New Zealand, Australia, China and Malaysia). Besides applying usual OLS regressions, we estimate impulse response functions by local projections in order to detect the reaction of the national bitcoin trading volume to a shock of the economic policy expectations. We further examine the deviation of the national bitcoin price from the global spot price. We find robust support for the hypothesis that bitcoin trading activity increases when there is an Uncertainty-shock. The effect is observable for all examined countries. Having established that bitcoin reacts to Uncertainty-shocks in a second step, we look at how the deviation from the global spot price reacts to Uncertainty-shocks. Due

21 to rather illiquid bitcoin markets, local bitcoin prices can differ from the global spot price in times of e.g. high demand. Therefore, using the deviation of the local bitcoin price from the global spot price allows us to disentangle how bitcoin reacts to a positive shock and a negative Uncertainty-shock. Thus, we can also assess whether bitcoin is a safe haven. In our sample we find that the deviation from the global spot price increases in times of a positive economic policy shock and vice versa decreases in times of a negative EPU-shock. This suggests that bitcoin is rather treated as a risk-on asset and not a safe haven asset as hypothesized.

Keywords: Bitcoin Trading Volume, Economic Policy Uncertainty, Impulse Response Functions By Local Projections, VIX Index

HUMAN RESOURCES Chair: Ender Demir Room: Z-Room 2

Can High Performance Work Practices Serve As a Buffer of Negative Outcomes of Employee Over-Qualification: A Cross-Country Study

Aleksandar Nikolovski Faculty of Economics of Ljubljana, Slovenia

Robert Kaše Faculty of Economics of Ljubljana, Slovenia

Abstract

This research confirms and shows that both objective and perceived overqualification are related to lower job satisfaction and lower income. Building on relative deprivation theory, we hypothesize and demonstrate that one’s decrease in job satisfaction due to objective or perceived overqualification is mitigated by the benefits of company’s use of high performance work practices (HPWP). Supported also by the ability – motivation - opportunity model, the HPWP did not affect the relation between perceived overqualification and income, while on the other hand, it make more evident the negative effect the objective overqualification has on relative incomes, on a country level. Our results are founded on global sample of 156,068 individuals from 27 countries. The hierarchical regression analysis exemplified that consideration of the data whether as nested or linear, leads to different empirical conclusions. For the professionals to tackle the overqualification - job satisfaction negative relation, this study suggests them the HPWP as a set of formal measures under the governance of their organization, rather than under the informal, employee psychological contracts. Keywords: overqualification, high performance work practices, job satisfaction, wages, moderating effects

Keywords: Overqualification, High Performance Work Practices, Job Satisfaction, Wages, Moderating Effects

22 Enhancing Employee Loyalty in the Context of Organizational Culture of Lithuanian Companies

Sonata Staniulienė Vytautas Magnus University, Lithuania

Evelina Gavėnaitė Lithuania

Abstract

In modern business organizations increasing attention should be paid to the promotion of employee loyalty, which is inseparable from the proper formation of organizational culture. Organizational culture becomes a tool for motivating employees, involving them in the activities of the company and promoting dedication. However, research shows that the tendentious decline in employee loyalty is becoming a sensitive issue for Lithuanian companies, whereas a lack or low level of loyalty results in companies losing not only talented professionals, but also customers, who together with the employees are leaving the organization, what has a negative impact on both the company's growth and performance. Thus, the problem of how to form an organizational culture that would increase employee loyalty has to be solved. Then the scientific problem of this paper is how to form an organizational culture, which would enhance employee loyalty. Consequently, the object of the paper is employee loyalty in the context of organizational culture of Lithuanian companies and the aim of the paper is to propose ways to enhance employee loyalty in the context of organizational culture in Lithuanian companies. Analysis of scientific literature and quantitative method of surveying employees are used as research methods in the paper. Literature review is devoted for defining the concepts of employee loyalty and organizational culture, reveals their importance and the links between employee loyalty and organizational culture. Afterwards the quantitative research method, the research sample, and the results of the research are presented. Based on the results of the research, the possible scenarios for changing the organizational culture are proposed, which combined, forms and describes a model for enhancing employee loyalty in the context of organizational culture. The results of the research show that low employee loyalty in Lithuanian companies is probably due to the fact that the preferred organizational culture type of employees does not correspond to the prevailing in Lithuanian companies, therefore companies which seek to enhance employee loyalty are suggested to switch to the most preferred (clan and adhocracy) organizational culture types.

Keywords: Employee Loyalty, Organizational Culture

Zeynep Hale Oner Gedik University, Turkey

Senay Kececi Gedik University, Turkey

Abstract

The proposed theoretical model aims to find out if there is a moderating effect of occupational socialization in the relationship between psychological capital and intention to quit work in a sample of occupational health and safety professionals in Istanbul. The scope of this paper will be limited with the presentation of the literature review, introduction of the measurement scales and formation of hypotheses to support the theoretical framework which forms the basis for the intended applied research model as well as the presentation of the current state of the Turkish occupational safety and health professionalism. The role of occupational socialization will be treated as a perspective rather than a theory to account for the non-normative life events and changes occurring in the daily work experiences of the professionals during the covid19 pandemic period.

Keywords: Psychological Capital, Intention to Quit, Occupational Socialization, Occupational Health and Safety Professionals, Turkey, Covid19 Pandemic Period

23 The Mediating Role of Emotional Stability between Emotional Intelligence and Overwork Behavior

Ajtene Avdullahi University of Mitrovica, Kosovo

Osman Yildirim Istanbul Arel University, Turkey

Abstract

The purpose of this research is to explore the mediating role of emotional stability between the regulation of emotion and working excessively. For this purpose, a research survey was designed by using the scales related to the variables of emotional stability, regulation of emotion and working excessively in the literature. The research data was collected by applying survey to 320 participants who voluntarily accepted participation in the survey by easy sampling method. Reliability, combined reliability, convergence validity, decomposition validity and average variance extracted values were investigated with the obtained research data, respectively. In addition, factor analyzes of the scales were made and the research model was confirmed by conducting a mediator variable effect search with the AMOS program. It is concluded that the research model is significant since the model test values x2 (397.166), x2 / df (2.206) and (p <0.05) in the path analysis model with observed variables for all data (n = 300). It is understood that the model is valid because the fit index values of the research model are in the acceptable fit limits of GFI (.911), CFI (.961), SRMR (.0702), RMSEA (.071).

Keywords: Emotional Stability, Overwork Behavior, Structural Equation Modeling

The Human Side of Employee Work Performance: Examining the Effects of Perceived Support and Psychological Safety

Safak Oz Aktepe Bahcesehir University, Turkey

Abstract

As enhanced employee performance means enhanced organizational performance; giving much attention to identifying the critical factors that pave the way for enhanced employee performance is valuable. To realize organizational objectives organizations devote their valuable resources to attract, select, place, develop and retain talents as part of their talent strategy. However, some internal dynamics may affect talents not to reach their performance after joining an organization. Among them, the elements of the social environment such as co-workers, superiors, and the characteristics of the relationships between them are argued to be linked to employee performance. So, it is valuable to investigate the influence of ‘perceived co-worker support’ and ‘perceived supervisor support’ on employee performance. Co-worker support refers to lateral organizational relationships and is related to the confidence in the willingness of co-workers to support them during daily task activities. Besides, supervisor support refers to vertical organizational relationships. Employees tend to perceive their supervisors as the agents of the organization and their support as an indication of organizational support. Supervisors provide resources, constructive feedback, and coaching to support their employees. Perceived supervisor support can shape employee performance. Also, another construct, perceived psychological safety, has crucial effects on employee performance, as well. Psychological safety refers to the belief that expressing oneself will not result in negative consequences. Employees who perceive psychological safety are more willing to take interpersonal risks, invest in their work, grow, contribute, and perform effectively. Therefore, it was hypothesized that co-worker support and supervisor support enhance employee performance and psychological safety mediates the relationship between (a) co-worker support and employee performance and (b) supervisor support and employee performance. Research data was collected from 165 employees by conducting surveys. These hypotheses were tested by conducting statistical analyses. To test the mediations, hierarchical linear regression analyses were utilized. The results indicate the influence of (1) supervisor support on employee work performance, (2) co-worker support on employee work performance, (3) supervisor support on psychological safety, and (4) co-worker support on psychological safety. Further, it is found that psychological safety fully mediated the relationship between supervisor support and employee work performance, and partially mediated the relationship between co-worker support and employee work performance.

Keywords: Co-Worker Support, Supervisor Support, Psychological Safety, Employee Performance

24 Ethical Leadership, Job Satisfaction, Organizational Identification and Work Engagement

Tomasz Gigol SGH Warsaw School of Economics, Poland

Abstract

The purpose of this study is twofold. Firstly, my aim is to test the usefulness of the concepts of ethical leadership in in practice of business management and in public sector in Poland. Secondly, I was looking for the influence of ethical leadership on employee well-being, manifested in their job satisfaction, organizational identification and work engagement. According to the survey, a leadership approach is accepted among Poles based on the values, while ethical leadership has been rarely examined in Poland. I have carried out two quantitative studies. In the first one, I have conducted a survey among 400 respondents, half of whom worked in private companies, and the other half in state-owned enterprises. In the second study, I have conducted a survey among 170 respondents from the public sector, i.e. administrative workers of Polish universities. My survey included Polish versions and validation of several questionnaires, including ethical leadership, social identification, work engagement and job satisfaction.

Keywords: Ethical Leadership, Job Satisfaction, Work Engagement, Social Identification, Poland

ENTREPRENEURSHIP & ECONOMICS OF INNOVATION Chair: Marco Vivarelli Room: Z-Room 3

Banking Ecosystems and its Modeling: Russian Evidence

Alexander M. Karminsky Higher School of Economics, Russia

Nikolay Voytov MGIMO/HSE, Russia

Abstract

In this paper, the emergence of ecosystems is examined, namely of the so-called banking ecosystems. The existing literature on the issue is examined, main research areas and definitions are highlighted. Russia-based ecosystems are considered within the broader context of ecosystem enterprises of China and the US, and its distinct features are defined. Agent-based simulation and evolutionary algorithm are used to model the ecosystem development. The simulation results are deemed within the context of existing Russian ecosystems; on their basis policy implications are provided. The plausible scenarios of ecosystems evolvement are estimated, namely of banking ecosystems; areas of further studies are defined as well.

Keywords: Banking, Business Ecosystem, Evolutionary Algorithm, Ecosystem Impact, Agent-Based Simulation

Consequences of Technological Development on the Manifestation of the Rebound Effect Phenomenon

Giani Ionel Gradinaru The Bucharest University of Economic Studies, Institute of National Economy, Romania

Abstract

We are now part of a world surrounded by innovation. From the first spark of fire, people tended to develop, learn and create a better life. Over time, there have been several industrial revolutions that have changed the way mankind understood comfort and well-being. If in the past, simple artificial light was a luxury, today we can say that we have reached the economic and social level where dreams are not a barrier. No one could have thought in the past that in less than a moment, all the information would be a click away. At present, it is not enough to have the information, but it is crucial to understand it and

25 use it for the good of all. It is important for everyone to know the advantages and disadvantages of technology, so that the benefits do not backfire on each of us. Currently, we are facing a rapid evolution of technology and a significant depletion of natural resources, which forces us to take action in this regard. The paper aims to present the consequences of using technology in inappropriate ways and to provide an overview of rational consumption. The motivation comes from understanding the phenomenon of rebound effect and from the desire to highlight the potential of technology when used carefully.

Keywords: Rebound Effect, Industry 4.0, Improving Efficiency

The Potential Use of Cryptocurrencies in Finance and Investment Sector

Krzysztof Marecki Warsaw School of Economics, Poland

Agnieszka Wójcik-Czerniawska Warsaw School of Economics, Poland

Abstract

The purpose of the article is to present the changes that are taking place in the widely accepted traditional financial market. In the era of the internet and the rapidly growing virtual world, finance is also increasingly entering this area. Before the pandemic, the phenomenon of cryptocurrencies operating in distributed mechanisms based on blockchain technology in which their control by central state authorities was impossible meant that they were criticized. But in addition, the permanent feature of cryptocurrencies is that no one can print it and there will never be more than 21 million. In 2020, annual Bitcoin inflation is very similar to gold (1.6% per annum), and over time it will be only lower (it is cut in half every four years). However, they are increasingly starting to play an important role. COVID-19 has transferred its entire current life to the Internet. Contactless payments, cashless transactions due to the almost zero risk of infection are crowding out paper money. More and more countries are beginning to wonder, or as it is the case in Italy, which is one of the most affected countries of the European Union COVID-19, about the introduction of the digital Euro (based on the block chain mechanism), similarly in France or the Netherlands. The Italian Banking Association ABI-(Associazione Bancaria Italiana) confirm that :"The programmable digital currency is an innovation in finance that can profoundly revolutionize money. It is a transformation that can bring significant potential added value, especially in terms of the efficiency of operational and management processes" On the other hand, Swiss banks are to introduce cryptocurrency trading in the near future. So you can be tempted to say that cryptocurrencies are beginning to become a new element of the traditional financial and investment market in the form of capital investment. Increasingly, global corporations such as: Philips, Sephora, MediaMarkt offer their customers Cashback services - refund of a few percent of the price of a product purchased via the Internet - at Bitcoin. We shop as always, and the platform returns a part of the amount spent in Bitcoin. Thanks to the use such a service, we will be able to pay out very small amounts to our wallet. In COVID-19 non-paper money trading as well as widely recognized secure online shopping give- not only a product but also a cryptocurrency what may lead to the transformation of traditional financial structures.

Keywords: Cryptocurrencies, Finance Sector, Investment Sector, Innovation, Finance Technology, Bitcoin

The Effect of Place-Specific Features to the Relationship between Regional Entrepreneurship and Economic Performance

Xiaoyan Huang City University of Macau, Macau

Abstract

Entrepreneurship tends to take place in innovative ecosystems, mostly cities. Cities, with unique features, may alter the impact of entrepreneurial activities on economic performance. This paper employs a three-city regression model to assess the impact of regional entrepreneurship on economic performance, using entrepreneurship indicators to interact with city dummies. The dependent variable is the GDP of a city; the independent variables are selected from nine potential variables, representing labor, capital, and entrepreneurship. We use data from the 2003-2017 yearbooks of Zhaoqing, Shantou,

26 and Meizhou (three cities with distinct cultures in Guangdong province, China). The results show that the local and foreign currency loans by Chinese and foreign financial institutions (LFI) and total employment (L) positively affect the GDP, while the interaction term between the number of private enterprises (PE) and city dummy Meizhou (MZ) negatively affects the GDP. We also tried to lag the predictors by one year; the regression result is basically the same (except showing a slightly lower level of fitness). We conclude that the three cities’ economic performance still highly relies on traditional factors of production (i.e., labor and capital) rather than entrepreneurship and that the entrepreneurship’s contribution to GDP in Meizhou is further curbed by the city’s place-specific features.

Keywords: Economic Performance, Regional Entrepreneurship, Innovation and Entrepreneurship, Place-Specific Features

Predevelopment Activities of the Innovation Process: Key Factors

Alexander Vélez University of the Basque Country, Spain

Jose M. Barrutia University of the Basque Country, Spain

Carmen Echebarria University of the Basque Country, Spain

Abstract

Previous literature has usually divided the innovation process into three phases: an initial phase of predevelopment, the development phase of the innovation, and the launching/commercialization phase. The beginning of the innovation process also known as Fuzzy Front End has been shown to be critical to the innovation process. Nonetheless, literature on the Fuzzy Front End is recent and sparse when compared to other areas of the social sciences and even to research into innovation. The objective of this paper is to improve knowledge concerning the Fuzzy Front End, identifying possible research gaps in this area that could open up future avenues of investigation. Conducting an exhaustive review of prior front-end literature, we have identified the key elements of the Fuzzy front end in the different areas that comprise it, as well as possible lines of future research. Our contributions can serve both organizations to improve this process and academics in future research.

Keywords: Front End, Predevelopment, Creativity, Product Definition, Project Definition, Knowledge, Open Innovation

Model for Development of Innovative ICT Products at High-growth Potential Start-ups

Didzis Rutitis BA School of Business and Finance, Latvia

Tatjana Volkova BA School of Business and Finance, Latvia

Abstract

ICT product development is crucial for entire Latvian economy and requires thorough analysis in order to facilitate of knowledge transfer between industry participants, categorize and aggregate experience and know-how of industry participants, and facilitate its transfer from mature and developed ICT companies to promising start-ups with high growth potential. Currently, product development at ICT companies is being implemented using various innovation tools (e.g. Business Model Canvas, Lean Startup), working philosophies and management methodologies (e.g. Lean Startup, Kaizen), part of whom have been borrowed historically from other industries. Also, there have been introduced some novel concepts in respect to ICT company product development. In this paper authors introduce their model for development of innovative ICT products at high-growth potential start-ups using findings from previously accomplished research that covered literature analysis, use of expert method to gather insights from ICT sector, corporate and startup ecosystem representatives. Research object is ICT startups with high growth potential. Research subject is product development methods and process

27 management. The novelty of the research is related to identification of the main challenges related to product development and disadvantages of currently available product development tools and managerial processes, as well as provision of suggestions for the improvement of product development processes within ICT companies. The proposed model for ICT product development describes the ICT product development path and availability of methods taking into account the product development stages. The choice of the tools and methods for development of innovative ICT products is found to be dependent on the product TRL (technology readiness level), choice of the growth financing (self- financing vs. venture money), and several other internal and external factors.

Keywords: ICT, Start-ups, Latvia

BREAK: 14:00-14:10

DAY 1 - SESSION II: 14:10-16:10

CORPORATE FINANCE Chair: Dorothea Schäfer Room: Z-Room 1

Revisiting Dividend Policy Theories for EU-28 Countries

Marilen Gabriel Pirtea West University of Timisoara, Romania

Eugen Axel Mihancea West University of Timisoara, Romania

Claudiu Botoc West University of Timisoara, Romania

Abstract

The main aim of the paper is to revisit the classical dividend theories in the context of the EU-28 countries over a 9-year time-frame (2009-2017) which is an extension of previous studies on the topic over the same geographical zone. The paper contributes to the existing body of literature by revisiting the topic over a more recent interval of time, and by adding two corporate governance indicators in the model and formulating a new hypothesis not tested before. The motivation of the study is to identify those factors which determine the dividend decisions for the companies comprised in the sample we used and compare the results to the previous studies on the topic to see whether the classical theories still stand or there are shifts towards other factors. The conclusions of the study are that the signaling effect theory which states that profit and market performance levels matter in the dividend decisions is valid for the sample selected. The pecking order theory of dividend policies is also valid because the degree of leverage has a negative influence over the dividends paid. The agency cost theory is rejected because higher debt didn’t have a positive influence over the dividends paid and also the effective tax rate is insignificant in the fixed effect regressions. Company size has a strong positive influence over dividend payments which confirms the life-cycle theory of dividends and last but not least the available cash-flow theory is also confirmed through the positive influence that the increase of the current ratio has on dividend levels.

Keywords: Dividends, Liquidity, Performance, Panel Model, Signaling

28 The Impact of Economic Policy Uncertainty on Corporate Investment Decisions: Evidence from Turkey

Gunes Topcu Canakkale On Sekiz Mart University, Turkey

Jale Sozer Oran Marmara University, Turkey

Abstract

The aim of this paper is to investigate the impact of uncertainty on the corporate investment decisions of the BIST (Borsa İstanbul) - listed manufacturing firms. As a proxy for uncertainty, we used the Turkish Economic Policy Uncertainty (EPU) index, which was developed following Baker et al.’s (2015) method. The sample consists of the quarterly financial statements of 107 BIST-listed manufacturing firms. The data period is from 2005 Q1 to 2018 Q4. We used balanced panel data analysis and estimated the regression equation parameters with fixed effects model. Our findings show that the results change with respect to time period. In the short-term, there is not a significant relationship between the EPU index and corporate investment decisions. In the medium-term, as in line with the predictions of the real options theory, economic policy uncertainty has a negative and significant effect on the corporate investment decisions. The results also show that there is a time gap between decision to invest and realization of corporate investments. This finding is in line with the irreversibility assumption of real options theory and forward-looking feature of investments. When firms meet with a positive common shock in the investment environment, they tend to delay their investments or disinvest. Moreover, we observed that in the long-term, the negative effect of policy uncertainty turns into positive to catch up with pent-up demand.

Keywords: Economic Policy Uncertainty, Turkey, Corporate Investments, Manufacturing Sector

Equity Issuance of Distressed Firms: Debt Overhang or Agency Problems?

James Park Korea University, South Korea

Abstract

This study empirically tests whether firms are more likely to issue equity when distressed. Contrary to Myers’ (1977) debt overhang predictions, I find that all else being equal, distressed firms issue more equity compared to less-distressed firms, and this disparity is greater for firms with weaker governance. Moreover, I find distressed equity issuing firms yield lower delisting and CEO turnover rates in the short- horizon but eventually increase to similar levels of comparable distressed firm. Distressed issuers also exhibit significant negative equity returns, lower Tobin’s Q, deteriorating profitability, lower investments, and excess cash holdings following issuance, which indicate that managers subsidize losing operations rather than invest in positive NPV projects. These findings collectively suggest agency problems in distressed equity issuance.

Keywords: Equity Issuance, Distress, Debt Overhang, Agency Problem

29 Optimization of Shareholder and Corporate Wealth Analysis: Effectiveness Comparative Evaluation of SVA, EVA and MVA

Lukman Ayinde Olorogun Istanbul Gelisim University, Turkey

Monsurat Ayojimi Salami International Islamic University Malaysia, Malaysia

Abstract

This comparative evaluation study endeavors to establish which of the value-added techniques have direct positive impact relationship on the shareholder value creation using Julphar Inc. as a case study. In addition to this, it pursues to discover salient significant features position of Julphar Inc, in creation of shareholder added-value under the assumptions of Shareholder added-value (SVA), economic value added (EVA), and market added-value (MVA). The data for this study consists of Julphar’s financial reports data covering from 2013–2019. SVA, MVA, and EVA were employed respectively to study the relationship. The study reveals SVA and EVA were directly lean to shareholder value-added creation compare to MVA. Furthermore, SVA and EVA showed the extent Julphar’s investors were rewarded. Particularly, SVA results were positive from 2013-2017. Similarly, EVA results were positive from 2014- 2017 albeit 2013 was negative indicating that financial increment might not amount to value-added because SVA of 2013 was positive. Another alarming element is that Julphar recorded net operating profit after tax (NOPAT) in 2013 not net operating loss after tax (NOPLAT). However, SVA and EVA were negative in year 2018and 2019; showing a consistent relationship between SVA, EVA and shareholder value creation partly cause by NOPLAT recorded. In a twist, MVA has recorded positive results throughout i.e. 2013-2019 which pointed to a lack relatedness between MVA and shareholder value-added. This was regardless of NOPLAT and high expenditures recorded in year 2018 and 2019. A positive MVA is counterintuitive even after NOPLAT for two years consecutively. It indicates that there is other element inducing positive MVA. Thus, MVA is an outward insight, which measures managerial acumen of the executive management in deployment of capital for realization of the shareholder objective. SVA and EVA notwithstanding are inward or direct measure of shareholder value creation. Other findings are lower profitability, high market risk, inefficient resource management, high leverage, higher expenditures and weak market capitalization. The primary limitations of this study are uses of Julphar as a case, which might not resolute with other firms, estimation of beta, and risk free rate. Thus, an industry-wide study is recommended. Optimization of shareholder value has become vital modern corporate objective globally, and a measure of corporate executives and managers.

Keywords: Shareholder Value Added, Julphar Pharmaceutical, Corporate, WACC, Wealth Optimization, Comparative Evaluation

The Black-Scholes Model vs. predictive Genetic Algorithms - NASDAQ options case study

Jorge Eduardo Vila Biglieri The Vigo University, Spain

Joanna Małecka The Poznań University of Technology, Poland

Abstract

Objective: Predicting option prices is the key to make a profit on stock markets. Traditional financial theory methods, such as the Black–Scholes Model (BSM), have been criticized by many authors and investors as remarkable as Warren Buffett regardless of many successful examples from the practice The aim of this article is to compare the BSM option pricing model with a more straightforward Genetic Algorithm (GA) approach, to take new view and conclusion about the best predicting method. Data and Methods: The database consists of more than 300 000 option prices of relevant NASDAQ companies. Database information was taken every two minutes, including ask, bid, last, volume, model, maximum, minimum, news, and more. The Eureqa GA software have been used to find the optimum solution. Some variables from BSM have been exclude, like dividends, by using Facebook, Apple, Amazon, Netflix and Google (FAANG), companies which do not pay the dividends. Call/Put linear GA models with a reasonable Mean Absolute Error (MAE) were found. Results: Call GA model is more precise than BSM, with the exception of some unpredictable market behavior, but the Put GA model is worse than

30 BSM. The most likely explanation is that volatility, which is more accentuated on Put options, makes it impossible to predict Put prices on market openings. Conclusions: The Call GA model that has been demonstrate in the article is straightforward and successful at predicting the price of the options. However, the Put GA model needs further improvements, which we will cover in future articles. More so, we discover unpredictable price differences as a result of unorthodox buyer-seller behavior at given situations.

Keywords: NASDAQ, Genetic Algorithms, Stock Exchange, Options, Artificial Intelligence, Black– Scholes Model

Consequences of Exits from Political Unions on Leverage: The Case of Sudan Split

Mohamad Youness The Bucharest University of Economic Studies, Romania

Abstract

This paper examines the consequences of exits from political unions or the split of countries on capital structure decision especially the leverage, taking Sudan split as a practical case. Where this paper study the impacts of the split on the capital structure during the period before and after the split, between (2008-2015), using a database of five different companies from different sectors, from Sudan. We find that the political decisions such as split has a direct impact on the capital policies.

Keywords: Capital Structure, Political Exits, Sudan Split, Corporate Financial Policies

TOURISM Chair: Ender Demir Room: Z-Room 2

ICT and Social Media Influence on the MICE Market and the Event Management

Igor Kovacevic Faculty of Economics University of Belgrade, Serbia

Bojan Zečević Faculty of Economics University of Belgrade, Serbia

Branislava Hristov Stancic Faculty of Economics University of Belgrade, Serbia

Abstract

Information-communication technology (ICT) and social media became a “new normal process” of destination management in all tourism aspects, including the meetings and events industry (MICE) and the event management. Although medical crisis caused by covid-19, showed all the potential and reach of the various ICT solutions, it is inevitable that face-to-face meetings will remain as the main form of the meetings industry. Paper focuses on the theoretical and practical aspects of new economy paradigm caused by ICT in the field MICE industry, how social media influenced market changes, and what is the framework for using social media in the event management.

Keywords: Event Management, Social Media, Meetings, MICE, Destination Management

31 Authenticity through the Eyes of the Host: The Complication of Presenting Culture as Commodity

Yodmanee Tepanon Kasetsart University, Thailand

Thanwa Benjawan Payap University, Thailand

Chawan Maleehom Payap University, Thailand

Abstract

Experiencing local culture undeniably is one of the main tourist motivation. Hill tribe tourism is among famous tourism activities in the northern part of Thailand and therefore is often included in a tourist itinerary. Hill tribe communities are visited and now undergoing through an ongoing change in displaying their culture. This study investigates the host perception of authenticity of their local culture when presenting to tourists within the tourism landscape. Using qualitative methodology, local key informants at Bann Mae Klang Luang hill tribe community in Chiang Mai, Thailand, were interviewed. The findings indicate that Karens at Bann Mae Klang Luang opened their village to tourists not only for the better income but also to correct wrong image and perception outsiders hold about them. While attempting to earn money by attracting tourists with their unique culture and way of life, Karens impulsively modify their culture or unintentionally borrow tangible or intangible cultural presentation from other cultures for that purpose. Pursuing tourism as an easy way out of poverty has not always been the bed of roses. Their lives have changed and gone through similar processes as happened to other villages ahead of them. This study conclusively stresses the needs to inform or educate tourists for a better understanding of the local culture and urge them to change their behavior. Tourists are encouraged to learn more and change their modern lifestyle requests. This will lead to the appreciation and preservation of the traditional Karen culture in the end.

Keywords: Authenticity, Hill Tribe, Ethnic Tourism, Thailand

The Role of State Policy in Crisis Management of Destinations (the Case of Georgia)

Nana Katsitadze Ivane Javakhishvili Tbilisi State University, Georgia

Tamar Atanelishvili Ivane Javakhishvili Tbilisi State University, Georgia

Mariam Kutateladze Ivane Javakhishvili Tbilisi State University, Georgia

Aleksandre Tushishvili Georgian Technical University, Georgia

Abstract

The paper aims at identifying effective ways for overcoming the crisis caused in tourism destinations by COVID 19. Tourism which is based on the displacement of people from their usual living environment contradicts with the basic mechanisms used for stopping the spread of pandemic, which poses a challenge to the industry planners. The urgency of resolving the issue is aggravated by the fact that such global crisis, which has affected other important aspects of human life in addition to economy, is changing the views and the established practices in tourism management. As pandemic, disasters and similar factors filter the key indicators affecting tourism, the study will focus on two directions – state policy in effective management of tourism destination crises (the case of Georgia) and changes in the preferences in consumer behavior caused by the pandemic. Given study uses logical and statistical analysis, factual research methods, systemic approach to the evaluation of results of expansion processes in the field. Consumer behavior was studied based on the quantitative methods adapted for empirical research. The article uses WHO, GNTA and UNWTO reports, discusses scientific publications, legislative norms and offers recommendations. The study has substantiated that safety is a decisive

32 factor affecting the choice of a consumer in terms of pandemic and directly reflects on the destination image. Since safety is beyond the control of the tourism sector, the study emphasizes the fundamental role of state policy in addressing the destination crisis. Proper crisis management by the government of Georgia allowed the country to gain the image of a pandemic-free and safe country making it competitive in both domestic and international tourism markets. The study confirmed strong and long-term fears of consumers regarding tourism destinations caused by the pandemic. The image of a safe country provides perspectives for Georgia to attract new target markets and remain competitive in the post-crisis period. Empirical research has substantiated the choice of short-distance travel during the crisis. Therefore, against the background of the decision of Georgia’s government to close the borders with the traditional markets, domestic tourism remains an important factor for saving the industry. In conclusion, in crisis and post-crisis management of tourism destination, it is important to have state- policy supported various scenarios for the development of the sector adapted to changeable situations based on such opportunities as the image of a safe country and differentiated tourism.

Keywords: Crisis, State Policy, Destination Management, Recovery, Image

Sustainable Tourism: Practices in Izmir and Kusadasi

Shenaj Hadzimustafa SouthEast European University, Macedonia

Raifcan Simsir SouthEast European University, Macedonia

Shpresa Syla SouthEast European University, Macedonia

Teuta Veseli-Kurtishi SouthEast European University, Macedonia

Abstract

Sustainability is known as the ability of an ecosystem to sustain without nonstop, destruction and overconsumption. The first mission is dynamism and growth of the sector, the second one is tourism having a special relationship between consumers (visitors), the industry, the environment, and local communities. Nowadays, as the adoption of sustainability in the business model has become unavoidable for sustainable development; the adoption of sustainable tourism by all stakeholders has a key importance for managing changing new tourism trends, practicing environmental sustainability, and preserving shared values. This situation requires an approach to adapt to environmental and social sustainability and preserving the green policy instead of short-term anxieties in tourism. The aim of the research is to determine how different rate hotels use the practices of sustainability in Izmir and Kusadası. In order to determine the position of city center hotels in Izmir, a questionnaire was conducted regardless of certification of environment-friendly practices. During conducting a questionnaire, more than 100 hotels were visited and 57 of them applied to conduct the questionnaire. Out of which 19 are located in Kusadası. The rest of 38 are located in the city center of Izmir. A questionnaire was conducted to general managers, front office managers, technical service managers or receptionists of hotels in January of 2019. Within the scope of the Green Star, most environmental protection practices have been determined to be “above the average” at hotels. Considering all these results, it is found that there are differences in the practice levels in terms of the status of hotels (different stars) and their locations. It is concluded that 5-star hotels are more environmentally friendly. When city center hotels in Izmir and hotels in Kusadası are compared, it is understood that city center hotels in Izmir are more environmentally friendly.

Keywords: Tourism, Sustainability, Green Star Hotel, Environmentally Friendly

33 Timeshare Business: A Success or a Failure?

Daniela Penela ISCTE-IUL, Portugal

Abstract

This study examines the timeshare product dimensions based on information that customers spontaneously share online in TripAdvisor. Using Leximancer, this paper identifies 57 main concepts and 11 major textual themes regarding timeshare. Further analysis revealed seven main dimensions: points, vacation, resorts, fees, sales, company, and deal for this product, the most relevant being points, referring to the recent evolution of the timeshare product to a point-based system. Yet, results indicate that timeshare companies still need to pay attention to the information that is shared online and improve their image, as 899 posts (42%) out of 2089 show negative perceptions towards timeshare. For owners, the dimension fees is responsible for most of the negative perceptions towards this product, which raises issues regarding long future success for this segment in the hospitality industry, as the fees that timeshare’ owners must pay once they buy into timeshare are necessary to support the maintenance of these resorts.

Keywords: Customer Satisfaction, Timeshare Industry, Content Analysis, User-Generated Content, Online Reviews

The Role of Federal Reserve’s Monetary Policy on International Tourist Flows: Evidence from Continental Panels

Ayhan Tecel Eastern Mediterranean University, North Cyprus

Salih Turan Katircioglu Eastern Mediterranean University, North Cyprus

Turgay Avci Eastern Mediterranean University, North Cyprus

Abstract

This study aims to analyze the role of the Federal Reserve’s (Fed) monetary policy in continental tourist flows. Continental time series plus panel data covering the period 1995-2018 is constructed. Results from both time series and panel analyses show that changes in the FED interest rate policy exert positively significant effects on international tourist flows across regions and continents. Results reveal that, for example, an increase in FED interest rates results in appreciation of USD against the other currencies other things being equal, which causes an increase in the price competitiveness of the other tourist markets due to depreciation of their national currencies. Therefore, tourist flows change in the same direction significantly with the Fed monetary policy. This study contains important policy implications for the global tourist markets.

Keywords: Monetary Policy, Tourist Flows, Tourist Markets, Continental Panel

34 MARKETING & MANAGEMENT Chair: Gokhan Karabulut Room: Z-Room 3

Top Management Team’s Heterogeneity as An Antecedence of Organizational Sustainability

Doane Shichen Ye Newcastle University, United Kingdom

Abstract

Purpose: Resource commitment is the willingness to offer demanded materials and support to obtain the specified objectives of the organization; they are also maintain different departments sustainably in the organizations (Ripollés, et al., 2012). It can also enhance organizational sustainability (Camisón & Monfort-Mir, 2012). Empirical study research demonstrated that an organization with a significant resource commitment has a 40% higher new commodities triumph rate in the business units (Cooper, 1998). However, based on literature reviews, there are limited researches has contributed to the relationship between TMT's Heterogeneity and resource commitment, and the relationship between resource commitment and organizational sustainability. Additionally, there is no research indicated business partnership and employee engagement as moderators that influence these relationships. Therefore, the study will explore these relationships, and examine a holistic framework has constructed. The study will propose a conceptual framework to fill the gaps in the previous literature that based on various research and empirical studies: the connections of top management team heterogeneity, resource commitment, sustainability and organizational sustainability. Design/methodology/approach: The mixed method will be used in the research design, structured questionnaires and interview of data collection that will be designed for asking travel professionals from the management team and general employees. Expected Findings: It is expected to fill the research gap by examining the connections between top management team heterogeneity, resources commitment, organizational sustainability, and filling the gap that has been defined.

Keywords: Top Management Team’s Heterogeneity, Resource Commitment, Organizational Sustainability

How Vulnerable vs. Non-vulnerable Consumers May Self-regulate Their Post-Covid Consumptions?

Elif Karaosmanoglu Istanbul Technical University, Turkey

Mehmet Okan Artvin Coruh University, Turkey

Nesenur Altinigne Istanbul Bilgi University, Turkey

Didem Gamze Isiksal Istanbul Technical University, Turkey

Ozge Demir Istanbul Technical University, Turkey

Elif İdemen Okan Istanbul Technical University, Turkey

Abstract

Latest research conducted in Turkey demonstrate that 40 per cent of the population (33.6 million individuals) had no or limited access to resources during the early stages of Covid-19 precautions (Universal McCann, 2020). The research by McKinsey&Company (2020) highlights that 94 per cent of the participants expect that the financial constraints brought by the pandemic will last until the end of 2020. Such results indicate that the current and coming pandemic conditions will change consumption patterns of consumers especially for vulnerable groups. From this point of view, in this research, it is aimed to understand what consumption patterns of vulnerable and non-vulnerable groups have shown during the early stages of Covid-19 precautions and through which mechanisms these may determine

35 their consumption behaviors at post-stages of pandemic. It is argued that psychological well-being, pro- social behavior, individual resilience and social capital and the interplay among these concepts may help consumers to self-regulate their consumption after the Covid-19 precautions are eased. Since neo- liberal economies are reliant on stable demand during crisis, it is imperative to unfold the underlying social and psychological factors that may influence self-regulatory consumption behaviors of buyers. For this purpose, this research funded by TUBITAK (Project ID: 120K323) will reveal the results of a panel survey that will be conducted with approximately 1600 consumers during July and August 2020 in Istanbul.

Keywords: Covid-19, Self-Regulatory Consumption, Vulnerable Consumers

The Market and Customer Orientation - Performance Relationship

Maria Gracner University of Ljubljana, Slovenia

Abstract

This paper provides empirical knowledge about the relationship between market orientation (customer orientation, competitor orientation and inter-functional coordination) and export performance in Slovenian export-oriented firms. It is feasible for multinational companies to purposefully manage their market orientation strategy so that they enact different market orientation behaviors and consumer behaviors in the different markets that they serve, then a situation is possible that some companies may gain from having completely different market orientation levels across their diverse operations. In its general sense, in this paper, we focus our attention on the export activities of businesses and note that this level of analysis allows for clear distinctions between domestic and export activities to be drawn, and for the market orientation to be viewed from the perspective of the levels of analysis (Cadogan, et al., 2003). Specifically, the domestic market is the prevailing market for many companies and is certainly the primary focus of the assessment of market orientation levels when it comes to empirical work with market orientation (Ellis, 2007). Objectives: The purpose of the paper is to examine the relationship between market orientation and export performance in export Slovenian fast-growing market. This article explains why consumers in different markets (domestic/foreign) behave differently (because of their cultural background, psychological factors). Data and methods: As the exploratory phase pre-study was made in Skype with the top manager of export-oriented firms in Slovenia and with their ventures during June-July 2020. The study consisted of 10 structured depth interviews lasting one to two hours each. Respondents were between 26 and 67 years of age, highly educated. The participants work for export-oriented firms and predominantly have subsidiaries on the foreign market. The interviews were audiotaped and later transcribed. Results: Results show that firms behave differently in the different levels of the market. The domestic market is going to be easier to make market-oriented, then distant foreign market. Through the analysis of the pre-study, we have obtained first important information about market orientation in export-oriented firms. Conclusions: Literature review provides evidence that the MO and profitability are interlinked. The exploratory nature of the research also supports this hypothesis. Further qualitative research will be conducted and the questionnaire will be developed, based on the pre-study analysis.

Keywords: Market Orientation, Customer Orientation, Export Performance, International Business, Consumer

36 “Hey Google, text Mum I’ll be there in 10 minutes”: Measuring the Drivers behind Usage Habits for Voice Assistants

Fulya Acikgoz Bahcesehir University, Turkey

Rodrigo Perez-Vega University of Reading, United Kingdom

Abstract

AI-powered Voice Assistants (VAs) are technologies that through natural language processing allow for a more intuitive interaction of consumers with AI technologies. Through the use of VAs, consumer can plan their own schedule, text their parents, explore some useful information, purchase products, and interact with companies (McLean and Osei-Frimpong, 2019). As a consequence of these benefits, a positive attitude towards VAs exists (Moruichi, 2019). However, since VAs must listen to their environment to catch the commands needed to perform their tasks, research has found that some negative attitudes towards the VA can also emerge because of privacy problems (Easwara and Vu, 2015). Notwithstanding the attention given to VAs and their increasing adoption along with their estimated future growth, there is scarce academic research revealing what impacts people's attitudes towards VA and usage habits of VA. This study aims to understand the drivers behind the usage habits of VAs. To do so, we extend the Technology Acceptance Model (Davis, 1989) in conjunction with the concept of privacy cynicism, a cognitive process that remains understudied in the academic literature. In this study, perceived usefulness, ease of use, privacy cynicism, attitude, trust, and habit are examined through Structural Equation Modeling (SEM) with the Partial Least Squares (PLS) approach. For this purpose, 166 VA users were recruited using Amazon Turk. According to the findings of the study, it is observed ease of use and perceived usefulness have a positive impact on attitude towards the usage of VA, while privacy cynicism has a negative impact on attitude towards the usage of VA. Moreover, it is found that privacy cynicism has a positive impact on trust based on the usage of VA. Interestingly, attitude towards the usage of VA does not significantly explain the usage habits of VA.

Keywords: Virtual Assistants (VA), TAM, Privacy Cynicism, Artificial Intelligence (AI)

Systems for Analyzing the Performance of Political Party Activity Management - Balance Scorecard for Political Organizations

Ecaterina Cornelia Ungureanu Dunarea de Jos University of Galati, Romania

Liliana Mihaela Moga Dunarea de Jos University of Galati, Romania

Andi Mihalache Dunarea de Jos University of Galati, Romania

Abstract

In the current international context in which the political parties go through a period of widespread and substantial erosion of electoral support due to the demands imposed by the civil society and the challenges generated by the technological development, the achievement of the performance is a sine qua non condition for their existence and continuity on the political scene. In these circumstances, it is necessary to develop a system of performance indicators, applicable to the activity of political organizations, with the role of evaluating the results of these entities. The research aims to analyze efficient management tools and techniques used mainly by economic organizations and their adaptation to the specific of the political activity. To this end, the review of the international scientific literature and the existing case studies was conducted. The paper realizes a customization of the strategic model for measuring the performance of the Balance Score Card, from the perspective of a political party, in order to streamline the processes and to obtain the performance of the political activity, by designing a balanced plan of indicators by the political organizations. The version of the model proposed by the performed research represents a real basis for monitoring the performances and can be a viable alternative to the current evaluation methods used by the parties in analyzing the results of the activity.

Keywords: Management, Balance Score Card, Performance Indicators, Political Party, Efficiency

The Role of Perceived Risk in the Relationship between Consumer Trust and Mobile Banking Usage Intention

Halil Erdogan Eskisehir Osmangazi University, Turkey

Halil Semih Kimzan Eskisehir Osmangazi University, Turkey

Abstract

Technological developments enable bank customers to complete banking transactions via mobile devices. Current affairs including Covid-19 epidemics have dramatically increased the usage of alternative channels such as mobile banking. Different factors affect mobile banking usage intention of bank customers. Consumer trust is one of the most important antecedents of mobile banking usage intention of consumers. Consumer trust affects consumers’ mobile banking usage intention not only directly but also indirectly by decreasing perceived risk of consumers. In other words, consumer trust decreases perceived risks of consumers and the less risk a consumer perceive, the more likely he/she is to use mobile banking. In this context, the aim of the study is to examine the role of perceived risk in the relationship between consumer trust and mobile banking usage intention. In the process of collecting data for the study, 400 respondents were obtained through the convenience sampling method. However, 44 of these individuals were excluded for leaving some statements contained in the questionnaire blank; the remaining 356 questionnaires were subjected to analysis. The questionnaire was divided into two parts. Section one is consisted of questions related to demographics. Sections two is consisted of the items of consumer trust, perceived risk, and mobile banking usage intention scales developed by different authors. The factor, reliability, regression analyses were employed. The results reveal that there is a positive relationship between consumer trust and mobile banking usage intention. The results also show that perceived risk has a partial mediating role in the relationship between consumer trust and mobile banking usage intention.

EBES FELLOW: 16:10-17:10

Room: Z-Room 1 Presented by: Dorothea Schäfer, DIW Berlin, GLO, & Jönköping University, Sweden

38 THURSDAY, AUGUST 6 (DAY 2)

DAY 2 - SESSION I: 08:30-10:30

LABOR ECONOMICS Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

Beauty Premium through Cosmetic Surgery for Prisoners: Choice Experiment with Asymmetric Information

Taksaorn Phuchongpravech Chulalongkorn University, Thailand

Thanee Chaiwat Chulalongkorn University, Thailand

Abstract

The concept of ‘beauty premium’ has been the subject of academic research for decades, but only a few studies have investigated the investment side of beauty. Meanwhile, the main concern of prisoners is to be given the opportunity to re-enter society. However, their low physical attractiveness has been claimed to be an obstacle that prevents them from entering the labor market. While a large literature reported the existence of beauty premium in the labor market worldwide, the current paper complements the existing literature by applying choice experiment (CE) with asymmetric information to investigate the impacts of cosmetic surgery on prisoners’ labor market returns: job opportunities and incomes. Eighteen male prisoners’ faces were simulated for cosmetic surgery and assigned as job candidates in a CE. The results show that, compared with the non-surgery group, respondents (employers) in the formal and informal sectors preferred cosmetic surgery groups with odds ratios or increase of utility of 4.05 and 2.54, respectively. The WMTP values show that employers are willing to pay an additional salary of 3,500 baht to the surgery group. Using prisoners as subjects not only broadens existing literature by demonstrating the existence of economic returns to investment on beauty in this minority group, it also presents additional ideas for further rehabilitation programmes to help prisoners reintegrate themselves into society.

Keywords: Asymmetric Information, Beauty Premium, Choice Experiment, Cosmetic Surgery, Criminal Record, Prisoner Employment

The Impact of Immigration on Workers Protection

Adam Levai Université catholique de Louvain, Belgium

Riccardo Turati Université Catholique de Louvain, Belgium

Abstract

Can immigrants influence the labor law regulation in the destination country? Even though the current literature treats labor market institutions as exogenous to the size and composition of immigrants, we find evidence that immigrants’ level of regulation at the country of origin affects the labor regulation in the destination country over the long-run. Using a sample of 70 developed and developing countries from 1970 to 2010, we build a workers protection index employing a factor analysis of 36 variables documenting labor law regulation across five dimensions: forms of employment, working-time regulation, dismissal regulation, right of unionization and right to strike. In a dynamic panel setting using both internal and external instruments, we find that migrants impact the destination countries’ workers protection mainly through the ”epidemiological” effect which is driven by the level of workers protection standards experienced in their country of origin. The results are robust to alternative and competing immigration effects such as diversity, polarization and skill-selection. We provide evidence that the effects are particularly strong on the rights of unionization and on the protection of more flexible employment forms. This paper points out immigrants’ participation to unions and its implications for the political actors as one of the potential mechanisms through which the epidemiological effect materializes.

Keywords: Migration, Labor Market Institutions, Labor Law Regulation, Workers Protection

39 The Determinants of Unemployment: A Case of South Africa

Priyanka Patel North West University, South Africa

Ireen Choga North West University, South Africa

Abstract

The unemployment rate in South Africa is complicated by extremely serious socio-political issues confronted by the South African government. As a result, this research investigates the determining factors which cause unemployment in South Africa and proposes a policy recommendation to alleviate unemployment in South Africa. The determinants of unemployment are analyzed using Johansen cointegration analysis technique from an econometric perspective with annual time series data from 1986 to 2016. The Johansen cointegration test established that there is a long-run relationship between unemployment and chosen variables. Diagnostic and stability tests results show that the residuals behaved well. Impulse response outcomes were steady with the long-run dynamic model. The outcomes of the variance decomposition showed that most of the forecast error variance in unemployment rate is explained by government expenditure on education, whereas limited proportion of variation was explained by population growth and foreign direct investment in unemployment rate. The Granger causality test results shows that variables such government expenditure on education, and foreign direct investment provide unidirectional relationship and gross domestic product reinforce the inverse relationship suggested by economic theory. The results that have arisen from this study confirm the theoretical predictions and are also supported by previous researchers.

Keywords: Unemployment Rate, Population Growth, Government Expenditure on Education, Foreign Direct Investment, Gross Domestic Product, VECM, South Africa

The Impact of Weakening Civil Liberties on Outflows of International Students

Murat Demirci Koc University, Turkey

Abstract

Populist leaders have gained the power of governing as a result of elections in many democracies over the last decade, and civil liberties have been deteriorating since then in these countries as measured by several international agencies. This study analyzes how deteriorating freedom in a country affects the number of students who go abroad from that country to pursue foreign post-secondary education. To answer this question, we apply the Synthetic Control Method, using the 2004-2016 data of international students in OECD countries. We focus on Hungary, Ukraine, Venezuela, Turkey and Indonesia as countries of interest. The estimates show that the population of these five countries’ citizens who take post-secondary education in OECD countries has increased after worsening civil liberties in these origin countries compared to their synthetic controls. The earlier research has shown that obtaining educational credentials from a foreign country serves as an easier path to enter the labor market of that country for immigrants. Given such a relationship, we interpret the findings of this study as evidence for that citizens of countries where freedom conditions worsen consider international education as a way to a long-term migration. Indeed, the further analysis of migration patterns to the US and the UK demonstrates that citizens of these countries where the freedom has deteriorated become more likely to obtain family or work visas that set a path to permanent residency in the US and UK. Thus, this study shows that electing populist leaders is likely not only to weaken democratic institutions in these countries but also trigger the brain drain, which might result in stronger negative economic impacts in the long- term.

Keywords: International Students, Migration, Populism, Freedom, Synthetic Control Method

40 Covid-19 Crises and Segmented Labor Markets: The Case of Southern Italy

Gustavo Di Santo University of Calabria, Italy

Salvatore Perri University of Magna Graecia, Italy

Abstract

The COVID-19 crisis will impact on the Italian economy, already proven by a long-term decline in growth and a tiring recovery from the last major financial crisis. The crisis will impact differently in the different areas of the country; these differences are reflected in the different functioning of the labor markets. In the framework of the theories of market segmentation, we analyze the impact of this crisis on the economic structure of southern Italy (or Mezzogiorno). Indeed, based on the experience of the last financial crisis, the Italian dualistic economic system reacts differently to shocks, particularly in terms of relationships between firms and occupation rates. Based on Okun’s law, our forecast suggests a dramatic fall of employment in the South until 17 percent. This means that - in the worst scenario - a million people could be outside the legal labor market. A socio-economic time-bomb that must be defused with adequate economic policies because most of these jobs position could be lost permanently. In contrast to the neoclassical approach, we suggest two forms of interventions for the South: the redistribution of work, and such form of basic income, which allow flexible use of the non- penalizing workforce in terms of income. These two instruments can have two positive effects: the increase in aggregate consumer demand; and the reduction of incentives to work in the shade, because companies could legally integrate their workforce, even for short periods.

Keywords: COVID-19, Southern Italy, Labor Market Segmentation, Policy Design, Okun’s law

MARKETING I Chair: Ender Demir Room: Z-Room 2

Online Shopping Drivers and Barriers in the time of COVID-19 for Turkish Young and Older Adults

Muge Akkor Koktekin Yeditepe University, Turkey

Abstract

COVID-19 is a global outbreak, which has spread all over the world. During the time of COVID-19, young and older consumers are forced to modify their lifestyle habits until things take a turn for the better. Among Turkish older consumers, this pandemic increases challenges to adopt the use of e-commerce as they are quarantined and enter lockdowns. Therefore, older adults are becoming more and more serious potential market for online shopping. Unfortunately, previous practitioners and researchers have been paying less attention to the online shopping behavior of older adults. To bridge the gap, the aim of this study is to enhance a better understanding of the differences between the online shopping drivers and barriers of both young and older adults based on the Unified Theory of Acceptance and Use of Technology and the Innovation Resistance Theory particularly in the time of COVID-19. Unlike the previous studies, this study not only focuses on drivers and barriers but also differentiates itself based on the integrated model depending on composite theories.

Keywords: Online shopping, Unified Theory of Acceptance and Use of Technology (UTAUT), Innovation Resistance Theory, COVID-19

41 Impact of Perceived Uncertainty towards Personal Values: Moderating Roles of Frugality and Conspicuous Consumption Motive

Evi Rinawati Simanjuntak Bina Nusantara University, Indonesia

Ifa Riefanti Nabila Bina Nusantara University, Indonesia

Abstract

This paper draws on an interdisciplinary hypothetical background to explain the inclusion of hedonic value and conspicuous consumption as parts of consumers personal values and motivations, respectively, alongside with perceived uncertainty, e-satisfaction, and e-store loyalty. Consumers personal values was defined as a multidimensional theory consisting of acquisition and hedonic value, while consumers motivations were defined as a multidimensional theory comprising of frugality and conspicuous consumption. The proposed theoretical framework describes the potential influence of perceived uncertainty on the personal values perceived by secondhand luxury goods online consumers, as well as the moderating influence of frugality and conspicuous consumptions. Potential influence of personal values on consumers e-satisfaction, as well as the influence of e-satisfaction on e-store loyalty were also demonstrated in the framework. Analysis shows that perceived uncertainty may reduce hedonic value less when consumers are motivated by conspicuous consumption for the benefits of showcasing wealth. The moderating role of frugality toward the linkage of perceived uncertainty and acquisition value is not evident. Analysis further indicates that the fulfillment of consumers personal values may increase the e-satisfaction towards their purchasing decision, which later generates their e- store loyalty towards the online retailer. This paper establishes a new research agenda of marketing to secondhand luxury goods online consumers, with recommendations for future research.

Keywords: Secondhand Luxury Goods, Hedonic Value, Acquisition Value, Conspicuous Consumption, Frugality, Perceived Uncertainty, E-Satisfaction, E-Loyalty

The Impact of Sense of Belonging and Hospitality Culture on the Intention to Participate in Ridesharing: A Comparison of Turkey and USA

Hasan Teyfik Senli Ufuk University, Turkey

Niray Tuncel Hacettepe University, Turkey

Abstract

This study aims to investigate the impact of the sense of belonging and hospitality culture on the intention to participate in ridesharing among American and Turkish consumers in a cross-cultural setting. In this context, we collected data from 369 American consumers via MTurk (Amazon Mechanical Turk) and 371 Turkish consumers through a face to face and online survey methods. The data were analyzed using PLS-SEM (Partial Least Square Structural Equation Modelling). Besides, the cross-cultural differences were tested with MGA (Multi-Group Comparison) analysis. The findings suggested that principles and propitiousness dimensions of hospitality culture affect the intention to participate in ridesharing in both countries. On the other hand, the leadership dimension does not have an impact on the intention to participate in ridesharing for both countries. MGA results indicated that there is not a significant difference among American and Turkish consumers in terms of examined relationships. The study contributes to the sharing economy literature by focusing on specific antecedents (i.e., sense of belonging and hospitality culture) about which the current literature has very limited knowledge. The cross-cultural comparison is another contribution to the literature.

Keywords: Sharing Economy, Ridesharing, Sense of Belonging, Hospitality Culture

42 Luxury Goods and the Country-of-origin-effect: A Literature Review and Co-citation Analysis

Katharina Stolz University of Stuttgart, Germany

Abstract

The paper advances the research in the field of the country-of-origin-effect (COE) by adding a systematic and comprehensive overview of the COE in the field of luxury products across various industries. The literature review analyzes 34 articles in-depth and strengthens the COE, as in twenty studies an effect was observed. The analysis also emphasizes the different importance of the COE regarding different industries (accessories, automotive, fashion and food), whereby an effect was most often reported when investigating accessories like luxury watches. Furthermore, the review confirms the wide variety of defining a luxury product as established in previous research, which is also reflected on the major differences regarding the selected stimulus material used in the analyzed studies. Nevertheless, none of the analyzed studies investigated product innovations, but rather focused on well- established items. In addition, a citation and co-citation analysis was performed showing a weakly connected citation network (network density of 0.024) with one dominant authorship.

Keywords: Citation Analysis, Country-of-Origin, International Market, Literature Review, Luxury Good, Strategic Marketing

Exploring the Dimensions forming the HEIs Image for the Current International Students: Context of Malaysia

Shamima Raihan Manzoor Multimedia University, Malaysia

Chinnasamy Malarvizhi Multimedia University, Malaysia

Junainah Binti Mohd Mahdee Multimedia University, Malaysia

Abstract

In recent decades, Malaysia has witnessed a notable influx of international students in its HEIs with strong support from the Malaysian government to build Malaysia as the educational centre of the region. This is in line with the country’s aspiration to be a global education hub by the year 2020 (Vision 2020). Among these rapidly developing countries, Malaysia has emerged as a top study destination for students all around the world. Hence the investigation of image dimensions from the perspectives of international students is a burning issue which requires further research, especially in the context of Asian countries. As Malaysia is one of the emerging contenders as an education hub with a sound number of international students, the country deserves to be the context of research in this study. Since the past studies are mostly done in the Western context, a gap still exists regarding the dimensions forming the university image in Malaysia, especially among the international students. The study involved 200 international postgraduate students studying five different universities consisting of both private and public universities in Malaysia. A seven-point Likert scale for 15 items included on the questionnaire related to the academic institutional image. Principal component analysis using varimax rotation was used for questionnaire validation and categorization of resulting factors. The factor analysis result showed three- dimensional abstraction of the image construct. The three dimensions explored in the study are expected to capture a broader spectrum in understanding the real essence of the university image due to the nature of multiplicity of this study respondents. This instrument would be considered applicable as a tool for image determination to be adopted by the university prior and/or post-marketing campaigns performed by the university. From a practical standpoint, the outcome of this study will provide ideas for the universities managers in concentrating on all the factors instead of investing plenty of resources and efforts just on one dimension. Finally, the main implication of this research is that universities should focus on these appeals, since it seems that the quality of education is taken for granted by students and, as such, may not be a differentiating factor.

Keywords: Higher Education Institutions Image, International Students, Malaysia

43 Consumer Sentiments about Robot Servers in Tourism and Hospitality Industry

Ady Milman University of Central Florida, U.S.A.

Ttcucf Zhang University of Central Florida, U.S.A.

Asli Tasci University of Central Florida, U.S.A.

Fulya Acikgoz Bahcesehir University, Turkey

Abstract

The use of robots within the hospitality industry has become increasingly popular in the past few years, with uses ranging from artificially intelligent chatbots, designed to assist with the customer service process or robot assistants. These robots are adopted to reduce costs and increase productivity and are deployed to improve guests’ experience in hotels, counter service restaurants, airports, theme parks and attractions, and other applications. However, the research on the consumer perception and attitude towards service robots is in its infancy. The current study explored consumers’ opinions and attitudes about robotic servers. The data collected from the 542 consumers revealed that consumers expect robotic servers mostly in full service accommodation facilities, followed by fast food restaurants, limited service hotels, and full service restaurants. As for the attractions sector, museums and art galleries as well as large theme parks are the most expected settings for robotic servers. Respondents were randomly assigned to four different types of robotic servers, a cartoon-like, anime, animal-like, and human-like robots, and asked to rate their qualities and functions. Ratings were significantly different only in items related to human orientation. While ratings of all other qualities as well as all functions were similar across different robot server types. The results indicate high level of consumer acceptance of robot servers, regardless of their human-like appearances, especially in some sectors of the industry.

Keywords: Theme Parks, Robots, Robotic Qualities, Robotic Functionality, Loyalty

MANAGEMENT I Chair: Virginia Bodolica Room: Z-Room 3

Innovation Capability and Logistics Service Quality in Improving the Performance of Malaysian 3pl Service Providers

Siti Nur 'Atikah Zulkiffli Universiti Malaysia Terengganu, Malaysia

Maisarah Sebadak Universiti Malaysia Terengganu, Malaysia

Siti Falindah Padlee Universiti Malaysia Terengganu, Malaysia

Juhaizi Mohd Yusof Universiti Malaysia Terengganu, Malaysia

Abstract

The Malaysian Government Transformation Programme states that transportation is one of the national priority areas. It plays a significant role in the country’s well-being and has contributed much to the development and improvement of the economic, social, political, and cultural conditions of the nation. The role and contribution of transportation is important in strategic business and it is also one of the key focal points in the Eleventh Malaysia Plan for 2016 to 2020. Moving forward, while the prospects for Malaysia’s logistics industry are positive, there is still much room for improvement in terms of business performance. Most enterprises that sell or produce goods require facilitating agencies such as third-

44 party logistics (3PL) service providers to assist them in transporting their products and services from one destination to another until they reach the end customers. Therefore, this study attempts to identify the relationship between innovation capabilities, logistics service quality and business performance among 3PL service providers in Malaysia. A simple random sampling was used and a quantitative research design was adopted to address two research questions to 152 3PL service providers in Malaysia. The study employs the multiple regression analysis to analyze the data. The results show positive relationship between innovation capabilities and logistics service quality towards business performance. This indicates that all two hypotheses are accepted. Such findings will benefit the policy makers, academicians, and transportation industry to resolve current problems pertaining to the topic and enhance the competitiveness among 3PL service providers in Malaysia.

Keywords: Resource-Based View, Capability, Innovation, Service Quality, Performance, Malaysia

The E-Commerce in Republic of North Macedonia before and During Covid-19

Shpresa Syla SouthEast European University, Macedonia

Shenaj Hadzimustafa SouthEast European University, Macedonia

Marijana Tusheva Statte Statistical Office of RNM, Macedonia

Selami Sula UBT Prishtina, Macedonia

Abstract

The E-commerce scene has significantly changed in a lot of countries as they actualize stay-at-home requests and "insignificant" organizations briefly near forestall the spread of Coronavirus. Not exclusively are buyers shopping on the web more, yet their shopping practices have discernibly changed also. While it's unmistakable customers buy a bounty of bathroom tissue, canned food and other family unit cleaning things during a pandemic, they're likewise purchasing a few additional things for the home. The aim of this paper is to get a clear picture of whether and how much e-commerce has developed in the Republic of Northern Macedonia and to compare the use of e-commerce before and after the pandemic. According to our research, we can conclude that e-commerce is well developed in the Republic of Northern Macedonia and the population is embracing it well and has knowledge about it. Тhe advantages of e-commerce are a key factor for its development in the future; therefore, it is necessary to invest more in promoting this form of commerce to the citizens who have partial or inaccurate information. The analysis of the presence of e-commerce in our country is a step forward in this era of electronic transformation. In basic terms, this means modernizing the model of buying and living as a whole. In the Republic of Northern Macedonia Electronic commerce is gaining momentum in the use of online services in our citizens’ daily lives. In this paper we will elaborate whether citizens trust the usage of online services and performing transactions, since online payment has taken off in recent years. Thus, research can be of great importance to encourage new potential users of online services to access online shopping without worrying that their data will be misused.

Keywords: Pandemic, COVID- 19, E-Commerce, Internet Services

45 Identifying Barriers to Digital Transformation for Digital Native Companies in Turkey - A Research Approach Using Propositions

Mehmet Fatih Ustdag Bahcesehir University, Turkey

Sven Packmohr Malmö University, Sweden

Abstract

Objectives: Research on barriers to Digital Transformation (DT) in German non-digitally born (NDB) companies exists. This existing research could potentially be extended into different directions to validate and contrast results. We have chosen to continue the current research into Barriers to DT in Turkish digitally born (DB) companies. As a country, Turkey has a lower degree of digitalization than Germany. At the same time, DB companies might face fewer obstacles within their DT journey than NDB companies. Data and Methods: From the existing research, we derived 18 propositions for barriers. Propositions are statements about an association between two concepts. Propositions are the qualitative equivalents to quantitative hypotheses. An example is the first proposition, which is formulated as “Missing IT Knowledge is a barrier to DT for DB organizations in Turkey.” We used a qualitative approach with semi-structured interviews to collect data from 11 interviewees (eight with an IT perspective / three with a business perspective) working in different industries (Banking, Telecom, Ecommerce, Software Development). With the generated data, we validated the propositions and researched ways on how to overcome barriers. Results: Out of the 18 propositions, 12 were confirmed by both IT and Business respondents. Six propositions had to be rejected. The interview material did not support them. Out of theses six rejections, four new propositions were formulated for a better fit for future studies. The interviewees indicated proposals on how to overcome barriers. Often, they were focusing on external resources, such as hiring consultants, to solve specific tasks. Conclusions: By comparing German NDB companies to Turkish DB companies, we saw a high amount of similarities for the examined barriers. It indicates stable results for theses 12 barriers. A minor number of six barriers seems to vary between NDB and DB companies. Whereas, another small amount of two barriers appears to be specific for NDB companies. Turkish DB companies rely on external capabilities and skills to manage their barriers. Further research could be broadened into other combinations of NDB / DB with different country-specific degrees of digitalization to ensure an even higher degree of stable research results.

Keywords: Digital Transformation, Digitalization, Barriers to Digital Transformation, Propositions

“I agree to being socially quantified”: A Socio-Technical Perspective on Digitally-Provided Consent

David Jamieson Northumbria University, United Kingdom

Rob Wilson Northumbria University, United Kingdom

Mike Martin Northumbria University, United Kingdom

Abstract

Objectives: The more digitally entrenched we become as a society, the more, it seems, we are becoming embroiled within the machinations of digital platforms and their owners, and information systems and their designers. Despite recent conversations to the contrary, we are somewhat powerless to prevent such things as the monitoring of our location, the tracking of our behaviors, and what information might be shared and exchanged about us. When signing up and agreeing to use digital platforms and information systems, the pressing needs of individuals to secure a service or product take precedence over anything else. To this extent, it seems that we have all agree to be socially quantified without a real understanding - nor the control - of what this actually entails. Data and Methods: Using a case study approach, we apply a socio-technical lens to a range of digital platforms and information systems, consent and EULA’s. We suggest that it is unlikely that most End Users comprehend, understand or

46 even acknowledge the content of what it is they are agreeing to. In light of this, we argue that there exists an increasingly difficult challenge to establish a mutual understanding of what consent actually is and how this is communicated to the End User. Results: This paper presents a model which positions the concept of consent and EULA’s within a socio-technical framing. This model approaches consent as two systems of information: the first is an attribute in a data model - a tick box, an ‘I Agree’ button; the other is a socio-technical construct of moral orders which contains the feelings, convictions and aspirations of the End User as they engage in the use of digital systems, and the intentions of the digital platform owners and information system designers. Conclusions: Our model introduces two distinct paradigms as a frame to discuss and appropriate the notion of consent: information distribution processing systems, and information communication systems. The application of this framing provides a transparent understanding between the End User and the intentions of the digital platform owners and information systems designers they use, and they data that is exchanged as a result.

Keywords: Consent, Information Systems, Digital Platforms, Information Processing, Information Communication

The Importance of Internationalization Strategy for Innovation in Portuguese Firms

Mónica Isabel Lopes Azevedo Universidade Portucalense Infante D. Henrique, Portugal

Carla Azevedo Lobo Universidade Portucalense, Portugal

Carla Santos Universidade Portucalense Infante D. Henrique, Portugal

Natércia Durão Universidade Portucalense Infante D. Henrique, Portugal

Isabel Maldonado Universidade Portucalense, Portugal

Abstract

Innovation and internationalization seem to be vital strategies for the survival and growth of companies facing an increasingly competitive global environment. The two-way link between these two factors has become a topic of interest among researchers. Although innovation and internationalization are highly related activities, the role played by innovation in the internationalization process of firms has been analyzed by two streams of literature: while some authors state that innovation assists companies’ internationalization, others consider that innovation can be a consequence of internationalization process. Given the great importance of small and medium-sized enterprises (SMEs) for the growth of economies, part of literature has paid special attention to this kind of enterprises. The aim of this study is to explore the relationship between innovation and internationalization within Portuguese firms, in particular to analyze whether Portuguese entrepreneurs consider innovation as an important factor in the process of internationalization. To achieve this goals, we will use descriptive and inferential data analysis techniques.

Keywords: Internationalization, Innovation, SMEs

47 Firm Growth and ICT Adoption in Greek SMEs: A Quantile Approach

Ioannis Giotopoulos University of Peloponnese, Greece

Alexandra Kontolaimou KEPE (Centre for Planning and Economic Research), Greece

Konstantinos Marinopoulos University of Peloponnese, Greece

Aggelos Tsakanikas National Technical University of Athens, Greece

Abstract

Nowadays Information and Communication Technologies (ICT) evolve rapidly and function as a catalyst for the competitiveness and productivity of firms (Koski, 1999; Arvanitis, 2005) and especially in SMEs (Colombo et al., 2013; Díaz-Chao et al., 2015). In this respect, digital technologies and capabilities create great challenges and opportunities for firms not only to survive but also to grow. In this respect, the main purpose of this paper is to examine the impact of ICT adoption on firm growth using conditional quantile regressions and a rich data survey of 3500 Greek SMEs in the period 2012, i.e. at the peak of the Greek economic crisis. To this end, we estimate 3 alternative models corresponding to different ICT adoption factors that is SME intentions towards ICT implementation; ICT infrastructure; and Internet Equipment. The preliminary findings of this paper suggest that ICT intentions have a positive and significant impact only at the extreme quantile of the firm growth distribution, indicating that high-growth SMEs which are engaged in ICT plans grow faster than high-growth SMEs with limited ICT intentions. In addition, a higher investment in ICT infrastructure and internet equipment favors substantially the growth of SMEs in the middle and the higher quantiles compared to the similar SMEs with limited investments in ICT infrastructure and internet equipment. The novelty of our research is twofold: First, we use quantile regressions following thus methodologically the research of Coad and Rao (2008) who examine the relationship between innovation and firm growth in high tech sectors. This paper is a first attempt to estimate at the firm-level the relationship between ICT adoption and growth by using quantile regressions. Second, there are several studies that explore the impact of ICT adoption on firm productivity (e.g. Cardona et al., 2013; Grimes et al., 2012), even less on SME internalization (e.g. Hagsten and Kotnik, 2017; Kneller and Timmis, 2016) but the relevant literature on ICT adoption and SME growth nexus is rather scarce. This study to our knowledge contributes to the literature by using three alternative types of ICT adoption to investigate the impact of each one separately on firm growth. In this respect, we formulate three separate models corresponding to ICT adoption, ICT infrastructure and Internet equipment, while the majority of studies focus only on a specific type of firms’ ICT adoption when they examine the linkages between ICT and firm growth.

Keywords: Firm Growth, ICT adoption, ICT Infrastructure, Internet Equipment, SMEs

BREAK: 10:30-10:40

48 DAY 2 - SESSION II: 10:40-12:40

BANKING I Chair: Irwan Trinugroho Room: Z-Room 1

Rethinking the Role of Credit Unions in the European Social Economy

Ana Ivanisevic Hernaus University of Zagreb, Croatia

Ivana Biondic The Institute for Development and International Relations, Croatia

Abstract

Global financial crisis of 2007/2008 has brought a lot of rethinking, not just in terms of financial sector regulation, but also of the very role of financial institutions in supporting the society's needs. Motivated by opinion of some finance academics and professionals, that banking should be small-scale and boring (e.g. see Gilmann, 2017), we reexamine the role of small, bank-like financial institutions, by focusing on credit unions. Although popular in some parts of the world, credit unions have in certain countries been ignored in financial sector development. The aim of this review paper is to rethink the role of credit unions in social economy and asses their future prospects. In our theoretical research focused on credit unions in the European Union countries, we systematically approach their organizational and institutional features, analyze significance in serving society's needs and identify major obstacles to their development. We conclude that credit unions have conditional potential in contributing to the European social economy.

Keywords: Credit Unions, Cooperatives, Europe

Does Efficiency Affect Business Model Evolution in the Banking Industry: Empirical Evidence from the ASEAN Banking Sector

Oktofa Yudha Sudrajad Institut Teknologi Bandung (ITB), Indonesia

Georges Hübner University of Liège, Belgium

Abstract

Our paper attempts to investigate the relationship between a bank’s cost minimization objective and its business model dynamics in the ASEAN geographical zone. In the efficiency score estimation, we employ nonparametric and parametric approaches. Using reduced k-means clustering techniques, our findings report three distinguishable business models: a retail bank, an investment bank, and a wholesale-funded bank. Using a comprehensive set of nonparametric and parametric approaches to estimate efficiency scores, we reveal that the retail bank business model is the most efficient and profitable business model. From a business model dynamics perspective, we find that the retail business model plays an attraction role; banks that have adopted it tend to stick to it, while banks with the other business models are likely (ca. 20% of the time) to shift to the retail one.

Keywords: Bank Business Model, Bank Efficiency, Stochastic Frontier Analysis, Data Envelopment Analysis

49 Credit Lending and Housing Prices from the Eurozone and the GIIPS Perspective

Sariye Belgin Akcay Ankara University, Turkey

Abstract

Developments in either the housing markets or the credit markets can influence the whole financial sector or even the economy because of the close relationship between both markets. Moreover, with an increasing dependency on the domestic financial markets with international financial markets caused by an increasing financial liberalization degree, this relationship has strengthened significantly in many countries, especially since 1990s. However, although there are numerous studies on the relationship between both markets, there is a very few studies the Eurozone specific, which is the monetary and economic union area. In addition, there is no study on the GIIPS specific. Thus, this study aims at examining the relationship between credit lending and house prices for the Eurozone and the GIIPS countries at cross-country and country level respectively. For this, the vector autoregressive (VAR) approach is followed. The findings show that there is a dynamic relationship between credit and house prices, but with different magnitude and direction. This relationship also looks different in at individual- country in the Eurozone.

Keywords: House Prices, Credit lending, the Eurozone, the GIIPS

Empirical Modeling of International Banks’ Credit Risk: Assessment and Comparison of Credit Ratings

Alexander M. Karminsky National Research University Higher School of Economics, MGIMO-University, Russia

Ella Khromova National Research University Higher School of Economics, Russia

Roman Kudrov National Research University Higher School of Economics, Russia

Abstract

The work is devoted to credit risk modeling of international banks by constructing ordered logistic models of credit ratings assigned by the agencies: Moody's, Standard & Poor's and Fitch Ratings and mapped into the base scale. Using a random sample of 478 banks from more than 40 countries for the period of 2007-2019, we obtain a credit rating model that can be effectively used to assess credit risk using public information, which is demonstrated with a help of out-of-sample forecasts of the obtained regression. The resulting model contains financial indicators of the bank's sustainability, macroeconomic indices and indicators of the state governance level. The quality of the model prediction is significantly improved by including interaction terms and applying the Principal Component Analysis (the share of correct forecasts increases by 9% for the class model and by 6% for the grade model). Additionally, using marginal effects calculation, the empirical evidence of the importance of maintaining a high level of liquidity by banks in times of crisis is found. At the same time the highest marginal effects of the whole sample time horizon are reached in factors of asset quality and bank’s size among all financial indicators included in the model. To calibrate a credit rating into a quantitative measure of credit risk, we develop a dynamic transmission scale for converting credit ratings into probability of default (PD) by evaluating the average historic default frequencies of Russian banks. The analysis brings us to an investment advice: to achieve a higher return from an investment in banks with highly speculative rating grades, it is optimal to choose a long run investment 1 or 2 years after the rating assignment

Keywords: Banks, Credit Ratings, Probability of Default, Logit and Probit Models, Rating Agencies

50 Bank Lending Under Interest-On-Excess-Reserves (IOER)

Irem Erten Warwick Business School, United Kingdom

Abstract

In this paper, I document a novel link between interest-on-excess-reserves (IOER) and credit supply that operates through cross-border internal capital markets. In response to a positive IOER in home countries, foreign banks pull funds from their U.S. branches and increase reserves at home. The foreign remuneration policy is contractionary: the U.S. branches reduce internal borrowing by 3.4% and cut lending by 1% for a 1% increase in their home rate on excess reserves. These results hold when controlling for foreign and domestic macroeconomic conditions and monetary policy. Within a multinational bank, the reduction in lending is larger for branches that ex ante face less profitable lending opportunities and rely on internal funding. When the U.S. increases the rate on excess reserves, these capital flows reverse: foreign banks sends funds back to the U.S. and increase reserve holdings at the Federal Reserve. Taken together, these findings suggest that in an environment of low profitability, excess-reserve-remuneration could crowd out the global credit supply. The paper uncovers a direct link between interest-on-excess-reserves and bank lending, and it has policy implications different from conventional monetary policy.

Keywords: Unconventional Monetary Policy, Bank Lending, Reserve Remuneration

Inter-Firm Relationships and the Special Role of Common Banks

Emanuela Giacomini University of Macerata, Italy

Nitish Kumar University of Florida, U.S.A.

Andy Naranjo University of Florida, U.S.A.

Abstract

Using a novel dataset that combines information on customer-supplier trade relationships with information on firm-bank lending relationships, we show that common banks that lend to firms at both ends of a trade link strengthen such trade relationships. We use bank mergers that exogenously generate variations in common bank relationships to establish causality and show that common bank relationships between customers and suppliers increase key trade relationships by 45.2%. We argue that common banks bridge information gaps between trading partners and mitigate hold-up problems. Consistent with this hypothesis, we show that firms with a higher share of trading partners with whom they also share common banks invest more in relationship specific assets. The role of common bank is greater for more opaque supply chains and when the common bank is more informed. Lastly, we show that common banks played a central role in facilitating provision of trade credit by suppliers during the financial crisis. Overall, our findings show the unique role of banks in driving inter-firm growth.

Keywords: Supply Chain, Bank Relationship, Trade Credit, Information Asymmetry, Hold-Up Problems, Economic Growth, Financial Intermediation

51 MARKETING II Chair: Ender Demir Room: Z-Room 2

Social Media Influence on Saudi Women Offline Visible Identities

Aous Osamah Balelah University of East Anglia, United Kingdom

Nick K. T. Yip University of East Anglia, United Kingdom

Usha Sundaram University of East Anglia, United Kingdom

Abstract

The effects of social media on consumers’ identity projects have encouraged researchers to ardently investigate this phenomenon using multiple approaches. However, the majority of these approaches lack the consideration of religion as an influential socio-cultural factor in terms of shaping one’s consumption choices through her/his identity projects, especially within religion-driven societies. Therefore, through the adoption of Consumer Culture Theory (CCT) theoretical perspectives, this qualitative paper explores how social media influences traditional modesty in Saudi women’s visible identities within mixed-gender spaces in Saudi Arabia. Data was collected through face-to-face in-depth semi structured interviews with 23 Saudi women, besides ethnography. The findings suggest that social media has contributed in creating fluid visible identities which do not follow specific standards of modesty. In addition, beauty and style have become major constructs for Saudi women identity-related consumption choices. For instance, abaya, hijab, and niqab have started to move beyond their traditional role of veiling to revealing a plethora of different consumerist meanings and desires. These findings have numerous implications for marketers who are interested in understanding the nexus of social media, religion, gender, and identity-driven consumption. Furthermore, the findings of this paper provide Islamic marketing with a contemporary understanding of Muslim consumers’ aspirations and challenges.

Keywords: Social Media, CCT, Saudi Women, Islamic Marketing, Identity

Exploring Mediating Effects of Perceived Authenticity and Brand Attitude in the Social Media Influencer Marketing

Sabina Levitan University of Westminster London, United Kingdom

Abstract

This study contributes to the social media and celebrity endorsement literature by providing a clear framework for examining the impact of covert influencer marketing in social media. Thus, the valuable contribution of this study to the marketing theory is an application of the Persuasion Knowledge Model (PKM) (Friestad and Wright, 1994) to social media marketing. Building on the PKM, this study proposed a model that examines consumers’ evaluation of a celebrity’s brand endorsement behavior. The results suggest that activated persuasion knowledge, an influencer’s perceived attractiveness and perceived expertise influence endorser’s perceived authenticity, which in turn, impacts consumers’ attitudes towards the endorsed brand and behavioral intentions. The results of mediation test showed that perceived attractiveness’s influence on behavioral intentions is partially mediated by perceived authenticity and brand attitude. Similarly, it was found that perceived expertise’s influence on behavioral intentions is partially mediated by perceived authenticity and brand attitudes. Also, the influence of the activated persuasion knowledge on behavioral intentions is partially mediated by perceived authenticity and brand attitudes.

Keywords: Social Media, Influencer Marketing, Celebrity Endorsement, Persuasion Knowledge, Perceived Authenticity

52 Level up, Love and Loyalty: Empirical research in Gamification Marketing in E-marketplace App

Evi Rinawati Simanjuntak Bina Nusantara University, Indonesia

Kathleen Renatha Wiryaatmaja Bina Nusantara University, Indonesia

Abstract

This study points to the multi-dimensional conceptual constructs which suggested a theoretical notion of the consequences resulting from gamification practices and brand engagement experiences. Commencement of an original framework is initiated to explore the effect of gamification as a novel marketing approach used within Indonesian e-marketplace mobile apps. The new conceptual framework elucidates the linkages between constructs, comprising gamification features (immersion, achievement, social interaction), customer brand engagement (emotional, cognitive, social), brand love, and attitudinal brand loyalty. The initiated framework exploits Millennials as the main game player in e-marketplace and draws on their subjective behavior after exposed to different game in e-marketplace mobile app. An online survey collecting 200 responses from Millennials was done using convenience sampling. Linkages from gamification features to brand engagement dimensions (emotional, cognitive, and social engagement) may evoke a strong emotional affection in the form of love that will raise loyalty in the form of repatronage intentions. Rather than as a habitual response, this loyalty is purely out of emotional connection, hence attitudinal by nature. The findings portray the effect of gamification features toward the establishment of positive influences in cognitive brand engagement. This engagement further stimulates love and therefore attitudinal loyalty towards the e-marketplace. Achievement-related gamification features acted as the focal point of the game. it consolidated also all dimensions of brand engagement. Robustness of this model was checked across different demographic and psychographic profiles and significant differences between respondent profiles are and tested further in post hoc analysis and the result was elaborated. Managerial implications, limitations and recommendation for future research are provided.

Keywords: Gamification Marketing, Brand Engagement, Gamification Features, Brand Love, Attitudinal Loyalty

Customer Experience Quality (CXQ) Scale - Item Development and Scale Purification1

Elif Karaosmanoglu Istanbul Technical University, Turkey

Ozge Demir Istanbul Technical University, Turkey

Abstract

Customer experience management has consistently been a topic of interest for both business practice and the academia over the past couple of decades. Despite this surge in interest and a growing number of studies, the link between customer experience and marketing outcomes is based on mainly qualitative studies and at times anecdotal evidence due to the lack of a widely operationalization of customer experience (Maklan and Klaus, 2011; Lemon and Verhoef, 2016). One reason that contributes to this gap is the inconsistent manner that customer experience is conceptualized (Chaney et al., 2018). Furthermore, the dimensionality suggested in previous research is inconsistent with each other and rather context-specific (e.g. Klaus and Maklan 2011; Collier et al. 2018) which presents adaptability issues into different contexts. The present reseach reports the item development and purification efforts for the context-independent customer experience quality (CXQ) scale. To enhance the consistency of the scale’s dimensionality and to enable adaptability in to different contexts a grounded theory approach was adopted in a previous stage of the project. The categories underlying consumers’ overall evaluations of their experiences with a variety of service providers create the conceptual framework and the dimensionality of the CXQ construct (Karaosmanoglu and Demir, 2019). According to this framework, consumers assess their experiences broadly encompassing three dimensions: (i) interaction experience covers customer interaction episodes over various channels and reflects both functional

1 The project is funded by Istanbul Technical University Scientific Research Office (ITU-BAP Project ID SDK-2018-41300)

53 (ease of access, information quality, feedback) and emotional (tone and caring) requirements, (ii) process experience covers the friction throughout the entire customer journey from both convenience and customer-centricity perspectives, and (iii) cost experience reflects customer evaluations of not only financial but also other associated costs such as time and effort. The properties of these categories that are distilled from customer narratives in turn are used in developing the item pool for the scale. The initial item pool consisting of 128 items has passed rigorous face validation from both scholars and lay persons and 17 items were excluded. For the statistical reduction, four different industries were selected according to Lovelock’s (Lovelock and Wright, 1999; Wirtz and Lovelock, 2018) service typology to further ascertain context-independence. For each industry, 150 responses were collected conveniently and the responses are aggregated creating a sample size of 600 respondents.

Keywords: Customer Experience, Service Marketing, Scale Development

Sharing Economy in Practice: Intrinsic Motivation towards the Intention to Participate with Empirical Evidence from Vietnam

Hang Thu Hoang University of Economics Ho Chi Minh City, Vietnam

Tran Quy Bao Bui University of Economics Ho Chi Minh City, Vietnam

Mai Thi Thanh Doan University of Economics Ho Chi Minh City, Vietnam

Thy Phuong Le University of Economics Ho Chi Minh City, Vietnam

Nhi Le Thao Phan University of Economics Ho Chi Minh City, Vietnam

Quynh Nhu Vo University of Economics Ho Chi Minh City, Vietnam

Abstract

A sharing economy model appears to be the best approach in a post-pandemic world with an economy already being on a fragile, unsustainable path with regularly diminishing assets, excessively populated urban areas, and increasing costs. Otherwise called “shareconomy”, “collaborative consumption”, “collaborative economy”, or “peer economy”, it is a market model of peer-to-peer (P2P) trade, conventionally exhilarated by an online platform. Although much of previous empirical research in the shared economy deals with the tradition of business-to-customers (B2C), there is limited empirical work which studies how players in these shared economies integrate into their own practices and interactions different aspects of conflicting market exchanges and pro-social norms that thrusts for more scholarly attention. Drawn from both self-determination theory (SDT) and the theory of reasoned action (TRA) model, this paper explores and verifies four intrinsic motives to explain people’s intention to participate in sharing economy acts. Using a survey sample of 355 young adults in Ho Chi Minh City, Vietnam, the results from multiple regression analysis support all hypotheses, indicating that the intention to acquire sharing economy services is positively affected by one’s level of environmental awareness, social responsibility, degree of socialization, and hedonism factors. The relevance of the research is also discussed, include a contribution towards a better comprehension of the fundamental antecedents influencing citizens’ participation in sharing economy acts. Secondly, it extends the literature on the inner driving forces for the intention to participate in sharing economy practices from the perspective of young adults (Gen Z) in an emerging economy such as Vietnam. Finally, this research provides more in-depth insights and suggests practical implications to enhance the efficiency of promotional marketing messages by CC platforms (for instance, Airbnb, Uber/Grab, or XtayPro) and public agencies who wish to promote such practices.

Keywords: Sharing Economy, Collaborative Consumption, Sustainability, Hedonism, Socialization, Intrinsic Motivation

54 Towards a Business Model for University Spin-offs

Michael Hernando Sarmiento Munoz Universidad Nacional de Colombia, Colombia

Oscar Mauricio Cruz Universidad Central de Colombia, Colombia

Diana Jimenez Fundación Universitaria Los Libertadores, Colombia

Abstract

University Spin-offs -USOs- are recognized for being enablers of economic development and for helping universities to aim their mission of teaching and research. They are considered as new firms created to exploit commercially some knowledge, technology or research results developed within a university. Nevertheless, they experience difficulty in sensing a viable business model -conceived as how a company creates, provides and captures value- at the first stages of the USO generation because the university venture prioritizes research results and do not have an specific market to target, do not identify business opportunities and need to search sufficient funding. Hence, USOs cannot define the value proposition and the other BM components. This paper aims to propose recommendations for USOs business models to help university entrepreneurs to create and capture value from their research results. The literature review is addressed through an analytical-descriptive view, since the secondary information obtained helps to establish the -BM- application and its relevance in the generation of USOs. Both dimensions -USOs and BM- were analyzed by capturing their characteristics in order to integrate them as a process using methodological tools as follows: USO attributes and BM perspectives. Based on the findings, it was identified that a BM for USO is not a static representation on the new venture itself, in fact, it is a model that connects interdependencies among value capture and creation that needs to iterate accordingly to the development stage of the USO. This evolving view affects the resources and competencies, organization structure and value proposition of the USO.

Keywords: USO, Business Model, University Spin-offs, New Technological Venture, Technology Commercialization

MANAGEMENT & EDUCATION Chair: Virginia Bodolica Room: Z-Room 3

Possibilities of Virtual Job Design in Lithuanian Companies

Sonata Staniulienė Vytautas Magnus University, Lithuania

Justinė Jurova Lithuania

Abstract

The aim of the paper is to analyze the possibilities to design virtual job places in Lithuanian companies. In the theoretical part of this paper the virtual organization and virtual team specifics, their similarities, differences and communication between geographically dispersed organizations or members are analyzed, design of the virtual job opportunities aspects are given. Virtual job design by the work environment is seen as a possible project, which could modernize the workplaces in companies. For the analytical part of the paper a questionnaire from theoretical assumptions on virtual job design was formed and the virtual job design opportunities in Lithuanian companies were analyzed. According the survey results, there is no resistance for virtual work design and it also showed that fully or at least partially virtual job could be designed in the majority of Lithuanian companies' workplaces. The main conditions for virtual job design were revealed, such as skills of operating by informational technologies' means, balancing social satisfaction between employees, as well as new ways for managers to control and coordinate employees.

Keywords: Virtual Job, Job Design, Workplace

Work from Home during Covid-19: Understanding the Gender Role Norm in Hong Kong

Mei Ling Wong Lingnan University, Hong Kong

Abstract

Forced work from home lasted for more than two and a half months in Hong Kong during the Covid-19 epidemic. This study attempts to explore how the full time working mothers in Hong Kong cope with the paid work and unpaid domestic work which also implies changes in the gender role norm. Through qualitative interviews, stories were obtained from three middle class married working mothers who worked from home (WFH). This study finds that although they had experienced larger amount of work as a result of school closures, they did not feel their workload too overwhelmed to the extent that could affect their well-being and health when they could successfully receive support from their spouses and live-in foreign domestic helpers on the unpaid domestic work. However, this paper argues that the informants had unreported their workload during WFH because they were brought up in a Confucian tradition of familial utilitarianism which had advocated work as a form of bringing financial security and survival to family, in particular in relation to the economic downturn as a result of Covid-19 crisis. The concealment or denial of their predicaments and difficulties during forced WFH can further strengthen the traditional gender role norm in Hong Kong.

Keywords: Covid-19, Working Mothers, Gender Role Norm, Paid Work, Unpaid Domestic Responsibilities

The State and Problems of Talent Management in Business Entities of the Slovak Republic

Daniela Bertová Faculty of Management, Slovakia

Ladislav Sojka Faculty of Management, Slovakia

Abstract

The paper briefly describes why talent management is perceived as the last stage in the development of human resource management. The main factors influencing this development are the advent of the knowledge economy and globalization. The paper also states why talent management has become the main difference between successful and less successful companies. Talents and high-performing employees have become a scarce commodity worldwide. Problems arising in business entities due to the lack of talents are also described. At the same time, the paper also outlines the main reasons why the implementation of talent management is not proceeding at the desired pace in Slovak as well as in some foreign business entities. These problems are mainly associated with the definition of talent and talent management. As neither the academic community nor business entities agreed on a standardized definition of talent management, the poorly defined relationship between human resource management and talent management has started to cause problems. With regard to the implemented human resources management system, a significant number of managers consider talent management to be superfluous. Last but not least, judging the usefulness of talent management is problematic too, as it is generally known and accepted that the efforts of human resource management focus on all employees, while talent management focuses only on a narrow group of employees called talents. The paper also outlines main components of talent management. The second part of the paper consists of a qualitative survey of the state and problems associated with the implementation of TM in Slovak business entities. When conducting the survey, 220 business entities were contacted. 124 business entities expressed their willingness to participate. Among other things, the survey found that only 14% of business entities have a formalized talent management system developed and implemented. 60% of respondents stated they implement only some TM activities, 26% of respondents do not pay any attention to the issue of talent management at all. Apart from the above-stated, the paper outlines 14 more talent management- related issues, which together with the above-stated findings provide a relatively comprehensive picture of the state of TM in Slovakia. The final part of the paper outlines proposed solutions to the situation.

Keywords: Talent, Talent Management, Components of Talent Management

56 Validity and Reliability of the Flipped Learning Scale

Osman Yildirim Istanbul Arel University, Turkey

Olha Ilyash National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine

Liubov Smoliar National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine

Dariia Doroshkevych National Technical University of Ukraine “Igor Sikorsky Kyiv Polytechnic Institute”, Ukraine

Abstract

Flipped Learning has become increasingly important from lifelong learning to university education. The aim of this study is to adapt the FLIP scale to Turkish. In order to achieve this purpose, linguistic validity, time validity and pilot application were performed with the expressions in (FLN, 2014). After the final arrangements, the field application was conducted on 500 participants. Since the test values (x2, x2 / df) and fit index values (GFI, CFI, SRMR, RMSEA) of the research model were within acceptable limits, the 4-factor structure of the FLIP scale was confirmed.

Keywords: Flip Scale, Flipped Learning, Validity, Reliability

Financial Efficiency Index for Higher Education Institutions

Jekaterina Kuzmina BA School of Business and Finance, Latvia

Andris Sarnovics BA School of Business and Finance, Latvia

Andris Natrins BA School of Business and Finance, Latvia

Anda Ziemele BA School of Business and Finance, Latvia

Ennata Kivrina BA School of Business and Finance, Latvia

Abstract

Management of the higher education institution is becoming more and more complex. Different stakeholders are introducing new requirements, information flows are increasing their speeds, new technologies are getting more power. As a result of these changes management requires modern tools and methods to insure sustainable development of the organization. The authors have performed literature review and are able to claim that, on the one hand, there is an extensive research on the field of efficiency measurement and management of the higher education institutions, while, on the other hand, the topic of financial health within this discussion is less covered. A few authors are seeing the necessity to discuss the issue, while financial health and financial performance are critical factors to insure sustainable development of the organization of any kind. Moreover, the authors strongly believe that such factors as financial performance and financial efficiency should be considered in different types of high school ratings and rankings to provide better evaluation and comparison possibilities. The objective of the current research is to cover the existing gap and to provide management of the higher education institution with a financial efficiency measurement tool – financial efficiency index – useful in the process of setting the institution’s strategic goals, developing and implementing strategies, as well as performance measurement. The tool could also serve for comparison of different higher education institutions that should be discussed in the coming research papers. In order to achieve the research goal, the authors are using the methodology of Ratio Analysis in Higher Education developed by KPMG and Prager, McCarthy & Sealy, adjusting it to the current situation in Latvia – selecting necessary and potentially sound financial criteria, determining their weight in the model based on experts` opinion and applying several weight-optimization algorithms as described by W. Becker (2017). Based on the

57 research the authors could develop the model suitable for measuring financial efficiency of higher education institutions willing to implement the idea of sustainable business strategy. The authors would like to argue that the paper contributes to the fundamental discussion of evaluation tools and methods on the field of higher education institution management and allows to determine further questions for analysis and scientific discussion like inclusion of financial efficiency measurement in the ranking models for evaluation of higher education institutions.

Keywords: Higher Education Institutions, Financial Health, Efficiency Measurement, Index Creation

Triple Helix as a Tool for Knowledge Management, Transfer and Entrepreneurial Outcomes on a European Scale: A Case Study of the Rage Project

Paul Cowley University of Bolton, United Kingdom

Denis Hyam-Ssekasi University of Bolton, United Kingdom

Paul Hollins University of Bolton, United Kingdom

Abstract

This paper seeks to investigate the actors, functions, systems and outcomes relevant to a European Union (EU) backed collaboration between both academic and commercial organisations in the context of applied game design (Realising an Applied Gaming Ecosystem RAGE). The paper will seek to provide insight through the case study of academic staff at a participating UK university, focusing on their lived experiences and how those experiences have shaped their perceptions regarding opportunities and barriers for participation in a Triple Helix. Interview feedback indicates that whilst ‘positive exposure’ and ‘relevance’ have been strong positives of the experience; well established issues such as, working cultures and interaction have been key areas of challenge. The purpose of the paper is to work towards a university-focused framework of practice for those staff working in collaborative arrangements with external stakeholders.

Keywords: Knowledge Management, Stakeholders, Triple Helix

BREAK: 12:40-13:00

DAY 2 - SESSION III: 13:00-15:00

CORPORATE GOVERNANCE Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

Investors’ Reaction to the Single Supervisory Mechanism in Europe: An Agency Focus

Myriam García-Olalla University of Cantabria, Spain

Manuel Luna University of Cantabria, Spain

Abstract

This paper investigates the financial market´s perception regarding the effectiveness of the Single Supervisory Mechanism in Europe. Do investors believe that centralized supervision adds value compared to multiple supervision? Do they feel uncertain about the supervisory role of the ECB? To answer these questions, a sample of 118 European Banks has been used finding that whereas in early dates the market reaction was positive reflecting the expectation of greater stability, it turned negative at the time the scope of the supervision was limited to only a group of banks. As might be expected, the reaction is significantly more negative for the directly supervised entities, anticipating a different and more demanding style of supervision that could lead to higher cost. This negative wealth effect is

58 intensified for banks with higher price-to-book ratios or those located in countries with more developed financial systems and better investor protection. However, solvency and productivity firm indicators or low levels of perceived corruption moderate it. This research not only highlights the doubts and uncertainty of investors about the final applications of the SSM, but it could be also useful for policy makers and regulators in order to achieve a more harmonized supervision that improves the credibility of the systems and promote financial stability.

Keywords: European Banking Union, Corporate Governance, SSM, Event Studies

The Moderating Role of Corporate Governance on the Effect of Covid-19 Pandemic on the Saudi Corporate Profitability

Raed Reda Obaid King Abdulaziz University, Saudi Arabia

Rawia Reda Obaid King Abdulaziz University, Saudi Arabia

Abstract

This paper aims to study the influence of corporate governance in moderating the impact of the covid- 19 pandemic on the Saudi corporate profitability. We hypothesize that; covid-19 pandemic negatively influences Saudi companies‟ profitability, and corporate governance moderates the influence of covid- 19 on Saudi companies‟ profitability. We analyzed a sample of 65 annual reports of companies listed in the Saudi capital market (Tadawul) that covers the vast majority of firms for the first quarters of 2019/2020 respectively. Results confirmed research hypotheses as corporate governance minimized the influence of covid-19 consequences on Saudi companies‟ profitability.

Keywords: Covid-19, Corporate Governance, Profitability, Saudi Companies

Are the CEOs Rewarded or Punished for Luck on the Interaction of Corporate Governance Factors?

Mehtap Aldogan Eklund University of Wisconsin la Crosse, U.S.A.

Abstract

Purpose: The purpose of this paper is to contribute to the pay-for-luck, risk, and CEO compensation literature. It analyzes whether the executive pay is affected by the external factors and whether corporate governance factors are moderating the relationship between luck and pay. Design/Methodology/Approach: It is an empirical study where the luck is measured by market risk because it includes various external factors beyond the control of the CEO. CEO pay indicates the total CEO compensation. The sample includes longitudinal data, so a robust firm and year fixed effect regression was utilized. Findings: The result emphasizes the significance of a corporate governance structure for a firm because the insignificant relationship between pay and luck has turned to significant (inversely curvilinear) when two-way (board size) and three-way (board size and CEO duality) interaction added into the model. Research Limitations/Implications: As a limitation and future research, scholars can conduct similar research for the variable compensation since this paper only analyzes the total compensation. Practitioners, academics, and policymakers can implement the finding of this study into their organizations, future research and regulations, respectively. Originality/Value/Implication: It is the first study testing the moderating effect of the corporate governance factors on the pay-for-luck. In addition, it provides the peak point of the total CEO compensation and market risk for the listed companies in Switzerland. Through these findings, it contributes to the agency theory’s risk-sharing and premium assumptions and managerial power theory.

Keywords: CEO Compensation, Pay for Luck, Corporate Governance, Agency Theory, Optimal Pay

59 Corporate Ownership Structure and Stakeholder Relationship: Evidence from BIST 100 Companies

Fetullah Evliyaoglu Ankara University, Turkey

M. Arcan Tuzcu Ankara University, Turkey

Abstract

Corporate governance and stakeholder relationship are one of the most popular topics in management studies after the Enron and WorldCom incidents. Since then, there have been researches focusing on the stakeholder theory and corporate ownership structure. In this study, we suggest that different ownership structures lead to different levels of stakeholder relations. For this aim, we will analyze the top 100 firms indexed in Istanbul Stock Exchange (BIST) to understand the association between the stakeholder relations and ownership structure. Considering the limited number of studies on this subject conducted for the European and other country-specific capital markets, this study will contribute to the corporate governance relation with different types of ownership structures. Therefore, it brings novelty to this line of research. In this research, data are collected based on the corporate governance principles of the Capital Market Boards of Turkey (CBM). CBM publicly announced reports for 2019, corporate web site and corporate governance principle compliance reports are considered as the data source to show the stakeholder relations with the firm. Each stakeholder-firm association related principle was rated as 0, 1 or 0.5 according to firm disclosures. From these disclosures, a total number of 27 items under the stakeholder relation section are reviewed and evaluated for stakeholders- firm relation. As the aim of this study is to analyze the association between firm-stakeholder relations and ownership structures, 5 different ownerships are defined: These are dominant, institutional, family, relational and state ownership structures. For the firm-stakeholder relations, the scores obtained from above - mentioned ratings are used. The findings show that some of the variables did not meet the normality criterion. As a consequence of non-normal distribution, we analyzed variables using Spearman Rank Correlation. The results show that although the total points of stakeholder-firm relations are correlated with the dominant ownership and institutional ownership structure types, the coefficients remain comparatively low. We also conduct a linear regression analysis to examine the effects of the ownership structure on stakeholders’ relations. However, the findings do not demonstrate a significant relationship between these two. Although the findings show that the corporate ownership structure does not have any effect on the stakeholder-firm relation, we found that the institutional and dominant ownership structures have a significant relationship. Besides, this study directed us to further analysis with the control variables.

Keywords: Corporate Governance, Stakeholder, Ownership Structure, Agency Theory

IFRS Adoption, Board Structure and Stock Price Informativeness: Evidence from an Emerging Market

Yilmaz Yildiz University of Huddersfield, United Kingdom

Abstract

There is extensive evidence of the role of IFRS adoption in information content of the stock prices. Several studies in the literature provide evidence of the impact of IFRS adoption and board structure on the stock price informativeness. This paper differs from the literature by studying the interaction between IFRS adoption and board structure instead of disclosing their direct impact on the stock price informativeness. Specifically, I investigate the moderating impact of board structure on the relationship between IFRS adoption and price informativeness for 237 firms listed in Borsa Istanbul and 2166 firm- year observations from 2005 to 2015. I incorporate board diversity (cultural and gender diversity), board size, board independence, and ceo-chair duality as main variables related to the board structure. Employing fixed-effect regression estimations, the results suggest that IFRS adoption significantly increases the information content of the stock prices in Turkey. However, board structure significantly moderates this relationship. Specifically, presence of foreign directors on board reduces the positive impact of IFRS adoption on price informativeness. In addition, stock price informativeness after the IFRS adoption is significantly lower for the firms with larger boards. On the other hand, board independence

60 and gender diversity do not have any direct or moderation effects on the stock price informativeness. These results suggest that board structure (particularly board cultural diversity and board size) and IFRS adoption are substitutes in affecting the price informativeness. Additional results, suggest that the moderating impact of board size and cultural diversity on price informativeness is stronger for the firms having higher levels of foreign ownership which is also consistent with the substitution hypothesis. The findings of this paper contributes to the international finance literature through providing new evidence on how accounting systems and board structure interact in explaining the information content of the stock prices in an emerging market, Tukey, which is characterized by low level of transparency, weak investor protection and enforcement mechanisms.

Keywords: IFRS Adoption, Board Structure, Stock Price Informativeness, Foreign Directors

MARKETING III Chair: Ender Demir Room: Z-Room 2

Growing Couch Potatoes? The Impact of COVID-19 on Food Consumption and Training Habits. A Hungarian Case Study

Zsófia Benedek Institute of Economics, Centre for Economic and Regional Studies, Hungary

Imre Ferto Agricultural Economics and Rural Development, Hungary

Viktória Szente Kaposvár University, Hungary

Abstract

Objectives: The impact of this study was to explore the changes in consumer behavior, with special emphasis on attitudes towards local food, due to COVID-19. Data and Methods: A survey, representative for gender, age, and city-type (N=1000) was conducted in Hungary through phone interviews, when the lock-down measures were about to be lifted. Thus, respondents could express their opinion in the light of experiences of social distancing. Factor and cluster analysis were applied involving variables related to attitudes towards food consumption and training habits before and at the end of the pandemic. Schwartz-portrait values (SPV) were also used to describe personalities. Results: In spite of early positive tendencies reported by key stakeholders of the local food sector, consumers seemed to turn away from the presumably healthy local food on average. Cluster analysis revealed three major parts in our sample. The biggest group (66%) ‘Conformists’ was characterized by minimal changes in the food buying and food preparing habits; and a little bit more interest in doing exercises, compared to the other clusters. The members of the smallest group (11%) purchased more convenience food, cooked more often, and ordered, too, food for the main dishes. Furthermore, they give up regular exercises, thus, they might seem ‘Couch potatoes’ at first sight. Sociodemographic variables revealed that they were typically intellectual workers or managers. Regarding SPVs, this latter group was significantly dominated by the variables of self-enhancement (achievement, power, hedonism). Conclusions: While important elements of lifestyle were apparently not affected by the coronavirus in case of the majority of the Hungarian society, a visible minority did face a period deteriorating health. As this consumer segment is expected to be interested in health-related issues, a potential market gap seems to form if an additional wave of turmoil is foreseen. Innovations related to the development of healthy alternatives for convenience food items, personalized soft training programs might be demanded.

Keywords: Health, Cooking Habits, Training, Local Food Systems, Corona Virus, Hungary

61 The Moderating Role of Crisis Perception in the Impact of Overall Brand Equity, Brand Trust and Price Consciousness on Purchase Intent: A Comparative Study of Purchase Intent of Turkish and Greek Consumers in Shampoo and Furniture Sectors

Deniz Muezzinoglu Bahcesehir University, Turkey

Abstract

Perception of economic and political crisis deeply affects consumer behaviors. Even at times when there are indications of economic recovery after a crisis, it is rather difficult for consumers to fully recover from the social trauma and this is evidently reflected to their purchasing behaviors. In this regard, this study is designed to provide a comprehensive interpretation of consumer behaviors which is critical for marketing. The study compares the acute economic crisis in Turkey and the chronic economic crisis in Greece in terms of the changes that have taken place in the categories of consumable durables and fast moving consumer goods. In addition, furniture and shampoo sectors were compared and contrasted in the study in order to reveal the differences between high-involvement and low-involvement products. 428 participants from Turkey and 302 participants from Greece were included in the study and they answered question about products in both categories. According to research results, it is seen in light of the data obtained from Turkish participants that overall brand equity, brand trust and price consciousness generally affect purchase intention. Furthermore, brand trust is found to have an effect on overall brand equity. According to the data obtain from Greece, on the other hand, while overall brand equity and brand trust affect purchase intention in both sectors, price consciousness does not affect purchase intention. Moreover, brand trust is observed to affect the overall brand equity in both sectors. In this context, perception of economic and political crisis is not observed to have a moderating role in the effect of overall brand equity, brand trust and price consciousness on purchase intention in both sectors in Turkey and Greece. However, expanding this study with different countries, sectors and variables will be significant in revealing the relationship between economic crises and consumer behaviors in light of the literature showing that economic crises lead to radical changes in consumer behaviors.

Keywords: Economic and Political Crisis, General Brand Equity, Price Consciousness, Intention to Buy

Aggregated Customer Experience Scale Development and Validation2

Elif Karaosmanoglu Istanbul Technical University, Turkey

Ozge Demir Istanbul Technical University, Turkey

Abstract

Customer experience (CX) has become one of the dominant marketing concepts of our time in just a couple of decades (De Keyser et al., 2020). Yet, from both academic and practitioner perspectives, the field is seen as evolving still and in need of integration and synthesis (Kranzbühler et al., 2017; De Keyser et al., 2015, Clarke and Kinghorn, 2018). One potential reason for the slow progress of the field is the absence of a widely-adopted CX measure, despite the numerous attempts to operationalize the concept (e.g. Brakus et al., 2009; Klaus and Maklan, 2011). This absence is also evident in the dearth of quantitative empirical research. Most of the knowledge base of the CX domain is based on conceptual and/or qualitative empirical studies. Furthermore, the call for the development of a measure that is capable of measuring all facets of the construct remains (Lemke et al, 2011; Lemon and Verhoef, 2016). The development of such a measure will aid in the integration of knowledge and enhance our understanding of the relationship of CX with important marketing outcomes. The present research has two main aims; first to synthesize an aggregated CX measure based on previous operationalizations of the construct (e.g. Brady and Cronin, 2001; Brakus et al., 2009; Iniesta-Bonillo et al., 2012; Collier et al., 2018). The second aim of the research is to test the effects of different and the potentially aggregated CX scale on customer perceived value and on customer-based marketing outcomes such as satisfaction and loyalty through structural equation modelling. For the first purpose of the project, a systematic

2 This project funded by TUBITAK (project ID 119K135) potentially will contribute to CX literature by revealing the experience – value – performance relationship.

62 literature review is conducted to identify empirical papers focusing on CX and to determine the different scales adopted in these works. The measures collected in this manner are examined by a group of scholars and lay persons to assess their ability in representing CX. The face validated collection of CX scales will then be statistically reduced to establish the construct’s dimensionality and to aggregate the most relevant items from previously developed scales to form a comprehensive CX scale. For the main aim of the project, the aggregated CX scale will be employed to reveal the effects of CX on customer perceived value and customer-based marketing outcomes.

Keywords: Customer Experience, Service Marketing, Scale Development

Using Marketing Automation Platforms to Enhance Customer Experience during his Buying Journey

Diana Mariana Dinu The Bucharest University of Economic Studies, Romania

Anamaria-Cătălina Radu Romanian Academy, Institute of National Economy, Bucharest, Romania

Loredana Văduva (ENE) Romanian Academy, Institute of National Economy, Bucharest, Romania

Abstract

In the business environment, the customer dictates, therefore marketing communication represents an important factor within customer relationship. The right message at the right time is crucial in proceeding and closing a sales cycle by enhancing customer experience. In this article, we illustrate the importance of automating the marketing communication and marketing repetitive tasks, based on the volumes of data the organizations collect from their customers, on the buyer journey stages and on the implications of data privacy. Another aspect that we will bring on the spotlight, is the customer scoring, a key technique of using marketing automation, that indicates the propensity to buy in the nearest future. The case study exposes as an example the data flow of a programmatic marketing campaign, including the logic map and the capabilities of a marketing automation platform together with the key performance indicators of a marketing campaign. In conclusion, we will show the benefits of implementing a marketing automation platform, such as the impact on lead acquisition, customer retention, effective budget spending, time saving or customer lifetime value boosting.

Keywords: Customer Experience, Marketing Automation, Programmatic Marketing, Customer Scoring, Customer’s Journey, Automation Software, Propensity to Buy

The Role of Customer Trust in the Relationship between Commercial Friendship and Customer Satisfaction

Mirwais Follad Eskisehir Osmangazi University, Turkey

Halil Semih Kimzan Eskisehir Osmangazi University, Turkey

Abstract

The competition is continuously increasing in today’s business environment. Therefore, it has become more difficult and costly to find new customers for companies. Instead of this, more companies try to build profitable and long-term relationships with their current customers. Commercial friendship is one of the most important tool to build this kind of relationship especially in service sector. Commercial friendship is described as a social relationship between clients and service providers. It enables companies to understand consumer needs better and to create better solutions. It also helps to build up consumer trust and satisfaction. Therefore the aim of the study is not only to examine the relationship between commercial friendship and customer satisfaction but also the role of customer trust in this relationship. Data were collected from university students who are the customers of Starbucks Coffee Co. The questionnaire was divided into two parts. Section one is consisted of questions related to

63 demographics. Sections two is consisted of the items of commercial friendship, trust and satisfaction scales developed by different authors. A total of 417 questionnaires were distributed and 301 questionnaires were filled correctly and the rest of the questionnaires were not valid. The factor, reliability, regression analyses were employed. The results reveals that there is a positive relationship between commercial friendship and customer satisfaction. The results also show that customer trust has a mediating role in the relationship between commercial friendship and customer satisfaction.

Humor in Advertising: Selling the Emotion or Logic?

Farkhod Pulatovich Karimov Westminster International University in Tashkent, Uzbekistan

Abstract

This paper empirically examines the influence of humor in advertising on purchase intention. The theoretical framework is based on the Elaboration Likelihood Model. It explains the value of humour, along with other factors that have impact on purchase intention such as attitude towards brand, likability, product type and gender. Empirical data was collected in two stages through mixed research methods. First, focus group interviews have been conducted to gain an in‐depth understanding of the how term humor is interpreted by customers, how they treat the use of humor in local commercials, what types of humor they are familiar with, and are which are mostly applied in the local commercials. Second, a laboratory experiment has been conducted to measure customer buying behavior and the influence of humor. The research empirically revealed that humorous advertising has impact on customers’ intention to purchase.

Keywords: Advertising, Humor, Elaboration Likelihood Model

BANKING & FINANCIAL CRISIS Chair: Gokhan Karabulut Room: Z-Room 3

The Impact of Market Structure on Performance of Islamic and Conventional Banks in Qatar, Saudi Arabia and UAE

Henda El-Amri University of Sousse, Tunisia

Taher Hamza University of Carthage, Tunisia & VALLOREM Laboratory, University of ’Orléans, France

Abstract

This paper investigates the effects of market structure, on performance for Islamic and conventional banks in Qatar, Saudi Arabia and the United Arab Emirates during the period 2003-2014. We attempt to distinguish between two theories, namely the Efficient Theory and the Market Power Theory. We use the Data Envelopment Analysis technique to obtain reliable efficiency measures. First, our findings point out a slight outperformance of Islamic banks compared to their conventional counterparts, especially during the Subprime crisis. These latter are exhibited to have higher concentration and higher market share. Second, our results fail to support the traditional structure conduct performance (SCP) paradigm but maintain the Relative Market Power (RMP) argument. Further, we found evidence to affirm the Scale Efficiency hypothesis. Third, the findings show a negative effect of bank size, but a positive effect of GDP per capita and of inflation on bank profitability. Finally, the results reveal that the Subprime financial crisis has no significant effect on banks’ performance in the study context.

Keywords: Market Structure, Bank Profitability, Efficiency, Islamic Banks, Conventional Banks

64 Survival Analysis in Assessment of Influence of the SARS-CoV-2 Pandemic on Probability and Intensity of Decline in the Value of Stock Indices

Beata Bieszk-Stolorz University of Szczecin, Poland

Krzysztof Dmytrów University of Szczecin, Poland

Abstract

Objectives: The aim of the study is to assess the strength of the global stock exchange reaction to the SARS-CoV-2 coronavirus pandemic at the turn of 2019-2020. The risk and intensity of the decline in the values of the basic stock indices were analyzed. At the end of March 2020, the decrease reached an average value of about 35%. Although it did not start in a single moment, due to the globalization of the markets, it spread over all continents within a few months. The spreading pandemic significantly affected the socio-economic situation of all countries. Data and Methods: Non-parametric methods of survival analysis were used in the study. It is assumed that a 20% fall in the value of indices on the stock market is a sign of crisis. The study investigated the time of the 20% fall in indices from the maximum value in the period from the beginning of the pandemic (December 1st 2019) to the present. Kaplan-Meier's estimator was used to assess the probability of indices' value drop. The risk of decline was determined using a logit model and the intensity of the decline was determined using an empirical hazard estimator. The calculations were based on data from online stock exchange and financial portals. Results: The intensity of the decline in the indices was the highest in the fourth and eighth week after the peak. The greatest risk of decline was on American, and then European and Asian exchanges (including Australia and Oceania). The lowest risk of decline was recorded on African stock exchanges. Half of the analyzed indices recorded a 20% drop in value after 52 days (median duration). Conclusions: The study is a preliminary to further analyses related to the crisis and the normalization of the situation on world exchanges. It shows that the risk of decline in stock exchange indices differed from continent to continent. However, until day 52, there were no significant differences in the probability of decline for European and American stock exchanges. The situation was similar for the Asian (including Australia and Oceania) and African stock exchanges. After 52 days, these probabilities came closer together.

Keywords: Non-Parametric Methods of Survival Analysis, SARS-CoV-2 Pandemic, Stock Market Indices

Nowcasting US GDP Using Gated Recurrent Units

Baris Soybilgen Istanbul Bilgi University, Turkey

Abstract

One of the most important economic indicators that displays the current situation of the economy is the Gross Domestic Product (GDP). However, GDP is announced with a long delay and economic actors usually try to predict GDP using data published in a more timely manner than GDP. This kind of prediction is generally called nowcasting in the literature. Various nowcasting models (e.g. bridge equations, dynamic factor models, mixed-data sampling models) are proposed in the literature to predict quarterly GDP using more timely monthly data. However, these models are linear and parametric. Given that the actual data generating process of macroeconomic variables is unknown, non-parametric and nonlinear machine learning models (e.g. artificial neural networks) may be more appropriate for nowcasting macroeconomic variables. In this study, we aim to nowcast US GDP using a recurrent artificial neural network model called Gated Recurrent Unit (GRU). Even though machine learning models are frequently used in many disciplines, it is rarely used in nowcasting exercises. Furthermore, nowcasting studies that utilize neural network models only use simple shallow neural networks without taking account of mixed frequency or ragged edge data problems. Ragged edge data problem is the missing data at the end of the dataset due to various publication lags of monthly predictors. Mixed frequency data problem is the use of time series with various frequencies in a model. An optimal nowcasting model should fill out the missing observations at the end of the dataset in a coherent way and combine data with different frequencies without losing too much information. In this study, we propose a novel machine learning approach that can deal with both mixed frequency and non- synchronous data problems in a compact fashion and produces predictions both for GDP and monthly predictors.

Keywords: Machine Learning, Nowcasting, USA, Gross Domestic Product, Neural Networks

65 A Prudential Paradox: The Signal in (not) Restricting Bank Dividends

Levent Guntay Ozyegin University, Turkey

Stefan Jacewitz Federal Deposit Insurance Corporation, U.S.A.

Jonathan Pogach Federal Deposit Insurance Corporation, U.S.A.

Abstract

By restricting dividends in the weakest banks, prudential government regulators actually induce more capital pay-outs in marginal banks. The potential for bank runs exacerbates the incentive to signal strength through dividend payments. Regulatory restrictions on those payments can be used to achieve the first-best outcome, but only if the prevailing capital requirements are sufficiently high. In a crisis, the optimal dividend policy is more restrictive, since it allows the weak – but still solvent – banks to pool with the strong. Finally, we show that the optimal release of regulatory bank information depends critically on the regulator’s information and dividend restriction policies.

Keywords: Bank Dividends, Bank Regulation

Distribution of Credit Risk Concentration in Particular Economy Sectors and Economic Capital

Natalia Nehrebecka Warsaw University, Poland

Abstract

The main purpose of this article is estimate the impact of sectoral concentration risk on the amount of economic capital. The above research focuses on developing the methodology proposed by Pykhtin in the direction of improving the accuracy of economic capital estimates through a different way of mapping the sector factor correlation matrix. The reason for sector concentration is the lack of industry diversification of the loan portfolio. The risk of excessive concentration in a given industry materializes when the situation in one of the sectors of the economy deteriorates, in relation to which the bank has high exposure. The study will use the Multi-Factor Models due to the fact that each sector is affected by a different systematic risk factor and, therefore, the assets of borrowers belonging to the same sector will be strongly correlated, while for different sectors, this correlation will be low. The results of the study will contribute to a better understanding of the impact of the sector concentration of lending activities of individual banks on the level of risk and will be able to be used in conducting stress tests as well as in formulating supervisory recommendations by the Financial Supervision Authority. The empirical analysis was based on individual data from different sources (relating to the years 2007-2020), i.e. prudential reporting, business registration, financial and behavioral data and balance of payments.

Keywords: Sector Concertation Risk, Economic Capital

Bank Lending and Small and Medium Sized Enterprises’ Access to Finance - Effects of Macroprudential Policies

Aida Cehajic University of Sarajevo and University of Ljubljana, Slovenia

Marko Košak University of Ljubljana, Slovenia

Abstract

This paper examines the impact of macroprudential regulation on small and medium sized firms’ access to bank finance, by using survey firm level data, covering European Union countries over the period from 2009 to 2017, and newly published database on use of macroprudential policies in European Union countries, MaPPED, which enabled us to take into account both tightening and loosening actions of

66 macroprudential policy separately. The findings show significant relationship between macroprudential indices and firm’s access to finance. The tightening actions of macroprudential policy are mostly associated with the restrained access to bank loans for SMEs, while considering different firm and country level characteristics. While usage of macroprudential regulation could result in higher capitalization and increase the resilience of the financial sector, and decrease its risk exposures, this could also result in credit constrained firms, especially smaller firms with fewer possibilities of finance and high dependence on bank loans.

Keywords: Macroprudential Regulation, Bank Lending, Small and Medium Sized Enterprises, Access to Finance

BREAK: 15:00-15:10

DAY 2 - SESSION IV: 15:10-17:10

INTERNATIONAL TRADE & FDI Chair: Irwan Trinugroho Room: Z-Room 1

Econometric Modeling of Determinants of High Value Added Services Sector Export of Republic of Croatia on to the European Union Market

Zrinka Lacković Vincek University of Zagreb, Croatia

Vlatka Bilas University of Zagreb, Croatia

Mile Bošnjak University of Zagreb, Croatia

Abstract

The subject of analysis in this paper are determinants of the high value-added services of the export sector of the Republic of Croatia on the European Union market since Croatia is mainly connected with members of this regional integration. High value-added services (information and communication; professional, scientific and technical; administrative and associate services) show horizontal importance in impacting productivity growth and economic development in the whole through knowledge spillovers, ideas and efficiency growth within traditional business sectors, such as agriculture, manufacture, transportation and construction, which enables them to move at higher levels in value added chain. By applying the gravity model on the panel data, it has been validated that determinants such as territorial or sea border between countries, distance between major capitals of two countries and the level of network readiness index correlate positively with the level of Croatian high value-added service sector export on the European Union market. On the other hand, the determinants that have been identified as the most significant determinants of international goods and services trade in existing literature, such as GDP per capita, population, economic freedom index, corruption perception index, inflow and outflow of foreign direct investment and Linder's variable, do not show statistical significance in the estimated gravity model of the Croatian high value-added service sector on the European Union market.

Keywords: Determinants, Gravity Model, Export, Republic of Croatia, Services, Value Added

67 Investment Home Bias in the European Union

Antonio Cardoso Martins ISEG, Portugal

Abstract

The creation of the European Single Market (ESM) and the adoption of the Euro eliminated barriers for capital mobility. This paper analysis the dependency of investment on domestic savings across European Union (EU) economies over three different time frames split by major milestones in the economic history of the union. Using a panel error correction model, I find evidence of low capital mobility before the creation of the ESM and after the crisis of 2008, suggesting that a solvency constraint can bind investment to domestic savings even when barriers for capital mobility are eliminated. The estimates suggest that there is a long-run relationship between the two aggregates associated with a solvency constraint. However, this constraint does not appear to be binding between 1993 and 2007, matching with an increased spread in the current account balances between high and low income economies among the EU. Between 2007 and 2020, restrictions on borrowing faced by some EU economies reduced capital mobility, despite the absence of capital controls and exchange rate risk.

Keywords: Current Account, Savings, Investment, Capital Mobility, Feldstein-Horioka Puzzle

Trade Credit, Trade Income Elasticity and the International Transmission of Shocks

Anna Maria Watson University of Cambridge, United Kingdom

Abstract

The paper examines the impact of trade credit on cyclical fluctuations in international trade. It provides new empirical evidence based on firm-level UK and Irish data showing that exporters use trade credit more actively and intensively than non-exporters. The study introduces inter-firm lending into an open economy general equilibrium model with heterogeneous firms and endogenous entry into the exports market. It demonstrates that trade credit amplifies the impact of macroeconomic shocks on international trade both along the intensive and extensive margins and that it significantly contributes to the high trade income elasticity observed in the data.

Keywords: Trade Credit, International Trade, Business Cycle Fluctuations, Trade Income Elasticity

Investigation of the Effects of Non-Macroeconomic Indicators on the Exports of Goods and Services in the OECD Member Countries

Sevgi Sezer University of Balikesir, Turkey

Abstract

In the literature, dealing with the factors that influence the export performances of countries, studies based on micro-level and macro-level variables mostly encountered. This study, however, aims to explicate the effects of non-economic variables such as trade freedom index, R&D expenditures, number of patent entitlements, and the number of newly established companies on exports of goods and services using the related data obtained from 36 OECD member countries over the period 2010 - 2018 via a dynamic panel data analysis method. The obtained findings of the study reveal that trade freedom has a negative impact on the percentage share of exports of goods and services in the GDP, whereas both R&D expenditures and the number of newly established companies have positive effects on the percentage share of exports of goods and services in the GDP, and the number of patent entitlements has no impact at all.

Keywords: Export Performance, Trade Freedom Index, R&D, Patent Entitlements, OECD

68 Turkey Direct Investments in Latvian Business: Agenda for Research

Andrejs Limanskis RISEBA University, Latvia

Abstract

Topicality of the research is determined by increasing uncertainty and structural change in foreign direct investments (FDI) as well as by potential role of investments from Turkey in Latvian development. The aim of this research is to examine basic aspects of the direct investments (DI) from Turkey in Latvia as sustainability driver for fine-tuning of FDI policy. The tasks fulfilled are literature review of FDI and its new component parts, research design, identification of the state of Turkey investment in Latvia, discussion of possible future feasibility of Turkey DI in Latvia, formulation of conclusions and recommendations. The paper consists of an introduction, the theoretical and the empirical parts, conclusions and recommendations as well as references. The theoretical part is a literature review on FDI and evaluation of relevant methods of research. Empirical part presents the results of investigation of the research question. The scientific novelty consists of introduction in the scientific circulation of primary data gained as result of interviewing of respondents and analysis of registration data on FDI deals from Turkey to Latvia for all the years after restoration of Latvian state independency. Hypothesis: the need for investments in sustainable growth in Latvia is to big extent satisfied by Turkey DI. The hypothesis is proven based on quantitative and qualitative methods of analysis applied by the author.

Keywords: Foreign Direct Investment (FDI), Turkey, Latvia, Sustainability, International Business

Institutional Determinants of Emerging Market Returns, Flows, and Risk Premiums

Ralph Sonenshine American University, U.S.A.

Bradley Erickson American University, U.S.A.

Abstract

It is well established that investors incorporate a market risk premium when allocating capital between assets that are imperfect substitutes. Market risk premiums include economic risk, political instability, debt burden, etc. Institutional factors such as levels of corruption, transparency, and democracy may also influence investor allocation decisions. This paper examines the effects of these three institutional factors on overall market performance among emerging market economies. We find that institutional quality impacts emerging market returns and risk premiums, but it does so predominantly in the countries and sectors where the corruption, transparency, and democracy levels are below average. Our industry findings are mixed with the primary government owned/managed sectors being negatively impacted by a deterioration in the corruption index, but positively impacted by a decline in the democracy index.

Keywords: Returns, corruption, transparency, institutions, democracy, risk premium

69 The Role of Government in the Emergence of the Chinese Automobile Industry since 1949

Zhaotao Tan University of Central Lancashire, United Kingdom

Abstract

This research analyzed two main themes – role of government and foreign direct investment (FDI) in the context of Chinese automobile industry. The aim was to explore how these two elements were brought together to achieve industrial development and modernization in the Chinese automobile industry since 1949. In particular, the globalization process, speedily driven by the world economy, has been shaping the automobile industry in a profound way. With this mega trend, China was able to initiate a set of policies undertaken by the government to develop its own automobile industry in several regional clusters across the country, which in turn hastened the progress of modernization. Moreover, FDI has been critical for remaking a once backward automobile industry into one that has large-scale assembly capacity, comprehensive local supply networks, and a new generation of indigenous car brands and models. The overall methods adopted for this research are semi-structured face to face interviews. In order to accomplish the research aim, 11 interviews have been carried out with key personnel drawn from the Chinese automobile industry. Participants have been chosen because of their expertise on this topic. The key conclusions are both the role of government and FDI by multinational firms have been crucial to the development of the automobile industry in China and will be so for many years to come.

Keywords: China, Automobile Industry, Globalization, FDI, Role of Government

MARKETING IV Chair: Ender Demir Room: Z-Room 2

Marketing Plans in an Introductory Marketing Course at a Norwegian University: Success or Failure

Jokull Johannesson University of Agder, Norway

Abstract

Marketing plans are often considered an effective pedagogy to incorporate into introduction and advanced marketing courses and many studies have confirmed this in the United States. However, the assumption that this pedagogical approach is a universal one applicable to Scandinavian countries with their different education system and culture is not a known. The objective of this research was to bridge this gap in the literature and investigate if experiential learning in the form of a marketing plan project was an effective pedagogical approach for teaching marketing at a Norwegian university. A quantitative research methodology utilizing a survey was used to collect data from 170 undergraduate university students enrolled in introduction to marketing course during the spring semester 2019. The findings of this research conducted at a public university in Norway challenge the findings of the studies conducted in the United States. The results of this quantitative study of Norwegian university students indicate indifference or negative attitude towards the use of a marketing plan as a pedagogical approach to teach introduction to marketing at the university in Norway. Hence, the conclusion can be made that experiential leaning pedagogical approach in the form of a marketing plan considered successful in the educational system in the United States is not a universal one and fails as a pedagogical approach for teaching marketing in an introductory marketing course in Norway. A further research is needed to investigate the causes of this failure as a pedagogical approach in Norway.

Keywords: Experiential Learning, Marketing Plan Project, Norway

70 A Mixed Study of the Impact of Digital Brand Strategy on Customer Brand Loyalty

Rui Liu Newcastle University, United Kingdom

Abstract

The internet and digital technologies provide abundant information to customers. During the purchase selection and decision process, therefore, customers are naturally own more power than ever. Accordingly, firms have initiated empowerment activities, such as crowdsourcing (e.g. outsource work to customers), co-creation (e.g. involve customers in designing products), and brand communities (e.g. an online community where customers can share a comment on other customers' ideas.). These marketing activities are fast emerging as powerful tools to strengthen the connection between brands and their customers. (Acar & Punton, 2016). A majority of existing marketing literature examining digital marketing, with its focus on brand building and consumer journey, involves the purchase and post- purchase activities in the context of both developed (e.g., Pansari and Kumar, 2017; Li and Kannan, 2014) and emerging economies (e.g., Pansari and Kumar, 2017). Conversely, the literature on the role of internal brand management and their employees on digital marketing is very limited, without the focus on the social capital exchange and interaction between internal and external customers, as well as among different stakeholders. Also, Pansari and Kumar (2016) analyzed the antecedents (i.e. satisfaction and emotion) and consequences (tangible and intangible outcomes) of customer engagement, but to what extent digital transformation has changed the antecedents and consequences of customer engagement has not been elaborated upon. This is the first research gap. This research integrates literature on digital technologies and brand strategies. The digital technologies and branding literature streams have advanced in parallel without much integration. This study attempts to reverse this trend by theorizing and empirically showing that there is an intricate link between the two. Secondly, this study involves the role of employees and internal branding strategies as contributors to brand success, articulates a clear but complicated mediation process between customer/employee engagement and brand loyalty through brand personality. Thirdly, this study contributes to examine how the behavioral and attitudinal aspects of brand loyalty can be affected by digital transformation. Although research has shown that brand performance effects related to the two types of brand loyalty, the literature is silent on how digitalization transforms the two types of brand loyalty. This research is also of practical significance because it will be conducted in those largest banks in emerging marketing globally to collect data, where a number of employees and customers are involved consistently, the latest technologies and marketing activities are initiated.

Keywords: Digital Marketing, Employee Engagement, Customer Engagement, Brand Loyalty, Brand Personality

Maximizing Customer Experience Using Display Retargeting

Denis Hyams Ssekasi University of Bolton, United Kingdom

David Bamber University of Bolton, United Kingdom

Roshan Panditharathna OLC-Europe LTD, United Kingdom

Abstract

The paper explains the effect of display retargeting on customer experience where it improves the customer satisfaction and repurchase intention. The special feature of this study is that paper combines the thoughts of both academics and practitioners. The paper is the first to focus on enhancing customer experience by using display targeting. The main contribution of this paper is to introduce a model that explains how the different types of display targeting mechanisms improve the elements of customer experience, customer satisfaction and repurchase intention. The paper provides managerial implications for marketing managers who must devise display advertising for generating leads and sales. Future research will need to test the validity of conceptual model in an online environment.

Keywords: Customer Experience, Display Retargeting, Customer Satisfaction, Repurchase Intention, Conceptual Development

71 Dynamic and Co-creation Capabilities as Coping Mechanisms for Service SMEs during Post- Pandemic Era

Mehmet Okan Artvin Coruh University, Turkey

Ozge Demir Istanbul Technical University, Turkey

Elif Karaosmanoglu Istanbul Technical University, Turkey

Nesenur Altinigne Istanbul Bilgi University, Turkey

Didem Gamze Isiksal Istanbul Technical University, Turkey

Elif Idemen Okan Istanbul Technical University, Turkey

Abstract

Covid-19 outbreak has brought dramatic challenge for service SMEs since quarantine has led to abrupt business closures or forced shifts to remote work practices. Since SMEs have relatively instable cash flow and limited financial options, conditions of pandemic make them more vulnerable than larger organizations. Drawing on Doz and Kosonen’s (2008, 2010) strategic agility, Wilden et al.’s (2019) dynamic and co-creation capabilities and Arbussa et al.’s (2017) strategic agility for SMEs frameworks, this research aims to reveal which dynamic and co-creation capabilities adopted service SMEs help them to cope during post-pandemic era. Since SMEs constitute 99.8% of total firms and supply 73.5% of total employment in Turkey (TUIK 2016), it is imperative to focus on SMEs. This study provides insights from eight unstructured interviews done during the first phase of Covid-19 precautions (March- April 2020) with the owners of service SMEs of one real estate office, one face-recognition software development firm, one burger restaurant, one medical software provider, one dieting and nutrition clinic, two gyms and one micro accounting software development company. In general, the analysis reveals that service SMEs’ relationship building and process enabling capabilities get highlighted for their agility during these disruptive times.

Keywords: Covid-19, Dynamic Capability, Co-Creation Capability, Strategic Agility

Social Media Usage of NGOs for Cause Marketing: A Charity Run Analysis

Muhsin Fuat Bayik Istanbul Medipol University, Turkey

Sultan Begum Ata Beykent University, Turkey

Abstract

This article analyzes the utilization of sports events by nongovernmental organizations. One of the major challenges for NGOs is sustainability, so they try to increase the number of sources of donations to be able to continue contributing to the society. Donations made during sports events have become a major source of income for nonprofit organizations in the last years. The NGOs register for a running event, and runners who choose to support an NGO can promote their donation campaigns by asking friends, family and colleagues through social media to support the cause. The NGO also promotes the cause by tweets. In this research, the tweets of best performing NGOs in terms of donations during sports events have been analyzed.

Keywords: Social Media Marketing, Cause Marketing, Charity Run, Donation, Social Entrepreneurship

72 Management Model and Dynamic Capabilities: Approaches to Knowledge Intensive Business Services in Emerging Economies

Diana Jimenez Fundación Universitaria Los Libertadores, Colombia

Oscar Mauricio Cruz Universidad Central de Colombia, Colombia

Oscar Fernando Castellanos Universidad Nacional, Colombia

Abstract

Management model is essential for the reflective exercise of organizations in strategic decision making, the understanding of organizational dynamics and the conception of the organization. We define it as a theoretical framework that recognizes, embody, and reflects the action inside the organization to understand internal and external dynamics entirely. Likewise, dynamic capabilities are defined as the firm’s ability to integrate, build and reconfigure internal and external competences to face rapidly changing environments and considered as a strategic response to changes in the environment in which companies compete. Countries with emerging economies as Mexico, Argentina, Chile and Colombia are lagging, behind China, India and others in Knowledge Intensive Business Services due to organizational inertia to sense and seize new market opportunities and achieve new and innovative ways of competitive advantage. Considering this, the objective of this paper is to analyze the dynamic capabilities needed to enhance the management model, specifically in KIBS (knowledge intensive business services). The study is carried out through gathering and reviewing successful experiences extracted of literature on management models for Knowledge Intensive Business Services in developed countries, leading emerging economies and Latin American countries. Therefore, it is established the relevance of this type of services in some of the most developed economies, as well as the capabilities that have been strengthened in the leading emerging economies such as China and India to finally propose the actions they can undertake. Main results are the need to embed adaptive and absorptive of cutting-edge knowledge capabilities in KIBS organizations, to consolidate, reinforce and innovate in processes reflected in competitive services.

Keywords: Management Model and Dynamic Capabilities, Approaches to Knowledge, Intensive Business Services in Emerging Economies

GROWTH AND DEVELOPMENT Chair: Gokhan Karabulut Room: Z-Room 3

Gender Biases in Businesses and Financial Markets: An Empirical Study

Nihal Bayraktar Penn State University, U.S.A.

Abstract

The consistent gender gap has been observed in many fields. The expected positive returns of institutional reforms and policies promoting gender equality for growth and economic development are increasingly less and less challenged by the conventional development wisdom. In addition to boosting the growth and shared-prosperity objectives, particularly through the productivity and labor-intensive employment channels, greater gender equality also has the potential for improving other development outcomes, including prospects for the next generation and for the quality of societal policies and institutions. Despite all these expected positive effects of improved gender equality, there is a deficit of reliable analytical models, especially in developing countries. In an attempt to close this deficit and investigate the potential implications of policies promoting gender equality for growth and economic development in developing countries, Bayraktar and Fofack (2017) present a theoretical model that take into account the complexity of economies where such gender equity policies are contemplated in calibrating the effects of these policies ex-ante and ex-post. Policy experiments assessing ex-ante the impact of certain policies on growth and women’s empowerment highlight the significant benefits of increased access to credit in financial markets for economic growth and gender equality. In this paper,

73 the link between gender equality in businesses and financial inclusion of women in developing countries is empirically studied, as an application of the theoretical model presented in Bayraktar and Fofack (2017). The research question is whether gender equality in access to financial instruments and the share of women in businesses move in the same direction. The paper includes tabular and graphical analysis as well as probit regressions. The empirical model controls for many related variables, such as gender equality in education and the size of informal sector. The data source is the World Bank’s Enterprise Surveys, World Development Indicators, and the Global Findex. The initial findings, indeed, support the expected results that improvements in financial inclusion of females may go hand in hand with higher shares of female involvement in businesses. The findings of the paper have useful policy implications, such as increasing the presence of women in the business world may require gender equality in financial inclusiveness. Policies enhancing the presence of females in financial systems can be a good starting point for gender equality in the work environment.

Keywords: Gender Equality in Finance, Financial Market Imperfections, Gender Equality in Businesses, Growth, Developing Countries

Economic Growth and Female Labor Market Participation in European Countries

Paula Gomes dos Santos ISCAL/IPL, Portugal

Carla Martinho ISCAL/IPL, Portugal

Ana Rita Martins Brunel University, United Kingdom

Abstract

The economy of a country is affected by several factors, namely by gender inequality which is not only a matter of social rights but also a measure that can have economic implications. Literature investigated the impact of gender-specific disparities on a country growth in terms of gross domestic product (GDP) per capita, agreeing that female labor market participation positively contributes to economic growth, however the inverse is not so clear. This research studies if variables that affects economic development also affects the female labor market participation in five European countries: France, Italy, Portugal, Spain and United Kingdom, for the years 2011 to 2018. Therefore, the investigation aims to study if economic variables as Annual GDP (growth rate per capita), average annual growth rate of total population, Trade (sum of imports and exports of goods and services as percentage of GDP) or annual growth rate of working age population influence the female labor market participation (FMLP). Based on data collected from official sources, such as the World Bank, the OECD and PORDATA database, a descriptive analysis of the variables and a multiple linear regression model with panel data were used. From the research carried out, the main conclusions are that the Trade and GDP have shown to be statistically significant and have a great impact in FMLP for the five countries under study in the period of 2011 to 2018. Once these variables are both related with economic development, we conclude that economic growth have a positive impact on female labor market participation. The originality of this research involves studying the influence of economic growth on female labor market participation in the most recent years. The main limitation of this study is the time horizon (only 8 years) and the restricted number of countries studied.

Keywords: Gender Inequality, Economic Growth, Gender Economy, Female Labor Market Participation, Regression Model with Panel Data

74 Examining the Interactive Growth Effect of Development Aid and Institutional Quality in Sub- Saharan Africa

Berkan Tokar Eastern Mediterranean University, North Cyprus

Abstract

This study analyses the interconnectivity of growth, aid and institutions in Sub-Saharan Africa based on annual data for a panel of 39 nations from 1996 to 2017. The hypothesis that the growth impact of aid and institutions could be interactive was examined. The hypothesis was tested using panel data series for official development assistance, aggregate and individual measures of institutional quality, and economic growth, while controlling for sub-regional differences in Southern Africa, Eastern Africa, Western Africa and Central Africa. The results indicate that aid has a direct positive and an indirect negative growth impact through its interaction with domestic institutions. The synergistic growth impact of aid and institutions is found to be substitutive rather than complementary. This substitutive effect is most pronounced in Western Africa, followed by Eastern Africa, then Southern Africa, and least pronounced in Central Africa. Good quality institutions are positively correlated with growth, and the institutions that reduce rent-seeking and protect property rights are the types of institutions with the biggest growth effects.

Keywords: Economic Growth, Official Development Assistance, Institutions, Sub-Saharan Africa, Panel GMM

The Estimation of Substitution Possibilities between Human and Physical Capital in Turkey using Penalized Estimators3

Huseyin Guler Cukurova University, Turkey

Ebru Ozgur Guler Cukurova University, Turkey

Abstract

According to endogenous growth models, human capital and physical capital are the key production factors of economic growth. The current literature examines the output elasticities and the elasticity of substitution between these factors using different production functions. One of the product functions used for this purpose is the translog production function. Translog production function includes cross- products of independent variables, hence, the number of parameters are increased rapidly as the number of production factors increase. Therefore, the model selection becomes a crucial problem for the translog production function. A solution to this problem is to use penalized estimators which can provide the knowledge of important production factors affecting the output for a production model while the economic constraints are already met. In this paper, we estimate a translog production function for Turkey for the period between 1950 and 2017. The dependent variable is the logarithm of output-side real GDP at chained PPPs (in mil. 2011US$) while the production factors are the logarithm of human capital index, based on years of schooling and returns to education and the logarithm of capital stock at constant 2011 national prices (in mil. 2011US$). We estimate the model parameters using ordinary least squares along with the recently developed penalized estimators such as restricted and mixed lasso estimator. Using these estimators we also estimate the elasticities of human and physical capital and the estimates of substitution possibilities between them. Our results show that penalized estimators provide better results than the ordinary least squares.

Keywords: Translog Production Function, Penalized Estimators, Mixed Lasso Estimator, Elasticity of Human and Physical Capital

3 Funding: This work was supported by the Cukurova University Scientific Research Projects Unit under Grant SBA-2018-10961.

75 Economic Development and Nationalism: In the Cases of Scotland and Catalonia

Yusuf Omur Yilmaz Mardin Artuklu Univeristy, Turkey

Abstract

In globalized world, the number of ethnic nationalist movements in multi-ethnic countries substantially increase. It is widely believed that economic developments in regions where ethnic minorities live weaken these movements. The aim of this study is to discuss whether economic developments in a multi-ethnic country, like the UK and Spain, affect ethnic nationalist movements. For this purpose, disparity in economic development indicators, Gini coefficients, GDP per capita, natural resources and unemployment rates - between regions, Scotland and Catalonia and countries, Spain and the UK and for ethnic nationalism indicators, public opinions and the ratios of votes obtained by nationalist parties in elections, are used to discuss this discourse in both cases. It is indicated that Catalonia and Scotland are economically developed over the period. On the other hand, ethic nationalist indicators considerably increase in both regions. It is concluded that the above discourse is not supported by the economic development indicators and ethnic movement indicators. Moreover, it is discussed whether economy is another reason for independence-seeking in Scotland and Catalonia or not.

Keywords: Development, GDP per capita, Gini Coefficient, Nationalism

The Determinant Factors of Foreign Direct Investment in Qatar

Ozcan Ozturk Hamad bin Khalifa University, Qatar

Reem AlHababi Hamad bin Khalifa University, Qatar

Abstract

Several factors affect the allocation of capital flows in the international markets. Governments implement economic, political, and institutional reforms to attract more multinational companies into their countries. The state of Qatar has developed some policies for the same purposes. The country has currently established a new law allowing up to 100 percent ownership to foreign investors. This paper is the first comprehensive study that investigates the determinant factors of Foreign Direct Investment (FDI) in Qatar. The variables in our model include market size, trade openness, economic and political uncertainty index, ease of doing business index, and some economic development indicators. Using a time series Error Correction Model (ECM) with yearly data, we found that the variables ease of doing business, political stability, and trade openness play a statistically significant role in attracting FDI. A policy implication is that the reforms in the legal environment for business facilitation should continue to ensure the ease of doing business in Qatar. Another policy implication of our analysis is that since FDI inflows are fragile to political and economic stability in the country, more attention should be given to reduce political tensions in the region. These will increase the FDI inflows, stimulate economic growth, and support sustainable development.

Keywords: Foreign Direct Investment, Trade Openness, Political Stability, Doing Business in Qatar

Financial Inclusion and Welfare: New Evidence from the Role of Government

Talnan Aboulaye Toure Kobe University, Japan

Nakamura Tamotsu Kobe University, Japan

Abstract

Financial inclusion has become an important public policy priority following the recent global financial crisis. Global and national-level policy makers have been embracing financial inclusion as an important development priority. We study whether an increase of financial inclusion through greater access to bank accounts affects greater welfare in Japan, India and Ivory Coast. We use a Ramsey-Cass-

76 Koopmans's model in competitive economy that includes government. We find that greater access to bank accounts positively aects economic growth and welfare in the three economies. However, the obtained well-being is greater in Japan, India and Ivory Coast respectively, meaning that more a country's financial inclusion is higher more the welfare is greater. Moreover, our results show that government should play a key role in promoting financial inclusion through subsidy, tax incentive schemes, etc. In addition, evidence from Japan and India indicates that greater access to banks accounts mitigates the distortionary effect of tax made person to government. Finally, emerging and developing countries gain much in terms of economic growth and welfare by getting their financial ecosystem to be more inclusive.

Keywords: Financial Inclusion, Accessibility, Bank Accounts, Economic Growth, Welfare, Deterministic Dynamic Programming Methods

77 FRIDAY, AUGUST 7 (DAY 3)

DAY 3 - SESSION I: 08:30-10:30

ACCOUNTING/AUDIT I Chair: Irwan Trinugroho Room: Z-Room 1

Antecedents and Consequences of Ethical Climate Perceptions among Independent Auditors in China

William E. Shafer Lingnan University, Hong Kong

Dean Tjosvold Lingnan University, Hong Kong

Abstract

This study examines antecedents and consequences of independent auditors' perceptions of the ethical climates in their firm. Specifically, we focus on Machiavellianism as a key antecedent of climate perceptions and ethical decisions (judgments and intentions) as consequences of such perceptions. We anticipated that Machiavellianism would be directly associated with both ethical climate perceptions and ethical decisions, and that climate perceptions would partially mediate the Machiavellianism/decision link. We measured three dimensions of ethical climate documented in previous studies of accounting firms: public interest, law/code, and instrumental climates. We conducted a survey of auditors employed by an international accounting firm with operations in China. As anticipated, Machiavellianism had strong direct associations with both climate perceptions and ethical decisions. High Machiavellians exhibited cynical perceptions of the ethical climates in their firm, perceiving the positive (public interest and law/code) climates to be relatively weak and the negative (instrumental) climate to be relatively strong. High Machiavellians also judged unethical actions more leniently and had stronger intentions of committing similar actions. The hypothesized mediation effects were only documented for the public interest climate. Our study is the first to incorporate Machiavellianism into a model of the associations between ethical climate perceptions and ethical decisions. The results indicate that after controlling for the influence of Machiavellianism, the public interest climate had the strongest association with ethical decisions. These findings contrast with previous accounting research which concluded that the instrumental climate had the strongest association with ethical decisions, and they illustrate the importance of controlling for potential antecedents of climate perceptions.

Keywords: Auditors, Public Interest, Ethical Climate, Machiavellianism, Ethical Judgments, Behavioral Intentions, China

The Effect of Country-By-Country Reporting on Tax Aggressiveness in the Banking Sector

Svetlana Sabljic University of Banja Luka, Bosnia and Herzegovina

Abstract

Country-by-Country Reporting (CBCR) is intended to diminish or resolve problems regarding tax avoidance and tax aggressiveness enabled by legally permissible non-transparent reporting of international companies. CBCR is the obligation of large multinational groups to prepare annual Country- by-Country Report that reveals information for each tax jurisdiction in which the group does business (OECD, 2015). Using the unique hand-collected database of the 200 largest banks in EU by total assets, this study investigates the effects of Country-by-Country reporting on tax aggressiveness. This research finds strong evidence that the implementation of the CBCR decreases the level of tax aggressiveness by EU banks in the post-implementation period. Furthermore, this study estimates the effects of CBCR implementation conducted by bank (complete implementation, lack of implementation and partial implementation) on the level of tax aggressiveness.

Keywords: Country-by-Country Reporting, Tax Aggressiveness, Tax Avoidance, Banking Sector, Tax Research

78 Government Grants and Government Assistance: The European Regulations and the Philosophy of the International Financial Reporting Standards

Hristina Oreshkova University of National and World Economy, Bulgaria

Abstract

Under the pressure of unprecedented crisis that has rapidly developed and intensified in states on different continents – Asia, Europe, America, Australia, Africa, and elsewhere, and has strongly and negatively impacted the social, economic and political development of the world, the issue of government grants and subsidies, and government assistance has increasingly attracted interest worldwide. Undoubtedly the consequences of the current crisis will have wide-ranging dimensions both in short-term and long-term perspective and generate problems that pose challenges to humanity in unprecedented and unique manner. The topic of government grants and assistance has always been a socially significant one as well as an important area of the subject and theoretical scope of financial accounting. Under the burden of the current circumstances posed by the crisis, the matter is increasingly gaining relevance, as well as the emerging practical problems in the recognition and evaluation of government grants and the issues related to the policy of disclosure through the financial statements of general purpose. The crucial matter of choice of an appropriate approach to accounting for government grants and the requirements for disclosure of government grants and government assistance, which are the focus of the present article, are comprehensively discussed from both theoretical and methodological viewpoint. The International Accounting Standards Board’s fundamental prescriptions that the relevant standards embody are considered prevailing principles by a considerable part of the international professional community. These principles are analyzed in a manner consistent with the author’s objectives. The primary goal of the author is to explore and analyze the core of broadly endorsed approaches to the accounting for and presentation of government grants in the financial statements of general purpose, highlighting essential positive and negative features. On the basis of comparative analysis with regard to the relevant guidelines underlying the philosophy of the U.S. Generally Accepted Accounting Principles, similarities and dissimilarities, are identified.

Keywords: Government Grants, Government Assistance, International Financial Reporting, International Accounting Standards, International Financial Reporting Standards, Generally Accepted Accounting Principles (U.S. GAAP), Policy of Disclosure

The Evolution of Tax Burden and Tax Effort in the OECD between 2000 and 2015

Paulo Dias ISCTE-IUL, Portugal

Maria Cavadas ISCTE-IUL, Portugal

Abstract

Fiscal policies are one of the main concerns of any government. Balancing the decisions regarding public expenditure and how that expenditure is to be financed is paramount to allow for a favorable level of welfare in a society. The expenditure side is dependent upon the collection of revenues that can finance the government’s expenses. These revenues come mostly from taxes. Therefore, taxation plays a pivotal role in a society, and it is the focus of this dissertation. Greater attention is paid to what can be considered measures of the level of taxation of a country – tax burden and tax effort. There is great deal of concepts attached to taxation, hence the necessity to have them defined and explained in order to make any further analyses. A systematic literature review is performed to study the investigation on taxation since 1972. A database of data for 35 of the 36 countries of the OECD is used to compute the three aforementioned metrics, which are then analyzed and compared between them. An alternative measure of tax effort (the World Tax Index) is briefly described, since it is a breakthrough in the field. The development of new metrics in future investigation is proposed.

Keywords: Tax Burden, Tax Effort, Taxation, Tax Systems

79 The Effects of the Internal Control System on Crisis Management Skills in Case of Disasters in Organizations with Corporate Governance: Example of IBB Fire Department

Murat Saglam Ibn Haldun University, Turkey

Tamer Aksoy Ibn Haldun University, Turkey

Abstract

Today, corporate organizations face a wide variety of disasters within the general flow of life. Disasters are very different from each other in a wide range and come across different types. We all know that it is very important for corporate organizations to survive, to successfully operate and achieve their goals. In addition to this, ensuring the awareness and effectiveness of internal control systems both in all organization processes and in crisis management process in particular is vital today. The way to do this is primarily for institutional organizations to be prepared for disasters and crises likely to be exposed and to have high awareness of this. Effective crisis management and the existence of effective internal control system are among the key components of corporate management and successful crisis management. Accordingly, crisis / disaster management processes and procedures should be determined in advance and all responsibilities, duties, powers and cross-checks should be clarified and should be well known to all internal / external parties, including employees. It should also be emphasized that it is very important not only to create these processes but also to ensure the effectiveness and protection of crisis management processes together with its own internal control process. The main aim of our study is to evaluate the effects of the internal control system on crisis management skills in case of disasters in organizations with Corporate Governance with special reference to The Istanbul Metropolitan Municipality (İBB) Fire Department. In the study, the data needed were collected and analyzed with a survey method based on COSO internal control framework in a wide range that would include the COSO internal control elements. Necessary statistical tests were carried out through the SPSS program. Consequently, findings related to the effects of the internal control system on crisis management skills in the event of a disaster were analyzed with special reference to The Istanbul Metropolitan Municipality (İBB) Fire Department. Finally, evaluations regarding the emerging strengths and weaknesses and aspects that need to be developed, as well as policy and implementation recommendations are made.

Keywords: Crisis Management, Corporate Governance, Internal Control, COSO, the Istanbul Metropolitan Municipality (İBB), Audit

Big Data Analytics in Business: Evolving Knowledge, Skills and Roles of Accounting and Finance Professionals

Eley Suzana Kasim Universiti Teknologi Mara, Malaysia

Noryati Md Noor Universiti Teknologi MARA, Malaysia

Norlaila Md Zin Universiti Teknologi MARA, Malaysia

Noor Sufiawati Khairani Universiti Teknologi MARA, Malaysia

Abstract

The accounting and finance professionals in organizations have the potential to contribute significantly in the digital era by incorporating Big Data Analytics (BDA) into their existing reporting framework. However, the nature of their contribution in BDA is still largely unexplored. Moreover, it is still unclear whether these professionals have the required digital skills to cope with BDA. Given the lack of evidence on how BDA impact on the profession, this study seeks to examine the knowledge and skills required and the change on the role of accounting and finance professionals in Big Data era. This study adopts a qualitative approach by utilizing semi-structured interviews, focus group discussions and document reviews to address the main research issues. Findings from this study suggest that while accounting

80 and finance professionals need to keep abreast with new skills such as BDA, their involvement are more critical in interpreting the results and providing useful insights for the business. With Big Data, the profession shifts to a more “enhanced” role as advisors at strategic level within the organization. Findings from the study will provide a valuable input for higher institutions and professional bodies in developing their accounting and finance curriculum for quality education.

Keywords: Technology, Big Data, Big Data Analytics, Accounting, Finance, Case Study

ENTREPRENEURSHIP & SMEs Chair: Ender Demir Room: Z-Room 2

Fostering Open Innovation by linking Entrepreneurial Leadership and Knowledge Management: An Empirical Study in the Tunisian Context

Samah Chemli Horchani Tunis El-Manar University, FSEGT, Tunisia

Mahmoud Zouaoui Business School of Tunis, Compus La Manouba, Tunisia

Abstract

Entrepreneurial leadership is universally recognized and there are divergences in its effectiveness, which suggests several promising areas of inquiry. The success of this leadership style depends on interrelations between leaders, followers and the Knowledge context. This research offers an interpretative reading of entrepreneurship and leadership theories to describe an innovative approach. It outlines the knowledge management importance. A new conceptual model is proposed through a thorough review of the literature. The empirical study focused on five cases of Tunisian small and medium-sized enterprises. This work would be an opportunity for practitioners allowing them to discover the mechanisms and processes ensuring the maintenance of entrepreneurial intensity in an innovative company but also, opening the door to action when this intensity presents deficiencies.

Keywords: Entrepreneurial Leadership, Open Innovation, Knowledge Management

The Impact of Entrepreneurial Leadership on Supply Chain Innovation and Adaptability: Evidence from Japan, Sudan and China

Sara Siddig Ali Abdalla Osaka University, Japan

Koichi Nakagawa Osaka University, Japan

Abstract

Objectives – Applying the upper echelons theory and the dynamic capabilities theory in the context of supply chain management, this study attempts to investigate the effects of entrepreneurial leadership on supply chain innovation and supply chain adaptability and to assess the mediating role played by innovation in the relationship between entrepreneurial leadership and adaptability. Data and Methods – Partial least squares structural equation modeling (PLS-SEM) is performed on survey data collected from 139 firms in Japan, Sudan, and China. Results – The results reveal that entrepreneurial leadership has positive effects on supply chain innovation and supply chain adaptability. Additionally, supply chain innovation is found to positively affect supply chain adaptability. The mediating role of supply chain innovation is also confirmed by the results. Conclusions – The findings of the study stress the importance of entrepreneurial leadership for firms’ adaptability despite the varying business environments. Although the number of countries included in this study is limited to three, these countries exhibit dissimilar cultural and structural settings. This suggests the possibility of the generalizability of the results. The findings also imply that firms should place greater emphasis on improving their supply chain processes and upgrading relevant technologies in order to facilitate the development of adaptable supply chains.

Keywords: Entrepreneurial leadership, Innovation, Adaptability, Supply Chain Management

81 The Effect of Entrepreneurship Education, Entrepreneurial Environment, Subjective Norm and Entrepreneurial Attitude on Entrepreneurial Intentions

Budi Eko Soetjipto Universitas Negeri Malang, Indonesia

Dwi Hasmidyani Sriwijaya University, Indonesia

Wahjoedi Universitas Negeri Malang, Indonesia

Hari Wahyono Universitas Negeri Malang, Indonesia

Abstract

The objectives of this study were to analyze the effect of (a) entrepreneurship education on entrepreneurship attitudes, (b) entrepreneurship education on entrepreneurial intentions, (c) entrepreneurship education on entrepreneurial intentions through entrepreneurial attitudes, (d) entrepreneurial environment on entrepreneurship intentions, (e) norms of entrepreneurship subjective attitude on entrepreneurship, (f) subjective norms on entrepreneurial intentions, and (g) subjective norms on entrepreneurial intentions through entrepreneurial attitudes, (h) entrepreneurial attitudes on entrepreneurial intentions. This research is an explanatory research using structural equation analysis to examine the relationship between variables. This study uses structural equation modeling (SEM) with LISREL (Linear Structural Relationship) version 8.70. The population in this study is the students who take entrepreneurship course. The sample in this study is 210 students taken using purposive sampling; the instrument used by researchers is a questionnaire with closed questions. Measurement of variables for the questionnaire was done by Likert scale. The results showed that (a) Entrepreneurship education had a positive and significant effect on entrepreneurial attitudes. (b) Entrepreneurship education had no effect on entrepreneurial intentions. (c) Entrepreneurship education had a positive and significant effect on entrepreneurial intentions through entrepreneurial attitudes. (d) Entrepreneurial environment was related positive and significant with student entrepreneurial intentions, (e) Subjective norms have positive and significant effect on entrepreneurial attitudes. (f) Subjective norms have a positive and significant relationship with entrepreneurial intentions. (g) Subjective norms have positive and significant effects on entrepreneurial intentions through entrepreneurial attitudes. (h) The attitude of entrepreneurship has a positive and significant impact on entrepreneurial intentions. Based on the research results above, it is recommended that further researchers to analyze broader characteristics that can reflect entrepreneurial intentions in Indonesian universities. In addition, further research is recommended to include other variables such as demographic factors and technological progress factors.

Keywords: Entrepreneurship Education, Entrepreneurship Attitudes, Entrepreneurial Intentions, Entrepreneurial Environment, Subjective Norms, Higher Education

Banyan Roots and Garden Ivy: A Systematic Literature Review of Embeddedness in Immigrant Entrepreneurship

Ugur Yetkin Istanbul Technical University, Turkey

Deniz Tuncalp Istanbul Technical University, Turkey

Abstract

Immigrant entrepreneurship has drawn increasing attention in recent decades as the migration across countries has increased dramatically due to globalization and the North and South divide. Various theories have developed about the dynamics of this phenomenon. However, immigrant entrepreneurship is highly contextualized, and the research involves a diversity of results and explanations in various contexts. As embeddedness has the potential to consider both the nested and the constitutive aspects of the context, more researchers have employed this concept to explain the multi-faceted nature of the contextual environment influencing the immigrant entrepreneurship. In this

82 paper, our objective is to present a systematic review of how different researchers have employed the concept of embeddedness in the immigrant entrepreneurship literature. In doing so, we have specifically addressed three questions: Firstly, what do we know about the embeddedness of immigrant entrepreneurship? Secondly, what has been the conflicting results in understanding and explaining the dynamics of embeddedness in immigrant entrepreneurship? Thirdly, what possible research opportunities does embeddedness currently present for immigrant entrepreneurship research? In our study, we have analyzed a total of 72 articles listed in the Social Science Citation Index (SSCI). Our findings show four major embeddedness categories: social, spatial, institutional, and mixed embeddedness. Among these embeddedness types, the mixed embeddedness framework has opened avenues for further research in immigrant entrepreneurship. It underlines the significance of the opportunity structure and the institutional framework for the entrepreneurs, along with the individual- level social embeddedness. Models of mixed embeddedness have been adopted mostly by the European researchers as the majority of the embeddedness articles in immigrant entrepreneurship research are coming from Europe. Some articles with North American and Australian authors also used mixed embeddedness. In contrast, there are only a few articles regarding immigrant entrepreneurship in developing countries. We believe the mixed embeddedness model is capable of explaining the complexity of the multi-contextual environment influencing immigrant entrepreneurs. However, it still needs further theoretical scrutiny. While some critics mention the weaknesses of mixed embeddedness model, especially in the transnational aspect of entrepreneurship, we need more research regarding the effect of the home and host country duality, embeddedness degree and models that explain the processual nature of embeddedness in immigrant entrepreneurship. Furthermore, other embeddedness types, such as spatial and institutional embeddedness, are still under-researched. Finally, future immigrant entrepreneurship research can also explore the paradox of embeddedness since it could become both an enabler or a constraint for entrepreneurial activities.

Keywords: Embeddedness, Immigrant, Entrepreneurship, Small Business, Refugee

The Impact of the Different Actions Included in the Entrepreneurship Support Programs in Women’s Empowerment

Cristina Mora Rodriguez Miguel Hernandez University, Spain

José María Gómez Gras Miguel Hernandez University, Spain

Antonio J. Verdu Miguel Hernández University, Spain

Mª Jose Alarcon Miguel Hernández University, Spain

Abstract

Due to the interest that female entrepreneurship and business support programs have received in recent years, it is necessary to analyze the different actions included in these programs. This is essential to understand the importance that certain actions have for women’s empowerment and specifically to attend to the needs when undertaking. This research proposes a structural equation model capable of relating these actions to female empowerment, which can be used as a tool to optimize the effectiveness of entrepreneurship support programs.

Keywords: Entrepreneurship, Empowerment, Enterprising Women, Entrepreneurial Support Programs

83 Entrepreneurship for Economic Diversification of Qatar

Evren Tok Qatar Faculty of Islamic Studies, Qatar

Ozcan Ozturk Hamad bin Khalifa University, Qatar

Abstract

This paper addresses the need for economic diversification in natural resource-rich countries, moving from a broad-brush portrait of the states of the Gulf Cooperation Council to a more detailed analysis of local perspectives on innovation and entrepreneurship in Qatar. The effective utilization of abundant natural resources (oil and gas) has propelled Qatar’s rapid economic development over the last four decades. However, accelerating decarburization efforts within the global energy system in response to climate change cast doubt on the future value of hydrocarbon resources, and hence on Qatar’s revenue streams from international trade. A rapidly growing population adds further pressure to the social welfare system amid dwindling oil and gas revenues for the state. After a discussion on the argument for economic diversification and the theoretical foundations of innovation and entrepreneurship, the paper presents the results of a survey into the attitude of residents of Qatar towards innovation and state-led initiatives and the results of multiple tests and statistical analyses. The survey shows that Qatari residents are relatively risk-averse and state-dependent in their pursuit of new entrepreneurial opportunities. Possible reasons for this attitude include the natural resource-based economy, the demographic structure (in which expatriates outnumber citizens), and the lack of a culture of innovation and entrepreneurship in this relatively young country. The logistic regression results show that the employment sector, years of experience, and availability of opportunities are statistically significant determinants of entrepreneurship in Qatar. The government employees are more likely engaged in entrepreneurial activities compared to private sector employees. This might be due to the fact that public employees have more resources and time given the higher salaries and lower workload in public sector jobs. This makes them less risk-averse compared to private-sector employees who have relatively lower resources. Results also show that entrepreneurial activities are positively related to years of experience and the existence of market opportunities. The source of Qatar’s spectacular success in the last four decades has become its Achilles heel as it faces a decoupling of the economy from its hydrocarbon dependence.

Keywords: Economic Diversification, Innovation, Entrepreneurship, Qatar, Rentier State

MANAGEMENT II Chair: Veljko Mijušković Room: Z-Room 3

Application of the Multiple-Criteria Decision Making Methods in Order-Picking in the High Storage Warehouse

Krzysztof Dmytrów University of Szczecin, Poland

Abstract

Objectives: The aim of the study is to apply multiple-criteria decision making methods in the selection of locations in a high-storage warehouse. In picker-to-parts warehouses, picking of products from a low storage location differs from picking of products from a high storage location. When selecting the location from which a product needs to be picked, the level at which it is stored must be taken into account. From the point of view of the duration of picking, it is important to try to pick products first from a low storage location, and if the goods will not be available there, to select high storage locations. Data and Methods: The research is based in the simulation experiment, assuming simple, rectangular warehouse with one main aisle. Locations, where the products are picked, are described by means of the four criteria: distance of analyzed location from the I/O point, degree of demand satisfaction, number of other products in the proximity of analyzed location and the storage level. The locations are selected by means of the TOPSIS method. Because the storage level is the criterion measured on the ordinal scale, the Generalized Distance Measure was be used as a distance measure for the composite variable with various combination of weights applied. On its basis, locations to be visited were be selected and mean

84 route length and mean picking time will be calculated. Random and ABC class-based storage were compared. It was also be assumed that the picker used the s-shape and return heuristics. Results: Considering the distances for the ratio and ordinal scale separately, the best results were achieved for the combination of weights that assign the highest weight to the degree of demand and equal weights for distances measured on the ratio and ordinal scale. By converting the scale of all criteria into an ordinal one, the best results were obtained for the combination of weights giving the highest weights to the degree of demand satisfaction and storage level. Conclusions: In general, there was no major difference between the results obtained using a generalized distance measure assuming an ordinal scale for the storage level and a ratio scale for the other criteria and the results obtained by converting the scale for all criteria into an ordinal one. In practical applications, it is more convenient to use the second approach because it is less computationally intensive.

Keywords: Order Picking, High-Storage Warehouse, Generalized Distance Measure, TOPSIS

Offshore Outsourcing in Fast Fashion Companies: a Dual Strategy of Global and Local Sourcing?

Elisa Arrigo University of Milan-Bicocca, Italy

Abstract

The research addresses an identified gap in outsourcing academic literature concerning manufacturing sourcing strategies in the fast fashion industry. By sourcing globally, companies can reduce production costs, but may not be agile enough to meet market needs on a timely basis; they then attempt to minimize the cost/agility trade-off by combining global and domestic (near or local) sourcing. However, factors to be considered for mixed strategies have not been well defined in previous academic literature. Therefore, the purpose of the study is to investigate the sourcing strategies of global fast fashion companies in order to understand whether a dual strategy of global and local sourcing is currently followed and which are the main criteria influencing the choice of sourcing locations. Drawing on a literature review on offshore outsourcing and fast fashion global sourcing, a qualitative research design based on case studies of leading fast fashion companies has been carried out. The findings show that: fast fashion companies do not perform constantly a dual sourcing strategy and, despite traditional geographic location decisions have been mainly based on quantitative cost measures, currently qualitative aspects are also considered in their supply chain design.

Keywords: Global Sourcing, Fast Fashion

Efficiency and Effectiveness Attribute Valuation of Cultural Goods: Focusing on Performance Evaluation Index for Performing Art Centers

Eunyoung Yang POSTECH, South Korea

Dohyeon Lee POSTECH, South Korea

Abstract

The number of arts centers in Korea has increased rapidly over the past 20 years. Cultural services and cultural goods are placed in the category of mixed goods together with health care and education. Although art centers in Korea have grown in significance, there are constantly questions about whether they have achieved the ultimate goals of artistic value and social value. However, the evaluation indexes of the performance of art centers presented in previous studies have mainly focused on measuring efficiency based on cost-benefit analysis, which does not give full insight into their performance in terms of effectiveness. Therefore, this study aims to provide a conceptual model of related stakeholders of performing art centers, and to develop an evaluation index of performing art centers' management by measuring all stakeholders' direct and indirect benefits. First, by using the Delphi method, we will conduct an analysis of the benefits to existing audiences, residents of the local community and artists, as well as theater managers and government officials. Second, using the Analytic Hierarchy Process

85 (AHP) Model, we will analyze the relative importance and priority of the performance evaluation index for performing art centers. Once something has been quantified, the figures tend to become truth.

Keywords: Evaluation index. Public Art Organization Management, Effectiveness, Artistic Value, Social Value, Performing Arts

Which Kind of Value Orientation Results Supervisor Support? The Role of Influence Tactics of Subordinates

Aygul Donmez Turan Yildiz Technical University, Turkey

Abstract

Universal values of individuals are crucial behavioral antecedents reflected in their relationship with other individuals. The tactics employed by employees at the work setting to influence their superiors are called upward influence tactics. Individuals can use different tactics towards superiors such as, coalition, exchange of benefits, rationality, upward appeal, irrogative, assertiveness. Each of them is used in certain conditions, in order to be gained support from the superior. On this literature basis, we examined the mediating role of influence tactics on the relationship between universal values and perceived supervisor support. Having gathered the data from 336 white collar employees, we first conducted explanatory and confirmatory factor analyses on each scales. Namely, reliability and construct validity were tested for the scale of universal values, influence tactics and perceived supervisor support. Relationships among variables of the research were controlled by the measurement model and then the structural model was tested. The findings represented that each scales are reliable and valid. Power, benevolence, stimulation, tradition and achievement value types led to upward influence tactics. However, only benevolence and achievement explained the perceived supervisor support of individuals. Each upward influence tactics were examined the mediating role on the relationship between universal values and perceived supervisor support.

Keywords: Universal Values, Influence Tactics, Upward Influence Tactics, Perceived Supervisor Support, Structural Equation Modeling, SEM

Essential Leadership Qualities for High Performing Virtual Teams

Huseyin Cirpan Istanbul Medipol University, Turkey

Dilek Yomralioglu Istanbul Medipol University, Turkey

Abstract

In today’s global organizations, virtual teams have become the sine quo none of the workplace enabled by the advanced information technologies, actually recently for many, it is the only way of work due to the outbreak of coronavirus pandemic. Besides the advantages of virtual teams; entering into new markets, workforce flexibility, experiencing cross-cultural environment, virtual team leaders face unique challenges caused the remote working of virtual teams; such as communication via media, cultural differences, language discrepancies, task and relational conflicts, establishing trust, lack of team identities, emotional and physical distance, multitasking (Cordery and Soo, 2008; Cascio, 2000; Zhang and Fjermestad, 2006). Although there is not much agreement on global virtual team cohesion factors, it is claimed that they are performing better with the guidance of an effective leader (Wakefield et.al., 2008). Whether it is virtual team or not, there are two basic areas that may conflict each other in a teamwork for the achievement of the team goals. One is to perform the task of the team and second is the team dynamics occurred among team members including the leader while working towards the goals. A paradoxical leadership behavior is suggested for coping with the complexities of the virtual teamwork (Aubert and Kelsey 2003; Saafein and Shaykhian, 2014). The main purpose of the research is to explore the essential leadership qualities in virtual work teams to attain to high performing teams. The study will focus on these questions: (1) what is the impact of the team design on the team performance? (2) what are the common conflicts and challenges experienced by team members and team leader? (3) what roles does team leader play under what circumstances? and lastly (4) what are

86 the main functions expected from the virtual leader? To answer these questions, the qualitative data will be collected from five senior virtual team executives and ten virtual team members from different organizations. The data will be gathered through online semi-structured interviews and content analysis will be used to code interview transcripts. Since the research is underway, the findings of the study will be reported afterwards.

Keywords: Virtual Leadership, Virtual Team Performance, Leadership Roles and Qualities

Adoption of IoT technology among Aged NCD Patients in Malaysia: A Conceptual Study based on the Theory of Planned behavior

Chinnasamy Agamudai Nambhi Malarvizhi Multimedia University, Malaysia

Srinivasan Jayashree Multimedia University, Malaysia

Shamima Raihan Manzoor Multimedia University, Malaysia

Abstract

Non-Communicable diseases (NCDs) are rising as the prime cause of death worldwide, as well as in Malaysia. This is the result of alterations occurring in social and economic factors in health. Some of these factors include- proliferation of business and promotion, improved style of living, change in socio- demographics, enhanced financial affordability, effortless travel and mobility, financial evolution and import-export of unhealthy goods, causing high risk behavioral deviations and spike metabolic hazards. Elderly people are amid the high chance gathering of having NCDs because of poor sickness opposition, the progressing impact of way of life, terrible eating routine, and reduced amount of physical activities. At the end of year 2020, individuals matured 60 years of age and above in Malaysia are anticipated to be 9.7% of entire populace. With the arrival of numerous wearable gadgets and smart devices, the IoT (Internet of Things) gadgets are transforming the conventional medical management system into a further customized and smart one. Hence the objective of this study is to investigate the factors related to the “theory of planned behavior” and their impact on the behavioral intention of IoT adoption among elderly NCD patients in Malaysia. The outcome of this study is expected to provide meaningful understandings in creating awareness on the use of IoT among the elderly NCD patients in Malaysia and understanding their behavioral intentions that can help to maximize the utilization of the available necessary skills and tools in the health clinics.

Keywords: Non-Communicable Disease, Internet of Things, Malaysia, Elderly People, Theory of Planned Behavior

BREAK: 10:30-10:40

87 DAY 3 - SESSION II: 10:40-12:40

ACCOUNTING/AUDIT II Chair: Irwan Trinugroho Room: Z-Room 1

The Impact of Sars-Cov-2 on Accounting Students, a Test for Social Responsibility

Mihaela Luminita Dumitrascu Bucharest University of Economic Studies, Romania

Liliana Feleagă Bucharest University of Economic Studies, Romania

Abstract

Nowadays we face together a pandemic at the global level, which has a great impact on social and economic development. Universities contribute to a different area, such as innovation in online learning, mental health maintenance, and emergency management. Educational institutions were closed due to the pandemic SARS-COV-2 virus. The main objective of the present research is to observe the impact and perceptions of students on the lockdown generated by SARS-COV-2 and their socially responsible actions and behaviors, and also the effectiveness of all the measures adopted and implemented by the Government. To achieve this objective we selected a sample consists of the students of the first year of Faculty of Accounting and Management Informatics Systems from The Bucharest University of Economic Studies. The method used was a questionnaire. We were interested in their activities and their behavior during the first month of the lockdown. The results obtained can help future research in terms of improving the management of social distancing and socially responsible policies. The results indicate that the closure and the lockdown reduce the contact between students, but the social interactions and the studying activities continue to increase. The main conclusion is that a feature of students is the desire to have a good and positive impact on the community they live in. Education can be a tool for change.

Keywords: COVID-19, SARS-COV-2, Accounting, Students, Social Responsibility

Reporting Expenses from the Standpoint of Accounting and Taxation Requirements

Nexhmie Berisha Vokshi University of Prishtina, Kosovo

Florentina Xhelili Krasniqi University of Prishtina, Kosovo

Abstract

Financial reporting provides very important information to businesses, ensuring a clear overview of how the business is conducted, and it is also fundamental for decision-making by the unit's managers and not only. However, businesses should also report fiscal data, which include all relevant information about the businesses’ financial standing during a fiscal year, operations and net business value, which are needed for use by tax authorities. Consequently, accounting rules and fiscal rules are drafted by different authorities and have different purposes, but both provide important information to third parties. Based on this fact, this study aims to present the current regulatory and practical situation of accounting and taxation in Kosovo, in terms of acknowledging, recording and reporting of expenses. The study was conducted through data from the questionnaire made in the 264 businesses with turnover of over one million€ (addressed to accountants, one employee in each business), in order to obtain information on the orientation of these businesses to the use of accounting rules, fiscal rules or both regulations together with recognition, registration and reporting of expenses. The research result currently reflects a correlated link between financial reporting on expenditures and their fiscal reporting, which implies that the businesses are initially oriented towards the use of accounting regulations when recognizing, recording and reporting the expenses and then making adjustments for fiscal needs.

Keywords: Accounting, Taxation, Financial Statements, Financial Reporting, Fiscal Reporting, Expenses

88 Measuring the Effectiveness of Internal Control Systems of Ghanaian Listed Banks Considering Control Environment, Risk Assessment and Monitoring Activities Components of COSO’s Framework

Abdullai Mohammed Ibn Haldun University, Turkey

Tamer Aksoy Ibn Haldun University, Turkey

Abstract

Every organization operates within a business sector and the ability of the organization to break through the thick walls of rival competitiveness depicts its success. The ability of the organization to achieve its aims within the sector depends hugely on the policies and strategies as well as the effectiveness of procedures established to safeguard their operations. Organizations face internal and external forces that call for a strategy to help them continue to be relevant and competitive in the business environment. For instance, the Enron and WorldCom scandals in the US inculcated the importance of Internal Control Systems (ICS) as well as reliable financial reporting, strengthening corporate governance, increasing corporate responsibility, re-ensuring auditor independence, establishing and providing efficiencies of internal audit, internal control and risk management systems, strengthening management and public oversight functions. With the effect of scandals and subsequent Sarbanes-Oxley (SOX) Law, the establishment and effectiveness of the internal control system became one of the crucial factors and safety valves of sustainability, corporate management and business success. Banks were equally affected by all these developments. As a result, ensuring the existence and effectiveness of internal control system within banks became more important following the global accounting and auditing scandals. The main purpose of this paper is to evaluate the effectiveness of Internal Control Systems (ICS) of the banks listed on the Ghana stock exchange considering the Control Environment (CE), Risk Assessment (RA) and Monitoring Activities (MA) components of Committee of Sponsoring Organizations of the Treadway Commission (COSO)’s internal control framework. Methodologically, a comprehensive survey questionnaire designed and used to collect data. Out of the 60 questionnaires distributed to the banks, 37 copies were received representing 61.6% response rate. Statistical Package for Social Sciences (SPSS) version 25 used to analyze data by running among others reliability test, test of normality and descriptive statistics (means and standard deviations). The results of means (m) and standard deviations (SD) indicated that, strong controls exist in the CE (M= 4.14, SD =.755), RA (M= 4.27, SD =.731) and MA (M= 4.24, SD =.722) of internal control of the Ghanaian listed banks. Banks operate under higher risk than any other financial institution so, the study recommends that Ghanaian listed banks should invest more into risk management to curb or prevent any possible fraudulent activities.

Keywords: Internal Control, COSO, Auditing, Bank, Control Environment, Risk Assessment, Monitoring

All We Need Are Taxes: A Systematic Review on Tax Avoidance

Andreia Magalhães ISCTE-IUL, Portugal

Rogério Serrasqueiro ISCTE-IUL, Portugal

Paulo Dias ISCTE-IUL, Portugal

Abstract

Although tax avoidance is a widely studied matter and a unavoidable issue in public policy discussions about tax planning, there is no clear knowledge about its determinants and consequences, at company’s and its shareholders levels, and the way they are combined. This systematic review aims to identify the determinants and consequences of tax avoidance and understand the different perspectives adopted in academic research. 123 identified papers were analyzed using a computer-assisted qualitative data analysis software, to typify four main research domains concerning tax avoidance: Quantification, endogenous determinants, exogenous determinants and consequences. Additionally, subdivisions were found within each sections of the determinants. Main findings are that research has dominantly been performed in the USA, the more frequent metrics are ETR, CashETR and BTD, the main research

89 methods are OLS and Logistic regressions. The endogenous factors that may explain tax avoidance are the most analyzed probably due to a real need to understand the more controllable variables influencing tax avoidance and for the difficulty in gathering and analyzing data concerning external factors. In this group we identified five subdivisions, namely related to the drivers of profit shifting, the ownership structure and corporate governance, the CSR, the auditor-provided tax services and the information quality and the human resources. For the exogenous determinants affecting tax avoidance we identified two subdivisions, formal and informal factors. Finally, we find that the main consequences include the integrity of the tax system, through loss of tax revenue, the loss of reputation and increased scrutiny at company level, and the increased level of risk and associated costs (e.g.: increased financing and equity costs). Future research should address other settings besides the USA and new topics like the impact of new technologies and artificial intelligence on tax avoidance.

Keywords: Tax, tax Avoidance, Tax Planning, Tax Aggressiveness, Tax Sheltering

Empirical Research on Book-Tax Differences

Paulo Dias ISCTE-IUL, Portugal

Britânico Pires ISCTE-IUL, Portugal

Abstract

The present study has as main objective to characterize the empirical research on the Book-Tax Differences, systematizing the knowledge about the investigation carried out on the differences between the accounting and fiscal result. As specific objectives, it intends to analyze the content of the published articles and also the profile and characteristics of the researchers. In this context, the following variables were selected and studied: year of publication, author(s), journal / conference where the article was published or presented, most researched topics, most cited articles, type of authorship, productivity and geographical affiliation of authors. The results show that the number of publications has been increasing over the years and that all articles examined are published in 30 different journals, with only one being presented at an international conference. Regarding the most researched topics, it is observed that Tax Avoidance, Earnings Management, Earnings Quality, Earnings Persistence and Corporate Governance, are strongly associated with this topic. Regarding the profile of the researchers, it is verified that the most common type of authorship is the collective one. In addition, it is possible to verify that the country with the most affiliated authors in this study was the United States of America.

Keywords: Book-Tax Differences, Book-Tax Conformity, Bibliometric Analysis, Tax research

The Analysis of the Relationship between Key Audit Matters (KAM) and Firm Characteristics: The Case of Turkey

Basak Erdem Istanbul Commerce University, Turkey

Abstract

Financial scandals have repeated throughout history and the increased frequency of these scandals in the last couple of decades has brought much attention to the accounting and audit profession. The role of the audit profession and the implementation of new audit standards aimed to improve the quality of audit reports. The need to increase audit quality by approaching it from a reporting perspective has seen several changes over time. One of the recent improvements being the inclusion of Key Audit Matters (KAM) as a separate section in the auditor’s report. The aim of introducing KAMs is to give information about the areas of higher risk and the effect of the most significant events. KAMs aim to improve the communication of the auditor’s report with its users. These matters are often linked to complicated areas in which there is a considerable margin for managerial judgment regarding the financial information provided. This study aims to contribute to the current literature by determining the matters which should be included as KAMs and the factors affecting KAM disclosure. It also examines the relationship between the total number of KAMs and firm level characteristics for the Turkish market. The data sample includes ‘non-financial’ companies listed in the BIST-30 index from 2017 to 2019. The research is

90 performed by using linear regression models. Our preliminary findings reveal that some of the firm level characteristics have a significant impact on KAM disclosures. Our findings about KAM disclosures might have considerable contributions to both stakeholders of firms and academicians.

Keywords: Key Audit Matters, Firm Characteristics, Audit Standards

MANAGEMENT III Chair: Ender Demir Room: Z-Room 2

Chinese Hospital Executive Professional Management Competency, Role Pressures, Personal and Organizational Performance: A Qualitative Study

Xia Yang Shenkang Hospital Management Group, China

Ana Margarida Simaens Instituto Universitário de Lisboa (ISCTE-IUL), Portugal

Weidong Xia Florida International University, U.S.A.

Ge Shi Xinhua hospital affiliated to Shanghai Jiaotong University Medical School, China

Abstract

In recent years, the Chinese health care market has shifted from all hospitals being government budgeted public hospitals to a mixed set of public and private health providers. The public hospitals have been forced to compete in the market with little government funding support. There have been increasing pressures for hospital executives to shift from managing hospitals based on government planning and control to managing hospitals based on professional management competences. Yet, most hospital executive positions in China have traditionally be occupied by clinical experts. Hospital executives have struggled with managing the dual-career paths that they carry simultaneously on their shoulders. On one hand, they need to continue clinical practices and development to maintain their medical expertise and credentials. On the other hand, they must adjust their mindset and gain professional management competency that are required to direct and manage their hospitals, both strategically and operationally, in the increasingly diverse and competitive market. As a result, a common challenge that Chinese hospital executives have been facing is how to gain the appropriate professional management competency and manage the role pressures in order to achieve desired performance levels, both personally and organizationally. There has been a lack of research that address these issues. To bridge this gap, we conducted a qualitative study to understand what constitute professional competency of Chinese hospital executives, what are its determinants and consequences. We conducted interviews with ten top executives from a diverse set of hospitals that represented public and private, large, medium and small hospitals. Based on the interview results, we conceptualize the key dimensions of, as well as relationships among, (1) professional management competency, (2) role pressures, and (3) personal and organizational performance of Chinese hospital executives. Implications of our study results to the theoretical literature and management practices, as well as limitations and future research directions are discussed.

Keywords: Hospital Executive, Professional Management Competency, Role Pressures, Performance

91 A Conceptual Framework for Leadership Research Derived from Texts of Philosophy, Religion and Psychology

Huseyin Cirpan Istanbul Medipol University, Turkey

Abstract

Leadership is an elusive concept that allows researchers to take many diverse perspectives in understanding and explaining it though there are mainstream of research based on leader, follower and context framework. Is it possible to look into leadership concept in a wider context and find the historical traces of leadership? There is always a quest for a grand theory of leadership (Goethals and Sorenson, 2007). This paper is also a theoretical attempt to provide an umbrella framework that may serve as a foundation for future research. In a way it is an attempt to show common features explained in different languages and concepts in the areas of philosophy, religion and psychology throughout history. In recent years there has been so much interest in studying various historical figures who are seemingly quite different in terms of their orientation to derive leadership lessons or models for the contemporary business; e.g. Plato (Bauman, 2018), Plotinus (Ladkin, 2008), Farabi (Ozmen, 2014), and Jung (Abramson, 2007; Tallman, 2003). There are also some modern studies seemingly based on archetypes (e.g. Gosling and Mintzberg, 2003). A content analysis of these works will reveal a repeating and common pattern and theme though there are from different backgrounds and disciplines. In this conceptual work, it will be taken a step further to lay foundation that provides with a deeper meaning for all human behavior including leadership. In this paper, it will be shown the relationship of the basic framework of The One (The First Cause), Cosmos and Human beings with Ideal, Virtues and Archetypes.

Keywords: Leadership, Plato, Plotinus, Al-Ghazzali, Farabi, Jung, Ideals and Virtues, Archetypes

Leadership and Gender

Kezban Talak Yeditepe University, Turkey

Abstract

Leadership phenomenon in many societies around the world; It depends on various factors such as education, experience, culture, gender and personality. However, the extent to which leadership is influenced by gender and other factors is uncertain. Despite significant increases in women's employment in recent years, women are still underrepresented in management positions. In addition, their earnings are lower than men. The main reasons for the low employment of women in this managerial position are explained by their thinking structures such as the fact that men are superior to women in terms of power and masculine characteristics. For leadership positions across society, men are seen as more appropriate than women. However, a debate has recently been raised in the academic literature and in the popular press about the potential existence of women's leadership advantage. In this context, this study aims to start a discussion about whether the underrepresentation of women in leadership positions has different leadership qualities of women and men, or whether leadership is affected by gender, and whether there are gender differences in leadership and potential sources. A detailed literature analysis was conducted to present the subject from various angles. For the purpose of the study, answers to the following questions will be sought: Is gender a dominant factor for leadership position? What kind of differences come to the fore among male and female managers in the leadership position? Inadequate representation of women in management positions, identifying the best potential candidates in leadership positions leads to wasted opportunity. As a result of this study, he concluded that women do not reflect less leadership style than men for leadership position. First of all, it was concluded that gender is not a dominant factor in leadership style. However, according to the information obtained from the current literature, it is concluded that women have adopted a more democratic, tolerant and understanding style than men compared to men. As a result of the study, it was concluded that the leadership style of women is different from that of men, but men can learn and adopt from the leadership style of women. From another point of view, effective leadership is not the exclusive area of both genders, and both can learn leadership from another. According to another result of the study, the assessment that a woman's leadership style is less effective than a man is not based on facts, rather it is directed towards an ongoing perception through socialization.

Keywords: Leadership, Gender, Management, Organization

92 The Concepts of Logistics 4.0 within International Logistics Management

Slobodan Acimovic University of Belgrade, Serbia

Veljko Mijušković University of Belgrade, Serbia

Dušan Marković University of Belgrade, Serbia

Abstract

Within the most recent period of global economic development, but also the society as a whole, the term Fourth Industrial revolution is used more and more. The context of the mentioned revolution and company digital transformation created a specific business philosophy called Logistics 4.0, regarding the management of logistics operations, their evolution and digitiztion. The outreach of Logistics 4.0 within international logistics business should be of such extent to create transparent eco-systems, where people, machines, sensors and devices can exchange the needed information along the supply chain in order to function efficiently, visibly and controlably. With that aim, adequate technologies, platforms and concepts are developed in order to help the operationalization of the stated ideas. The aim of this paper is to perform a detailed analysis of the key concepts of Logistics 4.0 and to indicate its importance for transport, warehouse and other relevant logistics activities within the international level. The analysis within this paper uses secondary data, as well methods of description and comparison in order to draw conclusions. Besides the introductory and conclusion part, this paper consists of 4 parts focusing on the following business concepts of Logistics 4.0 within the international business activities: Internet of things, Artificial intelligence, Augmented reality, Blockchain technology. The paper findings show that new, intelligent technologies are being introduced into factory compounds in order to establish interoperable and connected production flows, which as a result gives high quality products which demand the international logistics processes of the same rank. The usage of newest IT achievements within international logistics flows should enable such processes to be efficient, controllable, transparent and secure for delivery.

Keywords: Logistics 4.0, International Logistics, Internet of Things, Artificial Intelligence, Augmented Reality, Blockchain Technology

Defining a Storage Policy when There Are Handling Constraints: A Case Study Analysis

Maria Alice Trindade Católica Porto Business School, Universidade Católica Portuguesa, Portugal

Paulo S. A. Sousa Universidade do Porto, Portugal

Maria do Rosário Alves Moreira Universidade do Porto, Portugal

Abstract

The storage policy has a tremendous impact on the efficiency of order-picking operations, which can account for more than 50% of operating costs. The coronavirus pandemic reinforced the importance of managers to make the right operational decisions, namely regarding the definition of the storage policy. It is therefore important to consider handling constraints while making this decision. This article is inspired by a Portuguese retail company and it considers two handling constraints: weight and shape. We define the location of products by using a zero-one quadratic assignment model developed by Liu (2004). In this model, in addition to the demand and similarity, we considered the weight and shape of the products. We used the weight parameter proposed by Trindade et al. (2020) and we developed a shape parameter to set products with similar shapes together, placing aside products with odd shapes. Our analysis shows that the inclusion of the shape and weight into the problem improved the current operations. We found that our method allowed a reduction of up to 24% in the picking distance; a percentage higher than the one that only considers weight constraints. The inclusion of the shape parameter into the study enabled to increase the flow and efficiency of the order-picking operations.

93 Thus, it can be an asset for many other warehouses. To our best knowledge, this is the first paper to consider both shape and weight precedence constraints.

Keywords: SLAP, Precedence constraints, Order-picking, Retail

Analysis of Personality Traits in Purchasing and Supply Management with a Focus on Innovation

Volker Koch Graz University of Technology, Austria

Bernd Markus Zunk Graz University of Technology, Austria

Abstract

The aim of this research is to assess the required personality traits for purchasing and supply management (PSM) jobs in different regions in Europe and to focus on the relationship between PSM and innovation aspects. Personality traits have been gathered using the job ad analysis method. The Big Five personality dimensions’ model is used as the base framework. This model splits personalities into the five dimensions’ openness to experience, conscientiousness, extraversion, agreeableness, and neuroticism. Our research shows that the personality trait most asked for by an overwhelming amount in PSM jobs is conscientiousness. While this trait seems to be less important in innovation manager jobs. In innovation manager jobs, openness to experience and extraversion are in the lead, while agreeableness seldom gets mentioned. This is in line with Stock et al. (2014), who studied the links between the Big Five personality traits and successful accomplishment of basic innovation process stages and have identified that individuals who rank higher in openness to experience are significantly more likely to have new product ideas, which can be translated to ideas in general as well. Finally, research shows that it is important to integrate people with the personality traits openness to experience and extraversion to PMS jobs that focus on innovation topics.

Keywords: Purchasing and Supply Management, Personality Traits, Innovation

CENTRAL BANKING & EXCHANGE RATES Chair: Gokhan Karabulut Room: Z-Room 3

Uncertainty and Exchange Rates: Global Dynamics (Well, I Don't Quite Know Anymore)

Jing Lian Suah Central Bank of Malaysia, Malaysia

Abstract

I examined the impact of uncertainty and exchange rate shocks on aggregate output. This paper offers two points. The first is a conceptual framework where aggregate inefficiencies stem from rational inattentiveness and bounded expectations amongst agents. Interaction with uncertainty then leads to output losses. Central banks can use interventions that target these macro-behavioral frictions to generate countercyclical responses. The second is empirical findings on a panel of advanced and emerging economies, as well as Malaysia. Output and inflation slow in response to uncertainty shocks. Long-term government bond yields moderate, suggesting flight-to-safety. Exchange rate appreciation shocks generate similar responses. Departing from structural analysis to a panel fixed effects and quantile regression setting, I find indicative interaction between output, exchange rate and uncertainties, and a distributional dimension.

Keywords: Uncertainty, Rational Inattention, Bounded Rationality, VAR

94 A Threshold Autoregression Model of Exchange Rate pass-through in Turkey

Mehmet Fatih Ekinci Atilim University, Turkey

Abstract

The extent and nature of how exchange rate movements are reflected in domestic prices is a central question for policymakers. This paper estimates the exchange rate pass-through to domestic prices in Turkey using monthly data between 2003-1 and 2019-12. For the linear model, the pass-through rate is 18.6 percent for the 12-month horizon. We examine the nature of non-linearities by implementing a threshold autoregression model. When the level of the inflation rate is considered as the source of nonlinearities, we find that a monthly inflation rate of inflation of 1.33% acts as a threshold. The exchange rate pass-through to domestic prices is substantially higher above this threshold level. Furthermore, our results indicate that the exchange rate pass-through is driven by large depreciation rates. In that regard, 3.36 percent of the monthly depreciation rate acts as a threshold and the pass-through rate is substantially higher above this level.

Keywords: Inflation, Pass-through, Exchange Rate, TAR analysis

Effective Exchange Rates and Trade Balance Dynamics: A Quantile Regression Analysis

Teo Geldner University of Greifswald, Germany

Abstract

The exchange rate disconnect puzzle which corresponds to the unstable link between exchange rates and fundamentals remains one of the most important topics in international economics. At the same time, large and persistent global imbalances are seen as a major threat to the stability of the world economy. Against this background, this study is a contribution to the identification and quantification of the effects of the main determinants of the current account. We are focusing especially on the role of exchange rates on trade balance as it is seen as a key factor of global imbalances. We analyze exchange rates and trade balances from a novel perspective, applying quantile regression analysis and using effective and bilateral exchange rates. The quantile regression approach allows us to capture the different magnitudes of shocks that affect the exchange rates and can detect the reactions of the trade balances. Using monthly data from 1994:01 to 2019:02 from 34 industrial and emerging countries, this paper examines a nonlinear relation between exchange rates and trade balances which is in line with the common literature. We find robust support for the hypothesis that large shocks on nominal effective exchange rates effect trade balances significantly. This effect is observable for industrial and emerging countries. The results reason the assumption that effective exchange rates have stronger influence on trade than bilateral exchange rates do, due to the adequate consideration of trade weights in the currency basket. This is an important finding in the context of the long-term influence of exchange rates on trade balances. The observation of clear reactions of the trade balances suggests also that the standard Marshall-Lerner condition with a classic J-Curve effect applies here. A depreciation of the exchange rate leads to an incipient deterioration of the trade balance and this turns subsequently into a positive effect after quantity effects of exports and imports have worked themselves out.

Keywords: Effective Exchange Rates, Trade Balance, Current Account, J-Curve, Quantile Regression

95 Determinants of External Debt in Indonesia: Evidence from ARDL approach

Basyah Said Nazamuddin Universitas Syiah Kuala, Indonesia

Sri Sukma Wahyuni Universitas Syiah Kuala, Indonesia

Abstract

This study aims to examine and analyze the long-run and short-run relationships between among external debt (ED) in Indonesia and its determinants, foreign exchange reserves (FR) and foreign exchange rates (FE). An Autoregressive Distributed Lag (ARDL) bounds test was employed on the quarterly data for the period from 2010 to 2017. The results of ARDL bounds testing indicate there exists a cointegration of the three underlying variables, implying the existence of a co-movement of those variables in the long run. FE has a positive significant effect on ED, while FR variable does not significantly affect it. In the short run, FR and FE have significant effects on ED and the effects taper off after one quarter. However, ED's autoregressive effect lasts for four quarters. The policy implication from this finding is that targeting a long-term stable foreign exchange rate is crucial for stable external debt to GDP ratio. Meanwhile, quarterly fluctuations of foreign exchange reserves and foreign exchange rates would not require frequent interventions so long as those movements settle to an average yearly long-run target.

Keywords: Foreign Exchange Rate, Foreign Exchange Reserves, External Debt, ARDL

The Effectiveness of the Taylor Rule for Optimal Policy: Empirical Evidence from Turkey

Lamiha Ozturk Hasan Kalyoncu University, Turkey

Dilek Tokel Marmara University, Turkey

Abstract

Following the currency and banking crises the majority of Central Banks have started to implement a long-term inflation targeting policies in order to reduce Inflation and output uncertainties. The main purpose of this study is to analyze the effectiveness of the implicit and explicit strategies for targeting inflation in Turkey for the periods from February 2000 to March 2010 using VAR modeling. The findings of our analysis show that interest rates have a positive and significant effect against inflationary shocks and output gap. However, our results reveal that the interest rate did not have a significant effect on exchange rate shocks. Faced with an exchange shock, the variables do not converge to balance themselves in the long term. The development of international trade and therefore international ties arouses real interest in flexible exchange rate regimes because it offers better protection against external shocks, while ensuring independence of monetary policy for the country in question.

Keywords: Turkey, Taylor Rule, Interest Rate Reaction Function, VAR Models, Interest Rate

Perspective of Monetary Integration from the Fiscal and Monetary View

Branka Topic Pavkovic Faculty of Economics, University of Banja Luka, Bosnia and Herzegovina

Abstract

The European Monetary Union, formed with a single European central bank and a single currency, is a specific form of monetary integration because it was formed without prior official political unification and a common fiscal policy. According to the broad definition of the optimal currency area theory, the question of the success of monetary integration presupposes the conditions under which monetary union can be optimal and sustainable. As the financial crisis later showed, these preconditions are reflected in the criteria for approaching through the achieved level of economic development of the member states and the similarities in their fiscal policies. The objective of this paper is to analyze the changes brought

96 by the recent crisis, in monetary integration, from the fiscal and monetary aspect. The analysis shows that non-standard measures are introduced by the central banks in order to make the monetary system function more safely in the event of market shocks. Аs far as fiscal policy is concerned, it is managed more strictly and cautiously. Comparative analyze will compare similarities and differences between the member states, their convergence and the way of managing monetary and fiscal policy in the context of integration. The cost-benefit analysis will present the advantages and disadvantages of monetary integration. The primary sources of scientific information are relevant literature, books, magazines, articles, etc. The collection of secondary data originates from researches from a number of secondary data sources, and in particular from the relevant statistical websites, central banks, financial and other organizations. The results show that fiscal sustainability has a positive effect on the functioning of monetary union by bringing the deficit closer to the reference value of the fiscal convergence criterion. On the other side, monetary policy must provide a secure monetary environment in a timely manner and with adequate measures.

Keywords: Monetary Integration, Fiscal Policy, Central Banks, Convergence Criteria

BREAK: 12:40-13:00

DAY 3 - SESSION III: 13:00-15:00

RISK MANAGEMENT Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

Credit Driven Household Demand Channel and Real Economic Activity with Macroprudential Policy

Talnan Aboulaye Toure Kobe University, Japan

Nakamura Tamotsu Kobe University, Japan

Abstract

The recent financial crisis of 2008, made it clear that non-Walrasian features of credit markets have important macroeconomic consequences, and highlighted the question about how to combine both monetary and prudential policies. In this paper, we construct a Bayesian vector autoregressive dynamic stochastic general equilibrium model (BVAR-DSGE) that integrates borrowing and using it to analyze the effect of macroprudential policy and the way monetary and prudential policies can be conducted as a coherent whole. First, we find that consumption appears to be procyclical, while credit to households appears to be countercyclical. Moreover, consumption and credit to households appear both much more volatile than output. We also find that financial stress index can effectively monitor financial stability even in projection, while changes in the policy interest rate cannot. When financial stress index curtails credit supply to households, a contraction ensues, and the policy interest rate is cut. With this chain of causality, prudential policy is procyclical and monetary policy is countercyclical. Therefore, in our model, one policy is contractionary and the other expansionary in order to manage households' credit expansion and deal with the business cycle.

Keywords: Credit to Households, Macroprudential Policy, Financial Stress Index, Nonlinear Estimation of DSGE Models, Bayesian Vector Autoregressive DSGE Model, Over-Borrowing, Financial Stability, Business Cycle

97 Value at Risk Estimation of Sector Index Futures: Evidence from Thailand Futures Exchange

Woradee Jongadsayakul Kasetsart University, Thailand

Abstract

Although Sector Index Futures has been traded in Thailand Futures Exchange since October 29, 2012, it has faced the liquidity problem. This study uses daily data from the period July 2, 2015 to December 27, 2019 for the Sector Index Futures to estimate Value at Risk (VaR) using 3 methods as follows: nonparametric method using historical simulation approach, parametric method using the model of Generalized Autoregressive Conditional Heteroskedasticity (GARCH) Family (GARCH, TARCH, and EGARCH), and semi-parametric method using volatility-weight historical simulation. The VaR estimation can provide investors valuable information for examining the potential risk for their future investment in Sector Index Futures market. Empirical results show that parametric method using the model of EGARCH (1,1) is the best method for forecasting VaR. The results of VaR estimation at confidence level of 95% using both non-parametric and parametric methods also report the lowest potential loss in Commerce Index Futures investment.

Keywords: Value at Risk; Risk management; Hedging; Volatility

Risk Analysis and How to Select the Options for Adapting and Mitigating Changes Climate: An Instrument for Planning Climate Change Measures

Candoi Savu Robert Adrian Bucharest University of Economic Studies, Romania

Stoica Liviu Adrian Bucharest University of Economic Studies, Romania

Abstract

This article is an indicator for drafting the action plan of the Climate Change (CC) Action Plan. The CC action plan must be based on the consolidation and coordination of both mitigation and adaptation measures or options. Selection of recommended measures constitutes a significant phase in drafting such a plan. This selection involves the involvement of competent authorities in key sectors, including transport, energy, urban, water, agriculture and forestry. The selection process must be transparent, pragmatic and safe operation. The different categories of measures need to be discovered and analyzed in the circumstance of the associated risks and benefits. The selection and appreciation of measures are crucial for the success of CC policies and yet the process is time consuming and quite expensive.

Keywords: Climate, Plan, Measurement, Evaluation, Risks

Risks and Exploits Exposed by GDPR

Stoica Liviu Adrian Bucharest University of Economic Studies, Romania

Candoi Savu Robert Adrian Bucharest University of Economic Studies, Romania

Abstract

This paper analyses the flaws in the GDPR rules and regulations. It tries to calculate and determinate the possibilities of exploiters to use the regulations in their favor to can commit wrongful deeds. It analyses the ways of how the rules are exposed to flaws and how they can be used in a malicious way. The bad effects are analyzed as impact on the business and the costs of implementing, the impact on the free services offered and from the reduced ability to track cyber-crime. The study is focused on the bad aspects that can come from the GDPR like restricted technology access, poor customer services, small business costs of adapting, restrictions on privacy and innovation and cybercrimes.

Keywords: Risk, Exploit, GDPR, Vulnerability, Impact

98 Volatility Smile in Currency Options: Comparative Evidence from Developed and Emerging Markets

Emrah Ahi Ozyegin University, Turkey

Muzaffer Akat Ozyegin University, Turkey

Levent Guntay Ozyegin University, Turkey

Abstract

In this paper we model the shape of the implied volatility curve for currency options. While the extant literature rigorously study the volatility smile and smirk in equity and interest rate options, few studies investigate currency options and emerging markets. We develop a parsimonious and robust model for the shape of the implied volatility curve. The model uses a latent factor approach. We estimate implied volatility curves for EUR/USD, GBP/USD, USD/CHF, USD/JPY USD/CAD, USD/TRY, USD/BRL, USD/MXN, USD/ INR, and USD/ZAR exchange rate series between 2005 and 2018. We compare the in-sample and out-of-sample performance of our model to the benchmark models of Malz (1997), Dumas et al. (1998) and Daglish et al. (2007). The out of sample pricing errors of our model are significantly lower than the benchmark models. Furthermore, compared to benchmark models our model better predicts the changes in the implied volatility curve. Our results provide important implications for institutions and market players hedging and managing currency risk.

Keywords: Implied Volatility, Volatility Smile, Currency Options, Options Pricing, Volatility Modeling

Risk of the Christmas Tree Options Strategy

Ewa Dziawgo Kazimierz Wielki University, Poland

Abstract

The Christmas tree strategy is an option spread strategy using multiple long and short options. This strategy can be constructed using either a call or put options. These options have the same expiration dates and the different strike price. This paper presents the properties of the Christmas tree option strategy: the construction of strategy, the types of this strategy, the pay-off function, the impact the price of the underlying instrument on the shaping of the value and risk this strategy. The objective of this paper is determining measures of sensitivities of Christmas tree strategy and analyzing the influence of the price of the underlying instrument on the value of this strategy and the values of the sensitivity measures (delta, gamma, vega, theta and rho coefficient). The empirical illustration included in the paper is presented based on the simulation of the pricing of the currency options (on EUR/USD). The price of the underlying instrument is an important factor affecting the value and the risk of the Christmas tree option strategy.

Keywords: Risk Management, Measures of Risk, Financial Instruments

99 The Effect of Gender in the Diasporic Phenomenon in Greek Minorities Reality

Maria Vlachadi University of Nicosia-Cyprus, Greece

Georgia Koufioti University of Western Attica, Greece

Athanasios Kounios University of Western Attica, Greece

Abstract

There tend to be many common denominators in the new interactions at the cultural and economic level that constitute the concept of globalization. Migration is one of them. The social networks of individuals can be analyzed not only as markers of their sociality, but also as the social capital of individuals, as far as migration concerns. The treatment of women in these frameworks seems to be under increasing pressure. Until recently, women have not been part of public engagement or discussing the issue of migration, as the gender element is routinely ignored as a socio-political relationship that underlies the disparities that form migration and minorities processes. Migrant females, both on arrival in Greece and during their residence, have been supported by "informal social networks" usually made up of relatives or related with their home country persons in matters of everyday life and employment. Research indicates that the systematic dispersal and ghettoization of aliens into minority communities where many Greeks reside in isolation. Social networks are particularly significant from an economic point of view, as they are a source of funding and valuable resources for the settlement and incorporation of immigrants into the new environment, such as capital and knowledge. Social networks often play a crucial role in influencing the flow of migrants, as their presence is essential to their decision to migrate. It is therefore observed that migrant females take advantage more in the concept of use of social and support networks, consisting mainly of peers, friends and relatives, in order to seek employment. Social support networks serve as a center of knowledge on the labor market as well as on an international level, generating and leading to the diasporic phenomenon of racial tolerance of immigration and minorities. Greece has been confronted with the complex subjects of regulating migrant flows and economic and financial problems for almost two decades, issues that affect all host immigrant countries. Assembling successful immigration policies and preventing the issues that often surround them is one of the greatest challenges that Greece is conscious of nowadays.

Keywords: Gender, Migration Flows, Minorities, Social Networks, Gendered Diasporic Flows

ACCOUNTING/AUDIT III Chair: Ender Demir Room: Z-Room 2

How and Why Does the Disclosure of EDGAR Filings Differ among U.S. - Listed Firms? An Empirical Investigation

Michael Thomas Dimmer Friedrich-Alexander University Erlangen-Nuremberg, Germany

Abstract

Companies that sell shares in the United States of America must register with the U.S. Securities and Exchange Commission (SEC). In addition to periodic submissions such as the annual report (10-K), public listed firms must disclose certain reports depending on specific events. All filings must be reported to the SEC and are made publicly available through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). In current research, the analysis of publications in the EDGAR database plays an important role. The purpose of this paper is to investigate whether the disclosing behavior of companies listed in the U.S. differs depending on their financial performance. The frequency and types of filings represent the disclosure behavior. Since there are hundreds of different types of filings, in accordance with the SEC, the forms are categorized into eight groups. Financial performance is measured using market data and accounting variables. Various studies have confirmed that certain reports allow conclusions to be drawn about the financial development of a company. However, most researchers focus on one specific type of submission and analyze its content in detail. Against that background, this study extends the research on EDGAR filings, as it is dealing with the interaction of

100 different types of forms. The study is based on a sample of 3,440 individual companies and 1,726,654 filings made with the SEC from 2010 to 2018. By using the Median as dividing line, two groups of equal size are obtained. Looking at the descriptive statistics, it is noticeable that the number of submissions within each category of filings varies considerably between the two groups. To test whether the disclosing behavior is depending on the financial performance, a Mann-Whitney U-test is applied. The test is repeated for diverse subsamples. The results indicate that there is a highly statistically significant difference between the disclosing behavior of companies with a financial performance above the median in comparison with the companies with a financial performance below the median. The trend stays robust due to adjustments to the research design. When using fundamental data instead of market data the differences become more obvious. The results show how important the interaction between filings is. In addition to analyzing the content of an individual filing of a company, the results suggest that the frequency and type of further filings of this company also needs to be considered. Consequently, future research should analyze the interaction of the individual submissions.

Keywords: Data Analysis, EDGAR (Information Retrieval System), Financial Disclosure, Reporting Behavior, SEC Filings

Experiences of Auditors and Tax Advisors with Accounting Errors: Empirical Evidence from the Czech Republic

Marie Paseková Tomas Bata University in Zlín, Czech Republic

Miroslava Dolejšová Tomas Bata University in Zlín, Czech Republic

Jana Helová Tomas Bata University in Zlín, Czech Republic

Michal Šindelář Tomas Bata University in Zlín, Czech Republic

Abstract

Flawless and properly prepared accounting documentation is necessary for companies for issuing meaningful and reliable financial statements. Results of auditors’ and tax advisors’ work are further important for other institutions; therefore, it is necessary to minimize the possibility of errors realized by misunderstanding or overlooked. The aim of this paper is to evaluate the view of auditors and tax advisors how they perceive errors in accounting. We compare the opinions of auditors and tax advisors and find out whether there are some significant differences between the group of auditors and tax advisors. We created a questionnaire and received 102 completed answers - it means the overall response rate was 33.4%. Our research was conducted in 2019 in the Czech Republic. We verify the data with the help of the tests of proportions and the Chi-square test of independence. We confirmed that more than 46% of auditors and tax advisors find the accounting errors frequently. 6% of them find the accounting errors constantly. 62.7% of auditors and tax advisors believe that the usual cause of accounting errors is poor compliance with accounting rules. Our research can provide important insights into further developments in the field of errors made by accountants in financial statements and attitude of auditors and tax advisors towards errors reported or not reported in their final reports.

Keywords: Auditors, Tax Advisors, Errors, Accounting

101 Quality of Goodwill Impairment Test with the Evidence from Borsa Istanbul

Cemal Ibis Isik University, Turkey

Caner Akbaba Mugla Sitki Kocman University, Turkey

Abstract

Goodwill comes out only when the entity is acquired by another entity, and the value of goodwill is strictly subject to the “going concern” principle hence it should not be considered separately from the entity. Reporting goodwill arising from business combinations with large money transfers which are strategically important to increase the firm value and is substantially challenging for financial statement preparers; therefore, its importance in terms of the nature, accounting and impairment have been discussed for many years by academicians, standard setters, tax authorities. After the issuance of “IFRS 3 Business Combinations” and revising the “IAS 36 Impairment of Assets” goodwill is tested periodically for impairment at least annually instead of subject to periodic amortization. While testing goodwill for impairment under IAS 36, companies should disclose the related requirements of IAS 36, paragraph 134 in notes to its financial statements. Goodwill impairment test in IFRS is complicated, laborious, and costly; therefore, management of companies are usually reluctant to apply goodwill impairment test properly as well as disclose the related mandatory disclosure items. In this regard we shape the basis of the current research with asking three questions: (1) to which extent have companies complied with the disclosure requirements in IFRS 3 paragraph 67 and IAS 36 paragraph 134?, and (2) which firm factors affect the compliance level (disclosure quality)? To measure disclosure quality of goodwill impairment test we establish a disclosure index by using items required to disclose information which is listed in IFRS 3 paragraph 67 and IAS 36 paragraph 134. To investigate the factors which have affected the disclosure quality, we employ panel data analysis. To provide a balanced panel data set where we can obtain the maximum number of observations, we have limited our research period to 5 years throughout the 2014-2018 period. As a result, we compose our data set with 50 non-financial Turkish companies and reach to 250 observations. Our findings show that (1) level of compliance with disclosure requirements in IFRS 3 paragraph 67 and IAS 36 paragraph 134 is 49.71% on average, (2) companies with large market capitalization, lower debt in their capital structure, high goodwill in their assets, younger, audited by big-4 firms, issued equity or debt securities in the current or following reporting period, and having family and foreign shareholders have complied with the IFRS Disclosure Requirements for goodwill impairment test more than others.

Keywords: Goodwill Impairment, Compliance, Disclosure, IAS 36, Borsa Istanbul

Accounting Ethics and Organizational Culture: A Study of the Points of Contention and Similarities

Nida Turegun Ozyegin University, Turkey

Abstract

The current study is motivated by the recent corporate failures that are associated with accounting malpractices. Accounting ethics comprise of the moral elements that guide accounting practices. They ensure that there are standards and principles that the accountants would have to follow. Thus, the study aims to understand the approaches that could be used to prevent accounting failures by improving accounting practices. Ethics in accounting and organizational culture could help to improve the situation. This study is essential and helps to understand organizational culture and accounting ethics and how both concepts affect operations in organizations. The two are able to improve the productivity of companies by ensuring that the right and moral behaviors are in place. Additionally, the study indicates the role of management in ensuring that both accounting ethics and organizational culture are in place to ensure effective operations in the company. The use of the findings of this paper could assist to come up with the necessary measures that would improve organizational culture and also establish the appropriate accounting ethics.

Keywords: Accounting Ethics, Organizational Culture, Contention, Similarities

102

The Degree of Franchising Effect on Earnings Management

Paulo Dias ISCTE-IUL, Portugal

Daniela Penela ISCTE-IUL, Portugal

Abstract

Earnings management behavior has become predominant within several firms. With this regard, literature has attempt to place earnings management determinants in many industries. Although earnings management had been extensively studied, only recent literature regarding earnings management in franchise restaurants had expose franchising as a firm characteristic that induce significant differences in the behavior of earnings management. However, very few researches have been performed concerning the relationship of earnings management in franchising field. The main purpose of this research was to analyze the effect of degree of franchising (퐷푂퐹푖,) on earnings management and compare the impact on restaurant and lodging industries. Main finding pointed that exist a positive relationship between the degree of franchising and earnings management (퐷퐴퐶퐶푖푡), estimated though Modified Jones model. Further, the effect of (퐷푂퐹푖,) on earnings management is weaker for restaurant firms when compared to lodging firms.

Keywords: Earnings Management, Franchising, American Lodging Firms, American Restaurant Firms

115/5000 The Influence of Taxation on Accounting from the Judgment of Portuguese Chartered Accountants

Sofia Pereira Instituto Politécnico de Lisboa, Portugal

Fábio Albuquerque Instituto Politécnico de Lisboa, Portugal

Abstract

The influence of taxation on accounting is pointed out in the literature as an element of relevant analysis in the literature concerning either the classification of international accounting systems (Nobes, 1983) or the cultural values underlying the financial reporting of countries (Gray, 1988). This paper aims to identify whether decision making in Portugal on accounting and financial reporting matters is influenced by fiscal criteria rather than economic criteria. The study proves to be timely as the current accounting and financial reporting standards in Portugal, frankly based on the international ones issued by the International Accounting Standards Board (IASB), have been in force for over ten years. To conduct the analysis, a questionnaire was conducted to chartered accountants with active registration in the Portuguese Chartered Accountants Association, comprising a total of 406 responses. The findings made it possible to confirm that, even with the adoption of the national accounting and financial reporting standards, accounting professionals favor fiscal criteria in the definition of accounting policies in different areas. Such results are consistent even when the results are analyzed according to different sample classification criteria. It is expected that the findings from this paper will contribute to the discussion around the influence of the tax on accounting and financial reporting, taking into account the environment of an advanced stage of international harmonization and convergence in which Portugal is inserted.

Keywords: Taxation, Conservatism, Judgment in Accounting

103 Special Session Sustainable and Innovative Finance: Fintech, Insurtech, Regtech and Technology-driven Innovations Organized by: Laura Grassi, Politecnico di Milano, Italy

Chair: Laura Grassi Room: Z-Room 3

The Role of Innovation in Insurance and its Response to Covid-19 Pandemic Emergency

Davide Lanfranchi Politecnico di Milano, Italy

Marco Giorgino Politecnico di Milano, Italy

Laura Grassi Politecnico di Milano, Italy

Abstract

The role of insurance as a social protection mechanism is relevant, mitigating the effects of uncontrollable events and allowing individuals and corporations to recover from unfortunate events, including Covid-19. The relevance of the initiatives undertaken by insurance companies responding to Covid-19 emerge clearly, with implications on health issues, economic and financial issues, work-related issues (e.g. risks from remote working and teleworking), and finally fostering everyday-life continuity. Insurance companies have traditionally struggled with innovating, despite the nature of their products and services. However, technological improvements and market trends are fostering innovation. Digitalization, socio-economic changes, consumer demand for a better offer as well as protection from new risks generate additional innovation impulses. As the likelihood of infectious diseases was considered limited, the response of insurance companies to Covid-19 gives us the unique opportunity to understand innovation mechanisms in the industry, which of their main activities are the most affected by these innovations and which are the societal benefits. We adopted an inductive approach and a qualitative process analysis, focusing on the initiatives to respond to Covid-19 emergency of the most impactful insurance companies at world level. Four rationales of initiative responding to Covid-19 pandemic emerge, discriminated in terms of relevance of the technology and innovation of the portfolio of covered risks. Similarly to other contexts, market demand from unsatisfied customer needs (i.e. Covid-19 implications) opened the way for new processes, services and products despite the complexity resulting from insuring new risks in conditions of scarce historical data and no models to accurately forecast scenarios. This work contributes to the understanding of how insurance initiatives are affecting society by addressing increasing health, economic and financial and work-related issues. Moreover, this work can be the starting point for further research, in particular about the study of the short- versus medium-long term societal benefit of those initiatives and the perdurance of innovation impulse in the industry.

Keywords: Insurance, Innovation, Covid-19, Risk, Insurtech

104 RegTech: Case Studies in Switzerland

Luca Federico Battanta Politecnico di Milano, Italy

Laura Grassi Politecnico di Milano, Italy

Marco Giorgino Politecnico di Milano, Italy

Abstract

Objectives: After the great financial crisis, in parallel with the rapid emergence of digital technologies, FinTech startups have developed, offering products related to the financial regulatory field. This is particularly relevant for the Swiss financial market, where financial institutions must comply and manage a huge amount of regulation coming from Finma and other Swiss Authorities. We want to map the Swiss entities involved in regulatory technology and how can improve the Swiss financial system. Data & Methods: The scientific analysis of the subject cannot be separated from a preliminary systematic review of the literature on regulatory case studies. Most of the studies focus on reviewing the literature on the macro context and the issues generated by the huge amount of regulation (e.g. Arner 2016). Today the literature about case study in RegTech is not proposing any solution of cooperation on regulatory field in Switzerland. Due to the scarcity of papers about case study in RegTech field, we adopt an approach already used for well-studied cases widespread in the FinTech area (Foster and Heeks, 2013), (Burtch, Ghose, Wattal, 2013) and an exploratory investigation through in deep interviews. Results & Findings: In this article, we propose case studies in the RegTech sector applied to regulatory technology. We expect to answer the following research questions: 1) Which are the RegTech’s field of application in Switzerland? 2) How are startups approaching RegTech? 3) How Swiss banks, are refocusing and improving compliance through RegTech? 4) Which are the topics at the centre of the cooperation in the Swiss RegTech ecosystem? Conclusions: The final objective is to determine how financial companies through regulatory technology can: 1) improve risk management in financial institutions and market supervision in Switzerland. 2) improve prudential compliance and Swiss customer protection. 3) reduce the risks of traditional banking business through better knowledge and customer profiling (KYC). 4) lowering compliance costs to shift economic resources towards FinTech's disruptive innovation.

Keywords: Regtech, Fintech, Finance, Banks, Financial Crisis, Compliance

Stochastic Frontier Analysis of Efficiency of U.S. Public P&L Insurance companies

Davide Lanfranchi Politecnico di Milano, Italy

Laura Grassi Politecnico di Milano, Italy

Marco Giorgino Politecnico di Milano, Italy

Abstract

Insurance sector is changing for several reasons, such as changing risk landscape, regulatory initiatives and increasing dimension and disruptive nature of digitalization. However, even if technological trend seems to be relevant, in literature contributions studying the effects of technological trend on efficiency of P&C Insurance companies in US are scarce. The focus of this work is the Public P&C Insurance companies in the United States in the period 2012-2018, in order to assess whether the sector improved its technology and investigate the levels of comparative efficiency. Applying Stochastic Frontier Analysis technique, results that, even if overall sector technical efficiency increased in the analyzed time period, comparative efficiency among Insurance Companies decreased in time.

Keywords: Insurance, Technology, Efficiency, SFA, US

105 Insurtech and New Technologies Effect on the Relationship between Insurance and Prevention: A Systematic Literature Review

Davide Lanfranchi Politecnico di Milano, Italy

Marco Giorgino Politecnico di Milano, Italy

Laura Grassi Politecnico di Milano, Italy

Abstract

Prevention and Insurance are two concepts strictly related. However, the current panorama for Insurance companies is changing, with the emergence of “Insurtech” and new technologies. This Systematic Literature Review identifies and present the extant literature studying the impact of Insurtech and new technologies on the relation between Insurance and Prevention. From the resulting 102 papers, it emerges how Insurtech and new technologies can affect directly the relationship between Insurance and Prevention. Behavior-based Insurance models have the potential to enable a more integrated relationship between Insurance and Prevention, given their effect on individual behavior. New technologies and Insurtech could play an important role also in enabling and supporting Insurance companies in providing Prevention services, but this possibility is still scarcely studied in literature. Further research could be fruitful about: 1- determinants of provision by Insurance companies of Prevention services, supply of behavior-based Insurance policies and inclusion of monitoring technologies in their offering; 2- customer’s perspective in terms of trust, perceived value, and motives; 3- how preventive and loss mitigating measures, enabled by new technologies, can make insurable certain risks previously uninsurable; 4- Prevention and behavior-based insurance pricing in Home insurance.

Keywords: Insurance, Insurtech, Prevention, Technology

Open Finance: A Framework for Analysis and Implementation

Alessandro Faes Politecnico di Milano, Italy

Laura Grassi Politecnico di Milano, Italy

Davide Lanfranchi Politecnico di Milano, Italy

Filippo Renga Politecnico di Milano, Italy

Abstract

Objective: The concept of openness has become increasingly salient in the debate relating to the financial services. Existing literature of open innovation in finance is mainly focused on customers’ involvement. Given the current state of financial institutions and their current scarce innovation, a comprehensive framework is definitely useful in the light of guiding to a gradual adoption of the open finance paradigm by financial firms. Then, the main objective of this research is developing a conceptual framework both descriptive and prescriptive for open finance, which helps to both frame the phenomenon from a theoretical standpoint and to forward its practical implementation. Data and Method: The research first focused on reviewing the key elements of open innovation. Then, theories describing strategic practices and approaches which can support innovation based on the openness of financial actors, and which allow to build the theoretical basis of the framework were investigated. Thanks to a systematic review of the literature in the field of strategic management, main benefits of adopting these lenses in the industry were investigated. Moreover, operative tools to implement open finance in the industry were assessed. We then complemented with an empirical approach based on multiple case studies. Five actors of the European financial industry, with a record of being particularly innovative in

106 their business model and practices, were interviewed through semi-structured interviews. Results: Key elements of open finance are proposed in a systematic framework to describe the paradigm and its implementation in the finance world. The framework contributes to the literature of open innovation in the financial services and helps practitioners by pointing out the tools that financial institutions should adopt for the implementation of open finance as well as their benefits. Conclusions: This work will both close an important gap in the literature and support companies to better understand what open finance is and how it can be implemented. This work also opens the way for further research. On the one side, it helps identifying the major variables to measure in order to understand the level of open finance adopted or fostered by companies. On the other side it provides a framework for a single sector, allowing to test its adaptation to other sectors.

Keywords: Open Innovation, Finance, Open Banking, Fintech, Open Finance, Innovation

RegTech: a Comprehensive View from Academics, Authorities and Practitioners

Alessandro Faes Politecnico di Milano, Italy

Laura Grassi Politecnico di Milano, Italy

Davide Lanfranchi Politecnico di Milano, Italy

Abstract

Objective: RegTech is gaining interest from academics, authorities, and practitioners, as a relevant phenomenon promising higher efficiency and effectiveness (FCA, 2016). What is RegTech? How can be characterized? Is a part of Fintech? Which are the interested stakeholders? Which are the benefits and the risks of those solutions? Academic literature providing a comprehensive view of RegTech phenomenon is scarce, and at the moment there is no universal understanding of RegTech in research. This work aims to make insights into how academics, authorities and practitioners understand and frame RegTech and provide, building on this, a conceptual framework to organize and present the main knowledge and results on the concept of RegTech, in order to contribute to an objective understanding of RegTech. Data and Method: To identify all the relevant contributions in academic literature studying the phenomenon of RegTech, we rely on a Systematic Literature Review of academic literature, as well of authorities and practitioners’ contributions. Content analysis is run on the overall 143 results, collecting all the codes relative to RegTech phenomenon. Results: The conceptual framework resulting provides a comprehensive view of the concept of RegTech. RegTech concept is rationalized in terms of regulation addressed, technologies and data involved, characteristics, stakeholders, sectors interested, applications for regulated entities and regulators/authorities, risk and benefits, and impacts on regulatory models. Relevance: From an academic point of view, relevance and value are clear, being this work aiming at providing a comprehensive view of the relatively new concept of “RegTech”, a relevant one due to the potential effects that it may have on the financial system. From the point of view of authorities and regulators, relevance is clear: giving this work a view on the opportunities and risk deriving from RegTech both for themselves and for the regulated entities, authorities can better understand and employ those solutions, along with better regulate their adoption by regulated entities. From a practitioner point of view, value is clear, giving this research a comprehensive view of the benefits that RegTech solutions can provide, fostering their adoption, as well with a view on risk that they must control.

Keywords: RegTech, Technology, Regulation, Fintech, Suptech

BREAK: 15:00-15:10

107

DAY 3 - SESSION IV: 15:10-17:10

EMPIRICAL STUDIES ON EMERGING ECONOMIES & ENERGY STUDIES Chair: Mehmet Huseyin Bilgin Room: Z-Room 1

The Spillover Effects of FED’s Policies on Fragile Five Countries: Modeling with Panel VAR Approach

Saltuk Agiralioglu Hasan Kalyoncu University, Turkey

Server Demirci Marmara University, Turkey

Abstract

After the 2008 Global Crisis, the FED has implemented conventional monetary policies as well as unconventional monetary policies. FED policies are often considered to have spillover effects on emerging market economies. This paper compares effects of FED policies between January 2008- December 2019 on fragile five countries’ equity prices, two-year bond yields and exchange rates by the panel VAR method. Using panel VAR model, the spillover effect of FED’s policies on selected emerging markets are explored. The findings indicate that the FED's unconventional monetary policies were more effective than the conventional monetary policies on the selected country variables in this period. The findings indicate that FED monetary policies have different effects in different periods. The results suggest that the FED's unconventional monetary policies decreased the selected country stock market indices and exchange rates while reducing the two-year bond rates .When the FED monetary policies are divided into periods and their effects are examined, it is determined that the shocks caused by the FED monetary policy in the QE period affect the stock market, exchange and bond returns much more than the Tapering and normalization process. It was also observed that the effects of shock in the tapering period were more than the normalization process. While the FED's QE policies and the balance sheet are expanding, exchange rate appreciation, reduction in two-year bond yields and stock-market boom of the Fragile Five can be considered as an indication that the FED's monetary policy transmission channels working properly.

Keywords: FED, Quantitative Easing, Tapering, Normalization Process, Fragile Five, Panel VAR

Income Distribution, Unemployment and Crime Relationship: Turkey Case

Haluk Yergin Van Yuzuncu Yil University, Turkey

Mustafa Torusdag Van Yuzuncu Yil University, Turkey

Abstract

The increase in crime rates in developed and developing countries causes attention to be turned into this field. Whether the notion of crime is related to economic variables has been discussed for many years. Economic structure, poverty, unemployment, wage, inequality in income distribution and education level are among the determinant factors of crime. The notion of crime, explained by socio- economic and cultural factors, is one of the most important problems in social, economic and political terms and it has the effect of disrupting social ties and order. Distorted income distribution of a country leads to an increase in unemployment and has a detrimental effect on social and social order. The effect of changes in economic indicators and unemployment on the crime rate in the society is the subject of the study. In this study for the period 1990-2019, the relationship between income distribution, unemployment and crime analyzed with Bayer-Hanck (2012) cointegration and Hacker-Hatemi (2006) causality analysis tests are examined for Turkey. As a result of the analysis findings, it was found that there is a one-way causality relationship from income distribution to crime rates, and from crime rates

108 to the unemployment variable. It was also found that there is a bidirectional causality relationship between income distribution and unemployment.

Keywords: Crime, Inequality in Income Distribution, Unemployment, Bayern-Hanck (2012) Cointegration Test, Hacker-Hatemi (2006) Causality Test

Impact of the COVID-19 Virus on Stock Market Returns; Do Market Overreact?

Wiku Suryomurti University of Glasgow, United Kingdom

Abstract

This study investigates the impact of the COVID-19 pandemic on stock market returns. We particularly test the effect on blue chips stock indexes in the ASEAN stock market. Using data of blue chips stock indexes from six ASEAN countries and COVID-19 related data, we employ event study and multivariate regression to analyze the bear market following the announcement of the confirmed cases and confirmed death. We also test the market reaction to the lockdown announcement by the respective governments. Furthermore, we document a negative market response to the confirmed case and confirmed death of the infectious virus. This study is the first to test the effects of COVID-19 pandemic on stock return in the ASEAN market and contribute to the area of asset pricing and behavioral finance.

Keywords: COVID-19, Stock Return, Market Behavior, Emerging Market

Renewable Energy Use and Sustainable Competitiveness: A Panel Data Analysis

Gonca Yilmaz Istanbul Gelisim University, Turkey

Esat Dasdemir Istanbul Gelisim University, Turkey

Abstract

This study emphasizes renewable energy source use effects on productivity, competitiveness and growth. In our hypothesis renewable energy use increases income by increasing efficiency in production. The hypothesis of the study tested with panel data analysis on European and Central Asian countries. The model established reveals the difference between various energy types and renewable energy. Analysis outputs support the study hypothesis. According to the results, the increase in the share of renewable energy use in total energy use affects per capita income positively. On the other hand, increase in the share of fossil fuels decreases per capita income. Our study suggests that countries aiming for better economic growth should increase their use of renewable energy.

Keywords: Renewable Energy, Economic Growth, Sustainable Growth

109 Do Environmental Commitment and Climate-Risk Disclosure Determine Firms' Performance? Evidence from Sectorial Micro-Data

Gianni Guastella Università Cattolica, Italy

Matteo Mazzarano Universit`a Cattolica del Sacro Cuore, Italy

Stefano Pareglio Catholic University of the Sacred Hearth, Italy

Riccardo Christopher Spani Fondazione Eni Enrico Mattei, Italy

Abstract

In this paper, we try to understand the relationship that exists between firms’ financial performance and their environmental performance, with a particular focus on high-emitting sectors. To perform our analysis, we use a panel dataset which covers financial and environmental data for international listed companies for the years 2011 to 2017. Three linear models are estimated, one for each Corporate Environmental Performance (CEP) index used and applied to different levels of sectorial specification (whole sample, GICS Industry Group, GICS Industry). On the one side, we find that environmental disclosure indexes are mostly not significant, suggesting that financial markets do not take into consideration these kinds of information when it comes to price firms’ stocks. On the other, environmental performance proxies seem to play an important role in defining stock market prices, and this holds true even for high-emitting companies. Overall, our results are consistent with an interpretation that financial markets do not care about what a company discloses relatively to their environmental activities, but take into account the effective environmental performances, regardless of the narrative that a firm builds on it.

Keywords: Greenhouse Gas Emissions, Environmental Disclosure, Stock Prices, High-Emitting Sectors

The Electricity Market during the 2020 Crisis

Joao Estevao ISEG, Portugal

Daniela Penela ISCTE-IUL, Portugal

Abstract

The current world situation calls us attention to problems previously neglected and points out fragilities in diverse economies and markets. However, it also allows to analyze the effects of previous measures taken. The Agenda 2030 and the countries agreements on the increase of renewable energies is been a controversial topic, due to the US prime minister statements on the useless of such agreement. Thus, the current research analyzes the electricity spot prices during the current pandemic crisis. Results indicate that there was a convergence of spot prices during the countries’ emergency situation, suggesting transactions within the European market are increasing in a liberated market. Further on, findings show that France is the country with the higher decrease in the spot prices. To conclude, volatility showed an increase for all countries of the sample, except Germany, supporting the idea that even during the crisis the German market has substantial difference between the base price and peak price.

Keywords: Spot Price, Energy, Electricity, COVID-19, Pandemic Crisis

110 Analysis of Cointegration and Causality Relationship between Gold Prices and Selected Financial Indicators: Empirical Evidence from Turkey

Zehra Vildan Serin Hasan Kalyoncu University, Turkey

Enez Kan Hasan Kalyoncu University, Turkey

Abstract

Due to being precious and a genuinely rare metal, gold has been accepted as safe haven during the financial crises. Following of the recent global financial crisis both of gold trading and gold prices have considerably influenced alternative assets because of its credibility. This paper explores the relationship between gold prices and selected financial indicators in Turkey the period of January 2000 to December 2019. The empirical findings that emerged as a result of the study are as follows; In the first stage, conventional and structural break and Gregory-Hansen and Arai-Kruzomi cointegration test results show that the series contain unit root and are cointegrated. Subsequently, the relationship between the coefficients was analyzed using the Dynamic Least Squares (DOLS) method, and the relationship between gold prices and inflation rate and BIST 100 index was found to be positive and statistically significant, the relationship between gold prices and interest rates was found to be negative and statistically significant. In the period subject to the analysis, the relationship between the 2009/10 dummy variable determined as the effect of the 2008 crisis and gold prices turned out to be positive and statistically significant. The relationship between gold prices and exchange rate was negative and statistically insignificant. Finally, the causality relationship has been tested with the Fourier Toda- Yamamoto approaches, and there is one-way causality from gold prices to inflation, and one-way causality from interest rates to gold prices, while no causality is found from gold prices to BIST 100 index, exchange rate and with interest rates no causality was found.

Keywords: Gold, Structural Fracture, Cointegration, Fourier Toda-Yamamoto

REGIONAL STUDIES Chair: Ender Demir Room: Z-Room 2

Selected Aspects of Nature Conservation Management at Local Level on the Example of Communes in Poland

Jacek Witkowski Lublin University of Technology, Poland

Abstract

The purpose of the present article is to characterize the impact of the lowest level self-governments in Poland on the protection and environmentally friendly use of local natural values by means of some available management instruments. The research sample consisted of a group of mayors performing management functions in 49 communes i.e. administrative units characterized by the smallest territory in Poland. Diagnostic poll method based on a questionnaire containing 34 closed questions was applied as the research method. Additionally, the analysis of selected statistical data was carried out for the communes encompassed by the research. It has been found that the part of self-governments is still relying on the planning documents which have been adopted before the entry into force of currently applicable regulations in the scope of nature protection and before the end of the process of creation of the areas of Natura 2000. Not all local development plans wholly encompass the surface of the areas subjected to protective regimes which may pose a risk of their insufficient protection. The fiscal instruments and the legal administrative tool in the form of right to place selected areas and objects under legal protection are marginally used by local authorities.

Keywords: Commune, Nature Conservation, Sustainable Development, Local Self-government, Management, Fiscal Instruments

111 Covid-19 Pandemic and Practices of Support in Turkish Film Industry: A Case Study of Cinema & Broadcasting Union, Netflix and IKSV

Hakan Erkilic Mersin University, Turkey

Senem Duruel Erkilic Mersin University, Turkey

Suleyman Degirmen Konya Food and Agriculture University, Turkey

Abstract

This study analyzes Turkish film industry’s support policies for the COVID-19 pandemic crisis in the context of civil society and the state capacity. It is seen that the state support programs implemented for the crisis in many parts of the world are evaluated within the framework of state capacity and its governance approaches. One of the sectors, most affected by the COVID-19 pandemic, was the film industry all over the world. Many countries, within their economic capabilities, have implemented support programs for the crisis in film industry. The crisis in Turkish film industry could be detailed such as cinemas, production, and employment behind the camera. However, the state support implemented to overcome the crisis was limited to the employees of cinemas. The state capacity in terms of support scheme did not include a support for producers and workers behind the camera. IKSV (Istanbul Foundation for Culture and Arts) and Netflix have created the most original support package in this regard thanks to Cinema & Broadcasting Union: “COVID-19 Film and Television Relief Fund”. With the cooperation of Cinema & Broadcasting Union and IKSV, Netflix’s support package worth of 4 million Turkish lira was distributed to the behind-the-camera employees of the productions whose shooting was interrupted due to the pandemic. Within the group of people behind the camera, where approximately 6000 people are employed, it is estimated that about 1400 people will benefit from this support package. In this study, the “COVID-19 Cinema and Broadcasting Sector Support” package offered during the pandemic will be analyzed as an example of support practice. In this context, the analysis will be based on in-depth meetings with representatives of Cinema & Broadcasting Union, IKSV, Netflix and at least 10 people receiving support, and field related data obtained by qualitative method such as focus group meetings. This practice is important since it is the first and only civil society support initiative specific to the film industry in Turkey. In this respect, along with state capacity, the support package is essentially meaningful in demonstration of the power and function of civil society. As a result, this study will present the adequacy of this civil initiative to support professional employment in the industry. Evaluating the field data, the study will develop strategies regarding the support packages of the state and civil society that can be emerged in similar situations in the future.

Keywords: COVID-19 Pandemic, Film Industry, Support Policies

The Influence of the European H2020 Program on the Development of Regions: The Multiplier Impact of EU Funding in the Regions under Horizon 2020 in NUT III - Algarve - Portugal

Natacha Silva Universidade Portucalense Infante D. Henrique, Portugal

Ribeiro Diamantino Universidade Portucalense Infante D. Henrique, Portugal

Ribeiro João Universidade Portucalense Infante D. Henrique, Portugal

Abstract

The partnership agreement established between the European Union and the member countries for the application of the European Structural and Investment Funds (ESIF), in the period between 2014 and 2020, is in its final phase. Other partnerships have also been established. These partnerships will be analyzed during the article. It is therefore important to understand the impact that the partnership agreement has on public and private investment in the different regions and, consequently, in the member countries. This study analyses the multiplier effect on regional investment, of European funds

112 made available for the Algarve - Portugal - NUTS III region, under the H2020 programme, up until March 2020 and aims to answer the following questions: a) What is the amount invested in the regional economy for each euro of support allocated by the EU through the H2020 programme. b) What is the percentage distribution of community support versus investment per area of intervention? After collecting the information available on the H2020 managing entity's website for the Algarve region (data until 31/3/2020), the analysis was structured regarding the areas of intervention, thematic objectives and Investment Priority. After collecting, organizing and processing the data, we obtained the results necessary to answer the above questions. 956 projects were supported, which represented a total investment of 467,671,827.76 euros, having been supported with community funds in the amount of 249,966,698.38 euros, which represents a support of 53.4%. In other words, for each euro of support from the European Union, 1.87 euros were invested in the Algarve region. It can be concluded that, in the framework of Horizon 2020, and according to the data available until 31 March 2020, 956 projects were supported. These projects represent a total investment of 467,671,827.76€, having been supported with community funds in the amount of 249,966,698.38€ (53.4% community support). In other words, for each euro of support from the European Union, 1.87 euros were invested in the Algarve region. Considering that the initial objectives of the European Union foresaw support of 318,676,488.00 euros, providing a global investment in the region of 437,289,055.00, that is to say, each euro of support should generate a regional investment of 1.37€ , we can conclude that the Algarve Region has already exceeded the estimated investment value for the region by 30 million euros. We still need to apply more than 68 million EU grants.

Keywords: Decentralization, Investments, NUTS III, Public Value Capture, Property Value, Europe

Regional Convergence and Functional Incomes in Turkey

Raziye Selim Istanbul Technical University, Turkey

Suat Kucukcifci Istanbul Technical University, Turkey

Gizem Kaya Istanbul Technical University, Turkey

Abstract

This paper aims to analyze regional convergence among regions of Turkey. This research also aims to make convergence analysis in terms of functional incomes (wage, entrepreneurship income, interest income, real-estate income). The regional growth convergence literature is concerned with the question of whether the regions with high initial level of income grow relatively slower than the poor regions through time. The ß-convergence hypothesis is that the per capita income of the latter would catch up with the former. We want to test ß-convergence hypothesis for regions of Turkey using Nuts1 and Nuts2 level regional data. We use Survey of Income and Living Conditions (SILC) in Turkey starting from 2006 to 2018. The researches on issue from Turkey mostly use the per capita income of region/province that is estimated dividing GDP of region/province to population. The contribution of our research is that it uses disposable income data from household surveys and it also searches that which functional income ensures convergence. We estimated mean household income of regions from SILC surveys. It is used regression model suggested by Barro and Sala-i Martin (2004) and panel data methodology and it is tested the absolute convergence. We also add the schooling rate, migration rate and regional research and development (R&D) expenditures and employment in R&D as control variables for test the conditional convergence. It is observed unconditional convergence among the regions of Turkey and labor income and real-estate income is the main source of this convergence. Even if it is observed convergence from 2005 to 2017 regional incomes diverge after 2013. According to the panel data analysis, the convergence is found for ten regions of Turkey exception Istanbul and Mediterranean Region.

Keywords: Region, Economic Development, Convergence

113 Major Influence Factors for Portuguese Municipal Transparency Index (2013 to 2017)

Paula Gomes dos Santos ISCAL/IPL, Portugal

Carla Martinho ISCAL/IPL, Portugal

Abstract

New public governance theory assign great importance to the citizenship and responsibility, therefore to accountability. Being accountability the relationship between the government and the society (OECD, 2013), transparency plays a key role in providing/demanding for better governance. The Portuguese Municipal Transparency Index (MTI) was developed by Transparency and Integrity - Civic Association (TIAC) in order to provide citizens and decision-makers with the transparency level of their municipality, using the information available in the Local Governments websites. MTI is published annually since 2013, measuring the ability to provide on-line relevant information to citizens, that is, the Local Government commitment to transparency. This study aims to assess the factors that influence the Portuguese Municipal Transparency Index. The investigation is based on a quantitative study of the 308 Portuguese local governments, from 2013 to 2017. The data analysis was based on the variables’ descriptive analysis and on the multiple linear regression models with panel data. Following the literature, it was defined a set of variables based on political factors, budget dimension, sociodemographic factors, financial condition and the citizens political involvement in order to understand what influences the degree of commitment of local governments to transparency. The research allowed to conclude that the debt level and the population density have a negative relation with local governments transparency. There is strong evidence that financial condition (namely, the budgetary condition) do not affect the MTI. Regarding the political ideology, left-wing parties seem to have a higher level of local transparency. The paper contributes to the knowledge of what influences the level of transparency of Portuguese local governments enabling citizens to demand for better governance and local political players to implement measures towards transparency. The main limitation of this study is the time horizon (only 5 years) which is due to the fact that MTI is only published since 2013 to 2017.

Keywords: Portuguese Municipal Transparency Index, Local Governments, Transparency, Governance

May Hot Spots Shape Ghettos and Gated Communities: Management and Administration in Migration Crisis

Maria Vlachadi University of Nicosia-Cyprus, Greece

Georgia Koufioti University of Western Attica, Greece

Athanasios Kounios University of Western Attica, Greece

Abstract

The immigration crisis of 2015 was a quite complicated issue for the EU as a whole, but particularly for the communities of the host countries, as they needed to find accommodation for refugees while also facing regular demonstrations from their own residents. The reception and identification center strategy, Management and Administration, ie hot spots which emphasizes on identifying, documenting and collecting fingerprints of migrants immediately upon arrival, intends to enhance the implementation of these corresponding procedures and may even be viewed as a required requirement for their successful implementation. The concerns that arise illustrate the financial, political and spatial structure of public discourse and the discourse of participants. The general pattern appears to indicate a very strong substrate of social degradation and social division in the case of Diabata as opposed to Vasilica (areas of Greece). The challenges with handling population movements in Greece have not been and are not, as the report shows, predominantly economic in nature. Decent housing conditions in secure locations with sufficient facilities have remained in demand for the plurality of refugee and migrant mass

114 deportation sites throughout the Greek territory until the end of 2016. This observation, however, varies considerably with the severity of the problem between the different facilities, both inland hotspots and hotspots in the eastern Aegean Islands. The term "ghetto" was used to describe this phenomenon by Professor Louis Wirth. The term corresponds to a tightly defined urban area in which marginalized communities with cultural and ethnic identifiers which differ from those of the dominant class are isolated. The definition presumes the socio-ethical alienation and stigmatization of the population group living or working in the ghetto. In Greece, the presence of ghettos in urban areas is a relatively recent phenomenon, as the independent Greek state has been nationally homogeneous for most of its existence. In Greece, immigrants are defined on their lifestyles by ethnicity, excluded from decent work and equal rights, and methodically guided to live in places that have already been impoverished along with other socially excluded communities, establishing a conceptual ghetto in Greece. The creation of the ghetto concept entails stigmatizing communities and areas as well as predictions of otherness and/or issues and social anxieties, thus assigning the causes of problems to specific groups rather than to political decisions or structural problems. This mental correlation includes "moral panics" about the inhabitants of the Ghetto, who are projecting fears, the problems of the rest of society, connecting them to immorality, transgression and internal-endemic-pathogenesis. "Ghetology" metaphorically establishes the boundary between the "regularity" of the city and its residents and the other that undermines its regularity. The inherent problems of the Greek social and political-economic structure, exacerbated by immigration, are problems caused by immigration. Migration does not necessarily exacerbate new problems, rather highlights existing ones.

Keywords: Hotspots, Ghettos, Social construction, migration flows, Management, Administration

The Analysis of the Pension System in Slovakia in Correlation with Population Curve

Daniela Majercakova Comenius University in Bratislava, Slovakia

Abstract

Pension systems are a very important part of every country. The Slovak Republic declares its orientation to be a welfare state. This brings with it a well-built and well-established pension system. Old-age pension schemes, defined as insurance to provide income to the old-age saver, are the target of the analysis that is the purpose of this article. The main aim of the article is to evaluate the impact of the population curve on the setting of the old-age pension system in Slovakia. By combining the knowledge of the population crisis in Slovakia and in selected countries with the analysis of the possibilities of setting up the pension savings system, the article focuses on creating a synthesis based on the interconnection of these facts. The pillar system of pension savings in 2005 in Slovakia represented a proportion of 9% of savings in the first and 9% in the second pillar. According to the PAYG system (pay as you go), this means that the first 9% was saved by the saver for himself and the second by 9% for current pensioners. Since 2017, the rate of mandatory contributions is increased annually by 0.25% of the assessment base. From the point of view of the population curve, when the population of the whole world increased by 400% during the 20th century, there are three primary determinants of global population growth - mortality, fertility, and population dynamics. Neither the European Union nor Slovakia can avoid these factors and therefore takes their analysis into account.

Keywords: Pension System, Savings, Slovakia, EU, Population Crisis

115

PUBLIC ECONOMICS & HEALTH ECONOMICS Chair: Gokhan Karabulut Room: Z-Room 3

Crowd-powered Medical Diagnosis: The Potential of Crowdsourcing for Patients with Rare Diseases

Stefan Arnold Friedrich-Alexander-University Erlangen-Nuremberg, Germany

Josephine Fischer Friedrich-Alexander-University Erlangen-Nuremberg, Germany

Dilara Yesilbas Friedrich-Alexander-University Erlangen-Nuremberg, Germany

Abstract

With the recent rise in medical crowdsourcing platforms, patients with chronic illnesses increasingly broadcast their medical records to obtain an explanation for their complex health conditions. By providing access to a vast pool of diverse medical knowledge, crowdsourcing platforms have the potential to radically change the way patients receive a medical diagnosis. As part of an empirical analysis, we developed a conceptual model that details a set of variables. To further the understanding of crowdsourcing as an emerging phenomenon in health care, we provide a contextualization of the various factors that drive participants to exert effort. For this purpose, we used CrowdMed.com as a platform from which we gathered and examined a unique dataset that involves tasks of diagnosing rare medical conditions. By promoting crowdsourcing as a robust and non-discriminatory alternative to seeking help from traditional physicians, we contribute to the acceptance and adoption of crowdsourcing services in health economics.

Keywords: Online Healthcare Communities, Crowdsourcing, Medical Diagnosis

The Governments' Responses to COVID-19 Outbreak around the World and the Flattening of the Curve

Damiano Bruno Silipo University of Calabria, Italy

Sinem Sonmez Fordham University, U.S.A

Abstract

During the COVID-19 pandemic, many countries suddenly faced two major problems: 1) how to contain the spread of the virus and to prevent the loss of lives and 2) finding a new vaccine to stop the virus from spreading. Regarding the first problem, the governments face two major choices, either to implement all the necessary measures in preventing the spread of the virus or face massive job losses through the imposition of laxed safety measures. Our paper has two parts. The first part deals with the aim, data, methodology, and the expected outcomes for measures taken by each government and the second part of our paper deals with the impact these measures have in flattening of their pandemic curves. 1. The Strategies of Governments in Flattening their COVID-19 Pandemic Curve. Our research will analyze the effects and efficiency of the countries’ responses to the COVID-19 pandemic by looking at various measures that countries have taken in flattening their pandemic curve and reducing their death toll. We will be studying the effects and efficiency of the countries’ responses to the COVID-19 pandemic by looking at measures that countries have taken in flattening their curve and reducing the death toll by looking at how quickly the countries have imposed restrictions for the entry of people from abroad, in imposing self-quarantine of new arrivals from abroad or individuals who tested positive, lockdowns, imposing fines for any violation of a lockdown or social distancing rules, enforcing the closure of shops, restricting any access to public transportation, workplace closures, the availability of testing and contact tracing, and school closures. Next, our research question will explore what impact a nation’s healthcare system has on new cases and deaths from the outbreak of COVID-19. Finally, our research

116 will develop the best “next practice” tools for countries and suggest some possible best practices and intervention methods that might mitigate the impact of future epidemics.

Keywords: COVID-19, Pandemic, Lockdowns, Social Distancing

Conceptual Framework for Attracting Foreign Patients to Health Care Services

Daiga Behmane Riga Stradins University, Latvia

Didzis Rutitis BA School of Business and Finance, Latvia

Anda Batraga University of Latvia, Latvia

Abstract

Health care is a sector contributing to the growth of global gross domestic product (GDP) due to trends in development of medical technologies and population ageing, including longer life expectancy that leads to an increasing demand for health services (Rowe et al., 2016). Population spending on health care is likely to increase in the future due to growing consumer purchasing power and increased supply of new, promising medical technologies in the global market, providing more opportunities to meet consumer needs and expectations, at both individual and societal level. Given the asymmetric conditions of market forces in health care, the supply side of the sector has significant advantages compared to demand, which increases the costs of health care services in the long-term (Reinhardt, 2003). At the same time, limited public resources in the health sector and the provision of services, and challenges for service providers all stimulate a change in the pattern of consumer behavior, which is related to the economic, social, psychological and cultural aspects of consumer behavior and stimulate the role and empowerment of consumers in selection of health services, including cross-border services. The authors have summarized the results of their previous empirical research, including literature review, Latvian health care sector expert interviews and patient surveys, to introduce a conceptual framework for attracting foreign patients to health care services. The proposed framework consists of interacting factors for assessing the acquisition of foreign patients by clinics in Latvia and introduces a set of dimensions, factor groups and factors to describe the underlying principles that could facilitate foreign patient inflow to Latvian clinics. Proposed conceptual model introduces two dimensions with respective sets of factors: one describing health care service environment, bringing together internal, sectoral and external factors along with international requirements, and the second set related to patient experience and satisfaction and marketing, aggregating differences in expected and perceived treatment results (Gap model) along with marketing communication factors.

Keywords: Competitiveness, Latvia, Healthcare

Health Risk Management: Risk Management and Insurance Coverage in Italian Welfare

Ubaldo Comite University of Calabria, Italy

Abstract

The Italian healthcare sector currently appears to be subject to considerable risks deriving from the continuous search for an overall "sustainability" of the system. There is, in fact, a constantly evolving demand that requires the adoption of innovative service models capable of coping with the aging of the population, the lack of adequate prevention, the spread of chronic diseases and the growth of expectations of personalized treatments and increasingly advanced. Therefore, also for these reasons, healthcare companies are urged to make a cultural leap that questions consolidated habits and practices. In this context, there is another phenomenon that is affecting the sector, namely the multiplication of complaints for medical malpractice, affecting individual professionals and healthcare structures, with a consequent increase in insurance costs and the risk of a progressive spread of the so-called "Defensive medicine", which in turn is guilty of further economic worsening. To stem the problem, companies in the health sector are investing in systematic risk management processes aimed at minimizing clinical / health risk. The work aims to intercept these two converging trends, highlighting

117 how the two phenomena (innovation and management of clinical / health risk) can be managed more effectively in a coordinated way. In fact, innovation implies an evolution of the technologies, skills, preferences of all the players in the system, which lead to new ways of delivering ever higher and more complex performance and performance. These changes are reflected in the risk profiles, inevitably influenced by new technological tools, new procedures and new service models.

Keywords: Risk, Management, Health, Public Management, Clinical Governance

A Valuation of Lobbying: Enhancing Democratic Governance via Private Merit Service

Samuel Louis Oswald Georgetown University, U.S.A

Abstract

This essay provides a valuation of lobbying in the context of an American capitalist society governed by representative democracy. In the United States, representative democracy has objectively provided for hundreds of years of social progress; and, suffrage has allowed for the semi-accurate representation of voter demands in developing and reforming law and regulation to achieve said progress. But, the American voter is both a political agent and consumer integrated into the capitalist market. And, representative democracy is limited in its capacity to aggregate and process the complexities of voter interests that are derived from private sector incentives. An intermediary responsible for communicating private interest to the public sector is crucial to furthering improvement of American society by representing otherwise neglected values. Lobbying, as representation of collectives of free market self- interests, is the medium by which to facilitate the public-private relationship to promote the productivity of government policy development and reform. While the practice of lobbying is often negatively associated with rent-seeking, the potential for positive outcomes from lobbying lie in a close inter-relation between the public and private sectors of the American economy. A division of labor between the public and private sectors, where appropriate (i.e. information gathering), can enhance the productivity of government, but only via an intermediary to facilitate collaboration. Through analysis of a body of works on economic philosophy, this report concludes that the value of lobbying is defined by its capacity to facilitate the relationship between the private and public sectors and enhance the productivity of the governance by ensuring both the public and private sector-oriented interests of citizens and citizen collectives are optimally represented.

Keywords: Lobbying, Public Policy, Social Welfare

Price Elasticity of Fertilizer Demand and Farmers Reaction to Fertilizer Tax Addressing Nitrogen Pollution

Ausra Nausediene Vytautas Magnus University Agriculture Academy, Lithuania

Astrida Miceikiene Vytautas Magnus University Agriculture Academy, Lithuania

Abstract

The problem of pollution in agriculture is receiving increasingly more attention as the subject of discussion. Environmental pollution, which is inevitably caused by agricultural production, calls for regulatory measures. The growing demand for food encourages farmers to increase soil fertility by using large amounts of fertilizer. Its excessive use can cause pollution problems which contribute to environmental degradation (e.g., nitrogen leaching) and deterioration of food quality (e.g., excessive levels of nitrates in food). Farmers are motivated by the growing demand to increase production and, consequently, to use more fertilizer in order to increase yield. New measures to reduce nitrogen pollution are needed. Price elasticity coefficient of fertilizer demand has been shown to be rather inelastic in many studies, also indicating a huge range of possible elasticities. Thus, economic incentives might have limited effects on purchase of mineral fertilizers, depending on the elasticity of demand. Different fiscal measures to reduce agricultural pollution are being discussed. Presumably because of the lack of other measures, economic instruments are used to reduce pollution, for example, nitrogen taxes are listed among the measures to reduce nitrogen pollution from mineral fertilizer. The aim of the study was to

118 investigate the reaction of farmers to the change in fertilizer prices. The survey was conducted by interviewing Lithuanian farmers. A pilot study investigates the potential response of farmers to a possible tax on mineral nitrogen fertilizer use. Moreover, a survey was conducted to ask farmers, how they would adapt their fertilizer practice to a mineral nitrogen fertilizer tax. Farmer’s responds were used to evaluate price elasticity coefficient the reaction of farmers to a tax. The price elasticity of demand was calculated according to three groups, indicating changes in fertilizer prices by 25, 50 and 100 percent. The obtained results showed a negative reaction in terms of mineral nitrogen fertilizer use to the rise in mineral fertilizer price. The response to a tax would be limited to an elasticity of on average 0.7, confirming the inelasticity of demand, found in other studies. The issue of taxation of nitrogen in mineral fertilizer is the subject of debate which highlights the advantages and disadvantages of these taxes, and which must be closely coordinated with political decisions. The profits gained from these taxes should be redistributed and recirculated back into the agricultural sector, thus compensating the farmers for financial losses due to taxes paid.

New Policies of Migration Crisis Management and Leadership in Greece

Maria Vlachadi University of Nicosia-Cyprus, Greece

Georgia Koufioti University of Western Attica, Greece

Athanasios Kounios University of Western Attica, Greece

Abstract

The significant changes that occurred in the twentieth century, with the proliferation in scientific knowledge, improvements in technology and social transformation may have eroded the modern example of a new age of late modernism which may be characterized of Managerial aspects and Leadership. As far as the social transformation and new construction concerned, from 2009 to 2015, the primary issue is the actions and preferences of immigrants themselves concerning the pressures of unemployment and the financial crisis of foreign households, as well as the emerging trends in repatriation and return or relocation within the country. For two factors, taking into account the financial aspects of modern immigration to Greece is a major issue of political interest which may arise several policies and frameworks. First of all, the economic behavior and implications of the presence of hundreds of thousands of immigrants on financial indicators is one of the core areas to be taken into consideration when assembling the national immigration policies. Secondly, even though there are substantial differences and strong scientific and political disputes about the methodology used, the findings in controversy are selectively used by different interest groups and are specifically intended to influence state policies. Migration policy is a vital and central factor, inextricably connected to the country's overall development strategies, influencing civilization, the economy and maintaining social cohesion. The organizational viewpoint aims to resolve the crisis with the aid of the management team itself and the leaders, while the political-symbolic approach involves a program that explains how the crisis situation will be handled by stakeholders and the entire team. The EU refugee crisis has been transformed into a series of inextricably linked crises. In particular, those related to the security of its external borders, its task serving as the main pillar of its life, unity, as frictions within Europe have developed to break up and exacerbate nationalism, humanitarianism, both in the host countries (mainly Greek) and in the interim, where the handling of refugees and those who have been temporarily in their territories is intended to prevent entry. Recently, pursuant to Law 4662/2020, it has been decided to set up a National Crisis and Hazard Management Mechanism (Nat-CHAMM) which covers the entire disaster management cycle and comprises all the operational and administrative structures and functions of civil protection, indicating the urgency and necessity of emergency crisis management policies. Therefore, it is clear that the management effectiveness of each crisis is and should be the core of policies to optimize procedures.

Keywords: Leadership, Crisis Policies, Social Transformation, Migration Flows, Managerial and Administrative Structures

119 LIST OF COUNTRIES REPRESENTED

Country Number of % authors 1 Australia 1 0.28% 2 Austria 3 0.85% 3 Belgium 3 0.85% 4 Bosnia and Herzegovina 2 0.56% 5 Bulgaria 1 0.28% 6 China 2 0.56% 7 Colombia 4 1.13% 8 Croatia 5 1.41% 9 Czech Republic 4 1.13% 10 France 1 0.28% 11 Georgia 4 1.13% 12 Germany 7 1.97% 13 Greece 7 1.97% 14 Hong Kong 7 1.97% 15 Hungary 3 0.85% 16 Indonesia 11 3.10% 17 Italy 17 4.79% 18 Japan 4 1.13% 19 Kosovo 3 0.85% 20 Latvia 10 2.82% 21 Lithuania 5 1.41% 22 Macau 1 0.28% 23 Macedonia 6 1.69% 24 Malaysia 14 3.94% 25 North Cyprus 4 1.13% 26 Norway 1 0.28% 27 Poland 9 2.54% 28 Portugal 24 6.76% 29 Qatar 3 0.85% 30 Romania 20 5.63% 31 Russia 4 1.13% 32 Saudi Arabia 2 0.56% 33 Serbia 6 1.69% 34 Slovakia 3 0.85% 35 Slovenia 5 1.41% 36 South Africa 2 0.56% 37 South Korea 3 0.85% 38 Spain 10 2.82% 39 Sweden 2 0.56% 40 Thailand 6 1.69% 41 The Netherlands 1 0.28% 42 Tunisia 3 0.85% 43 Turkey 75 21.13% 44 U.A.E. 1 0.28% 45 U.S.A. 15 4.23% 46 Ukraine 3 0.85% 47 United Kingdom 21 5.92% 48 Uzbekistan 1 0.28% 49 Vietnam 6 1.69% TOTAL 355 100%

120 INSTITUTIONS REPRESENTED

Number of Institution Country authors 1 Agricultural Economics and Rural Development Hungary 1 2 American University U.S.A. 2 3 American University of Sharjah U.A.E. 1 4 Ankara University Turkey 3 5 Artvin Coruh University Turkey 1 6 Atilim University Turkey 1 7 BA School of Business and Finance Latvia 7 8 Bahcesehir University Turkey 5 9 Beykent University Turkey 1 10 Bina Nusantara University Indonesia 3 11 Brunel University United Kingdom 1 12 Bucharest University of Economic Studies Romania 4 13 Business School of Tunis, Compus La Manouba Tunisia 1 14 Canakkale On Sekiz Mart University Turkey 1 Católica Porto Business School, Universidade Portugal 15 Católica Portuguesa 1 16 Central Bank of Malaysia Malaysia 1 17 Chulalongkorn University Thailand 2 18 City University of Macau Macau 1 19 Comenius University in Bratislava Slovakia 1 20 Cukurova University Turkey 2 21 Dunarea de Jos University of Galati Romania 3 22 Eastern Mediterranean University North Cyprus 4 23 Eskisehir Osmangazi University Turkey 3 24 Faculty of Economics of Ljubljana Slovenia 2 25 Faculty of Economics University of Belgrade Serbia 2 26 Faculty of Management Slovakia 2 27 Federal Deposit Insurance Corporation U.S.A. 2 28 Florida International University U.S.A. 1 29 Fondazione Eni Enrico Mattei Italy 1 30 Fordham University U.S.A 1 31 Friedrich-Alexander-University Erlangen-Nuremberg Germany 4 32 Gedik University Turkey 2 33 Georgetown University U.S.A 1 34 Georgian Technical University Georgia 1 35 Graz University of Technology Austria 2 36 Hacettepe University Turkey 1 37 Hamad bin Khalifa University Qatar 2 38 Hasan Kalyoncu University Turkey 4 39 Hong Kong Baptist University Hong Kong 1 40 Hong Kong Monetary Authority Hong Kong 1 41 Ibn Haldun University Turkey 3 Institute of Economics, Centre for Economic and Hungary 42 Regional Studies 1 43 Institut Teknologi Bandung (ITB) Indonesia 1 44 Instituto Politécnico de Lisboa Portugal 2 45 International Islamic University Malaysia Malaysia 1 46 ISCAL/IPL Portugal 2 47 ISCTE-IUL Portugal 7 48 ISEG Portugal 2 49 Isik University Turkey 1

121 50 Istanbul Arel University Turkey 1 51 Istanbul Bilgi University Turkey 2 52 Istanbul Commerce University Turkey 2 53 Istanbul Gelisim University Turkey 3 54 Istanbul Medeniyet University Turkey 2 55 Istanbul Medipol University Turkey 3 56 Istanbul Technical University Turkey 9 57 Istanbul University Turkey 1 58 Ivane Javakhishvili Tbilisi State University Georgia 3 59 Jönköping University Sweden 1 60 Kaposvár University Hungary 1 61 Kasetsart University Thailand 2 62 Kazimierz Wielki University Poland 1 63 KEPE (Centre for Planning and Economic Research) Greece 1 64 King Abdulaziz University Saudi Arabia 2 65 Kobe University Japan 2 66 Koc University Turkey 1 67 Konya Food and Agriculture University Turkey 1 68 Korea University South Korea 1 69 Lingnan University Hong Kong 3 70 Lublin University of Technology Poland 1 71 Maastricht University The Netherlands 1 72 Malmö University Sweden 1 73 Mardin Artuklu Univeristy Turkey 1 74 Marmara University Turkey 3 75 Mersin University Turkey 2 76 Miguel Hernandez University Spain 4 77 Mugla Sitki Kocman University Turkey 1 78 Multimedia University Malaysia 4 National Research University Higher School of Russia 79 Economics 4 80 National Technical University of Athens Greece 1 National Technical University of Ukraine “Igor Sikorsky Ukraine 81 Kyiv Polytechnic Institute” 3 82 Newcastle University United Kingdom 2 83 North West University South Africa 2 84 Northumbria University United Kingdom 3 85 OLC-Europe LTD United Kingdom 1 86 Osaka University Japan 2 87 Ozyegin University Turkey 4 88 Payap University Thailand 2 89 Penn State University U.S.A. 1 90 Politecnico di Milano Italy 6 91 POSTECH South Korea 2 92 Qatar Faculty of Islamic Studies Qatar 1 93 RISEBA University Latvia 1 94 Riga Stradins University Latvia 1 95 RMIT University Australia 1 Romanian Academy, Institute of National Economy, Romania 96 Bucharest 2 97 Ruhr University of Bochum Germany 1 98 Sabanci University Turkey 4 99 SGH Warsaw School of Economics Poland 1 100 Shanghai Jiaotong University Medical School China 1 101 Shenkang Hospital Management Group China 1

122 102 SouthEast European University Macedonia 4 103 Sriwijaya University Indonesia 1 104 St. Pölten University of Applied Sciences Austria 1 105 Statte Statistical Office of RNM Macedonia 1 106 The Bucharest University of Economic Studies Romania 4 The Institute for Development and International Croatia 107 Relations 1 108 The Open University of Hong Kong Hong Kong 2 109 The Poznań University of Technology Poland 1 110 The Vigo University Spain 1 111 The World Bank U.S.A. 1 112 Tomas Bata University in Zlín Czech Republic 4 113 Tunis El-Manar University Tunisia 1 114 UBT Prishtina Macedonia 1 115 Ufuk University Turkey 1 116 Universidad Central de Colombia Colombia 1 117 Universidad Nacional de Colombia Colombia 2 118 Universidade do Porto Portugal 2 119 Universidade Portucalense Infante D. Henrique Portugal 8 120 Universita Cattolica del Sacro Cuore in Milano Italy 4 121 Universitas Negeri Malang Indonesia 3 122 Universitas Sebelas Maret Indonesia 1 123 Universitas Syiah Kuala Indonesia 2 124 Université Catholique de Louvain Belgium 2 125 Universiti Malaysia Terengganu Malaysia 4 126 Universiti Teknologi MARA Malaysia 4 127 University of ’Orléans France 1 128 University of Agder Norway 1 129 University of Balikesir Turkey 1 Bosnia and University of Banja Luka 130 Herzegovina 2 131 University of Belgrade Serbia 4 132 University of Bolton United Kingdom 4 133 University of Calabria Italy 3 134 University of Cambridge United Kingdom 1 135 University of Cantabria Spain 2 136 University of Central Florida U.S.A. 3 137 University of Central Lancashire United Kingdom 1 138 University of East Anglia United Kingdom 3 139 University of Economics Ho Chi Minh City Vietnam 6 140 University of Florida U.S.A. 2 141 University of Glasgow United Kingdom 1 142 University of Greifswald Germany 1 143 University of Huddersfield United Kingdom 1 144 University of Latvia Latvia 1 145 University of Liège Belgium 1 146 University of Ljubljana Slovenia 3 147 University of Macerata Italy 1 148 University of Magna Graecia Italy 1 149 University of Milan-Bicocca Italy 1 150 University of Mitrovica Kosovo 1 151 University of National and World Economy Bulgaria 1 152 University of Nicosia-Cyprus Greece 1 153 University of Peloponnese Greece 2 154 University of Prishtina Kosovo 2

123 155 University of Reading United Kingdom 1 156 University of Sousse Tunisia 1 157 University of Stuttgart Germany 1 158 University of Szczecin Poland 2 159 University of the Basque Country Spain 3 160 University of Western Attica Greece 2 161 University of Westminster London United Kingdom 1 162 University of Wisconsin la Crosse U.S.A. 1 163 University of Zagreb Croatia 4 164 Van Yuzuncu Yil University Turkey 2 165 Vytautas Magnus University Lithuania 3 166 Warsaw School of Economics Poland 2 167 Warsaw University Poland 1 168 Warwick Business School United Kingdom 1 169 West University of Timisoara Romania 7 170 Westminster International University in Tashkent Uzbekistan 1 171 Yeditepe University Turkey 2 172 Yildiz Technical University Turkey 1 173 Fundación Universitaria Los Libertadores Colombia 1

124

LIST OF CONFERENCE PARTICIPANTS

Author Institution Country Abdullai Mohammed Ibn Haldun University Turkey Adam Levai Université catholique de Louvain Belgium Adnan Veysel Ertemel Istanbul Commerce University Turkey Ady Milman University of Central Florida U.S.A. Aggelos Tsakanikas National Technical University of Athens Greece Agnieszka Wójcik-Czerniawska Warsaw School of Economics Poland University of Sarajevo and University of Aida Cehajic Slovenia Ljubljana Ajtene Avdullahi University of Mitrovica Kosovo Aleksandar Nikolovski Faculty of Economics of Ljubljana Slovenia Aleksandre Tushishvili Georgian Technical University Georgia Alessandro Faes Politecnico di Milano Italy National Research University Higher School Alexander M. Karminsky Russia of Economics Alexander Vélez University of the Basque Country Spain KEPE (Centre for Planning and Economic Alexandra Kontolaimou Greece Research) Ana Ivanisevic Hernaus University of Zagreb Croatia Instituto Universitário de Lisboa (ISCTE- Ana Margarida Simaens Portugal IUL) United Ana Rita Martins Brunel University Kingdom Romanian Academy, Institute of National Anamaria-Cătălina Radu Romania Economy, Bucharest Anda Batraga University of Latvia Latvia Anda Ziemele BA School of Business and Finance Latvia Andi Mihalache Dunarea de Jos University of Galati Romania Andreia Magalhães ISCTE-IUL Portugal Andrejs Limanskis RISEBA University Latvia Andris Natrins BA School of Business and Finance Latvia Andris Sarnovics BA School of Business and Finance Latvia Andy Naranjo University of Florida U.S.A. United Anna Maria Watson University of Cambridge Kingdom Antonio Cardoso Martins ISEG Portugal Antonio J. Verdu Miguel Hernández University Spain United Aous Osamah Balelah University of East Anglia Kingdom Asli Demirguc-Kunt The World Bank U.S.A. Asli Tasci University of Central Florida U.S.A. Vytautas Magnus University Agriculture Astrida Miceikiene Lithuania Academy Athanasios Kounios University of Western Attica Greece Vytautas Magnus University Agriculture Ausra Nausediene Lithuania Academy Aygul Donmez Turan Yildiz Technical University Turkey Ayhan Tecel Eastern Mediterranean University North Cyprus Baris Soybilgen Istanbul Bilgi University Turkey Basak Erdem Istanbul Commerce University Turkey Basyah Said Nazamuddin Universitas Syiah Kuala Indonesia Beata Bieszk-Stolorz University of Szczecin Poland Berkan Tokar Eastern Mediterranean University North Cyprus Bernd Markus Zunk Graz University of Technology Austria

125 Bojan Zečević Faculty of Economics University of Belgrade Serbia Bradley Erickson American University U.S.A. Branislava Hristov Stancic University of Belgrade Serbia Bosnia and Branka Topic Pavkovic University of Banja Luka Herzegovina Britânico Pires ISCTE-IUL Portugal Budi Eko Soetjipto Universitas Negeri Malang Indonesia Candoi Savu Robert Adrian Bucharest University of Economic Studies Romania Caner Akbaba Mugla Sitki Kocman University Turkey Carla Azevedo Lobo Universidade Portucalense Portugal Carla Martinho ISCAL/IPL Portugal Universidade Portucalense Infante D. Carla Santos Portugal Henrique Carmen Echebarria University of the Basque Country Spain Cemal Ibis Isik University Turkey Chawan Maleehom Payap University Thailand Chinnasamy Agamudai Nambhi Multimedia University Malaysia Malarvizhi Claudiu Botoc West University of Timisoara Romania Cristina Mora Rodriguez Miguel Hernandez University Spain Daiga Behmane Riga Stradins University Latvia Damiano Bruno Silipo University of Calabria Italy Daniela Bertová Faculty of Management Slovakia Daniela Majercakova Comenius University in Bratislava Slovakia Daniela Penela ISCTE-IUL Portugal National Technical University of Ukraine Dariia Doroshkevych Ukraine “Igor Sikorsky Kyiv Polytechnic Institute” United David Bamber University of Bolton Kingdom United David Jamieson Northumbria University Kingdom Davide Lanfranchi Politecnico di Milano Italy Dean Tjosvold Lingnan University Hong Kong United Denis Hyam-Ssekasi University of Bolton Kingdom Deniz Muezzinoglu Bahcesehir University Turkey Deniz Tuncalp Istanbul Technical University Turkey Diana Jimenez Fundación Universitaria Los Libertadores Colombia The Bucharest University of Economic Diana Mariana Dinu Romania Studies Didem Gamze Isiksal Istanbul Technical University Turkey Didzis Rutitis BA School of Business and Finance Latvia Friedrich-Alexander-University Erlangen- Dilara Yesilbas Germany Nuremberg Dilek Tokel Marmara University Turkey Dilek Yomralioglu Istanbul Medipol University Turkey United Doane Shichen Ye Newcastle University Kingdom Dohyeon Lee POSTECH South Korea Dorothea Schäfer Jönköping University Sweden Doruk Gunaydin Sabanci University Turkey Dušan Marković University of Belgrade Serbia Dwi Hasmidyani Sriwijaya University Indonesia Ebru Ozgur Guler Cukurova University Turkey Ecaterina Cornelia Ungureanu Dunarea de Jos University of Galati Romania Eley Suzana Kasim Universiti Teknologi Mara Malaysia Elif İdemen Okan Istanbul Technical University Turkey

126 Elif Karaosmanoglu Istanbul Technical University Turkey Elisa Arrigo University of Milan-Bicocca Italy National Research University Higher School Ella Khromova Russia of Economics Emanuela Giacomini University of Macerata Italy Emrah Ahi Ozyegin University Turkey Ender Demir Istanbul Medeniyet University Turkey Enez Kan Hasan Kalyoncu University Turkey Ennata Kivrina BA School of Business and Finance Latvia Esat Dasdemir Istanbul Gelisim University Turkey Eugen Axel Mihancea West University of Timisoara Romania Eunyoung Yang POSTECH South Korea Evelina Gavėnaitė - Lithuania Evi Rinawati Simanjuntak Bina Nusantara University Indonesia Evren Tok Qatar Faculty of Islamic Studies Qatar Ewa Dziawgo Kazimierz Wielki University Poland F.Y. Eric C. Lam Hong Kong Monetary Authority Hong Kong Fábio Albuquerque Instituto Politécnico de Lisboa Portugal Westminster International University in Farkhod Pulatovich Karimov Uzbekistan Tashkent Fetullah Evliyaoglu Ankara University Turkey Filippo Renga Politecnico di Milano Italy Flavia Barna West University of Timisoara Romania Florentina Xhelili Krasniqi University of Prishtina Kosovo Fulya Acikgoz Bahcesehir University Turkey Shanghai Jiaotong University Medical Ge Shi China School Georges Hübner University of Liège Belgium Georgia Koufioti University of Western Attica Greece The Bucharest University of Economic Giani Ionel Gradinaru Romania Studies, Institute of National Economy Gianni Guastella Università Cattolica Italy Gizem Kaya Istanbul Technical University Turkey Gokhan Çaylak Bahcesehir University Turkey Gokhan Karabulut Istanbul University Turkey Gonca Yilmaz Istanbul Gelisim University Turkey Gordon Y.N. Tang Hong Kong Baptist University Hong Kong Gunes Topcu Canakkale On Sekiz Mart University Turkey Gustavo Di Santo University of Calabria Italy Hakan Erkilic Mersin University Turkey Halil Erdogan Eskisehir Osmangazi University Turkey Halil Semih Kimzan Eskisehir Osmangazi University Turkey Haluk Yergin Van Yuzuncu Yil University Turkey Hang Thu Hoang University of Economics Ho Chi Minh City Vietnam Hari Wahyono Universitas Negeri Malang Indonesia Hasan Teyfik Senli Ufuk University Turkey Henda El-Amri University of Sousse Tunisia Hristina Oreshkova University of National and World Economy Bulgaria Huseyin Cirpan Istanbul Medipol University Turkey Huseyin Guler Cukurova University Turkey Ifa Riefanti Nabila Bina Nusantara University Indonesia Igor Kovacevic Faculty of Economics University of Belgrade Serbia Agricultural Economics and Rural Imre Ferto Hungary Development Ioannis Giotopoulos University of Peloponnese Greece Ireen Choga North West University South Africa

127 United Irem Erten Warwick Business School Kingdom Irwan Trinugroho Universitas Sebelas Maret Indonesia Isabel Maldonado Universidade Portucalense Portugal The Institute for Development and Ivana Biondic Croatia International Relations Jacek Witkowski Lublin University of Technology Poland Jale Sozer Oran Marmara University Turkey James Park Korea University South Korea Jan Wuestenfeld Ruhr University of Bochum Germany Jana Helová Tomas Bata University in Zlín Czech Republic Jekaterina Kuzmina BA School of Business and Finance Latvia Jing Lian Suah Central Bank of Malaysia Malaysia Joanna Małecka The Poznań University of Technology Poland Joao Estevao ISEG Portugal Jokull Johannesson University of Agder Norway Jonathan Batten RMIT University Australia Jonathan Pogach Federal Deposit Insurance Corporation U.S.A. Jorge Eduardo Vila Biglieri The Vigo University Spain Jose M. Barrutia University of the Basque Country Spain José María Gómez Gras Miguel Hernandez University Spain Friedrich-Alexander-University Erlangen- Josephine Fischer Germany Nuremberg Juhaizi Mohd Yusof Universiti Malaysia Terengganu Malaysia Junainah Binti Mohd Mahdee Multimedia University Malaysia Justinė Jurova - Lithuania K. Ozgur Demirtas Sabanci University Turkey Katharina Stolz University of Stuttgart Germany Kathleen Renatha Wiryaatmaja Bina Nusantara University Indonesia Kezban Talak Yeditepe University Turkey The Klaus F. Zimmermann Maastricht University Netherlands Koichi Nakagawa Osaka University Japan Konstantinos Marinopoulos University of Peloponnese Greece Krzysztof Dmytrów University of Szczecin Poland Krzysztof Marecki Warsaw School of Economics Poland Ladislav Sojka Faculty of Management Slovakia Lamiha Ozturk Hasan Kalyoncu University Turkey Laura Grassi Politecnico di Milano Italy Laura Milos West University of Timisoara Romania Levent Guntay Ozyegin University Turkey Liliana Feleagă Bucharest University of Economic Studies Romania Liliana Mihaela Moga Dunarea de Jos University of Galati Romania National Technical University of Ukraine Liubov Smoliar Ukraine “Igor Sikorsky Kyiv Polytechnic Institute” Romanian Academy, Institute of National Loredana Văduva (ENE) Romania Economy, Bucharest Luca Federico Battanta Politecnico di Milano Italy Lukman Ayinde Olorogun Istanbul Gelisim University Turkey M. Arcan Tuzcu Ankara University Turkey Mª Jose Alarcon Miguel Hernández University Spain Business School of Tunis, Compus La Mahmoud Zouaoui Tunisia Manouba Mai Thi Thanh Doan University of Economics Ho Chi Minh City Vietnam Maisarah Sebadak Universiti Malaysia Terengganu Malaysia Manuel Luna University of Cantabria Spain

128 Marco Giorgino Politecnico di Milano Italy Universita Cattolica del Sacro Cuore in Marco Vivarelli Italy Milano Católica Porto Business School, Maria Alice Trindade Portugal Universidade Católica Portuguesa Maria Cavadas ISCTE-IUL Portugal Maria do Rosário Alves Moreira Universidade do Porto Portugal Maria Gracner University of Ljubljana Slovenia Maria Vlachadi University of Nicosia-Cyprus Greece Mariam Kutateladze Ivane Javakhishvili Tbilisi State University Georgia Marie Paseková Tomas Bata University in Zlín Czech Republic Marijana Tusheva Statte Statistical Office of RNM Macedonia Marilen Gabriel Pirtea West University of Timisoara Romania Marius Milos West University of Timisoara Romania Marko Košak University of Ljubljana Slovenia Matteo Mazzarano Universit`a Cattolica del Sacro Cuore Italy Mehmet Fatih Ekinci Atilim University Turkey Mehmet Fatih Ustdag Bahcesehir University Turkey Mehmet Huseyin Bilgin Istanbul Medeniyet University Turkey Mehmet Okan Artvin Coruh University Turkey Mehtap Aldogan Eklund University of Wisconsin la Crosse U.S.A. Mei Ling Wong Lingnan University Hong Kong Michael Hernando Sarmiento Munoz Universidad Nacional de Colombia Colombia Friedrich-Alexander University Erlangen- Michael Thomas Dimmer Germany Nuremberg Michal Šindelář Tomas Bata University in Zlín Czech Republic Mihaela Luminita Dumitrascu Bucharest University of Economic Studies Romania United Mike Martin Northumbria University Kingdom Mile Bošnjak University of Zagreb Croatia Miroslava Dolejšová Tomas Bata University in Zlín Czech Republic Mirwais Follad Eskisehir Osmangazi University Turkey The Bucharest University of Economic Mohamad Youness Romania Studies Universidade Portucalense Infante D. Mónica Isabel Lopes Azevedo Portugal Henrique Monsurat Ayojimi Salami International Islamic University Malaysia Malaysia Muge Akkor Koktekin Yeditepe University Turkey Muhsin Fuat Bayik Istanbul Medipol University Turkey Murat Demirci Koc University Turkey Murat Saglam Ibn Haldun University Turkey Mustafa Oztekin Sabanci University Turkey Mustafa Torusdag Van Yuzuncu Yil University Turkey Muzaffer Akat Ozyegin University Turkey Myriam García-Olalla University of Cantabria Spain Nakamura Tamotsu Kobe University Japan Nana Katsitadze Ivane Javakhishvili Tbilisi State University Georgia Universidade Portucalense Infante D. Natacha Silva Portugal Henrique Natalia Nehrebecka Warsaw University Poland Universidade Portucalense Infante D. Natércia Durão Portugal Henrique Nesenur Altinigne Istanbul Bilgi University Turkey Nexhmie Berisha Vokshi University of Prishtina Kosovo Nhi Le Thao Phan University of Economics Ho Chi Minh City Vietnam

129 United Nick K. T. Yip University of East Anglia Kingdom Nida Turegun Ozyegin University Turkey Nihal Bayraktar Penn State University U.S.A. Nikolay Voytov MGIMO/HSE Russia Niray Tuncel Hacettepe University Turkey Nitish Kumar University of Florida U.S.A. Noor Sufiawati Khairani Universiti Teknologi MARA Malaysia Norlaila Md Zin Universiti Teknologi MARA Malaysia Noryati Md Noor Universiti Teknologi MARA Malaysia Oktofa Yudha Sudrajad Institut Teknologi Bandung (ITB) Indonesia National Technical University of Ukraine Olha Ilyash Ukraine “Igor Sikorsky Kyiv Polytechnic Institute” Oscar Fernando Castellanos Universidad Nacional Colombia Oscar Mauricio Cruz Universidad Central de Colombia Colombia Osman Yildirim Istanbul Arel University Turkey Ozcan Ozturk Hamad bin Khalifa University Qatar Ozge Demir Istanbul Technical University Turkey United Paul Cowley University of Bolton Kingdom United Paul Hollins University of Bolton Kingdom Paula Gomes dos Santos ISCAL/IPL Portugal Paulo Dias ISCTE-IUL Portugal Paulo S. A. Sousa Universidade do Porto Portugal Priyanka Patel North West University South Africa Quynh Nhu Vo University of Economics Ho Chi Minh City Vietnam Raed Reda Obaid King Abdulaziz University Saudi Arabia Raifcan Simsir SouthEast European University Macedonia Ralph Sonenshine American University U.S.A. Raluca Popa West University of Timisoara Romania Rawia Reda Obaid King Abdulaziz University Saudi Arabia Raziye Selim Istanbul Technical University Turkey Reem AlHababi Hamad bin Khalifa University Qatar Universidade Portucalense Infante D. Ribeiro Diamantino Portugal Henrique Universidade Portucalense Infante D. Ribeiro João Portugal Henrique Riccardo Christopher Spani Fondazione Eni Enrico Mattei Italy Riccardo Turati Université Catholique de Louvain Belgium United Rob Wilson Northumbria University Kingdom Robert Kaše Faculty of Economics of Ljubljana Slovenia United Rodrigo Perez-Vega University of Reading Kingdom Rogério Serrasqueiro ISCTE-IUL Portugal National Research University Higher School Roman Kudrov Russia of Economics United Roshan Panditharathna OLC-Europe LTD Kingdom United Rui Liu Newcastle University Kingdom The Bucharest University of Economic Ruxandra Trifan Romania Studies Ryan Wai Cheong Shum The Open University of Hong Kong Hong Kong United Sabina Levitan University of Westminster London Kingdom

130 Safak Oz Aktepe Bahcesehir University Turkey Salih Turan Katircioglu Eastern Mediterranean University North Cyprus Saltuk Agiralioglu Hasan Kalyoncu University Turkey Salvatore Perri University of Magna Graecia Italy Samah Chemli Horchani Tunis El-Manar University, FSEGT Tunisia Samuel Louis Oswald Georgetown University U.S.A Sara Siddig Ali Abdalla Osaka University Japan Sariye Belgin Akcay Ankara University Turkey Selami Sula UBT Prishtina Macedonia Senay Kececi Gedik University Turkey Senem Duruel Erkilic Mersin University Turkey Server Demirci Marmara University Turkey Sevgi Sezer University of Balikesir Turkey Shamima Raihan Manzoor Multimedia University Malaysia Shenaj Hadzimustafa SouthEast European University Macedonia Shpresa Syla SouthEast European University Macedonia Sinem Sonmez Fordham University U.S.A Siti Falindah Padlee Universiti Malaysia Terengganu Malaysia Siti Nur 'Atikah Zulkiffli Universiti Malaysia Terengganu Malaysia Slobodan Acimovic University of Belgrade Serbia Sofia Pereira Instituto Politécnico de Lisboa Portugal Sonata Staniulienė Vytautas Magnus University Lithuania Sri Sukma Wahyuni Universitas Syiah Kuala Indonesia Srinivasan Jayashree Multimedia University Malaysia Friedrich-Alexander-University Erlangen- Stefan Arnold Germany Nuremberg Stefan Jacewitz Federal Deposit Insurance Corporation U.S.A. Stefano Pareglio Catholic University of the Sacred Hearth Italy Stoica Liviu Adrian Bucharest University of Economic Studies Romania Suat Kucukcifci Istanbul Technical University Turkey Suleyman Degirmen Konya Food and Agriculture University Turkey Sultan Begum Ata Beykent University Turkey Sven Packmohr Malmö University Sweden Bosnia and Svetlana Sabljic University of Banja Luka Herzegovina Taher Hamza University of ’Orléans France Taksaorn Phuchongpravech Chulalongkorn University Thailand Talnan Aboulaye Toure Kobe University Japan Tamar Atanelishvili Ivane Javakhishvili Tbilisi State University Georgia Tamer Aksoy Ibn Haldun University Turkey Tatjana Aubram St. Pölten University of Applied Sciences Austria Tatjana Volkova BA School of Business and Finance Latvia Teo Geldner University of Greifswald Germany Teuta Veseli-Kurtishi SouthEast European University Macedonia Thanee Chaiwat Chulalongkorn University Thailand Thanwa Benjawan Payap University Thailand Thy Phuong Le University of Economics Ho Chi Minh City Vietnam Tomasz Gigol SGH Warsaw School of Economics Poland Tran Quy Bao Bui University of Economics Ho Chi Minh City Vietnam Ttcucf Zhang University of Central Florida U.S.A. Turgay Avci Eastern Mediterranean University North Cyprus Ubaldo Comite University of Calabria Italy Ugur Yetkin Istanbul Technical University Turkey United Usha Sundaram University of East Anglia Kingdom

131 Veljko Mijušković University of Belgrade Serbia Viktória Szente Kaposvár University Hungary Virginia Bodolica American University of Sharjah U.A.E. Vlatka Bilas University of Zagreb Croatia Volker Koch Graz University of Technology Austria Wahjoedi Universitas Negeri Malang Indonesia Weidong Xia Florida International University U.S.A. United Wiku Suryomurti University of Glasgow Kingdom William E. Shafer Lingnan University Hong Kong Woradee Jongadsayakul Kasetsart University Thailand Xia Yang Shenkang Hospital Management Group China Xiaoyan Huang City University of Macau Macau Ya Li The Open University of Hong Kong Hong Kong Yigit Atilgan Sabanci University Turkey United Yilmaz Yildiz University of Huddersfield Kingdom Yodmanee Tepanon Kasetsart University Thailand Yusuf Omur Yilmaz Mardin Artuklu Univeristy Turkey Zehra Vildan Serin Hasan Kalyoncu University Turkey Zeynep Hale Oner Gedik University Turkey United Zhaotao Tan University of Central Lancashire Kingdom Zrinka Lacković Vincek University of Zagreb Croatia Institute of Economics, Centre for Economic Zsófia Benedek Hungary and Regional Studies

132 33rd EBES CONFERENCE - MADRID

SAVE THE DATE for the upcoming 33rd EBES Conference - Madrid (Online/Virtual Presentation Option) October 7-9, 2020

Hosted by Faculty of Economics and Business, UNED

Abstract submission for the 33rd EBES Conference is now open. The deadline for the submission is August 14, 2020.

34th EBES CONFERENCE - ATHENS

SAVE THE DATE for the upcoming 34th EBES Conference - Athens (Online/Virtual Presentation Option) January 6-7-8, 2021

Hosted by Department of Economics School of Economics, Business and International Studies University of Piraeus

Abstract submission for the 34th EBES Conference is now open. The deadline for the submission is October 31, 2020.

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