Pub Date : 2019-05-30DOI: 10.17015/EJBE.2019.023.06
M. Kumar
This paper extends Boyle and Guthrie (2003) to investigate the interdependent effects of asymmetric financing capacities and investment costs on investment timing decisions in a duopoly with a first-mover advantage. We demonstrate several novel findings. First, suffering a significant cost disadvantage, the supplier with a larger financing capacity can still be the leader when the risk of future funding shortfalls is relatively high. Second, a weaker supplier with a significant lower financing capacity and a small cost disadvantage can even be the leader under some degree of the risk of future funding shortfalls. In addition, the weaker supplier that is still more liquidity constrained cannot be the leader anymore as its financing capacity improves and closes to that of the rival. Third, only when the risk of future funding shortfalls is relatively low, small asymmetry of investment costs can make the rival’s preemption threat effective. Finally, higher project return volatility can lead to a change of the supplier’s role from a follower to a leader under some degree of the risk of future funding shortfalls, thereby lowering the supplier’s optimal investment trigger.
{"title":"Asymmetric Suppliers’ Optimal Investment Timing Decisions","authors":"M. Kumar","doi":"10.17015/EJBE.2019.023.06","DOIUrl":"https://doi.org/10.17015/EJBE.2019.023.06","url":null,"abstract":"This paper extends Boyle and Guthrie (2003) to investigate the interdependent effects of asymmetric financing capacities and investment costs on investment timing decisions in a duopoly with a first-mover advantage. We demonstrate several novel findings. First, suffering a significant cost disadvantage, the supplier with a larger financing capacity can still be the leader when the risk of future funding shortfalls is relatively high. Second, a weaker supplier with a significant lower financing capacity and a small cost disadvantage can even be the leader under some degree of the risk of future funding shortfalls. In addition, the weaker supplier that is still more liquidity constrained cannot be the leader anymore as its financing capacity improves and closes to that of the rival. Third, only when the risk of future funding shortfalls is relatively low, small asymmetry of investment costs can make the rival’s preemption threat effective. Finally, higher project return volatility can lead to a change of the supplier’s role from a follower to a leader under some degree of the risk of future funding shortfalls, thereby lowering the supplier’s optimal investment trigger.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90393508","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.17015/EJBE.2019.023.02
Mersid Poturak, S. Softic
Social media is forming an increasingly central part of how companies communicate their marketing strategies to their customers. This study aims to provide an empirical analysis of the impact social media communication has on brand equity and purchase intention using linear regression. Before conducting the analysis, a systematic literature review has been carried out in order to understand how the dimensions of social media create word of mouth i.e. electronic word of mouth (eWOM) on social media platforms and how this e-WOM further influences brand equity and customers’ purchase intention of domestic brands in Bosnia and Herzegovina. 300 data sets were collected through a standardized online survey and analyzed in SPSS with the conclusion that all the constructs identified in this research have a significantly high correlation and impact on a customer’s decision to buy a domestic product The results of the empirical study showed that both firmcreated and user-generated social media communication influence brand equity which creates of a fully mediated effect between e-WOM and the purchase intention.
{"title":"Influence of Social Media Content on Consumer Purchase Intention: Mediation Effect of Brand Equity","authors":"Mersid Poturak, S. Softic","doi":"10.17015/EJBE.2019.023.02","DOIUrl":"https://doi.org/10.17015/EJBE.2019.023.02","url":null,"abstract":"Social media is forming an increasingly central part of how companies communicate their marketing strategies to their customers. This study aims to provide an empirical analysis of the impact social media communication has on brand equity and purchase intention using linear regression. Before conducting the analysis, a systematic literature review has been carried out in order to understand how the dimensions of social media create word of mouth i.e. electronic word of mouth (eWOM) on social media platforms and how this e-WOM further influences brand equity and customers’ purchase intention of domestic brands in Bosnia and Herzegovina. 300 data sets were collected through a standardized online survey and analyzed in SPSS with the conclusion that all the constructs identified in this research have a significantly high correlation and impact on a customer’s decision to buy a domestic product The results of the empirical study showed that both firmcreated and user-generated social media communication influence brand equity which creates of a fully mediated effect between e-WOM and the purchase intention.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79748375","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2019-05-30DOI: 10.17015/EJBE.2019.023.01
Nicolas Hamelin, Kabir Mandrekar, T. Harcar
In an unprecedented event, the current ruling party of India – the BJP - won the UP election in 2017 after 15 years of domination by the Congress. In 2016, when all the pollsters and pundits statistically analyzed the ongoing election for US Presidency and predicted a Hillary Clinton victory, they all got it wrong. While the results seem miraculous in the eyes of the experts, the careful strategy executed by the political campaigners of all these parties involved a unique process of market segmentation, but more importantly, an effective manipulation of social media that was strong enough to change voting behavior. In this research we conducted a study that mimicked a social media political campaign of three Indian political parties and measured the effect of positive and negative fake news on the voting intention of the Indian millennial. We submitted the participants to a series or positive or negative news – all fabricated – about 3 main Indian political figures, Rahul Gandhi, Arvind Kejriwal and Narendra Modi, while monitoring their subconscious emotional state. The results were stunning. We found that a mere 60 seconds was enough to heighten the participant emotional state and significantly alter participant perception and ratings about these politicians.
{"title":"Negative Marketing in Political Campaigns and Its Effect on the Voting Decision of the Indian Millennial","authors":"Nicolas Hamelin, Kabir Mandrekar, T. Harcar","doi":"10.17015/EJBE.2019.023.01","DOIUrl":"https://doi.org/10.17015/EJBE.2019.023.01","url":null,"abstract":"In an unprecedented event, the current ruling party of India – the BJP - won the UP election in 2017 after 15 years of domination by the Congress. In 2016, when all the pollsters and pundits statistically analyzed the ongoing election for US Presidency and predicted a Hillary Clinton victory, they all got it wrong. While the results seem miraculous in the eyes of the experts, the careful strategy executed by the political campaigners of all these parties involved a unique process of market segmentation, but more importantly, an effective manipulation of social media that was strong enough to change voting behavior. In this research we conducted a study that mimicked a social media political campaign of three Indian political parties and measured the effect of positive and negative fake news on the voting intention of the Indian millennial. We submitted the participants to a series or positive or negative news – all fabricated – about 3 main Indian political figures, Rahul Gandhi, Arvind Kejriwal and Narendra Modi, while monitoring their subconscious emotional state. The results were stunning. We found that a mere 60 seconds was enough to heighten the participant emotional state and significantly alter participant perception and ratings about these politicians.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"88 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85595903","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.17015/ejbe.2018.022.05
Ivana Božić Miljković
{"title":"Economic Cooperation between Serbia and the Member States of the Eurasian Economic Union: Constraints and Potentials","authors":"Ivana Božić Miljković","doi":"10.17015/ejbe.2018.022.05","DOIUrl":"https://doi.org/10.17015/ejbe.2018.022.05","url":null,"abstract":"","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85891990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.17015/EJBE.2018.022.02
Morshedur Rahman, A. Chowdhury, Mouri Dey
This paper attempts to analyse the relationships between risk-taking, capital regulation and performance in banking sector of Bangladesh. We use Generalized Methods of Moments (GMM) in an unbalanced panel data using 38 commercial banks of Bangladesh for a period of 2007-2016. The empirical results show a significant negative relation between risk taking and capital regulation. Results also reveal that there is a significant positive relation between capital regulation and performance, and a significant negative relation between risk and performance. This study provides various suggestions about risk management and capital adequacy for the regulators, stakeholders and government.
{"title":"Relationship between Risk-taking, Capital Regulation and Bank Performance: Empirical Evidence from Bangladesh","authors":"Morshedur Rahman, A. Chowdhury, Mouri Dey","doi":"10.17015/EJBE.2018.022.02","DOIUrl":"https://doi.org/10.17015/EJBE.2018.022.02","url":null,"abstract":"This paper attempts to analyse the relationships between risk-taking, capital regulation and performance in banking sector of Bangladesh. We use Generalized Methods of Moments (GMM) in an unbalanced panel data using 38 commercial banks of Bangladesh for a period of 2007-2016. The empirical results show a significant negative relation between risk taking and capital regulation. Results also reveal that there is a significant positive relation between capital regulation and performance, and a significant negative relation between risk and performance. This study provides various suggestions about risk management and capital adequacy for the regulators, stakeholders and government.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79813447","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.17015/EJBE.2018.022.03
O. Şahin
This study is based on the non-financial companies within the fragile five countries (Turkey, Brazil, South Africa, India and Indonesia) during the period of 2004-2013. The factors affecting capital structure were assessed along with micro and macro variables for these countries. The micro variables (firm specific) included in the model were the debt taken in the previous year, firm size, growth, industry debt average, and the tangibility and profitability ratio; GDP growth, inflation and exchange rate change were included in the model as macroeconomic variables. Also, the effects of financial crises were analyzed by treating pre- and post-2008 crisis periods separately. Panel data analysis techniques are used to identify the relationships between these determinants and capital structure. The relationship between the real effective exchange rate and the debt ratio was positive in the precrisis five-country model, but it turned negative in the post-crisis model. A statistically significant relationship was discovered between the GDP growth rate and the debt ratio only for Turkey for the full period (2004-2013) and for India for the period between 2006 and 2013. On the other hand, a positive relationship was found between the inflation rate and the debt ratio for the general (2004-2013) and post-crisis models.
{"title":"Firm Specific and Macroeconomic Determinants of Capital Structure: Evidence from Fragile Five Countries","authors":"O. Şahin","doi":"10.17015/EJBE.2018.022.03","DOIUrl":"https://doi.org/10.17015/EJBE.2018.022.03","url":null,"abstract":"This study is based on the non-financial companies within the fragile five countries (Turkey, Brazil, South Africa, India and Indonesia) during the period of 2004-2013. The factors affecting capital structure were assessed along with micro and macro variables for these countries. The micro variables (firm specific) included in the model were the debt taken in the previous year, firm size, growth, industry debt average, and the tangibility and profitability ratio; GDP growth, inflation and exchange rate change were included in the model as macroeconomic variables. Also, the effects of financial crises were analyzed by treating pre- and post-2008 crisis periods separately. Panel data analysis techniques are used to identify the relationships between these determinants and capital structure. The relationship between the real effective exchange rate and the debt ratio was positive in the precrisis five-country model, but it turned negative in the post-crisis model. A statistically significant relationship was discovered between the GDP growth rate and the debt ratio only for Turkey for the full period (2004-2013) and for India for the period between 2006 and 2013. On the other hand, a positive relationship was found between the inflation rate and the debt ratio for the general (2004-2013) and post-crisis models.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"250 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76298978","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.17015/EJBE.2018.022.01
J. Pillai, Aureliu Sindila, A. Nagornova
The growth of knowledge-intensive societies has brought dramatic changes to the higher education landscape, changing the role of universities as well as academiaindustry relationship models. The changing roles of universities in teaching, innovation and entrepreneurial enthusiasm impact the national innovation systems of many developed and developing countries. This paper attempts to study existing models of university-industry collaboration in Central Asia, using structured interviews to provide analytical and practically applicable strategies to address various issues in higher education.
{"title":"Research and Development Transformation in Central Asia: University-led Research Consortiums","authors":"J. Pillai, Aureliu Sindila, A. Nagornova","doi":"10.17015/EJBE.2018.022.01","DOIUrl":"https://doi.org/10.17015/EJBE.2018.022.01","url":null,"abstract":"The growth of knowledge-intensive societies has brought dramatic changes to the higher education landscape, changing the role of universities as well as academiaindustry relationship models. The changing roles of universities in teaching, innovation and entrepreneurial enthusiasm impact the national innovation systems of many developed and developing countries. This paper attempts to study existing models of university-industry collaboration in Central Asia, using structured interviews to provide analytical and practically applicable strategies to address various issues in higher education.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"19 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86904723","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-30DOI: 10.17015/EJBE.2018.022.04
Bugra Erkartal, L. Özdamar
This study proposes a novel model for predicting 5 days’ ahead share price direction of GARAN (Garanti Bankasi A.Ş.), an equity share that is the top traded stock in BIST100, Istanbul Stock Exchange -Turkey. The first model includes global macroeconomic indicators as well as local inputs whereas the second model is focused more on local inputs. The performances of the two models are tested using Support Vector Machines (SVM), Neural Network with Back-Propagation (BPN), and Decision Tree (DT) algorithms. Though BPN and SVM have previously been used to predict BIST100 Index movement, DT has not been utilized before with this purpose. Forecasting is carried out tested for a time span of about 6 months on a rolling horizon basis, that is, algorithms are re-run weekly with updated data to generate daily buy/sell signals for the next week. A simple trading strategy is implemented based on buy/sell signals to calculate the rate of return on investment during the testing period. The results illustrate that DT having 80% prediction accuracy outperforms BPN and SVM that achieve 60% accuracy. Consequently, DT achieves a higher rate of return.
{"title":"Generating Buy/Sell Signals for an Equity Share Using Machine Learning","authors":"Bugra Erkartal, L. Özdamar","doi":"10.17015/EJBE.2018.022.04","DOIUrl":"https://doi.org/10.17015/EJBE.2018.022.04","url":null,"abstract":"This study proposes a novel model for predicting 5 days’ ahead share price direction of GARAN (Garanti Bankasi A.Ş.), an equity share that is the top traded stock in BIST100, Istanbul Stock Exchange -Turkey. The first model includes global macroeconomic indicators as well as local inputs whereas the second model is focused more on local inputs. The performances of the two models are tested using Support Vector Machines (SVM), Neural Network with Back-Propagation (BPN), and Decision Tree (DT) algorithms. Though BPN and SVM have previously been used to predict BIST100 Index movement, DT has not been utilized before with this purpose. Forecasting is carried out tested for a time span of about 6 months on a rolling horizon basis, that is, algorithms are re-run weekly with updated data to generate daily buy/sell signals for the next week. A simple trading strategy is implemented based on buy/sell signals to calculate the rate of return on investment during the testing period. The results illustrate that DT having 80% prediction accuracy outperforms BPN and SVM that achieve 60% accuracy. Consequently, DT achieves a higher rate of return.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"9 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75251942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-30DOI: 10.17015/ejbe.2018.021.07
I. Yilmaz, G. Acar
{"title":"The Effects of Intellectual Capital on Financial Performance and Market Value: Evidence from Turkey","authors":"I. Yilmaz, G. Acar","doi":"10.17015/ejbe.2018.021.07","DOIUrl":"https://doi.org/10.17015/ejbe.2018.021.07","url":null,"abstract":"","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"116 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79542474","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-05-30DOI: 10.17015/EJBE.2018.021.02
A. Khaleque
Bangladesh adopts labor intensive industrialization and inclusive finance strategy to fight against poverty. The strategies help the disadvantaged women empower and encourage doing something independently. But most of women entrepreneurs concentrated on major four types of businesses: parlor, boutique, clothing and fashion, which limit access to finance. The lack of access to finance was suspected to hamper their business growth. To understand such relationship, the descriptive as well as econometric tools and techniques were used. Durbin-Wu-Hausman test was used to test the endogeneity of the loan size. The test statistics suggest that the loan size is exogenous. Therefore, using the simple OLS method with various forms of error variances the regression results are estimated. Finally, the Feasible GLS method has been used to correct the heteroscedasticity problem. The result shows that the credit constraints and the credit size affect the monthly turnover of women entrepreneurs. The relaxation of credit constraint increases 6 percent monthly turnovers holding other things remaining same and so, it can be concluded that relaxing credit constraints improves business performance of women entrepreneurs.
{"title":"Performance of Women Entrepreneurs: Does Access to Finance Really Matter?","authors":"A. Khaleque","doi":"10.17015/EJBE.2018.021.02","DOIUrl":"https://doi.org/10.17015/EJBE.2018.021.02","url":null,"abstract":"Bangladesh adopts labor intensive industrialization and inclusive finance strategy to fight against poverty. The strategies help the disadvantaged women empower and encourage doing something independently. But most of women entrepreneurs concentrated on major four types of businesses: parlor, boutique, clothing and fashion, which limit access to finance. The lack of access to finance was suspected to hamper their business growth. To understand such relationship, the descriptive as well as econometric tools and techniques were used. Durbin-Wu-Hausman test was used to test the endogeneity of the loan size. The test statistics suggest that the loan size is exogenous. Therefore, using the simple OLS method with various forms of error variances the regression results are estimated. Finally, the Feasible GLS method has been used to correct the heteroscedasticity problem. The result shows that the credit constraints and the credit size affect the monthly turnover of women entrepreneurs. The relaxation of credit constraint increases 6 percent monthly turnovers holding other things remaining same and so, it can be concluded that relaxing credit constraints improves business performance of women entrepreneurs.","PeriodicalId":30328,"journal":{"name":"Eurasian Journal of Business and Economics","volume":"122 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2018-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88137327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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