BUSINESS AND ECONOMICS RESEARCH JOURNAL

This study gives guidance on the transaction cost factors triggering the organizational choice among alternative governance forms and aims to identify areas for future research. Providing an introductory discussion on the role of transaction cost theory in the tradition of new institutional economics the study here treats the explanation capacity on governance issue of the conceptual models based on transaction cost theory from a critical perspective. Ongoing empirical research on governance choice provides findings supported by the arguments of resource-based view and relational view of governance in addition to the transaction cost theory. Accordingly, this study concludes by providing some insights on possible areas of future research.

Keywords:Transaction cost theory, governance choice, governance problems, empirical literature

In this study, integration degrees of monthly logarithmic return series of ISE100 Index, interest rate, and exchange rate basket, are estimated for last 60 months by using monthly time series of 2002-2012. According to the results of the analysis, FI degrees at 24 month period between 2008-2009 years, when USA based global mortgage crises was effected, the average of FI degrees in the following 36 months period, their statistical significance prominently increased in all series. In spite of the improvement in integration degrees, average value of last 36 month FI degrees of ISE100 series are even at low values and weak in terms of statistically significance. Even if estimated FI values of ISE100 Index and interest rate are weak in terms of statistically significance, these series sometimes have the long memory properties. Then, it cannot be wrong to accept interest rate and especially ISE100 Index behave with respect to short term dynamics. However, exchange rate series for the same period has the evident properties of medium memory FI degree with -0.23117.

Keywords:Fractional integration, FI parameter, financial time series.

In this study, asymmetric behavior of unemployment rate is investigated between years 1923 and 2011. In this regard, we employ linear unit root tests and Markov Switching model. According to unit root test results, unemployment rate data is not stationary in level, while the first difference of data is stationary. Markov switching analysis results indicate that the unemployment rate behaves asymmetrically between years 1923 and 1950, continuously. In the light of these results, it is understood that the structure of unemployment rate is nonlinear and it moves between two regimes. Another important result is that there are rigidities in unemployment rate after 50’s. The unemployment rate does not decrease below percentage 7 since 1974, except 1996, 1998 and 2000. In a manner of speaking, after it shifted to contraction regime, the unemployment rate keeps in this regime. In this concept, unemployment rate represents a downward rigidity between years 1950 and 2011.

Keywords:Unemployment rate, Unit root tests, BDS test, Nonlinearity, Markov switching model.

Means – end chain (MEC) theory and laddering technique uncovers the decision making process of consumers related to marketing offerings such as goods, services and experiences in a cognitive approach from a consumer perspective view which are popularly used approaches in marketing context. The purpose of the study is to discusss and present the laddering techique to Turkish literature, which is a frequently used qualitative research method in consumer behavior, both with related theoretical structure and practice. With this purpose, the overview of the literature within the frame of means – end chain theory, practices in consumer behavior, laddering technique, data collection, data analyze and interperation steps, limits of the laddering technique and alternatives of soft laddering (hard laddering) is discussed. Laddering technique among with alternative data collection tools are anticipated Turkish researchers’ interest.

Keywords:Means – end chain (MEC), laddering technique, hard laddering, qualitative research, consumer behavior.

Beyond satisfying needs, customer value is the key to establish and maintain long run relationships. Hence, providing excellent customer value as a driving force of customer relationships management performance plays a key role in gaining sustainable competitive advantage. The aim of this research is to investigate the relationships among dimensions of customer value, customer satisfaction, brand loyalty and customer relationship management performance. Data obtained from customers of thermal hotels in Afyon, was analyzed by using Structural Equation Modeling (SEM). Results reveal that emotional value being the most influential dimension and social value being the least influential one, dimensions of customer value affect customer satisfaction directly by 80%. Besides, it is revealed that customer satisfaction has strong effect on customer relationship management performance and brand loyalty and considerable part of this effect is mediated by the indirect effect of customer value. Thus, we can say that dimensions of customer value has an indirect effect on customer relationship management performance and brand loyalty mediated by customer satisfaction.

Keywords:Customer Value, Customer Satisfaction, Brand Loyalty, Customer Relationship Management Performance

This study aims to explain the factors affecting the profitability among Turkish industrial firms. The determination of the factors which may influance profitability enables firms to work more effectively and to control their profits much easily. For this reason, the top 500 and the second batch of 500 largest firms, determined each year by Istanbul Chamber of Industry, have been taken as the data set. Panel data pertaining, to the top 1000 firms have been analyzed. It has been found that there is an inverse relationship between profitability rate and level of debt. The relationship between profitability and size has also been found as inverse. On the other hand, a positive relationship has been found between workforce efficiency and the level of exports of a firm.The findings also suggest that foreign partnership firms are more profitable than domestic businesses and private firms are more profitable mthan state owned firms enterprises.

Keywords:Profitability, Panel Models

This study tests the validity of the Fama and French three-factor asset pricing model on the Istanbul Stock Exchange (ISE). Monthly excess stock returns over the period from 2003 to 2010 are used in the analysis. Realized returns show that portfolios containing large firms have higher average excess returns than portfolios containing smaller sized firms. Generally, portfolios containing low book-to-market ratio firms perform better than those containing high book-to-market ratio firms. Nine portfolios are constructed according to size and book-to-market ratio of firms in order to explain the variations on excess portfolio returns by using market risk factor, size risk factor and book-to-market ratio risk factors. Size factor has no effect on portfolios having big-size firms but can explain the excess return variations on portfolios having small and medium-sized firms. Book-to-market ratio factor has an effect on portfolios with high book-to-market ratio firms. Fama and French three-factor model has power on explaining variations on excess portfolio returns but this power is not strong throughout the test period on the ISE.

Keywords:Asset pricing, book-to-market ratio, Fama and French three factor model, risk, excess return.

The purpose of this paper is to investigate the factors affecting information technology usage behavior of tax office employees in the Black Sea Region of Turkey. To accomplish this purpose, the data is gathered from 133 tax office employees who work in Black Sea Region of Turkey through a questionnaire that is formed with 5-point Likert-type scale. Research model is developed in the light of Theory of Reasoned Action, and a series of analyses is conducted. The predicted hypotheses are tested thought regression analyses. According to results, intention of tax office employees has the high predictive power on information technology usage. Additionally, attitude and subjective norms of tax office employees have an impact on their intention towards information technology usage. However, their attitude has the more predictive power than their subjective norms on their intentions towards information technology usage.

Keywords:Information Technology, Tax Office Employee, Reasoned Action, Intention, Attitude, Subjective Norm

In general, governments attempt to prepare balanced budgets. But countries’ specific economic conditions often lead to politicians to prepare budgets with deficits. However, if the economic policies can not be sustained, economic crisis become unavoidable. There is a causal relationship between tax revenues and increase in public expenditures. This relation could take the form of tax-spend or spend-tax, or both instruments could be synchronized. This study examines Turkey’s budget in respect to taxation and public expenditures. Examination of data for 1924-2009 suggests that it is better first to collect tax revenues and then plan the public spending program.

Keywords:Tax-spend, Spend-tax, Fiscal Synchronization, Cointegration

In this study, relative importance of factors affecting student satisfaction in the context of e-learning are examined. Following a detailed literature review on student satisfaction on e-learning, a model was proposed explaining student satisfaction in the context of e-learning. The factors included in the model are grouped under five headings, formed by fifteen sub-factors. These sub factors are, student-instructor interaction, student’s level of computer usage, student’s attitude towards computer use, instructor’s interest in e-learning, quality of course materials, traceability of student’s development, ease of use of the e-learning system, accessibility to system, quality of interaction with the system, quality, flexibility, currency of the materials, university support services, student tracking and course management. A questionnaire was carried out on 562 students attending to e-learning programs at various levels in order to test the proposed research model. Exploratory factor analysis suggested that the ten factors solution was a better solution than fifteen factors solution. Furthermore, regression analysis findings indicated that only six of the ten factors tend to influence student satisfaction in e-learning.

Keywords:Customer satisfaction, Information Systems, E-learning student satisfaction, exploratory factor analysis regression analysis.