The aim of this study is to estimate the extent of exchange rate exposure of textile and leather firms listed in Borsa Istanbul (BIST), and determine why some firms are exposed highly and the others are not.  GARCH analysis was used to find the total exposure of these firms between 2005-2011. All the firms in the sample were exposed to foreign exchange exposure at least twice in the analysis period. Approximately 40% of firms in the sample were affected by the fluctuations in values of both US Dollar and Euro in each year between 2005-2011. For Dollar exposure, we found that there were no statistically significant differences between exposed and unexposed firms in terms of the share of foreign sales and foreign assets, currency position and firm size. However in terms of Euro exposure, the results of t-tests showed that firms that were exposed significantly to Euro have higher percentages of foreign sales over total sales, higher foreign assets over foreign liabilities and also higher foreign assets over foreign liabilities ratio.

Keywords:Exchange rate exposure, currency risk, textile and leather industry, GARCH analysis

JEL Classification:F31, G00

The improvement of budget deficits and current account deficits has renewed the debate over the twin deficits hypothesis. This paper examines the validity of the twin deficits hypothesis in nine members of the Organizations for Economic Co-operation and Development (OECD) over the period 1990-2007. We use recently developed panel cointegration tests with structural breaks to assess the relationship between budget deficits and current account deficits. The empirical findings in this paper are as follows: (1) There is a long-run relationship between budget deficits and current account deficits for these countries; (2) The empirical result is consistent with the Keynesian proposition.

Keywords:Twin deficits, panel unit root, structural breaks, panel cointegration

JEL Classification:C23, E6, F4

The main purpose of this study is to evaluate education supported corporate social responsibility campaigns from customers’ point of view. Within this scope, corporate social responsibility notion has been explained and especially education based social responsibility campaigns have been evaluated. The population of the study was constituted from the undergraduate students which study in Afyon Kocatepe University. The survey implementation was conducted through 451 participants, which is above the threshold (limit) value of the sample determined in the research, which was n=384. Data obtained in the research were analyzed by using frequency-percentage distribution, arithmetical average and standard deviation values. By using varimax rotation and principal components method, confirming factor analysis was applied in order to determine the representation level of expressions about considerations aimed at social responsibility campaigns supporting education. For statistical comparison of participants’ opinions and their demographic characteristics, independent measurements “t-test” and “Analysis of Variance (ANOVA)” were used. According to the results, customers thought that socially responsible firms’ basic aims are to gain new customers and to enhance their image. However, consumers tend to support these attempts anyhow.

Keywords: Social Marketing, Corporate Social Responsibility, Corporate Social Performance, Consumer Behavior.

The aim of this research is to investigate possible relationships between religiosity levels, personal moral philosophies, ethical perceptions and intentions of associate’s and bachelor’s degree students. Therefore, a survey was conducted on 189 business administration students chosen through convenience sampling at Balıkesir University. In order to measure the respondents’ levels of religiosity and personal moral philosophies, some scales with established validity and reliability in literature were used. Religiosity variable was analyzed both uni- and multi-dimensionally to make a deeper analysis with multidimensional scales. To assess perceived ethical problem and ethical intentions variable, one question for each was developed with scenario method. Structural Equation Model was used in data analysis. The proposed model was composed of seven hypotheses. Religiosity level was independent variable in four of them. In the structure where religiosity variable was used uni-dimensionally, three of the hypotheses were accepted while one of them was rejected. On the other hand, in multidimensional construct three of the hypotheses were partly accepted whereas one of them was rejected. Regarding the three hypotheses without religiosity variable, perceived ethical problem was detected to have a relationship with ethical intentions; nevertheless, no relationship was found between personal moral philosophies (idealism and relativism) and perceived ethical problem.

Keywords: Marketing ethics, religiosity, personal moral philosophies, perceived ethical problem, and ethical intentions.

Intern worker is a personal who receives education in an educational institution and maintains his/her development under an enterprice to improve his/her professional ability and experience. For these workers, whose professional developments proceed, organizational climate is a guiding factor for the development of professional commitment. The purpose of this study is exhibition of that what the effects of organizational climate on the development of intern workers’ professional commitment is. Depending on this purpose, a study was performed about on 317 workers. In the study, seven hypotheses, one main and six subtype hypotheses, was created by identifying professional commitment with the five factor under the organizational climate. As a result of correlational and regressional analyses about the hypotheses, a significant relationship was obtained between the development of intern workers’ professional commitment and each one of all the dimensions of organizational climate’s trust-respect, the manner of leader, satisfaction, communication and the perspective of support. As a result of Mann-Whitney U Test, it was obtained that there is no relationship between the development of intern workers’ professional commitment and their graduated high schools. According to findings, the development of intern workers’ professional commitment is mostly affected by property of “Satisfaction”.

Keywords: Intern Worker, Professional Commitment, Organizational Climate, Dimensions of Climate, Organizational Structure.

Positioning school approach that gives prominence to the effect of positioning and environmental powers in industry and resource-based approach that emphasize the importance of firm’s resource, capabilities and competences are two basic approaches that express firms’ performance differences in strategic management field. Which one of these basic approaches will be chosen occupies an important place in strategic management subjects. Purpose of this study is to reveal preferences of managers and accordingly firms about strategic management approaches in branch of Turkish industry and to determine whether positioning school approach or resource-based approach is efficient and predominant in success of firms from the viewpoints of managers. The research was carried out upon the first 500 big industrial enterprises and second 500 big industrial enterprises carrying on their business in industrial sector in Turkey as published by Istanbul Chamber of Industry (ISO). As a result of the analysis of the acquired data, it has been precipitated that in Turkey, managers of the biggest 1000 industrial enterprises, accordingly firms, adopt positioning school approach.

Keywords: Strategic Management, Strategic Management Approaches, Positioning School Approach, Resource-Based Approach

According to efficient market hypothesis, investors perceive all available information in the same manner and it is not possible that any investor obtain more profit than others. Various anomalies in stock markets cause the failure of the efficient market hypothesis. Anomalies mean that the returns of the stock market are different on each the time period. The existence of anomalies in stock markets is important for investors. In this study, it is examined to whether there are seasonal anomalies in Istanbul Stock Exchange. For this purpose, it is tested intra-day effect, day of the week effect, the January effect, intra-month effect, turn of the month effect, turn of the year effect and the holiday effect for the period of 2003-2012, using least squares method. According to results, there is an evidence for intra-day effect and day of the week effect in Istanbul Stock Exchange for this period.

Keywords: Seasonal anomalies, Stock market, Market efficiency hypothesis, Least squares, Dummy variable regression.

The aim of this study was to evaluate the effects of economical crises occurred in Turkey in 1994 and 2001 and encountered globally in 2008 on Turkish Manufacture Industry. For this aim, effects of the crises on the manufacture industry were revealed by Factor and Discrimination Analysis using financial ratios. In this study, financial ratios, liquidity ratios, ratios related to financial structure, activity ratios, profitability ratios and exchange performance ratios were utilized. 15 financial ratios obtained from the financial statements between 1991 and 2011 of 135 firms operated in manufacture industry and included in İstanbul Stok Exchange (ISE) 100 index were used. Those financial ratios were grouped in three factors (productivity, risk and profitability) by Factor Analysis. Discrimination Analysis was treated to those three factors and the efficiencies of those factors in the discrimination of pre- and post of 1994, 2001 and 2008 crises were formulized. In the results, risk and profitability were found to be efficient, but productivity was inefficient.

Keywords: Financial Crisis, Manufacturing Industry, Financial Ratios, Factor Analysis, Discrimination Analysis

In this study, it was analyzed the structure of stationary of Istanbul Stock Exchange return rate and interest rate series and whether it’s are linear in the period of 1986:01-2012:07. It was used linearity and unit root tests developed by Caner and Hansen (2002). As a result of these tests, it was concluded that the series are non-linear and both of series have two regimes. Besides, it was concluded that both of two regimes have unit root in the series of interest rate and first regime has stationary, second regime has also unit root in Istanbul Stock Exchange return rate series. Finally, the model in which Istanbul Stock Exchange is dependent variable, interest rate is explanatory variable was analyzed whether there is a co integration with Hansen-Seo (2002) test. As a result of analysis it was determined the co integration relationship between the interest rate and Istanbul Stock Exchange return rate.

Keywords: Stock Return Rate, Interest Rate, Non-linearity, Non-Linear Unit Root Test, Non-Linear Cointegration Test, Turkey.

The aim of this study is to research the relationship between the telecommunication infrastructure and economic growth for countries which have different income levels. Along with this purpose, the data collected from 138 countries at total in five different income groups is used with covering the period of the years 1991-2009. As a method, the dynamic panel data analysis which composes the facilities of the cross sectional analysis and the time series analysis is used. The findings indicate that the information and telecommunication technologies are statistically positive and significant determinants of growth for all income groups except for the high income non-OECD group. This positive effect is higher in the low income groups.

Keywords:Information and Telecommunication Technologies, Growth, Information Society, Panel Data Analysis.