Eurasian Business and Economics Perspectives: Proceedings of the 37th Eurasia Business and Economics Society Conference

391 Pages·2022·9.973 MB·English

by  Mehmet Huseyin Bilgin, Hakan Danis, Ender Demir

Eurasian Studies in Business and Economics 24
Series Editors: Mehmet Huseyin Bilgin · Hakan Danis
Mehmet Huseyin Bilgin
Hakan Danis
Ender Demir   Editors
Eurasian
Business and
Economics
Perspectives
Proceedings of the 37th Eurasia
Business and Economics Society
Conference
Eurasian Studies in Business and Economics
Volume 24
SeriesEditors
MehmetHuseyinBilgin,FacultyofPolitical Sciences,IstanbulMedeniyetUniver-
sity,Istanbul,Turkey
HakanDanis,MUFGUnionBank,SanFrancisco,CA,USA
EurasianStudiesinBusinessandEconomicsistheofficialbookseriesoftheEurasia
Business and Economics Society (www.ebesweb.org). Each issue of the series
includes selected papers from the EBES conferences. The EBES conferences,
which are being held three times a year, have been intellectual hub for academic
discussionineconomics,finance,andbusinessfieldsandprovidenetworkopportu-
nities for participants to make long lasting academic cooperation. Each conference
features around 250 research articles presented and attended by almost
500 researchers from more than 60 countries around the World. Theoretical and
empiricalpapersintheseriescoverdiverseareasofbusiness,economics,andfinance
from many different countries, providing a valuable opportunity to researchers,
professionals,andstudentstocatchupwiththemostrecentstudiesinadiverseset
offieldsacrossmanycountriesandregions.
(cid:129) (cid:129)
Mehmet Huseyin Bilgin Hakan Danis
Ender Demir
Editors
Eurasian Business
and Economics Perspectives
Proceedings of the 37th Eurasia Business
and Economics Society Conference
Editors
MehmetHuseyinBilgin HakanDanis
IstanbulMedeniyetUniversity MUFGUnionBank
Fatih,Istanbul,Turkey SanFrancisco,CA,USA
EnderDemir
ReykjavikUniversity
Reykjavík,Iceland
ISSN2364-5067 ISSN2364-5075 (electronic)
EurasianStudiesinBusinessandEconomics
ISBN978-3-031-15530-7 ISBN978-3-031-15531-4 (eBook)
https://doi.org/10.1007/978-3-031-15531-4
Theauthorsofindividualpapersareresponsiblefortechnical,content,andlinguisticcorrectness.
©TheEditor(s)(ifapplicable)andTheAuthor(s),underexclusivelicensetoSpringerNatureSwitzerland
AG2022
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Preface
This is the 24th issue of the Springer’s series Eurasian Studies in Business and
Economics,whichistheofficialbookseriesoftheEurasiaBusinessandEconomics
Society(EBES,www.ebesweb.org).Thisissueincludesselectedpaperspresentedat
the 37th EBES Conference—Berlin that was held on October 6, 7, and 8, 2021,
withthesupportoftheIstanbulEconomicResearchAssociationandincollab-
oration with the FOM University of Applied Sciences. Due to COVID-19, the
conferencepresentationmodehasbeenswitchedto“online/virtualpresentation
only.”
Wearehonoredtohavereceivedtop-tierpapersfromdistinguishedscholarsfrom
all over the world. We regret that we were unable to accept more papers. In the
conference,177paperswillbepresentedand379colleaguesfrom54countrieswill
attend the conference. We are pleased to announce that distinguished colleagues
Klaus F.ZimmermannfromUNU-MERIT,Netherlands &FreeUniversityBerlin
& EBES & GLO, Germany; David G. Blanchflower from Dartmouth College &
GLO, USA; Marco Vivarelli from Università Cattolica del Sacro Cuore, Italy;
DorotheaSchäferfromtheGermanInstituteforEconomicResearch(DIWBerlin),
Germany; and Sriya Iyer from the University of Cambridge & GLO, UK will join
theconferenceasinvitedkeynotespeakers.
In addition to publication opportunities in EBES journals (Eurasian Business
Review and Eurasian Economic Review, which are also published by Springer),
conferenceparticipantsweregiventheopportunitytosubmittheirfullpapersforthis
issue.Theoreticalandempiricalpapersintheseriescoverdiverseareasofbusiness,
economics,andfinancefrommanydifferentcountries,providingavaluableoppor-
tunity to researchers, professionals, and students to catch up with the most recent
studiesinadiversesetoffieldsacrossmanycountriesandregions.
The aim of the EBES conferences is to bring together scientists from business,
finance, and economics fields, attract original research papers, and provide them
with publicationopportunities. Each issue ofthe Eurasian StudiesinBusiness and
Economics covers a wide variety of topics from business and economics and pro-
vides empirical results from many different countries and regions that are less
v
vi Preface
investigatedintheexistingliterature.Allacceptedpapersfortheissuewentthrough
apeerreviewprocessandbenefitedfromthecommentsmadeduringtheconference
aswell.ThecurrentissueisentitledEurasianBusinessandEconomicsPerspectives
andcoversfieldssuchaseducation,management,accounting/audit,regionalstudies,
andsustainability.
Although the papers in this issue may provide empirical results for a specific
countyorregions,webelievethatthereaderswouldhaveanopportunitytocatchup
with the most recent studies in a diverse set of fields across many countries and
regions and empirical support for the existing literature. In addition, the findings
fromthesepaperscouldbevalidforsimilareconomiesorregions.
Onbehalfoftheserieseditors,volumeeditors,andEBESofficers,Iwouldliketo
thankallthepresenters,participants,boardmembers,andkeynotespeakers,andwe
arelookingforwardtoseeingyouattheupcomingEBESconferences.
Bestregards
Reykjavík,Iceland EnderDemir
Eurasia Business and Economics Society (EBES)
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
oftheterm“Eurasia,”thescopeshouldbeunderstoodinitsbroadesttermsashaving
aglobalemphasis.
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 15,134 colleagues
from 100 countries have joined our conferences and 8450 academic papers have
beenpresented.EBEShasreached2764membersfrom87countries.
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
impactfactorof3.574(2021JCRImpactFactor).
Furthermore, since 2014 Springer has started to publish a new conference pro-
ceedings series (Eurasian Studies in Business and Economics) which includes
selectedpapersfromtheEBESconferences.Theserieshasbeenrecentlyindexedby
SCOPUS.Inaddition,the10th,11th,12th,13th,14th,15th,16th,17th,18th,19th,
20th,21st,22nd,23rd,24th,and25th(Vol.2)EBESConferenceProceedingshave
already been accepted for inclusion in the Conference Proceedings Citation
Index—SocialScience&Humanities(CPCI-SSH).Otherconferenceproceedings
areinprogress.
vii
viii EurasiaBusinessandEconomicsSociety(EBES)
We look forward to seeing you at our forthcoming conferences. We very much
welcomeyourcommentsandsuggestionsinordertoimproveourfutureevents.Our
successisonlypossiblewithyourvaluablefeedbackandsupport!
Withmyverybestwishes,
KlausF.Zimmermann
President
EBESExecutiveBoard
Klaus F. Zimmermann, UNU-MERIT, Maastricht, and Free University Berlin,
Germany
JonathanBatten,RMITUniversity,Australia
IftekharHasan,FordhamUniversity,USA
EustonQuah,NanyangTechnologicalUniversity,Singapore
JohnRust,GeorgetownUniversity,USA
DorotheaSchafer,GermanInstituteforEconomicResearchDIWBerlin,Germany
MarcoVivarelli,UniversitàCattolicadelSacroCuore,Italy
EBESAdvisoryBoard
AhmetFarukAysan,HamadBinKhalifaUniversity,Qatar
MichaelR.Baye,KelleySchoolofBusiness,IndianaUniversity,USA
MohamedHegazy,TheAmericanUniversityinCairo,Egypt
ChengHsiao,DepartmentofEconomics,UniversityofSouthernCalifornia,USA
NoorAzinaIsmail,UniversityofMalaya,Malaysia
IrinaIvashkovskaya,StateUniversity-HigherSchoolofEconomics,Russia
ChristosKollias,UniversityofThessaly,Greece
WolfgangKürsten,FriedrichSchillerUniversityJena,Germany
WilliamD.Lastrapes,TerryCollegeofBusiness,UniversityofGeorgia,USA
SunghoLee,UniversityofSeoul,SouthKorea
JustinY.Lin,PekingUniversity,China
BrianLucey,TheUniversityofDublin,Ireland
Rita Martenson, School of Business, Economics and Law, Goteborg University,
Sweden
StevenOngena,UniversityofZurich,Switzerland
PeterRangazas,IndianaUniversity-PurdueUniversityIndianapolis,USA
PeterSzilagyi,EDHECBusinessSchool,France
AmineTarazi,UniversityofLimoges,France
RussVince,UniversityofBath,UK
AdrianWilkinson,GriffithUniversity,Australia
NaoyukiYoshino,KeioUniversity,Japan
EurasiaBusinessandEconomicsSociety(EBES) ix
OrganizingCommittee
Klaus F. Zimmermann, PhD, UNU-MERIT, Maastricht, and Free University
Berlin,Germany
MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey
HakanDanis,PhD,UnionBank,USA
AlinaKlonowska,PhD,CracowUniversityofEconomics,Poland
OrhunGuldiken,PhD,UniversityofArkansas,USA
EnderDemir,PhD,ReykjavikUniversity,Iceland
SofiaVale,PhD,ISCTEBusinessSchool,Portugal
JonathanTan,PhD,NanyangTechnologicalUniversity,Singapore
UgurCan,EBES,Turkey
TolgaEr,EBES,Turkey
Reviewers
SagiAkron,PhD,UniversityofHaifa,Israel
AhmetFarukAysan,PhD,HamadBinKhalifaUniversity,Qatar
MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey
AndrzejCieślik,PhD,UniversityofWarsaw,Poland
HakanDanis,PhD,UnionBank,USA
EnderDemir,PhD,ReykjavikUniversity,Iceland
OguzErsan,PhD,KadirHasUniversity,Turkey
ConradoDiegoGarcía-Gómez,PhD,UniversidaddeValladolid,Spain
OrhunGuldiken,PhD,UniversityofArkansas,USA
PeterHarris,PhD,NewYorkInstituteofTechnology,USA
MohamedHegazy,TheAmericanUniversityinCairo,Egypt
GokhanKarabulut,PhD,IstanbulUniversity,Turkey
AlexanderM.Karminsky,PhD,NationalResearchUniversity,Russia
ChristosKollias,PhD,UniversityofThessaly,Greece
DavorLabaš,PhD,UniversityofZagreb,Croatia
ChiKeungMarcoLau,PhD,TeessideUniversity,UK
VeljkoM.Mijušković,PhD,UniversityofBelgrade,Serbia
GhulamMustafa,PhD,NorwegianUniversityofScienceandTechnology,Norway
GregoryLee,PhD,UniversityoftheWitwatersrand,SouthAfrica
NidžaraOsmanagić-Bedenik,PhD,UniversityofZagreb,Croatia
EustonQuah,PhD,NanyangTechnologicalUniversity,Singapore
PeterRangazas,PhD,IndianaUniversity-PurdueUniversityIndianapolis,USA
DoojinRyu,PhD,Chung-AngUniversity,SouthKorea
Dorothea Schafer, PhD, German Institute for Economic Research DIW Berlin,
Germany
UchennaTony-Okeke,PhD,CoventryUniversity,UK
SofiaVale,PhD,ISCTEBusinessSchool,Portugal
MarcoVivarelli,PhD,UniversitàCattolicadelSacroCuore,Italy