Table Of ContentEurasian Studies in Business and Economics 14/2
Series Editors: Mehmet Huseyin Bilgin · Hakan Danis
Mehmet Huseyin Bilgin
Hakan Danis
Ender Demir Editors
Eurasian
Business
Perspectives
Proceedings of the 26th and
27th Eurasia Business and Economics
Society Conferences
Eurasian Studies in Business and Economics 14/2
SeriesEditors
MehmetHuseyinBilgin,Istanbul,Turkey
HakanDanis,SanFrancisco,CA,USA
Representing
EurasiaBusinessandEconomicsSociety
Moreinformationaboutthisseriesathttp://www.springer.com/series/13544
(cid:129) (cid:129)
Mehmet Huseyin Bilgin Hakan Danis
Ender Demir
Editors
Eurasian Business
Perspectives
Proceedings of the 26th and 27th Eurasia
Business and Economics Society Conferences
Editors
MehmetHuseyinBilgin HakanDanis
FacultyofPoliticalSciences MUFGUnionBank
IstanbulMedeniyetUniversity SanFrancisco,CA,USA
Istanbul,Turkey
EnderDemir
FacultyofTourism
IstanbulMedeniyetUniversity
Istanbul,Turkey
The authors of individual papers are responsible for technical, content, and linguistic
correctness.
ISSN2364-5067 ISSN2364-5075 (electronic)
EurasianStudiesinBusinessandEconomics
ISBN978-3-030-52293-3 ISBN978-3-030-52294-0 (eBook)
https://doi.org/10.1007/978-3-030-52294-0
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Preface
This is Volume 2—Eurasian Business Perspectives—of the 14th issue of the
Springer’sseriesEurasianStudiesinBusinessandEconomics,whichistheofficial
bookseriesoftheEurasiaBusinessandEconomicsSociety(EBES,www.ebesweb.
org).ThisissueincludesselectedpapersfromtwoEBESconferences,namely26th
EBES Conference—Prague and 27th EBES Conference—Bali. In the 26th EBES
Conference, 238 papers by 439 colleagues were presented, and in the 27th EBES
Conference, 106 papers by 208 colleagues were presented. Both theoretical and
empirical papers in this volume cover diverse areas of business, economics, and
finance from many different regions. Therefore, it provides a great opportunity for
colleagues, professionals, and students to catch up with the most recent studies in
differentfieldsandempiricalfindingsonmanycountriesandregions.
Roman Mentlík from the University of Finance and Administration, Czech
Republic, joined the 26th EBES Conference and Euston Quah from Nanyang
TechnologicalUniversity,Singapore,andMarcoVivarellifromUniversitaCattolica
del Sacro Cuore in Milano, Italy, joined the 27th EBES Conference as keynote
speakers. During those two conferences, participants had many productive discus-
sions and exchanges that contributed to the success of the conference where
344 papers were presented in total. In addition to publication opportunities in
EBES journals (Eurasian Business Review and Eurasian Economic Review, which
arealsopublishedbySpringer),conferenceparticipantsweregiventheopportunity
to submit their full papers for this issue. Theoretical and empirical papers in the
seriescoverdiverseareasofbusiness,economics,andfinancefrommanydifferent
countries, providing a valuable opportunity for researchers, professionals, and stu-
dentstocatchupwiththemostrecentstudiesinadiversesetoffieldsacrossmany
countriesandregions.
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
as well. The current issue covers fields such as human resources, management,
marketing,andsmallandmedium-sizedenterprises/entrepreneurship.
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
thankallpresenters,participants,boardmembers,andthekeynotespeakers,andwe
arelookingforwardtoseeingyouattheupcomingEBESconferences.
Bestregards,
Istanbul,Turkey 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 12,011 colleagues
from99countrieshavejoinedourconferencesand6858academicpapershavebeen
presented.EBEShasreached2,257membersfrom87countries.
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),
andEABR isindexedintheSocialScienceCitation Index(SSCI) with animpact
factorof2.143asof2018.
Furthermore, since 2014 Springer has started to publish a new conference pro-
ceedings series (Eurasian Studies in Business and Economics) which includes
selectedpapersfromtheEBESconferences.The10th,11th,12th,13th,14th,15th,
16th, 17th, 18th, 19th, 20th, 21st, and 24th EBES Conference Proceedings have
already been accepted for inclusion in the Conference Proceedings Citation
Index—Social Science & Humanities (CPCI-SSH). Subsequent conference pro-
ceedingsareinprogress.
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
KlausF.Zimmermann,CentralEuropeanUniversity,Hungary
JonathanBatten,UniversitiUtaraMalaysia,Malaysia
IftekharHasan,FordhamUniversity,USA
EustonQuah,NanyangTechnologicalUniversity,Singapore
JohnRust,GeorgetownUniversity,USA
DorotheaSchafer,GermanInstituteforEconomicResearchDIWBerlin,Germany
MarcoVivarelli,UniversitàCattolicadelSacroCuore,Italy
EBESAdvisoryBoard
AhmetFarukAysan,IstanbulSehirUniversity,Turkey
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,CentralEuropeanUniversity,Hungary
AmineTarazi,UniversityofLimoges,France
RussVince,UniversityofBath,UK
AdrianWilkinson,GriffithUniversity,Australia
NaoyukiYoshino,KeioUniversity,Japan
EurasiaBusinessandEconomicsSociety(EBES) ix
OrganizingCommittee
KlausF.Zimmermann,PhD,CentralEuropeanUniversity,Hungary
MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey
HakanDanis,PhD,UnionBank,USA
AlinaKlonowska,PhD,CracowUniversityofEconomics,Poland
OrhunGuldiken,PhD,UniversityofArkansas,USA
EnderDemir,PhD,IstanbulMedeniyetUniversity,Turkey
SofiaVale,PhD,ISCTEBusinessSchool,Portugal
JonathanTan,PhD,NanyangTechnologicalUniversity,Singapore
UgurCan,EBES,Turkey
Reviewers
SagiAkron,PhD,UniversityofHaifa,Israel
AhmetFarukAysan,PhD,IstanbulSehirUniversity,Turkey
MehmetHuseyinBilgin,PhD,IstanbulMedeniyetUniversity,Turkey
AndrzejCieślik,PhD,UniversityofWarsaw,Poland
HakanDanis,PhD,UnionBank,USA
EnderDemir,PhD,IstanbulMedeniyetUniversity,Turkey
OguzErsan,PhD,KadirHasUniversity,Turkey
ConradoDiegoGarcía-Gómez,PhD,UniversidaddeValladolid,Spain
GirayGozgor,PhD,IstanbulMedeniyetUniversity,Turkey
OrhunGuldiken,UniversityofArkansas,USA
PeterHarris,PhD,NewYorkInstituteofTechnology,USA
MohamedHegazy,TheAmericanUniversityinCairo,Egypt
GokhanKarabulut,PhD,IstanbulUniversity,Turkey
ChristosKollias,UniversityofThessaly,Greece
DavorLabaš,PhD,UniversityofZagreb,Croatia
ChiKeungMarcoLau,PhD,UniversityofHuddersfield,UK
GregoryLee,PhD,UniversityoftheWitwatersrand,SouthAfrica
NidžaraOsmanagić-Bedenik,PhD,UniversityofZagreb,Croatia
EustonQuah,PhD,NanyangTechnologicalUniversity,Singapore
PeterRangazas,PhD,IndianaUniversity-PurdueUniversityIndianapolis,USA
DoojinRyu,PhD,Chung-AngUniversity,SouthKorea
UchennaTony-Okeke,PhD,CoventryUniversity,UK
SofiaVale,PhD,ISCTEBusinessSchool,Portugal
ManuelaTvaronavičienė,PhD,VilniusGediminasTechnicalUniversity,Lithuania
MarcoVivarelli,PhD,UniversitàCattolicadelSacroCuore,Italy
