Growth,resource extraction and production in a small open economy

Summary and Conclusions This paper analyzed the optimal growth of a resource exporting economy in the framework of a Ramsey-type model. Two versions of the same model are used. In the first version (where the aggregate production function uses the conventional inputs, namely labor and capital) it was shown that along the optimal paths the resource would be exhausted in finite time and that the economy approaches asymptotically the modified golden rule capital intensity, well known from one-sector growth theory. Subsequently the impact of the changes in resource prices on the rate of extraction are investigated by considering an exponentially rising price.In the second version of the model, the resource extracted is divided between domestic production (the aggregate output of the economy is produced by means of labor, capital and the resource input) and export. Under this assumption, it is demonstrated that when the relative price of the resource is constant and given exogenously, the opening of trade (i.e., resource exports) depends on the relative magnitudes of the marginal product of the resource and its price. Furthermore the paper showed that even if trade opens, resource extraction for export will come to an end in finite time. After the economy stops exporting the resource, its optimal growth will be determined simultaneously by the elasticity of substitution between capital and the resource input and the dynamic behavior of the marginal product of the resource input, as explained in detail by Dasgupta and Heal [1974]. Finally, when the resource price has an exponential trend, resource extraction will continue both for domestic production and export purposes.     

Sustainable urban tourism success factors and the economic performance of small tourism enterprises

The aim of this study is to introduce the relationship between sustainable urban tourism success factors and the economic performance of small tourism enterprises (STEs). The related data was obtained from 330 STEs business owners/managers in Eskisehir (Turkey). To determine the dimensions Exploratory Factor Analysis was performed and Confirmatory Factor Analysis was used for verifying these dimensions. Structural Equation Modelling was applied in order to introduce the relation which is foreseen. As a result of the analysis, seven dimensions of urban tourism success factors and two dimensions of the economic performance of STEs have been determined and a significant relation was found between them. These findings provide an insight to literature and new directions and suggestions for local governments, regional marketing organizations and business managers on how tourism development and sustainability can be achieved in urban areas.     

The effects of health transformation program on patient–healthcare personnel communication and interaction in Turkey

The structure of the Turkish healthcare system is being reorganized under Health Transformation Program (HTP) and some serious changes in healthcare system are being carried out. Effective healthcare personnel and patient communication has a significant impact on patients’ health behaviors and health outcomes. The purpose of this study is to examine the effect of communication dimensions and HTP on patient and healthcare personnel communication and interaction. The survey was conducted with simple random sampling to 9,089 patients in Turkey. Exploratory factor analysis showed three dimensions of communication which are in positive and strong relationship: building relationship, process of physical examination and ending communication. Hierarchical multiple regression was performed to measure the effect of communication dimensions and HTP to patient–healthcare personnel communication and interaction. According to the first step, communication dimensions have a statistically significant effect on patient–healthcare personnel communication and interaction. Introduction of HTP to hierarchical multiple regression explained additional meaningful variance in patient–healthcare personnel communication and interaction, after controlling communication dimensions. It is revealed that, HTP has an important role on communication and interaction. This study has a macro approach and it is limited with the patients’ point of view.     

Measuring business school faculty perceptions of student cheating

Dealing with academic dishonesty remains an ongoing issue for business school faculty. In this study, using an online survey, the authors examined responses of 233 business school faculty from a Tier 1 Association to Advance Collegiate Schools of Business–accredited university and measured their perceptions of undergraduate cheating and reporting of such behavior. Study results showed promise for measuring 3 types of cheating behavior scales: paper based, internet based, and direct exam. Faculty who formally reported a cheating incident perceived a higher general cheating problem, and higher levels of paper-based, internet-based, and direct exam cheating than the faculty who had never reported a student.     

On the Consequences of Pro‐Cyclical Fiscal Policy

There is widespread evidence that pro‐cyclical fiscal policies have been prevalent in developing countries and often in some industrial nations. It is therefore surprising that, in contrast to the wealth of studies on the sources of pro‐cyclical policy, potential consequences of such seemingly suboptimal policies have been largely ignored in the existing literature. By utilising a comprehensive set of indicators from 114 countries for 1950–2010, we aim to address the following important question: does it matter whether a country adopts a pro‐cyclical fiscal policy stance rather than a counter‐cyclical one? Our results produce a resounding ‘yes’ to this question. We find that fiscally pro‐cyclical countries have lower rates of economic growth, higher rates of output volatility and higher rates of inflation.     

Civilizational futures: Clashes or alternative visions in the age of globalization?

This article underlines the existing similarities between Samuel Huntington's civilizational approach hypothesis and the fundamentals of political Islam. The similarity pertains to the argument related to the gradual weakening of nation-states, which also constitutes the main theme of the globalization debate. The civilizational approach and political Islam signify new efforts to reach a much larger political community and organization in world politics. Both of them argue that the formation of new political actor(s) is replacing the old nation-states across religious and cultural affinities. The terrorist organization Al-Qaeda is trying to legitimize its political violence by manipulating the weakness of the nation-states and the utopia of the formation of a much more comprehensive political community and political organization through Islam. Huntington's clash of civilizations thesis indirectly provides a base for Al-Qaeda's rhetoric and a certain type of justification for its terror activities, since the theory argues for the inevitability of the conflict between civilizations, regardless of their political regimes (liberal or totalitarian) with civilizations being determined by their cultural and religious differences—a theme that is used by the ideologues of political Islam.     

The effects of occupational stress on burnout and life satisfaction: a study in accountants

The aim of this study is to determine the impact of occupational stress on burnout and life satisfaction in accountants. The study deals with burnout from three dimensions: emotional exhaustion, lack of personal accomplishment and depersonalization. Certain hypotheses were developed according to a model. These hypotheses mainly measure the negative impact of occupational stress on life satisfaction and its positive impact on burnout. In order to test these hypotheses, a study was conducted in 217 accountants in the city of Kayseri in Turkey. On the research revealed that occupational stress has a negative impact on life satisfaction, while it has a positive impact on the three dimensions of burnout listed above. Based on these results, the study argues that occupational stress is an important factor in determining the life satisfaction and burnout levels of accountants. Finally in this study, some limitations and recommendations are presented for the researchers of future studies.     

What is the joint effect of employee satisfaction and customer orientation on the organizational culture in metalworking manufacturing?

It is a known fact that culture is an important element for the organizations. In this context, a research has been carried out in which the main subject is about to investigate the organizational culture depending on the factors of employee satisfaction and customer orientation in metalworking manufacturing firms. To perform the study, we constructed an original model and conducted research with 578 employees of metalworking organizations. After the data analysis, we determined that organizational culture has positive-significant correlation with employee satisfaction and customer orientation (at the 0.000 level). Additionally, the total explained variance of organizational culture – depending on employee satisfaction and customer orientation – has come out as a satisfying value (0.53). According to the results of our research, we are able to conclude that employee satisfaction and customer orientation has a mid-level effect on creating a substantial organizational culture.     

CEO Compensation and Firm Performance: an Empirical Investigation of UK Panel Data

This paper examines the link between CEO pay and performance employing a unique, hand‐collected panel data set of 390 UK non‐financial firms from the FTSE All Share Index for the period 1999–2005. We include both cash (salary and bonus) and equity‐based (stock options and long‐term incentive plans) components of CEO compensation, and CEO wealth based on share holdings, stock option and stock awards holdings in our analysis. In addition, we control for a comprehensive set of corporate governance variables. The empirical results show that in comparison to the previous findings for US CEOs, pay‐performance elasticity for UK CEOs seems to be lower; pay‐performance elasticity for UK CEOs is 0.075 (0.095) for cash compensation (total direct compensation), indicating that a ten percentage increase in shareholder return corresponds to an increase of 0.75% (0.95%) in cash (total direct) compensation. We also find that both the median share holdings and stock‐based pay‐performance sensitivity are lower for UK CEOs when we compare our findings with the previous findings for US CEOs. Thus, our results suggest that corporate governance reports in the UK, such as the Greenbury Report (1995) that proposed CEO compensation be more closely linked to performance, have not been totally effective. Our findings also indicate that institutional ownership has a positive and significant influence on CEO pay‐performance sensitivity of option grants. Finally, we find that longer CEO tenure is associated with lower pay‐performance sensitivity of option grants suggesting the entrenchment effect of CEO tenure.     

Public debt and financial development: A theoretical exploration

In countries where the government is the major recipient of bank lending, public debt is likely to harm financial development. Moreover, the lower the financial depth, the greater the adverse effects of public borrowing on financial development and macroeconomic outcomes.