New Geographies of Residential Capitalism: Financialization of the Turkish Housing Market Since the Early 2000s

The post‐2001 financial crisis era in Turkey gave rise to twin booms in housing construction and credit markets, both of which suffered from the subsequent debt crisis. The financial transformation of the economy in conjunction with state‐led urban legislation reform had significant effects on the housing market in terms of commodification of housing, countrywide construction activities and substantial increases in household debt and construction company loans. The changing role and function of the state as a direct provider of housing can be regarded as actually existing neoliberalism providing favourable conditions for financialization, as it ushered in the commodification of housing. The Turkish government, together with the government‐backed housing agency, metropolitan municipalities and publicly owned real‐estate investment company, has been active in nationwide housing construction and urban regeneration projects. This article argues that there is a lack of synchrony between the commodification of housing and the financialization of the household sector owing to the institutional setting of the mortgage system and structural macroeconomic problems. Rather, housing commodification has been accompanied by the financialization of the corporate sector through a steep rise in the external debt burden of construction companies.     

Concentrated Ownership, No Dividend Payout Requirement and Capital Structure of REITs: Evidence from Turkey

This paper studies empirically the capital structure of Turkish REITs as they offer unique and so far untested angles. They do not have to pay out dividends, yet enjoy the exemption from paying corporate taxes since their legal foundation in 1998. Several financial meltdowns occurred in the last three decades, keeping investors with a doubt about Turkey??s financial and political stability. The last meltdown in 2001 is part of the sample period. Findings show that Turkish REITs employ little long-term debt in their capital structure. The legal requirement that a leader entrepreneur be present with a minimum equity position of 25% introduces the agency problem between the majority and minority owners. The leader entrepreneurs, as non-taxable institutional investors, appear to dictate Turkish REITs?? dividend and debt policies and deplete REITs?? dividends, causing them to go to the long-term debt market. The financial meltdown of 2001 exerts negative short-term and positive long-term influence on the debt ratios while inflation??s effect is negative. Firm size, REITs?? engagement in development and stock market development influence debt ratios positively; tangibility and a few firm, ownership, and country-specific determinants appear to have either mixed or no influence on Turkish REITs?? debt policies.     

Optimal requirement allocation among quantity-discount quoting suppliers

We consider a problem motivated by a central purchasing organization for a major office products distributor. This purchasing organization must source a quantity of a particular resale item from a set of capacitated suppliers. In our case each supplier offers an incremental quantity discount purchase price structure. The purchaser’s objective is to obtain a quantity of a required item at minimum cost. The resulting problem is one of allocating order quantities among an approved supply base and involves minimizing the sum of separable piecewise linear concave cost functions. We develop a branch and bound algorithm that arrives at an optimal solution by generating linear knapsack subproblems with feasible solutions to the original problem. This research was partially supported by a 2007 Summer Research Grant awarded to Asoo J. Vakharia.     

Tracking the Evolution of Idiosyncratic Risk and Cross-Sectional Expected Returns for US REITs

This paper adopts the methodology in Bali and Cakici (Journal of Financial & Quantitative Analysis, 43, 29–58, 2008) in tracking the evolution of the relation between equity REITs’ idiosyncratic risk and their cross-sectional expected returns between 1981 and 2010. In addition to the full sample period, we study this relation for (i) January 1981–December 1992, (ii) January 1993–September 2001, (iii) November 2001–August 2008 and (iv) November 2001–December 2010 and produce empirical results for (i) all sample REITs, (ii) REITs with a price greater than $10 or (iii) REITs with a price greater than $5. Each period represents different dynamics (including the Global Financial Crisis) in the life of the REIT industry and leads to a different hypothesis. Further, we present comparative results based on the Fama-French 3- and 4-factor models. Overall, we document a negative relation between idiosyncratic risk and cross-sectional expected returns and demonstrate that this negative relation changes over time. These findings amplify the “idiosyncratic volatility puzzle,” as reported in the recent finance literature. Interestingly, REITs with a price of $5-to-$10 do well in 2009 and 2010. Further, the momentum factor appears to be influential since the first-ever listing of a REIT in the S&P500 Index in early October 2001.     

Exploring the Diversity of Virtues Through the Lens of Moral Imagination: A Qualitative Inquiry into Organizational Virtues in the Turkish Context

The purpose of this article is to introduce a multidimensional framework based on the concept of moral imagination for analysing and capturing diverse virtues in contemporary Turkish organizations. Based on qualitative interviews with 58 managers in Turkey, this article develops an inventory of Turkish organizational virtues each of which can be associated with a different form of virtuous organizing. The inventory consists of nine forms of moral imagination, which map the multitude of virtues and moral emotions in organizations. Nine emergent forms of moral imagination are based on: integrity, affection, diligence, inspiration, wisdom, trust, gratefulness, justice, and harmony. The findings have made a contribution to the expanding literature on how Islamic organizations develop their business ethics through a repertoire of virtues. An empirical account of the range of virtues in organizational contexts that have emerged as a result of the hybridization of Islamic virtue/aesthetics and neoliberal capitalism in contemporary Turkey is provided. A theoretical contribution is made to business ethics literature through a phenomenology of virtues that provides unique insights on diverse forms of moral imagination in contemporary Turkey where Islam and neoliberal capitalism dynamically co-exist.     

Gaining legitimacy through CSR: an analysis of Turkey's 30 largest corporations

Grounded in institutional theory, this study provides an overview of the corporate social responsibility (CSR) initiatives of Turkey's 30 largest corporations through a thematic content analysis. The study focuses on the G‐20 member Turkey and investigates the influence of isomorphism mechanisms on the adoption of CSR initiatives in a developing country context. The aim of this study is to integrate Carroll's CSR dimensions, the type of CSR engagement and coercive, mimetic and normative isomorphism mechanisms proposed by institutional theory. Through this integration the study makes a unique contribution to the literature by providing a different perspective. Findings reveal industry characteristics do not influence the selection of CSR initiatives. While business‐to‐business companies focus on CSR activities linked to their core business functions, business‐to‐consumer companies focus on CSR initiatives that are more discretionary, varied and philanthropic. In addition, findings show that multinational corporations implement CSR initiatives at the global level rather than focusing on local needs.     

Learning and knowledge in early internationalization research: Past accomplishments and future directions

This article provides an evaluative overview of international entrepreneurship literature, in which the issues of learning and knowledge feature as central components underlying the causes, processes, and outcomes of early internationalization. We rely on Huber's (1991) categorization of five knowledge acquisition types - experiential learning, vicarious learning, searching, grafting, and congenital learning - to organize our review and to guide our examination of the literature. We discuss convergent findings in terms of conceptual and empirical issues and set forth areas for future research.     

Recruitment and retention in front‐line services: the case of childcare

This article highlights how problems of recruitment and retention in front‐line services create a particular challenge to traditional HRM models and solutions. Private day nurseries make an interesting example of the challenges facing managers in the service sector as the combination of a feminised workforce, a price‐sensitive service, public–private competition and state regulation create particular difficulties. We report on a study of 33 day nurseries involving interviews with managers and employees over an eight‐month period. Our findings show that childcare providers have to cope with recruitment and retention problems associated with high‐end interactive service provision compounded by gender segregation and small business characteristics. Our analysis of employer and employee perspectives examines labour market issues affecting recruitment, and categorises the reasons for staff turnover into internal ‘push’ factors, external ‘pull’ factors, outside factors and functional turnover.     

An exploratory study on the perspectives of prospective computer teachers following project-based learning

This study investigates perceptions of 29 prospective teachers about a course based on Project-Based Learning (PBL) approach. The course, ‘Authoring Languages in PC Environment (B-320)’ lasted in 14 weeks in fall semester of 2004–2005. In this course each prospective teacher carried out a project that requires designing and developing courseware individually. This study is qualitative in nature and data were collected through an open ended questionnaire composed of seven items and analyzed by content analysis technique. The results show that prospective teachers found PBL as an effective way of learning. It also suggests that when efficient guidance about technical issues and time management is provided, PBL approach can be successfully implemented in computer related courses such as programming language and web designing.