We study a model of network formation and start‐up financing with endogenous entrepreneurial type distribution. A hub firm admits members to its network based on signals about entrepreneurs' types. Network membership is observable, which allows lenders to offer different interest rates to network and stand‐alone entrepreneurs. We show that a network outcome can display a smaller number of high‐type entrepreneurs even though the network is neither nepotistic nor informationally disadvantaged. Although a welfare‐improving network can emerge as a technically stable or unstable equilibrium, one that decreases welfare is always formed by a technically unstable equilibrium. However, the adverse welfare effects of a network and its corresponding type configuration may persist because ex post high‐type entrepreneurs prefer to stay high type whereas those who wish to become high type may need some time to react.相似文献
This paper explores the existence of the J-curve effect in Turkish services. The model of Bahmani-Oskooee (Rev Econ Stat 67:500–504, 1985), one of the most commonly employed model in the j-curve literature, is adopted. Using quarterly data from 1986: I to 1998: III, we find that, as a result of real depreciation of Turkish currency, YTL, services trade balance initially improves, then worsens and improves again in the short run. This is a pattern indicating that J-curve effect does not exist in Turkish services sector. We also find that depreciation of Turkish Lira improves the trade balance of the sector in the long run, a result consistent with earlier findings for the whole Turkish economy. 相似文献
Recent work on corporate governance has highlighted the effects of corporate governance quality on macroeconomic crises, especially in the context of South‐East Asian economies. However, the possibility of reverse causation from macroeconomic performance to corporate governance has been overlooked. This paper aims to address this issue by examining the relationship between macroeconomic stabilisation and corporate governance reforms in Turkey since the 1999 and 2001 crises. We demonstrate that the prospect of macroeconomic stability has led to extensive corporate governance reforms for two reasons. First, recent return to macroeconomic stability has been underpinned by public governance reforms, which spilled over to the area of corporate governance. We call this the statutory reform effect. Second, macroeconomic stability tended to have a positive effect on firms’ investment in corporate governance quality. We call this the voluntary reform effect. To substantiate these findings, we examine the post‐1999 developments in the following areas: (i) the effectiveness of regulatory authorities; (ii) disclosure and transparency rules; and (iii) the quality of the enforcement regime. 相似文献
This paper estimates demand elasticities for Turkish mobile telecommunications markets. In contrast to most other studies, firm-level data is used to estimate dynamic panel data models including instrumental variable techniques. Both short- and long-run elasticities are calculated, yielding a long-run price elasticity of −0.72 for the post-paid market and of −0.33 for the pre-paid market. The short-run price elasticity is estimated to be −0.36 for the post-paid market and −0.20 for the pre-paid market. In addition, there is evidence of fixed-to-mobile traffic substitution for consumers who use pre-paid cards. 相似文献
This study highlights the corporate governance potential of debt maturity structure for Turkish firms through investigating its association with ownership and control structure. We model leverage and debt maturity as jointly endogenous under simultaneous equations framework. Firstly, we find that both concentrated ownership structure and presence of a large shareholder is directly but moderately related to corporate debt maturity. We also document that it is important for Turkish firms to match maturity of their assets with maturity of their liabilities. Our findings lend considerable support to the prediction that as firms get financially strong or have more growth opportunities they shorten their corporate debt maturity structure. Moreover, despite having a controlling large shareholder or a concentrated ownership structure, firms with growth opportunities still prefer shorter maturities in order to solve the underinvestment problems. Finally, firm size is positively associated with long‐term debt and our empirical analysis provides no evidence that taxes affect debt maturity structure. 相似文献
In this study, IQ and EQ determinants of pre-eminent achievement in organizations were explored to help HRM specialists in selecting more appropriate job applicants, having potential for outstanding performance in their career paths. Several EQ elements were proved the most important in the achievement. However, IQ elements still play a very important role in superior performance. Results also exhibit that correlation of IQ and EQ levels of superior performers is significant and strong. In conclusion, HRM specialists have to test both IQ and EQ in the hiring process, to create a high-performing workforce in their organizations. 相似文献
We study elections with three candidates under plurality voting. A candidate is a Condorcet loser if the majority of the voters place that candidate at the bottom of their preference rankings. We first show that a Condorcet loser might win the election in a three-way race. Next we introduce to the model an endorser who has private information about the true probability distribution of the preferences of the voters. Observable endorsements facilitate coordination among voters who may otherwise split their votes and lead to the victory of the Condorcet loser. When the endorser has an ideological bias towards one of the candidates, the coordination impact of endorsements remains unaltered, moreover the endorser successfully manipulates the outcome of the election in favor of his bias, even if his ideological bias is known by the voters. The results are true for any endorsement cost and any magnitude of bias as long as the electorate is large enough. 相似文献
A simulation study was conducted to investigate the effect of non normality and unequal variances on Type I error rates and test power of the classical factorial anova F‐test and different alternatives, namely rank transformation procedure (FR), winsorized mean (FW), modified mean (FM) and permutation test (FP) for testing interaction effects. Simulation results showed that as long as no significant deviation from normality and homogeneity of the variances exists, generally all of the tests displayed similar results. However, if there is significant deviation from the assumptions, the other tests are observed to be affected at considerably high levels except FR and FP tests. As a result, when the assumptions of factorial anova F‐test are not met or, in the case those assumptions are not tested whether met, it can be concluded that using FR and FP tests is more suitable than the classical factorial anova F‐test. 相似文献
Besides their academic success, teachers are bound to equip learners with values and prepare them as good citizens for the society. In this respect, the aim of this study is to evaluate primary school class-teachers’ roles in transferring values to their learners. This qualitative study comprises views by inspectors, directors, subject-teachers working in ten primary schools and parents in the city of Nicosia, Cyprus. The data was collected through interviews. This research indicated that class-teachers are effective role-models with responsibilities and effect of values transferring differed according to academic priorities and personalities. While parents feel satisfied with values transfer, most inspectors, directors and subject-teachers point to deficiencies in the approach. At this point, it is suggested that teachers are trained and a target-based curriculum is designed. This study was particularly aimed at evaluating class-teachers’ roles in transferring values in primary school years, which are assumed to be the most critical period of time. In the literature, the opinions of inspectors, directors, subject-teachers and parents about value transferring are not well known. One of the aims of tolerance education is that all stakeholders in educational organizations are satisfied with the transferring values and they feel peaceful. In this study, these new perspectives will show the state of harmony in educational institutions and the different opinions about transferring values. This research is hoped to add to this issue, which was rarely dealt with in literature, for the development of applications and policies.