Measuring financial systemic stress for Turkey: A search for the best composite indicator

In this study, we aim to construct a single financial stress indicator (FSI) for Turkey adopting weekly data from between April 2005 and December 2016. To do so, we compose 15 different FSIs using 14 variables that will represent five different markets, i.e. the money market, the bond market, the foreign exchange market, the equity market and the banking sector. We aggregate these five different markets using a variety of techniques, including principal component analysis (PCA), basic portfolio theory, variance equal weights and the Bayesian dynamic factor model. We compare 15 different FSIs on the basis of their relation to, and the forecasting power of, different variables such as the growth rate of industrial production, the OECD business condition index and the OECD composite leading indicator for Turkey. Our results suggest that there is no simple best indicator for Turkey to measure financial systemic stress. Some indicators offer good forecasting power for economic growth while others have a stronger correlation with systemic risk. Therefore, we offer a final FSI for Turkey conducting a model averaging method via a rolling correlation based weighting scheme to benefit from the information content of all the FSIs and observe that the final FSI successfully indicates the tension periods.     

Toward the Physical Internet—Logistics Service Modularity and Design Implications

The Physical Internet (PI) is a modularization of logistics services: standardized protocols, full interoperability and standardized packaging, PI‐containers, and encapsulated freight. The PI‐containers are a core component of the PI; however, previous PI studies have not addressed those containers’ repositioning, despite its importance and effect on the PI network efficiency. In this paper, we analyze how the PI‐containers’ design and characteristics will determine the containers’ flows in a domestic network context. The flows are studied strategically using a linear programming model minimizing flow imbalances between hubs and simulating the effect of PI‐container compatibility. The model is tested using inter‐regional freight data from Sweden, and the results are framed using modularity theory. Our analysis reveals that PI‐container compatibility in terms of forward and reverse flows determines whether PI presents increased or decreased empty runs compared with the existing conventional logistics system. Departing from modularization theory, we discuss our results, emphasizing not only the importance of keeping synergistic specificity low but also how the characteristics will affect the urgency of technology use. Our implications are important to supply chain managers and policymakers for the future research on the Physical Internet, PI‐container repositioning and routing, and packaging design.     

The role of communication in tolerance education

The idea of tolerance, which has a long historical background, has become a necessity rather than a choice for today’s multicultural, pluralistic and democratic society structures. The idea of tolerance in today’s societies is transferred to individuals of the society through family, school as well as the elements of both society and social structure. The way in which the idea of tolerance is transferred to individuals at all three levels is communication. Communication processes are entering the various forms in the family, in the school system and in the social structure and are developing individuals’ understanding of tolerance. This study focuses on the way how communication works at family, school and society levels as a path in the education process and how the communication process can be utilised effectively in order to develop the democratic community. The role and significance of communication in the process of tolerance education was investigated by the literature review method in the case study pattern as one of the qualitative research methods and the findings were evaluated comparatively.

     

The interplay of corporate social responsibility and corporate political activity in emerging markets: The role of strategic flexibility in non‐market strategies

Corporate social responsibility (CSR) and corporate political activities are complementary, and the coordinated management of corporate social responsibility and corporate political activities may lead to better firm performance. However, corporate social responsibility and corporate political activities should be aligned carefully to utilize this complementarity. Strategic flexibility, which is the ability of a firm to adapt to changes in the external environment and make necessary organizational modifications quickly, can help firms to align their corporate social responsibility and corporate political activities. This paper empirically investigates the political dimension and the interactive dimension which describes interactions between corporate social responsibility and corporate political activities together with strategic flexibility and their effects on firm performance through a study of 142 firms in Turkey using moderated multiple regression methods. The results show that, while the political dimension had an inverted U‐shaped effect on firm performance, indicating that only a moderate level of corporate political activities may improve financial performance, the interactive dimension had positive but limited implications for performance. Finally, it was found strategic flexibility plays a positive moderating role on the relationships between the interactive dimension and firm performance. It is concluded that complementarity between corporate social responsibility and corporate political activities which may result in better performance is contingent on strategic flexibility.     

Engaging with Social Networks: The Bourdieu-Becker Encounter Revisited

Economic implications of social networks are of great importance and economic motives may well play crucial roles in network formation and dissipation. Although historically speaking the mainstream economics' attention to the subject had rather been limited, in the previous couple of decades, the economics discipline developed its own branch of social network analysis and incorporated in their analysis individuals' networking decisions based on a standard Beckerian cost-benefit calculus. In understanding the scope of this new branch in economics discipline to incorporate social dimensions of the economy, this article aims to bring a Bourdieusian critique toward this approach, given that Bourdieu had been critical to a Beckerian cost-benefit reductionism in decision-making and had himself developed his own approach to social relations.     

Poverty Dynamics in Turkey

This paper examines poverty dynamics in Turkey using a nationally representative panel data covering the 2005–08 period. The aim is to understand mobility in and out of poverty and its correlates. We find that almost a quarter of the poor are persistently poor. The conditional and unconditional exit rates that we estimate are within the range of values reported for developed countries in the literature. That the income events—but not transfers—dominate both poverty entries and exits is indicative of the major role labor markets play in the lives of the poor. In particular, we argue that given the characteristics of the poor and modest levels of social assistance, the reason for mobility rates close to European averages must be sought in the informal economy.     

Impact of Sibship Size,Birth Order and Sex Composition on School Enrolment in Urban Turkey*

This paper investigates, in a unified framework, the effects of sibship size, birth order and sibling sex composition on children's school enrolment in urban Turkey. We utilize an instrumental variable estimation method to address parents’ joint fertility and schooling decisions using twin births as instruments. We find no causal impact of sibship size on school enrolment. However, there is evidence for a parabolic impact of birth order where middle‐born children fare worse. Sex composition of siblings matters only for female children. Our finding that birth order and sibling sex composition matter more for poorer households suggests that scarce financial resources play an important role in bringing about the sibling composition effects.     

How Far does Overall Service Quality of a Destination Affect Customers' Post‐Purchase Behaviours?

In tourism management literature, there are numerous research papers focusing on the determinants of the customers' destination evaluations and how they affect each other. The chief variables to be examined in the literature have been customer satisfaction, perceived value, behavioural intention and service quality. In this study, the authors were inspired by the ‘indirect model’ by Cronin et al. (2000) and generated a conceptual model to determine the overall service quality of a destination and its effect on perceived value, customer satisfaction and behavioural intention by structural equation modelling technique. Copyright © 2011 John Wiley & Sons, Ltd.     

Investigating the need for consumer education among Turkish secondary school students

This study has been planned to determine the need for consumer education by secondary school students. A total of 300 secondary school students (150 female, 150 male) living in central Ankara in different regions with respect to socio‐economic status participated in the study. Consumer education is defined as the management of economic resources, consumer behaviour concepts, relating to consumption, level of knowledge about consumer rights and responsibilities and environmental sensitivity. On the basis of this study, almost half the adolescents draw up a budget plan and carry out market research before shopping. Also, almost half of them put quality first when choosing goods and cost is of secondary importance. More than half of the students save money for unexpected outlay. Nonetheless, adolescents do not know about consumer rights and responsibilities, nor do they have sufficient information about consumer law and the concept of protecting the environment. More than half of the students stated that they need consumer education courses as part of their curriculum.