GROWTH CONSEQUENCES OF FOREIGN DIRECT INVESTMENT: SOME RESULTS FOR TURKEY

Turkey has become the dominant recipient of FDI inflows in the Western Asian region. We explore if such inflows have promoted growth as expected. Our analysis of the FDI/growth nexus focuses both on the long-and short-run relations and allows for the possibility that growth also responds to other factors. The results support the theoretical priors and support the existence of a robust long-run relationship linking real economic growth with FDI inflows, economic openness and human capital. Among the three growth ingredients, only human capital accumulation (good education) appears capable of stimulating economic growth in the short-run as well. The results further imply that programs to attract larger FDI inflows to Turkey should persist for some time before they can produce noticeable economic benefits.FDI Inflows, Economic Growth, Human Capital, Turkey

The antecedents and consequences of salesperson deviance: A question of fit

The linkages between salesperson-organization fit and salesperson deviance behaviors have not received adequate attention in the marketing literature. Salespeople can be viewed as either a tremendous asset for the realization of an organization\u27s long term goals or as a potential threat to its overall success. This research addresses the importance of managing salesperson-organization fit in mitigating subsequent anti-normative behaviors. The study employs a conceptual model of sales-specific organizational congruence factors (work/nonwork demands fit, compensation structure fit, and values congruence) which drive salesperson deviance behaviors. The study examines how deviant behaviors are employed as a coping mechanism by salespeople who do not \u27fit\u27 within an organization. These behaviors influence salesperson competence through individual and organizational outcomes (performance, organizational commitment, turnover intentions and life satisfaction). The empirical tests of the hypotheses are based upon online survey data collected from 408 non-retail industrial salespeople from multiple companies in various industries

On the Integration of Emerging Stock Markets in the Middle East

Results from the Johansen-Juselius test suggest that the Middle East emerging stock markets are segmented globally, but appear highly integrated within the region. Moreover, the Gonzalo- Granger test, in conjunction with error-correction models, indicates that the market in Egypt is a dominant force driving other markets in the region. The apparent segmentation of the markets in the Middle East from the global market implies that these emerging markets provide international investors with potential diversification gains.

Nanoengineered Core-Shell Structures Using Tubile Halloysite Clay

Halloysite nanotubes are a versatile nanomaterial that can be used in a wide variety of applications. They have a unique structure which could be described as a flat material that consists of silica on one side and alumina on the other; this structure is rolled up in a way naturally forming an internal 10-15 nm lumen and interlayer spacing. This could lead to many potential applications for example incorporating halloysite as a template material or as a support structure. They are an inexpensive clay material that is available in large quantities (thousands of tons), so they may be practically used in industrial applications. In this work, they were used as a support structure for catalysts, gas sensors, as well as lithium sulfur batteries. In catalysis it is essential to minimize aggregation of catalytic nanoparticles as aggregation leads to a reduction of surface area used for conducting chemical reactions. Support structures are used to minimize this aggregation. Halloysite nanotubes were used as a support structure to chemically attach two different catalytic metal nanoparticles: cobalt and ruthenium. There are a variety of techniques to synthesize catalytic nanoparticles onto/inside halloysite. To enhance inner-wall and lumen metal cluster formation for ruthenium, we intercalated the tube with furfuraldehyde and then converted it to tetradentate ligands which have shown specific binding to Ru3+ ions from ethanol solution at elevated temperatures. One of the purposes of the ligands is to increase the amount of ruthenium loaded inside the halloysite. The other purpose is to firmly hold the ruthenium inside the halloysite to prevent leakage of Ru. Metal particles of 2-5 nm diameters were formed both in the central lumen and in the interlayer spaces of the tube walls. This core-shell engineered catalyst was tested in hydrogenation of aromatics. Maximum turnover frequency (TOF) achieved was 17282 h-1 in terms of hydrogen uptake per surface area of Ru-atoms. For halloysite-based ruthenium catalysts some metal leaching was observed after the 1st reaction cycle, which may be attributed to poorly retained nanoparticles located outside of the nanotubes, but these Ru-core-shell nanocatalysts were recycled up to ten times without loss of catalytic activity. Halloysite was also used to load cobalt for catalytic purposes. Active cobalt mesocatalysts were prepared using four main methods: Wet impregnation of cobalt chloride into halloysite, adsorption of cobalt (II, III) oxide onto halloysite, and cobalt chloride linkage onto/into halloysite using azines as well as APTES. It turned out that the most efficient catalyst was the halloysite loaded with cobalt chloride using the azine acetone as a ligand with an R value (L/min x g(cat)) of three, which is higher than other previously made cobalt mesocatalysts which typically range from 0.9-2.9. In addition to supporting metal catalytic nanoparticles, halloysite was used to load zirconia nanoparticles for gas sensor applications. We synthesized Y2O3-ZrO2 on halloysite clay nanotubes, an example of an external metal oxide – internal ceramic coreshell system. This produced 5-10 nm diameter particles on the nanotubes. This system should limit the particle agglomeration at working temperatures of 500 ºC. Halloysite nanotubes were also used as a nanoconfinement structure to load sulfur particles for increasing lithium-sulfur battery efficiency. The available nanoscale space in the lumen of halloysites nanotubes and between assembled halloysites clusters help suppress the dissolution and migration of polysulfides in liquid electrolyte solution. The halloysite-sulfur cathode composite was incorporated into coin batteries, and the halloysite/sulfur composites successfully improve the cycling stability, retaining ~84% of the starting capacity for over 250 cycles

Examining consumers\u27 cognitive and behavioral responses to belief disconfirmation

This study explores possible reasons for why consumers persist in their beliefs despite being exposed to substantial disconfirming evidence. The theory of cognitive dissonance (Festinger 1957) provides an important foundation for the pervasiveness of the confirmation bias and belief perseverance. Four main research paradigms of cognitive dissonance theory are discussed: free choice, induced or forced compliance, belief disconfirmation, and hypocrisy. Confirmation bias and belief perseverance are positioned in the belief disconfirmation paradigm. Confirmation bias refers to the general tendency to readily accept evidence that supports one\u27s beliefs and to reject or avoid evidence that goes against such beliefs. Belief perseverance, a phenomenon attributed to the confirmation bias, is the tendency to continue believing what we do in the face of disconfirming evidence. This study assesses whether contrary evidence has an effect on consumer beliefs regarding the perceived benefits of organic food consumption. Dissonance research in marketing has primarily focused on consumer decision making and post-purchase regret. For this reason, the study examines the impact of prepurchase cognitive dissonance using a mixed methods approach. Subjects are exposed to considerable disconfirming evidence, and subsequent belief perseverance (or change) is examined. These effects on cognitive dissonance and purchase behavior are tested. A qualitative assessment of open-ended responses regarding instances of belief perseverance is also conducted; results and key managerial implications are discussed

The influence of consumer freeloading behavior on an observer\u27s and perpetrator\u27s affective commitment

The dissertation explores the relationship between customer affective commitment and freeloading behavior. Consumer freeloading results when a consumer takes advantage of a system or market procedures in a way that allows him or her to obtain benefits from a value proposition with no or reduced monetary costs. Thus, the freeloading consumer works the value equation in his/her favor at the expense of the marketer and/or other consumers. In addition to examining the point of view of the consumer performing the unethical behavior, the dissertation also examines the impact of such behavior on a third party observer. How do loyal consumers (versus not so loyal consumers) react in the face of obvious opportunism against the firm they identify with (or do not identify with)? Justice sensitivity, a personality variable that predicts when and how people react to witnessed or experienced injustice, is hypothesized to moderate the relationship between self-conscious emotions, namely guilt and empathy, and observer\u27s and perpetrator\u27s affective commitment

On the Long-Run Relationship between Population and Economic Growth: Some Time Series Evidence for Developing Countries

This paper focuses on the relationship between population growth and economic growth in many developing countries. Our results from the Johansen cointegration test and error-correction models are supportive of Simon's (1989) theory that population growth and economic growth exhibit a potent long-run (rather than a short-run) relationship across countries. The results further suggest that population expansion positively contributes to economic development in the majority of the countries examined. However, causality inferences are not uniform across countries and the results appear sensitive to the particular stage of economic development.Developing Countries; Development; Economic Growth; Growth; Population

On the integrated behaviour of non-stationary volatility in stock markets

This paper analyses the behaviour of volatility for several international stock market indexes, namely the SP 500 (USA), the Nikkei (Japan), the PSI 20 (Portugal), the CAC 40 (France), the DAX 30 (Germany), the FTSE 100 (UK), the IBEX 35 (Spain) and the MIB 30 (Italy), in the context of non-stationarity. Our empirical results point to the evidence of the existence of integrated behaviour among several of those stock market indexes of different dimensions. It seems, therefore, that the behaviour of these markets tends to some uniformity, which can be interpreted as the existence of a similar behaviour facing to shocks that may affect the worldwide economy. Whether this is a cause or a consequence of market globalization is an issue that may be stressed in future work.Comment: 10 pages, 3 figures. Paper presented in the APFA 5 conferenc

On the integrated behaviour of non-stationary volatility in stock markets

This paper analyses the behaviour of volatility for several international stock market indexes, namely the SP 500 (USA), the Nikkei (Japan), the PSI 20 (Portugal), the CAC 40 (France), the DAX 30 (Germany), the FTSE 100 (UK), the IBEX 35 (Spain) and the MIB 30 (Italy), in the context of non-stationarity. Our empirical results point to the evidence of the existence of integrated behaviour among several of those stock market indexes of different dimensions. It seems, therefore, that the behaviour of these markets tends to some uniformity, which can be interpreted as the existence of a similar behaviour facing to shocks that may affect the worldwide economy. Whether this is a cause or a consequence of market globalization is an issue that may be stressed in future work.Comment: 10 pages, 3 figures. Paper presented in the APFA 5 conferenc

Market Interdependence In The Pacific Basin Region: Internal Drives And External Influences

This paper examines equity market linkages in the Pacific Basin (PB) region and their relations to other mature markets and also assesses the response of these markets to major global events. Results from weekly data for market pairs and for the region as a whole consistently suggest that markets in the PB region are internally interdependent and exhibit significant external relations mainly with the US (rather than Japan). The presence of potent market linkages seems inconsistent with market efficiency provided that implied trading rules yield risk-adjusted excess returns. However, the results further indicate that PB market linkages, both internally within the region and externally with the US, have endured considerable weaknesses particularly since the September 11, 2001 terrorist attack. Such recent weakening of equity market linkages may have strengthened diversification benefits available to US investors from investing in the PB region. We also obtain evidence indicating that three main factors significantly explain the differing degrees of market linkages across countries in the PB region; namely, exchange-rate volatility, equity market volatility and money-market interlink