İşletme Fakültesi
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Article Citation - WoS: 12Citation - Scopus: 17Corporate Diversification and Firm Value: Evidence From Emerging Markets(Emerald Group Publishing Limited, 2015) Akben Selçuk, ElifPurpose - The purpose of this paper is to investigate the impact of corporate diversification on firm value in a sample of nine emerging markets including Brazil Chile Indonesia Malaysia Philippines Poland South Africa Thailand and Turkey. For the purpose of this study a company is classified as diversified when it is operating in two or more lines of business defined by the two-digit SIC codes. Design/methodology/approach - Employing panel data from 1568 companies for the period 2005-2010 this paper estimates both a fixed effects model and a dynamic generalized method of moments model. Data are collected both at company level and segment level within each firm. Findings - Overall analysis results suggest that for the period from 2005 to 2010 diversified firms in emerging markets are valued more compared to single-segment firms operating in similar industries providing support for diversification premium. Originality/value - The effect of diversification on company value in emerging markets is an important managerial and public policy concern. Although the literature on developed country diversified firms is rich only a few studies have examined diversification-value relationship in the context of developing countries. Furthermore most previous research on the value effects of corporate diversification in emerging markets has taken the form of case studies within countries and concentrated on the 1990s. This paper tries to fill these gaps by using a larger sample and more recent data and methodology.Article Citation - WoS: 20Citation - Scopus: 22Who Was Colonized and When? a Cross-Country Analysis of Determinants(Elsevier Science Bv, 2016) Ertan, Sabri Arhan; Fiszbein, Martin; Futterman, LouisThe process of colonization has shaped the economic and demographic contours of the modern world. In this paper we study the determinants of the occurrence and timing of colonization of non-European countries by Western European powers. Of particular interest is the role of early development measures that are known to be strong correlates of present-day levels of income. We show that non-European societies with longer histories of agriculture and statehood and higher levels of technology adoption in 1500 were less likely to be colonized and tended to be colonized later if at all. We also find that proximity to the colonizing powers disease environment and latitude are significant predictors of the occurrence and timing of colonization although their impacts are less robust to choice of country sample. Our models have high explanatory power and their support for the significance of early development is robust to the use of alternative indicators of early development and disease to the use of instruments to focus on the exogenous component of early development and to the joint estimation of the colonization and timing equations to correct for potential selection bias. (C) 2015 Elsevier B.V. All rights reserved.Article Citation - WoS: 16Citation - Scopus: 22Empirical Evidence of Revenue Management in the Cruise Line Industry(Sage Publications Inc, 2019) Ayvaz Çavdaroğlu, Nur; Gauri, Dinesh K.; Webster, ScottRevenue management (RM) has received considerable attention from both academic and business professionals. It encompasses several techniques regarding capacity allocation pricing and resource management of fixed time-sensitive capacity. RM can be roughly divided into two categories defined by the control mechanism that increases revenue: capacity allocation or price optimization. Our work falls in the latter category. In our model we allow for partial substitutability among products (e.g. a customer making a purchase decision may consider multiple alternatives-different departure dates different destinations different cabin types). We also include marketing expense in addition to prices as a lever for increasing revenue. These features are relevant to dynamic pricing in practice. The method is illustrated with booking data from a cruise company yielding optimal advertising and prices for 300 products. The application of the model results in an increase in revenue in the range of 8%-20%.Article Citation - WoS: 7Citation - Scopus: 7Dissidents With an Innovation Cause? Non-Institutionalized Actors' Online Social Knowledge Sharing Solution-Finding Tensions and Technology Management Innovation(Emerald Group Publishing Limited, 2015) De Kervenoael, Ronan; Bisson, Christophe; Palmer, MarkPurpose - Traditionally most studies focus on institutionalized management-driven actors to understand technology management innovation. The purpose of this paper is to argue that there is a need for research to study the nature and role of dissident non-institutionalized actors' (i.e. outsourced web designers and rapid application software developers). The authors propose that through online social knowledge sharing non-institutionalized actors' solution-finding tensions enable technology management innovation. Design/methodology/approach - A synthesis of the literature and an analysis of the data (21 interviews) provided insights in three areas of solution-finding tensions enabling management innovation. The authors frame the analysis on the peripherally deviant work and the nature of the ways that dissident non-institutionalized actors deviate from their clients (understood as the firm) original contracted objectives. Findings - The findings provide insights into the productive role of solution-finding tensions in enabling opportunities for management service innovation. Furthermore deviant practices that leverage non-institutionalized actors' online social knowledge to fulfill customers' requirements are not interpreted negatively but as a positive willingness to proactively explore alternative paths. Research limitations/implications - The findings demonstrate the importance of dissident non-institutionalized actors in technology management innovation. However this work is based on a single country (USA) and additional research is needed to validate and generalize the findings in other cultural and institutional settings. Originality/value - This paper provides new insights into the perceptions of dissident non-institutionalized actors in the practice of IT managerial decision making. The work departs from but also extends the previous literature demonstrating that peripherally deviant work in solution-finding practice creates tensions enabling management innovation between IT providers and users.Article Citation - WoS: 20Citation - Scopus: 25Unpacking the Relationship Between Materialism Status Consumption and Attitude To Debt the Role of Islamic Religiosity(Emerald Group Publishing Limited, 2016) Yeniaras, VolkanPurpose - The purpose of the study is to investigate how religiosity affects these relationships inTurkey where consumption is de-stigmatized among a new economic elite with strong ties to Islamism. The literature commonly associates religion and ideology with anti-capitalism and anti-consumption. Although consumer researchers have studied both topics examination of whether materialistic values translate into status consumption and whether religiosity has an effect on the relationship between status consumption and consumer attitude to debt remains scant. Design/methodology/approach - This paper investigates the relationship of materialism to status consumption and the mediating role of Islamic religiosity on the relationship between status consumption and attitude to debt. Structural equations modeling was used on a judgmental sample of 267. Findings - The results showed that the materialistic values positively affect status consumption for the Islamists. This paper concludes that Islamic religiosity not only does not reject consumption but also augments the relationship between status consumption and consumer attitude to debt. Originality/value - The findings have shown that previous studies that identify Islam as a threat to consumerism have overseen the class struggles and the role of status consumption. This paper successfully provided empirical evidence that the religiosity not only does not reject consuming but intensifies the relationship between status consumption and attitude to debt for those with Islamist dispositions.Article Citation - WoS: 8Citation - Scopus: 9A New Energy Paradigm for Turkey: A Political Risk-Inclusive Cost Analysis for Sustainable Energy(Elsevier Science, 2011) Oksay, Serhan; İşeri, EmreImplementing sustainable development policies in order to achieve economic and social development while maintaining adequate environmental protection to minimize the damage inflicted by the constantly increasing world population must be a major priority in the 21st century. While the emerging global debate on potential cost-effective responses has produced potential solutions such as cap and trade systems and/or carbon taxes as part of evolving sustainable energy/environmental policies this kind of intellectual inquiry does not seem to be an issue among Turkish policy-making elites. This is mainly due to their miscalculation that pursuing sustainable energy policies is much more expensive in comparison to the utilization of fossil fuels such as natural gas. Nevertheless the pegged prices of an energy sector dominated by natural gas are illusive as both the political risks and environmental damage have not been incorporated into the current cost calculations. This paper evaluates energy policies through a lens of risk management and takes an alternative approach to calculating energy costs by factoring in political risks. This formulation reveals that the cost of traditional fossil-based energy is in fact more expensive than renewable energy. In addition to being environmentally friendly the paradigm shift towards renewable energy policies would provide Turkey with a significant opportunity to stimulate its economy by being one of the first countries to develop green technologies and as a result this burgeoning sector would prompt job creation as well ; mainly due to the externalities. (C) 2011 Elsevier Ltd. All rights reserved.Article Citation - WoS: 25Citation - Scopus: 28Efficiency Analysis of Emergency Departments in Metropolitan Areas(Elsevier, 2020) Akkan, Can; Karadayı, Melis Almula; Ekinci, Yeliz; Ulengin, Füsun; Uray, Nimet; Karaosmanoğlu, ElifThe demand in the healthcare industry is increasing exponentially due to aging population of the world and this is leading to a rapid increase in the cost of healthcare. The emergency departments of the hospitals are the frontline of health care systems and play an additional critical role in providing an efficient and high-quality response for patients. The overcrowding at the emergency departments due to growing demand results in a situation where the demand for ED services exceeds the ability to provide care in a reasonable amount of time. This has led countries to reconsider their health policies in a way to increase their efficiency in their healthcare systems in general and in emergency departments, in particular. As in many countries, there has been a steady and significant increase in the number of patients that seek health services at the emergency departments of state hospitals of Turkey, due to the significant structural reforms in health services since 2003. While meeting this increasing demand, it is ever more important to provide these critical health services efficiently. Therefore, the efficiency of the emergency departments of seven general hospitals run by Istanbul's Beyoglu State Hospitals Association have been analyzed using categorical Data Envelopment Analysis (DEA) models. The analysis of DEA results is supported by a set of statistical methods to make it easier for the hospital administrators to interpret the analysis and draw conclusions. The analysis shows that less-equipped EDs are supported by better equipped, larger EDs, resulting in a hub-and-spoke type of structure among the EDs where "satellite" EDs serve an important referral function and thus evaluating their efficiency without taking the interoperability among these units into account would not be an accurate assessment of their performance.Article Citation - Scopus: 28Strategic Positioning and Quality Determinants in Banking Service(2011) Akdag, Hatice Camgöz; Zineldin, MosadPurpose - The aim of this paper is to investigate and define the competitive positioning of banks including state-owned domestic and foreign banks operating in Istanbul Turkey. The aim is to check the competitive marketplace and to identify the major quality attributes which bankers themselves and their customers used in determining the overall perception of a given bank and services offered. Design/methodology/approach - The investigation was held in Istanbul Turkey. In total 30 banks were included in the research which includes state-owned local and foreign-owned banks. A total of 1530 questionnaires were submitted answers collected and analyzed. Reliability test and frequency analysis were used to analyze the data. Findings - From the banks' customers' point of view determinants relating to functional quality or how the customers wish to receive banking services became evident. It also became clear that customers of banks are not fully receiving what they want or need and their expectations especially on the most important attributes of quality are not being met. Research limitations/implications - The survey showed how the banks were selected and including their employees in relation to the other competitors' banks in the Turkish banking industry. Originality/value - The paper demonstrates an integrated technology use of staff talent and streamlined operations that respond to customer needs and encourage customers to use the whole range of banking products/services rather than only a few as the end game. The results were used by bank staff later on to reengineer and redesign creatively their positioning strategy and the future direction for creating more effective quality strategies. © 2011 Emerald Group Publishing Limited.Article Citation - WoS: 4Citation - Scopus: 4Babbling Through Social Media: a Cross-Country Study Mapping Out Social Networks Using Ewom Intentions(Springer, 2023) Zülal, İşler; Kıygı-Çallı, Meltem; El Oraiby, MaryamThis research aims to determine the factors affecting the users’ electronic word-of-mouth (eWOM) seeking and sharing intentions and to reveal the interactions among and within clusters using social network analysis (SNA). This study includes three hierarchical sub-studies conducted in two countries, Turkey and Poland. First, we develop a segmentation for social networking site (SNS) users based on the frequency of sharing product-related information on SNSs. Second, we investigate the impact of several factors that affect eWOM seeking and sharing intentions using regression analysis. In the second sub-study, we also include the identified segments developed in the first sub-study as another factor that may have differentiated eWOM intentions. Third, to understand the degree of interaction among SNS users, we apply an SNA using the forecasted eWOM intentions scores from the second sub-study, which gives us hypothetical social networks. The results of SNA present strong interactions inter- and intra-clusters in both countries. Some key findings include the identification of three SNS user segments, including “Middlers,” that may be of particular interest to brands. We also find that in terms of eWOM intentions, users in Turkey are more active than in Poland. Although some predictors of eWOM seeking and sharing intentions differ between the two countries, users intend to be more active in eWOM seeking than in eWOM sharing. The comparative study provides valuable insights for decision-makers to engage different market segments via SNSs with various proposed features using suggested information contents for selected product categories.Article Citation - Scopus: 47Patterns of B2b E-Commerce Usage in Smes(Emerald Group Publishing Limited, 2012) Sila, Ismail; Dobni, Dawn M.Purpose - The purpose of this paper is to identify the B2B e-commerce (B2BEC) usage patterns of North American small- and medium-sized enterprises (SMEs) in their supply chains the contextual factors that influence usage patterns and the subsequent effects of these patterns on firm performance. Design/methodology/approach - The authors conducted an online survey of North American SMEs and obtained 229 responses. They utilized several statistical methods including cluster analysis and profile analysis to test five hypotheses. Findings - The TOE framework supplemented with interorganizational factors provides a valid theoretical guideline to study firms' B2BEC usage patterns. Three distinct types of B2BEC usage patterns - E-Limiteds E-Leaders and E-Laggards - emerged. Different sets of contextual factors contribute to the formation of these three patterns of B2BEC adoption. Higher levels of B2BEC usage result in stronger firm performance. Research limitations/implications - Future clustering variables could be more specific. The effects of other potential contextual factors should also be explored by future studies. This study can be replicated in other countries to determine whether the findings can be generalized. Practical implications - In light of the potential performance improvements that B2BEC adoption offers managers should assess the risks associated with maintaining their current speed of e-business deployment versus the risks associated with escalating it. Organizations that have been more reactive should consider how well or ill their sluggish approach prepares them for navigating the inevitability of increasing sophistication in supply chain management. Originality/value - Limited empirical research exists on theB2BECusage patterns of NorthAmerican SMEs the contextual factors that motivate them to adopt different B2BEC technologies in their supply chains and how each of these usage patterns affects their performance. The current study contributes to the literature by shedding light on these issues. © Emerald Group Publishing Limited.Article Citation - WoS: 28Citation - Scopus: 47Unsupervised Anomaly Detection in Multivariate Spatio-Temporal Data Using Deep Learning: Early Detection of Covid-19 Outbreak in Italy(Ieee-Inst Electrıcal Electronıcs Engıneers Inc, 2020) Karadayı, Yıldız; Aydın, Mehmet Nafiz; Öğrenci, Arif SelçukUnsupervised anomaly detection for spatio-temporal data has extensive use in a wide variety of applications such as earth science, traffic monitoring, fraud and disease outbreak detection. Most real-world time series data have a spatial dimension as an additional context which is often expressed in terms of coordinates of the region of interest (such as latitude - longitude information). However, existing techniques are limited to handle spatial and temporal contextual attributes in an integrated and meaningful way considering both spatial and temporal dependency between observations. In this paper, a hybrid deep learning framework is proposed to solve the unsupervised anomaly detection problem in multivariate spatio-temporal data. The proposed framework works with unlabeled data and no prior knowledge about anomalies are assumed. As a case study, we use the public COVID-19 data provided by the Italian Department of Civil Protection. Northern Italy regions' COVID-19 data are used to train the framework; and then any abnormal trends or upswings in COVID-19 data of central and southern Italian regions are detected. The proposed framework detects early signals of the COVID-19 outbreak in test regions based on the reconstruction error. For performance comparison, we perform a detailed evaluation of 15 algorithms on the COVID-19 Italy dataset including the state-of-the-art deep learning architectures. Experimental results show that our framework shows significant improvement on unsupervised anomaly detection performance even in data scarce and high contamination ratio scenarios (where the ratio of anomalies in the data set is more than 5%). It achieves the earliest detection of COVID-19 outbreak and shows better performance on tracking the peaks of the COVID-19 pandemic in test regions. As the timeliness of detection is quite important in the fight against any outbreak, our framework provides useful insight to suppress the resurgence of local novel coronavirus outbreaks as early as possible.Article Citation - WoS: 23Citation - Scopus: 28A Behavioral Analysis of Investor Diversification(Routledge Journals Taylor & Francis Ltd, 2014) Fuertes, Ana-Maria; Muradoğlu, Gülnur; Öztürkkal, BelmaThis paper studies the link between individual investors' portfolio diversification levels and various personal traits that proxy informational advantages and overconfidence. The analysis is based on objective data from the largest Turkish brokerage house tracking 59951 individual investors' accounts with a total of 3248654 million transactions over the period 2008-2010. Wealthier highly educated older investors working in the finance sector and those trading relatively often show higher diversification levels possibly because they are better equipped to obtain and process information. Finance professionals married investors and those placing high-volume orders through investment centers show poorer diversification possibly as a reflection of overconfidence. Our analysis reveals important nonlinear effects implying that the marginal impact of overconfidence on diversification is not uniform across investors but varies according to the investor's information gathering and processing abilities.Article Citation - WoS: 21Citation - Scopus: 31Adoption of Mobile Health Apps in Dietetic Practice: Case Study of Diyetkolik(Jmır Publıcatıons, Inc, 130 Queens Quay E, 2020) Akdur, Görkem; Aydın, Mehmet Nafiz; Akdur, GizdemBackground: Dietetics mobile health apps provide lifestyle tracking and support on demand. Mobile health has become a new trend for health service providers through which they have been shifting their services from clinical consultations to online apps. These apps usually offer basic features at no cost and charge a premium for advanced features. Although diet apps are now more common and have a larger user base, in general, there is a gap in literature addressing why users intend to use diet apps. We used Diyetkolik, Turkey's most widely used online dietetics platform for 7 years, as a case study to understand the behavioral intentions of users. Objective: The aim of this study was to investigate the factors that influence the behavioral intentions of users to adopt and use mobile health apps. We used the Technology Acceptance Model and extended it by exploring other factors such as price-value, perceived risk, and trust factors in order to assess the technology acceptance of users. Methods: We conducted quantitative research on the Diyetkolik app users by using random sampling. Valid data samples gathered from 658 app users were analyzed statistically by applying structural equation modeling. Results: Statistical findings suggested that perceived usefulness (P<.001), perceived ease of use (P<.001), trust (P<.001), and price-value (P<.001) had significant relationships with behavioral intention to use. However, no relationship between perceived risk and behavioral intention was found (P=.99). Additionally, there was no statistical significance for age (P=.09), gender (P=.98), or previous app use experience (P=.14) on the intention to use the app. Conclusions: This research is an invaluable addition to Technology Acceptance Model literature. The results indicated that 2 external factors (trust and price-value) in addition to Technology Acceptance Model factors showed statistical relevance with behavioral intention to use and improved our understanding of user acceptance of a mobile health app. The third external factor (perceived risk) did not show any statistical relevance regarding behavioral intention to use. Most users of the Diyetkolik dietetics app were hesitant in purchasing dietitian services online. Users should be frequently reassured about the security of the platform and the authenticity of the platform's dietitians to ensure that users' interactions with the dietitians are based on trust for the platform and the brand.Article Citation - WoS: 3Citation - Scopus: 6How Does Self-Concept Clarity Influence Happiness in Social Settings? the Role of Strangers Versus Friends(Routledge Journals Taylor & Francis Ltd, 2019) Merdin-Uygur, Ezgi; Sarial-Abi, Gulen; Gurhan-Canli, Zeynep; Hesapci, OzlemSelf-concept clarity (SCC) defined as the extent to which the content of an individual's self-beliefs is clearly and confidently defined and internally consistent influences experiences in social relationships. This paper extends the previous literature on SCC by proposing and demonstrating that high-SCC individuals anticipate and experience more happiness than low-SCC individuals when they share a social setting with friends and anticipate and experience less happiness than low-SCC individuals when they share a social setting with strangers and that this is because of perceived interpersonal distance. A series of four studies including both online studies and a field study support these predictions. Alternative explanations of self-esteem and self-efficacy are also ruled out. The findings yield both theoretical contributions and practical implications.Article Citation - WoS: 1Citation - Scopus: 1School-wide friendship metadata correlations(Pergamon-Elsevier Science Ltd, 2019) Aydın, Mehmet Nafiz; Perdahçı, Nazım ZiyaManagers and education practitioners desire to know an extent to which sustainable school-wide friendship exists. Drawing on theory of network this research focuses on bestfriendships that may contribute to positive school experience or school belonging in the context of school-wide interactions. We emphasize that school-wide unity is essential to refer to shared perceived friendship experience at the school level. The basic trust of this study is that managers should consider interconnectedness as a complex system of entangled interactions among students. We investigate best friendship network on the meso-to-macro scale. Particular attention is paid to the network phenomena of the largest component and network correlations for examining school wide unity. The results show that abundance of asymmetric friendships leads to unity around school wide interactions. As suggested by network theory popular students' tendency to avoid forming closed clusters assures sustainability in school-wide friendships and having same gender type or being classmates correlate highly with the choice of best friends in contrast to achievement scores. Metadata correlations reveal same-gender and same-class clubs. Incorporating meso level findings into macro level indicates that some metadata (e.g. gender) may be considered as salient characteristics of the communities while other metadata (e.g. achievement scores) may be irrelevant.Article Citation - WoS: 2Citation - Scopus: 3Profit Sharing Between Managers and Investors: an Experimental Investigation(Elsevier Science Bv, 2015) Öztürkkal, BelmaThis study analyzes the effect of interest and power structures and conflict of interest among managers and investors and tests the effect of different payout mechanisms on willingness to pay. In this study 74 student subjects are involved in a setting where the manager is determining his own compensation. A series of experiments that vary managers' ability to determine their own compensation and investors' ability to punish inappropriate behavior are reported. The experiments involve pairs of subjects consisting of an investor and a manager with asymmetric decision making powers. When managers compensate themselves inappropriately investors' recourse is to shun the company's shares-a model that arguably corresponds more closely to reality than the accepted efficient market traditional paradigm. The experiment shows that managers share profits even when investors cannot withhold investment and investors fairly compensate managers as well. This pattern explains both the ability of capital markets to function despite the presence of inherent moral hazard and occasional managerial misbehavior. Copyright (C) 2015 Borsa Istanbul Anonim Sirketi. Production and hosting by Elsevier B.V.Article Citation - WoS: 64Citation - Scopus: 79Service Employee Burnout and Engagement: the Moderating Role of Power Distance Orientation(Springer, 2016) Auh, Seigyoung; Mengüç, Bülent; Spyropoulou, Stavroula; Wang, FatimaStudies show that service employees are among the most disengaged in the workforce. To better understand service employees' job engagement this study broadens the scope of the job demands-resources (JD-R) model to include power distance orientation (PDO). The inclusion of PDO enriches the JD-R model by providing a key piece of information that has been missing in prior JD-R models: employees' perceptions of the source of job demands (i.e. supervisors) or employees' views of power and hierarchy within the organization. Study 1 uses a survey-based field study to show that employees with a high (compared to low) PDO feel more burnout due to supervisors when they are closely monitored by their supervisors. Study 1 further supports the finding that employees with high (compared to low) PDO feel less disengagement despite burnout due to supervisors. Study 2 using a lab experiment and Study 3 relying on a survey-based field study unveil why these effects were observed. Stress and job satisfaction emerge as mediators that explain the findings from Study 1. Implications of the role of PDO are discussed to improve the current understanding of how job engagement can improve customer service performance.Article Citation - WoS: 9Citation - Scopus: 12Art Investment: Hedging or Safe Haven Through Financial Crises(Springer, 2020) Öztürkkal, Belma; Toğan-Eğrican, AslıWe analyze long-term art auction sales data focusing on and around financial crisis periods with other investment returns to understand whether art can be considered a safe haven during volatile times or a hedging option in general by analyzing art auction data in a volatile emerging market. Our findings suggest Turkish art returns are either negatively correlated or at low correlation with other investments, including the equity market. We have the view that art can be considered a hedging mechanism on average to enhance returns and to decrease the risk of portfolios and improve diversification. However, we do not discard the safe-haven hypothesis, either. Although the auction data on the crisis period is limited, results of and around crisis periods show art returns are positively correlated with various volatility indices. In addition, the number of art transactions also increases after the crisis years, which may be a sign of liquidity requirement of some investors and an opportunity for buyers. The benefit is visible especially during years of contractions, which do not end with a very severe crisis, since the art auction market liquidity dries if the crisis is severe.Article Citation - WoS: 3Citation - Scopus: 6Machine Learning Model To Predict an Adult Learner's Decision To Continue Esol Course or Not(Springer, 2019) Dahman, Mohammed R.; Dağ, HasanThis study investigated the ability of the demographic and the affective variables to predict the adult learners' decision to continue ESOL courser. 278 adult learners, enrolled on ESOL course at FLS institution in Istanbul, Turkey, participated in the study. The result showed that the continued or dropped out groups, demonstrated statistical differences in the demographic variable (the placement test score) with a magnitude of large effect size (.378). Additionally, the result showed the effect size in the perception of the affective variables (motivation, attitude, and anxiety), accounts for about 50% of the variation between the continuation and dropout groups. Following that, three machine learning models were proposed; all possible subset regression analysis was used to compare the three models. The adequate model, which fitted the demographic variable (the placement test score) and the affective variables (motivation, attitude, and anxiety), correctly predicted 83.3% of the adult learners' decision to continue ESOL course. The model showed about 68% goodness-of-fit. The cultural implications of these findings are discussed, along with suggestions for future research.Article Citation - WoS: 13Citation - Scopus: 18Strategic Early Warning System for the French Milk Market: a Graph Theoretical Approach To Foresee Volatility(Elsevier, 2017) Bisson, Christophe; Diner, Öznur YaşarThis paper presents a new approach for developing a Strategic Early Warning System aiming to better detect and interpret weak signals. We chose the milk market as a case study in line with the recent call from the EU Commission for governance tools which help to better address such highly volatile markets. Furthermore on the first of April 2015 the new Common Agricultural Policy ended quotas for milk which led to a milk crisis in the EU. Thus we collaborated with milk experts to get their inputs for a new model to analyse the competitive environment. Consequently we constructed graphs to represent the major factors that affect the milk industry and the relationships between them. We obtained several network measures for this social network such as centrality and density. Some factors appear to have the largest major influence on all the other graph elements while others strongly interact in cliques. Any detected changes in any of these factors will automatically impact the others. Therefore scanning ones competitive environment can allow an organisation to get an early warning to help it avoid an issue (as much as possible) and/or seize an opportunity before its competitors. We conclude that Strategic Early Warning Systems as a corporate foresight approach utilising graph theory can strengthen the governance of markets. (C) 2017 Elsevier Ltd. All rights reserved.

