Journal of Business Economics and Management, 2013
This paper investigates the relationship between inflation, economic growth and their respective ... more This paper investigates the relationship between inflation, economic growth and their respective uncertainties in Iran for the period of 1988–2008 by using quarterly data. We employ a Bivariate Generalized Autoregressive Conditional Heteroskedasticity-in-Mean (BGARCH-M) model to examine in a unified empirical framework all the possible interactions between inflation uncertainty and growth in Iran. The model is simultaneously estimated by using the maximum log-likelihood method with the BEKK approach. The main findings of the present study are: (1) Inflation causes inflation uncertainty, supporting the Friedman-Ball hypothesis. (2) Inflation uncertainty affects the level of economic growth, supporting the Friedman (1977) hypothesis. (3) Growth uncertainty does not affect the level of economic growth, supporting the Friedman (1968) hypothesis. (4) And finally our empirical evidence shows that growth uncertainty affects the level of inflation, supporting the Deveraux (1989) hypothesis.
Research on searching the empirical relationship between international tourism and foreign direct... more Research on searching the empirical relationship between international tourism and foreign direct investment (FDI) is quite rare in the relevant literature. [16] find that FDI is a catalyst for inter- national tourism in the case of China. However, more empirical works are needed in the literature; therefore, this paper contributes to this literature by empirically investigating the level relationship and the direction of causality between the net FDI inflows and international tourism in a developing economy, Turkey. The present study employs the bounds test for long run equilibrium relationship as developed by [12] and Granger causality tests under vector error correction modeling with that respect. Results suggest that both variables are in long-run equilibrium relationship only when FDI is dependent variable under the ARDL (auto-regressive distributed lag) modeling approach. Re- sults did not reveal any long run equilibrium relationship amongst these variables when internatio- na...
This study examines the effects of business and finance conditions on the stock performances of f... more This study examines the effects of business and finance conditions on the stock performances of firms operating in the tourism, hospitality, and leisure industries. This research employs panel-based first- and second-generation estimators, such as Westerlund cointegration, dynamic ordinary least squares (DOLS), and Dumitrescu–Hurlin panel Granger causality tests, to explore long-term links between business conditions, financial development, and tourism growth in major tourist destination countries selected in this study. To our knowledge, this is the first study to attempt to explore this linkage. The long-run estimation underscores that business and finance environments are significant drivers of stock price movements in this industry. Therefore, any shock in business and finance activities will have long-term effects on tourism firms’ stock prices. Moreover, the results show that the most significant factor that explains changes in the tourism stock price is foreign tourist arriva...
Purpose To measure the service quality perceptions of Greek Cypriot bank customers and to exami... more Purpose To measure the service quality perceptions of Greek Cypriot bank customers and to examine the relationship between service quality, customer satisfaction and positive word of mouth, in the light of changing bank market dynamics due to EU accession. Design/methodology ...
Purpose To analyze and compare service quality in the commercial banking sector of a small isla... more Purpose To analyze and compare service quality in the commercial banking sector of a small island economy Cyprus and to investigate the relationship between overall bank customer satisfaction in the Turkish-and Greek-speaking areas of Cyprus and positive word-of-mouth ...
The purpose of this research is to develop and compare some determinants of service quality in bo... more The purpose of this research is to develop and compare some determinants of service quality in both the public and private hospitals of Northern Cyprus. There is considerable lack of literature with respect to service quality in public and private hospitals. Randomly, 454 respondents, who have recently benefited from hospital services in Famagusta, were selected to answer a modified version of the SERVQUAL Instrument. The instrument contained both service expectations and perceptions questions. This study identifies six factors regarding the service quality as perceived in both public and private Northern Cyprus hospitals. These are: empathy, giving priority to the inpatients needs, relationships between staff and patients, professionalism of staff, food and the physical environment. Research results revealed that the various expectations of inpatients have not been met in either the public or the private hospitals At the micro level, the lack of management commitment to service quality in both hospital settings leads doctors and nurses to expend less effort increasing or improving inpatient satisfaction. Hospital managers should also satisfy their employees, since job satisfaction leads to customer satisfaction and loyalty. Additionally, hospital administrations need to gather systematic feedback from their inpatients, establish visible and transparent complaint procedures so that inpatients' complaints can be addressed effectively and efficiently. The hospitals need to organize training sessions based on the critical importance of service quality and the crucial role of inpatient satisfaction in the health care industry. Future studies should include the remaining regions in Cyprus in order to increase research findings' generalizability. Additionally, including other dimensions such as hospital processes and discharge management and co-ordination may provide further insights into understanding inpatients' perceptions and intentions.
Although the relationship between international trade and economic growth has found a wide applic... more Although the relationship between international trade and economic growth has found a wide application area in the literature over the years, this can not be said about tourism and growth or trade and tourism. This study employs the bounds test for cointegration and Granger causality tests to investigate a long-run equilibrium relationship between tourism, trade and real income growth, and
Page 1. Financial development, trade and growth triangle: the case of India Salih Turan Katirciog... more Page 1. Financial development, trade and growth triangle: the case of India Salih Turan Katircioglu Department of Banking and Finance, Eastern Mediterranean University, Famagusta, Turkey, and Neslihan Kahyalar and Hasret ...
Estimating the Size of the Cypriot Underground Economy:
A Comparison with Some European Experien... more Estimating the Size of the Cypriot Underground Economy:
A Comparison with Some European Experience
Meryem Duygun Fethi, Sami Fethi and Salih Turan Katircioglu
Research Paper
Purpose
To investigate the size of underground economy and the amount of tax evasion in Cyprus by employing mainly monetary-based approaches over the period 1960-2003 and to compare the Cyprus’s figures obtained from these approaches with some available European experiences existed in the literature.
Design/ Methodology/ Approach
Annual data covering 1960 – 2003 period were applied to several approaches for measuring the size of underground economy and the amount of tax evasion in Cyprus. These approaches are: Employment discrepancy, simple currency ratio, transaction and currency demand.
Findings
On the basis of the results obtained from this study: (i) the average ratio of the underground economy and tax evasion to official GDP in Cyprus is estimated 9.41 and 0.31 percent of GDP for entire period respectively, (ii) the estimated figures for Cyprus in 1994-95 (5.96 percent of GDP) and 1996-97 (5.67 percent of GDP) compared with the average figures of the selected European Union (EU) Countries in 1994-95 (18.05 percent of GDP) and 1996-97 (18.76 percent of GDP) are well below as a new member; (iii) these findings are likely to satisfy the country’s convergence from underground economic point of view.
Research limitations/ Implications
Findings of this study suggest that the issue of the underground economy is still needed further investigation (i) to reach reliable results since each approach has its own strengths and weaknesses and yield different results, (ii) to find out the best method selection on a well-established theory, (iii) to employ reliable data estimating precise measurement.
Practical Implications
Findings of this study will help Greek Cypriot authorities to monitor their policies regarding tax and other related policies. The findings will also be important for other EU members to compare themselves for Cyprus as a new member.
Originality/Value
This study is the first of its kind for measuring the size of underground economy and tax evasion for the Cypriot economy by applying various approaches.
This article empirically investigates the direction of causality between current account balance ... more This article empirically investigates the direction of causality between current account balance and the overall budget balance of a selected 24 small island state economies by conducting panel data econometric techniques. The results of both bivariate and pairwise ...
This article investigates the relationship between Exchange Market Pressure (EMP) and macroeconom... more This article investigates the relationship between Exchange Market Pressure (EMP) and macroeconomic fundamentals in Turkey using the Autoregressive Distributed Lag (ARDL) bounds testing procedure and Vector Error Correction Model (VECM) within the ...
Journal of Business Economics and Management, 2013
This paper investigates the relationship between inflation, economic growth and their respective ... more This paper investigates the relationship between inflation, economic growth and their respective uncertainties in Iran for the period of 1988–2008 by using quarterly data. We employ a Bivariate Generalized Autoregressive Conditional Heteroskedasticity-in-Mean (BGARCH-M) model to examine in a unified empirical framework all the possible interactions between inflation uncertainty and growth in Iran. The model is simultaneously estimated by using the maximum log-likelihood method with the BEKK approach. The main findings of the present study are: (1) Inflation causes inflation uncertainty, supporting the Friedman-Ball hypothesis. (2) Inflation uncertainty affects the level of economic growth, supporting the Friedman (1977) hypothesis. (3) Growth uncertainty does not affect the level of economic growth, supporting the Friedman (1968) hypothesis. (4) And finally our empirical evidence shows that growth uncertainty affects the level of inflation, supporting the Deveraux (1989) hypothesis.
Research on searching the empirical relationship between international tourism and foreign direct... more Research on searching the empirical relationship between international tourism and foreign direct investment (FDI) is quite rare in the relevant literature. [16] find that FDI is a catalyst for inter- national tourism in the case of China. However, more empirical works are needed in the literature; therefore, this paper contributes to this literature by empirically investigating the level relationship and the direction of causality between the net FDI inflows and international tourism in a developing economy, Turkey. The present study employs the bounds test for long run equilibrium relationship as developed by [12] and Granger causality tests under vector error correction modeling with that respect. Results suggest that both variables are in long-run equilibrium relationship only when FDI is dependent variable under the ARDL (auto-regressive distributed lag) modeling approach. Re- sults did not reveal any long run equilibrium relationship amongst these variables when internatio- na...
This study examines the effects of business and finance conditions on the stock performances of f... more This study examines the effects of business and finance conditions on the stock performances of firms operating in the tourism, hospitality, and leisure industries. This research employs panel-based first- and second-generation estimators, such as Westerlund cointegration, dynamic ordinary least squares (DOLS), and Dumitrescu–Hurlin panel Granger causality tests, to explore long-term links between business conditions, financial development, and tourism growth in major tourist destination countries selected in this study. To our knowledge, this is the first study to attempt to explore this linkage. The long-run estimation underscores that business and finance environments are significant drivers of stock price movements in this industry. Therefore, any shock in business and finance activities will have long-term effects on tourism firms’ stock prices. Moreover, the results show that the most significant factor that explains changes in the tourism stock price is foreign tourist arriva...
Purpose To measure the service quality perceptions of Greek Cypriot bank customers and to exami... more Purpose To measure the service quality perceptions of Greek Cypriot bank customers and to examine the relationship between service quality, customer satisfaction and positive word of mouth, in the light of changing bank market dynamics due to EU accession. Design/methodology ...
Purpose To analyze and compare service quality in the commercial banking sector of a small isla... more Purpose To analyze and compare service quality in the commercial banking sector of a small island economy Cyprus and to investigate the relationship between overall bank customer satisfaction in the Turkish-and Greek-speaking areas of Cyprus and positive word-of-mouth ...
The purpose of this research is to develop and compare some determinants of service quality in bo... more The purpose of this research is to develop and compare some determinants of service quality in both the public and private hospitals of Northern Cyprus. There is considerable lack of literature with respect to service quality in public and private hospitals. Randomly, 454 respondents, who have recently benefited from hospital services in Famagusta, were selected to answer a modified version of the SERVQUAL Instrument. The instrument contained both service expectations and perceptions questions. This study identifies six factors regarding the service quality as perceived in both public and private Northern Cyprus hospitals. These are: empathy, giving priority to the inpatients needs, relationships between staff and patients, professionalism of staff, food and the physical environment. Research results revealed that the various expectations of inpatients have not been met in either the public or the private hospitals At the micro level, the lack of management commitment to service quality in both hospital settings leads doctors and nurses to expend less effort increasing or improving inpatient satisfaction. Hospital managers should also satisfy their employees, since job satisfaction leads to customer satisfaction and loyalty. Additionally, hospital administrations need to gather systematic feedback from their inpatients, establish visible and transparent complaint procedures so that inpatients' complaints can be addressed effectively and efficiently. The hospitals need to organize training sessions based on the critical importance of service quality and the crucial role of inpatient satisfaction in the health care industry. Future studies should include the remaining regions in Cyprus in order to increase research findings' generalizability. Additionally, including other dimensions such as hospital processes and discharge management and co-ordination may provide further insights into understanding inpatients' perceptions and intentions.
Although the relationship between international trade and economic growth has found a wide applic... more Although the relationship between international trade and economic growth has found a wide application area in the literature over the years, this can not be said about tourism and growth or trade and tourism. This study employs the bounds test for cointegration and Granger causality tests to investigate a long-run equilibrium relationship between tourism, trade and real income growth, and
Page 1. Financial development, trade and growth triangle: the case of India Salih Turan Katirciog... more Page 1. Financial development, trade and growth triangle: the case of India Salih Turan Katircioglu Department of Banking and Finance, Eastern Mediterranean University, Famagusta, Turkey, and Neslihan Kahyalar and Hasret ...
Estimating the Size of the Cypriot Underground Economy:
A Comparison with Some European Experien... more Estimating the Size of the Cypriot Underground Economy:
A Comparison with Some European Experience
Meryem Duygun Fethi, Sami Fethi and Salih Turan Katircioglu
Research Paper
Purpose
To investigate the size of underground economy and the amount of tax evasion in Cyprus by employing mainly monetary-based approaches over the period 1960-2003 and to compare the Cyprus’s figures obtained from these approaches with some available European experiences existed in the literature.
Design/ Methodology/ Approach
Annual data covering 1960 – 2003 period were applied to several approaches for measuring the size of underground economy and the amount of tax evasion in Cyprus. These approaches are: Employment discrepancy, simple currency ratio, transaction and currency demand.
Findings
On the basis of the results obtained from this study: (i) the average ratio of the underground economy and tax evasion to official GDP in Cyprus is estimated 9.41 and 0.31 percent of GDP for entire period respectively, (ii) the estimated figures for Cyprus in 1994-95 (5.96 percent of GDP) and 1996-97 (5.67 percent of GDP) compared with the average figures of the selected European Union (EU) Countries in 1994-95 (18.05 percent of GDP) and 1996-97 (18.76 percent of GDP) are well below as a new member; (iii) these findings are likely to satisfy the country’s convergence from underground economic point of view.
Research limitations/ Implications
Findings of this study suggest that the issue of the underground economy is still needed further investigation (i) to reach reliable results since each approach has its own strengths and weaknesses and yield different results, (ii) to find out the best method selection on a well-established theory, (iii) to employ reliable data estimating precise measurement.
Practical Implications
Findings of this study will help Greek Cypriot authorities to monitor their policies regarding tax and other related policies. The findings will also be important for other EU members to compare themselves for Cyprus as a new member.
Originality/Value
This study is the first of its kind for measuring the size of underground economy and tax evasion for the Cypriot economy by applying various approaches.
This article empirically investigates the direction of causality between current account balance ... more This article empirically investigates the direction of causality between current account balance and the overall budget balance of a selected 24 small island state economies by conducting panel data econometric techniques. The results of both bivariate and pairwise ...
This article investigates the relationship between Exchange Market Pressure (EMP) and macroeconom... more This article investigates the relationship between Exchange Market Pressure (EMP) and macroeconomic fundamentals in Turkey using the Autoregressive Distributed Lag (ARDL) bounds testing procedure and Vector Error Correction Model (VECM) within the ...
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Papers by Salih Katircioglu
A Comparison with Some European Experience
Meryem Duygun Fethi, Sami Fethi and Salih Turan Katircioglu
Research Paper
Purpose
To investigate the size of underground economy and the amount of tax evasion in Cyprus by employing mainly monetary-based approaches over the period 1960-2003 and to compare the Cyprus’s figures obtained from these approaches with some available European experiences existed in the literature.
Design/ Methodology/ Approach
Annual data covering 1960 – 2003 period were applied to several approaches for measuring the size of underground economy and the amount of tax evasion in Cyprus. These approaches are: Employment discrepancy, simple currency ratio, transaction and currency demand.
Findings
On the basis of the results obtained from this study: (i) the average ratio of the underground economy and tax evasion to official GDP in Cyprus is estimated 9.41 and 0.31 percent of GDP for entire period respectively, (ii) the estimated figures for Cyprus in 1994-95 (5.96 percent of GDP) and 1996-97 (5.67 percent of GDP) compared with the average figures of the selected European Union (EU) Countries in 1994-95 (18.05 percent of GDP) and 1996-97 (18.76 percent of GDP) are well below as a new member; (iii) these findings are likely to satisfy the country’s convergence from underground economic point of view.
Research limitations/ Implications
Findings of this study suggest that the issue of the underground economy is still needed further investigation (i) to reach reliable results since each approach has its own strengths and weaknesses and yield different results, (ii) to find out the best method selection on a well-established theory, (iii) to employ reliable data estimating precise measurement.
Practical Implications
Findings of this study will help Greek Cypriot authorities to monitor their policies regarding tax and other related policies. The findings will also be important for other EU members to compare themselves for Cyprus as a new member.
Originality/Value
This study is the first of its kind for measuring the size of underground economy and tax evasion for the Cypriot economy by applying various approaches.
A Comparison with Some European Experience
Meryem Duygun Fethi, Sami Fethi and Salih Turan Katircioglu
Research Paper
Purpose
To investigate the size of underground economy and the amount of tax evasion in Cyprus by employing mainly monetary-based approaches over the period 1960-2003 and to compare the Cyprus’s figures obtained from these approaches with some available European experiences existed in the literature.
Design/ Methodology/ Approach
Annual data covering 1960 – 2003 period were applied to several approaches for measuring the size of underground economy and the amount of tax evasion in Cyprus. These approaches are: Employment discrepancy, simple currency ratio, transaction and currency demand.
Findings
On the basis of the results obtained from this study: (i) the average ratio of the underground economy and tax evasion to official GDP in Cyprus is estimated 9.41 and 0.31 percent of GDP for entire period respectively, (ii) the estimated figures for Cyprus in 1994-95 (5.96 percent of GDP) and 1996-97 (5.67 percent of GDP) compared with the average figures of the selected European Union (EU) Countries in 1994-95 (18.05 percent of GDP) and 1996-97 (18.76 percent of GDP) are well below as a new member; (iii) these findings are likely to satisfy the country’s convergence from underground economic point of view.
Research limitations/ Implications
Findings of this study suggest that the issue of the underground economy is still needed further investigation (i) to reach reliable results since each approach has its own strengths and weaknesses and yield different results, (ii) to find out the best method selection on a well-established theory, (iii) to employ reliable data estimating precise measurement.
Practical Implications
Findings of this study will help Greek Cypriot authorities to monitor their policies regarding tax and other related policies. The findings will also be important for other EU members to compare themselves for Cyprus as a new member.
Originality/Value
This study is the first of its kind for measuring the size of underground economy and tax evasion for the Cypriot economy by applying various approaches.