Prelims

Half Title Page

New Challenges for Future Sustainability and Wellbeing

Series Page

Emerald Studies in Finance, Insurance, and Risk Management

Ercan Özen, Simon Grima and Rebecca Dalli Gonzi

Books in this series collect quantitative and qualitative studies in areas relating to finance, insurance, and risk management. Subjects of interest may include banking, accounting, auditing, compliance, sustainability, behaviour, management, and business economics.

In the disruption of political upheaval, new technologies, climate change, and new regulations, it is more important than ever to understand risk in the financial industry. Providing high quality academic research, this book series provides a platform for authors to explore, analyse and discuss current and new financial models and theories, and engage with innovative research on an international scale.

Previously published:

Uncertainty and Challenges in Contemporary Economic Behaviour Ercan Özen and Simon Grima

Title Page

EMERALD STUDIES IN FINANCE INSURANCE AND RISK MANAGEMENT

New Challenges for Future Sustainability and Wellbeing

EDITED BY

ERCAN ÖZEN

University of Usak, Turkey

SIMON GRIMA

University of Malta, Malta

AND

REBECCA DALLI GONZI

University of Malta, Malta

United Kingdom – North America – Japan – India – Malaysia – China

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Emerald Publishing Limited

Howard House, Wagon Lane, Bingley BD16 1WA, UK

First edition 2021

Copyright © 2021 Emerald Publishing Limited

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No part of this book may be reproduced, stored in a retrieval system, transmitted in any form or by any means electronic, mechanical, photocopying, recording or otherwise without either the prior written permission of the publisher or a licence permitting restricted copying issued in the UK by The Copyright Licensing Agency and in the USA by The Copyright Clearance Center. Any opinions expressed in the chapters are those of the authors. Whilst Emerald makes every effort to ensure the quality and accuracy of its content, Emerald makes no representation implied or otherwise, as to the chapters’ suitability and application and disclaims any warranties, express or implied, to their use.

British Library Cataloguing in Publication Data

A catalogue record for this book is available from the British Library

ISBN: 978-1-80043-969-6 (Print)

ISBN: 978-1-80043-968-9 (Online)

ISBN: 978-1-80043-970-2 (Epub)

Contents

About the Contributors

Nida Abdioğlu is an Associate Professor with the Department of Business Administration at Bandırma Onyedi Eylul University, Balıkesir, Turkey. She has a BA in Economics (in English) at Istanbul University (2006). She received MSc Finance and PhD Finance degrees from University of Manchester, Manchester Business School in 2008 and 2012, respectively. Her PhD thesis was about investment preferences of institutional investors. Besides institutional investment, her research interests include corporate finance, corporate governance and financial econometrics. She has taught Corporate Finance, Accounting, Capital Markets and Financial Institutions courses. She has published articles in many international journals such as International Business Review and the Journal of international Money and Finance.

Mine Yeniçeri Alemdar graduated from Ege University, Faculty of Communication, Department of Public Relations and Publicity in 2005 as writing thesis on “Brand Management in Global Market and Effect of Public Relations.” She became Ph Dr of PR and communication in 2010 in Ege University, Faculty of Communication, Department of PR and Publicity. In 2014, she received the title of Associate Professor. Since 2006, she has been working under Ege University Communication Faculty, Public Relations and Publicity Department, Research Methods Sciaence Area. She lectures on “communication research methods” at undergraduate and graduate levels. She has many published and presented articles about digital communication, brand communication, and social media. She has executive and researcher roles in national and international research projects on digital division and new media literacy.

Ahmad Aljarah is an Assistant Professor in the Department of Marketing at Girne American University, TRNC, via Mersin 10, Turkey. His primary research interests include corporate social responsibility, sustainability, branding, and cross-cultural studies.

G. Asllani holds MA and PhD in Finance from the University of Pristina, Kosovo. He teaches public finance, taxation, and competition rights. He is an Associate Professor at University “Haxhi Zeka,” Peja within the Law Faculty. During his 20 years of experience, he has contributed to the creation of the tax system in Kosovo, making tax analysis and expertise, participating in several working groups at international level (IMF, OECD, and Robert Shuman Center for Advance Studies).

Mithat Atabay, PhD, is an Assistant Professor in History Department at Çanakkale Onsekiz Mart University, Çanakkale, His research interest is modern Turkey. He has published 55 books, including the Gallipoli Campaign which is co-authored book, ecchoes from the Deep Wreck of the Dardanelles Campaign (2013), and Anzac Battlefield: A Gallipoli Landscape of War and Memory (2016).

Sinan Aytekin is an Associate Professor with Department of Business Administration at Balıkesir University. He graduated from Dokuz Eylül University, Faculty of Economics and Administration Sciences in 2003. He earned an MSc in 2006 after completing the Master’s Degree Program in the Accounting and Finance of the Graduate School of Social Sciences, Department of Business Administration and a PhD in 2010 after completing the Doctorate Program in the Department of Business Administration in Dokuz Eylül University. He started his academic career as a Lecturer in 2009 at Balıkesir University. His main research fields are corporate finance, financial markets and institutions, portfolio theory, and financing of health services.

Pelin Bayram holds a BA degree in Faculty of Communication & Media Studies from Eastern Mediterranean University, MBA degree in Business Administration from Istanbul Bilgi University, and PhD degree in Marketing from Girne American University. She is currently the Head of Business Management and IACBE & ECBE Accreditation Coordinator for Faculty of Business and Economics at Girne American University since 2008. She has worked for various multinational companies in the logistics sector such as, Scan Global Logistic in Istanbul TR as Marketing Manager and Ecu-Line International NVOCC in Istanbul TR as Sales & Marketing Executive.

İbrahim Murat Bicil received his undergraduate degree in Economics from Akdeniz University in 2007. In 2009, he completed his master’s degree at Akdeniz University Institute of Social Sciences, Department of Economics. In 2015, he received his PhD degree from Balıkesir University Institute of Social Sciences, Department of Economics. In 2009, he started to work as a Lecturer in Balıkesir University Sındırgı Vocational School Foreign Trade program. In 2015, he was appointed as an Assistant Professor at Balıkesir University Faculty of Economics and Administrative Sciences, Department of Economics. He is currently working at the same department at Balıkesir University. His research interests include economic theory, environmental and natural resources economics, and energy economics. He continues his studies on energy markets, energy efficiency, environment and energy policies.

Ilker Calayoğlu is a Doctor in the Istanbul University Accounting and Auditing Department. He started his career in the field of tourism. He received his high school and undergraduate education in the field of tourism. Later he gave up the field of Tourism and started to receive education in the field of Accounting. He completed his master and doctorate education in the field of Accounting. Doctorate thesis subject is software accounting. Moreover, this subject is the first person working in Turkey. His past work experience includes working in food and beverage service units at various hotels, working in the international airline ticketing unit in the travel agency and working in the accounting department at Okan Holding. He teaches undergraduate and graduate courses at Istanbul Okan University. The courses include: Financial accounting, cost accounting, management accounting, international financial reporting standards, accounting package programs, accounting information systems, advanced Excel. He is married and has a daughter.

Sh. Citaku works as a legal advisor (financial matters) and also holds MA in Financial Law. She is about to gain her PhD degree at the University of Prishtina. She also worked as Lecturer at the University of Prizren. The expertise and analyses she performed in the field of financial law was a great accomplishment for her academic and professional development.

Burak Demir is a PhD student in Marketing at Ege University in İzmir, Turkey. He completed his master’s degree in Business Administration at İzmir Kâtip Çelebi University in 2017. He completed his undergraduate education in Business Administration at Girne American University in Cyprus in 2013. He is closely interested in technological themes such as Artificial Intelligence, Internet of Things, Virtual Reality, Omnichannel, Sharing Economy, Blockchain, Big Data and E-Marketing. Recently, he has been dealing with customer experience and emotions in both Covid-19 process and Retailing. He is single and lives in Izmir with his beloved family.

Rebecca Emily Dalli Gonzi, PhD (Glasg), MSc (Edin), B.E. & A. (Melit) (Hons), A. & C.E., A.L.C.M. (Lond), is an architect, project co-ordinator and lecturer. She is a registered and certified civil engineer by the Chamber of Architects, Malta. She has worked in the private and public sector, both in Malta and in Scotland. She is a resident academic at the University of Malta lecturing project management in the Department of Construction and Property Management and within the Department of Insurance, lecturing on Geopolitical and Environmental Risk and Business continuity Management. She also lectures Project Development at the Institute for Sustainable Energy. She has founded The DALI Model, which is a tool used for organizational risk assessment particularly when firms undergo rapid change. This model has been presented as an empirically tested proactive model in a specific environment for managing organizational risk for companies to arrive at their objectives with minimal setbacks. Her book titled ‘Change and continuity management in the public sector’ which presents the underlying research for this model, reinforces the idea that decisions for good governance should always strive to bring country performance to the forefront. Her current research focuses on innovative engineering techniques, decision-making models and strategic project management. Rebecca has been a reviewer of journals, has chaired conferences and continues to publish.

Simon Grima, PhD (Melit.), MSc (Lond), MSc (BCU), B.Com (Hons) (Melit.), FFA, FAIA (Acad), is an Associate professor at the University of Malta, Faculty of Economics, Management and Accountancy and the Head of Department of Insurance which he set up in 2015 and started and coordinates the MA and MSc Insurance and Risk Management degrees together with the Undergrad degree in Insurance. He served as the President of the Malta Association of Risk Management (MARM) and President of the Malta Association of Compliance Officers (MACO) between 2013 and 2015, and between 2016 and 2018, respectively. Moreover, he is the Chairman of the Scientific Education Committee of the Public Risk Management Organization (PRIMO). His research focus is on Governance, Regulations and Internal Controls and has over 30 years of experience varied between Financial Services, academia and public entities. He has acted as co-chair and is a member of the scientific program committee on some international conferences and is a chief editor, editor, and review editor of some Journals and Book Series. He has been awarded outstanding reviewer for the Journal of Financial Regulation and Compliance in the 2017 Emerald Literati Awards.

Çağla Aslı Gülduran born in the Kocaeli, completed her primary and secondary education in the Kocaeli/Derince High School; undergraduate education in Mustafa Kemal University; and Tourism and Hotel Management in 2010. During her undergraduate education, she was Erasmus Exchange Student in Universita degli Studi Del Sannio/Italy, Department of Tourism Economics, 2008–2009. She completed her master graduate education in Nevşehir Hacı Bektaş Veli University in 2018, Department of Tourism Management. Currently, she is a doctoral student in Muğla Sitki Koçman University in Tourism Management. She is married and has two children.

Arzu Gürdoğan, born in the Bodrum, completed her primary and secondary education in the Bodrum High School; high school education was completed with Bodrum Anatolian Tourism Vocational High School; undergraduate education in Adnan Menderes University School of Tourism and Hotel Management School has done. She completed her graduate education with Dokuz Eylül University, Department of Tourism; doctorate with the Department of Tourism, Adnan Menderes University during 1999–2008 in Tourism Management. She worked as a Research Assistant in the School of Hotel Management. She received her doctoral degree in 2010. Since 2012, she has been working with the Ortaca Vocational High School in Mugla Sıtkı Kocman University, School of Travel and Tourism and Leisure Services Department. She is married and has two children.

Murat Güreşci works as a Member of the Public Relations Department of Tirebolu Faculty of Communication, Giresun University. His research interests include public relations, persuasion, and corporate social responsibility.

Tehmina Khan, PhD, has been in academia for 20 years so far. Her research areas include sustainability accounting and accountability and Internet technologies. She has published widely in internationally recognized and highly ranked journals including the Journal of Cleaner Production, the Accounting, Auditing and Accountability Journal, and Business Strategy and the Environment. She supervises Higher Degree by Research students in undertaking sustainability accounting and accountability research projects. She co-ordinates and teaches Business Advisory Services at RMIT University. She is an active and engaged researcher who believes in applied research to provide practical solutions for urgent and pressing sustainability related real life problems.

Muhammad Raheel Matloob is the Head of the Department of Management Sciences at Pakistan Military Academy Abbottabad for the last two years and have been attached with the Military Educational Institutions in different Capacities. He holds a MBA (HR) degree from NUML, MS (HR) from IIUI and Diploma in Management from Hazara university. He is an experienced educationist and served as Grade II officer at HRD Directorate Rawalpindi. He remain affiliated with different institutions like NUST and JLA Shinkiari. He is perusing his PhD at COMSAT University, Abbottabad.

Fisnik Morina, PhD, is an Assistant Professor at the University "Haxhi Zeka" in Peja, Kosovo. In 2019, he has started post-doctoral studies at the University of Malta, FEMA in Malta in the field of financial institutions and risk management. He completed his doctoral studies in 2019 at the South East European University, Faculty of Business and Economics in the Republic of North Macedonia and gained the qualification of Doctor of Economic Sciences - Economics. He has an international experience in the field of scientific research and has been a participant in many international scientific conferences.

Serdar Ögel is an Assistant Professor at Afyon Kocatepe University, Faculty of Economics and Administrative Sciences, Division of Business Administration, Turkey. He received his undergraduate degree in Public Finance from Anadolu University in 2000. He holds a MA degree in Finance from Anadolu University and PhD degree in Business Administration from Afyon Kocatepe University. His primary research areas include risk management, financial markets and investment tools.

İlkin YARAN ÖGEL, PhD, is a Research Assistant at Afyon Kocatepe University, Faculty of Economics and Administrative Sciences, Division of Business Administration in English, Turkey. She holds a BA degree in Business Administration in Faculty of Business from Dokuz Eylül University, MBA degree in Business Administration from Middle East Technical University and PhD degree in Business Administration from Dokuz Eylül University. Her main research interests are brand management, consumer behaviors and brand culture.

Peterson K. Ozili is an economist, affiliated with the Central Bank of Nigeria. He works extensively in academia and policy making. He has experience in economic policy, financial inclusion, financial stability, financial innovation, banking regulation and supervision. His areas of specialization are: financial economics, international development, accounting, development finance, the economics of financial markets, banking, and financial reporting. He has published extensively in many accounting and finance journals such as the British Accounting Review, Journal of Applied Accounting Research, Journal of Accounting in Emerging Economies, International Journal of Managerial Finance, European Journal of Finance, Research in International Business and Finance, etc.

Syed Tahir Hussain Rizvi, PhD, is a Senior Educationist with more than 20 years of teaching and professional experience. He has been serving IIUI for about 12 years in different capacities like QEC Team Member, Coordinator Higher Studies and Research (MS/PhD Program) at FMS and HOD of Department of Management. Currently, he is Director Quality Enhancement Cell (QEC) at International Islamic University, Islamabad, Pakistan. He holds an MSc in Economics from IIUI, MBA-HRM and PhD in Human Resource Management from CUST Islamabad with an extended research supervision at State University New York (SUNY) Oswego, NY, USA, under HEC’s IRSIP program. His areas of research interests are Performance Appraisal System, Organizational Justice, Positive Organizational Behavior and Happiness. Along with other publications, he has published a collaborative research with Dr Barry Friedman -a Presidential Award winner for Highest Publications and senior researcher at SUNY, Oswego, NY, USA. He has the honor to work and teach in an international environment. He has been teaching, as a visiting faculty, Managerial Economics and OB in SUNY - an AACSB accredited Business School. He also has American Management Association (AMA) certification on “How to Train Your Employees.” He has international affiliations with AMA and AACTE (American Association of Colleges for Teacher Education).

Türker Savaş obtained his bachelor’s degree (1990) in Agricultural Engineering (Animal Science) and MSc in Animal Science (1993) from the Trakya University. He did his PhD in Animal Breeding and Genetics (1999) from Kiel Christian Albrechts University (Germany). He is a Professor in Animal Science (Agricultural Faculty) at Çanakkale Onsekiz Mart University. He is studying on animal production systems, animal breeding and genetics as well as animal behaviour.

Seval Kardes Selımoglu was born in Eskişehir in 1962. After completing her primary and secondary education in Eskişehir, she graduated from Anadolu University, the School of Economics and Administrative Sciences, Faculty of Business in 1984. She started his academic career in 1986 as an Research Associate in Anadolu University, the School of Economics and Administrative Sciences, Faculty of Business, Department of Accounting and Finance. She completed her master’s degree in Anadolu University, Institute of Social Sciences, Department of Accounting, in 1987. She obtained International MBA (IMBA) degree in the United States (OHIO-Cleveland) in Baldwin-Wallace University in 1990. She completed her doctorate degree in Anadolu University, Institute of Social Sciences, Department of Accounting, in 1995. Her doctoral dissertation in the field of audit has been published as a book in 1996 by Capital Market’s Board. She has received the title of Assistant Professor Doctor in the field of Accounting-Finance in 1995, Associate Professor Doctor in 2002, and Professor in 2007. Her main academic studies are in the fields of International Independent Audit and Assurance Standards, Independent Audit, Ethics, Accounting Fraud, Corruption, Internal audit, Financial Statements Analysis and Accounting. She has lots of books, articles, assertions and studies on EU projects published nationally and internationally. She served in various commissions established in corporations such as TÜRMOB/TESMER, KGK. She is serving as a member of The Governmental Accounting Standards Board. She also has the titles of Certified Public Accountant (Sworn in CPA) and Independent Auditor and serves as expert in courts relate to her area of specialization. She is married.

Aamir Aijaz Syed obtained B.Com, M.Com, and PGDM from the University of Lucknow, India. He has completed his PhD from Motilal Nehru National Institute of Technology, Allahabad, India. He is currently working as an Assistant professor at Shri Ramswaroop Memorial University, Lucknow. He is having five years of teaching and research experience with eminent institutes like the Indian Institute of Management, Lucknow, He has published various papers in renowned national and international journals together with chapters contribution. He is also on the editorial board of several reputed journals. His area of expertise is Finance, International Economics, and Corporate Accounting.

Özlem Tuna is a lecturer in Afyonkarahisar Health Sciences University, Department of Health Management. She has a doctorate degree in the business administration. She formalized in her PhD (2014) on corporate sustainability. Tuna has managerial experience in the private sector between 1997 and 2002, she has been working in university since 2002. Her research focuses on the field of corporate sustainability, other strategic management issues and organizational behavior. Tuna, which has many papers and articles in related fields, is sensitive to environmental and social issues and actively takes part in projects in this direction.

Kumru Turkoz received her undergraduate degree in Economics from Dokuz Eylül University in 2011. In 2015, she completed her master’s degree at Balıkesir University Institute of Social Sciences, Department of Economics. In 2020, she received her PhD degree from Dokuz Eylül University Institute of Social Sciences, Department of Economics. In 2013, she started to work as a Research Assistant in Balıkesir University Faculty of Economics and Administrative Sciences, Department of Economics. She is currently working at the same department at Balıkesir University. Her research interests include economic theory, environmental and natural resources economics, and energy economics (especially in the fields of energy efficiency, energy policies, and energy security).

Ekrem Tufan obtained his bachelor’s degree (1991) in Business Administration, MBA in Financial Management (1995) and PhD in Financial Management (1999) from Anadolu University. He is a Professor in Finance and working for Çanakkale Onsekiz Mart University. He is studying on Behavioral Finance and Behavioral Economics.

Keti Ventura has been working in Ege University, Faculty of Economics and Administrative Sciences, Department of Business, since September 1999. Acquiring her PhD in Business in April 2008, she was nominated as an Assistant Professor to the Department of Production Management and Marketing in December 2008 and as an Associate Professor in April 2014. She is studying Marketing, CRM, and E-Marketing fields at the same faculty.

Gul Yesilcelebi is an Assistant Professor in the Academy of Applied Sciences, Department of Aviation Management at Gumushane University, Turkey. Her research activities lie in the areas of independent audit, financial accounting, corporate sustainability, and integrated reporting. She graduated in Business Administration in English within the Faculty of Economics and Administrative Sciences, and, afterward, she obtained a master’s degree in Accounting. She received her PhD with the Department of Accounting from the Anadolu University, Turkey. She wrote her thesis on integrated reporting and combined assurance. She has published a series of papers on her research interests and she has presented papers in various conferences. She currently teaches financial accounting, corporate accounting, cost accounting, managerial accounting, and financial statement analysis, in undergraduate degrees at Gumushane University. And also, she teaches independent auditing standards in master’s degrees at Gumushane University.

Foreword

The Emerald book series: Emerald Studies In Finance, Insurance, and Risk Management includes studies on New Challenges for Future Sustainability and Wellbeing contributed mainly by authors invited from participants in the 5th International Applied Social Science Congress (C-IASOS2019) held in Çeşme, İzmir, Turkey, between April 04–06, 2020 and the University of Malta - Department of Insurance.

A collection of 24 chapters/studies about sustainability and challenges related to topics such as income, finance, wealth, politics, social aspects, the environment, education, and regional equality that influence the pace of economic development and deteriorates well-being of people and organizations all over the world. The objective is to provide a platform/opportunity for scholars, researchers and professionals from different disciplinary backgrounds to discuss, highlight and exchange ideas on these challenges and prospects for economic and business development.

The great challenge of our time is to create a sustainable and desirable future – one that achieves sustainable development goals (SDGs). In today’s “anthropocene” world, human impacts on ecological life support systems are increasingly complex and far-reaching. At the same time, there are increased demands on the planet’s life support functions to maintain living standards in developed nations and to reduce poverty in developing nations. In this “full” world, the emphasis in research, education, and policy needs to shift from addressing problems in isolation to studying whole, complex, interconnected systems and the dynamic interactions between the parts.

Several scholars have focused on how the concepts of vulnerability and resilience may be employed in the analysis of and to ensure future sustainability and wellbeing. Various approaches have been proposed, concerning different fields of application spreading from environmental to financial settings. While much of the existing literature on vulnerability and resilience is sector or country specific, in this volume we are proposing a more holistic approach that allows the sustainability of human well-being to be analyzed as a whole. Our understanding is that well-being equals sustainability, where several domains are interlinked. Moreover, while the majority of studies consider the vulnerability and resilience as aspects of the sustainability of a “system”, that is a society, a country, an organization or even the whole planet, this volume focus is on interrelated dimension of well-being, considering the exposure to risk and the ability to manage these. We look out for the use of both objective and subjective indicators of well-being, case studies, theory and practice.

Our current economic systems have become addicted to “growth at all costs,” as measured by Gross Domestic Product (GDP). They assume that GDP growth is synonymous with increased wellbeing and prosperity. However, this approach has led to growing inequality, an escalating climate crisis, and the depletion of natural and social capital. We are no longer generating genuine progress. Our approach to economics and development needs to be fundamentally transformed.