The effect of marketing expenditures during financial crisis: The case of Turkey

Abstract

Today, all economies are related with others due to the acceleration of globalization process. Huge financial movements in a globalized world can be the reasons for fluctuations in many countries especially the emerging countries [1]. The financial and economic crises have the potential to lead in a period of a global recession that may seriously destabilize all countries’ process of economic growth and transformation. In particular, the crisis may put a brake on and also reverse efforts in developing countries [2]. In this study, “the effect of marketing expenditures on company performance during financial crises periods” has been the main question. Within this framework, a review of the literature and a statement of the research questions, followed by the methodology and the findings are evaluated. Assessment on the results and conclusions about the effect of marketing expenditures on company sales performance are presented. This paper has its originality for finding out the effects of marketing expenditures, R&D expenditures and macroeconomic data (growth, inflation and foreign currency) on company performance within specific periods i.e. 2001 and 2008 crises in Turkey.

Full text

Available online at www.sciencedirect.comAvailable online at www.sciencedirect.com
1877–0428 © 2011 Published by Elsevier Ltd. Selection and/or peer-review under responsibility of 7th International Strategic Management Conference
doi:10.1016/j.sbspro.2011.09.105
Procedia Social and Behavioral Sciences 24 (2011) 291–299
7
th
International Strategic Management Conference
The effect of marketing expenditures during financial crisis:
the case of Turkey
Aykan Candemir
a
, Ali Erhan Zalluhoglu
b
, a
∗
ab
Ege University, Faculty of Business and Administrative Sciences, Bornova, Izmir, 35040, Turkey
Abstract
Today, all economies are related with others due to the acceleration of globalization process. Huge financial
movements in a globalized world can be the reasons for fluctuations in many countries especially the emerging
countries [1]. The financial and economic crises have the potential to lead in a period of a global recession that may
seriously destabilize all countries’ process of economic growth and transformation. In particular, the crisis may put a
brake on and also reverse efforts in developing countries [2]. In this study, “the effect of marketing expenditures on
company performance during financial crises periods” has been the main question. Within this framework, a review
of the literature and a statement of the research questions, followed by the methodology and the findings are
evaluated. Assessment on the results and conclusions about the effect of marketing expenditures on company sales
performance are presented. This paper has its originality for finding out the effects of marketing expenditures, R&D
expenditures and macroeconomic data (growth, inflation and foreign currency) on company performance within
specific periods i.e. 2001 and 2008 crises in Turkey.
Keywords: Marketing expenditures, crisis, financial crisis, Turkey, company sales
© 2011 Published by Elsevier Ltd. Selection and/or peer-review under responsibility 7
th
International
Strategic Management Conference
1. Introduction
Globalization since the mid-1980s has been marked by the increase in global trade and a surge in
capital flows among industrial countries and, more notably, between industrial and developing countries.
Although capital inflows have been associated with high growth rates in some developing countries, a
number of them have also experienced periodic collapses in growth rates and significant financial crises
that have had substantial macroeconomic and social costs
[3].
Political and economic changes, changes in
consumer demand, market structures, product and market life cycles, domestic and foreign competition
and the degree of effects caused by these changes became more significant. Such changes force the
companies to implement flexible strategies and action plans.
∗
Corresponding author. Tel. + 90-232-311-1915 fax. +90-232-373-4194
Email address: aykan.candemir@ege.edu.tr
© 2011 Published by Elsevier Ltd. Selection and/or peer-review under responsibility of 7th International Strategic
Management Conference

292 Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
2. Literature Review
Crises are unexpected events that stop the ability of the management and affect its performance
[4].
Financial crises are more complicated and affect all decision makers both economically and socially.
The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how
interconnected and interdependent economies are
[5].
In fact, developing economies are more vulnerable
to the factors that lead to crises, such as: banks and private agents exposure to currency and maturity
mismatch, disruption in international capital markets, banks panic
[6,1,2].
Financial crises affect also
private agents’ behaviour, increasing uncertainty about future gains and decreasing the level of
investment, consumption and export compositions
[1].
For less developed countries and emerging markets, economic crisis is one of the most fundamental
problems for the last 10-15 years, such as Turkey
[7].
Since liberalization of the 1980s were not followed
by necessary legal and institutional reforms, the countries became vulnerable to various crises through a
series of short-term cycles of instability-crisis-(unsustained) growth- instability throughout the 1990’s,
[8,9,10,11].
In mid-February 2001, Turkey experienced one of the worst economic crises in its recent
history and as a result, experienced a substantial fall in its Gross National Product from US$201.4 billion
in 2000 to $148 billion in 2001 and the result was a huge cost on the Turkish economy in terms of lost
monetary credibility, significant balance sheet deterioration and more importantly a very deep contraction
The daily average overnight interest rates shot up to (simple annual) 2000 percent on February 16 20, and
4000 percent on February 21.8 The government could not resist and dropped its exchange rate controls
early February 22 and the TRL/USD exchange rate went up 40% in one week. Monthly inflation was
10% and 14% in March and April of 2001 respectively
[12, 13,14].
Following the series of boom and busts
between the late 1980s and the early 2000s, Turkey enjoyed strong and uninterrupted expansion until the
2007-2008 crisis started off in August 2007
[15].
Global financial crisis as a subprime mortgage crisis
primarily concentrated in the United States but quickly metamorphosized into a global financial crisis
where financial institutions teeter on the edge of bankruptcy in many countries
[16].
Countries around the
globe witnessed major declines in output, employment, and trade. GDP in industrial countries fell by 4.5
percent in 2008, and average real GDP growth in emerging economies dropped from 8.8 percent in 2007
to 0.4 at the beginning of 2009. The unemployment rate rose to 9 percent across OECD economies, and
reached double digits in a mix of industrial and developing nations. World trade volume plummeted by
more than 40 percent in the second half of 2008, collapsing at a rate that outpaced the fall of aggregate
output
[8].
This first global financial crisis of the twenty first century has made negative impacts on the
economic and financial indicators of not only many developed and developing countries but also Turkey.
In the scope of the stimulus packages introduced in Turkey to mitigate the effects of the crisis, subsidies
and tax cuts have been offered for the companies and consumers
[17,18].
Graph 1. Average Inflation in Periods (1997-2010%)

Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
293
Graph 2. Average Growth Rate in Periods (1997-2010%)
During a crisis, survival of the whole organization is in jeopardy. It imposes severe strain on the
organization's financial, physical, and emotional structures. Managers, when asked to define crises,
suggest that they are composed of five dimensions: high magnitude, require immediate attention, an
element of surprise, the need for taking action, and are outside the organization's [complete] control
[19]
.
Fewer purchases are made; purchases of selected products, especially luxuries, are postponed; price
becomes a more critical consideration in decision-making; and purchases are driven more by specific
benefits sought. Psychologically and financially, crisis-hit consumers behave differently from those
enjoying economic prosperity
[20].
Many strategies are suggested by researchers to survive the companies
during the crises. To increase the marketing expenditures is one of the suggested ways. Especially, during
and after recession period, the researches has been shown that those increasing or focusing marketing
activities will increase sales, income and market share of companies
[21,22].
In Turkey, companies felt
obliged to apply necessary changes through the goals they’ve mostly taken into consideration as a result
of being influenced by crisis. Among these, the most important ones has become; improving new
marketing techniques, decreasing general expenses, economy and downsizing, performing quality control
increasing productivity, improving new processes and healing them
[23]
According to a study based on
the PIMS database, companies with bold strategies to invest aggressively in marketing, innovation and
customer quality will thrive during the market upturn
[24].
Furthermore, businesses that increased their
marketing budgets during a recession gained market share more quickly as those that had cut them
[21,25].
Marketing activities in the core business are clearly the major determinant of profitability in both good
times and bad. A "market orientation" aids profitability. The return to marketing activities decreases
during a contraction
[26].

294 Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
Companies simultaneously increase their marketing and R&D spending report the greatest growth in
revenues and in net income and the greatest stock price drift, whereas companies cutting their spending in
these areas report the lowest growth and the lowest drift
[27].
Investors view R&D expenditures as
investments that are expected to produce future benefits
[28].
Studies have shown that a company that
invests in R&D at a level greater than its competition can be expected to experience greater long-term
sales growth
[29, 30, 31].
Manufacturing companies benefit most from investment in R&D [32].
3. Methodology
In this study, the effects of marketing expenditures on company sales during the crisis periods are
examined. Companies from Istanbul Stock Exchange are selected and the data of the companies are
obtained from their annual financial reports and The Istanbul Stock Exchange database. The study
covered the analyses for two important crisis periods (i.e. 2001 and 2008 crises) which had serious effects
on Turkish economy in the last two decades. Data of fundamental financial indicators (i.e. sales
revenues, research and development and sales expenditures) are analyzed via correlation and regression
analysis. Also macroeconomic and other economic data and indicators (i.e. inflation, currency rates, and
growth rate of Turkey) for the related periods were taken into account. Net sales are the dependent,
research and development and sales expenditures, inflation, currency rates, and growth rate of Turkey are
the independent variables in the models. US Dollar is taken as the currency rate and the values taken are
based on 1995=100 as dollar, because of sensitivity of Turkish economy to dollar currency.
Production in the food and beverage sector reached TRY 8,852 million in 2009, which constitutes 18-
20 percent of the country’s production as a whole. It is largely dependent on the agricultural sector in
Turkey. A wide range of crops grow in Turkey helped by the generally benign climate. Significant sub-
sectors within the Turkish food and beverage industry include meat and meat products, baked products,
dairy products, fruits and vegetables, oils, confectionery, alcoholic and non-alcoholic drinks, soft drinks,
ready-made food and baby food [33].
4. Findings
Companies are selected from food sector which offer products to final consumers. In order to
determine the econometric model (fixed or random) hausman test was implemented and depending on the
the results of the test fixed model was chosen. For this purpose, out of the companies in food sector 9
companies with available data between 1997-2010 are chosen i.e. Banvit Inc., Kerevitas Food Industry
and Trade Inc., Konfrut Food Industry and Trade Inc., Kristal Cola and Beverage Industry Trade Inc.,
Merko Food Industry, Penguen Food Inc., Pinar Mineral Water Inc. Co., Pınar Milk Inc. Co., Tukas Food
Industry and Trade Inc., are analysed and cross sectional data are analyzed by using fixed effect panel
data analysis for 1997-2010. Panel data analysis is a method of studying a particular subject within
multiple sites, periodically observed over a defined time frame. Within the social sciences, panel analysis
enables researchers to undertake longitudinal analyses in a wide variety of fields [34].The data of R&D
expenditures since 1997 was available and continuous for only four companies i.e. Banvit Inc., Tukas
Food Industry and Trade Inc., Kristal Cola and Beverage Industry Trade Inc. and Pınar Milk Inc. Co.
Graph 3. Marketing, Net Sales and R&D Expenditures of Four Companies

Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
295
Marketing, Net Sales and R&D Expenditures of
Banvit Inc. (1997-2010)
Marketing, Net Sales and R&D Expenditures of
Kristal Kola Inc. (1997-2010)
Marketing, Net Sales and R&D Expenditures of
PINAR MILK Inc. (1997-2010)
Marketing, Net Sales and R&D Expenditures of
TUKAS Inc. (1997-2010)
The effects of marketing expenditures on company sales during the crisis periods are examined and
presented by E-views 5.0 statistical packages. The main constraints are the lack of long term data about
the companies the unavailability of publicly shared data for a R&D number of companies and sectors. All
the macroeconomic data are in percent values, so logarithmic values were used for financial indicators to
find the efficient model. The abbreviations in the models were as;
C = constant
NS = Net sales
R&D= R&D Expenditures
ME= Marketing Expenditures
Inf= Inflation rate
GROWTH= Growth rate of Turkey (to follow the effect of crisis)
USD= Currency rate of dollar
Model 1.

296 Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
LOG(NS) = 11,45398 – 0.018 LOG(R&D) + 0.42 LOG(ME) -0.01 INF -0.01 GROWTH +0,004 USD
T statistic (13,93) (-0,93) (8,97) (-6,99) (-3,46) (2,63)
P-value (0,00) (0,35) (0,00) (0,00) (0,00) (0,01)
R-squared= 0,99 DW stat= 1,35
Model 1 was constructed by using the data 1997-2010 to understand the effects of variables on net
sales. To control the autocorrelation of model, DW value is 1.35 and it is an inconclusive, also R-squared
is 0, 99 so we can accept that the model is fit. But the coefficients of the R&D has a problem, t value of
R&D is higher than 0.05 so the coefficient of R&D is not significant. This is why the companies which
analyzed in study have not R&D expenditures or only four of them have continuous R&D expenditures.
However, marketing expenditures in model 1 are supported the previous researches about the effect on
net sales [21,22]. The regression indicates that the 1% of increase in marketing expenditure affects the net
sales nearly 0, 42%. Increasing of dollar currency has positive effects on net sales because of export
oriented companies. Nevertheless, the coefficient of inflation rate is negative and this means any
increasing in inflation can decrease the net sales as a result of consumer behavior related to saving. In
literature, many studies noticed that the expected rate of inflation consistently show a negative impact on
consumer spending [20,35]. Usually, growth rate of country has a positive relation [20]. With the sales of
companies; on the contrary, in model 1 affects of growth rate on net sales is negatively.
Model 2.
LOG(NS) = 1.165357– 0.008 LOG(R&D) + 1,14 LOG(ME) +0.01 INF -0.01 GROWTH - 0,01 USD
T statistic (0,89) ( 0,23) (9,90) (3,05) (2,99) (-3,58)
P-value (0,39) (0,82) (0,00) (0,01) (0,01) (0,00)
R-squared= 0,99 DW stat= 1,16
Model 2 is constructed by using the data 1997–2002 to understand the effects of variables on net sales
during the 2001 crisis. To examine the autocorrelation of model, DW value is 1.16 but for N= 16; k=5
DW value is an inconclusive, also R-squared is 0, 99 so we can accept that the model is fit. Coefficient of
R&D expenditure is not significant as Model 1, also constant’ coefficient is not significant. R&D
expenditures for analyzed companies were not suitable for the model since the companies did not have
stable data for R&D expenditures and many companies started and/or increased their R&D expenditures
in the last decade. Marketing expenditure has an effect on net sales as model 1 but coefficient ME in
Model 2 is higher than the coefficient ME of Model 2. As it seen in regression Model 2, marketing
expenditure has greater effect on net sales during the crisis [21,25]. On the other side, changes in foreign
currency have negative impact on net sales between 1997-2002 periods.
Model 3.
LOG(NS) = 10,79072 + 0,1215 LOG(R&D) + 0,32 LOG(ME) +0.002 INF -0.08 GROWTH + 0,007 USD
T statistic (6,86) ( 2,43) (5,4) (0,23) (-1,42) (3,12)
P-value (0,00) (0,02) (0,00) (0,81) (0,16) (0,00)
R-squared= 0,99 DW stat= 1,24
In Model 3, the data between 2003-2010 are used to evaluate the post-crisis developments and measure
the period before and after the world financial crisis of 2007-2008 as well as aiming to minimize the
effects of budget consolidation due to changes in regulations. The high R-squared value presents the

Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
297
fitness of the model and 1.24 value of durbin-watson keeps the autocorrelation prediction as an
inconclusive.
Within this context when model 3 is examined, growth rate and inflation are found as meaningful and
fit to the model. 2003-2010 period highlights the importance and the increase of the R&D expenditures
[27]. The R&D expenditures which seemed as meaningless and/or ineffective appears as an important and
effective variable on sales as presented by the studies in the literature
[29, 30, 31].
Marketing expenditures
also acts as one of the major actors on company sales. US dollar also seems to have effects on net sales.
The currency rates affected the export sales and thus the total sales positively.
Model 4.
LOG(NS) = 6,7537+ 0,274 LOG(R&D) + 0,44 LOG(ME) +0.007 INF -0.007 GROWTH + 0,008 USD
T statistic (2,55) ( 2,84) (5,35) (0,69) (-1,07) (3,47)
P-value (0,01) (0,00) (0,00) (0,49) (0,29) (0,00)
R-squared= 0,99 DW stat= 1,54
In the study since autocorrelation was found in the periods 1997-2010, 1997-2002 when the companies
with regular R&D expenditures the analyses related with these periods and companies are not presented
here. However in the model constructed to examine the 2003-2010 period, DW value is 1.54 and it is an
inconclusive, also R-squared is 0, 99 so we can accept that the model is fit. In model 4, findings note the
important effect of R&D expenditures on sales. Research and developments and marketing expenditures
have great positive effect on net sales in model 4, too. In model 4, inflation and growth rate can be seen as
ineffective however, similar to Model 3, R&D expenditures, marketing expenditures and currency rate
appears as explaining variables of the model.
4. Results and Suggestions
The analyses notice the importance of marketing expenditures on sales in Turkey like the other
countries. Especially during the crises periods and after, marketing expenditures are found as having
significant effects on sales. Besides the effects of marketing expenditures, R&D expenditures, despite
being a relatively new but important concept for the many Turkish companies, have noteworthy effects.
Parallel findings with the previous studies are found about the positive effects of the R&D expenditures.
Macro data, on the other hand, seem to reveal inconsistencies in the models.
The companies, giving importance to marketing expenditures and even increasing them during the
crises periods may not only achieve the opportunity to overcome the difficulties but also gain competitive
power. Increasing the R&D budget, in spite of all the financial limitations imposed by a crisis, has an
important impact on performance
[21].
Cutting marketing expenditure could result in massive long-term
damage to sales. R&D expenditures in recession, both in absolute terms and relative competition pay off
handsomely. R&D expenditures is such a particularly “good cost” during recession
[24].
Expenditures for
R&D activities for new technology and product development and/or improvement may increase the
competitive strength of the companies.
The obvious fact is that a well planned general marketing strategy supported by research and
development activities, focusing on product development and/or product improvement, is effective in
increasing company sales. Thus, to survive, stay competitive and even be successful during an economic
crisis, strategy and decision makers should focus on well planned strategies, as well as monitoring the
changes in the external environment of the company presented by the findings of this study.

298 Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
References
[1] Furceri D, Zdzienick A. The real effect of financial crises in european transition economies, Economics of Transition, 19 (1),
2010, p. 1-25.
[2] United Nations Conference on Trade and Development (UNCTAD). Global economic crisis: implications for trade and
development. Trade and Development Board, Trade and Development Commission, First session, 11-15 May, Geneva: UNCTAD,
2009. available at http://www.unctad.org/en/docs/cicrp1_en.pdf.
[3] Prasad ES, Rogoff K, Wei SJ, Kose AM, Effects of financial globalization on developing countries: some empirical evidence
ınternational monetary fund, Occasional paper 220, 2003.
[4].Jimenez D. When you are the headline: a guide to understanding crisis management, Franchising World, April, Vol:33, No:3,
2001, p.1-3
[5] Nanto DK. The global financial crisis, analysis and policy implications, Congressional Research Service Report, 2009.
[6] Chang, R, Velasco A. The Asian Liquidity Crisis, NBER Working Paper 6796, 1998.
[7] Yucel M, Yildirim Y. The last three significant crises that faced in turkey’s economy and their effects to manufacturing sector,
Turgut Ozal International Conference On Economics And Politics-I Global Crises and Economic Governance,15-16 April,
Malatya/Turkey, 2010.
[8] Alfaro, L, Chen M. Surviving the global financial crisis: foreign direct investment and establishment performance, Harvard
Business School Working Papers, 10-110; 2010, p.1-43.
[9] Koch L, Chaudhary MA. February 2001 crisis in Turkey: causes and consequences, The Pakistan Development Review, 40: 4
Part-II (Winter), 2001, p.467–486.
[10] Yeldan E. Behind the 2000/2001 Turkish crisis: stability, credibility and governance for Whom?, International Development
Economics Associates (IDEAs) Conference on International Money and Developing Countries: Theoretical and Policy Issues in the
Current Context, 16–19 December, Chennai, India, 2002.
[11] Boratav K. 2000/2001 krizinde sermaye hareketleri, øktisat øsletme ve Finans Dergisi, Eylül Sayısı, 2001, p.7-17.
[12] Okumus F, Karamustafa K. Impact of an economic crisis evidence from Turkey, Annuals of Tourism Research, Volume 32,
Issue 4, 2005, p. 942-961.
[13] Gonenc H, Aybar CB. Financial crisis and firm performance: empirical evidence from Turkey, Corporate Governance: An
International Review, 14(4), 2006, p. 297–311.
[14] Selcuk F, Ardic OP. Learning to live with the float: Turkey’s experience 2001-2003, Forthcoming in Contemporary Issues in
International Finance, F. Columbus (ed.), Nova Science Pub., NY, 2004.
[15] Rawdanowicz L. The 2008-09 crisis in Turkey: performance, policy responses and challenges for sustaining the recovery
economics, Department Working Paper No. 819, 2010, p.1-30.
[16] Tong H, Wei SJ. Real effects of the 2007-08 financial crisis around the world, 2009. available at http://www.finance-
innovation.
[17] Akbulut R. Son yaúanan küresel finansal kriz ve türk finans sektörü üzerindeki etkileri, Akademik Araútırmalar ve Çalıúmalar
Dergisi, Journal of Academic Researches and Studies, 2(2), 2010, p.45-68.
[18] Danaci CM, Uluyol O. En son yaúanan küresel finansal krizin türkiye ekonomisine etkilerinin iúletmeler bazında
de÷erlendirilmesi ve bir örnek olay, 1. Uluslararası Turgut Özal Siyaset ve Ekonomi Kongresi, 15-16 Nisan, ønönü Üniversitesi,
Malatya, 2010.
[19] Mitroff IP, Christine M. From crisis prone to crisis prepared: a framework for crisis management, Academy of Management
Executive, 7 (1), 1993, p. 48-59.
[20] Ang SH, Leong SM, Kotler P. The asian apocalypse: crisis marketing for consumers and businesses, Long Range Planning,
Volume 33, Issue 1, 2000, pp 97-119.
[21] Koksal MH, Ozgul E. The relationship between marketing strategies and performance in an economic crisis , Marketing
Intelligence & Planning, 25(4), 2007, p. 326 – 342.
[22] Srinivasan R, Rangaswamy A, Lilien G. Turning adversity into advantage: does proactive marketing during a recession pay
off?, International Journal of Research in Marketing, 22(2), 2005, p. 109-125.

Aykan Candemir and Ali Erhan Zalluhoglu / Procedia Social and Behavioral Sciences 24 (2011) 291–299
299
[23] Zehir C. The activation level of crises and the change of strategic targets of enterprises in turkey during the depression era,
Journal of the American Academy of Business, 5(2), 2005, p.293-9.
[24] Roberts K. What strategic investment should you make during a recession to gain competition, Strategy & Leadership, 31(4),
2003, p. 31-9.
[25] Shama A. Marketing strategies during recession: a comparison of small and large firms, Journal of Small Business
Management, July, 1993, p. 62-72.
[26] Pearce JA, Michael SC. Marketing strategies that make entrepreneurial firms recession-resistant, Journal of Business
Venturing, 12 (4), 1997, p. 301-314.
org/risk09/work/1201504.pdf. Access data: 23.03.2011
[27] Dinner IM, Mizik N, Lehmann D R. The unappreciated value of marketing: the moderating role of changes in marketing and
R&D spending on valuation of earnings reports, MSI Working Paper, 2009.
[28] Chambers D, Jennings R, Thompson RB. Excess returns to R&D intensive firms, Review of Accounting Studies, 7, 2002,
p.133-158
[29] Brenner MS, Rushton BM. Sales growth and R&D in the chemical industry. Research Technology Management, 32(2), 989, p.
8-15.
[30] Dugal SS, Morbey GK. Revisiting corporate R&D spending during a recession, Research Technology Management, 38(4),
1995, p. 23–7.
[31] Morbey GK, Reithner R. How R&D affects sales growth, productivity and profitability, Research Technology Management,
33(3), 1990, p. 11-4.
[32] Ho YK, Keh HT, Ong JM. The effect of R&D and advertising on firm value: an examination of manufacturing and
nonmanufacturing firms, IEEE Transactions on Engineering Management, 52, 2005, p. 3–14.
[33] IGEME (Investment Support and Promotion Agency of Turkey), Turkish food & beverage industry report, 2010.
[34]Yaffee RA. A primer for panel data analysis. September, 2003, p.10. (Available at:
www.nyu.edu/its/pubs/connect/fall03/pdfs/yaffee_primer.pdf). Access data: 24.03.2011
[35] Springer WL. Consumer spending and the rate of ınflation the review of economics and statistics, 59(3), 1977, p. 299-306.
[36] Asıkoglu, R, Ogel, S. 2001 krizinin IMKB’de hisse senetleri iúlem gören imalat iúletmelerinin finansal yapısı üzerindeki
etkileri, Afyon Kocatepe Üniversitesi I.I.B.F. Dergisi, 8(2), 2006, p.1-18, available at
http://www.allbusiness.com/management/change-management/779186-1.html. Access data: 20.03.2011
[37] Ekinci N, Erturk K. Turkish currency crisis of 2000-1, Revisited, CEPA Working Paper Series, No. 2004-01.
[38] Ozatay F, Sak G. The 2000–2001 financial crisis, Paper presented at the Brookings Trade Forum 2002: Currency Crises, 2002,
p.1-39