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This paper examines the effects of the February 2001 Economic Crisis (Turkey) on the low-Q and high-Q firms. In the study, our sample is composed of the firms that are actively being traded on Istanbul Stock Exchange (ISE) during that time, and is divided into two sub-samples based on their Tobins Q values. As firms with high Tobins Q values are supposed to have lower debt levels we proposed them to be less affected by the crises: their debt repayment commitments are lower, although they are expected to be under the burden of higher interest rates. On the other hand, low-Q firms have incentives to overinvest due to the high levels of available free cash and they may be under the burden of some perquisites expenses. But because of the asset substitution affect, the investments undertaken by low-Q firms are expected to be safer projects while high-Q firms may have undertaken more risky projects. To test our hypothesis that the crisis would affect the low- and high-Q firms to differing extends, we construct the average mean excess returns of both sub-samples and use the Large Sample Test of Hypothesis About a Population Mean method. Our results mainly confirm our expectations: we found that the average mean excess negative returns of high-Q firms were higher than that of low-Q firms during the February 2001 Crisis, indicating that high-Q firms are more riskier in an economic crisis setting than low-Q firms, which in turn implies that the effects of the conflict between equityholders and debtholders dominate the affects of the conflict between managers and the shareholders.

This paper concentrates on the behavioral aspects of distribution channels in an export channel design from the perspective of the exporter. Based on the argument that channel conflict and satisfaction are among the major determinants of channel efficiency and performance, the perceived degrees of channel conflict and satisfaction are examined as well as the three antecedents of channel conflict, namely the channel power, cultural distance and distribution system quality, as they are regarded among major factors affecting the channel conflict. In conducting the analysis, questionnaire survey was undertaken among 30 exporter companies that are members of Ankara Chamber of Commerce and Likert scaling technique is used. The findings from the ordinary least squares (OLS) regression analysis suggest that the Turkish exporter do not regard the level of exercised power in a marketing channel system and the cultural distance between the foreign channel member' markets as important sources of conflict while the international distribution system quality seems to be perceived as a major source of channel conflict. The findings also suggest that there exists a close relationship between the perceived channel conflict and the channel members' satisfaction.