“…Michaely and Vincent (2012), Xuan-Quang and Zhong-Xin (2013), Gurunlu and Gursoy (2010), Sayılgan, Karabacak and Küçükkocaoğlu (2006), Li, Yue, andZhao (2009) andCéspedes, González, andMolina (2010) all find the relation significantly positive parallel to sample's result. Pöyry and Maury (2010) find negative relation but results are insignificant. De Jong, Kabir, and Nguyen (2008) stated significantly negative relation.…”