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Bosnia and Herzegovina has always been characterized by multiethnic and multi-religious diversity. Throughout the history Montenegrins, Serbs and Croats from neighboring countries have also naturally been connected with Bosnia and Herzegovina. This diversity was also enriched with the influence of great powers especially by the Ottoman Empire and the Austro-Hungarian Empire. Very often internal diversity and interests of the great powers caused significant upheavals, wars, and migrations. For instance, the Austro-Hungarian Empire later attacked Bosnia and Herzegovina in order to invade it in 1697, 1737, 1788 and 1791. Eventually, the Berlin Treaty had enabled the Austro-Hungarian Empire to get the exclusive right to administer Bosnia and Herzegovina. Nevertheless, according to the Treaty, the region was still legally under the Ottoman State. After the annexation of Bosnia and Herzegovina by the Austro-Hungarian Empire in 1908 the country's administrative and political system, which significantly affected the position of Bosniaks. In particular, their political and religious status has been changed significantly. These developments also significantly affected and accelerated migration to Anatolia. During this turbulent period Hilmi Baba, a provincial scholar from Bosnia discussed whether the Muslims living in the region should immigrate to Anatolia. He also critically analyzed the impact of the reforms (tanzimat) in Bosnia. The main aim of this article is to make a contextual analysis of Hilmi Baba's views, approaches, and works.

AbstractIn this article we investigate the changes in corporate investment dynamics in the aftermath of the global financial crisis. Using firm‐level data from six Latin American countries from 2002 to 2015, we show that firms are less constrained and have greater ability to invest after the crisis. However, the willingness of firms to invest optimally is reduced. This is supported by strong evidence that during the postcrisis period investment–cash flow sensitivity disappears, investment‐q sensitivity increases, and the estimated speeds of adjustment for target investment decrease. Moreover, after the crisis, firms notably increase their efforts to attain optimal cash and leverage levels. Our analysis implies that firms may not always be willing to invest optimally. The willingness to invest optimally appears to be time variant and moves together with the dynamics of cash and leverage policies, albeit in opposite directions.