Araştırma Makalesi
BibTex RIS Kaynak Göster

An Empirical Evaluation on the Relationship between Adequate Country Status in Personal Data Transfer and Foreign Direct Investment

Yıl 2024, Cilt: 9 Sayı: 1, 251 - 274, 29.02.2024
https://doi.org/10.25229/beta.1409015

Öz

Digital transformation has not only increased the value of digital data, but also brought privacy violations and national security threats that may occur with cross-border transfer of personal data. This situation has paved the way for both countries and regional organizations to create protective legal regulations. On the other side, foreign direct investments, which are made through companies (MNCs) operating in more than one country due to their structure, are among the actors that most in need the international circulation of digital data. Therefore, it is thought that FDI and cross-border transfer of personal data cannot be independent of each other. With the European General Data Protection Regulation adopted in 2016, the European Union has determined the most general procedures and principles in ensuring the transfer and security of personal data, and has begun to declare countries that meet these requirements as adequate countries. In this study, whether there is a relationship between being an adequate country in satisfying data security and foreign direct investments (FDI) was analyzed with a dynamic panel data model with a data set consisting of data from 65 countries and the years between 2010-2020. As a result of this analysis, it is seen that effect of the variable of being adequate country status in satisfying data security in accordance with EU standards on FDI inflows was statistically significant and positive, in line with expectations.

Kaynakça

  • Alfaro, L., Kalemli-Özcan, S. & Volosovych, V. (2003). Why doesn’t capital flow from rich to poor countries? An empirical investigation. University of Houston, mimeo.
  • Ali, Fathi A., Fiess, N. & MacDonald, R. (2010). Do institutions matter for foreign direct investment?. Open Economic Review, 21(2), 201-219.
  • Alibekova, G., Medeni, T., Panzabekova, A. & Mussayeva, D. (2020). Digital transformation enablers and barriers in the economy of Kazakhstan. Journal of Asian Finance. Economics and Business, 7(7), 565-575.
  • Amal, M., Raboch, H. & Tomio, B. T. (2009). Strategies and determinants of foreign direct investment (FDI) from developing countries: case study of Latin America. Latin American Business Review, 10(2-3),73-94. https://doi.org/10.1080/10978520903212532
  • Anghel, B. (2005). Do institutions affect foreign direct investment?. International Doctorate in Economic Analysis. Universidad Autónoma de Barcelona.
  • Antonakakis, N. & Gabriele, T. (2011). Do determinants of FDI to developing countries differ among OECD investors? Insights from Bayesian model averaging. FIW Working Paper, 76.
  • Asadova, S. (2020). Dijitalleşmenin doğrudan yabancı sermaye yatırımları üzerinde etkisi: OECD ülkeleri üzerinde bir araştırma. 8. Türkiye Lisansüstü Çalışmalar Kongresi Bildiriler Kitabı – II (24 – 27 Nisan 2019), 209-225. Malatya.
  • Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: Is Africa different?. World Development, 30(1), 107-119.
  • Banalieva, E. R. & Dhanaraj, C. (2019). Internalization theory for the digital economy. Journal of International Business Studies, 50, 1372-1387.
  • Benassy- Quéré, A., Coupet, M. & Mayer, T. (2005). Institutional determinants of foreign direct investment. CEPII Working Paper, 5.
  • Brunetti, A., Kisunko, G. & Weder, B. (1997, Ağustos). Institutions in transition: Reliability of rules and economic performance in former socialist countries. World Bank Policy Research Working Paper, 1809.
  • Brunetti, A. & Weder, B. (1998). Investment and institutional uncertainty: A comparative study of uncertainty measures. Review of World Economics, 134(3), 513-533. https://dx.doi.org/10.1007/BF02707928.
  • Buchanan, B., Le Q. V. & Rishi, M. (2012). Foreign direct investment and institutional quality: some empirical evidence. International Review of Financial Analysis, 21, 81-89. https://doi.org/10.1016/j.irfa.2011.10.001
  • Busse, M. & Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397-415. https://doi.org/10.1016/j.ejpoleco.2006.02.003
  • Campos, N. F. & Kinoshita, Y. (2003). Why does FDI go where it goes? New evidence from the transition economies. IMF Working Paper, 228.
  • Chakrabarti, A. (2001). The determinants of foreign direct investments: sensitivity analyses of cross‐country regressions. Kyklos, 54(1), 89-114. https://doi.org/10.1111/1467-6435.00142
  • Choi, J. J., Lee, S. M. & Shoham, A. (2016). The effects of institutional distance on FDI inflow: general environmental institutions (GEI) versus minority investor protection institutions (MIP). International Business Review, 25(1), 114-123. http://dx.doi.org/10.1016/j.ibusrev.2014.11.010
  • Daniele, V. & Marani, U. (2006). Do institutions matter for FDI? A comparative analysis of the MENA countries. MPRA Paper No. 2426. University Library of Munich.
  • Demirtaş, G. & Akçay, S. (2006). Kurumsal faktörlerin doğrudan yabancı yatırımlar üzerine etkisi: ampirik bir kanıt. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(2), 15-33.
  • Dökmen, G. & Aysu, A. (2010). Hükümet istikrarının doğrudan yabancı yatırımlar üzerindeki etkisi: gelişmekte olan ülkelere ilişkin ampirik bir çalışma. Journal of Yasar University, 18(5), 3028-3037.
  • Economou, F., Hassapis, C., Philippas, N. & Tsionas, M. (2017). Foreign direct investment determinants in OECD and developing countries. Review of Development Economics, 21(3), 527-542. https://doi.org/10.1111/rode.12269
  • Eden, L. (2016). Multinationals and foreign investment policies in a digital world. The E15Initiative. International Centre for Trade and Sustainable Development (ICTSD) ve World Economic Forum.
  • Froot, K. A. & Stein, J. C. (1991). Exchange rates and foreign direct investment: an imperfect capital markets approach. Quarterly Journal of Economics, 106, 1191-1217. https://doi.org/10.2307/2937961
  • Gani, A. (2007). Governance and foreign direct investment links: evidence from panel data estimations. Applied Economics Letters, 14(10), 753-756. https://doi.org/10.1080/13504850600592598
  • Gastanaga, V. M., Nugent, J. B. & Pashamova, B. (1998). Host country reforms and FDI inflows: how much difference do they make?. World Development, 26(7), 1299-1314. https://doi.org/10.1016/ S0305-750X(98)00049-7
  • Globerman, S. & Shapiro, D. (2004, Nisan). Assessing international mergers and acquisitions as a mode of foreign direct investment. Conference on Multinationals, Growth and Governance, in Honor of A. Edward Safarian, 16-17. Ontario, Toronto.
  • Grogan, L. & Moers, L. (2001). Growth empirics with institutional measures for transition countries. Economic Systems, 25(4), 323-344. https://doi.org/10.1016/S0939-3625(01)00030-9
  • Harris, R. S. & Ravenscraft, D. (1991). The role of acquisitions in foreign direct investment: evidence from the US stock market. The Journal of Finance, 46(3), 825-844.
  • Heriot, K. C., Theis, J. & Campbell N. D. (2008). Foreign direct investment and economic freedom: an empirical investigation. Columbus State University and University of Central Arkansas.
  • Kaufmann, D., Kraay A. & Mastruzzi, M. (2003). Governance matters III: governance indicators for 1996-2002. World Bank Policy Research Working Paper No. 3106.
  • Khan, M. M. & Akbar, M. I. (2013). The impact of political risk on foreign direct investment. MPRA Paper No. 47283.
  • Kobeissi, N. (2005). Impact of governance, legal system and economic freedom on foreign investment in the MENA region. Journal of Comparative International Management, 8(1), 20-41.
  • Kostevc, C., Redek, T. & Susjan, A. (2007). Foreign direct investment and institutional environment in transition economies. Transition Studies Review, 14(1) 40-54. Springer: Central Eastern European University Network (CEEUN). DOI: 10.1007/s11300-007-0140-5
  • Li, X. & Liu, X. (2004). Foreign direct investment and economic growth: an increasingly endogenous relationship. World Development, 33(3), 393-407. https://doi.org/10.1016/j.worlddev.2004.11.001
  • Lucke, N., Karmann, A. & Eichler, S. (2013). The impact of institutional and social characteristics on foreign direct investment: evidence from Japan. Annals of Financial Economics, 8(2), 1-55. World Scientific Publishing Co. Pte. Ltd. https://doi.org/10.1142/S2010495213500103
  • Mengistu, A. A. & Adhikary, A. K. (2011). Does good governance matter for FDI inflows? evidence from Asian economies. Asia Pacific Business Review, 17(3), 281-299. https://doi.org/10.1080/13602381003755765
  • MIGA, (2014). World investment and political risk (WIPR) 2013. World Bank Group.
  • Noorbakhsh, F., Paloni. A. & Youssef, A. (2001). Human capital and FDI inflows to developing countries: new empirical evidence. World Development, 29(9), 1593-1610.
  • Nunnenkamp, P. & Spatz, J. (2002). Determinants of FDI in developing countries: has globalization changed the rules of the game?. Transnational Corporations, 11(2), 1-34.
  • Pop, C. (2023, 15 Kasım). EU vs US: What are the differences between their data privacy laws?. Endpoint Protector Blog.
  • Pournarakis M. & Varsakelis, N. C. (2004). Institutions, internationalization and foreign direct investment: the case of economies in transition. Transnational Corporations, 13(2), 77-94.
  • Rodriguez-Pose, A. & Cols, G. (2017). The determinants of foreign direct investment in Sub-Saharan Africa: What role for governance?. Regional Science Policy & Practice, 9(2), 63-81. http://dx.doi.org/10.1111/rsp3.12093
  • Sekkat, K. & Véganzonès-Varoudakis M. A. (2004). Trade and foreign exchange liberalization, lnvestment climate, and FDl in the MENA countries. Working Papers CEB 04-023.RS. ULB-Universite Belgium, Libre de Bruxelles,
  • Stein E. & Daude, C. (2001). Institutions, integration and the location of foreign direct investment. OECD Global Forum on International Investment, New Horizons for Foreign Direct Investment.
  • Seyidoğlu, H. (2003). Uluslararası iktisat teori politika ve uygulama. Güzem Yayınları.
  • Teksöz, S. U. (2004, Eylül). Corruption and foreign direct investment: an empirical analysis. John Kenneth Galbraith International Symposium.
  • Tsai, P. (1994). Determinants of foreign direct investment and its impact on economic growth. Journal of Economic Development, 19, 137-163.
  • UNCTAD, (2023). World investment report 2023: investing in sustainable energy for all. United Nations.
  • United Nations, (2022). World economic situation and prospects 2022. Department of Economic and Social Affairs Economic Analysis. 15 Kasım 2023 tarihinde https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2022/ adresinden erişilmiştir.
  • Wei, S-J. (2000). How taxing is corruption on international investors. The Review of Economics and Statistics, 82(1), 1-11.
  • Wheeler, D. & Mody, A. (1992). International investment location decisions: the case for U.S. firms. Journal of International Economics, 33, 57-76.
  • Wilhelms, S. (1998). Institutional FDI fitness: determinants of foreign direct investment to emerging economies. [Yayınlanmamış Yüksek Lisans Tezi]. Fletcher School of Law and Diplomacy.

Kişisel Veri Transferinde Güvenli Ülke Statüsü ve Doğrudan Yabancı Yatırım İlişkisi Üzerine Ampirik Bir Değerlendirme

Yıl 2024, Cilt: 9 Sayı: 1, 251 - 274, 29.02.2024
https://doi.org/10.25229/beta.1409015

Öz

Dijital dönüşüm, dijital verilerin değerini artırmakla kalmamış, kişisel verilerin sınır ötesi transferiyle yaşanabilecek mahremiyet ihlallerini ve ulusal güvenlik tehditlerini de beraberinde getirmiştir. Bu durum gerek ülkelerin gerekse bölgesel örgütlerin koruyucu yasal düzenlemeler oluşturmalarına da zemin hazırlamıştır. Diğer taraftan, yapıları gereği birden çok ülkede faaliyet gösteren şirketler (ÇUŞ) aracılığıyla gerçekleştirilen doğrudan yabancı yatırımlar ise dijital verilerin uluslararası dolaşımına en fazla ihtiyaç duyan aktörlerdendir. Dolayısıyla DYY ile kişisel verilerin sınır ötesi aktarımının birbirinden bağımsız olamayacağı düşünülmektedir. Avrupa Birliği, 2016 yılında kabul ettiği Avrupa Genel Veri Koruma Tüzüğü ile kişisel verilerin transferi ve güvenliğinin sağlanmasında en genel usul ve esasları belirlemiş, bu gerekleri yerine getiren ülkeleri de güvenli ülke olarak ilan etmeye başlamıştır. Bu çalışmada, veri güvenliğini sağlamada güvenli ülke statüsünde olma ile doğrudan yabancı yatırımlar (DYY) arasında bir ilişkinin mevcut olup olmadığı 65 ülke ve 2010-2020 yıllarına ait verilerden oluşan bir veri seti ile dinamik panel veri modeli ile analiz edilmiştir. Analiz sonucunda, kişisel veri güvenliğinin sağlanmasında AB standartlarına uygun güvenli ülke statüsünde olma değişkeninin DYY girişleri üzerindeki etkisinin beklentilerle aynı doğrultuda istatistiksel olarak anlamlı ve pozitif olduğu görülmüştür.

Kaynakça

  • Alfaro, L., Kalemli-Özcan, S. & Volosovych, V. (2003). Why doesn’t capital flow from rich to poor countries? An empirical investigation. University of Houston, mimeo.
  • Ali, Fathi A., Fiess, N. & MacDonald, R. (2010). Do institutions matter for foreign direct investment?. Open Economic Review, 21(2), 201-219.
  • Alibekova, G., Medeni, T., Panzabekova, A. & Mussayeva, D. (2020). Digital transformation enablers and barriers in the economy of Kazakhstan. Journal of Asian Finance. Economics and Business, 7(7), 565-575.
  • Amal, M., Raboch, H. & Tomio, B. T. (2009). Strategies and determinants of foreign direct investment (FDI) from developing countries: case study of Latin America. Latin American Business Review, 10(2-3),73-94. https://doi.org/10.1080/10978520903212532
  • Anghel, B. (2005). Do institutions affect foreign direct investment?. International Doctorate in Economic Analysis. Universidad Autónoma de Barcelona.
  • Antonakakis, N. & Gabriele, T. (2011). Do determinants of FDI to developing countries differ among OECD investors? Insights from Bayesian model averaging. FIW Working Paper, 76.
  • Asadova, S. (2020). Dijitalleşmenin doğrudan yabancı sermaye yatırımları üzerinde etkisi: OECD ülkeleri üzerinde bir araştırma. 8. Türkiye Lisansüstü Çalışmalar Kongresi Bildiriler Kitabı – II (24 – 27 Nisan 2019), 209-225. Malatya.
  • Asiedu, E. (2002). On the determinants of foreign direct investment to developing countries: Is Africa different?. World Development, 30(1), 107-119.
  • Banalieva, E. R. & Dhanaraj, C. (2019). Internalization theory for the digital economy. Journal of International Business Studies, 50, 1372-1387.
  • Benassy- Quéré, A., Coupet, M. & Mayer, T. (2005). Institutional determinants of foreign direct investment. CEPII Working Paper, 5.
  • Brunetti, A., Kisunko, G. & Weder, B. (1997, Ağustos). Institutions in transition: Reliability of rules and economic performance in former socialist countries. World Bank Policy Research Working Paper, 1809.
  • Brunetti, A. & Weder, B. (1998). Investment and institutional uncertainty: A comparative study of uncertainty measures. Review of World Economics, 134(3), 513-533. https://dx.doi.org/10.1007/BF02707928.
  • Buchanan, B., Le Q. V. & Rishi, M. (2012). Foreign direct investment and institutional quality: some empirical evidence. International Review of Financial Analysis, 21, 81-89. https://doi.org/10.1016/j.irfa.2011.10.001
  • Busse, M. & Hefeker, C. (2007). Political risk, institutions and foreign direct investment. European Journal of Political Economy, 23(2), 397-415. https://doi.org/10.1016/j.ejpoleco.2006.02.003
  • Campos, N. F. & Kinoshita, Y. (2003). Why does FDI go where it goes? New evidence from the transition economies. IMF Working Paper, 228.
  • Chakrabarti, A. (2001). The determinants of foreign direct investments: sensitivity analyses of cross‐country regressions. Kyklos, 54(1), 89-114. https://doi.org/10.1111/1467-6435.00142
  • Choi, J. J., Lee, S. M. & Shoham, A. (2016). The effects of institutional distance on FDI inflow: general environmental institutions (GEI) versus minority investor protection institutions (MIP). International Business Review, 25(1), 114-123. http://dx.doi.org/10.1016/j.ibusrev.2014.11.010
  • Daniele, V. & Marani, U. (2006). Do institutions matter for FDI? A comparative analysis of the MENA countries. MPRA Paper No. 2426. University Library of Munich.
  • Demirtaş, G. & Akçay, S. (2006). Kurumsal faktörlerin doğrudan yabancı yatırımlar üzerine etkisi: ampirik bir kanıt. Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8(2), 15-33.
  • Dökmen, G. & Aysu, A. (2010). Hükümet istikrarının doğrudan yabancı yatırımlar üzerindeki etkisi: gelişmekte olan ülkelere ilişkin ampirik bir çalışma. Journal of Yasar University, 18(5), 3028-3037.
  • Economou, F., Hassapis, C., Philippas, N. & Tsionas, M. (2017). Foreign direct investment determinants in OECD and developing countries. Review of Development Economics, 21(3), 527-542. https://doi.org/10.1111/rode.12269
  • Eden, L. (2016). Multinationals and foreign investment policies in a digital world. The E15Initiative. International Centre for Trade and Sustainable Development (ICTSD) ve World Economic Forum.
  • Froot, K. A. & Stein, J. C. (1991). Exchange rates and foreign direct investment: an imperfect capital markets approach. Quarterly Journal of Economics, 106, 1191-1217. https://doi.org/10.2307/2937961
  • Gani, A. (2007). Governance and foreign direct investment links: evidence from panel data estimations. Applied Economics Letters, 14(10), 753-756. https://doi.org/10.1080/13504850600592598
  • Gastanaga, V. M., Nugent, J. B. & Pashamova, B. (1998). Host country reforms and FDI inflows: how much difference do they make?. World Development, 26(7), 1299-1314. https://doi.org/10.1016/ S0305-750X(98)00049-7
  • Globerman, S. & Shapiro, D. (2004, Nisan). Assessing international mergers and acquisitions as a mode of foreign direct investment. Conference on Multinationals, Growth and Governance, in Honor of A. Edward Safarian, 16-17. Ontario, Toronto.
  • Grogan, L. & Moers, L. (2001). Growth empirics with institutional measures for transition countries. Economic Systems, 25(4), 323-344. https://doi.org/10.1016/S0939-3625(01)00030-9
  • Harris, R. S. & Ravenscraft, D. (1991). The role of acquisitions in foreign direct investment: evidence from the US stock market. The Journal of Finance, 46(3), 825-844.
  • Heriot, K. C., Theis, J. & Campbell N. D. (2008). Foreign direct investment and economic freedom: an empirical investigation. Columbus State University and University of Central Arkansas.
  • Kaufmann, D., Kraay A. & Mastruzzi, M. (2003). Governance matters III: governance indicators for 1996-2002. World Bank Policy Research Working Paper No. 3106.
  • Khan, M. M. & Akbar, M. I. (2013). The impact of political risk on foreign direct investment. MPRA Paper No. 47283.
  • Kobeissi, N. (2005). Impact of governance, legal system and economic freedom on foreign investment in the MENA region. Journal of Comparative International Management, 8(1), 20-41.
  • Kostevc, C., Redek, T. & Susjan, A. (2007). Foreign direct investment and institutional environment in transition economies. Transition Studies Review, 14(1) 40-54. Springer: Central Eastern European University Network (CEEUN). DOI: 10.1007/s11300-007-0140-5
  • Li, X. & Liu, X. (2004). Foreign direct investment and economic growth: an increasingly endogenous relationship. World Development, 33(3), 393-407. https://doi.org/10.1016/j.worlddev.2004.11.001
  • Lucke, N., Karmann, A. & Eichler, S. (2013). The impact of institutional and social characteristics on foreign direct investment: evidence from Japan. Annals of Financial Economics, 8(2), 1-55. World Scientific Publishing Co. Pte. Ltd. https://doi.org/10.1142/S2010495213500103
  • Mengistu, A. A. & Adhikary, A. K. (2011). Does good governance matter for FDI inflows? evidence from Asian economies. Asia Pacific Business Review, 17(3), 281-299. https://doi.org/10.1080/13602381003755765
  • MIGA, (2014). World investment and political risk (WIPR) 2013. World Bank Group.
  • Noorbakhsh, F., Paloni. A. & Youssef, A. (2001). Human capital and FDI inflows to developing countries: new empirical evidence. World Development, 29(9), 1593-1610.
  • Nunnenkamp, P. & Spatz, J. (2002). Determinants of FDI in developing countries: has globalization changed the rules of the game?. Transnational Corporations, 11(2), 1-34.
  • Pop, C. (2023, 15 Kasım). EU vs US: What are the differences between their data privacy laws?. Endpoint Protector Blog.
  • Pournarakis M. & Varsakelis, N. C. (2004). Institutions, internationalization and foreign direct investment: the case of economies in transition. Transnational Corporations, 13(2), 77-94.
  • Rodriguez-Pose, A. & Cols, G. (2017). The determinants of foreign direct investment in Sub-Saharan Africa: What role for governance?. Regional Science Policy & Practice, 9(2), 63-81. http://dx.doi.org/10.1111/rsp3.12093
  • Sekkat, K. & Véganzonès-Varoudakis M. A. (2004). Trade and foreign exchange liberalization, lnvestment climate, and FDl in the MENA countries. Working Papers CEB 04-023.RS. ULB-Universite Belgium, Libre de Bruxelles,
  • Stein E. & Daude, C. (2001). Institutions, integration and the location of foreign direct investment. OECD Global Forum on International Investment, New Horizons for Foreign Direct Investment.
  • Seyidoğlu, H. (2003). Uluslararası iktisat teori politika ve uygulama. Güzem Yayınları.
  • Teksöz, S. U. (2004, Eylül). Corruption and foreign direct investment: an empirical analysis. John Kenneth Galbraith International Symposium.
  • Tsai, P. (1994). Determinants of foreign direct investment and its impact on economic growth. Journal of Economic Development, 19, 137-163.
  • UNCTAD, (2023). World investment report 2023: investing in sustainable energy for all. United Nations.
  • United Nations, (2022). World economic situation and prospects 2022. Department of Economic and Social Affairs Economic Analysis. 15 Kasım 2023 tarihinde https://www.un.org/development/desa/dpad/publication/world-economic-situation-and-prospects-2022/ adresinden erişilmiştir.
  • Wei, S-J. (2000). How taxing is corruption on international investors. The Review of Economics and Statistics, 82(1), 1-11.
  • Wheeler, D. & Mody, A. (1992). International investment location decisions: the case for U.S. firms. Journal of International Economics, 33, 57-76.
  • Wilhelms, S. (1998). Institutional FDI fitness: determinants of foreign direct investment to emerging economies. [Yayınlanmamış Yüksek Lisans Tezi]. Fletcher School of Law and Diplomacy.
Toplam 52 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Panel Veri Analizi , Maliye Politikası, Hukuk ve İktisat, Uluslararası İktisatta Bölgesel Gelişme ve Küreselleşme
Bölüm Makaleler
Yazarlar

Nadire Çoruhlu Kamalıoğlu 0000-0002-0380-435X

Pelin Varol İyidoğan 0000-0002-4632-9130

Erken Görünüm Tarihi 29 Şubat 2024
Yayımlanma Tarihi 29 Şubat 2024
Gönderilme Tarihi 24 Aralık 2023
Kabul Tarihi 4 Ocak 2024
Yayımlandığı Sayı Yıl 2024 Cilt: 9 Sayı: 1

Kaynak Göster

APA Çoruhlu Kamalıoğlu, N., & Varol İyidoğan, P. (2024). Kişisel Veri Transferinde Güvenli Ülke Statüsü ve Doğrudan Yabancı Yatırım İlişkisi Üzerine Ampirik Bir Değerlendirme. Bulletin of Economic Theory and Analysis, 9(1), 251-274. https://doi.org/10.25229/beta.1409015