Travel Reference
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question was rated on a 5-point Likert type scale ranging from 1 (not at
all suitable) to 5 (very suitable).
STATISTICAL ANALYZES
The analysis of data in this study consisted of three stages. Descriptive
runs were firstly employed to investigate the frequency distribution of
responses to the stated questions. These questions were composed of is-
sues about investment types, magnitude, and intention about future
investment in the CAS. Secondly, the items of general investment, tour-
ism specific investment, and tourism sustainable investment were factor
analyzed separately to identify the underlying dimensions of investment
consideration factors. Based on the results of factor analysis, indepen-
dent t-tests were used to examine the general investment factors, tourism
specific investment factors and tourism sustainable investment factors
with regard to general questions. Then the resultant factors of invest-
ment considerations were used in regression analysis in which the over-
all investment condition for each of the four countries was used as the
dependent variable.
FINDINGS
CHARACTERISTICS OF TURKISH TOURISM INVESTORS
The descriptive analysis of the data revealed that almost 64% of the
investors were in tourism and 36% were in non tourism-related areas
of business. Almost 51% of the participants expressed that they have
an investment or business facility in CA countries, 49% of the partici-
pants expressed that they had no investment and any business facility in
the countries. Almost 43% of the investors who have invested in CAS
made their investments in businesses directly related to the tourism field.
The remaining investors, who invested in the CAS, made their invest-
ments in areas not directly related to tourism or nontourism businesses.
The distribution of companies which have an investment or business
facility in the CAS is as follows: 3% in Kyrgyzstan, 34% Kazakhstan,
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