Authors: Evangelos Koumanakos

Title: Policy induced tax avoidance: empirical evidence form the accommodation sector in Greece

Abstract

How does legislation affect firms’ tax aggressiveness? This paper exploits quasi-experimental variation created by the Assets Revaluation, a corporate tax rule introduced in 1992. Taxation on realized goodwill from revaluated assets is asymmetric: accommodation firms deserve a 50 percent discount on the implied rates. At the same time, the accommodation sector, frequently called the “heavy industry” of the Greek economy, is the only sector in which the number of loss firms exceeds that of profitable. This study uses administrative data to measure corporate tax avoidance and interpret the consequences of an established tax policy.

Authors: Leonidas Vatikiotis

Title: Public Private Partnerships: The Shatter of Public Interest by the Private Sector

Abstract

In this research there is a description of PPP according to the law and the experience of Greece. In contrast to what is said in Greece and abroad the sovereign crisis didn’t lead to the expansion of PPP. Greek and other EU governments despite the flexibility of Eurostat’s law haven’t announced many new projects. Following very concrete projects our conclusion is that PPP don’t guarantee the quality of public works, they transfer the risks to the state, usually are accompanied by serious delays in their delivery, they reproduce the corruption and undermine the so-called free competition, the labor wages, the quality of the environment, the public interest and public finance.

JEL Classification codes: L33 Privatizations, H83 Public Sector

Authors: Evangelos Chytis, Chris Karalis, Stergios Tasios, Athanasios Mandilas

Title: Determinants of Corporate Dividend Policy in periods of financial distress

Abstract

Purpose – Decisions relating to the distribution or not of dividends, as well as their level are among the most important corporate issues due to its significant impact on investment and financing decisions. The purpose of this study is to examine which factors influence the dividend policy of listed companies in periods of economic distress. The factors under examination include profits per share, dividends of prior year, debt to total assets ratio, sales, undistributed profits to total assets ratio, cash flow, free cash flow, risk level, concentration of ownership of the share capital and company size.

Design/methodology/approach – The sample included listed on the Athens stock exchange companies and covers the period 2011 – 2015. Research data were retrieved from ICAP database and hand - collected from each company’s annual financial reports. In analyzing the data, the study used panel regression models.

Findings show that during the economic crisis dividends per share are significantly associated with dividends of prior year, cash flow and undistributed profits to total assets ratio.

Practical implications– Results of the study may be useful to management in the decision-making process regarding dividend policy planning, as well as to the shareholders and potential investors.

Authors: Evangelia Pappa, John Filos, Savvas Chatzipanagiotidis

Title: Βusiness ethics and integrity in the private sector: The view from the top

Abstract

Business ethics is a set of rules, moral principles and values that every individual must abide by and the business is obliged to follow as to be resilient to integrity violations. The purpose of the study is to explore the relationship between the code of ethics and different types of integrity violations. A well-structured questionnaire was used as a primary data collection. The survey sample consists of 1332 middle and lower level managers of core industry sectors in Greece. Confirmatory Factor analysis is employed to measure and categorize different types of ethics violations. Given the categorical binary nature of the data regarding the existence of a code of conduct, a binary logistic regression analysis is used to test the research hypotheses. Based on the results, policy implications are discussed and recommendations of improving business integrity are suggested.

Keywords: Business ethics, integrity, code of ethics, managers, quantitative techniques.

JEL Classification: Μ1, M14, L53

Authors: Leonidas Vatikiotis

Title: Greek Small and Medium Enterprises after the Crisis

Abstract

Leonidas Vatikiotis, Institute of Small and Medium Enterprises of GSEVEE, Efthimiou Pappa 19, Athens, 00306972826665, leonidasvatikiotis@gmail.com

 

In this research my focus is in the changes in Greek Small and Medium Enterprises (SMEs) during the years of the recent economic crisis. According to official data the number of the firms since 2008 to 2016 was decreased by 9.4%. In the five sectors where are mainly activated the SMEs the reduction was much higher. It reached 28.36%. Consequently, SMEs were hurt much more seriously compared to the other firms due to the increase of the taxes and energy cost, the sharp reduction of the demand, etc. During the same years the share of the firms that employ less than four persons has been contracted, in favor of those firms that employ more personnel. As a result, the micro firms exit the crisis numerically less and much more vulnerable.

Much more serious were the implications of the crisis in the sectoral balance of the Greek economy. Using the employment as a criterion the manufacture has been marginalized while sectors of services (tourism, real estate, etc.) have gained ground. The aforementioned changes mean that Greek economy after the crisis, despite the positive rates of growth, is weaker and unstable.

Authors: Dimitrios Kakoulas, Spyros Golfinopoulos

Title: Water saving potential and financial benefit of rainwater harvesting system in Chios Island

Abstract

Rainwater harvesting (RWH) systems offer an alternative water source which can provide a supplementary water supply where the availability of water resources is a critical issue. The aim of this research is an analysis of the effectiveness of rainwater harvesting systems for domestic non potable uses, in Chios Island (Aegean, Greece), where water resources are limited. A simple water balance model was used to simulate the behavior of a rainwater tank and calculate the daily reticulated water savings. The analysis conducted on various scenarios based on rainwater tank capacity, catchment area and number of inhabitants. The performance of a rainwater collection system has been calculated over a period of seven years. In order to assess the investment risk associated with the application of the RWH system, the financial ratio of Payback period, PB was determined.

Authors: Ioannis Rossidis, Dimitrios Belias, Stefanos Papailias

Title: Strategic management in the Greek public sector. In search of best practices in the international environment

Abstract

Strategic management over the last years is widely used as essential to the public sector globally, leading to better performance and better outcomes for the public. Effective governments should aim at formulating and implementing long-term goals and strategies, multilevel governance, effective coordination and so on. Strategic management is considered to be a broader process of managing public organizations in a strategic manner on a continuing basis. The Greek public sector undergoes the transition from bureaucratic to contemporary approaches of new public management tends to implement a more strategic oriented management. This paper aims to demonstrate the ways that the Greek public sector could improve its effectiveness by analyzing and implicating strategic management cases and good practices from the international environment. This article focuses on highlighting key issues and in depth knowledge, significant for attaining public strategic management. The fruits of further concentrated research can improve public strategic management practice, including enhanced organizational capacity for addressing current and future challenges and improvements in long-term performance.

Authors: Spyros Papadakis

Title: DETERMINANTS OF THE VAT GAP IN THE GREEK ECONOMY

Abstract

The present study focuses on the Value Added Tax (VAT) non-compliance in the Greek Economy and the role of key economic and tax variables associated with it. In particular the author seeks to investigate what variables affect the Greek VAT Gap, i.e. the difference between expected VAT revenues and VAT actually collected, through the application of an econometric model fit specifically for the Greek Economy.

In this respect, a wide variety of variables that were previously examined in international literature were selected. It must be noted that despite the existence of similar studies internationally, something similar has not happened in Greece. Also, we seek to investigate the effect that tax audits and fines have on the vat gap. Of all the variables examined regarding their relationship to the VAT gap for the period between 1995 and 2017, only some of them were found to be statistically significant.

Regarding the estimation of the above-mentioned factors, annual data from 1995 to 2017 were collected and analyzed using LSE regressions and time series models.

Authors: Ilias Parginos

Title: EXPORT ORIENTATION AND ITS EFFECT ON THE GREEK SMALL AND MEDIUM ENTERPRISES PERFORMANCE AND VIABILITY DURING AN ECONOMIC DEPRESSION

Abstract

Abstract

Export Orientation, as a growth Strategy adopted by the SMEs, has great importance for their performance and viability. On the other hand, declined firms due to recent economic crisis, that incorporate this strategy, into their strategy mix for stabilization and growth, have also significant expectations for recovery. While increasing competition could lead to lower prices and reduced profitability, for those SMEs are facing significant fall for their products and services demand due to an economic depression, it is crucial to dedicate more research, focusing on their expansion through the export orientation strategy. Therefore, within the aims and the scope of this study, the effects of the Greek SMEs export orientation have been analysed in relation with performance improving and viability achieving as well. The empirical research has been focused to a sample of Greek SMEs and its results may help to explain why export orientation could be a significant factor, leading Greek SMEs to a better performance rate ensuring at the same time their viability.

Authors: Sofoklis Alepis, Dr Konstantinos Malagas, Theodoros Lilas, Nikitas Nikitakos, Georgia Papadopoulou

Title: The Transport Experience of Persons with Reduced Mobility (PRMs): the Case of Greece

Abstract

Persons with reduced mobility (PRMs) are a significant proportion, about 40% of the population. Transport is basic for those people and provides services adjusted to their needs and by making interventions on this direction may facilitate them to travel more, easier and safer. These services may have significant impact to them, and to the whole economy. The current study focuses on the travel situation of the PRMs Greek reality. Several interviews were conducted with experts from the various fields, such as representatives of the various PRMs groups, transport and tourism professionals and academicians. The main findings of the study are that half of the participants are not aware of the PRMs, except for those who belong to the relevant group, all the participants agreed that the implementation of the European regulations is important by establishing a committee to promote the interests of the various PRMs groups. Also, interventions should be created to improve services, and Greece may attract those people from other countries offering adequate services. The study can be beneficial to policy makers and the service providers as they can successfully attract PRMs by achieving a competitive advantage.