The Small Business Capital Market Behavior in Athens Stock Exchange

Financing small and medium enterprises (SMEs), especially business investments and growth, is a composite and particular complicated affair in the Greek entrepreneurial reality. This paper examines the significance of secondary capital markets, as an alternative source of financing small-medium enterprises’ new entrepreneurial plans. Cointegration technique is applied to test the relationship between the secondary capital market and the dominant sectors in Athens Stock Exchange (ASE). Causality tests are also used to provide evidence on the existence of interdependence between the cointegrated series. The results indicate that there is significant uni-directional causality between primary and secondary capital market in Greece, enhancing us to suggest valuable policy implications.      

Beyond Brenner's investment overhang hypothesis: the case of the steel industry

This article challenges the way liberal economic governance has come to be theorised as a passive and depoliticised form of governance. Using the classic case of the gold standard, it shows how state intervention came to be shaped by considerations of state power and diverged considerably from the traditional emphasis on free markets and stable conditions of investments. As I argue, the gold standard was constructed through political struggles over monetary governance which involved significant constraints for capitalist investors. Its institutions helped establish a new structure for exerting control over finance. By resituating the gold standard in a broader historical perspective, I show how nineteenth-century monetary governance, far from leading to a retreat of the state, established in fact the foundations of a new form of state intervention: modern central banking.     

Greening the lodging industry: Current status,trends and perspectives for green value

The purpose of this paper is to provide a critical review of extant knowledge on green lodging integration and a compilation of empirical studies that examine the greening of the lodging industry, published between 2003 and 2014. Empirical academic studies are grouped in three pillars: (a) studies that focus on corporate perspective, (b) studies that examine the role of governmental and trade organizations and (c) studies that focus on consumers’ perceptions in regard to hotels’ green integration. Accumulated knowledge is further presented in a structured way, through a Summary Table. Finally, the paper aims at setting the future research agenda in the area of green lodging by highlighting areas where results are equivocal, areas with evolving research attention and research issues that would enhance our understanding towards a greener lodging industry.     

The demand for eurozone stocks and bonds in a time-varying asset allocation framework

This paper analyzes the short and long-run demand for traditional financial asset classes in eleven founding eurozone members. Our sample period starts from the introduction of euro till 2017. We calculate the welfare losses stemming from ignoring the demand for domestic and eurozone equities and bonds, for various levels of risk aversion. Our results show that the bonds of eurozone countries are, in general, desirable for short-run only. However, in Ireland, Portugal and Spain the bonds are desirable for both short-run and long-run investment horizons. Stocks exhibit both short-run and long-run desirability for all countries except Greece. The Greek stocks are desirable for short- run only.     

Effects of Expiration Date-Based Pricing on Brand Image Perceptions

Expiration date-based pricing (EDBP) occurs when a grocery retailer reduces the price of a perishable product according to its remaining shelf life. While, conventional wisdom suggests that this practice leads to negative consumer evaluations of brand quality, a series of field experiments reveal negative effects on brand quality perceptions only among loyal consumers and those who perceive low risk associated with perishables. The effect is also mediated by consumer distrust (Study 1). In addition, EDBP has no effect on brand quality image if consumers are already familiar with this pricing practice (Study 2), and it may even generate positive consumer evaluations when framed as a cause-related marketing activity to reduce waste (Study 3). Additional evidence indicates that psychological contract violation perceptions provide the underlying mechanism for explaining consumer responses to EDBP (Study 4). This article ends with an agenda for further research and implications for retail practice.     

Sales force reactions to corporate social responsibility: Attributions, outcomes, and the mediating role of organizational trust

Corporate social responsibility (CSR) is gaining momentum among researchers and practitioners. In spite of this extensive interest, systematic research regarding the effects of CSR on other stakeholder groups, besides consumers, remains sparse. Based on a field study in a global Fortune 500 consumer packaged goods company, we examine sales force attitudinal and behavioral outcomes of company's partnership with a United Nations (UN) philanthropic organization. Specifically, we seek to examine whether sales force perceptions of CSR motives influence their evaluation of CSR actions. Findings indicate that egoistic-driven motives negatively influence salesperson trust in the company, whereas stakeholder- and values-driven motives positively influence salesperson trust; however, strategic-driven attributions do not have an influence on salesperson trust. The results further reveal the mediating role of trust in the relationship between sales force attributions and outcomes including loyalty intentions and positive word-of-mouth.     

Financial illness and political virus: the case of contagious crises in the Eurozone

Abstract

This paper investigates the volatility spillover effects from the southern to northern part of the Eurozone during the sovereign debt crisis. Focusing on different phases of the crises, we propose using the dynamic conditional correlation model and the BEKK model to identify possible linkages during the period of 2005–2015. The findings showed that both models behave satisfactorily and are flexible in presenting spillover effects. However, regarding conditional correlations, the asymmetric dynamic conditional correlation model seems to fit better. Additionally, Spain and Italy can significantly damage all strong northern economies, while Greece’s negative shocks are capable of co-moving the French index. Finally, France is the most correlated country within the southern Eurozone.     

Equity market integration in emerging Balkan markets

This paper examines long-run relationships among five Balkan emerging stock markets (Turkey, Romania, Bulgaria, Croatia, Serbia), the United States and three developed European markets (UK, Germany, Greece), during the period 2000-2009. Conventional, regime-switching cointegration tests and Monte Carlo simulation provide evidence in favour of a long-run cointegrating relationship between the Balkan emerging markets within the region and globally. Moreover, we apply the Asymmetric Generalized Dynamic Conditional Correlation (AG-DCC) multivariate GARCH model of Cappiello et al. (2006), in order to capture the impact of the 2007-2009 financial crisis on the time-varying correlation dynamics among the developed and the Balkan stock markets. Results show that stock market dependence is heightened, supporting the herding behaviour during the 2008 stock market crash period. Our findings have important implications for international portfolio diversification and the effectiveness of domestic policies, as these emerging markets are exposed to external shocks.     

When do corporate social responsibility initiatives impact on customer-facing employees? Evidence from India and the Netherlands

The vast majority of the extant literature on corporate social responsibility (CSR) has focused on the macro (firm) level of analysis by examining the linkage between CSR and firm-level outcomes. As such, very few studies have focused on the micro (individual) level of analysis. Against this backdrop, the present study focuses on the individual level of analysis thereby contributing to the emerging psychology of CSR literature, which considers employees' perceptions of their employing organizations' social actions as more important than organizations' objective CSR performance (Rupp, Shao, Thornton and Skarlicki (2013), ‘Applicants’ and Employees’ Reactions to Corporate Social Responsibility: The Moderating Effects of First-Party Justice Perceptions and Moral Identity,’ Personnel Psychology, 66, 895–933). Moreover, the study is one of the first examining the role of context in employee attitudes toward CSR. In particular, it builds on the psychology of CSR (e.g. Rupp et al. 2013) literature to propose a research framework that delineates the moderating effects of satisfaction with payment, satisfaction with the job itself and individualism in the relationship between corporate social performance (CSP) perceptions and customer-facing employees' behavioral outcomes. Data are collected from customer-facing employees in two major organizations in the Netherlands and India. Results suggest a complex interplay between CSP perceptions and the two facets of job satisfaction, and that national context is likely to moderate the contingent effects of CSP perceptions on customer-facing employees' behavioral outcomes.