Crisis Management and the Public Sector: Key Trends and Perspectives

A crisis is a situation approaching a dangerous phase, which requires urgent intervention to avoid harmful effects on the body of an organization in order to return to normal situation. It is a decisive and critical time for the organization, where the wrong decision can even cost its viability. This situation can shape political, legal, economic, and governmental impact on its activities. From different definitions of crisis, we seek to underscore key elements of a crisis that may threat a public organization and, also, to highlight both the elements of management responsiveness resulting in the loss of control in the organization, regarding the short time demand for decision-making. The key purpose of this chapter is to illustrate the basis available in the international literature, upon which public risk mechanisms can be reviewed and chosen in public sector organizations under the scope of their applicability

Manufacturing SMEs Competitiveness against the Crisis: Management Characteristics and New Perspectives

The purpose of this paper is to study the drivers of competitiveness in sectors of the Greek manufacturing industry, both in the pro and post economic crisis era, based on firm level financial and qualitative data cover this gap, providing evidence about factors impact competitive dynamic of Greek manufacturing SMEs taking into account aspects of IT, knowledge management, training, innovation and financial ratios. The study is structured as follows: the next section presents a literature review on this subject, while section 3 highlight the methodology as well as the model approach of the study. In section 4, the empirical results of the study are presented and section 5 the main findings are discussed. Section 6 summarizes the empirical findings and draws the policy implications of the study

Determinants of Profitability in Aviation Industry of Europe and America

The civil aviation, is an industry evolving at exponential speed despite the significant problems that faces in the last decade (increase of oil price, terrorist attacks etc.) An important feature of aviation firms and generally all companies, is that their size reflects their efficiency and in general their economic growth. In this era of financial crisis, liquidity is a significant factor for the stabilization and growth of economic organizations. Therefore, the examination of cash flows as indicator of liquidity limitations is necessary for the measurement of firms profitability. In this study, we tried to see whether the efficiency of size of European and American airlines listed firms, depends on their growth and cash flows from investment activit

Efficiency and Ship Class of Shipping Companies: The Case of Greek-owned Shipping Companies

Transport industry is a very importantfactor for countrys development in various fields.One of them is economic, since the development oftransport reinforces the trade relationships betweencountries and companies. This helps countries andfirms to utilize the competitive advantage which mayhave. Therefore, the volume of transport carried outby countries could reflect their growth. This studyaims to examine the efficiency (by ship class) ofGreek-owed shipping companies, listed on New Yorkstock markets. The analysis was performed via BCCmodel of Data Envelopment Analysis (inputsorientation)

The Impact of Dow Jones Sustainability Index on US Dollar Value

The scope of this study is to address the impact of stock index returns on exchange rate. In particular, it aims to fill the literature gap regarding the determinant role of socially responsible companies on the exchange rate Trade Weighted U.S. Dollar Index to Major Currencies as a proxy for US dollar value. For this reason, the Dow Jones Sustainable Index World (DJSIW) as a proxy for the world's leading companies in terms of economic, environmental and social criteria. A generalized autoregressive conditional heteroskedasticity (GARCH) model is employed over US dollar value to major currencies for the period January, 1999 to May, 2016 using monthly data. A number of control variables were introduced in the proposed model, namely Oil prices, US interest rate, US supply money, trade balance and consumer confidence. The empirical results revealed the negative impact of stock returns of socially responsible companies on US dollar value inconsistent with proposed empirical literature. The results have significant implications for investors, portfolio managers and policymakers hedging on diversification strategies for their portfolios. Keywords: Exchange Rate, Dow Jones Sustainability Index, Returns JEL Classifications: G1, F2, Q40, M2

Αποδοτικότητα και πιστωτικός κίνδυνος τραπεζών στην ευρωζώνη: μια ολοκληρωμένη προσέγγιση με τη χρήση ποσοτικών μεθόδων

This doctoral thesis is looking into the possibility of the Credit Institutions (CI) in Euro zone (EU-17) to maintain healthy financial data in an economic downturn, and the different characteristics between their member countries. In particular an analysis is taking place in two layers. In the first phase the research is carried out analysis at a macro-level, between the Euro zone CIs in a sample of 386 banks with total assets over two million euro per unit during the fiscal years 2005 to 2009. The aim of this research is the identification and the promotion of key financial data illustrating the operating characteristics of the CI, given their type, i.e. Commercial and Cooperative Banks, as well as their geographical and regional dimension in Europe, namely European banks of EU-17 north and south respectively. The survey was undertaken at the level of risk-taking, portfolios’ quality and profitability in particular related to the above groups of CIs. The scope of the research is to highlight the essential similarities and differences as caused by the dipoles: a) Commercial Banks versus Cooperative Banks b) North EU-17 Banks vs. South EU-17 banks respectively.In the second part of this research a micro-analysis is made, taking under consideration a loan portfolio with reference to SMEs. This part identifies the main elements, both quantitatively and qualitatively, that play major part in making good lending decisions in a banking institution. Using techniques of k-means clustering, different groups of borrowers with similar characteristics are created, showing segmentation of the portfolio depending on the characteristics sought in the case, analyzing the way to grouping of borrowers, as well as placing them in specific credit categories. Then, using the standardized method, capital requirements of the CI on credit risk are specified and the capital requirement for each created group is calculated. The functional adaptation of the model is reinforced by a study of impairment of collateral values to the identification of aggravated capital requirements and specify those groups of borrowers with higher capital requirements.Στη διδακτορική αυτή διατριβή μελετάται η δυνατότητα των Πιστωτικών Ιδρυμάτων (Π.Ι.) της Ευρωζώνης (ΕΕ-17) να διατηρούν υγιή χρηματοοικονομικά δεδομένα σε περιόδους οικονομικής ύφεσης, καθώς και τα διαφορετικά χαρακτηριστικά των Π.Ι. μεταξύ των χωρών μελών αυτής. Ειδικότερα πραγματοποιείται ανάλυση σε δυο θεματικά μέρη. Στο πρώτο μέρος της έρευνας πραγματοποιείται ανάλυση σε «μάκρο»-επίπεδο (macro-level), μεταξύ των Π.Ι. της Ευρωζώνης, σε δείγμα 386 τραπεζών, με Σύνολο Ενεργητικού άνω των δυο εκ. ευρώ, κατά τα έτη 2005-2009. Στόχος της έρευνας αυτής είναι ο εντοπισμός και η ανάδειξη των κύριων χρηματοοικονομικών δεδομένων που αναδεικνύουν τα χαρακτηριστικά λειτουργίας των Π.Ι., λαμβάνοντας υπόψη τον τύπο τους, ήτοι Εμπορικών και Συνεταιριστικών Τραπεζών (ΕΤ-ΣΤ), όσο και την γεωγραφική και περιφερειακή τους διάσταση στην Ευρώπη, ήτοι των Τραπεζών του Ευρωπαϊκού Βορρά και των Τραπεζών του Ευρωπαϊκού Νότου (ΤΕΒ-ΤΕΝ) αντίστοιχα. Η έρευνα αυτή πραγματοποιείται σε επίπεδο ανάληψης κινδύνου, ποιότητας χαρτοφυλακίου και κυρίως αποδοτικότητας στη λειτουργία των ως άνω ομάδων Π.Ι. Στόχος της είναι να αναδείξει τις βασικές και τις ειδικές ομοιότητες και διαφορές όπως διαμορφώνονται από τα δίπολα: α) Εμπορικές vs Συνεταιριστικές Τράπεζες και β) Τράπεζες Ευρωπαϊκού Βορρά vs Tράπεζες Ευρωπαϊκού Νότου αντίστοιχα. Στη συνέχεια, συνοψίζονται τα ευρήματα σχετικά με την λειτουργία τους, αποτυπώνοντας τα κύρια χαρακτηριστικά τους σε σχέση με τη βαθμολογία της Τεχνικής Αποδοτικότητάς (ΤΑ) τους.Στο δεύτερο μέρος της έρευνας, πραγματοποιείται μια «μίκρο»-ανάλυση, σε επίπεδο δανειακού χαρτοφυλακίου Π.Ι., με αναφορά σε Μικρομεσαίες Επιχειρήσεις (ΜΜΕ). Στο μέρος αυτό προσδιορίζονται τα κύρια στοιχεία, ποσοτικά και ποιοτικά, που διαδραματίζουν σημαντικό ρόλο στην λήψη απόφασης δανειοδότησης σε ένα τραπεζικό οργανισμό. Με χρήση της τεχνικής k-means συσταδοποίησης (k-mean clustering) δημιουργούνται ομάδες πιστούχων με κοινά χαρακτηριστικά, που φανερώνουν τμηματοποίηση του χαρτοφυλακίου με βάση ποιοτικά και ποσοτικά χαρακτηριστικά, ενώ εντάσσονται και σε βαθμίδες πιστωτικού κινδύνου. Στη συνέχεια, με χρήση της τυποποιημένης μεθόδου, προσδιορίζονται οι κεφαλαιακές απαιτήσεις του Π.Ι. έναντι του Πιστωτικού Κινδύνου και προσδιορίζεται η κεφαλαιακή απαίτηση για κάθε δημιουργούμενη ομάδα (cluster). Η λειτουργική προσαρμογή του μοντέλου ενισχύεται με τη διεξαγωγή μελέτης απομείωσης των αξιών των εμπράγματων διασφαλίσεων, με σκοπό τον προσδιορισμό των επαυξημένων απαιτήσεων κεφαλαίου για το Π.Ι. και των ομάδων πιστούχων με την μεγαλύτερη κεφαλαιακή επιβάρυνση

Eurozone stock market reaction to monetary policy interventions and other covariates

The joint effect of the global economic and sovereign debt crisis forced the European Central Bank (ECB) to apply conventional and non-standard expansionary monetary policy interventions in order to stabilize eurozone economies. We conducted a panel regression econometric analysis to study the influence of euro area monetary authority policy interventions, along with two main macroeconomic variables and a sentiment indicator, on market equity returns of eurozone countries for the period January 2007 to December 2017. Our findings suggest that conventional and non-standard monetary policy innovations had a positive lagged impact on equity returns of euro area monetary markets. More specifically, interest rate cuts evenly influenced market indices while non-conventional actions mainly affected core eurozone countries that were less affected by the crisis. We also document a strong negative relationship between inflation rates and market returns. In addition, the sentiment indicator produces positive effects on returns because it contains information that is not incorporated into other macro variables

Eurozone Stock Market Reaction to Monetary Policy Interventions and Other Covariates

The joint effect of the global economic and sovereign debt crisis forced the European Central Bank (ECB) to apply conventional and non-standard expansionary monetary policy interventions in order to stabilize eurozone economies. We conducted a panel regression econometric analysis to study the influence of euro area monetary authority policy interventions, along with two main macroeconomic variables and a sentiment indicator, on market equity returns of eurozone countries for the period January 2007 to December 2017. Our findings suggest that conventional and non-standard monetary policy innovations had a positive lagged impact on equity returns of euro area monetary markets. More specifically, interest rate cuts evenly influenced market indices while non-conventional actions mainly affected core eurozone countries that were less affected by the crisis. We also document a strong negative relationship between inflation rates and market returns. In addition, the sentiment indicator produces positive effects on returns because it contains information that is not incorporated into other macro variables

Greek banking sector stock reaction to ECB's monetary policy interventions

Reacting to extreme uncertainty conditions caused by the global financial crisis, the European Central Bank implemented countercyclical strategy, combining conventional and non-traditional monetary policy tools to stabilize financial markets and euro area economies. We study the impact of the euro area monetary authority policy interventions on equity returns of four systemic Greek banks for the period January 2007 to August 2018. In the first step, we collect and classify interventions to several categories. Then, an event study analysis is carried out to evaluate cumulative abnormal returns. In the second step, a panel regression analysis is performed to identify Cumulative Abnormal Return (CAR) determinants. Our results suggest that expansionary conventional monetary policy interventions significantly affect equity returns of Greek banking institutions, assisting the regional banking equity stability. On the other hand, the harmful consequences of Greek debt crisis limited the effectiveness of non-standard measures

Principle Characteristics in Firms’ Competitiveness Endeavour: Use of Managerial and Strategic Reasoning Technics for Small & Medium Enterprises (SMEs)

The purpose of this paper is to study the characteristics of competitiveness in firms’ sectors of the Greek manufacturing industry, based on firm-level accounting and qualitative data attempting to identify key issues regarding Greek SMEs. An unbalanced data set of 407 Greek manufacturing SMEs is implemented, covering the period of 2003-2011 with the use of a multivariate regression model (EGLS) with explanatory variables characterizing firms’ operational activity. Although considerable empirical work has been done on this subject, research on the topic is limited and non-existent for Greece. An Index is developed in order to measure competitiveness characteristics in the Greek SMEs. The method to determine these characteristics in Greek manufacturing SMEs is novel using factors related to knowledge management, information technology, innovation in comparison with accounting data presenting main competitiveness characteristics especially in the during the crisis period