A theoretical framework contrasting the resource-based perspective and the knowledge-based view

The purpose of this paper is to explore the relationship between the two most important perspectives of the firm, the RBV and the KBV, by examining the relative impact of firmspecific assets and knowledge capabilities on the firm’s competitive advantage. A composite model is proposed which elaborates upon both perspectives causal logic with respect to the conditions relevant for the firm success.peer-reviewe

The mediating effect of the knowledge management process to the firm’s performance : a resource-based view

The purpose of this paper is to explore the relationship between the two most important perspectives of the firm, the RBV and the KBV, by examining the relative impact of firmspecific assets and knowledge capabilities on the firm’s competitive advantage. A composite model is proposed which elaborates upon both perspectives causal logic with respect to the conditions relevant for the firm success. Empirical findings suggest that firm-specific assets and knowledge capabilities effects are both important determinants of the firms’ performance. Moreover, the findings suggest that knowledge capabilities behave like dynamic capabilities leading to the continuous improvement-renewal of the firm-specific resources and capabilities which, in turn, affect performance directly or indirectly through their effect on strategy configuration.peer-reviewe

Knowledge management enabler factors and firm performance : an empirical research of the Greek medium and large firms

Knowledge has become one of the most important driving forces for business success. Knowledge management helps organizations to find, select, organise, distribute, and transfer vital information. Through a successful knowledge management (KM) organizations improve their effectiveness and gain competitive advantage. The development of KM has led to the need of identifying its critical success factors. This study identifies and discusses the critical success factors or enablers that determine the KM effectiveness within organizations, which in turn influence the total performance of the firm. Based on existing frameworks and models, this study outlines the five most important factors that are believed to be critical for an effective KM implementation. This paper also investigates the effect of knowledge management effectiveness on firm performance. The proposed research model is tested via an online survey sent to 280 medium and large sized enterprises, randomly selected, all over Greece; from those only 109 answered the questionnaire correctly. The results of the study will help organizations to understand the impact that different enablers have on the KM successful implementation and how the effectiveness of KM affect firm performance.peer-reviewe

Strategic management process and the importance of structured formality, financial and non-financial information

The strategic management literature points out that there is a high multiplicity in the form and structure of the strategic management processes within organizations. By contrast, writers on management accounting tend to focus on the structure and formality of strategic activities and call for a balance of financial and non-financial information to support the two strategic processes of strategy development and strategy implementation. The purpose of this paper is to examine whether such assumptions hold in practice. The empirical part of the study draws on questionnaire responses by Greek firms. The results indicate that: 1) Greek firms are equally structured and formal for both strategic decision making processes of strategy development and implementation, 2) there is no significant difference in the use of financial and non-financial information for strategy development and 3) there is significant difference in the evaluation of financial information and non-financial information for strategy implementation.peer-reviewe

Management accounting systems, top management team’s risk characteristics and their effect on strategic change

Globalization intensifies world competition which leads to continuous market and industry changes that force the majority of organizations to reconsider their strategic position and engage in strategic changes, mostly, through continuous innovation and new product development with smaller life cycles. These strategic actions have developed an environment with increased complexity, uncertainty and risk. On the other hand, organizations differ in their ability to realize strategic changes, depending on many factors that affect their strategic management process. The aim of this paper is to examine the effect of TMTs risk characteristics (risk propensity, risk perception and risk taking), on the extent of strategic change both, directly and indirectly, through the design and use of the management accounting system (MAS). The proposed research model is tested via a survey on 133 top management teams, from large size enterprises with more than 250 employees throughout Greece. Our finding suggest that (a) risk taking characteristic is determined by the other two risk characteristics of risk perception and risk propensity, and (b) there is a direct and a significant indirect relationship between TMTs’ risk taking decisions and their strategic changes, affected by the intervening mediating role of the broad-scope and interactive use of MAS. The results of the study will help organisations to understand the significance of MAS use and the intervening effect on the relationship between TMTs risk characteristics and their strategic decision making process when considering new strategic changes.peer-reviewe

The effect of mergers and acquisitions on the performance of companies – the Greek case of Ioniki-Laiki Bank and Pisteos Bank

This study investigates the merger effects of two banks. The merger took place in mid 1999s and the effect was the Alpha Bank. The research is performed in two parts. The first part investigates the merger in the short-term, while the second part investigates the long-term effects of the merger exploring the relative position of the Alpha bank within the industry. Results show a beta-risk value for the Alpha bank which is a reconciliation of the beta-risks coefficients of the two banks, and moreover, reveal that Alpha bank is not only profitable but also competitive within the industry.peer-reviewe

Herding by mutual fund managers in the Athens stock exchange

Behavioural finance is a paradigm receiving great attention in the last decades and shaking the foundations of modern finance. A broadly discussed behavioural bias is herding, i.e. the tendency of investors to imitate each others’ decisions. Herding is a phenomenon with far-reaching implications for financial markets, but its importance becomes even larger if it is exhibited by institutional investors. The present study attempts to investigate whether mutual fund managers in Greece herd when investing in the Athens Stock Exchange in the period 2001 – 2006. For this purpose, semi-annual portfolio holdings of 31 mutual funds are analysed using the methodology proposed by Lakonishok et al. (1992). The study concludes that mutual fund managers undoubtedly herd, with the extent of herding being irrelevant to the price movements observed in the market. Managers herd primarily when they trade in large capitalisation stocks or stocks that belong to the most “famous” indices.peer-reviewe

The Cost-Effectiveness of Bimodal Stimulation Compared to Unilateral and Bilateral Cochlear Implant Use in Adults with Bilateral Severe to Profound Deafness

Objectives: An increasing number of severe-profoundly deaf adult unilateral cochlear implant (CI) users receive bimodal stimulation; that is, they use a conventional acoustic hearing aid (HA) in their non-implanted ear. The combination of electric and contralateral acoustic hearing provides additional benefits to hearing and also to general health-related quality of life compared to unilateral CI use. Bilateral CI is a treatment alternative to both unilateral CI and bimodal stimulation in some healthcare systems. The objective of this study was to conduct an economic evaluation of bimodal stimulation compared to other management options for adults with bilateral severe to profound deafness.Design: The economic evaluation took the form of a cost-utility analysis and compared bimodal stimulation (CI+HA) to two treatment alternatives: unilateral and bilateral CI. The analysis used a public healthcare system perspective based on data from the United Kingdom (UK) and the United States (US). Costs and health benefits were identified for both alternatives and estimated across a patient’s lifetime using Markov state transition models. Utilities were based on Health Utilities Index (HUI3) estimates and health outcomes were expressed in Quality Adjusted Life Years (QALYs). The results were presented using the Incremental Cost-Effectiveness Ratio (ICER) and the Net Monetary Benefit approach to determine the cost-effectiveness of bimodal stimulation. Probabilistic sensitivity analyses explored the degree of overall uncertainty using Monte Carlo simulation. Deterministic sensitivity analyses and Analysis of Covariance identified parameters to which the model was most sensitive; i.e. whose values had a strong influence on the intervention that was determined to be most cost-effective. A Value Of Information analysis was performed to determine the potential value to be gained from additional research on bimodal stimulation.Results: The base case model showed that bimodal stimulation was the most cost-effective treatment option with a decision certainty of 72% and 67% in the UK and US, respectively. Despite producing more QALYs than either unilateral CI or bimodal stimulation, bilateral CI was found not to be cost-effective because it was associated with excessive costs. Compared to unilateral CI, the increased costs of bimodal stimulation were outweighed by the gain in quality of life. Bimodal stimulation was found to cost an extra £174 per person in the UK ($937 in the US) and yielded an additional 0.114 QALYs compared to unilateral CI, resulting in an ICER of £1,521 per QALY gained in the UK ($8,192/QALY in the US). The most influential variable was the utility gained from the simultaneous use of both devices (CI+HA) compared to Unilateral CI. The value of further research was £4,383,922 at £20,000/QALY ($86,955,460 at$50,000/QALY in the US).Conclusions: This study provides evidence of the most cost-effective treatment alternative for adults with bilateral severe to profound deafness from publicly-funded healthcare perspectives of the UK and US. Bimodal stimulation was found to be more cost-effective than unilateral and bilateral CI across a wide range of willingness-to-pay thresholds. If there is scope for future research, conducting interventional designs to obtain utilities for bimodal stimulation compared to unilateral CI would reduce decision uncertainty considerably

Testing the Relation between Beta and Returns in the Athens Stock Exchange,

Abstract The main objective of the current study is the examination of the relationship between beta and returns in the Athens Stock Exchange, taking into account the difference between positive and negative market excess returns' yields. We investigate the period between 1991 and 2002 focusing on the risk-return trade-off by examining separately the up-market and down-market months. We try to verify whether beta is an important measure of risk and if there is an inverse relationship between beta and returns when the return on the market is negative. We also investigate if there is any symmetry between up and down market returns in the ASE. The estimation of return and beta without differentiating positive and negative market excess returns produces a flat unconditional relationship between return and beta. Using the conditional CAPM and cross-sectional regression analysis, the evidence in this paper tends to support the significant positive relationship in up market and a significant negative relationship in down market. This is a second attempt in testing the relationship between beta and returns in the ASE, using single stocks instead of forming portfolios (first attempt). Although the new results are similar to those of the previous study they are definitely sounder, improved, and statistically significant. Finally, we get better results, also, when we use portfolios and the MLE method for the estimation of beta coefficients of each stock. (JEL G12)