Corporate Ethics: Philosophical Concepts Guiding Business Practices

In the highly competitive global market, characterized by rapid political, economic, environmental and technological changes, there has been an increased interest in the role of ethics for shaping corporate actions and highlighting the essential tasks and measures to fulfill two generic missions: support enterprises to make distinctive, lasting and substantial improvements in their performance and build a great firm that attracts, develops, excites and retains exceptional people. This paper addresses the issues arising from opposing forces, namely on the one hand the extremely challenging external environment and on the other hand the increasing demand for responsible business behaviour and ethical decision-making focused on the shared and sustained value creation to serve the interests of all stakeholders, society and the environment. Primary objective is to provide coherent and compact definitions for the key values dealing with professionalism, equality and sustainability that should be clearly defined, thus providing the key drivers for creating a working environment that inspires and motivates employees on one hand; and promote each enterprise socioeconomic footprint in the regional and global business ecosystem. When handling the concepts of responsibility, ethical codes, integrity or trust, philosophy provides an invaluable framework and a foundational basis on which to create and maintain sustainable structures and processes for the business of the new era

Air Transport Economic Footprint in Remote Tourist Regions

Air transport development is on the top of the agenda for governments, authorities and stakeholders especially for economies heavily depending on tourism, where air transport provides connectivity to national and international markets. Therefore, air transport is recognised as a key driver towards income generation, social stability, sustainable business development and economy enlargement. This chapter deals with the estimation of footprint of air transport sector to regional development. By reviewing the economic assessment methodologies, the pros and cons are highlighted, and the input-output computational modelling framework is presented. The analysis includes numerical applications and case studies in Mediterranean region, highlighting results that could be compared with other cases or business sectors. Conventional wisdom is to present the economic footprint definition methodology to estimate the wider economic effects and key results from applications in tourist destinations, providing the framework for similar applications and highlighting key messages to decision-makers

Contagion effects of the global financial crisis in us and European real economy sectors

This paper empirically investigates the contagion effects of the Global Financial Crisis (2007-2009) from the financial sector to the real economy by examining nine sectors of US and developed European region. We provide a regional analysis by testing stock market contagion on the aggregate level and the sector level, on the global level and the domestic/regional level. Results show evidence of global contagion in US and developed European aggregate stock market indices and all US sector indices, implying the limited benefits of portfolio diversification. On the other hand, most of the European regional sectors seem to be immune to the adverse effects of the crisis. Finally, all non-financial sectors of both geographical areas seem to be unaffected by their domestic financial systems. These findings have important implications for policy makers, investors and international organizations

Global crises and contagion: Does the capitalization size matter?

© Duncker und Humblot GmbH. All rights reserved. This paper investigates the spread of the Global Financial Crisis (GFC) and the Eurozone Sovereign Debt Crisis (ESDC) to different market capitalization segments across countries and regions. Specifically, it tests for capitalization-specific contagion across both crises and their phases by examining large, medium and small capitalization indices of G-20 equity markets. The analysis across stable and the two crisis periods shows the existence of a stronger large-cap transmission channel for the majority of countries. On the other hand, the contagion dynamics across the phases of the two crises do not provide a clear pattern of a specific cap size-based contagion across all markets. However, there is evidence that the Pacific region and the three cap groups of some individual markets of different regions are less severely affected. Further, all three cap groups of developed markets are mostly affected during the last phase of the ESDC, while emerging and frontier markets show a more diverse pattern of contagion across the phases of both crises. Finally, the Lehman Brothers’ collapse triggers a dramatic increase of the infection rate, while the ESDC seems to be more contagious than the GFC

The Evolution in Transport Operator’s Corporate Structure: Ownership and Governance

Outsourcing is wide used practice from large companies in the supply chain sector, especially, in transport industries, where world-wide the market deregulation is a continuing tendency towards cost control, service quality and emission mitigation. Many specialists and dedicated suppliers are already emerging with offers to take over parts of the transportation chain, while the booming of start-up companies promote a variety of data-driven applications towards operation efficiency, emission mitigation and revenues generation. Working capital and procurement cost could be more variable and transportation services are more on-demand response than ever in the past and by taken the benefits the digitalization era the shape of transportation business is changing fast, where non-transport revenues leverage by use of data are key driver of the transport companies’ business strategy. The balance between insourcing and outsourcing activities are a key challenge for transport sector and this chapter highlights innovation and success factors for the transport industry taking into consideration the digital era wave and best practices, providing recommendations and guidelines to managers, planners and decision makers

Direct and Indirect Effects of COVID-19 Pandemic on Implied Stock Market Volatility: Evidence from Panel Data Analysis

We investigate the effects of a google trend synthetic index concerning corona virus, as a composite indicator of searching term and theme, on the implied volatility of thirteen major stock markets, covering Europe, Asia, USA and Australia regions by using panel data analysis along with several model specifications and robustness tests. Increased search queries for COVID-19 not only have a direct effect on implied volatility, but also have an indirect effect via stock returns highlighting a risk-aversion channel operating over pandemic conditions. We show that these direct and indirect effects are stronger in Europe relative to the rest of the world. Moreover, in a PVAR framework, a positive shock on stock returns may calm down google searching about COVID-19 in Europe. Our findings suggest that google based anxiety about COVID-19 contagion effects leads to elevated risk-aversion in stock markets. Understanding the links between investors’ decision over a pandemic crisis and asset prices variability is critical for understanding the policy measures needed in markets and economies

Direct and Indirect Effects of COVID-19 Pandemic on Implied Stock Market Volatility: Evidence from Panel Data Analysis

We investigate the effects of a google trend synthetic index concerning corona virus, as a composite indicator of searching term and theme, on the implied volatility of thirteen major stock markets, covering Europe, Asia, USA and Australia regions by using panel data analysis along with several model specifications and robustness tests. Increased search queries for COVID-19 not only have a direct effect on implied volatility, but also have an indirect effect via stock returns highlighting a risk-aversion channel operating over pandemic conditions. We show that these direct and indirect effects are stronger in Europe relative to the rest of the world. Moreover, in a PVAR framework, a positive shock on stock returns may calm down google searching about COVID-19 in Europe. Our findings suggest that google based anxiety about COVID-19 contagion effects leads to elevated risk-aversion in stock markets. Understanding the links between investors’ decision over a pandemic crisis and asset prices variability is critical for understanding the policy measures needed in markets and economies

Key Aspects of Occupational Health and Safety towards Efficiency and Performance in Air Traffic Management

This paper/chapter deals with the key drivers for adopting and developing an Occupational Health and Safety System (OHS) with a special focus on air traffic management and traffic controller’s workplace. A such system includes regulation and legal compliance procedures, actions and monitoring for ensuring workplace safety, incentives and motivation for the air traffic controller and associate personnel health and wellbeing. By a systemic approach, the key characteristics of OHS towards air traffic management are presented, highlighting the key aspects for implementing a quality management system in air traffic control, which is the cornerstone of airport operation efficiency and productivity on one hand; and the nature of job and the intensive working environment is well recognised. Based on air traffic providers functional analysis the key occupational aspects for air traffic control are taken into consideration, providing the benefits for implementing quality management systems (QMS) and OHS is real business. Conventional wisdom is to highlight the importance for establishing and incorporating a modern custom-made OHS system in accordance with the requirements addressed by OHSAS 18001 to develop and implement a QMS for air traffic services. Contribution of this paper is to highlight the key priorities for managers and decision makers in field of air traffic services providers, depicting ways and recommendation for adopting an efficient path for implementing OHS in a QMS environment

Opportunities for international portfolio diversification in the balkans’ markets

This paper examines long and short-run relationships among three emerging Balkan stock markets (Romania, Bulgaria and Croatia), two developed European stock markets (Germany and Greece) and United States (U.S.), during the period 2000 - 2005. We apply Johansen's (1988) cointegration methodology to test the long-run relationships between these markets and Granger's (1969) causality methodology in order to capture short-run cointegration. Our findings are mixed. We provide evidence on long-run relationships between the Bulgarian and Croatian stock markets and the developed markets. On the other hand, there is no any cointegration among the developed markets and the Romanian market. Moreover, there is no cointegrating relationship among the three regional emerging markets, while short-run relationships exist only among the region. These results have crucial implications for investors regarding the benefits of international portfolio diversification