An empirical investigation of the financial disclosure practices of Cypriot and Greek companies.

The main objectives of this study are to: (1) investigate empirically the extensiveness of the Cypriot and Greek corporate mandatory disclosure practices; (2) examine the relationship between each of a number of specific corporate characteristics and the Cypriot and Greek corporate mandatory disclosure practices; (3) assess whether the variations in the extensiveness of Cypriot and Greek corporate mandatory disclosure practices can be explained by the selected corporate characteristics together; and (4), compare the results found for Cyprus with those found for Greece. The corporate characteristics examined, which are used as proxies of agency, political and other costs, are: company size, age, profitability, liquidity, industry type, listing status and auditor type. The study begins with the provision of background information about the Cypriot and Greek accounting environments which reveals that companies in the two countries operate within substantially different accounting environments. The study continues with a synthesis of the conceptual framework for corporate financial disclosure that identifies the variables that are likely to affect the research problem. A review of the corporate disclosure literature identifies a gap in the literature, which the study aspires to fill, and establishes the background for choosing the appropriate methodology to be used in the study. To investigate the extensiveness of the Cypriot and Greek corporate mandatory disclosure practices, the 1996 corporate annual financial statements (CAFSs) of 50 Cypriot and 74 Greek companies were collected. Extensiveness was defined as the quantity and quality of mandatory information disclosed in CAFSs and was measured by applying a country—specific disclosure measuring instrument against the CAFSs of the sample companies from each country. The relationship between the extent of corporate disclosure and the selected corporate characteristics was examined by using both bivariate and multivariate statistical analyses for each of the two countries. The results of the empirical analyses have led to four main conclusions. First, the Cypriot and Greek corporate mandatory disclosure practices, on the whole, appear to be extensive. Second, Cypriot public companies which are more profitable, are classified as conglomerates or whose shares are listed on the Cyprus Stock Exchange (CSE), tend to disclose significantly more extensive mandatory information in their 1996 CAFSs. Third, Greek listed companies which are smaller, are classified as conglomerates or manufacturing, or whose shares are listed on the main market of the Athens Stock Exchange (ASE), tend to disclose significantly more extensive mandatory information in their 1996 CAFSs. Finally, on the basis of the comparative analyses undertaken, it can be concluded that although the influence of listing status and industry type on Cypriot and Greek mandatory disclosure practices is similar, the influence of company size is different. In contrast to Cyprus and most evidence reported in previous studies, company size has a negative influence on the extent of Greek corporate mandatory disclosure practices. This difference can be explained by theoretical, environmental, empirical and other considerations. For example, it can be attributed to the distinctive nature of the highly politicised Greek accounting environment and can be explained by political cost theory. Another possible explanation may be that Greek large companies disclose fewer details in their CAFSs but: (1) use other communication media to disclose mandatory information; or (2), use mandatory and voluntary disclosures as substitutes and replace the disclosure of less extensive mandatory information with more extensive voluntary disclosure. There are several possible policy implications that arise out of the above conclusions. The first implication is that improvements in Cypriot and Greek corporate mandatory disclosure can be made. Another policy implication is that corporate stakeholders who rely on CAFSs to get useful information should be wary of Cypriot companies which are less profitable, are classified as non—conglomerates or are not listed on the CSE; and Greek companies which are larger, are classified as others or are listed on the parallel market of the ASE. This is because these companies have been found to disclose less extensive mandatory information. The third policy implication arising out of the conclusions of the study is that it is possible that different predictions about the disclosure of corporate information may be derived from the political cost theory, depending on the environment within which the theory is examined. This is because although it is usually claimed that politically sensitive companies may disclose more extensively in order to reduce their political costs, the opposite may be true in the case of countries with specific environmental characteristics (similar to those existing in Greece in 1996): politically sensitive companies may disclose less extensively

E-consulting of Small and Medium Agribusiness Enterprises: The case of eEurope Godigital application into the Peloponnese Region

This study describes the design and development of a web-based electronic training system aiming at business operations of small and medium-sized agribusiness enterprises (SMAEs). The proposed system will meet current and future needs of SMAEs for timely, accurate, and customised training removing the barriers of geographical solitude and economies of scale. The objectives of this system are: (a) to offer training and consultancy to SMAEs on how to use information and communication technologies as business tools in order to improve their operations and gain competitive advantage (b) to provide education material customised to the special needs of each SMAE, (c) to provide on-line training, advice and consultancy using special-trained operators, and (d) to provide on-line training, advice and consultancy by skilled operators who have been trained to offer those services. ETS will be an Internet-based system. The system will operate as a third-party trusted intermediate between SMAEs, consultants, and content providers. The system design will be extended to cover the needs of the programme "Training support for Go-Digital Project" funded by Greek Ministry of Development which aims to offer training and support in the usage of Internet services to 50.000 SMEs

The fermion-boson map for large d

We show that the three-dimensional map between fermions and bosons at finite temperature generalises for all odd dimensions $d>3$. We further argue that such a map has a nontrivial large $d$ limit. Evidence comes from studying the gap equations, the free energies and the partition functions of the $U(N)$ Gross-Neveu and CP$^{N-1}$ models for odd $d\geq 3$ in the presence of imaginary chemical potential. We find that the gap equations and the free energies can be written in terms of the Bloch-Wigner-Ramakrishnan $D_d(z)$ functions analysed by Zagier. Since $D_2(z)$ gives the volume of ideal tetrahedra in 3$d$ hyperbolic space our three-dimensional results are related to resent studies of complex Chern-Simons theories, while for $d>3$ they yield corresponding higher dimensional generalizations. As a spinoff, we observe that particular complex saddles of the partition functions correspond to the zeros and the extrema of the Clausen functions $Cl_d(\theta)$ with odd and even index $d$ respectively. These saddles lie on the unit circle at positions remarkably well approximated by a sequence of rational multiples of $\pi$.Comment: 34 pages, 1 figur

Finite-Size Effects and Operator Product Expansions in a CFT for d>2

The large momentum expansion for the inverse propagator of the auxiliary field $\lambda(x)$ in the conformally invariant O(N) vector model is calculated to leading order in 1/N, in a strip-like geometry with one finite dimension of length $L$ for $2<d<4$. Its leading terms are identified as contributions from $\lambda(x)$ itself and the energy momentum tensor, in agreement with a previous calculation based on conformal operator product expansions. It is found that a non-trivial cancellation takes place by virtue of the gap equation. The leading coefficient of the energy momentum tensor contribution is shown to be related to the free energy density.Comment: 10 pages LaTeX 2 eps figures, minor changes in text. Revised version to be published in Phys.Lett. B. email: [email protected] [email protected]

Profile measurements of plasma columns using microwave resonant cavities

Microwave resonant cavity measurements of radial electron density profile of positive column of gas discharg

Hemodynamics of Stent Implantation Procedures in Coronary Bifurcations: an in vitro study

Stent implantation in coronary bifurcations presents unique challenges and currently there is no universally accepted stent deployment approach. Despite clinical and computational studies, to date, the effect of each stent implantation method on the coronary artery hemodynamics is not well understood. In this study the hemodynamics of stented coronary bifurcations under pulsatile flow conditions were investigated experimentally. Three implantation methods, provisional side branch (PSB), culotte (CUL), and crush (CRU), were investigated using time-resolved particle image velocimetry (PIV) to measure the velocity fields. Subsequently, hemodynamic parameters including wall shear stress (WSS), oscillatory shear index (OSI), and relative residence time (RRT) were calculated and the pressure field through the vessel was non-invasively quantified. The effects of each stented case were evaluated and compared against an un-stented case. CRU provided the lowest compliance mismatch, but demonstrated detrimental stent interactions. PSB, the clinically preferred method, and CUL maintained many normal flow conditions. However, PSB provided about a 300% increase in both OSI and RRT. CUL yielded a 10% and 85% increase in OSI and RRT, respectively. The results of this study support the concept that different bifurcation stenting techniques result in hemodynamic environments that deviate from that of un-stented bifurcations, to varying degrees.Comment: 33 pages, 8 figures, 3 table

Coopetition in Fresh Food Supply Chains: The Integration Of Supply Chains and Logistical Functions amongst Competitors

This study aimed to investigate whether coopetition as a strategy could be successfully implemented within the logistical function of the Irish fresh fruit and vegetable industry as a method to improve transport costs and efficiency, as well as demand forecasting techniques, storage costs and the potential for new local and international business opportunities. Effective management of fresh food supply chains is particularly challenging due to the highly perishable nature of the product involved in the process. (Dabbene, 2008). This has an underlying effect on the final cost and quality of the product being delivered to the customer, and therefore it is imperative that the supply chain is not only efficient but accurate in terms of forecasting of orders, delivery schedules etc. The problems associated with the inaccuracy in the forecasting of orders is demonstrated by the Forrester effect or bullwhip effect whereby demand variance caused by a minor disturbance at one end of the supply chain is amplified significantly throughout the echelons of a supply chain, resulting in considerable excess produce at the consumer end. Considerable waste is frequently reported throughout these fresh food supply chains due to product deterioration. Coopetition is a strategy in which competitors cooperate with each other in order to expand their markets and increase the business pie, and compete with each other for a share of the business. Coopetition within the fresh food supply chain could be a possible solution to the problems associated with transport efficiency, and could lead to further improvements within the fresh food industry. “The term coopetition defines the modern corporate strategy that combines competition and cooperation.” (Bigliardi, 2011). The study also aimed to identify the critical success factors required for implementation of coopetition. The main research questions to be addressed by the study are as follows: • How the co-opetition theory can be applied successfully to the logistical function within a fresh food supply chain? • What factors are involved in ensuring all parties see considerable benefits from this partnership? • The impact coopetition can have on an organization in terms of forecasting, transport costs, storage, increased business opportunities? • How coopetition can be used as a strategy to improve efficiency within a short life cycle supply chain? Methodology The coopetition strategy is discussed more in depth in the Literature Review section. A conceptual framework of key variables is developed to guide the empirical part of this study. The analysis was conducted in the form of a research based case study, in which information was collected through the use of qualitative questionnaires and interviews with managing directors and logistics managers of various companies in the fresh food sector. The company involved in the case study was a typical Irish SME operating within the fresh fruit and vegetable industry, and attempts were made to identify suitable candidates to partner with the company in terms of transport sharing. Findings The results from the study highlighted the general consensus that whilst food producers and growers within Ireland do not currently utilize coopetition as a strategy within their supply chains, 60% of respondents agreed that coopetition within the logistical function of a fresh food supply chain could be applied successfully, and is a strategy they would consider implementing within their own organization. A further 20% of respondents agreed that while coopetition in terms of transport may not necessarily be ideal for their organisation, coopetition within other areas of the organisation would be of huge benefit. Organisations were receptive to the concept of coopetition, and although they rated the current efficiency of their transport system as effective, recognised that there was room for improvement within the processes governing the transport system. All respondents indicated high levels of competition within the fresh food industry, and this in addition to potential for both local and international business opportunities could be the possible driving forces behind the responsiveness to a coopetition strategy. This in conjunction with organizations positive response to coopetition implies that the strategy could be implemented successfully within this supply chain field. The findings from the study highlighted the general consensus that local produce suppliers within the Irish fresh fruit and vegetable industry were receptive to the idea of implementing coopetition within their transport departments, to improve the current efficiency of their supply chain and allow for the possibility of new business opportunities. The study showed that managers were committed to new initiatives and most organizations had the critical factors in place for successful coopetition. However, the findings raised the point that a retailer governed supply chain may have an effect on the successful implementation of coopetition within this industry.\ Contribution The results indicate a positive response to the strategy and therefore the commitment and enthusiasm to drive the strategy as clearly evident within the Irish industry. The research collected provides solid background knowledge for future researchers to further collaborate on, and with the cooperation of the Irish Food Board, it is predicted that this strategy could be used successfully within the local fresh fruit and vegetable industry to improve transport efficiency