Advances in Quantitative Economic Research: 2021 International Conference on Applied Economics (ICOAE), Heraklion Crete, Greece (Springer Proceedings in Business and Economics)

https://link.springer.com/book/10.1007/978-3-030-98179-2 This volume presents advanced quantitative methods and applications in economics with special interest in macroeconomics, microeconomics, financial economics, international economics, agricultural economics, and marketing and management. Featuring selected contributions from the 2021 International Conference of Applied Economics (ICOAE 2021) held in Heraklion Crete, Greece, this book provides country specific studies with potential applications in economic policy. Preface The Acceptance Rate for ICOAE 2021 Was 71% Contents 1 Cooperators Are Faster but Not More Accurate in Social Exchange Decisions Compared to Defectors 1.1 Introduction 1.2 Material and Methods 1.2.1 Participants 1.2.2 Material 1.2.3 Procedure 1.3 Results 1.4 Discussion 1.5 Conclusion References 2 Interest Rate Changes and Investors' Activity: Evidence from Poland During the Pandemic Period 2.1 Introduction 2.2 Changes in Interest Rates During the Pandemic Period in Poland 2.3 The Event Window Approach 2.4 Data Description and Empirical Results on the WSE 2.4.1 Data Description 2.4.2 Empirical Results on the WSE Based on the Event Window Approach 2.4.3 Robustness Analyses 2.5 Concluding Discussion References 3 Volatility Modelling of Volatility Indices: The Case of Emerging Markets 3.1 Introduction 3.2 Literature Review 3.2.1 Stylised Facts of Volatility 3.2.2 GARCH Modelling of Volatility Index Returns 3.3 Methodology 3.3.1 Stylised Facts of Volatility 3.3.2 GARCH Modelling of Volatility Index Returns 3.4 Empirical Results 3.4.1 Data Specification 3.5 Stylised Facts of Volatility 3.6 GARCH Modelling of Volatility Index Returns 3.7 Conclusion References 4 Quantitative Analysis of Corruption Political Factors 4.1 Introduction 4.2 Theoretical Framework 4.3 Methodology 4.4 Results and Discussion 4.5 Conclusion References 5 Impact of COVID-19 Pandemic on Financial Health of SMEs 5.1 Introduction 5.2 Literature Review 5.3 Research Methodology 5.3.1 Data Sample 5.3.2 Statistical Methods 5.4 Results of Analysis 5.5 Conclusions References 6 Preference Reversal and Impulsivity in Discounting of Monetary Losses 6.1 Introduction 6.2 Method 6.2.1 Survey 6.2.2 Models of Discounting 6.2.3 Data Analysis 6.3 Results 6.4 Discussion References 7 Loss Sharing and Social Distance: An Experimental Study 7.1 Introduction 7.2 Materials and Methods 7.3 Results 7.3.1 Ultimatum Game 7.3.2 Reversed Ultimatum Game 7.4 Discussion Appendix. Experimental Procedure (Translated) References 8 Impatience and Altruism Over Hypothetical Monetary Losses 8.1 Introduction 8.2 Materials and Methods 8.2.1 Sample 8.2.2 Procedure 8.2.3 Methods 8.2.4 Methods—Time Discounting and Patience 8.2.5 Methods—Social Discounting and Altruism 8.3 Results 8.4 Discussion References 9 Comparative Study of Static and Dynamic ARIMA Models in Forecasting of Seasonally Headline Inflation 9.1 Introduction 9.2 Literature Review 9.2.1 Literature Theoretical Survey 9.2.2 Empirical Studies of the Inflation Dynamics 9.3 Theoretical Background 9.3.1 ARIMA Models and the Box–Jenkins Methodology 9.3.2 The Box–Jenkins Methodology 9.4 Data 9.5 Empirical Results 9.5.1 Testing for Stationarity 9.5.2 Identification of the Model 9.5.3 Estimation and Diagnostic Tests of the Models 9.6 Forecasting 9.7 Summary and Conclusion References 10 The Destabilizing Effects of Political Budget Cycles: The Case of Greece 10.1 Introduction 10.2 Data, Methodology, and Results 10.2.1 Econometric Regressions 10.2.2 Analysis of Means for DTYGR1 10.2.3 Discussion of Results 10.3 Conclusions Appendix (Figs. 10.2, 10.3, 10.4 and 10.5) References 11 Beautification for Tourism! Economics and Marketing of the Italian Cultural Foundation During and After Pandemic Times 11.1 When Beauty Is Facing the Pandemic Beast, Will One Rose Be Enough? 11.2 Relationship Marketing of Italian Cultural Foundations Before and During Pandemic 11.3 Performances of FAI Open Heritages, from Maintenance to Beautification 11.4 Conclusion References 12 For Heritage Memory and Survival, Though Pandemic Times! Philanthropy of Leading Trust and Foundation in Italy and UK 12.1 Recovery of Memories, Resilience of Heritages: The Philanthropy of NT and FAI in Turbulent Times 12.2 Philanthropy Between Innovating Strategies and Best Practices 12.3 Performances of FAI and NT: Parallel Success and Merit Growth 12.4 Conclusion References 13 Sectoral and Occupational Employment Analysis in Greece: Evidence From Labor Market 13.1 Introduction 13.2 *-10pt 13.3 Data Analysis and Model Specification 13.4 Model Specification and Forecasting Procedure 13.4.1 Model Specification 13.4.2 Out of Sample Forecasting 13.5 Conclusion References 14 Cognitive/Emotional Errors and Financial Education 14.1 Introduction 14.2 Heuristics and Cognitive and Emotional Errors 14.3 Biases and Errors 14.3.1 Representativeness 14.3.2 Herd Behavior 14.3.3 Overconfidence 14.3.4 Loss Aversion 14.3.5 Framing 14.4 Criticism of Behavioral Finance 14.5 The Research 14.6 Research Results 14.6.1 Representativeness and Conjunction Fallacy 14.6.2 Herding 14.6.3 Overconfidence and the Above-average Effect 14.6.4 Loss Aversion 14.6.5 Framing 14.7 Conclusion References Books Papers 15 Application of the Experiential Value Scale in Online Booking Conditions: Are There Consumer Demographic Characteristic Differences? 15.1 Introduction 15.2 Literature Review 15.3 Materials and Methods 15.4 Results 15.4.1 Sample Profile 15.4.2 Online Booking Platforms 15.4.3 Components of Experiential Values – Hypothesis Testing 15.4.3.1 Hypothesis No.1 15.4.3.2 Hypothesis No.2 15.5 Discussion – Conclusions 15.5.1 Limitations and Directions for Future Research References 16 Firm Conduct in a Duopolistic Industry with Product Innovation 16.1 Introduction 16.2 The Model 16.2.1 Market Setup 16.2.2 Industry-Wide Competition 16.2.3 R&D Cooperation (Coopetition) 16.2.4 Industry-Wide Cooperation 16.3 The Results and Discussion 16.4 Conclusions References 17 Gender Equality Issues in Labor Markets: Lessons for COVID-19 Era 17.1 Introduction 17.2 Data Information 17.3 Specification and Methodology—Probit Analysis 17.4 Results 17.5 Conclusions and Policy Recommendations References 18 Interrelation Between Reinsurance and Financial Performance in Slovak Insurance Companies 18.1 Introduction 18.1.1 Reinsurance in Insurance Companies in the Slovak Republic 18.2 Literature Review 18.3 Methodology 18.4 Empirical Results and Discussion 18.4.1 Descriptive Statistics of Variables 18.4.2 Regression Analysis 18.5 Conclusion References 19 Trends in the Use of Social Media in Cultural Centres in Developing Audiences 19.1 Introduction 19.2 Theoretical Background 19.3 Goal and Methodology 19.4 Case Study 19.5 Discussion and Conclusions References 20 Investigation of the Redesigning Process of the Development Identity of a Local Government Regional Unit (City): A Case Study of Kozani Regional Unit in Greece 20.1 Introduction 20.1.1 Background to the Study 20.1.2 Problem Statement 20.1.3 Objectives of the Study 20.1.4 Research Questions 20.1.5 Significance 20.2 Literature Review 20.2.1 Framework for City Redevelopment to Improve the City's Development Identity 20.2.1.1 Phase 1: Gaining a Better Understanding of the Community 20.2.1.2 Phase 2: Celebrating Character of the Community 20.2.1.3 Phase 3: Regarding Principles City Redesign 20.2.2 City Redesign and Development Identity 20.2.2.1 Cultural Identity Revitalization 20.2.3 Place Marketing as a Tool of Regional Development 20.3 Methodology 20.3.1 Research Design 20.3.2 Sample Size 20.3.3 Data Collection 20.3.4 Data Analysis 20.4 Results 20.4.1 Demographic Characteristics 20.4.2 Descriptive Analysis 20.5 Discussion 20.6 Conclusion 20.7 Recommendations References 21 Role of Management in Optimising the Quality of Education in Educational Organisations 21.1 Introduction 21.1.1 Background to the Study 21.1.2 Problem Statement 21.1.3 Objectives of the Study 21.1.4 Research Questions 21.1.5 Hypothesis 21.1.6 Significance of the Study 21.2 Literature Review 21.2.1 Management and Quality of Education 21.3 Educational Management Factors That Influence Education Quality 21.3.1 Educational Planning 21.4 Effective Management Communication 21.4.1 Rewards and Management Support for Teachers 21.5 Teaching and Learning Processes 21.6 Methodology 21.6.1 Research Design 21.6.2 Sample Size 21.6.3 Data Collection 21.6.4 Data Analysis 21.6.5 Ethical Considerations 21.7 Results 21.7.1 Demographic Characteristics (Table 21.1) 21.7.2 Descriptive Statistics 21.7.3 Hypothesis Testing (Table 21.5) 21.8 Discussion 21.9 Conclusion 21.10 Recommendations References 22 Simple and Transparent: A Positive Correlation for Virtuous Public Administrations 22.1 Introduction 22.2 The Transparency of Public Procurement in the Italian Context 22.3 Dataset Description 22.4 Results and Conclusions 22.5 Limitations and Future Research References 23 Circular Economy and the Clothing Industry 23.1 Circular Economy 23.2 The Transition from Linear to Circular Economy 23.3 Clothes Life Span and Its Impact on the Environment 23.4 The Five Rs for clothing 23.5 Best Practices in Recycling Business 23.6 The Empirical Survey 23.7 Summary and Conclusions References 24 Working Capital Management in Relation to the Size and Profitability of Companies in the Czech Republic 24.1 Introduction 24.2 Literature Review 24.3 Data and Methodology 24.4 Results and Discussion 24.4.1 Manufacturing Industry: Comparison Method 24.4.2 Manufacturing Industry: GMM Method 24.4.3 Wholesale and Retail Trade Sector: Comparison Method 24.4.4 Wholesale and Retail Trade Sector: GMM Method 24.5 Conclusion References 25 Bankruptcy and Business Consolidation in Greece: An Exploratory Approach 25.1 Introduction 25.2 Pre-bankruptcy Consolidation Process 25.3 Case Study: The “Marinopoulos” Company 25.4 Conclusions and Some Proposals for Future Improvements of the Law References 26 The European Case: Are There Externalities from the National Toward the Regional R&D Systems That Enhance Their Efficiency? 26.1 Introduction 26.2 Theoretical Framework 26.3 Model Specification 26.3.1 Calculating the Technological Capacity Index 26.3.2 Calculation of the Regional Clusters According to Their Technological Capabilities 26.3.3 Measuring Regional R&D System's Efficiency: Data 26.3.4 Relationship Between the Technological Capacity Index and the Efficiency Index for European Regional R&D Systems 26.3.5 Econometric Results and Analysis: Second-Stage DEA 26.4 Conclusions: Relevance of Externalities from an Evolutionary Perspective Appendix References 27 Tracking Price Trends Using User–Product Interaction Data From a Price Comparison Service 27.1 Introduction 27.2 Method 27.2.1 Price Index Design Goals 27.2.2 Data Collection and Filtering 27.2.3 Price Index Mathematical Formulation 27.2.4 Weighting Products by Demand and Supply 27.2.4.1 Exploring Functional Forms for Product Weights 27.2.4.2 Time-Averaging User–Product Interaction Data Reduces Inflationary Bias 27.3 Results 27.3.1 Price Trends During Shopping Holidays 27.3.2 Categories with Seasonal Patterns and Long-Term Trends 27.3.3 Price Trends During the Corona Pandemic 27.3.4 Comparison to Statistics Sweden CPI 27.4 Concluding Remarks References 28 Differences in Generational Cohort Satisfaction from a Public Hospital Medical Personnel: Insights from Generation Cohorts X, Y, and Z 28.1 Introduction 28.2 Literature Review 28.3 Materials and Methods 28.4 Results 28.4.1 Sample Profile 28.4.2 Patient Satisfaction Ratings 28.4.3 Generational Differences 28.4.3.1 ANOVA Tests 28.4.4 Multiple Comparison of Means 28.5 Discussion and Implications 28.6 Conclusions and Limitations References 29 An Engineering Financial Analysis of a Research Sea Platform 29.1 Introduction 29.2 The Power System of the Sea-Based Laboratory 29.2.1 Financial Evaluation Model 29.2.2 Financial Assumptions 29.3 Results 29.4 Conclusions References 30 Identification of Environmental and Economic Indicators: A Case Study of EU Countries with the Use of the DEA Method 30.1 Introduction 30.2 Literature Review 30.3 Methodology 30.3.1 Data Envelopment Analysis 30.4 Data and Empirical Results 30.4.1 Data 30.4.2 Results 30.5 Conclusions References 31 Application of Methods of Comprehensive Evaluation of a Company in the Conditions of the Visegrad Group's Countries 31.1 Introduction 31.2 Literature Review 31.3 Data and Methodology 31.3.1 Correlation Analysis 31.4 Results 31.4.1 Czechia 31.4.2 Hungary 31.4.3 Poland 31.4.4 Slovakia 31.5 Discussion 31.6 Conclusion References 32 Determinants of Customer Loyalty Toward Internet Service Providers in Albania 32.1 Introduction 32.2 Literature Review 32.3 Research Methodology 32.4 Results and Discussion 32.4.1 Descriptive Analysis 32.4.2 Logistic Regression Analysis 32.5 Conclusions A.1 Annex References 33 Strategic Agility and Economic Environment's Friendliness-Hostility in Explaining Performance of Polish SMEs in the Phase of COVID-19 Pandemic 33.1 Introduction 33.2 Research Method and Hypotheses 33.3 Research Results 33.3.1 Independent Variables: Strategic Agility and Environment Friendliness–Hostility 33.3.2 Dependent Variables: Indicators of Firms' Performance 33.3.3 Influence of COVID-19 Pandemic-Related Restrictions on Firms' Market Performance 33.3.4 Verification of Hypotheses Related to the Relationship Between Strategic Agility and Performance 33.4 Conclusions 33.5 Limitations and Further Research A.1 Statistical Annex References 34 Brand Evangelism as an Emerging Marketing Approach Among Fashion Businesses 34.1 Introduction 34.2 Literature Review 34.2.1 The Concept of Brand Evangelism and Relevant Theories 34.2.2 Social Media Marketing and Brand Evangelism 34.3 Methods and Data 34.3.1 Research Questions 34.3.2 Data Collection and Preliminary Data Analysis 34.4 Econometric Model Results 34.5 Discussion and Conclusion References 35 Income Inequality and Shadow Economy in the EU. A Panel Cointegration and Causality Analysis 35.1 Introduction 35.2 Literature Review 35.3 Data, Methodology and Results 35.4 Conclusions and Policy Implications References 36 Social Media Usage and Business Competitiveness in Agri-Food SMEs 36.1 Introduction 36.2 Empirical Research 36.3 Conclusions References 37 Cultural Production as a Means of Acculturation of Global Consumer Culture for Luxury Brands: A Content Analysis 37.1 Introduction 37.2 Literature Review 37.2.1 Art and Luxury Brands 37.2.2 Acculturation of Global Consumer Culture and Luxury 37.3 Methodology 37.4 Findings 37.5 Conclusion References 38 Clustering the Social Media Users Based on Users' Motivations and Social Media Content 38.1 Introduction 38.2 Literature Review 38.2.1 Social Media User Motivations 38.2.2 Consumer Groups 38.2.3 Social Media Content 38.3 Methodology 38.4 Results 38.4.1 Factor Analysis-Users' Engagement to Brand Posts 38.4.2 Factor Analysis-Users' Reactions to Offensive Brand Content 38.4.3 Cluster Analysis-Users' Social Media Motivations 38.4.4 Cluster Analysis-Social Media Content 38.5 Conclusion and Discussion 38.6 Limitation and Future Research References Index