Business Development and Economic Governance in Southeastern Europe : 13th International Conference on the Economies of the Balkan and Eastern European Countries (EBEEC), Pafos, Cyprus, 2021

This book addresses contemporary and modern topics around business growth and economic development in Southeastern Europe. It covers a wide range of business issues focusing on the adoption of new technologies, finance of SMEs, place marketing, value co-creation, contribution to economic growth, and internationalization. Moverover, it sheds new light on the micro- and macroeconomic developments and monetary policy issues in the Eastern European and Balkan countries. This book is a useful tool for scholars in economics and finance interested in the further economic development of the Balkans and Eastern European countries as well as to professionals in the business, financial and insurance sectors. Preface Contents Public Administration/Governance and the Economies of Southeastern Europe Greek Political Economy in the Post-crisis Period 2010–2019 1 Introduction 2 From Emu to the Support Mechanism: The Period of Euphoria for the Greek Economy, 2000–2009 2.1 Greece’s Fiscal Position and Economic Growth During 2001–2009 2.2 Employment, Labour Force, Number of the Unemployed, and Unemployment Rate in Greece During 2001–2009 3 From the Support Mechanism to the Period of Persistent Recession and High Unemployment, 2010–2019 3.1 Greece’s Fiscal Position and Growth During 2010–2019 3.2 Employment, Labour Force, Number of the Unemployed, and Unemployment Rate in Greece During 2010–2019 4 Conclusions Appendix Appendix 1: The Concepts of Employment, Unemployment, and the Labour Force Appendix 2: Business Cycle and Economic Crises Appendix 3: Response of Macroeconomic Variables in Relation to GDP Changes During the Phases of the Business Cycle References Social Capital and Income Inequality in OECD Countries: Causality Evidence 1 Introduction 2 Literature Review 2.1 Empirical Research Studies 3 Data 4 Methodology 5 Results 5.1 Unit Root Test 5.2 Panel Cointegration Tests 5.3 Results of Panel FMOLS and Causality 6 Conclusions and Discussion References The Jungle of Sustainability Frameworks and Standards: Evidence from European Listed Companies 1 Introduction 2 Sustainability Standards and Frameworks 2.1 A Preliminary Overview 2.2 Global Reporting Initiative 2.3 Sustainability Accounting Standards Board 2.4 Carbon Disclosure Project 2.5 Climate Disclosure Standards Board 2.6 Task Force on Climate-Related Financial Disclosures 2.7 International Integrated Reporting Council 3 Literature Review 4 Methodology 5 Results and Discussion 6 Conclusion Appendix A: Euro Stoxx 50 References The Social Return on Investment (SROI) for Evaluation of the Impact in International Cooperation Health Project in Albania: A Case Study 1 Introduction 2 Literature Review 3 Method 4 Case Study: Introducing Health Information System (IHIS): A Modern Approach to Transparency and Accountability in the Albanian Public Health 5 Results and Discussion 6 Conclusions References The Transformation of EU’S MU to a Real EMU as a Need for Addressing Crises 1 Introduction 2 Theoretical Background 3 Peripheral Countries and the Eurozone. Examining Greece as a Case Study 4 The Impact of Fiscal Crisis and Covid-19 Pandemic on Greek Economy 5 Next Steps in European Integration as a Defining Parameter for Eurozone Economies’ Prospects 6 Conclusions References MNEs Institutional Entrepreneurship: The Effect on Corruption. An Analysis of Emerging Economies 1 Introduction 2 Literature Review and Conceptual Framework 3 Development of Hypotheses 4 The Regression Model Specification 5 Methodology 5.1 The Dependent Variable 5.2 The Independent Variable 5.3 Control Variables 6 Empirical Analysis and Results 6.1 Descriptive Statistics and Correlation Matrix 6.2 Unit Root Tests, Regression Analysis and Diagnostics Tests 7 Discussion, Conclusions, Limitations, and Prospects for Future Research References Innovation and Skills Requirements in Post-transition Economies 1 Introduction 2 Literature Review 3 Data and Methodology 4 Results and Discussion 5 Conclusions Appendix References Managing Labor Relations in Greek Hospitals—A Nursing Approach 1 Introduction 2 Research Methodology and Data 3 Results and Discussion 4 Conclusion References Statistical Arbitrage Using Cointegration and Principal Component Analysis Approach 1 Introduction 2 Market-Neutrality and PCA, Cointegration Approach 3 Trading Models and Signal Generation 4 Strategies Back-Testing 5 Conclusion 6 Future Work References Assessing Relationship Between Entrepreneurship Education and Business Growth 1 Introduction 1.1 Purpose of the Study 1.2 Specific Objectives 1.3 Research Question 1.4 Significance of the Study 2 Literature Review 2.1 Entrepreneurship Education and Training 2.2 Areas of Entrepreneurship Education 2.3 Relevance of Entrepreneurship Education 3 Methodology 3.1 Research Design 3.2 Target Population 3.3 Sample Size and Sampling Technique 3.4 Data Analysis 3.5 Ethical Considerations 4 Analysis and Results 4.1 Descriptive Analysis 4.2 Correlation Analysis 5 Conclusion 6 Recommendations 6.1 Areas for Future Research References Innovation Policy to Solve Convergence Challenge for the Eastern European and Balkan Countries 1 Introduction 2 Literature Review 3 Theoretical Framework 4 The Convergence Processes in the Balkans and East European Economies 5 Innovations as Solving of Convergence Problem 6 Conclusions References Evaluation of the Operation of a Social Cooperative Enterprise and Comparison with an ‘Ordinary’ Enterprise of the Private Sector in Greece 1 Introduction and Brief Review 2 Methodology 2.1 Model of Simulation 2.2 Sets of Simulation (Scenarios) 2.3 The Algorithm 3 Results 3.1 Scenario 1 3.2 Scenario 2 3.3 Scenario 3 3.4 Summarised Simulation Results 4 Conclusions References The R&D Effect on Firm Value in the Information Technology Industry 1 Introduction 2 Literature Review 3 Data, Testable Hypotheses and Methodology 3.1 Data and Variables 3.2 Testable Hypotheses 3.3 Methodology 4 Empirical Results 4.1 Effect of Innovation (by R&D and Intangibles) on Firm Value 4.2 Effect of Innovation (by R&D and Intangibles) on Firm Performance 5 Conclusions References Business Growth and Development in Southeastern Europe Investigating Financial Challenges Facing Enterprises: Evidence from Albania 1 Introduction 2 Literature Review 3 Data and Methodology 4 Empirical Results 5 Discusions and Conclusions References The Recognition and Impact of Dynamic Pricing with ESL Technology on the Purchase Decision of Consumers in Stationary Grocery Stores: Current Findings and Experiment 1 Introduction 2 Equity Theory 3 Consumer Behavior Toward Dynamic Pricing Methods 4 Dynamic Pricing in Stationary Retail 4.1 Potential of ESL in the Retail Market 4.2 Resistance to ESLs 5 Experimental Design 5.1 Experimental Research Design 5.2 Hypotheses Formation 5.3 Shopping Cart 5.4 Determination of Price Adjustments 5.5 Experiment Execution 5.6 Proposed Pilot Test 5.7 Limitations 6 Conclusion Appendices Appendix 1 Appendix 2 Appendix 3 Appendix 4 Appendix 5 Appendix 6 Appendix 7 Appendix 8 Appendix 9 Appendix 10 References The Impact of Quantitative Easing on Stock Market: Evidence from Greece 1 Introduction 1.1 The Role of the ECB and Quantitative Relaxation 1.2 The Performance of the Hellenic Stock Exchange During the Quantitative Easing Period 2 Literature Review 3 Methodology and Data 4 Results 5 Conclusion References Pest Analysis of the E-commerce Industry: The Case of Greece 1 Introduction 2 Literature Review 2.1 E-commerce in Greece 2.2 PEST Analysis 3 Methodology and Findings 3.1 Political Factors 3.2 Economic Factors 3.3 Sociocultural Factors 3.4 Technological 4 Discussion 5 Conclusion References Bibliometric Analysis of Migration-Tourism-Terrorism Nexus 1 Introduction 2 Data and Methodology 3 Results 4 Conclusion References Health Care and the Implementation of Public–Private Partnership (PPP) Instruments in Transition Balkan Countries 1 Introduction 2 The Research Methodology and Study Approach 3 Background of PPP in the Health Care Sector 4 PPP in the Health Sector in Albania 4.1 Package of Basic Medical Examination Services for the 40–65 Age Group (Check-Up) 5 Conclusions and Recommendations References The Relationship Between Financing Decision of SMES and Their Performance 1 Introduction 2 Literature Review 3 Data and Method 4 Results and Discussions 5 Conclusions References Service-Dominant Logic: The Road Map to Value Co-Creation in Place Marketing 1 Introduction 2 Fundamental Conceptualization 2.1 Service-Dominant Logic 2.2 Place Marketing and Place Branding 2.3 Resource Integrators 3 Road-Mapping Value Co-Creation in Place Marketing 4 Conclusion References Degree of Personal Income Taxation Convergence in the Eurozone 1 Introduction 2 Literature Review 3 Personal Income Tax Reforms in Greece During the Fiscal Consolidation 4 Data and Methodology 5 Results 5.1 Top PIT Rates 5.2 Top PIT Rates and Top Income Thresholds 5.3 Personal Allowance and Tax Credit 6 Conclusions References Greek Taxation Revenues Before and After the Economic Crisis 1 Introduction 2 Income and Tax Revenues 2.1 The Income Tax Scale for the Financial year 2011 2.2 Analysis of Tax Revenues for 2011 2.3 Characteristics of 2018 Tax System 2.4 The Analysis of Tax Revenues for 2019 2.5 Distribution of Tax and Taxpayers According to Income in 2019 2.6 Comparison Between 2011 and 2019 3 Conclusions References The Impact of COVID-19 on Firm Stock Price Volatility 1 Introduction 2 Theory and Hypothesis Development 3 Research Design 3.1 Empirical Model 3.2 Data 4 Empirical Results 4.1 Univariate Analysis 4.2 Multivariate Analysis 5 COVID-19 and Return Volatility—Regional Analyses 6 Sensitivity Analyses 7 Conclusions Appendix—Variable Definitions References Turkey’s International Economic Relations: The Nature and the Scope of Turkish Economic Ties with Africa 1 Introduction 2 Literature Review 3 Turkish-African Relations: The Economic Dimension 3.1 International Development Cooperation 3.2 Trade Relations 4 Conclusions References