Search results

1 – 10 of 19
Per page
102050
Citations:
Loading...
Access Restricted. View access options
Article
Publication date: 11 August 2022

Emmanuel Mamatzakis, Panagiotis Pegkas and Christos Staikouras

The purpose of this study is to empirically investigate the Greek firms' earnings management policies compared with debt, taxation and the financial crisis.

871

Abstract

Purpose

The purpose of this study is to empirically investigate the Greek firms' earnings management policies compared with debt, taxation and the financial crisis.

Design/methodology/approach

In this paper, the authors show that existed measures of real earnings management, whether corrected for performance or not, rely crucially on strong assumptions. The authors provide a novel modelling that permits panel structure so as to correct for heterogeneity across firms while permitting to determine endogenously the number of underlying firm-groups in the data generating process.

Findings

The empirical results indicate that Greek firms are likely to reduce earnings manipulation activities when they face liquidity risk. Taxation and financial crisis have a negative and positive effect on earnings management, respectively.

Originality/value

The effect of debt, taxation and financial crisis on earnings management has never been investigated in Greece. The empirical results offer valuable information to shareholders and investors as they can understand how some main factors, such as debt, taxation and financial crisis, influence firm's accounting practices.

Details

Managerial Finance, vol. 49 no. 1
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Article
Publication date: 30 April 2020

Emmanuel Mamatzakis and Christos Staikouras

Common Agriculture Police in the EU, direct payments, solvency and income

504

Abstract

Purpose

Common Agriculture Police in the EU, direct payments, solvency and income

Design/methodology/approach

We employ agriculture data for all twenty-eight EU Member States. The data comes from the public Farm Accountancy Data Network (FADN) of the EU. In terms of methodology we employ panel regression and panel Vector Autoregression analysis (panel VAR) to take into account possible endogeneity issues.

Findings

The reported panel regressions, impulse response functions (IRFs) and variance decompositions (VDCs) show that agriculture income has been subdued due to negative shocks in direct payments and solvency. Our results do not support the hypothesis that higher direct payments would increase agriculture income. In addition, whilst solvency subdues agriculture income, investment asserts a positive impact on agriculture income.

Research limitations/implications

Further research on the impact of direct payments of CAP on EU agriculture is warranted at a disaggregate level so as to examine whether there is variability in the underlying interlinkages at regional level

Practical implications

As a policy implication, and in light of the ongoing reform of the EU's CAP, we would propose to raise net value added in agriculture using targeted income support to small and medium-sized farms. The European Economic Recovery Plan (EERP) would be also supportive. In addition, further enhancing financial integration across the EU would provide funds for investment in agriculture.

Social implications

As social implication, one would propose to raise investment in agriculture, that is through the European Economic Recovery Plan (EERP). The EERP is designed as a stimulus package set up to mitigate the consequences of the global financial crisis in the EU. Also, a way to boost agriculture income is through the credit channel of the on-going quantitative easing of the ECB, where unconventional monetary policy is aiming to support the growth prospect of the Euro area.

Originality/value

This study examines the impact of direct payments, which include all subsidies, of the EU's Common Agriculture Policy (CAP) on agriculture income as measured by the net value added. We also control for solvency. Despite the magnitude of CAP on the EU budget, few studies investigate the impact of direct payments on income in the aftermath of the financial crisis. This is surprising given the importance of agriculture for the economic recovery of the EU that remains anaemic more than a decade after the crisis.

Details

Agricultural Finance Review, vol. 80 no. 4
Type: Research Article
ISSN: 0002-1466

Keywords

Access Restricted. View access options
Article
Publication date: 13 February 2009

Anastasia Koutsomanoli‐Filippaki, Dimitris Margaritis and Christos Staikouras

The aim of this study is to investigate profit efficiency in the banking industries of 11 Central and Eastern European (CEE) countries for the period 1998‐2005.

1086

Abstract

Purpose

The aim of this study is to investigate profit efficiency in the banking industries of 11 Central and Eastern European (CEE) countries for the period 1998‐2005.

Design/methodology/approach

The authors employ a directional technology distance function approach to measure profit efficiency and decompose it into its technical and allocative components. They use these efficiency measures to investigate potential differences in banking performance across countries and across banks of different size and with different ownership status.

Findings

The results indicate that the highest proportion of profit inefficiency in the CEE region is attributed to allocative inefficiency, recognizing that considerable variation and different patterns in inefficiency levels across banking systems can be observed. Small and domestic private banks appear to be the most efficient. A negative relationship between efficiency and bank size, the capitalization ratio and market concentration, and a positive relationship with the European Bank for Reconstruction and Development index of banking reform are also found.

Research limitations/implications

Bank performance relative to best practice is measured across the CEE region. While it is found that on average technical inefficiency is relatively small and about one quarter of the banks lie on the technological frontier, the size of technical inefficiencies is likely to be exacerbated if the sample were to include Western European banks.

Practical implications

The effects of banking reforms are evident by recent positive trends in profit and allocative efficiencies estimated for CEE banking sectors. These trends suggest that policy makers should intensify efforts to further improve the financial services regulatory and supervisory framework while freeing any remaining explicit or implicit barriers to bank competition.

Originality/value

The study departs from the traditional literature of efficiency. It uses a directional distance function approach to model multi input – multi output banking technology and to investigate profit efficiency in CEE countries.

Details

Managerial Finance, vol. 35 no. 3
Type: Research Article
ISSN: 0307-4358

Keywords

Access Restricted. View access options
Expert briefing
Publication date: 27 October 2022

The economy is on track to grow by 5.3% year-on-year in 2022, outperforming market expectations for the second year in a row. In a sign of its recovery, Greece left the EU's…

Available. Content available
1270

Abstract

Details

Measuring Business Excellence, vol. 10 no. 2
Type: Research Article
ISSN: 1368-3047

Access Restricted. View access options
Book part
Publication date: 4 November 2021

Aristidis Bitzenis and Pyrros Papadimitriou

This paper discusses the nominal and real convergence regarding Greece being a country-member of the European Union (EU), and of the Economic and Monetary Union (EMU). We argued…

Abstract

This paper discusses the nominal and real convergence regarding Greece being a country-member of the European Union (EU), and of the Economic and Monetary Union (EMU). We argued that nominal convergence is relative to Maastricht criteria when real convergence has been investigated through six different axes: (1) the five Maastricht Criteria, (2) the GDP per capita in PPP prices, (3) the real GDP growth rates, (4) the minimum wages, (5) the HDI index development, and (6) the unemployment rates. We concluded for the case of Greece that by utilizing alternative indicators, such as the Maastricht criteria, and the above criteria only nominal convergence exists while real convergence appears to be a long-term target with many obstacles. In particular, Greece has managed to achieve the criteria proposed by the EMU (Maastricht Criteria) for membership, decisively different levels of unemployment, wages, and GDP growth rate/GDP per capita in PPP prices, and different human development indexes appear for the case of Greece.

Details

Modeling Economic Growth in Contemporary Greece
Type: Book
ISBN: 978-1-80071-123-5

Keywords

Access Restricted. View access options
Expert briefing
Publication date: 30 October 2023

The EU seeks to improve connectivity among its members and partners in South-eastern Europe, with added impetus since the invasion of Ukraine. Improved cross-border connections…

Access Restricted. View access options
Expert briefing
Publication date: 19 July 2019

The conservative New Democracy (ND) party won an absolute majority in the July 7 elections, potentially ending a decade of political turbulence which featured six elections and…

Access Restricted. View access options
Expert briefing
Publication date: 8 April 2020

This is one of several temporary ECB measures against tightening liquidity in the euro-area due to the coronavirus pandemic which in Greece has cut official GDP forecasts…

Access Restricted. View access options
Article
Publication date: 14 June 2022

Achraf Haddad

The purpose of this research is to compare the board quality's (BQ) impacts on the financial performance (FP) of conventional and Islamic banks (IBs) after the Subprime financial…

733

Abstract

Purpose

The purpose of this research is to compare the board quality's (BQ) impacts on the financial performance (FP) of conventional and Islamic banks (IBs) after the Subprime financial crisis. The main reason is to help financial stakeholders choose the best performing and most appropriate bank type with its engagement based on the BQ index.

Design/methodology/approach

Based on the existing gap in previous researches and by using the GLS method (Generalized Least Squares method), the author compared the BQ's impacts on the FP of conventional and IBs. Settings of the FP and BQ were collected from 30 countries located on 4 continents. Two equal samples were tested; each of them is composed of 112 banks. The author concentrated only on the banks that have published regularly the banks' annual reports over the period 2010–2018.

Findings

Cylindrical panel results revealed that in conventional banks (CBs), the BQ has negatively affected banks' FP, while in IBs the BQ's impacts on the banks’' FP is ambiguous. Nevertheless, the positive impacts are more significant on the IBs' FP than the negative impacts on the IBs' FP.

Practical implications

The main practical contribution is the identification and distinction between the impacts of board determinants' quality on the shareholders' profits in the case of conventional and IBs. Hence, conventional or IBs which have a bad BQ will generate less FP and will be classified as a lender of bankruptcy danger for the bank customer. Besides, whatever the bank type, in a financial stable period, good BQ positively influences FP and provides a good impression to stakeholders. Otherwise, FP indicates that the banks suffer from the weaknesses of the board quality determinants.

Originality/value

Returning to the finance and banking governance literature, the author's article provides the first conditional and demonstrative analysis that detailed a logical comparative process to analyze the correlation between the board determinants' quality and the financial performance of conventional and IBs. However, previous research has always discussed the main role of the board as an internal governance mechanism on the FP separately in each bank type.

1 – 10 of 19
Per page
102050