Nikolaos G. Theriou, Dimitrios I. Maditinos, Prodromos Chadzoglou and Vassilios Anggelidis
This paper explores the ability of the capital asset pricing model, as well as the firm specific factors, to explain the cross‐sectional relationship between average stock returns…
Abstract
This paper explores the ability of the capital asset pricing model, as well as the firm specific factors, to explain the cross‐sectional relationship between average stock returns and risk in Athens Stock Exchange (ASE). The objective of this study is to investigate the cross‐section of stock returns in the Greek stock market for the period from July 1993 to June 2001. A methodology similar to that of Fama and French (1992) is employed, by taking into account the constraints imposed by a smaller sample both in time and in terms of number of stocks. Our findings indicate that in the Greek stock market there is not a positive relation between risk, measured by β, and average returns. On the other hand, there is a “size effect” on the cross‐sectional variation in average stock returns.
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Dimitrios I. Maditinos, Željko Šević and Nikolaos G. Theriou
The purpose of this paper is to investigate the various methods and techniques used by Greek investors (both professional and individuals) when evaluating potential additions to…
Abstract
Purpose
The purpose of this paper is to investigate the various methods and techniques used by Greek investors (both professional and individuals) when evaluating potential additions to their investment portfolios.
Design/methodology/approach
The paper uses both a questionnaire survey and a series of interviews to examine the practice of investment management in terms of stock market forecasting and stock valuation. The respondents consist of six different groups of investors, drawn from across Greece, namely: official members of the Athens Stock Exchange, mutual fund management companies, portfolio investment companies, listed companies, brokers and individual investors (ININ).
Findings
The results indicate that ININ rely more on newspapers/media and noise in the market when making their investment decisions, while professional investors rely more on fundamental and technical analysis and less on portfolio analysis. The investment horizon seems to have a direct association with the relative importance of the techniques that professionals use for stock analysis. Also, the use of specific techniques seems to have a different impact on the performance of professionals.
Practical implications
The results highlight the practical methods and techniques used by various Greek investors when making their stock investment decisions as well as analysing the consequences of these methods on their performance.
Originality/value
This paper is the first study of the methods used by different classes of investor in the relatively underdeveloped capital market of Greece.
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Dimitrios I. Maditinos and Konstantinos Theodoridis
The purpose of this paper is to validate empirically the impact of seven literature‐based constructs on customer satisfaction using a sample from the Greek online shopping context.
Abstract
Purpose
The purpose of this paper is to validate empirically the impact of seven literature‐based constructs on customer satisfaction using a sample from the Greek online shopping context.
Design/methodology/approach
The authors test a set of hypotheses about the influence that the constructs have on overall satisfaction. Also tested are a set of hypotheses about the satisfaction influence on post‐purchase behaviour.
Findings
The paper argues that product information quality and user interface quality have a significant impact on overall satisfaction, while service information quality, purchasing process, security perception and product attractiveness have only a positive impact. In addition, the findings reveal that customer satisfaction strongly affects post‐purchase behaviour.
Research limitations/implications
The limited Greek respondent “tank” in combination with low internet and technology infusion in Greece, as well as the limited online market in Greece, are the study's main limitations. Common method bias through the use of Likert scales is also considered an important limitation.
Practical implications
The findings indicate some important determinants of customer satisfaction and present a satisfaction index, the score of which is a valid and objective measurement of e‐commerce success.
Originality/value
This paper offers e‐commerce practitioners an objective standard to measure quantitatively the success of a web store as well as a wide frame of reference for researchers to extend e‐commerce research.
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Nikolaos G. Theriou, Vassilios P. Aggelidis, Dimitrios I. Maditinos and Željko Šević
The purpose of this paper is to examine the relationship between beta and returns in the Athens stock exchange (ASE), taking into account the difference between positive and…
Abstract
Purpose
The purpose of this paper is to examine the relationship between beta and returns in the Athens stock exchange (ASE), taking into account the difference between positive and negative market excess returns' yields.
Design/methodology/approach
The data were taken from DataStream database and the sample period consists of 12 years divided into four six‐year periods such that the test periods do not overlap. Regression analysis is applied, using both the traditional (unconditional) test procedure and the conditional approach.
Findings
The estimation of return and beta without differentiating positive and negative market excess returns produces a flat unconditional relationship between return and beta. However, when using the conditional capital asset pricing model (CAPM) and cross‐sectional regression analysis, the evidence tends to support the significant positive relationship in up market and a significant negative relationship in down market.
Research limitations/implications
The small number of listed companies in the ASE led to the inclusion of the financial and insurance companies in the sample, and to the formation of a small number of portfolios. The same research methodology could be applied to individual stocks of the ASE and with the exclusion of all financial companies.
Originality/value
The results tend to support the existence of a conditional CAPM relation between risk and realized return trade‐off.
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Dimitrios I. Maditinos, Željko Šević and Nikolaos G. Theriou
The purpose of this paper is to investigate the explanatory power of two value‐based performance measurement models, Economic Value Added (EVA®) and shareholder value added (SVA)…
Abstract
Purpose
The purpose of this paper is to investigate the explanatory power of two value‐based performance measurement models, Economic Value Added (EVA®) and shareholder value added (SVA), compared with three traditional accounting performance measures: earnings per share (EPS), return on investment (ROI), and return on equity (ROE), in explaining stock market returns in the Athens Stock Exchange (ASE).
Design/methodology/approach
The paper uses the Easton and Harris formal valuation model and employs both a relative and an incremental information content approach to examine which performance measure best explains stock market returns; and the explanatory power of the pairwise combinations of one value‐based performance measurement model and one traditional accounting performance measure in explaining stock market returns. For this purpose, pooled time‐series, cross‐sectional data of listed companies in the Athens Stock Exchange (ASE) over the period 1992‐2001 have been collected and modelled.
Findings
Relative information content tests reveal that stock market returns are more closely associated with EPS than with EVA® or other performance measures. However, incremental information content tests suggest that the pairwise combination of EVA® with EPS increases significantly the explanatory power in explaining stock market returns.
Practical implications
The results suggest that the market participants in the Greek stock market should pay additional attention to EVA® but they should also consider other determinants to develop their investment strategies.
Originality/value
The paper is one of the first studies on the value relevance of traditional accounting (EPS, ROI, and ROE) and value‐based (EVA® and SVA) performance measures in explaining stock market returns in the ASE. The results extend the understanding of the role of EVA® and SVA in explaining stock market returns in the ASE, and, moreover, whether they may affect investors' decisions in a continental European market with market characteristics similar to that of Greece.
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Elissavet Keisidou, Lazaros Sarigiannidis, Dimitrios I. Maditinos and Eleftherios I. Thalassinos
The present paper is an attempt to provide a holistic approach of the Greek banking sector and how it operates.
Abstract
Purpose
The present paper is an attempt to provide a holistic approach of the Greek banking sector and how it operates.
Design/methodology/approach
A survey was carried out in the banking sector of Greece in order to gather information regarding customer satisfaction and loyalty, while the financial data of the banks were attained from their annual financial statements. Structural equation modelling was used to test the hypotheses.
Findings
It has been found that neither customer satisfaction nor loyalty has a significant impact on the financial performance of banks, while the remaining factors have indicated unprecedented results.
Research limitations/implications
The main limitation of the study is the economic environment of Greece and the general crisis of the banking sector.
Practical implications
The study provides an insight into the Greek banking sector and the interrelationships among the investigated factors, and how customer satisfaction and loyalty could be enhanced through the remaining factors.
Originality/value
A new factor, the economics factor, was created and included in the study. Moreover, the tangibles factor was tested as an individual and not as part of service quality. Additionally, the present study is among the few that have incorporated customer satisfaction, loyalty and the financial performance of banks. To take it one step further, some more factors were included to present a more holistic approach of how customer satisfaction and loyalty are enhanced.
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Biruta Dzerve, Aivars Spilbergs, Gunta Innuse, Sandra Ozolina, Astride Stonane and Dimitrios Maditinos
The chapter explores the challenges in the financial education of the new generation under the influence of digital transformation, building awareness, and compliance with the new…
Abstract
The chapter explores the challenges in the financial education of the new generation under the influence of digital transformation, building awareness, and compliance with the new model of society. The rapid development of technology significantly influences our daily lives, thus making us look at the progress of various processes differently, thus facilitating the social and professional performance of subjects. The need for a comprehensive, fast, and logical personality is growing in a society that can analyse a set of different interconnections, draw logical conclusions, and assess risks. The impact of technology is particularly felt in educating future financiers, as accounting, financial analysis, and financial management decision-making have long been unthinkable without the skills to use various computer programmes, big data processing, and visualisation of financial information using the latest information technology tools. The survey was organised to collect data from student questionnaires. The questionnaire analysis allows for assessing students’ digital competences, advantages and drawbacks of the digitalisation process, and university challenges in the digital transformation process as well as detecting the areas that require additional attention to make digital transformation effective. Digital transformation significantly changes the ecosystem, and the level of students’ abilities and skills is also a variable. Therefore, it is important to identify the readiness of the participants in the higher education system for new challenges and to use the limited resources as efficiently as possible to prepare the financial specialists necessary for the development of society.
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Emil Velinov, Marta Kadłubek, Eleftherios Thalassinos, Simon Grima and Dimitrios Maditinos
The chapter sheds light on how top management teams (TMTs) across multinational firms tackle the ongoing disruptive digital transformation during the pandemic era. The chapter…
Abstract
The chapter sheds light on how top management teams (TMTs) across multinational firms tackle the ongoing disruptive digital transformation during the pandemic era. The chapter includes basic definitions and global and regional trends on data governance and digital transformation across multinational firms from advanced and emerging markets. Finally, it provides several case studies demonstrating the theoretical and practical applicability of how data governance and digital transformation emerged from top management team perspectives. The chapter outlines the importance of leadership and top management in dealing with emerging technologies and business processes across global firms.
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Kristian Pultz Schlosser, Tatjana Volkova, Gratiela Georgiana Noja, Mirela Cristea and Dimitrios Maditinos
Creating organisational resilience and creating a positive social impact is becoming a condition for sustainable business development. The adoption of digital technologies…
Abstract
Creating organisational resilience and creating a positive social impact is becoming a condition for sustainable business development. The adoption of digital technologies requires specific leadership characteristics to resolve complex societal challenges. The purpose of the research is to identify the critical strategic leadership characteristics for developing organisational resilience while creating social- and financial value. There is a research gap in strategic leadership, digital technologies, social impact, and organisational resilience studies which will be addressed in this research. The methodology embeds a critical literature review, complemented by bibliometric analysis. The adoption of digital technology is seen to be a key driver in the societal question and a tool to boost organisational resilience. Sensing, seizing, and driving digital adoption agenda as well as digital adoption are critical and require unique leadership characteristics where contextual ambidexterity was key to the strategic leader when building organisational resilience and creating social- and financial value. The research results can be used for identifying which characteristics strategic leaders must develop for digital technology adaptation to generate both a profit and positive social impact while boosting organisational resilience.