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ABSTRACT A firm's financial performance is closely related to its environmental behavior. This result is valid especially in the case of socially responsible firms. In the present study a data econometric analysis is conducted... more
ABSTRACT A firm's financial performance is closely related to its environmental behavior. This result is valid especially in the case of socially responsible firms. In the present study a data econometric analysis is conducted based on a GARCH model for socially responsible and conventional firms. According to our findings, the performance of socially responsible firms is negatively related to an increase of global CO2 emissions. The firms' costs for implementing environmental policies and the investors' attitude towards the aforementioned firms may account for our results. Copyright © 2012 John Wiley & Sons, Ltd and ERP Environment.
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Within the regime established by the Directive on Sustainable Use of Pesticides (SUDP); the present work explores the relationship between pesticides’ agricultural use per hectare of cropland and the GDP per capita of the rural population... more
Within the regime established by the Directive on Sustainable Use of Pesticides (SUDP); the present work explores the relationship between pesticides’ agricultural use per hectare of cropland and the GDP per capita of the rural population for twenty-five EU countries to unveil the efficiency of the current EU strategy. With the econometric tool of panel nonlinear autoregressive distributed lag (NARDL) cointegration technique; we try to capture potential asymmetries in the agricultural use of pesticides concerning positive and negative variations in agricultural income. The findings validate the existence of a long-run relationship that supports an Environmental Kuznets Curve (EKC); i.e., an inverted U-shaped relationship between the variables; since increasing agricultural income is related to reductions in the use of pesticides after the turning point. Even though this result is not validated in the short run; our findings confirm the existence of a steady-state situation with asym...
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Within the last few decades, the issue of the environmental performance of European financial institutions has become a significant feature of their strategic plans. Financial institutions can contribute through their own activities and... more
Within the last few decades, the issue of the environmental performance of European financial institutions has become a significant feature of their strategic plans. Financial institutions can contribute through their own activities and investments, and also through their relationship with economic sectors and consumers, in decreasing environmental footprint. The purpose of this research is to investigate the determinants that affect the environmental performance of European financial institutions. Financial markets have been selected as the main research field for this study, as it presents an opportunity for environmental policy and is useful in view of the need for a wider range of policy instruments. Moreover, on a more practical level, financial institutions can interact with the environment in several ways, such as investors, innovators, valuers, powerful stakeholders, and polluters. The study is based on a mixed methodology approach, which integrates: (i) bibliometric analysi...
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In recent decades, experts from all around the world have been increasingly interested in illegal conduct and corruption in financial organizations. Utilizing the illegal and corruption hypothesis, we investigate the core traits and... more
In recent decades, experts from all around the world have been increasingly interested in illegal conduct and corruption in financial organizations. Utilizing the illegal and corruption hypothesis, we investigate the core traits and trends of this phenomenon in European financial institutions. We also examined how specific aspects are incorporated into financial firms’ anti-corruption strategies. The current study makes an effort to comprehend the afore-mentioned challenges using the tools of scientometrics and data analysis. More precisely, our empirical analysis was based on 336 European financial institutions for the years of 2018–2020, and our study also employed bibliographic data from 687 scientific documents indexed in the Scopus database in 2010–2021. The R language’s Bibliometrix tool was applied to analyze the body of the existing literature. A binary logistic regression approach was used to analyze the data. While the goal of our empirical study is to unveil the factors c...
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The economic crisis in Greece has provoked a number of financial problems in Greek firms in all sectors. High tax rates, low payments and in sequence low demand for goods and services are a few of the problems confronted by firms and... more
The economic crisis in Greece has provoked a number of financial problems in Greek firms in all sectors. High tax rates, low payments and in sequence low demand for goods and services are a few of the problems confronted by firms and consumers. Within the framework of the Memorandum, a number of different corporate efforts have become a cornerstone of economic recovery. An effective and critical factor for venture success has validated the networking along with entrepreneurial competencies (Kyrgidou Mylonas, Petridou, & Vacharoglou, 2021). The present work makes an effort with the assistance of visual tools and descriptive statistics to unveil the role of a retail market firm in the developing economy of Greece. Using an analytical presentation of financial and innovation initiatives in the retail market store chain of Masoutis and based on our findings we confirm a positive contribution to the country’s economic growth in a disproportionate rate to the country’s economic performanc...
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Environmental, Social, and Governance (ESG) criteria are novel and exciting tools of corporate disclosure for decision making. Using quantitative and qualitative analyses, the present study examined the key characteristics and trends of... more
Environmental, Social, and Governance (ESG) criteria are novel and exciting tools of corporate disclosure for decision making. Using quantitative and qualitative analyses, the present study examined the key characteristics and trends of ESG controversies in the European market. At the same time, it identified the controversies’ determinants. A bibliometric analysis was the qualitative method employed on the data derived from Scopus using Biblioshiny software, an R package. The quantitative analysis involved an international sample of 2278 companies headquartered in Europe from 2017–2019 being studied using a Generalized Linear Model. The findings of this research highlighted the role of the “S” and the “G” dimensions of the ESG controversies as the most crucial in affecting controversies. Women are under-represented in the business hierarchy, but their natural characteristics such as friendliness and peaceability lead to a low level of illegal business practices. However, independen...
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PurposeWithin an effort of European Union (EU) policy to achieve carbon-neutral agriculture, the present study intends to explore the impact of carbon emissions generated by different sources related to agriculture namely energy used in... more
PurposeWithin an effort of European Union (EU) policy to achieve carbon-neutral agriculture, the present study intends to explore the impact of carbon emissions generated by different sources related to agriculture namely energy used in farming, by enteric fermentation and by fertilizers on agricultural income in 25 countries from EU.Design/methodology/approachIn order to evaluate the environmental – economic performance linkage for EU agriculture, we employ a couple of different widely used panel unit root tests explicitly Levin, Li and Chu, Im, Pesaran and Shin, ADF and PP Fisher Chi-square test cointegration test (Pedroni and Kao cointegration tests) and model estimation methodologies namely the FMOLS and DOLS and ARDL – PMG models.FindingsAll the cointegration techniques employed namely Pedroni, Kao test and Johansen Pesaran cointegration tests validate the existence of long run relationships. The most significant finding is the model estimation based on three different methodol...
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The present chapter examines the impact of significant sectors of the Greek economy and their relationship with economic growth. The variables employed for this study involve tourism-generated GDP, money supply, construction and taxation,... more
The present chapter examines the impact of significant sectors of the Greek economy and their relationship with economic growth. The variables employed for this study involve tourism-generated GDP, money supply, construction and taxation, and economic growth in Greece while the methodology employed is the multivariate autoregressive VAR model. The long-term relationship between GDP and the variables examined was validated for the period between 1965 and 2015. According to our findings, the “growth engine” for Greece seems to be tourism, rather than the manufacturing sector, while they confirm a shift away from the tertiary toward the primary sector. The results provide policy-makers with effective policy tools for the simultaneous economic growth of the two aforementioned sectors.
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The present study examines the effect of moments of crude oil prices including the variance, skewness and kurtosis, on the returns of the Dow Jones Sustainability Index (DJSI) of the Eurozone. The GARCH model is employed to examine the... more
The present study examines the effect of moments of crude oil prices including the variance, skewness and kurtosis, on the returns of the Dow Jones Sustainability Index (DJSI) of the Eurozone. The GARCH model is employed to examine the relationship of these moments with the DJSI of the Eurozone, for the time period from November 2001 until March 2015. According to our findings, an increase in the oil returns, as well as in the oil price volatility, leads to a decrease in the value of the Index employed. It was also found that asymmetry affects positively the stock price of the Eurozone social responsibility companies, because the more the asymmetry increases, the less the concentration of the prices to the right side of the distribution, consequently the more the investors feel that the related risk is reduced, as the frequency of oil prices is below the average oil price. On the contrary, it was found that the interaction of asymmetry and kurtosis of oil prices affect negatively th...
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1Associate Professor, Dept. of Agricultural Development, Democritus University of Thrace, Greece; e-mail: ezafeir@agro.duth.gr 2Professor, Dept. of Forestry and Management of the Environment and Natural Resources, Democritus University of... more
1Associate Professor, Dept. of Agricultural Development, Democritus University of Thrace, Greece; e-mail: ezafeir@agro.duth.gr 2Professor, Dept. of Forestry and Management of the Environment and Natural Resources, Democritus University of Thrace, Greece 3Dr. Forester – Environmentalist, Dept. of Forestry and Management of the Environment and Natural Resources, Democritus University of Thrace, Greece
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Corporate economic performance and its association with carbon emissions has been the subject of extensive research within the last few decades. The present study examines the economic performance of green firms as reflected in the... more
Corporate economic performance and its association with carbon emissions has been the subject of extensive research within the last few decades. The present study examines the economic performance of green firms as reflected in the Financial Times Stock Exchange Environmental Opportunities Index Series (FTSE EO) and its association with carbon emissions, incorporating the role of two more indices, namely the Baltic Clean Tanker Index (BAIT) and EUR/USD exchange rate. The methodology employed is the Bayesian Vector Autoregression Model (BVAR). Our findings confirm the interlinkages among the variables studied. More specifically, based on impulse response analysis, the direction of causality is two-way. The response of carbon emissions to a shock in the other variables is negative for the case of the EUR/USD exchange rate and Baltic Clean Tanker Index (BAIT) (an index representing the conventional energy sources), while it is positive for a shock in the FTSE EO. However, the most impo...
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The efficient and sustainable exploitation of energy resources may secure a sustainable economic growth for different regions. However, the peripheries are subject to social, economic, and political constraints, with limited power over... more
The efficient and sustainable exploitation of energy resources may secure a sustainable economic growth for different regions. However, the peripheries are subject to social, economic, and political constraints, with limited power over energy management. The present work examines regional convergence in exploitation efficiency as synopsized in the GDP generated by energy and minerals in an era of the country’s efforts to shut down the lignite-run power production. With the assistance of panel unit root tests, we confirm non convergence of the variables employed, an expected result given the fact that different energy sources are being used for energy production by each different periphery, generating different economic results. In the second stage the methodology employed is a Bayesian vector auto-regressive model (BVAR) with an informative prior on the steady state. The particular methodology outperforms the conventional VAR methodology due to limited degrees of freedom. The Impuls...
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The farmers’ welfare and its interlinkages to energy efficiency and farm sustainability has attracted global scientific interest within the last few decades. This study examines the contribution of Agriculture 5.0 to the prosperity of the... more
The farmers’ welfare and its interlinkages to energy efficiency and farm sustainability has attracted global scientific interest within the last few decades. This study examines the contribution of Agriculture 5.0 to the prosperity of the farmers in the post-pandemic era and the gradual transition to an energy-smart farm. To obtain an insight into the attributes of Agriculture 5.0 and the emerging technologies in the field, Bibliometrix analysis with the use of an R package was conducted based on 2000 data consisting of peer-reviewed articles. The data were retrieved from the Scopus database. A bibliometric approach was employed to analyze the data for a comprehensive overview of the trend, thematic focus, and scientific production in the field of Agriculture 5.0 and energy-smart farming. Emerging technologies that are part of Agriculture 5.0 in combination with alternative energy sources can provide cost-effective access to finance, weather updates, remotely monitoring, and future ...
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Commodity futures risk premiums vary across commodities and over time depending on the level of physical inventories, as predicted by the Theory of Storage. The interaction of the factors related to the inventories and other financial... more
Commodity futures risk premiums vary across commodities and over time depending on the level of physical inventories, as predicted by the Theory of Storage. The interaction of the factors related to the inventories and other financial sources result in a complex futures' price behavior especially in the case of dairy products. This behavior has been surveyed and described with non linear testing and modeling respectively within the last decades. The same process has been used to describe the formation of commodity prices. In the present study a number of univariate tests confirm the existence of nonlinearity in the dairy futures price formation, while a Mackey GARCH model is used to describe the returns' behavior. This model selection is based upon the consideration of the mean process as dynamic chaotic. The particular model provides us with a useful tool in making forecasts of a commodity price in the short run but certainly not in the long run.
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Commodity futures risk premiums vary across commodities and over time depending on the level of physical inventories, as predicted by the Theory of Storage. The interaction of the factors related to the inventories and other financial... more
Commodity futures risk premiums vary across commodities and over time depending on the level of physical inventories, as predicted by the Theory of Storage. The interaction of the factors related to the inventories and other financial sources result in a complex futures price behaviour especially in the case of agricultural products. This behaviour has been surveyed and described with non-linear testing and modelling, respectively, within the last decades. The same process has been used to describe the formation of commodity prices. In the present study a number of univariate tests confirm the existence of nonlinearity in the cotton futures price formation, while a Mackey GARCH model is used to describe the returns’ behaviour. This model selection is based upon the consideration of the mean process as dynamic chaotic. The model can be a useful in making a short term forecasts.
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Economics and Environment
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Rice as an agricultural good presents significant price volatility. A number of factors play an important role in the price formation. The present study is based on the future prices, in the formation of which financial factors may... more
Rice as an agricultural good presents significant price volatility. A number of factors play an important role in the price formation. The present study is based on the future prices, in the formation of which financial factors may account for their volatility. The aim of this study was to explore the financial sources of price and volatility distortion of rice future prices. The financial factors surveyed are RCC Rough Rice Composite CBOT (Rice), S&P 500 Stock Index (SP), CL Crude Oil Light Sweet (Crude), Denatured Fuel Ethanol Pit (Ethanol), TNX 10-Year Treasury Note (Bond) and U.S Dollar/Yen exchange rate (D/Y) The methodology employed a model proposed by Glosten et al. (GJR). The results suggested that the mean returns of energy and stock market and the volatility of currency market influence negatively the rice market. The findings are attributed to the consideration that rice is an inferior good. There is also evidence that the volatility of bond market by creating more invest...
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Economics and Agriculture
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The present study surveys the validity of PPP in the dairy sector for European countries. We implement in the context of nonlinear smooth transmition error correction model the associated nonlinear ECM-based tests as well as the nonlinear... more
The present study surveys the validity of PPP in the dairy sector for European countries. We implement in the context of nonlinear smooth transmition error correction model the associated nonlinear ECM-based tests as well as the nonlinear analogue of the residual-based test for cointegration in linear models proposed by Kapetanios et.al (2006). The aforementioned tests are employed with the assistance of R software. The innovation of our survey stands on the fact that the particular method is used for first time in the case of agricultural products and especially in the case of dairy sector for countries of European Union given the implementation of CAP regime, amplifying the validity of PPP.
Volume 7, Issue 4, April 2018 Page 17 Abstract The present paper surveys the role of two economic sectors, namely tourism and agriculture in the economic growth of Greece, a country that goes through a severe economic crisis during the... more
Volume 7, Issue 4, April 2018 Page 17 Abstract The present paper surveys the role of two economic sectors, namely tourism and agriculture in the economic growth of Greece, a country that goes through a severe economic crisis during the last decade. The findings, confirm that tourism has a major contribution to the GDP growth. Therefore, the Kaldorian theory on an “engine of growth” appears to apply in Greece for tourism (rather than manufacturing in Kaldor’s original findings). In fact, a bidirectional causality linear intertemporal relationship is found between GDP and tourist GDP (in the long as well as in the short term) whiles the relationship between GDP and agricultural GDP seems to apply only for the long term period. Furthermore, non-linearities in the GDP – agricultural GDP relationship, led the authors to the implementation of threshold co-integration. The findings underline the shift of the economy from the primary (agriculture) to the tertiary sector.
Resource-rich regions might be expected to exploit their natural endowments in order to develop comparative advantages; however, resource abundance may be futile if poorly managed. Intriguingly, changes in regional economies and social... more
Resource-rich regions might be expected to exploit their natural endowments in order to develop comparative advantages; however, resource abundance may be futile if poorly managed. Intriguingly, changes in regional economies and social values entail a more holistic approach of how, where and why management decisions about natural resources are made. The present paper examines public perceptions concerning the significance of natural resources and the role that they may play in regional and rural development. Primary data were collected through personal interviews to a sample of 255 citizens that were analysed through a combination of factor, confirmatory, cluster and discriminant analyses. Results reveal three distinct groups of citizens: the “active-conscious” citizens, the “environmentally-moderate” citizens and the “environmentally-passive” citizens. The results highlight sectors and resources eligible to maintain and invigorate the regional and rural developmental path.
The economic crisis in the EU had severe impacts not only on the performance of the domestic economy but also on the living standard for the citizens. The extended spread of this crisis resulted in limitation in the disposable income and... more
The economic crisis in the EU had severe impacts not only on the performance of the domestic economy but also on the living standard for the citizens. The extended spread of this crisis resulted in limitation in the disposable income and significant negative changes have taken place with negative consequences for the corporate economic performance and competitiveness (de Jorge Moreno, Castillo, & de Zuani Masere, 2010). Within the dominance of certain conditions of economic crisis, there are a few firms that act as lighting exceptions. The present work makes an effort, to unveil the role of selected supermarket retail chain stores in the performance of certain macroeconomic parameters and therefore to illustrate the mechanism through which the restoration of the economy in Greece becomes feasible. More specifically, based on data derived by Eurostat and Greek National Statistics with the assistance of the findings of present analysis that validate a significant contribution of the f...
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The preface introduces this special issue and describes in brief a number of OR applications in different scientific fields such as environment, forestry, engineering, finance and economics. The findings of this special issue verify the... more
The preface introduces this special issue and describes in brief a number of OR applications in different scientific fields such as environment, forestry, engineering, finance and economics. The findings of this special issue verify the applicability and usefulness of OR different methodologies as a means of acquiring solutions for confronting ICT challenges in the contemporary digital world.
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Wagner Law and Keynesian approaches are the two fundamental theories of public finance. The aim of this study is to assess empirical evidence for the public spending–national income relationship at a disaggregated level for the time... more
Wagner Law and Keynesian approaches are the two fundamental theories of public finance. The aim of this study is to assess empirical evidence for the public spending–national income relationship at a disaggregated level for the time period 1995–2019. The sectoral public expenditures include education, health, and defense. The data employed were derived by EUROSTAT and OECD. Based on our findings, a sole relationship of the variables was validated, while the causality of the relationship provides conflict results depending on whether two-variate or multivariate methodology is employed. In the case of the multivariate framework that outperforms the two-variate approach in terms of information, the causality is directed from government expenses to the GDP level, validating the Keynesian approach in the long run as well as in the short run. On the other hand, the results validate Wagner Law based on the results of Granger causality pairwise test. A potential interpreatation for the resu...
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Water management projects have an important role in regional environmental protection and socio-economic development. Environmental policies, strategies, and special measures are designed in order to balance the use and non-use values... more
Water management projects have an important role in regional environmental protection and socio-economic development. Environmental policies, strategies, and special measures are designed in order to balance the use and non-use values arising for the local communities. The region of Serres in Northern Greece hosts two wetland management projects—the artificial Lake Kerkini and the re-arrangement of Strymonas River. The case study aims to investigate the residents’ views and attitudes regarding these two water resources management projects, which significantly affect their socio-economic performance and produce several environmental impacts for the broader area. Simple random sampling was used and, by the application of reality and factor analyses along with the logit model support, significant insights were retrieved. The findings revealed that gender, age, education level, and marital status affect the residents’ perceived values for both projects and their contribution to local gr...
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PurposeThe present study examines the impact of the different dimensions of corporate social responsibility (CSR) performance on the financial performance of food companies.Design/methodology/approachAs proxies for the financial... more
PurposeThe present study examines the impact of the different dimensions of corporate social responsibility (CSR) performance on the financial performance of food companies.Design/methodology/approachAs proxies for the financial performance, two different indices are employed: a single index, namely, operating income and an aggregate financial index, namely, economic score. The CSR performance based on Thomson Reuter’s data stream methodology involves three distinct aspects of the CSR concept: environmental, social and governance for the time spanning 2012–2017.FindingsFindings based on estimated generalized least squares (EGLS) indicate that the higher level of environmental performance (as described by an aggregate environmental index), the publishing of a stand-alone sustainable report and the implementation of quality principles, such as Total Quality Management (TQM), Lean and Six Sigma positively affect the financial performance.Originality/valueThe results provide useful impl...
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The purpose of the study is to examine the relationship between tourism development and economic growth in Greece, using the Autoregressive Distributed Lag (ARDL)-Bounds testing procedure. The present paper attempts to examine the... more
The purpose of the study is to examine the relationship between tourism development and economic growth in Greece, using the Autoregressive Distributed Lag (ARDL)-Bounds testing procedure. The present paper attempts to examine the relevance of the tourism led growth hypothesis according to the Kaldorian theory. The analysis was carried out for the period from 1963 to 2016 and involves the short-run as well as the log-run impact. As a proxy for the output of the tourism sector, its receipts are employed, while as an index for economic growth, the GDP is employed. The empirical results show that the economy of Greece can recover and return to the long-run equilibrium with a speed of adjustment 7.17% per year.
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Forest fires have increased in the last decades, due to many factors such as climate change, land use change and management. In Greece, wildfires burn cultivated lands and affect significantly the rural economy and society. However, the... more
Forest fires have increased in the last decades, due to many factors such as climate change, land use change and management. In Greece, wildfires burn cultivated lands and affect significantly the rural economy and society. However, the economic impacts of forest fires on agricultural areas has not been estimated, and this is our aim. After an extended literature review and consultation with the stakeholders, we decided to build a model with many variables. The total cost of fire depends on the cost of prevention and suppression measures, and also direct and indirect costs. Direct costs, as adjusted for the immediate effects of fire, are divided into two categories: direct damages instantaneous and direct losses induced. Direct damages are estimated by a function that calculates the instantaneous damage in permanent crops, seasonal crops, livestock, infrastructure, construction and machinery. Direct losses are estimated by a function that calculates fire-induced costs in permanent c...
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The evolution of human societies along with efforts to enhance economic welfare may well lead to the deterioration of the environment. Deforestation is a usual process throughout evolution that poses pressing and potentially irreversible... more
The evolution of human societies along with efforts to enhance economic welfare may well lead to the deterioration of the environment. Deforestation is a usual process throughout evolution that poses pressing and potentially irreversible environmental risks, despite the ecological and modernization processes that aim to limit those risks. The economic growth–environmental degradation relationship—namely, the environmental Kuznets curve (EKC) hypothesis—is studied in alignment with the autoregressive distributed lag (ARDL) approach. The novelty of the study is attributed to the use of the carbon emissions equivalent derived by deforestation as an index for environmental degradation in Bulgaria as a new entrant into the European Union (EU). In addition, we use the gross domestic product (GDP) per capita as a proxy for income, being determined as an independent variable. Research findings cannot validate the inverted U-shape of the EKC hypothesis; instead, an inverted N pattern is conf...
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Numerous linkages among Agriculture and climate change have been identified and validated in global terms. In European Union, the economic performance–carbon dioxide emission relationship has become a particularly high priority issue for... more
Numerous linkages among Agriculture and climate change have been identified and validated in global terms. In European Union, the economic performance–carbon dioxide emission relationship has become a particularly high priority issue for Common agricultural policy within the last decade, attracting scientific interest. Within this socio–economic framework, the present work studies the relationship between agricultural carbon emissions equivalents and income per capita for the agricultural sector in different EU countries with the assistance of the nonlinear autoregressive distributed lag (NARDL) cointegration technique. Our findings validate the existence of a strong relationship between GHG emissions and agricultural income, since the cointegration among the two variables is established in all instances, while the asymmetric impact of agricultural income on carbon emissions may well provide policy makers with tools which when implemented, may well promote the increase of agricultur...