Business Administration (PhD) / Διοίκηση Επιχειρήσεων (PhD)

This study delves into the problem of inefficiencies in public procurement processes for construction projects in Libya with the aim of recommending the adoption and use of KM to address the inherent challenges, and improve the efficiency of public procurement processes. Using a mixed methods research design, the research collected quantitative data through surveys and qualitative data using in-depth interviews with site engineers, project managers, and the top current and former leaders of key organizations that are responsible for the procurement of public construction projects in Libya. The research established that there is no systematic KM practice in Libya; however, there are unstructured knowledge sharing initiatives that could not be considered as effective KM but they form the basis for adoption of KM practice. The research found that the knowledge sharing culture is low in Libya, and there is use of technology in running of day-to-day operations, but it is not directed towards KM practice. The study established that there are challenges in the procurement processes and that there is no systematic way of handling knowledge such as lessons learned, best practices, etc. Therefore, practitioners are always re-inventing the wheel. To address these inefficiencies, the research recommended the adoption of KM practice, promoting a culture of knowledge sharing, creating a centralized, full-fledged procurement department for all public construction projects in Libya, hiring professionals trained in public procurement, training and developing existing staff, and using modern technologies to enhance efficiency in the procurement process. Based on the research findings, the research recommends a six-step (CCOISA) pilot KM model that could help in collaborating, capturing, organizing, integrating, storing, and applying knowledge based on the prevailing conditions and circumstances in Libya. The model serves as the roadmap for practitioners to adopt KM practice and address the challenge of inefficiency in the Libyan public procurement. The research findings have helped to start a discussion in Libya and other countries in Sub-Saharan Africa about the importance of KM practice in public procurement. The research recommends that future research should focus on the scalability of the research to other sectors of the economy and the barriers to successful implementation of KM practice, as well as the legal and ethical concerns that may arise upon implementation of the recommended KM model.

Purpose: A growing number of studies have explored the potential benefits of employee wellbeing concerning employee active mobility, job satisfaction, and other aspects of job performance and organizational commitment. However, little has been done to investigate the benefits accrued for employees who use active mobility to commute to work, as well as the impact on employee well-being, job performance, and organizational commitment. As a result, a need emerges to assess current knowledge of this topic on linking employee wellbeing to job performance. This research investigates the correlations between employee wellbeing and other variables, such as employee active mobility, organizational commitment, and job performance. The scope of the present study is to examine the impact of employee active mobility (actively commuting to work) on employee wellbeing and job performance. Design/methodology/approach: Based on a Systematic Literature Review, a Causal Loop Diagram (CLD) was developed, following the System Dynamics Methodology, which was conducted on prominent studies on employee active mobility and its contribution to employee well-being and other aspects of job performance. Additionally, a conceptual model was developed to investigate employee active mobility and its influence on employee wellbeing and job performance. The research sample was drawn from employees who work in organizations, specifically those working in the Administration of the 1𝑠𝑡 Health Region of Attica under the Ministry of Health and Social Solidarity. The sample consisted of 303 employees. Also, an investigation was carried out on employees’ opinions by utilizing a Group Model Building (GMB) technique. Interviews with the participants were conducted to gain more accurate and specific data. The questionnaire was the instrument that was used for data collection. The questionnaire was located and selected using the composition of different questionnaires, modification of existing questionnaires, or selection through the international literature. Findings: This research provides a novel view of the dynamics of employee well being and job performance. This allows for further understanding of the links between employee active mobility and job performance, as well as the role and responsibility of organizations based on the costs, profit, and benefits to be gained. The present study revealed significant relationships between job performance and well-being, organizational commitment, and job satisfaction. Additionally, no statistically significant results occurred for the influence of employee active mobility on employee well-being, job performance, organizational commitment, and job satisfaction. Originality/value։ This review suggests that active mobility was not a significant factor in the explanation of employee well-being and job performance. However, a need emerges to clarify the factors which are preventing employees in Greece from commuting by walking or bicycle to work and the positive outcomes on employee well-being, job performance and organizational commitment.

Intense globalization, political instability, and the rapid advancements in technology have undoubtedly created turbulence in the business environment. As a result, shorter product lifecycles and rapid shifts in customer preferences quickly erode firms’ competitive advantage. To be competitive in this turbulent environment, organizations should become more flexible with ways of making sense and responding to environmental shifts, and this can be achieved through the cultivation of strategic agility. Over the last years there has been a great interest among scholars to examine how organizations develop strategic agility without however, providing a comprehensive framework with solid practices towards this goal. Therefore, this thesis aims to fill this gap by providing a best-practices framework that emerges from different theoretical and functional perspectives. By adopting the dynamic capabilities in high-velocity environments as the main theory, this research conducts a multidisciplinary literature review and identifies the intellectual roots and key emerging theoretical concepts that contribute to strategic agility. Specifically, the intellectual roots of strategic agility are found in paradox, ambidexterity, and strategic change theories with leadership, human resources, knowledge management, information technology are identified as equally important. Following a three-phase, embedded mixed-methods design, this thesis identifies the key strategic themes and associated practices that organizations should focus on, in order to develop strategic agility. This thesis finds that while there is a great focus on digitalization, strategic agility requires a holistic approach and the interaction of open innovation, sustainability, dynamic human resources management, and technology, led by adaptive leadership. Additionally, the conducted research here in finds that corporations develop strategic agility in order to increase their overall value. After an empirical investigation of the corporations’ financial indicators, this thesis principally finds that organizations should focus on their intangible assets and finally, recommends specific ratios based on the international financial reporting standards

As a consequence of an increasingly competitive and dynamic business environment, the higher education sector has become more commercialised than ever before, resulting in branding becoming an imperative concept and an inextricable component for a university’s success. Branding in higher education has proven to be an effective strategy which has received considerable attention in recent years, and a growing number of articles on the subject have begun to appear in the literature. However, a clear gap within the literature indicates that students’ perceptions of university brand images have not been thoroughly researched. Consequently, this research focuses on examining the impact of a ‘positive visualisation course in brand identity’ on the perceptions of freshmen students of a university brand image. A grounded theory methodology was selected, consisting of semi-structured interviews specifically designed to target first-year university students. An experiment was conducted in which a positive visualisation course in brand identity was carried out among first-year students. The findings strongly suggest that a positive visualisation course in brand identity positively affects freshmen students’ perceptions of a university brand image. Additional factors result in the development and formation of related perceptions throughout the year. This study contributes to and expands on the existing literature by presenting an inductively generated theoretical model to guide future research into the links between positive visualisation courses in brand identity and first-year students’ perceptions of university brand image.

The aim of this study is to investigate the extent that Internal Marketing (IM) strategies exist in secondary public schools and whether these strategies influence the secondary public schools’ organizational culture and school effectiveness. The extent that this existing organizational culture acts as a mediator between the IM strategies and the public schools’ effectiveness is also investigated. Based on the literature review a conceptual model of IM strategies and components of Organizational Culture and School effectiveness has been developed to test this on secondary public schools in Cyprus. A questionnaire was developed to investigate this conceptual model. After conducting a pilot study with 6 random teachers of a secondary public school to ensure the appropriateness of the questionnaire, the questionnaire was distributed to 27 high schools (both Gymnasiums and Lyceums) excluding the teachers participating in the pilot study. In total 1,115 questionnaires were distributed to teachers and headteachers of 17 high schools from Larnaka, 5 from Famagusta and 5 from Nicosia. Of the 1,115 questionnaires distributed, 517 were completed, representing a 46% response rate. The town with the highest response rate was Famagusta followed by Larnaka and Nicosia. In the data analysis, 5 of the questionnaires were incomplete so they were withdrawn from the sample as there was missing data. SEM methodology using AMOS 21 software has been carried out. In this investigation, there is an evidence of the existence of IM strategies in the secondary public schools although their presence is limited, especially that of Relationship Development (RD) strategies. IM strategies which include Human Resource Management (HRM), Relationship Development (RD) and Education Process and Internal Customer Segmentation (EPICS) strategies affect significantly the public secondary schools’ organizational culture which in turn affects positively the school effectiveness. Therefore, the public schools’ organizational culture acts as a mediator between IM strategies and school effectiveness. There is also a positive direct relationship between IM strategies and school effectiveness

The financial statements of European and Norwegian listed banks are examined for the period 2008-2016. The thesis discusses the effect of fair value accounting levels on various areas of accounting, examines the quality of financial statements and comments on issues of leverage. In its first part the research analyses the effect of the recently introduced IFRS 13 on the value relevance of financial statements. The specific Standard is mandatorily implemented in EU since year 2013; therefore, the evaluation of its implementation and the analysis of its implications to the market is a novel issue in the accounting related literature that interests primarily investors, financial markets and banks. More specifically, the study examines whether investors equally consider the fair value levels appraisals and estimates possible interaction of fair value estimations to the firm’s external and internal factors. The research contributes to the accounting literature by concluding that all levels of the fair valued assets and level 3 liabilities are found to be value relevant to investors’ decisions. Issues of misevaluations are found in all three levels but are more intense on the level 3 assets. There are two robustness checks performed to evaluate the effect of bank size and capital strength to the primary regression. Results show that both factors affect the original results. Results demonstrate that model-based evaluations are not taken under consideration by investors when the latter invest in small, medium and large banks but are highly appreciated when investing in very large banks. The bank’s capital strength parameter revealed that stronger banks’ investors primarily consider the fair value assets of level 1. Another interesting point demonstrated is that nor mispricing or value relevance have been improved over time. The study also examines the possible connection of corporate governance mechanisms to the accuracy of the fair value estimations. The strength of a bank’s corporate governance mechanism is value relevant to all levels and of particular importance to its level 3 valuations. Investors believe that high-quality corporate governance produces more value relevant fair value entries. The second group of hypotheses tested in the thesis relate to the question whether the quality of the accounting information has improved over time. The recent financial crisis enhanced the demand for accounting information of higher quality and to that direction standard setters have set various regulations and launched or modified Accounting Standards to secure increased trustworthiness of information. The thesis is the first to evaluate the contribution of those recently implemented accounting and regulatory factors to the quality of financial statements by conducting a before-and-after analysis in the European banking setting. The study provided evidence that quality of accounting information, measured using metrics of earnings management, timely loss recognition and value relevance, has improved in some areas but deteriorated in other. In more detail, the thesis suggests that in the postfair value hierarchy period the quality of some metrics has been improved compared to the pre-fair value hierarchy period. In particular, on the one hand, the quality has improved as regards small net income manipulation, more timely recognition of losses and higher value relevance of stock price and net income (when stock returns are positive). On the other hand, the quality has deteriorated with respect to earnings smoothing and value relevance of net income (when stock returns are negative). Another interesting part of the study analyses quality of financial information in the course of time in an effort to identify possible trend and connect quality to influencing factors. It has been observed that the quality of financial information follows the same direction fluctuations as the EU economic cycle; therefore, entries are influenced by the state of the economy. The third area of interest in the thesis is the research of whether there is a link between accounting and financial stability and the analysis of the factors that can threaten the financial system stability. The thesis examines first the existence of procyclical book leverage in bank’s financial statements and then connects it to the factors that can potentially influence it. Understanding the factors that can influence procyclicality i.e. the amplification of otherwise normal cyclical business fluctuations, means that the interested parties can predict drawbacks and be protected. The research is the first to provide a broad and comprehensive analysis of the determinants of procyclical leverage in the EU bank setting. With reference to the issues of procyclical leverage the study establishes a positive association between economic growth, asset growth and book leverage. Relevant association with market volatility is not observed. Fair value accounting is proved having a positive relation to procyclical leverage both in periods of expansion and of contraction. The importance of this finding lies on the interpretation of this result that wrong fair value estimates can be a threat to future crisis. The next area examined is the role of regulatory items on procyclical leverage. Statistical results reveal that lagged book leverage and risk weight are associated with stronger procyclical leverage, whereas regulatory capital ratio effect is not critical. Results show that well capitalized banks are less constrained to increase book leverage when they expand. Lastly, the relation between risk-asset weight and accounting leverage is proved to be negative. EU banks following the crisis are more conservative and maintain a low-risk profile following the newly imposed regulatory constraints. The thesis concludes that the reduction of risk asset weight in a bank’s portfolio increases accounting leverage procyclicality.

In today’s highly turbulent economy and increasingly complex organisational environment, continuous change and improvement becomes an absolute necessity for survival and prosperity. Undoubtedly, effective change and improvement can be greatly facilitated by Organisational Learning. In this way, organisations can reach the so much desired sustainable competitive advantage. This can be realised by transforming them into Learning Organisations that can efficiently and effectively achieve their goals. It is for this reason that it is important to investigate Organisational Learning and the concepts of Learning Style preference, Learning Source preference and Individual Learning Propensity, Individual Learning Capability, Organisational Learning Capability and Learning Organisation. An awareness of these concepts and their understanding with a thorough study of the effects of their interrelations, give us the know-how on learning practices that lead to organisational effectiveness. This thesis proposes a model on the interrelationship between Individual Learning Propensity, employees’ Individual Learning Capability and Organisational Learning Capability. Such a model would contribute to the assessment of organisations in their efforts to promote a Learning Culture in organisations and become Learning Organisations. Based on an extensive Literature review, gaps were identified and a conceptual model worth investigating was developed. Based on the conceptual model a cross sectional study was conducted by administering a survey given to employees of different occupational categories in the hotel industry in Cyprus. The results obtained from the survey were analysed through Exploratory Factor Analysis and the model was validated through Confirmatory Factor Analysis, using the IBM software packages SPSS and AMOS. Following the above, a System Dynamics (SD) model was developed based on Social Learning Theory and Diffusion Theory. Through an experimental procedure between different scenaria on the diffusion of learning among learners in an organisation, the impact of the timing effects of the constituent parts of Individual Learning Propensity, Individual Learning Capability and Organisational Learning Capability, together with additional parameters such as the Learning Infrastructure is studied. The results of the study reinforce the view that Learning being a precious commodity, can be obtained by employees at the individual level and transferred among employees’ teams into Organisational Learning. Finally, by residing on the infrastructure of the organisations, Learning can push the organisation to qualify as a Learning Organisation, thus giving to it a competitive advantage against its competitors in the Cypriot economy. According to the results of the study there is evidence to support the view that Learning Style preference, Learning Source preference and Individual Learning Propensity of employees in the Cypriot Hotel Industry, positively affect the Individual Learning Capability of employees which in turn positively affects the Organisational Learning Capability, thus enabling the organisation to reach the status of a Learning Organisation. Further, by applying and improving important parameters such as the Learning infrastructure and e-Learning applications, the Learning Culture can be promoted.

With the rapid growth of technology and communication, the number of companies engaging in international trade has increased substantially, resulting in a more efficient way to achieve success, sustainable growth and to respond to an extremely demanding market. However, due to practical and financial aspects, exporting has been the most popular and fastest growing mode of international market entry. The current empirical research has been conducted by using a longitudinal case studies approach, as this method it is considered more accurate and valid for qualitative research. The primary qualitative data/information has been collected in two distinct phases (descriptive phase which was conducted using in depth personal interviews & site visit observations, and exploratory phase which was performed by adopting semi structured interviews). In addition, the researcher has a follow up interview with the six Cypriot juice companies that participated in the in-depth personal interviews to validate and confirm the proposed model/classification as well as the derived factors comprised the model. Overall, the key findings suggest that the major barriers and constraints that the six Cypriot manufacturing-export organizations face, when engaged in export business, are largely consistent with the findings of previous works in this area. However, the empirical evidence from the study strongly suggests that the maturity export stage of the organisation can contribute positively to the company’s export development. This along with constant investment in process and procedures enables the organisation to minimize or even to eliminate the level of strength of those barriers and having successful results in the potential foreign market. Furthermore, after having identified forty-five barriers and constraints the author proposed a detailed 6-stage export model/classification as a contribution of the theoretical framework to the Cypriot manufacturing exporting organizations. Additionally, this study contributes to academia by extending current research about export and aims to give more thorough insights into the narrow export literature on the Cyprus case. Lastly, the findings of the current updated study provide some useful theoretical and practical implications to enterprises and policy makers for further development. This research aims to drive best Practices approaches for the Cypriot manufacturing-export organizations to become successful exporters. The objectives of this study is four-fold. (1) To critically review the current literature review for international trade and export activities. (2) Commence a longitudinal case studies approach insight the Cyprus juice industry. (3) To analyse and evaluate primary data and to develop Best Practises for the Cyprus export industries. (4) The identification and ranking of the success factors that adopted by the Cypriot manufacturing-export organizations.

In recent decades, emerging nations have grappled with significant societal challenges in reshaping certain cultural norms, that are both ethically objectionable and detrimental to human well-being, such as the practice of Female Genital Mutilation (FGM). These deeply ingrained cultural practices lack valid justification, yield no discernible benefits, and result in persistent health risks and physical harm. FGM, acknowledged worldwide as a grave violation of human rights, is a form of violence directed towards women and girls, emblematic of gender inequality. Numerous non-governmental organizations (NGOs) have substantially committed to addressing these societal concerns by employing scientific methodologies to eliminate these detrimental traditions. FGM, also referred to as female circumcision, remains one of the most alarming practices within underdeveloped and developing nations. It encompasses excisions or genital cuts, encompassing procedures that involve partial or complete removal of external female genitalia for non-medical purposes. The World Health Organization (WHO) characterizes female genital mutilation as deliberate procedures that cause modifications or injuries to female genital organs for non-medical motives. This practice carries an array of complications, ranging from urinary problems and bleeding to infections, and can even lead to childbirth-related complications resulting in newborn fatalities. Typically conducted between infancy and age 15, this practice breaches girls' rights to make vital decisions about their sexual and reproductive well-being, as it is often performed without consent and frequently against their will. The United Nations International Children's Emergency Fund (UNICEF) addresses the issue of FGM powerfully in Sudan. Numerous programs were issued by different NGOs besides UNICEF in order to mitigate the practice of FGM in Sudanese society. This inspires me to evaluate how society's attitudes towards FGM have shifted following the implementation of social marketing interventions. Despite the existing body of research on assessing the effectiveness of such programs in influencing the behavior of individuals subjected to FGM, there remains a gap in comprehensively measuring the influence of awareness programs on shaping the overall societal behavior regarding FGM. The objective of this study is to bridge this gap by creating and assessing an integrated conceptual framework. This framework draws upon the Technology Acceptance Model (TAM), along with insights from social psychology including the Unified Theory of Acceptance and TAM2 to create a model that quantifies the degree of behavioral change. The aim is to establish a comprehensive structure for investigating the influential factors that shape adopting the newly introduced behavior of discontinuing FGM within Sudanese society. Furthermore, this framework examines how Hofstede's four cultural dimensions at an individual level, along with a range of personal distinctions, moderate the key determinants impacting the behavioral intention to embrace the advocated practice of abandoning FGM. The study gathered a total of six hundred questionnaires from a representative sample of individuals who have enrolled in awareness programs addressing the risks associated with FGM. To ensure reliability and validity, Confirmatory Factor Analysis (CFA) was employed, and the hypothesized conceptual model was assessed using Structural Equation Modeling (SEM) in conjunction with multi-group analysis techniques. The findings of this study reveal that the independent variables Subjective Norms (SN), Facilitating Conditions (FC), Voluntariness (VOUL), and Experience (EXP), in addition to other cognitive dimensions such as Perceived Usefulness (PU), Perceived Ease Of Use (PEOU), will be the significant determinants of Behavioral Intentions (BI) and the Actual Use of FGM abandonment (AU). Also, the findings prove that there are differences between ethnic groups in terms of PEOU, PU, FC, SN, BI, and AU. The results of the Multiple Group Analysis (MGA) reflect that demographic factors have a moderation effect on the adoption of the new behavior of abandoning FGM. Collectively, the proposed model achieves an acceptable fit and explains 26.32% of the variations of the direct determinants in the actual adoption (AU) of the promoted behavior. The outcomes indicate that when it comes to understanding people's intentions and the contexts in which adoption occurs, factors at the individual, social, cultural, and organizational levels play a crucial role. Furthermore, this study contributes to existing knowledge by demonstrating that the extended Technology Acceptance Model (TAM) can be effectively applied in countries like Sudan, and it offers noteworthy insights that hold significance for theoretical advancement and practical implementation across individual, organizational, and societal dimensions.

The current information era calls for a stakeholder approach when preparing financial statements. This enhances the usefulness of financial statements that may be relevant to a variety of stakeholders. The present study involves a mixed method research in Cyprus aiming to establish which themes (out of 32 in total) corporate intermediate stakeholders wish to include in the financial statements, as part of a broader economic evaluation. At the same time, the company discloses its corporate identity to its stakeholders (such as its customers), as part of an effort to sustain its competitive advantages. The qualitative research reveals different transferability depending on the type of stakeholder, which vary from 65% to 90%. Most of the variables are transferable, and indeed stakeholders require a plethora of information for their decision-making purposes, ranging from organization behavior to management and corporate strategy. However, certain interviewees distorted the sample. In addition, the quantitative research supports, to a great extent, the results of the qualitative analysis, and the researcher obtained a strong R Square in all four stakeholders. For customers 1, he obtained an R2 of 0.425 (16 predictors), for customers 2 an R2 of 0.042 (1 predictor), for suppliers an R2 of 0.400 (11 Predictors), for employees 1 an R2 of 0.284 (16 predictors), for employees 2 an R2 of 0.367 (4 predictors), and for shareholders an R2 of 0.473 (15 predictors). Most of the variables are valid as they produce a positive standardized beta coefficient value. Therefore, stakeholders do require a plethora of business information for their decisionmaking purposes. In-line with the above, the author’s contribution to science is the multistakeholder approach in developing financial statements (multi-stakeholder corporate evaluation). This approach is based on the Expanded Balanced Scorecard model and the Integrated Reporting framework (of the EU Directive on the provisions of non-quantitative information). In addition, the author’s contribution to science is the additional qualitative information required to supplement the financial statements, as extracted from this research, as well as an additional opinion paragraph in the auditors’ report.

Understanding organizational change remains of paramount importance for the progression of organizational science theory, as complexity and ambiguity are embraced as inseparable constituents of organizational life. Acknowledging this inseparability between change, complexity and ambiguity has led to the development of new change conceptions that emphasize the criticality of understanding the processes that lead change, over past concentrations on explaining and predicting its outcomes. This has opened the route for new explorations and the incorporation of new perspectives, even in widely researched contexts, as it is the case of M&As. In fact, the context of M&As presents one fruitful arena for exploring the implications of these new change theorizations, as the integration of previously independent organizations presents unparallel challenges, that have not yet been fully understood or effectively managed by extant theory and practice. Using the sensemaking perspective as the foundation for understanding organizational action, this study explores the connections between identity change and strategy, in two financial services institutions, Fin Bank and Deposit Bank, both of which had to undergo a series of transformative changes, in course of an economic adjustment program. Specifically, through the application of an exploratory, qualitative case study research design, this study explores how organizational identity and strategy dynamics intertwine during post-acquisition integration, to facilitate adaptability in the newly formed entities. At the same time, the under-researched case where M&As occur as part of an economic adjustment program, provided an opportunity for exploring how the nature of change, in this case imposed strategic change, influences the progression of post-acquisition integration processes. Insights from this study contribute to our understanding on how identity work efforts interconnect with strategy related processes to remedy the disruptions caused by the imposition and enactment of M&As. Specifically, the emergence of the three processes of “sensegiving via strategy formulation”, “sensemaking via strategy implementation” and “authenticating” provide insight on how agentic activity informed new identity conceptions, through the negotiation of new social structures during the implementation of knowledge-based work. This contributes to a growing research agenda concerned with the interaction and possible connections between different kinds of work, while the examination of imposed strategic change in the context of M&As informs extant interpretations on how the nature of change and characteristics of decision-making processes influence the progression of post-acquisition integration.

The main objective of this research project is to address and respond to the question whether after the international financial crisis of the 2008, exploitation of peripheral Economic Monetary Union (EMU) countries by developed EMU core countries is further institutionalized and widened. This study is developed across three interrelated sections. Firstly, the analysis of the Economic Monetary Union wide, post 2008 capitalist crisis architectural transformation in terms of the major economic governance reforms. The cited reforms included the newly enhanced Multilateral Surveillance in the European Monetary Union, the TFEU, the European Semester, the Prevention and correction of macroeconomic imbalances, the European Stability Mechanism, the Euro Plus Pact, the Capital Markets Union and the EU Banking Union. It has secondly identified the interconnection of structural fiscal, labour and product market reforms imposed under Economic Adjustment Programmes (EAPs) of “financial support” to the countries of the periphery namely Ireland, Portugal, Greece and Cyprus. The third and last part of the study, after refining and applying criteria which originate in class based and dependency theory approaches, has compared results of structural reforms analysed, that is social repercussions on the level of wages and income; consumption; social protection; privatization; profits, and investment indicators of non-financial enterprises including foreign direct investment and assets of financial organizations to identical criteria for two core euro area countries, namely Germany and France. Findings can be summarized as per the following. Firstly, each reform at the level of the EMU, despite its own merits is part of the holistic transformational power exerted by the new stage of the EMU. It was found that the institutional framework established, has widened uneven development between core advanced economies and the periphery in light of embedding the dogma of competitiveness. It appears that the new EMU context is conducive to creating conditions of attracting investments from capital surplus, increasing capital profits and widening exploitation and thus social disparities. The restructuring of the EMU took place as a continuation of the asymmetries and social gaps founded with the Maastricht Treaty and the 2008 systemic crisis. Second, new institutions and reforms capable of widening class-based disparities have appeared which despite some variations in each country, pave the way for securing an attractive to business and profits environment aimed at increasing competitiveness, restructuring the wage setting mechanisms in the periphery. Finally, structural reforms reviewed at the periphery level, have produced significant social disparities within the countries of the periphery and in comparison, to the core and euro area average performance. The country or the region with more accumulated capital, that is core countries within and outside the European Monetary Union (for instance USA Private Investment Funds), especially Germany -which generates one fourth of the euro area Gross Operational Surplus and where income from equity of corporations is almost three times the euro area average and FDI net position in euro has increased by three time since the eruption of the 2008 crisis have led the engine of capital surplus investment to produce “growth” to the periphery, a development pattern “reminiscent of Hobson-Lenin theory of imperialism”. As were the tremendous changes undergone by the world capitalist system (Pröbsting, 2016) such is the corresponding transformation in the EMU. The post capitalist crisis European Monetary Union institutional transformation (via establishing the new economic governance) created an environment more conducive to less regulation, less control of uneven development and thus increased exploitation. National corporations in the periphery, appear at a more advantageous position in conditions where structural fiscal, labour and product market reforms -directed through the Economic Adjustment Programmes and post programmatic surveillance- have reallocated resources in favour of private capital, at the expense of the less protected labour. The working class, which is under a regulated pressure of controlled by business competitiveness nominal labour cost, is closer than ever in the post Maastricht-EMU inauguration era to mere subsistence whereas social protection is now less “generous” with the dignity of peoples’ lives. Therefore, the EMU architectural redesign and imposed EAPs are found to exacerbate uneven development between the center and the periphery of “Southern” states in the euro area, increasing exploitation; despite country variations, a comprehensive rearrangement and deepening of social disparities within the periphery is identified; class structure and balance of power within peripheral societies does not remain intact. Profiteers in the face of corporations take advantage of new political and social conditions whilst the labor is severely affected. These tendencies, is suggested, reflect the main characteristics of the transformative structural changes intended at the nucleus of the EMU.

Ο στόχος αυτής της μελέτης είναι να διερευνήσει και να παρουσιάσει μια ολοκληρωμένη ανάλυση του κατά πόσον οι ποιοτικές οικονομικές καταστάσεις μιας επιχείρησης λαμβάνονται υπ όψιν στη συνομολόγηση δανείου, σε δείγμα εταιρειών ιδιωτικού δικαίου και οι οποίες δεν ανήκουν στον χρηματοπιστωτικό τομέα. Οι εταιρείες αυτές ανήκουν στις (4) τέσσερις πιο ισχυρές οικονομίες της Ευρώπης όπως καθορίζεται από το ΑΕΠ (Ακαθάριστο Εγχώριο Προϊόν), Γερμανία, Ιταλία, Γαλλία και Ρωσία. Για να μετρηθεί κατά πόσον σχετίζονται η ποιότητα οικονομικών καταστάσεων΄των ιδιωτικών εταιρειών από την σύναψη υψηλών δανείων από τις τράπεζες, χρησιμοποιείται το μοντέλο παλινδρόμησης , όπως έχει περιγραφεί και επαληθευθεί από τους Bhattachaya et al (2003), Leuz et al (2003) και Bharath et al (2008). Το μοντέλο αυτό χρησιμοποιεί τρεις εξαρτημένες μεταβλητές: την εξομάλυνση κερδών (earnings smoothing), διαχείριση κερδών (earnings management), και τον χρόνο γνωστοποίησης των οικονομικών καταστάσεων. Επίσης χρησιμοποιούνται μεταβλητές ελέγχου για επιβεβαίωση των προβλέψεων. Τα ευρήματα δείχνουν ότι η συνάφεια του ύψους των δανείων των ιδιωτικών εταιρειών συσχετίζεται σημαντικά με την ποιότητα των χρηματοοικονομικών αναφορών. O συντελεστής μεγέθους της εταιρείας (SIZE) είναι αρνητικός και υποδηλώνει ότι οι μεγαλύτερες εταιρείες αποκαλύπτουν τις πληροφορίες τους πιο συχνά και άρα έχουν λιγότερη τάση στο να χειρίζονται τα κέρδη τους. Επίσης ο συντελεστής σύμβασης χρέους (DEPT) είναι πάντα θετικός και με βάση αυτό συμπεραίνουμε ότι η δανειοδότηση των εταιρειών από τα τραπεζικά ιδρύματα συσχετίζεται σημαντικά με τη διαχείριση των κερδών τους. Οι μόνοι συντελεστές που δεν παρέχουν σημαντικά αποτελέσματα είναι ο συντελεστής κερδοφορίας (ROA) και οι ταμειακές ροές από λειτουργικές δραστηριότητες (CFO). Όσον αφορά τον συντελεστή R2, λαμβάνει αρκετά υψηλή τιμή, και υποδηλώνει την ισχυρή είναι σχέση μεταξύ της διαχείρισης κερδών και της σύναψης δανείων. Αυτή η μελέτη θα μπορούσε να βελτιωθεί στο μέλλον, μελετώντας ξεχωριστά τη σχέση σύναψης των δανείων με τα τραπεζικά ιδρύματα με τις χρηματοοικονομικές αναφορές τόσο για κάθε χώρα ξεχωριστά σε Ευρωπαϊκό Επίπεδο, όσο και ανά ήπειρο συγκεντρωτικά.