Business Administration (PhD) / Διοίκηση Επιχειρήσεων (PhD)

The objective of this thesis is to formulate a model that scrutinizes how investors endeavor to broaden the concepts of utilitarian and hedonic value in relation to outcomes such as consumer satisfaction, intentions for word-of-mouth communication, and intention propensity for future repurchase by dissecting the psychological mechanisms and factors influencing their purchasing decisions. The acquisition of a home constitutes a momentous milestone, signifying the advent of a new life phase. Given the multiplicity of elements implicated, it is indispensable to identify all relevant factors; accordingly, this study aspires to bridge the extant research lacunae. It covers various aspects that have not been previously studied in Cyprus or elsewhere. The research framework of this study entails an exhaustive review, synthesis, and analysis of germane literature concerning consumer intentions in real estate acquisitions. The procedure encompasses identifying and summarizing the objectives related to property acquisition as well as the factors impinging upon consumers' purchasing decisions. Based on the amassed materials, this research delineates the key determinants influencing consumer investment in real estate and develops a structured survey questionnaire for data collection from a specific demographic cohort. This quantitative study incorporates 314 buyers worldwide who have invested in properties located in Cyprus. The principal aim is to unearth the motivating factors or triggers influencing Chinese consumers' investment decisions regarding properties in Cyprus. A correlation analysis appraises these factors against property purchase objectives while accentuating their significance for clarity. Structural equation modeling assesses various hypotheses and investigates how variables influencing consumer behavior mediate the environmental influences on satisfaction levels, word-of-mouth intentions, and future repurchase plans. The findings emphasize the critical determinants shaping consumer behavior with an emphasis on both utilitarian and hedonic values while exploring how the functional and emotional aspects within the consumer environment affect satisfaction along with the relative significance of positive emotions within this framework. Furthermore, the employment of the Consumer Value Scale (CSV) within contexts encompassing novel service quality metrics in conjunction with product quality considerations accentuates infrastructure sustainability. This study seeks to establish a conceptual framework for the decision-making process involved in purchasing housing. Initially, it examines the definitions related to housing purchase decisions. Following that, it analyzes existing literature to identify commonalities in housing purchase intentions, preferences, and choices, ultimately leading to the development of a foundational conceptual framework, and the categorized elements that affect a consumer’s house purchase decision. Additionally, this paper explores how consumers behave as homebuyers during the housing purchase decision-making process. To achieve a more comprehensive comprehension, it is imperative to expand these findings across a multiplicity of countries. The study aims to provide useful information that could make Cyprus an appealing place to invest because it has the potential to change the lives of consumers and improve relationships between investors through effective systems designed to strengthen the real estate sector. Understanding the important behavioral factors will help lower risk over time while addressing inflationary pressures in a sustainable way. Understanding the implications of real estate investments not only benefits local economies but also enhances associated industry chains globally by elevating international professional standards.

Today’s businesses increasingly acknowledge that practicing sustainability not only benefits the society and the environment, but also could be a source of competitive advantage. Smart progressive firms are engaging in social sustainability and Corporate Social Responsibility (CSR) applications differentiating themselves from competition and creating higher reputation levels. Specifically, social sustainability could become a key factor influencing the performance of Small to Medium-sized Enterprises (SMEs). Even though several studies have been carried out mainly in the developed world on the role of Social Sustainability Practices (SSP), little has been done for the case of developing nations. Accordingly, this study is the first to investigate the effect of SSP on the overall business performance of SMEs in Lebanon. Departing from the Resource Based View (RBV) theory and strategic choice theory, the hypothesis here is that the implementation of SSP has a positive effect on the overall performance of SMEs in the Lebanese context. The research design employed in this study is mainly quantitative in nature, via a survey study administered to a representative sample of SMEs from the manufacturing sector in Lebanon. To ensure validity of the results, a random sampling procedure was followed to select a sample of 700 out of 4033 SMEs, getting 355 valid responses in total. Structural Equation Modeling (SEM) was utilized for analyzing the collected data and testing a set of hypothesized relationships. Findings from analyzing the validated structural model indeed showed moderate to strong positive direct effects between SSP and the overall performance of the firm. Moreover, significant indirect effects have been identified through the involvement of barriers, drivers, and the development of competitive advantage. This indicates that the implementation of SSP helps in increasing the level of the overall performance of SMEs including operational and social performance outcomes in addition to productivity improvement, organizational learning competency and an enhanced public image. Moreover, the results highlight the positive significant relationships between drivers and SSP, competitive advantage and SSP, and the resulting competitive advantage and the overall firm performance. However, contrary to expectations, barriers did not exhibit significant effects on SSP, competitive advantage, and performance. This unexpected result challenges the conventional wisdom in the SSP field as it does not align with the current literature findings. One explanation of this result might be the resilient culture of a specific country, such as Lebanon. This finding might imply that encountering barriers should not be always seen as preventive to SSP, however, firms might view barriers as opportunities to strengthen social sustainability initiatives. The overall research findings suggest that SMEs should implement SSP to enhance their performance. The study provides an invaluable contribution to the existing literature by adding more empirical evidence about the positive direct and indirect relationship between SSP and the overall business performance. Moreover, this thesis offers practical recommendations for SMEs leaders, practitioners, and policy makers. Further, the road is paved for future researchers to explore more studies related to social sustainability based on this research findings.

Purpose: This thesis embarks on a comprehensive examination of Lebanon's financial and banking sector in the context of the 2019 financial crisis, aiming to uncover its root causes, analyze its impacts, and propose pragmatic solutions to foster financial resilience, economic development, and long-term stability. The research addresses the precarious state of Lebanon's financial system, exploring key factors that exacerbated the crisis. It also seeks to offer recommendations for governance reforms and economic recovery strategies. Design Methodology/ Approach: A mixed-methods approach, integrating both qualitative and quantitative analyses, was employed to provide a holistic understanding of Lebanon’s financial instability. The qualitative component involved comparative case studies of financial crises several countries and semi-structured interviews with policymakers, economists, and financial professionals, while the quantitative analysis utilized regression models based on the Mundell-Fleming framework. Findings: The study's findings confirm that Lebanon's financial crisis was primarily driven by governance failures, political patronage, and ineffective financial frameworks. Empirical testing of the hypotheses revealed that fiscal policies (H1) and public debt levels (H4) significantly destabilized the economy, while monetary policy adjustments (H2) had mixed impacts. Trade imbalances (H3) further weakened the exchange rate and economic stability, while the effect of tax policies (H5) on stabilizing the economy was minimal. The research highlighted that political factors and institutional weaknesses were more influential than monetary interventions, reinforcing the need for comprehensive fiscal reforms and governance improvements to stabilize Lebanon's financial system. Originality: This research provides a novel contribution by integrating Keynesian Economics and Institutional Economics to analyze the intersection of economic theory with the realities of Lebanon's political and institutional landscape. The dual theoretical framework offers a fresh lens for understanding how political corruption and weak institutions fuel economic crises. 5 Furthermore, the study's comparative analysis of international financial crises broadens its applicability, suggesting that Lebanon’s situation is part of a broader global challenge facing nations with fragile political and economic systems. Practical Implications: The findings underscore the urgent need for comprehensive reforms in governance, fiscal management, and institutional accountability in Lebanon. Recommendations include currency stabilization measures, a revitalization of the banking sector, and fiscal deficit resolution. The thesis also advocates for multi-dimensional strategies focusing on SME and productive sector empowerment, market competition, and digital economy development as pivotal to fostering economic growth. Conclusions/ Recommendations: A multifaceted approach is essential to resolving Lebanon's 2019 crisis. Recommendations include dismantling political patronage networks, implementing fiscal reforms, enhancing regulatory oversight, and promoting financial governance transparency. By prioritizing these measures, Lebanon can build greater financial resilience and establish a pathway toward sustainable recovery and economic development, providing insights for policymakers in fragile states. Limitations: The primary limitation of this thesis stems from Lebanon's rapidly changing political and economic environment, which made it challenging to maintain the timeliness and accuracy of data. The country's internal instability and external geopolitical pressures created a shifting landscape, complicating the ability to draw fast and definitive conclusions. The dynamic nature of key variables required frequent recalibration of the analysis. Additionally, the lack of transparency in Lebanon's financial institutions, especially in the banking sector, led to reliance on estimations and indirect inferences. To address this, real-time data collection and continuous monitoring were employed, along with a multi-perspective approach to enhance analysis resilience. Bias in interview data was minimized by selecting a diverse group of interviewees and using standardized protocols

The Enron scandal, a significant event almost twenty years ago, intensely impacted the financial sector, revealing the severe consequence of unregulated corporate misbehavior. Following this catastrophe, major reforms were introduced, such as implementing the Sarbanes-Oxley Act and creating the Public Company Accounting Oversight Board (PCAOB). These measures aimed to restore confidence in financial markets. However, despite these changes, financial and accounting deceptions continue to occur, creating doubt about the reliability of corporate financial reports. Prominent investors, such as Warren Buffett, known as the Oracle of Omaha, have also been affected by financial fraud. This highlights the persistent difficulties in detecting and preventing financial fraud. It underscores the importance of comprehensively grasping the root causes of financial fraud. The main goal of the current study is to provide a framework to explore the risk factors (i.e., pressure, opportunity, and rationalization) within the domain of financial statement fraud (FSF) with a focus on how national culture and prosperity indices moderate this relationship. The research faces three primary challenges: The complexity of financial fraud, which arises from the multifaceted aspects of fraudulent practices; the high volume of existing (FSF) literature; and the diverse results across studies. To address these challenges, this study employs three interrelated methodological approaches: Bibliometric analysis, Systematic review, and Meta-analysis, each tailored to address distinct challenges. Bibliometric Analysis addresses the challenge of the overwhelming volume of literature by mapping the landscape of (FSF) research. This method systematically evaluates trends, author groupings, country contributions, and key journals using quantitative measures like citation counts and keyword co-occurrences. The use of machine learning, specifically Latent Dirichlet Allocation (LDA) topic modeling, uncovers emerging trends and thematic clusters within two decades of (FSF) research, providing a structured overview of the research domain. Systematic Review tackles the complexity of financial fraud by critically evaluating and synthesizing existing studies according to predefined criteria. This approach filters out irrelevant studies and focuses on high-quality research that directly investigates (FSF) risk factors. Meta-analysis addresses the heterogeneity of research findings by quantitatively combining results from individual studies. This method calculates effect sizes and by aggregating data across studies, meta-analysis harmonizes disparate findings and enhances the reliability and validity of conclusions drawn about the (FSF) landscape. Additionally, countries globally have been clustered based on their fraud scores, using the Corruption Perception Index (CPI) as an indicator, along with cultural Hofstede scores and prosperity indices. These results help managers understand how various cultural and economic factors influence the risk of financial fraud in different regions. By recognizing these moderating effects, managers can tailor their fraud prevention and detection strategies to be more effective, considering the specific attributes of the countries in which they operate. Based on this explanation, the current study contributes to the literature in four ways. First, this study pioneers the combination of bibliometric analysis with Latent Dirichlet Allocation (LDA) topic modeling in the field of finance. This integration helps uncover emerging trends and thematic clusters within two decades of FSF research, providing a structured and innovative way to analyze a vast amount of literature. Second, this study identifies key risk factors associated with (FSF), both quantitatively and qualitatively, as a comprehensive framework to detect and mitigate fraud occurrence. This allows for a more precise estimation of the effectiveness of the fraud risk factors concerning (FSF). Third, the study provides insights into the moderate effect of country-specific features, including national culture and prosperity factors, on (FSF) occurrence. These insights contribute significantly to behavioral forensics, a subfield of forensic accounting that focuses on understanding human aspects. Examining these country-specific factors helps gain a deeper understanding of the complex interplay between human behavior and the environment within financial fraud. Fourth, this study clusters countries globally based on their fraud scores, cultural dimensions, and prosperity indices. This clustering helps to identify patterns and differences in how various countries' features moderate the financial risk factors and detection of financial fraud across different regions. Recognizing these moderating effects will enable managers to develop more effective fraud prevention and detection strategies tailored to the cultural and economic attributes of different countries. This will enhance global efforts to reduce financial fraud. Keywords: Fraud Triangle, SAS No. 99, Meta-Analysis, Bibliometric Analysis, Topic Modeling, Smart Literature Review. Declaration of Work: This thesis represents my original work, embodying a genuine effort in scholarly research. I take full responsibility for its content and conclusions.

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.