Article

 

DIVIDEND PAYOUT AND CORPORATE GOVERNANCE ACROSS THE GREEK LISTED FIRMS (p.11-18)

by

Iraklis Apergis, ATHENS SCHOOL OF ECONOMICS AND BUSINESS

Sofia Eleftheriou, UNIVERSITY OF PIRAEUS

Keywords : Dividend payout, Corporate governance, Greek listed firms

JEL classification : G30, G34

Abstract

This paper seeks to test the outcome and substitution agency models of dividends at different stages of the corporate life-cycle. In a sample of Greek listed firms, the empirical analysis shows that the outcome model of dividends, which predicts that dividend payout increases in the strength of shareholder rights, prevails along the corporate life-cycle, but only where creditor rights are strong. Therefore, the agency cost of equity and debt versions of the outcome model of dividends holds. The findings document no evidence in support of the substitution model of dividends. Moreover, the results serve to highlight the profound influence that creditors exert on corporate payout policies. When shareholders enjoy considerable legal rights, but not so creditors, creditors demand, and firms consent to lower dividends.

 

 

EUROPEAN YOUTH GUARANTEE: A NEW PATHWAY FOR THE TRANSITION OF YOUNG PEOPLE TO THE LABOUR MARKET? (p.19-40)

by

Sofia Boutsiouki, UNIVERSITY OF MACEDONIA

Keywords : Youth Guarantee, European policy, youth, labour market, employment, education and training

JEL classification : I25, I28, J20, J24

Abstract

In recent years the European Union undertakes multilevel actions in order to address the consequences of the 2008 financial crisis and the rising socio-economic challenges. The Youth Guarantee Initiative was introduced in an effort to proactively endorse youth transition to the labour market amid unfavourable employment prospects. First, the paper explores the determinant circumstances which incited such an initiative. Then, it analyses its aims and focuses on the opportunities, the challenges and the prospects of the initiative on a symbolic and a realistic basis. Finally, it highlights deficiencies that would hinder its implementation, in order to indicate potential policy interventions.

 

 

STRATEGIC COMPETITION ANALYSIS AND GROUP MAPPING: THE CASE OF THE GREEK INSURANCE INDUSTRY (p.41-65)

by

Yiannis Yiannakopoulos, Hellenic Open University

Anastasios Magoutas, Hellenic Open University

Panos Chountalas, Hellenic Open University

Keywords : Strategic management models; Competition analysis; Strategic group mapping; Insurance industry

JEL classification : G22, L11

Abstract

This study aims to investigate the use of classic strategic management models for the competition analysis of the Greek insurance industry. In this direction, the application of the macro-environment analysis model, the industry life cycle model and the Porter’s five forces model is concisely described. Special focus is put on the application of the strategic group mapping model, in order to examine the comparative positions of rival firms. The aforementioned models are applied to the Greek insurance industry for the decade 2004-2013 and conjointly reveal the factors that force and transform the competition environment. Results demonstrate that an analyst using classic strategic models can monitor the competitive dynamics and identify opportunities and risks for the Greek insurance companies.

 

 

CULTURE DIFFERENCES OF CHINESE AND AMERICAN TRADITIONAL FESTIVAL (p.67-72)

by

Jingnan Gao, HEBEI UNIVERSITY OF ECONOMICE AND BUSINESS

Xiaoli Wu, HEBEI UNIVERSITY OF ECONOMICE AND BUSINESS

Keywords : Traditional festivals, Chinese and American culture, cultural differences, mutual fusion

JEL classification : Q3, Q4

Abstract

The culture of traditional festivals are different between China and America. This article is designed to discuss the differences in customs, origins and other aspects of traditional festivals with the similar cultural connotation, analyzes the reasons lying behind the differences and reflects the cultural differences between the two nations. The article also analyzes the mutual fusion in traditional holidays between China and America.

 

 

LITERATURE REVIEW ON SELF-GOVERNANCE OF VILLAGERS (p.73-79)

by

Jihua Wu, HEBEI UNIVERSITY OF ECONOMICS AND BUSINESS

Wanxian Li, HEBEI UNIVERSITY OF ECONOMICS AND BUSINESS

Keywords : Villagers' autonomy, election, legal system, meaning, review, limitation

JEL classification : H4

Abstract

Villagers' autonomy is an important system of a special form of socialist democracy with Chinese characteristics. It is expected to improve the villagers' participation in rural management and promote the village democracy. There are many different academic views on villagers’ autonomy in the past literature. However, we can still find a lot of problems in the practice. The meaning and difficulties of self-governance of villagers are focused by reviewing the previous literature in the process of villagers’ autonomy. The election is one of the important problems in villagers’ autonomy practice, as well as other issues, and suggestions also discussed for further development of villager's autonomy.

 

 

PUBLIC UTILITIES PRIVATIZATIONS IN OPEN ECONOMY: A LITERATURE REVIEW (p.81-95)

by

Kostas Karamanis, TECHNOLOGICAL EDUCATIONAL INSTITUTE OF EPIRUS

Eirini Triarchi, TECHNOLOGICAL EDUCATIONAL INSTITUTE OF EPIRUS

Keywords : Public Utilities, Privatization, Competition, Regulation, Telecommunication

JEL classification : L11, L12, L32, L96

Abstract

The purpose of this paper is to record important studies and to draw useful conclusions on the effects of structural changes in public utilities. As a case study the telecommunications markets will be analyzed, since in almost all developed and developing countries the telecommunication sector has experienced a transition process from a highly regulated stated –owned monopoly to a liberalized competitive market regime. In particular, the impacts of the privatization of the traditional organizations, introduction of competition and the establishment of an independent regulatory authority related to market performance indicators such as telephone penetration, amount of investments, prices and quality of service, employment and labor productivity, will be examined.