Article

 

Firm-Specific Determinants of Productivity Gaps between East and West German Industrial Branches (p.11-38)

by

Johannes Stephan, Halle Institute for Economic Research Halle (IWH) (Germany)

Keywords : Productivity gap, East German industry, firm-level analysis

JEL classification : L6, M2

Abstract

This research assesses the firm-specific reasons for lower productivity levels between West and East German firms. The study is based on a unique data-base generated by field work in the two particularly important sectors of machinery manufacturers and furniture manufacturers. Our results suggest that the quality of human capital plays an important role in explaining lower productivity levels, as well as particularly networking activities, and the use of modern technologies for communication. Classifying those as management-functions beyond the organisation of the production process itself, we identify management-deficits as the main firm-specific determinants of productivity gaps between West and East German firms.

 

 

Growth and Technological Change in the Russian Economy: a Contribution to the Investigation of Russia’s Economic Crisis (p.39-62)

by

George E. Economakis, University of the Aegean (Greece)

John G. Milios, National Technical University of Athens

Leonidas Maroudas, University of the Aegean (Greece)

Panayotis G. Michaelides, National Technical University of Athens

Vassilis Aggelis, University of the Aegean (Greece)

Keywords : Russia, Cobb-Douglas, growth accounting, technology, crisis, recovery

JEL classification : P26, O10

Abstract

The present paper uses the “growth accounting” methodology to estimate technological change, in an attempt to formulate an explanation of Russia’s economic decline and signs of recovery in the period 1992-1999 in relation to technological change. The results do show that, despite the general economic collapse during the 1990s rooted in the very structure of the Soviet economy, the level of technology has practically remained unchanged which, in turn, prevented the Russian Economy from further deteriorating. Our empirical findings also show that the Russian economy tended to be a labour-intensive economy and this, possibly, explains the limited unemployment in the crisis period. We investigate these findings in relation to the type of class coalitions within Russian social formation. In this paper, we also examine the structural characteristics of the particular post-soviet form of socio-economic organization, in order to shed some light on the Russian economy’s evolution during the first years of transition.

 

 

Labour Productivity and Competitiveness: an Initial Examination of the Hotels and Restaurants Sector in Selected Countries (p.63-79)

by

G. Anastassopoulos, University of Patras

V. Patsouratis, Athens University of Economics and Business

Keywords : Tourism, competitiveness, labour productivity, employment

JEL classification : J24, L83

Abstract

In this paper we investigate the relationship between the market performance of tourism, productivity and employment. Previous studies have tested the hypothesis that cost and institutional factors are a major source of country differences in export shares in traditional sectors such as manufacturing. This study analyses the Hotels and Restaurants Sector (NACE 55) – one of the leading tourism sectors in France, Greece, Italy, Portugal and Spain with the highest degree of specialization - using a panel data set for 5 countries and 13 years (1990 – 2002). There is some evidence that labour productivity levels are important determinants in explaining competitive performance of these countries (i.e. the number of arrivals of non-resident tourists staying in hotels and similar establishments) in international markets. However, by keeping constant other exogenous (unobserved) variables, performance improvements of these countries, during this period, were found to be related more to increases in employment rather than to improvements in labour productivity.

 

 

Are Small Enterprises Ready for the Implementation of IFRS? The Case of Greece (p.81-116)

by

Jordan N. Floropoulos, Aristotle University of Thessaloniki

Odysseus E. Moschidis, ‘Saint Demetrius’ General Hospital

Keywords : international financial reporting standards (IFRS), small and medium-sized enterprises (SMEs), financial statements, disclosure, harmonization, Greek accounting standards

JEL classification : M400, M490, M190

Abstract

This paper investigates the level of readiness and the degree of familiarity among small and medium-sized Greek enterprises (SMEs) for the application of international financial reporting standards (IFRS). Readiness is defined as the capability for the full application of IFRS , and familiarity is understood in terms of the entity’s knowledge and competence in using IFRS. The present research is based on the statistical analysis of questionnaires completed by company accountants. Chi-square tests show that the level of readiness for the application of IFRS is not independent of: (i) whether the company is listed or unlisted; (ii) the size of the company; and (iii) the field of activity of the company. The results also show that the size of a company is not independent of: (i) the educational level of the accountant; and (ii) the years of professional experience of the accountant. No relationship is established between the company’s classification (as listed or unlisted) and the accountant’s level of familiarity with the application of IFRS. In addition, correspondence analysis is used to investigate the interdependence and interaction of all variables. The results of this analysis are presented in an ascendant hierarchy, thus allowing the variables to be classified into three groups of interest.