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In recent years, the use of mathematics in modern economics has generated criticisms, both from the profession (economists) as well as from other scientists concerned with the epistemological context of social sciences. In our paper we present representative views of these two groups and also the trend towards new approaches in economics, namely the use of game theory, simulation models and the study of social behaviour and evolution.

Aim of the present monograph is the economic analysis of the role of MNEs regarding globalisation and digital economy and in parallel there is a reference and examination of some legal aspects concerning MNEs, cyberspace and e‐commerce as the means of expression of the digital economy. The whole effort of the author is focused on the examination of various aspects of MNEs and their impact upon globalisation and vice versa and how and if we are moving towards a global digital economy.

The purpose of this paper is to examine the determinants of profitability for a sample of Greek non‐financial firms listed in the Athens Stock Exchange for the period 1995‐2003. This is a very important period for the Greek economy on the way to European monetary union (EMU).

The methodologies employed include panel data estimation techniques. This research attempts to exploit the determinants of firm profitability of non‐financial Greek firms listed in Athens Exchange utilizing firm‐specific publicly available accounting variables using panel data estimation techniques rather than cross‐sectional analysis.

According to the findings, firm profitability was positively affected by size, sales growth and investment and negatively by leverage and current assets. Additionally, we found that the EMU participation and the adoption of the euro were negatively related to firm profitability.

Taking into account the fact that the Greek economy has undergone significant transformation during the period under examination on its way to join EMU and to adopt the euro currency, a model has been formulated where both firm‐specific and economy wide factors determine firm profitability.

This paper focuses on a less developed and efficient stock market. In contrast to previous studies that did not take into account the convergence of the Greek economy to EMU averages and the subsequent adoption of the euro, this paper analyses data for the pre‐EMU and the post‐EMU periods in an attempt to quantify a potential macroeconomic effect on firm‐specific profitability.

This paper aims to conceptualize impacts of higher education institutions (HEIs) on sustainable development (SD), complementing previous literature reviews by broadening the perspective from what HEIs do in pursuit of SD to how these activities impact society, the environment and the economy.

The paper provides a systematic literature review of peer-reviewed journal articles published between 2005 and 2017. Inductive content analysis was applied to identify major themes and impact areas addressed in the literature to develop a conceptual framework detailing the relationship between HEIs’ activities and their impacts on SD.

The paper identifies six impact areas where direct and indirect impacts of HEIs on SD may occur. The findings indicate a strong focus on case studies dealing with specific projects and a lack of studies analyzing impacts from a more holistic perspective.

This systematic literature review enables decision-makers in HEIs, researchers and educators to better understand how their activities may affect society, the environment and the economy, and it provides a solid foundation to tackle these impacts.

The review highlights that HEIs have an inherent responsibility to make societies more sustainable. HEIs must embed SD into their systems while considering their impacts on society.

This paper provides a holistic conceptualization of HEIs’ impacts on SD. The conceptual framework can be useful for future research that attempts to analyze HEIs’ impacts on SD from a holistic perspective.

Foreign direct investment (FDI) flows for infrastructure development have grown in volume to become more widely dispersed among home (outward investor) and host (recipient) countries. This paper aims to explore the short-run causal relationship between FDI and infrastructure development in the developing country of Ghana.

A two-stage least squares estimation method was adopted where FDI was endogenized, and all variables were in constant prices. Stationarity tests were performed on the annualized log difference of variables using augmented Dickey–Fuller test (ADF).

Results reveal a positive and significant relationship between FDI and infrastructure but a negative and significant relationship between FDI and GDP and FDI and openness. GDP growth also has a long-run negative relationship with FDI inflows.

The paper’s contribution to knowledge is two-fold. First, it examines the short run effect of FDI upon the Ghanaian economy and how market shocks to FDI and infrastructure development can be ameliorated. Second, it illustrates that government policymakers should prioritize development that requires FDI and ensure that the local market is not excessively open to foreign exploitation. Future work is required to further investigate international capital flow and its impact upon other developing nations.

The purpose of this paper is to focus on how investments in research and development (R&D) and advertising affect the performance of small- and medium-sized enterprises (SMEs) during recessions.

Contingency theory is applied to a data set of 376 Italian clothing SMEs during the period 2000-2010 to test whether investment in R&D and advertising impacts financial performance differently when contingent factors (such as market share, financial leverage and business model change) are taken into account.

Empirical results confirm that market share and leverage moderate the effects of investments in R&D and advertising (i.e. intangibles) on performance, and also that changes in business models are an important contingent factor that explains performance. Specifically, the paper ascertains that a novelty-centered business model, together with investments in intangibles, positively affects performance during recessions.

This study offers an input to the debate on how SMEs develop and sustain their competitive advantage during the recession. It contributes to existent theory by showing whether and how contingencies, such as a firm's market share and leverage, moderate the relationship between performance and investments in R&D and advertising in SMEs. Second, it addresses the call for additional data “about the strategic effects of business models and how they influence the positioning of firms in their competitive environment” (Amit and Zott, 2008, p. 20) by introducing business model change/innovation as a new contingency factor and by empirically testing its effects on “objective measures of firm performance” (Bock et al., 2012, p. 301).

The purpose of this paper is to: study the relative efficiency between hotels operating under a brand and hotels operating independently, on the island of Crete, Greece; identify the inefficiency causes; and suggest managerial implications to relevant business experts and managers in order to increase hotel efficiency in Crete and in other tourism destinations with similar characteristics.

The sample is constituted by 50 superior hotels (luxury and class A) operating in Crete in 2008: 25 hotels are operating as totally independent and 25 hotels are operating under a brand. The efficiency for the above hotels is estimated through the data envelopment analysis methodology.

First, nationally branded hotels are relatively the most efficient; internationally branded are the least efficient, while those operating under a local brand and the independent ones lie in between. This efficiency ranking can be explained by the interplay between operating under a brand and being flexible to changes in the local market's conditions. Second, the hotels' inefficiency cause is mainly due to the input/output configuration and not due to their management teams' performance to organize the inputs in the production process.

A direction for future research could be to enrich input and output variables. The paper could also be extended through a larger sample of hotels and an enriched data set covering more variables for more than one year, so as to study the dynamics of hotel efficiency. The larger sample could also contain hotels from other popular tourist destinations in Greece.

The inefficiency causes are identified and, moreover, suggestions are made to hotel owners and managers, at the level of strategic and operational management, so as to increase hotel efficiency.

This is the first study measuring hotel efficiency in Greece. Moreover, it identifies the inefficiency causes of hotels and offers suggestions, at the level of strategic and operational management, so as to increase hotel efficiency, which are applicable to Crete as well as to other tourism destinations with similar characteristics.