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Abstract

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Managerial Finance, vol. 40 no. 12
Type: Research Article
ISSN: 0307-4358

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Article

Nikolaos Daskalakis, Nikolaos Eriotis, Eleni Thanou and Dimitrios Vasiliou

The purpose of this paper is to add to the existing literature by examining a number of hypotheses relating to the capital structure decision in relation to the firms 

Abstract

Purpose

The purpose of this paper is to add to the existing literature by examining a number of hypotheses relating to the capital structure decision in relation to the firms’ size, namely by distinguishing among micro, small and medium firms.

Design/methodology/approach

The paper examines the hypothesis that the factors determining capital structure are different for firms belonging to different size groups. The authors use a panel data model capturing the dynamic concept of capital structure.

Findings

The authors find that whereas the size of the firm does affect how much debt a firm will issue, it does not influence the relationship between the other regressors and debt usage.

Research limitations/implications

The paper examines the small and medium enterprises (SMEs). Does not examine the large firms.

Practical implications

During the last decade there has been a gradually increasing interest shown in the field of SMEs. These enterprises represent important parts of all economies in terms of both their total number and their job offer and job creation. For example, in the European Union (EU), in 2005, SMEs accounted for 99.8 percent of the total number of enterprises operating in EU-27, covering 66.7 of total employment in the non-financial business economy sector.

Social implications

This paper relates capital structure decision to firms’ size distinguishing them among micro, small and medium firms.

Originality/value

The paper tests differences in capital structure determination among different size groups of enterprises in a dynamic framework for more than one year.

Details

Managerial Finance, vol. 40 no. 12
Type: Research Article
ISSN: 0307-4358

Keywords

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Article

Dimitrios Vasiliou, Nikolaos Eriotis and Nikolaos Daskalakis

The purpose of this paper is to show that different methodologies may lead to different implications about the validity of the pecking order theory.

Abstract

Purpose

The purpose of this paper is to show that different methodologies may lead to different implications about the validity of the pecking order theory.

Design/methodology/approach

Using data from Greek firms as a starting‐point, the paper first investigates whether they follow the financing pattern implied by the pecking order theory and then illustrates that conclusions concerning the pecking order should be carefully shaped by researchers, as the methodology used can be misleading. Two different information sources are used; the first is data derived from the financial statements of the Greek firms listed in the Athens Exchange, while the second comprises the answers to a detailed questionnaire.

Findings

It is shown that a negative relationship between leverage and profitability does not necessarily mean that the pecking order financing hierarchy holds. Analysis should not rely solely on the mean‐oriented regression quantitative analysis to test the pecking order theory, as it refers to a distinct hierarchy.

Research limitations/implications

Further research should focus on investigating the reasons that underlie actual firm financing.

Practical implications

The fact that the pecking order is actually a hierarchy makes research in this field more complex. Analysts should consider this special feature of the pecking order approach when analyzing the existence of the pecking order financing pattern. The methodology followed is of crucial importance in the analysis of the existence of the pecking order financing pattern.

Originality/value

To the authors' knowledge, this is the first paper to test the pecking order pattern of financing using simultaneously quantitative and qualitative data, and to compare results and conclusions drawn from these two different types of methodology.

Details

Qualitative Research in Financial Markets, vol. 1 no. 2
Type: Research Article
ISSN: 1755-4179

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Article

Nikolaos Daskalakis, Robin Jarvis and Emmanouil Schizas

The aims of the paper are three‐fold: first, to analyse how small and micro firms finance themselves; second, to investigate what their financing preferences are; and…

Abstract

Purpose

The aims of the paper are three‐fold: first, to analyse how small and micro firms finance themselves; second, to investigate what their financing preferences are; and third, to explore their opinions on how they evaluate the financing sources and the various obstacles they face in accessing those sources.

Design/methodology/approach

The paper uses a sample of Greek small and micro firms, which cover 99.6 per cent of the total number of firms operating in Greece. The data are derived from the answers in a structured questionnaire.

Findings

The main conclusions are as follows. Regarding equity financing, firms rely heavily on their own funds and would not raise new equity from sources outside the family; thus, there is a reluctance to use new outside equity (venture capital, business angels, etc.). Regarding debt financing, firms denoted that they would use more debt, specifically long‐term debt, than they currently do. Thus, there are limitations in accessing long‐term debt financing. Regarding grant financing, micro and small firms should be better informed and encouraged more to participate in state grants and co‐financed programs; thus, there is an informational gap in grant financing.

Originality/value

The paper uses a sample of Greek micro and small firms and a survey methodology to tackle the lack of quantitative published data for most small firms in Greece. It incorporates distinct sources of funds that are very important for small firms (family funds, grants provided by the state and micro‐loans). It investigates preferences, not just practices.

Details

Journal of Small Business and Enterprise Development, vol. 20 no. 1
Type: Research Article
ISSN: 1462-6004

Keywords

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Article

Bruce Burton

Abstract

Details

Qualitative Research in Financial Markets, vol. 1 no. 2
Type: Research Article
ISSN: 1755-4179

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Article

Konstantinos Fassoulis and Nikolaos Alexopoulos

The purpose of this study is to examine degree of job satisfaction of the University of Athen’s (UOA) administrative staff, specifically regarding the workplace and its…

Abstract

Purpose

The purpose of this study is to examine degree of job satisfaction of the University of Athen’s (UOA) administrative staff, specifically regarding the workplace and its impact on their productivity.

Design/methodology/approach

Questionnaires were distributed to 160 administrative personnel of the UOA. The study entails descriptive analysis, independent samples t-tests, ANOVA, Pearson correlations (two-tailed) and regression analysis of the data collected.

Findings

The results indicate that the UOA’s administrative staff is dissatisfied with most aspects of their workplace, which is characterized by an inability to encourage and support new forms of office work. This scenario was also found to have a negative effect on productivity. In addition, regression analysis showed that satisfaction with the workplace is a significant predictor of employee productivity.

Research limitations/implications

A limitation of this study is that the sample was not from the UOA administrative staff that works in more recently constructed office buildings away from the Athens city center. Further investigation would also be needed to identify possible differences in satisfaction with the workspace and its impact on productivity, based on demographic characteristics, such as the level of education and years of employment.

Practical implications

The research results may be useful to public institution administrations like that of the UOA, as it highlights changes in the workplace which can have significant impact on employee job satisfaction and productivity, and consequently, the efficiency and effectiveness of the services provided.

Originality/value

This study examines aspects of the workspace of a public organization regarding their individual attributes. Given that the existing Greek literature in this field does not contain a discussion on the impact of the workplace on job satisfaction and productivity as far as the public sector is concerned, this paper may contribute to a smoother and more efficient provision of services from its organizations/institutions.

Details

Journal of Facilities Management, vol. 13 no. 4
Type: Research Article
ISSN: 1472-5967

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Article

Nikolaos Sariannidis, Grigoris Giannarakis and Xanthi Partalidou

The purpose of this paper is to ascertain whether weather variables can explain the stock return reaction on the Dow Jones Sustainability Europe Index by employing a…

Abstract

Purpose

The purpose of this paper is to ascertain whether weather variables can explain the stock return reaction on the Dow Jones Sustainability Europe Index by employing a number of macroeconomic indicators as control variables.

Design/methodology/approach

The authors incorporate the generalized autogressive conditional heteroskeasticity model in methodology for the period August 26, 2009 to May 30, 2014 using daily data.

Findings

The empirical results indicate that not only do changes in humidity and wind levels seem to affect positively the European stock market but changes in returns oil and gold prices as well. However, the results show that the volatility of the US dollar/Yen exchange rate and ten-year bond value exerts significant negative impact on companies’ stock returns.

Originality/value

This study adds to the international literature by documenting the impact of weather variables on socially responsible companies.

Details

International Journal of Social Economics, vol. 43 no. 9
Type: Research Article
ISSN: 0306-8293

Keywords

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Article

Sercan Demiralay, Nikolaos Hourvouliades and Athanasios Fassas

This paper aims to examine dynamic equicorrelations (DECO) and directional volatility spillover effects among four energy futures markets, namely, West Texas Intermediate…

Abstract

Purpose

This paper aims to examine dynamic equicorrelations (DECO) and directional volatility spillover effects among four energy futures markets, namely, West Texas Intermediate crude oil, heating oil, natural gas and reformulated blendstock for oxygenate blending gasoline, by using a multivariate fractionally integrated asymmetric power ARCH–DECO–generalized autoregressive conditional heteroskedasticity (GARCH) model and the spillover index technique.

Design/methodology/approach

The empirical analysis uses the dynamic equicorrelation model of Engle and Kelly (2012) to examine time-varying correlations at equilibrium. The authors further analyze dynamic volatility transmission among energy futures by using Diebold and Yilmaz (2012) dynamic spillover index based on generalized value-at-risk framework.

Findings

The empirical results provide evidence of heightened equicorrelations at times of financial turmoil. More specifically, the dynamic spillover analysis shows that volatility is transmitted predominantly from crude oil to the other markets and risk transfer among four markets exhibits asymmetries. Spillovers are found to be highly responsive to dramatic events such as the 9/11 terror attack, 2008–2009 global financial crisis and 2014–2016 oil glut.

Practical implications

The results of this study have important practical implications for investors, portfolio managers and energy policymakers as the presence of time-varying co-movements and spillovers suggests the need for dynamic trading strategies. There are also implications regarding risk management practices, as there is evidence of increased volatility transmission at times of financial turmoil and uncertainty. Finally, the results provide insights to policymakers in a better understanding of the spillover dynamics.

Originality/value

This paper investigates the DECOs and spillover effects among crude oil, natural gas, heating oil and gasoline futures markets. To the best of the knowledge, this is one of a few studies that examine co-movements and risk transfer in energy futures in a comprehensive framework.

Details

Studies in Economics and Finance, vol. 37 no. 4
Type: Research Article
ISSN: 1086-7376

Keywords

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